Exhibit 99.4
 RECONCILIATION FROM CANADIAN GENERALLY ACCEPTED ACCOUNTING PRINCIPLES TO
ACCOUNTING PRINCIPLES GENERALLY ACCEPTED IN THE UNITED STATES
  (a) Income statement differences
   (Millions, except per share information)
    
    
    
    
    
    2008
    
    
    2007Net income as reported under Canadian GAAP
    
    
    
    
    
    $
    700
    
    
    $
    240Adjustments:Decreased commercial property income
    
    
    (i)
    
    
    (2
    )
    
    
    (17
    )Decreased commercial property depreciation
    
    (ii)
    
    
    8
    
    
    
    8Increased (decreased) property disposition gains
    
    (iii)
    
    
    16
    
    
    
    (3
    )Foreign exchange and dividends on convertible
preferred shares
    
    (iv)
    
    
    (12
    )
    
    
    200Increased (decreased) residential development
income
    
    
    (v)
    
    
    87
    
    
    
    (52
    )(Increased) decreased deferred income taxes
    
    (vi)
    
    
    (117
    )
    
    
    7Decreased other items
    
    (vii)
    
    
    (24
    )
    
    
    Net income under US GAAP
    
    
    
    
    
    $
    656
    
    
    $
    383Preferred share dividends and change in redemption value of
redeemable preferred shares
    
    (iv)
    
    
    (29
    )
    
    
    (97
    )Net income available to common shareholders under
US GAAP
    
    
    
    
    
    $
    627
    
    
    $
    286Net income per share under US GAAPBasic
    
    
    
    
    
    $
    1.59
    
    
    $
    0.71Diluted
    
    
    
    
    
    $
    1.58
    
    
    $
    0.71
  (i) Decreased commercial property income




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(ii) Decreased commercial property depreciation
  (iii) Increased (decreased) property disposition gains
  (iv) Foreign exchange and dividends on convertible preferred shares
   (v) Increased (decreased) residential development income
  (vi) Increased (decreased) deferred income taxes




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(vii) Decreased other items
  (b) Comprehensive income
   (Millions)
    
    2008
    
    
    2007Net income under US GAAP
    
    $
    656
    
    
    $
    383Other comprehensive income on change in foreign
currency translation adjustment under US GAAP, net of
related hedges and taxes
    
    
    (173
    )
    
    
    24Other comprehensive income arising from cashflow
hedging activities under US GAAP
    
    
    4
    
    
    
    (19
    )Comprehensive income under US GAAP
    
    $
    487
    
    
    $
    388




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(c) Balance sheet differences
  December 31 (Millions)
    
    
    
    
    
    2008
    
    
    2007AssetsCommercial properties
    
    
    (i)
    
    $
    14,519
    
    
    $
    15,464Commercial developments
    
    
    
    
    
    
    1,225
    
    
    
    1,172Residential developments
    
    (ii)
    
    
    1,252
    
    
    
    1,317Receivables and other
    
    (iii), (iv)
    
    
    1,044
    
    
    
    1,053Intangible assets
    
    
    
    
    
    
    637
    
    
    
    759Restricted cash and deposits
    
    
    
    
    
    
    116
    
    
    
    151Cash and cash equivalents
    
    
    
    
    
    
    157
    
    
    
    214Assets related to discontinued operations
    
    
    
    
    
    
    290
    
    
    
    4Total assets under US GAAP
    
    
    
    
    
    $
    19,240
    
    
    $
    20,134LiabilitiesCommercial property debt
    
    (iv)
    
    $
    11,428
    
    
    $
    12,046Accounts payable and other liabilities
    
    
    (v)
    
    
    1,139
    
    
    
    1,330Intangible liabilities
    
    
    
    
    
    
    707
    
    
    
    834Deferred tax liabilities
    
    (vi)
    
    
    194
    
    
    
    419Liabilities related to discontinued operations
    
    
    
    
    
    
    217
    
    
    
    3Capital securities  corporate
    
    (vii)
    
    
    
    
    
    
    Capital securities  fund subsidiaries
    
    (viii)
    
    
    240
    
    
    
    234Minority interests  fund subsidiaries
    
    (ix)
    
    
    205
    
    
    
    207Minority interests  other subsidiaries
    
    
    (x)
    
    
    73
    
    
    
    90Redeemable equity interests
    
    (viii)
    
    
    757
    
    
    
    827Preferred equity  subsidiaries
    
    
    
    
    
    
    313
    
    
    
    382Shareholders equityPreferred equity  corporate
    
    (xi)
    
    
    855
    
    
    
    855Common equity
    
    (xii)
    
    
    3,112
    
    
    
    2,907Total liabilities and shareholders equity
under US GAAP
    
    
    
    
    
    $
    19,240
    
    
    $
    20,134
  (i) Commercial properties
  (Millions)
    
    2008
    
    
    2007Commercial properties under Canadian GAAP
    
    $
    14,901
    
    
    $
    15,889Additional accumulated depreciation under US GAAP
    
    
    (382
    )
    
    
    (425
    )Commercial properties under US GAAP
    
    $
    14,519
    
    
    $
    15,464




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(ii) Residential developments
  (Millions)
    
    2008
    
    
    2007Residential developments under Canadian GAAP
    
    $
    1,196
    
    
    $
    1,228Residential inventory adjustment
    
    
    56
    
    
    
    89Residential developments under US GAAP
    
    $
    1,252
    
    
    $
    1,317
 (iii) Receivables and other
  (Millions)
    
    2008
    
    
    2007Receivables and other under Canadian GAAP
    
    $
    935
    
    
    $
    1,056Straight-line rent receivable adjustment and other
    
    
    38
    
    
    
    39Deferred financing costs reclassified
    
    
    46
    
    
    
    43Reclassification of related party receivable offset
against a financial liability under Canadian GAAP
    
    
    164
    
    
    
    200Residential receivable adjustment
    
    
    (139
    )
    
    
    (285
    )Receivables and other under US GAAP
    
    $
    1,044
    
    
    $
    1,053
 (iv) Commercial property debt
  (v) Accounts payable and other liabilities
  (Millions)
    
    2008
    
    
    2007Accounts payable and other liabilities under Canadian GAAP
    
    $
    1,168
    
    
    $
    1,357Deferred income
    
    
    (29
    )
    
    
    (27
    )Accounts payable and other liabilities under US GAAP
    
    $
    1,139
    
    
    $
    1,330
 (vi) Deferred tax liabilities
 (Millions)
    
    2008
    
    
    2007Future income tax liabilities under Canadian GAAP
    
    $
    247
    
    
    $
    600Tax effect on adjustment to temporary differences under US GAAP
    
    
    (53
    )
    
    
    (181
    )Deferred tax liabilities under US GAAP
    
    $
    194
    
    
    $
    419
 (vii) Capital securities  corporate




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(viii) Redeemable equity interests
  (ix) Minority interests  fund subsidiaries
  (x) Minority interests  other subsidiaries
  (xi) Preferred equity  corporate
  (Millions)
    
    2008
    
    
    2007Preferred equity  corporate under Canadian GAAP
    
    $
    45
    
    
    $
    45Classification of capital securities as preferred equity, net of issue costs
    
    
    810
    
    
    
    810Preferred equity  corporate under US GAAP
    
    $
    855
    
    
    $
    855
 (xii) Common equity
  (Millions)
    
    2008
    
    
    2007Common equity under Canadian GAAP
    
    $
    3,382
    
    
    $
    3,033Adjustment to accumulated depreciation under US GAAP
    
    
    (379
    )
    
    
    (402
    )Adjustment to accounts payable and other liabilities
under US GAAP
    
    
    27
    
    
    
    28Adjustment to deferred income tax liability under US
GAAP
    
    
    64
    
    
    
    153Rental revenue adjustments under US GAAP
    
    
    38
    
    
    
    38Residential revenue adjustment under US GAAP
    
    
    (86
    )
    
    
    (144
    )Foreign currency translation adjustments(1)
    
    
    66
    
    
    
    201Common equity under US GAAP
    
    $
    3,112
    
    
    $
    2,907
 (1)
    
    Includes foreign currency effects related to all other US GAAP adjustments




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(Millions)
    
    2008
    
    
    2007(1)Common shares
    
    $
    2,211
    
    
    $
    2,149Additional paid-in capital
    
    
    157
    
    
    
    174Accumulated other comprehensive income
    
    
    (171
    )
    
    
    2Retained earnings
    
    
    915
    
    
    
    582Common equity under US GAAP
    
    $
    3,112
    
    
    $
    2,907
 (1)
    
    Certain of the comparative figures have been adjusted to correct a
misclassification of $35 million between common equity and retained earnings and between opening
retained earnings and deferred tax liabilities
 (d) Cashflow statement differences
  (Millions)
    
    2008
    
    
    2007Cash provided from (used in) the following activitiesOperating
    
    $
    522
    
    
    $
    44Financing
    
    
    (476
    )
    
    
    329Investing
    
    
    (103
    )
    
    
    (347
    )(Decrease) increase in cash
    
    $
    (57
    )
    
    $
    26
 (e) Change in accounting policies
 (i) SFAS No. 159, The Fair Value Option for Financial Assets and Financial Liabilities
  (ii) SFAS No. 157, Fair Value Measurements
  (f) Future accounting policy changes
 (ii) SFAS No. 141(R), Business Combinations and SFAS No. 160, Non-controlling
Interests in Consolidated Financial Statements