Brookfield Property Partners (BPYPP) 20-F 1 Mar 19 2018 FY Annual report (foreign) Financial data

Document and Entity Information

Document and Entity Information	12 Months Ended
	Dec. 31, 2018shares
Document and Entity Information [Abstract]
Entity Registrant Name	Brookfield Property Partners L.P.
Entity Central Index Key	1,545,772
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Document Type	20-F
Document Period End Date	Dec. 31, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	FY
Amendment Flag	false
Entity Common Stock, Shares Outstanding	424,198,012
Entity Well-known Seasoned Issuer	Yes
Entity Current Reporting Status	Yes

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Non-current assets
Investment properties	$ 80,196	$ 51,357
Equity accounted investments	22,698	19,761
Participating loan interests	268	517
Property, plant and equipment	7,506	5,457
Goodwill	1,109	1,079
Intangible assets	1,179	1,188
Other non-current assets	1,856	898
Loans and notes receivable	594	178
Total non-current assets	115,406	80,435
Current assets
Loans and notes receivable	461	7
Accounts receivable and other	2,361	981
Cash and cash equivalents	3,288	1,491
Total current assets	6,110	2,479
Assets held for sale	1,004	1,433
Total assets	122,520	84,347
Non-current liabilities
Debt obligations	57,937	30,749
Capital securities	2,865	2,839
Other non-current liabilities	2,294	918
Deferred tax liabilities	2,378	2,888
Total non-current liabilities	65,474	37,394
Current liabilities
Debt obligations	5,874	6,135
Capital securities	520	1,326
Accounts payable and other liabilities	3,749	3,052
Total current liabilities	10,143	10,513
Liabilities associated with assets held for sale	163	1,316
Total liabilities	75,780	49,223
Equity
Limited partners	12,353	7,395
General partner	4	6
Non-controlling interests attributable to:
Redeemable/exchangeable and special limited partnership units	12,740	14,500
Limited partnership units of Brookfield Office Properties Exchange LP	96	285
Class A shares of Brookfield Property REIT Inc. (“BPR”)	3,091	0
Interests of others in operating subsidiaries and properties	18,456	12,938
Total equity	46,740	35,124
Total liabilities and equity	$ 122,520	$ 84,347

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Profit or loss [abstract]
Commercial property revenue	$ 5,043	$ 4,192	$ 3,624
Hospitality revenue	1,913	1,648	1,561
Investment and other revenue	283	295	167
Total revenue	7,239	6,135	5,352
Direct commercial property expense	1,851	1,617	1,394
Direct hospitality expense	1,236	1,079	1,036
Investment and other expense	26	138	1
Interest expense	2,464	1,967	1,681
Depreciation and amortization	308	275	240
General and administrative expense	1,032	614	569
Total expenses	6,917	5,690	4,921
Fair value gains, net	2,466	1,254	692
Share of net earnings from equity accounted investments	947	961	1,019
Income before income taxes	3,735	2,660	2,142
Income tax expense (benefit)	81	192	(575)
Net income	3,654	2,468	2,717
Net income attributable to:
Limited partners	764	136	660
General partner	0	0	0
Non-controlling interests attributable to:
Redeemable/exchangeable and special limited partnership units	1,085	233	1,103
Limited partnership units of Brookfield Office Properties Exchange LP	17	6	30
Class A shares of Brookfield Property REIT Inc.	112	0	0
Interests of others in operating subsidiaries and properties	$ 1,676	$ 2,093	$ 924
Net income per LP Unit:
Basic (in dollars per share)	$ 2.28	$ 0.48	$ 2.30
Diluted (in dollars per share)	$ 2.26	$ 0.48	$ 2.25

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Statement of comprehensive income [abstract]
Net income	$ 3,654	$ 2,468	$ 2,717
Items that may be reclassified to net income:
Foreign currency translation	(788)	654	(312)
Cash flow hedges	34	77	(36)
Available-for-sale securities (“AFS”)	0	(5)	5
Equity accounted investments	(8)	11	(6)
Items that will not be reclassified to net income:
Securities - fair value through other comprehensive income (“FVTOCI”)	(2)	0	0
Share of revaluation surplus on equity accounted investments	92	58	13
Remeasurement of defined benefit obligations	2	(1)	0
Revaluation surplus	254	86	90
Total other comprehensive income (loss)	(416)	880	(246)
Total comprehensive income	3,238	3,348	2,471
Limited partners
Net income	764	136	660
Other comprehensive income (loss)	(178)	183	(112)
Comprehensive income attributable to Limited partners	586	319	548
General partner
Net income	0	0	0
Other comprehensive income (loss)	0	0	0
Comprehensive income attributable to General Partners	0	0	0
Redeemable/exchangeable and special limited partnership units
Net income	1,085	233	1,103
Other comprehensive income (loss)	(252)	312	(187)
Comprehensive income attributable to Redeemable/exchangeable and special limited partnership units	833	545	916
Limited partnership units of Brookfield Office Properties Exchange LP
Net income	17	6	30
Other comprehensive income (loss)	(4)	8	(5)
Comprehensive income attributable to Limited partnership units of Brookfield Office Properties Exchange LP	13	14	25
Class A shares of Brookfield Property REIT Inc.
Net income	112	0	0
Other comprehensive income (loss)	(26)	0	0
Comprehensive income attributable to interest in Brookfield Property REIT Inc.	86	0	0
Interests of others in operating subsidiaries and properties
Net income	1,676	2,093	924
Other comprehensive income (loss)	44	377	58
Comprehensive income attributable to Interests of others in operating subsidiaries and properties	$ 1,720	$ 2,470	$ 982

Consolidated Statements of Chan

Consolidated Statements of Changes in Equity - USD ($) $ in Millions	Total	Limited partners	General partner	Equity attributable to owners of parent [member]Limited partners	Equity attributable to owners of parent [member]General partner	CapitalLimited partners	CapitalGeneral partner	Retained earningsLimited partners	Retained earningsGeneral partner	Accumulated other comprehensive (loss) incomeLimited partners	Accumulated other comprehensive (loss) incomeGeneral partner	Non-controlling interestsRedeemable/ exchangeable and special limited partnership units	Non-controlling interestsLimited partnership units of Brookfield Office Properties Exchange LP	Non-controlling interestsBrookfield Property REITClass A	Non-controlling interestsInterests of others in operating subsidiaries and properties
Beginning balance at Dec. 31, 2015	$ 30,933	$ 7,425	$ 6	$ 126		$ 5,815	$ 4	$ 1,791	$ 2	$ (307)	$ 0	$ 14,218	$ 309		$ 8,975
Net income	2,717	660						660				1,103	30		924
Other comprehensive income (loss)	(246)	(112)								(112)		(187)	(5)		58
Total comprehensive income	2,471	548						660		(112)		916	25		982
Distributions	(1,762)	(293)						(293)				(490)	(13)		(966)
Issuances / repurchases of equity interests in operating subsidiaries	2,519	(168)				(95)		(73)				(122)	(3)		2,812
Exchange of exchangeable units		24		1		23						1	(25)
Ending balance at Dec. 31, 2016	34,161	7,536	6	127		5,743	4	2,085	2	(419)	0	14,523	293		11,803
Net income	2,468	136	0					136	0			233	6		2,093
Other comprehensive income (loss)	880	183								183		312	8		377
Total comprehensive income	3,348	319	0					136	0	183		545	14		2,470
Distributions	(3,515)	(301)						(301)				(516)	(13)		(2,685)
Issuances / repurchases of equity interests in operating subsidiaries	1,130	(165)		13		(136)		(42)				(53)	(2)		1,350
Exchange of exchangeable units		6		0		6						1	(7)
Ending balance at Dec. 31, 2017	35,124	7,395	6	140	$ 0	5,613	4	1,878	2	(236)	0	14,500	285	$ 0	12,938
Net income	3,654	764						764				1,085	17	112	1,676
Other comprehensive income (loss)	(416)	(178)								(178)		(252)	(4)	(26)	44
Total comprehensive income	3,238	586						764		(178)		833	13	86	1,720
Distributions	(3,798)	(410)						(410)				(551)	(9)	(89)	(2,739)
Issuances / repurchases of equity interests in operating subsidiaries	12,176	2,225		86		2,137		2				27		3,387	6,537
Exchange of exchangeable units	(2)	173		19		156						31	(204)	0
Conversion of Class A shares of Brookfield Property REIT Inc.		1,377		296		1,081						305		(1,682)
Change in relative interests of non-controlling interests	(109)	1,007	(2)	1,116	(2)							(2,405)	11	1,389
Ending balance at Dec. 31, 2018	$ 46,740	$ 12,353	$ 4	$ 1,657	$ (2)	$ 8,987	$ 4	$ 2,234	$ 2	$ (525)	$ 0	$ 12,740	$ 96	$ 3,091	$ 18,456

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Operating activities
Net income	$ 3,654	$ 2,468	$ 2,717
Share of equity accounted earnings, net of distributions	(429)	(592)	(495)
Fair value (gains), net	(2,466)	(1,254)	(692)
Deferred income tax expense (benefit)	(218)	20	(711)
Depreciation and amortization	308	275	240
Working capital and other	508	(278)	(314)
Cash flows from (used in) operating activities	1,357	639	745
Financing activities
Debt obligations, issuance	29,804	17,154	16,769
Debt obligations, repayments	(19,936)	(14,124)	(14,733)
Capital securities issued	0	249	0
Capital securities redeemed	(905)	(297)	(171)
Non-controlling interests, issued	3,180	2,391	2,996
Non-controlling interests, purchased	0	(480)	(146)
Limited partnership units, issued	501	0	0
Limited partnership units, repurchased	(81)	(136)	(59)
Distributions to non-controlling interests in operating subsidiaries	(2,631)	(2,679)	(954)
Distributions to limited partnership unitholders	(410)	(301)	(293)
Distributions to redeemable/exchangeable and special limited partnership unitholders	(551)	(516)	(490)
Distributions to holders of Brookfield Office Properties Exchange LP units	(9)	(13)	(13)
Distributions to holders of Class A shares of Brookfield Property REIT Inc.	(89)	0	0
Cash flows from (used in) financing activities	8,873	1,248	2,906
Investing activities
Investment properties and subsidiaries, proceeds of dispositions	5,520	4,729	3,312
Property acquisitions and capital expenditures	(15,393)	(5,879)	(7,711)
Investment in equity accounted investments	(622)	(1,060)	(465)
Proceeds from sale of equity accounted investments and participating loan interests	1,140	1,006	1,092
Settlement of financial assets and other	(17)	(411)	522
Property, plant and equipment and other assets, investments	(492)	(271)	(232)
Property, plant and equipment and other assets, dispositions	522	0	17
Intangible assets, dispositions	1	2	147
Cash acquired in business combinations, net of cash impact from deconsolidation	1,043	(52)	115
Restricted cash and deposits	(108)	50	(31)
Cash flows from (used in) investing activities	(8,406)	(1,886)	(3,234)
Cash and cash equivalents
Net change in cash and cash equivalents during the period	1,824	1	417
Effect of exchange rate fluctuations on cash and cash equivalents held in foreign currencies	(27)	34	4
Balance, beginning of year	1,491	1,456	1,035
Balance, end of year	3,288	1,491	1,456
Cash paid for:
Income taxes	236	82	131
Interest (excluding dividends on capital securities)	$ 2,253	$ 1,567	$ 1,383

ORGANIZATION AND NATURE OF THE

ORGANIZATION AND NATURE OF THE BUSINESS	12 Months Ended
	Dec. 31, 2018
Management Commentary Explanatory [Abstract]
ORGANIZATION AND NATURE OF THE BUSINESS	ORGANIZATION AND NATURE OF THE BUSINESS Brookfield Property Partners L.P. (“BPY” or the “partnership”) was formed as a limited partnership under the laws of Bermuda, pursuant to a limited partnership agreement dated January 3, 2013, as amended and restated on August 8, 2013. BPY is a subsidiary of Brookfield Asset Management Inc. (“Brookfield Asset Management” or the “parent company”) and is the primary entity through which the parent company and its affiliates own, operate, and invest in commercial and other income producing property on a global basis. The partnership’s sole direct investments are a 49% managing general partnership units (“GP Units”) interest in Brookfield Property L.P. (the “operating partnership”) and an interest in BP US REIT LLC, which holds the partnership’s interest in commercial and other income producing property operations. The GP Units provide the partnership with the power to direct the relevant activities of the operating partnership. The partnership’s limited partnership units (“BPY Units” or “LP Units”) are listed and publicly traded on the Nasdaq Stock Market (“Nasdaq”) and the Toronto Stock Exchange (“TSX”) under the symbols “BPY” and “BPY.UN”, respectively. The registered head office and principal place of business of the partnership is 73 Front Street, 5th Floor, Hamilton HM 12, Bermuda.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2018
Disclosure Of Significant Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES a) Statement of compliance These consolidated financial statements of the partnership and its subsidiaries have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). The consolidated financial statements were approved and authorized for issue by the Board of Directors of the partnership on February 6, 2019. b) Basis of presentation These consolidated financial statements have been prepared on a going concern basis and are presented in United States (“U.S.”) Dollars rounded to the nearest million unless otherwise indicated. New accounting standards issued but not yet effective for the current accounting period are described in Note 3, Future Accounting Policy Changes . (i) Subsidiaries The consolidated financial statements include the accounts of the partnership and its subsidiaries over which the partnership has control. Control exists when the partnership has power over its investee, has exposure, or rights, to variable returns from its involvement with the investee and has the ability to use its power over the investee to affect the amount of its returns. The partnership considers all relevant facts and circumstances in assessing whether or not the partnership’s interests in the investee are sufficient to give it power over the investee. Consolidation of a subsidiary begins on the date on which the partnership obtains control over the subsidiary and ceases when the partnership loses control over the subsidiary. Income and expenses of a subsidiary acquired or disposed of during a reporting period are consolidated only for the period when the partnership has control over the subsidiary. Changes in the partnership’s ownership interests in subsidiaries that do not result in loss of control over the subsidiary are accounted for as equity transactions whereby the difference between the amount by which the non-controlling interests are adjusted and the fair value of the consideration paid or received, are recognized directly in equity and attributed to owners of the partnership. All accounts and transactions among the partnership and its subsidiaries are eliminated on consolidation. In cases where a subsidiary reports under a different accounting policy, adjustments are made to the financial statements of the subsidiary to present its financial position and results of operations in accordance with the partnership’s accounting policy. Net income and each component of other comprehensive income are attributed to owners of the partnership and to non-controlling interests. Non-controlling interests in the partnership’s operating subsidiaries and properties, redeemable/exchangeable partnership units of the operating partnership (“Redeemable/Exchangeable Partnership Units”), special limited partnership units of the operating partnership (“Special LP Units”), limited partnership units of Brookfield Office Properties Exchange LP (“Exchange LP Units”) and Class A stock, par value $0.01 per share, of Brookfield Property REIT Inc. (“BPR Units”) are presented separately in equity on the consolidated balance sheets. The Redeemable/Exchangeable Partnership Units, Exchange LP Units and BPR Units have the same economic attributes as LP Units. Accordingly, the net income and components of other comprehensive income allocated to these units are equivalent to that allocated to the LP Units (on a per unit basis). Net income and the components of comprehensive income of the partnership’s operating subsidiaries and properties are generally allocated between the partnership and non-controlling equity holders based on the relative proportion of equity interests. Certain of the partnership’s subsidiaries are subject to profit sharing arrangements with affiliated entities who hold non-controlling interests that result in allocation of income on an other than proportionate basis if specified targets are met. In these circumstances, net income is allocated between the partnership and non-controlling interests based on proportionate equity interest until the attribution of profits under the agreement is no longer subject to adjustment based on future events. In the period that allocation of the subsidiary’s cumulative earnings under the profit sharing arrangement is no longer subject to adjustment, it is reflected as an allocation to non-controlling interest, reducing the amount attributable to unitholders for the period. (ii) Associates and joint ventures An associate is an entity over which the partnership has significant influence. Significant influence is the power to participate in the financial and operating policy decisions of the investee. The partnership is presumed to have significant influence when it holds 20 percent or more of the voting rights of an investee, unless it can be clearly demonstrated that this is not the case. The partnership does not control its associates. A joint arrangement is an arrangement in which two or more parties have joint control. Joint control is the contractually agreed upon sharing of control where decisions about the relevant activities require the unanimous consent of the parties sharing control. A joint venture is a joint arrangement where the parties that have joint control have rights to the net assets of the arrangement. None of the parties involved have unilateral control of a joint venture. The partnership accounts for its interests in associates and joint ventures using the equity method of accounting. Under the equity method, investment balances in an associate or joint venture are carried on the consolidated balance sheets at initial cost as adjusted for the partnership’s proportionate share of profit or loss and other comprehensive income of the joint venture or associate. When an interest in an associate or joint venture is initially acquired or increases, the partnership determines its share of the net fair value of the identifiable assets and liabilities of the investee that it has acquired, consistent with the procedure performed when acquiring control of a business. Goodwill relating to an associate or joint venture, represented as an excess of the cost of the investment over the net fair value of the partnership’s share of the net fair value of the identifiable assets and liabilities, is included in the carrying amount of the investment. Any excess of the partnership’s share of the net fair value of the associate’s or joint venture’s identifiable assets and liabilities over the cost of the investment results in a gain that is included in the partnership’s share of the associate or joint venture’s profit or loss in the period in which the investment is acquired or increases. The partnership determines at the end of each reporting period whether there exist any indications that an investment may be impaired. If any such indication exists, the partnership estimates the recoverable amount of the asset, which is the higher of (i) fair value less costs to sell and (ii) value in use. Value in use is the present value of the future cash flows expected to be derived from such an investment and may result in a measure which is different from fair value less costs to sell. For equity accounted investments, for which quoted market prices exist, the partnership also considers whether a significant or prolonged decline in the fair value of the equity instrument below its carrying value is also objective evidence of impairment. When the partnership transacts with a joint venture or an associate, any gain or loss is eliminated only to the extent of the partnership’s proportionate share and the remaining amounts are recognized in the partnership’s consolidated financial statements. Outstanding balances between the partnership and jointly controlled entities are not eliminated on the balance sheet. (iii) Joint operations A joint operation is a joint arrangement whereby the parties that have joint control of the arrangement have rights to assets and obligations for liabilities relating to the arrangement. This usually results from direct interests in the assets and liabilities of an investee rather than through the establishment of a separate legal entity. None of the parties involved have unilateral control of a joint operation. The partnership recognizes its assets, its liabilities and its share of revenues and expenses of the joint operations in accordance with the IFRS applicable to the particular assets, liabilities, revenues and expenses. When the partnership sells or contributes assets to a joint operation in which it is a joint operator, the partnership is considered to be conducting transactions with the other parties to the joint operation, and any gain or loss resulting from the transactions is recognized in the partnership’s consolidated financial statements only to the extent of the other parties’ interests in the joint operation. When the partnership purchases an asset from a joint operation in which it is a joint operator, the partnership does not recognize its share of the gain or loss until those assets are resold to a third party. c) Foreign currency translation and transactions The U.S. Dollar is the functional currency and presentation currency of the partnership. The functional currency of each of the partnership’s subsidiaries, associates, joint ventures and joint operations is determined based on their primary economic environment, the currency in which funds from financing activities are generated and the currency in which receipts from operating activities are usually retained. Subsidiaries, associates or joint ventures having a functional currency other than the U.S. Dollar translate the carrying amounts of their assets and liabilities when reporting to the partnership at the rate of exchange prevailing as of the balance sheet date, and their revenues and expenses at average exchange rates during the quarterly reporting period. Any gains or losses on foreign currency translation are recognized by the partnership in other comprehensive income. On disposition or partial disposition resulting in the loss of control of a foreign operation (i.e., any subsidiary, associate, or joint arrangement of the partnership with a functional currency other than the U.S. Dollar), the accumulated foreign currency translation relating to that foreign operation is reclassified to fair value gain or loss in net income. On partial disposal of a foreign operation in which control is retained, the proportionate share of the accumulated foreign currency translation relating to that foreign operation is reattributed to the non-controlling interests. The partnership’s foreign currency transactions are translated into the functional currency using exchange rates as of the date of the transactions. At the end of each reporting period, foreign currency denominated monetary assets and liabilities are translated to the functional currency using the exchange rate prevailing as of the balance sheet date with any gain or loss recognized in net income, except for those related to monetary liabilities qualified as hedges of the partnership’s investment in foreign operations or intercompany loans with foreign operations for which settlement is neither planned nor likely to occur in the foreseeable future, which are included in other comprehensive income. Non-monetary assets and liabilities measured at fair value are translated at the exchange rate prevailing as of the date when the fair value was determined. Foreign currency denominated non-monetary assets and liabilities, measured at historic cost, are translated at the rate of exchange at the transaction date. d) Cash and cash equivalents Cash and cash equivalents includes cash on hand and all non-restricted highly liquid investments with original maturities of three months or less. e) Investment properties Investment properties consists of commercial properties which are principally held to earn rental income and commercial developments that are being constructed or developed for future use as commercial properties. Investment properties are measured initially at cost, or fair value if acquired in a business combination (see Note 2(o), Business Combinations , for further discussion). The cost of commercial development properties includes direct development costs, realty taxes, borrowing costs directly attributable to the development and administrative costs, e.g., salaries and overhead that are specifically attributable to a development project. The partnership elects the fair value model for all investment properties and measures them at fair value subsequent to initial recognition on the consolidated balance sheet. As a result, it is not necessary to assess the carrying amounts of the investment properties for impairment. Substantially all of the partnership’s investment properties are valued using one of two accepted income approaches, the discounted cash flow approach or the direct capitalization approach. Under the discounted cash flow approach, cash flows for each property are forecast for an assumed holding period, generally, ten years. A capitalization rate is applied to the terminal year net operating income and an appropriate discount rate is applied to those cash flows to determine a value at the reporting date. Under the direct capitalization method, a capitalization rate is applied to estimated stabilized annual net operating income to determine value. In accordance with its policy, the partnership generally measures and records its commercial properties and developments using valuations prepared by management. However, for certain subsidiaries, the partnership relies on quarterly or annual valuations prepared by external valuation professionals. Where an external appraisal is obtained for a property that is valued using a model developed by Management, the partnership compares the results of those external appraisals to our internally prepared values and reconcile significant differences when they arise. Discount and terminal capitalization rates are verified by comparing to market data, third party reports, research material and brokers opinions. Where there has been a recent market transactions for a specific property, such as an acquisition or sale of a partial interest, the partnership values the property on that basis. Borrowing costs associated with direct expenditures on properties under development or redevelopment are capitalized. Borrowing costs are also capitalized on those properties acquired specifically for redevelopment in the short-term where activities necessary to prepare them for redevelopment are in progress. The amount of borrowing costs capitalized is determined first by borrowings specific to a property where relevant, and then by applying a weighted average borrowing cost to eligible expenditures after adjusting for borrowings specific to other developments. Where borrowings are associated with specific developments, the amount capitalized is the gross borrowing costs incurred less any incidental investment income. Borrowing costs are capitalized from the commencement of the development until the date of practical completion. The capitalization of borrowing costs is suspended if there are prolonged periods when development activity is interrupted. The partnership considers practical completion to have occurred when the property is capable of operating in the manner intended by management. Generally this occurs upon completion of construction and receipt of all necessary occupancy and other material permits. Where the partnership has pre-leased space as of or prior to the start of the development and the lease requires the partnership to construct tenant improvements which enhance the value of the property, practical completion is considered to occur on completion of such improvements. Initial direct leasing costs incurred by the partnership in negotiating and arranging tenant leases are included in the cost of investment properties. f) Assets held for sale Non-current assets and groups of assets and liabilities which comprise disposal groups are presented as assets held for sale where the asset or disposal group is available for immediate sale in its present condition, and the sale is highly probable. For this purpose, a sale is highly probable if management is committed to a plan to achieve the sale; there is an active program to find a buyer; the non-current asset or disposal group is being actively marketed for sale at a price that is reasonable in relation to its current fair value; the sale is anticipated to be completed within one year from the date of classification; and it is unlikely there will be significant changes to the plan or that the plan will be withdrawn. Non-current assets and disposal groups held for sale that are not investment properties are recorded at the lesser of carrying amount and fair value less costs to sell on the consolidated balance sheet. Any gain or loss arising from the change in measurement basis as a result of reclassification is recognized in the profit or loss at the time of reclassification. Investment properties that are held for sale are recorded at fair value determined in accordance with IFRS 13, Fair Value Measurement . Where a component of an entity has been disposed of, or is classified as held for sale, and it represents a separate major line of business or geographical area of operations or is a subsidiary acquired exclusively with a view to resale, the related results of operations and gain or loss on reclassification or disposition are presented in discontinued operations. g) Hospitality assets The partnership accounts for its investments in hospitality properties as property, plant and equipment under the revaluation model. Hospitality properties are recognized initially at cost, or fair value if acquired in a business combination (see Note 2(o), Business Combinations , for further discussion) and subsequently carried at fair value at the revaluation date less any accumulated impairment and subsequent accumulated depreciation. The partnership depreciates these assets on a straight-line basis over their relevant estimated useful lives. Fair values of hospitality properties are determined using a depreciated replacement cost method based on the age, physical condition and the construction costs of the assets. Fair value estimates for hospitality properties represent the estimated fair value of the property, plant and equipment of the hospitality business only and do not include any associated intangible assets. Revaluations of hospitality properties are performed annually at December 31, the end of the fiscal year. Where the carrying amount of an asset is increased as a result of a revaluation, the increase is recognized in other comprehensive income and accumulated in equity within revaluation surplus, unless the increase reverses a previously recognized revaluation loss recorded through prior period net income, in which case that portion of the increase is recognized in net income. Where the carrying amount of an asset is decreased, the decrease is recognized in other comprehensive income to the extent of any balance existing in revaluation surplus in respect of the asset, with the remainder recognized in net income. Revaluation gains are recognized in other comprehensive income, and are not subsequently recycled into profit or loss. The cumulative revaluation surplus is transferred directly to retained earnings when the asset is derecognized. h) Inventory Develop-for-sale multifamily projects, residential development lots, homes and residential condominium projects are recorded in inventory. Residential development lots are recorded at the lower of cost, including pre-development expenditures and capitalized borrowing costs, and net realizable value, which the company determines as the estimated selling price of the inventory in the ordinary course of business in its completed state, less estimated expenses, including holding costs, costs to complete and costs to sell. i) Fair value measurement Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, regardless of whether that price is directly observable or estimated using another valuation technique. In estimating the fair value of an asset or a liability, the partnership takes into account the characteristics of the asset or liability and how market participants would take those characteristics into account when pricing the asset or liability at the measurement date. Inputs to fair value measurement techniques are disaggregated into three hierarchical levels, which are directly based on the degree to which inputs to fair value measurement techniques are observable by market participants: • Level 1 – Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date. • Level 2 – Inputs (other than quoted prices included in Level 1) are either directly or indirectly observable for the asset or liability through correlation with market data at the measurement date and for the duration of the asset’s or liability’s anticipated life. • Level 3 – Inputs are unobservable and reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs in determining the estimate. Fair value measurements are adopted by the partnership to calculate the carrying amounts of various assets and liabilities. j) Intangible assets Intangible assets acquired in a business combination and recognized separately from goodwill are initially recognized at fair value at the acquisition date. The partnership’s intangible assets are comprised primarily of trademarks and licensing agreements. Subsequent to initial recognition, intangible assets with a finite life are measured at cost less accumulated amortization and impairment losses. Amortization is calculated on a straight-line basis over the estimated useful life of the intangible asset and is recognized in net income for the respective reporting period. Intangible assets with an indefinite life are measured at cost as adjusted for subsequent impairment. Impairment tests for intangible assets are performed annually. Impairment losses previously taken may be subsequently reversed in net income of future reporting periods. k) Goodwill Goodwill represents the excess of the acquisition price paid for a business combination over the fair value of the net identifiable tangible and intangible assets and liabilities acquired. Upon initial recognition, goodwill is allocated to the cash-generating unit to which it relates. The partnership identifies a cash-generating unit as the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other assets or group of assets. The partnership evaluates the carrying amount of goodwill annually as of December 31 or more often when events or circumstances indicate there may be an impairment. The partnership’s goodwill impairment test is performed at the cash-generating unit level. If assets within a cash-generating unit or the cash-generating unit are impaired, impairments are taken for those assets or the cash-generating unit before any goodwill impairment test is performed. In assessing whether goodwill is impaired, the partnership assesses if the carrying value of a cash-generating unit, including the allocated goodwill, exceeds its recoverable amount determined as the greater of the estimated fair value less costs to sell and the present value of future cash flows expected from the cash-generating unit. Impairment losses recognized first reduce the carrying value of goodwill and any excess is allocated to the carrying amount of assets in the cash-generating unit. Any goodwill impairment is charged to net income in the respective reporting period. Impairment losses on goodwill are not subsequently reversed. On disposal of a subsidiary, any attributable amount of goodwill is included in determination of the gain or loss on disposal. l) Financial instruments and hedge accounting The partnership adopted IFRS 9, Financial Instruments (“IFRS 9”) and the related consequential amendments to other IFRS standards effective January 1, 2018. IFRS 9 introduced new requirements for: 1) The classification and measurement of financial assets and financial liabilities; 2) Impairment of financial assets; and 3) General hedge accounting. The partnership adopted IFRS 9 retrospectively with no restatement of comparatives. The adoption did not result in any material adjustment to the carrying amounts of financial assets, financial liabilities or opening retained earnings. (i) Classification and measurement Financial assets and financial liabilities are recognized in the partnership’s balance sheet when the partnership becomes a party to the contractual provisions of the instrument. Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through profit or loss) are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value through profit or loss are recognized immediately in profit or loss. All recognized financial assets are measured subsequently in their entirety at either amortized cost or fair value, depending on the classification of the financial assets. Debt instruments are subsequently measured at amortized cost where the financial asset is held within a business model whose objective is to hold financial assets in order to collect contractual cash flows and its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. Debt instruments are measured subsequently at fair value through other comprehensive income (FVTOCI) where the financial asset is held within a business model whose objective is achieved by both collecting contractual cash flows and selling the financial assets and its contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. By default, all other financial assets are measured subsequently at fair value through profit or loss (FVTPL). Despite the foregoing, the partnership may make and irrevocable election/designation at initial recognition of a financial asset to present subsequent changes in fair value of an equity investment in other or to designate a debt investment that meets the amortized cost or FVTOCI criteria as measured at FVTPL if doing so eliminates or significantly reduces an accounting mismatch. Debt and equity instruments issued by the partnership are classified as either financial liabilities or as equity in accordance with the substance of the contractual arrangements and the definitions of a financial liability and an equity instrument. Equity instruments issued by the partnership that meet the definition of a financial liability are presented within capital securities on the partnership’s consolidated balance sheets. All financial liabilities are measured subsequently at amortized cost using the effective interest method or at FVTPL. Financial liabilities are measured at FVTPL when they are (i) contingent consideration of an acquirer in a business combination, (ii) held‑for‑trading, or (iii) designated as at FVTPL. A financial liability is classified as held for trading if it has been acquired principally for the purpose of repurchasing it in the near term, or on initial recognition it is part of a portfolio of identified financial instruments that is managed together and has a recent actual pattern of short‑term profit‑taking or it is a derivative, except for a derivative that is a financial guarantee contract or a designated and effective hedging instrument. A financial liability other than a financial liability held for trading or contingent consideration of an acquirer in a business combination may be designated as at FVTPL in limited circumstances specified in IFRS 9. Financial liabilities at FVTPL are measured at fair value, with any gains or losses arising on changes in fair value recognized in profit or loss to the extent that they are not part of a designated hedging relationship. The following table presents the types of financial instruments held by the partnership within each financial instrument classification under IFRS 9: IAS 39 IFRS 9 Classification Measurement basis Classification and measurement basis Financial assets Participating loan interests Loans and receivables Amortized cost FVTPL Loans and notes receivable Loans and receivables Amortized cost Amortized cost Other non-current assets Securities designated as fair value through profit and loss (“FVTPL”) FVTPL Fair value FVTPL Derivative assets FVTPL Fair value FVTPL Securities designated as AFS AFS Fair value FVTOCI Restricted cash Loans and receivables Amortized cost Amortized cost Accounts receivable and other Derivative assets FVTPL Fair value FVTPL Other receivables Loans and receivables Amortized cost Amortized cost Cash and cash equivalents Loans and receivables Amortized cost Amortized cost Financial liabilities Debt obligations Other liabilities Amortized cost Amortized cost Capital securities Other liabilities Amortized cost Amortized cost Capital securities - fund subsidiaries Other liabilities Fair value FVTPL Other non-current liabilities Loan payable FVTPL Fair value FVTPL Other non-current financial liabilities Other liabilities Amortized cost Amortized cost Derivative liabilities FVTPL Fair value FVTPL Accounts payable and other liabilities Other liabilities Amortized cost Amortized cost The effective interest method is a method of calculating the amortized cost of a debt instrument and of allocating interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts or payments (including transaction costs and other premiums or discounts) excluding expected credit losses, through the expected life of the instrument to the gross carrying amount of the debt instrument on initial recognition. Amortized cost is the amount at which the financial instrument is measured at initial recognition minus the principal repayments, plus the cumulative amortization using the effective interest method of any difference between that initial amount and the maturity amount, adjusted for any loss allowance (in the case of financial assets). Financial instruments carried at fair value give rise to fair value gains or losses in each reporting period. Fair values of those financial instruments are determined by reference to quoted bid or ask prices or prices within the bid ask spread, as appropriate, and when unavailable, to the closing price of the most recent transaction of that instrument. Fair values of certain financial instruments also incorporate significant use of unobservable inputs which reflect the partnership’s market assumptions. Fair value gains and losses on FVOCI financial assets are recognized in other comprehensive income. Fair value gains and losses on financial instruments designated as FVTPL are recognized in fair value gains, net. (ii) Impairment of financial instruments The partnership recognizes a loss allowance for expected credit losses (“ECL”) on debt instruments that are measured at amortized cost or at FVTOCI and other receivables. The amount of expected credit losses is updated at each reporting date to reflect changes in credit risk since initial recognition of the respective financial instrument. For debt instruments, the partnership recognizes lifetime ECL when there has been a significant increase in credit risk since initial recognition. If the credit risk on the financial instrument has not increased significantly since initial recognition, the loss allowance for that financial instrument is measured at an amount equal to 12‑month ECL. Lifetime ECL represents the expected credit losses that will result from all possible default events over the expected life of a financi

FUTURE ACCOUNTING POLICY CHANGE

FUTURE ACCOUNTING POLICY CHANGES	12 Months Ended
	Dec. 31, 2018
Accounting Policies, Changes In Accounting Estimates And Errors [Abstract]
FUTURE ACCOUNTING POLICY CHANGES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES a) Statement of compliance These consolidated financial statements of the partnership and its subsidiaries have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). The consolidated financial statements were approved and authorized for issue by the Board of Directors of the partnership on February 6, 2019. b) Basis of presentation These consolidated financial statements have been prepared on a going concern basis and are presented in United States (“U.S.”) Dollars rounded to the nearest million unless otherwise indicated. New accounting standards issued but not yet effective for the current accounting period are described in Note 3, Future Accounting Policy Changes . (i) Subsidiaries The consolidated financial statements include the accounts of the partnership and its subsidiaries over which the partnership has control. Control exists when the partnership has power over its investee, has exposure, or rights, to variable returns from its involvement with the investee and has the ability to use its power over the investee to affect the amount of its returns. The partnership considers all relevant facts and circumstances in assessing whether or not the partnership’s interests in the investee are sufficient to give it power over the investee. Consolidation of a subsidiary begins on the date on which the partnership obtains control over the subsidiary and ceases when the partnership loses control over the subsidiary. Income and expenses of a subsidiary acquired or disposed of during a reporting period are consolidated only for the period when the partnership has control over the subsidiary. Changes in the partnership’s ownership interests in subsidiaries that do not result in loss of control over the subsidiary are accounted for as equity transactions whereby the difference between the amount by which the non-controlling interests are adjusted and the fair value of the consideration paid or received, are recognized directly in equity and attributed to owners of the partnership. All accounts and transactions among the partnership and its subsidiaries are eliminated on consolidation. In cases where a subsidiary reports under a different accounting policy, adjustments are made to the financial statements of the subsidiary to present its financial position and results of operations in accordance with the partnership’s accounting policy. Net income and each component of other comprehensive income are attributed to owners of the partnership and to non-controlling interests. Non-controlling interests in the partnership’s operating subsidiaries and properties, redeemable/exchangeable partnership units of the operating partnership (“Redeemable/Exchangeable Partnership Units”), special limited partnership units of the operating partnership (“Special LP Units”), limited partnership units of Brookfield Office Properties Exchange LP (“Exchange LP Units”) and Class A stock, par value $0.01 per share, of Brookfield Property REIT Inc. (“BPR Units”) are presented separately in equity on the consolidated balance sheets. The Redeemable/Exchangeable Partnership Units, Exchange LP Units and BPR Units have the same economic attributes as LP Units. Accordingly, the net income and components of other comprehensive income allocated to these units are equivalent to that allocated to the LP Units (on a per unit basis). Net income and the components of comprehensive income of the partnership’s operating subsidiaries and properties are generally allocated between the partnership and non-controlling equity holders based on the relative proportion of equity interests. Certain of the partnership’s subsidiaries are subject to profit sharing arrangements with affiliated entities who hold non-controlling interests that result in allocation of income on an other than proportionate basis if specified targets are met. In these circumstances, net income is allocated between the partnership and non-controlling interests based on proportionate equity interest until the attribution of profits under the agreement is no longer subject to adjustment based on future events. In the period that allocation of the subsidiary’s cumulative earnings under the profit sharing arrangement is no longer subject to adjustment, it is reflected as an allocation to non-controlling interest, reducing the amount attributable to unitholders for the period. (ii) Associates and joint ventures An associate is an entity over which the partnership has significant influence. Significant influence is the power to participate in the financial and operating policy decisions of the investee. The partnership is presumed to have significant influence when it holds 20 percent or more of the voting rights of an investee, unless it can be clearly demonstrated that this is not the case. The partnership does not control its associates. A joint arrangement is an arrangement in which two or more parties have joint control. Joint control is the contractually agreed upon sharing of control where decisions about the relevant activities require the unanimous consent of the parties sharing control. A joint venture is a joint arrangement where the parties that have joint control have rights to the net assets of the arrangement. None of the parties involved have unilateral control of a joint venture. The partnership accounts for its interests in associates and joint ventures using the equity method of accounting. Under the equity method, investment balances in an associate or joint venture are carried on the consolidated balance sheets at initial cost as adjusted for the partnership’s proportionate share of profit or loss and other comprehensive income of the joint venture or associate. When an interest in an associate or joint venture is initially acquired or increases, the partnership determines its share of the net fair value of the identifiable assets and liabilities of the investee that it has acquired, consistent with the procedure performed when acquiring control of a business. Goodwill relating to an associate or joint venture, represented as an excess of the cost of the investment over the net fair value of the partnership’s share of the net fair value of the identifiable assets and liabilities, is included in the carrying amount of the investment. Any excess of the partnership’s share of the net fair value of the associate’s or joint venture’s identifiable assets and liabilities over the cost of the investment results in a gain that is included in the partnership’s share of the associate or joint venture’s profit or loss in the period in which the investment is acquired or increases. The partnership determines at the end of each reporting period whether there exist any indications that an investment may be impaired. If any such indication exists, the partnership estimates the recoverable amount of the asset, which is the higher of (i) fair value less costs to sell and (ii) value in use. Value in use is the present value of the future cash flows expected to be derived from such an investment and may result in a measure which is different from fair value less costs to sell. For equity accounted investments, for which quoted market prices exist, the partnership also considers whether a significant or prolonged decline in the fair value of the equity instrument below its carrying value is also objective evidence of impairment. When the partnership transacts with a joint venture or an associate, any gain or loss is eliminated only to the extent of the partnership’s proportionate share and the remaining amounts are recognized in the partnership’s consolidated financial statements. Outstanding balances between the partnership and jointly controlled entities are not eliminated on the balance sheet. (iii) Joint operations A joint operation is a joint arrangement whereby the parties that have joint control of the arrangement have rights to assets and obligations for liabilities relating to the arrangement. This usually results from direct interests in the assets and liabilities of an investee rather than through the establishment of a separate legal entity. None of the parties involved have unilateral control of a joint operation. The partnership recognizes its assets, its liabilities and its share of revenues and expenses of the joint operations in accordance with the IFRS applicable to the particular assets, liabilities, revenues and expenses. When the partnership sells or contributes assets to a joint operation in which it is a joint operator, the partnership is considered to be conducting transactions with the other parties to the joint operation, and any gain or loss resulting from the transactions is recognized in the partnership’s consolidated financial statements only to the extent of the other parties’ interests in the joint operation. When the partnership purchases an asset from a joint operation in which it is a joint operator, the partnership does not recognize its share of the gain or loss until those assets are resold to a third party. c) Foreign currency translation and transactions The U.S. Dollar is the functional currency and presentation currency of the partnership. The functional currency of each of the partnership’s subsidiaries, associates, joint ventures and joint operations is determined based on their primary economic environment, the currency in which funds from financing activities are generated and the currency in which receipts from operating activities are usually retained. Subsidiaries, associates or joint ventures having a functional currency other than the U.S. Dollar translate the carrying amounts of their assets and liabilities when reporting to the partnership at the rate of exchange prevailing as of the balance sheet date, and their revenues and expenses at average exchange rates during the quarterly reporting period. Any gains or losses on foreign currency translation are recognized by the partnership in other comprehensive income. On disposition or partial disposition resulting in the loss of control of a foreign operation (i.e., any subsidiary, associate, or joint arrangement of the partnership with a functional currency other than the U.S. Dollar), the accumulated foreign currency translation relating to that foreign operation is reclassified to fair value gain or loss in net income. On partial disposal of a foreign operation in which control is retained, the proportionate share of the accumulated foreign currency translation relating to that foreign operation is reattributed to the non-controlling interests. The partnership’s foreign currency transactions are translated into the functional currency using exchange rates as of the date of the transactions. At the end of each reporting period, foreign currency denominated monetary assets and liabilities are translated to the functional currency using the exchange rate prevailing as of the balance sheet date with any gain or loss recognized in net income, except for those related to monetary liabilities qualified as hedges of the partnership’s investment in foreign operations or intercompany loans with foreign operations for which settlement is neither planned nor likely to occur in the foreseeable future, which are included in other comprehensive income. Non-monetary assets and liabilities measured at fair value are translated at the exchange rate prevailing as of the date when the fair value was determined. Foreign currency denominated non-monetary assets and liabilities, measured at historic cost, are translated at the rate of exchange at the transaction date. d) Cash and cash equivalents Cash and cash equivalents includes cash on hand and all non-restricted highly liquid investments with original maturities of three months or less. e) Investment properties Investment properties consists of commercial properties which are principally held to earn rental income and commercial developments that are being constructed or developed for future use as commercial properties. Investment properties are measured initially at cost, or fair value if acquired in a business combination (see Note 2(o), Business Combinations , for further discussion). The cost of commercial development properties includes direct development costs, realty taxes, borrowing costs directly attributable to the development and administrative costs, e.g., salaries and overhead that are specifically attributable to a development project. The partnership elects the fair value model for all investment properties and measures them at fair value subsequent to initial recognition on the consolidated balance sheet. As a result, it is not necessary to assess the carrying amounts of the investment properties for impairment. Substantially all of the partnership’s investment properties are valued using one of two accepted income approaches, the discounted cash flow approach or the direct capitalization approach. Under the discounted cash flow approach, cash flows for each property are forecast for an assumed holding period, generally, ten years. A capitalization rate is applied to the terminal year net operating income and an appropriate discount rate is applied to those cash flows to determine a value at the reporting date. Under the direct capitalization method, a capitalization rate is applied to estimated stabilized annual net operating income to determine value. In accordance with its policy, the partnership generally measures and records its commercial properties and developments using valuations prepared by management. However, for certain subsidiaries, the partnership relies on quarterly or annual valuations prepared by external valuation professionals. Where an external appraisal is obtained for a property that is valued using a model developed by Management, the partnership compares the results of those external appraisals to our internally prepared values and reconcile significant differences when they arise. Discount and terminal capitalization rates are verified by comparing to market data, third party reports, research material and brokers opinions. Where there has been a recent market transactions for a specific property, such as an acquisition or sale of a partial interest, the partnership values the property on that basis. Borrowing costs associated with direct expenditures on properties under development or redevelopment are capitalized. Borrowing costs are also capitalized on those properties acquired specifically for redevelopment in the short-term where activities necessary to prepare them for redevelopment are in progress. The amount of borrowing costs capitalized is determined first by borrowings specific to a property where relevant, and then by applying a weighted average borrowing cost to eligible expenditures after adjusting for borrowings specific to other developments. Where borrowings are associated with specific developments, the amount capitalized is the gross borrowing costs incurred less any incidental investment income. Borrowing costs are capitalized from the commencement of the development until the date of practical completion. The capitalization of borrowing costs is suspended if there are prolonged periods when development activity is interrupted. The partnership considers practical completion to have occurred when the property is capable of operating in the manner intended by management. Generally this occurs upon completion of construction and receipt of all necessary occupancy and other material permits. Where the partnership has pre-leased space as of or prior to the start of the development and the lease requires the partnership to construct tenant improvements which enhance the value of the property, practical completion is considered to occur on completion of such improvements. Initial direct leasing costs incurred by the partnership in negotiating and arranging tenant leases are included in the cost of investment properties. f) Assets held for sale Non-current assets and groups of assets and liabilities which comprise disposal groups are presented as assets held for sale where the asset or disposal group is available for immediate sale in its present condition, and the sale is highly probable. For this purpose, a sale is highly probable if management is committed to a plan to achieve the sale; there is an active program to find a buyer; the non-current asset or disposal group is being actively marketed for sale at a price that is reasonable in relation to its current fair value; the sale is anticipated to be completed within one year from the date of classification; and it is unlikely there will be significant changes to the plan or that the plan will be withdrawn. Non-current assets and disposal groups held for sale that are not investment properties are recorded at the lesser of carrying amount and fair value less costs to sell on the consolidated balance sheet. Any gain or loss arising from the change in measurement basis as a result of reclassification is recognized in the profit or loss at the time of reclassification. Investment properties that are held for sale are recorded at fair value determined in accordance with IFRS 13, Fair Value Measurement . Where a component of an entity has been disposed of, or is classified as held for sale, and it represents a separate major line of business or geographical area of operations or is a subsidiary acquired exclusively with a view to resale, the related results of operations and gain or loss on reclassification or disposition are presented in discontinued operations. g) Hospitality assets The partnership accounts for its investments in hospitality properties as property, plant and equipment under the revaluation model. Hospitality properties are recognized initially at cost, or fair value if acquired in a business combination (see Note 2(o), Business Combinations , for further discussion) and subsequently carried at fair value at the revaluation date less any accumulated impairment and subsequent accumulated depreciation. The partnership depreciates these assets on a straight-line basis over their relevant estimated useful lives. Fair values of hospitality properties are determined using a depreciated replacement cost method based on the age, physical condition and the construction costs of the assets. Fair value estimates for hospitality properties represent the estimated fair value of the property, plant and equipment of the hospitality business only and do not include any associated intangible assets. Revaluations of hospitality properties are performed annually at December 31, the end of the fiscal year. Where the carrying amount of an asset is increased as a result of a revaluation, the increase is recognized in other comprehensive income and accumulated in equity within revaluation surplus, unless the increase reverses a previously recognized revaluation loss recorded through prior period net income, in which case that portion of the increase is recognized in net income. Where the carrying amount of an asset is decreased, the decrease is recognized in other comprehensive income to the extent of any balance existing in revaluation surplus in respect of the asset, with the remainder recognized in net income. Revaluation gains are recognized in other comprehensive income, and are not subsequently recycled into profit or loss. The cumulative revaluation surplus is transferred directly to retained earnings when the asset is derecognized. h) Inventory Develop-for-sale multifamily projects, residential development lots, homes and residential condominium projects are recorded in inventory. Residential development lots are recorded at the lower of cost, including pre-development expenditures and capitalized borrowing costs, and net realizable value, which the company determines as the estimated selling price of the inventory in the ordinary course of business in its completed state, less estimated expenses, including holding costs, costs to complete and costs to sell. i) Fair value measurement Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, regardless of whether that price is directly observable or estimated using another valuation technique. In estimating the fair value of an asset or a liability, the partnership takes into account the characteristics of the asset or liability and how market participants would take those characteristics into account when pricing the asset or liability at the measurement date. Inputs to fair value measurement techniques are disaggregated into three hierarchical levels, which are directly based on the degree to which inputs to fair value measurement techniques are observable by market participants: • Level 1 – Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date. • Level 2 – Inputs (other than quoted prices included in Level 1) are either directly or indirectly observable for the asset or liability through correlation with market data at the measurement date and for the duration of the asset’s or liability’s anticipated life. • Level 3 – Inputs are unobservable and reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs in determining the estimate. Fair value measurements are adopted by the partnership to calculate the carrying amounts of various assets and liabilities. j) Intangible assets Intangible assets acquired in a business combination and recognized separately from goodwill are initially recognized at fair value at the acquisition date. The partnership’s intangible assets are comprised primarily of trademarks and licensing agreements. Subsequent to initial recognition, intangible assets with a finite life are measured at cost less accumulated amortization and impairment losses. Amortization is calculated on a straight-line basis over the estimated useful life of the intangible asset and is recognized in net income for the respective reporting period. Intangible assets with an indefinite life are measured at cost as adjusted for subsequent impairment. Impairment tests for intangible assets are performed annually. Impairment losses previously taken may be subsequently reversed in net income of future reporting periods. k) Goodwill Goodwill represents the excess of the acquisition price paid for a business combination over the fair value of the net identifiable tangible and intangible assets and liabilities acquired. Upon initial recognition, goodwill is allocated to the cash-generating unit to which it relates. The partnership identifies a cash-generating unit as the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other assets or group of assets. The partnership evaluates the carrying amount of goodwill annually as of December 31 or more often when events or circumstances indicate there may be an impairment. The partnership’s goodwill impairment test is performed at the cash-generating unit level. If assets within a cash-generating unit or the cash-generating unit are impaired, impairments are taken for those assets or the cash-generating unit before any goodwill impairment test is performed. In assessing whether goodwill is impaired, the partnership assesses if the carrying value of a cash-generating unit, including the allocated goodwill, exceeds its recoverable amount determined as the greater of the estimated fair value less costs to sell and the present value of future cash flows expected from the cash-generating unit. Impairment losses recognized first reduce the carrying value of goodwill and any excess is allocated to the carrying amount of assets in the cash-generating unit. Any goodwill impairment is charged to net income in the respective reporting period. Impairment losses on goodwill are not subsequently reversed. On disposal of a subsidiary, any attributable amount of goodwill is included in determination of the gain or loss on disposal. l) Financial instruments and hedge accounting The partnership adopted IFRS 9, Financial Instruments (“IFRS 9”) and the related consequential amendments to other IFRS standards effective January 1, 2018. IFRS 9 introduced new requirements for: 1) The classification and measurement of financial assets and financial liabilities; 2) Impairment of financial assets; and 3) General hedge accounting. The partnership adopted IFRS 9 retrospectively with no restatement of comparatives. The adoption did not result in any material adjustment to the carrying amounts of financial assets, financial liabilities or opening retained earnings. (i) Classification and measurement Financial assets and financial liabilities are recognized in the partnership’s balance sheet when the partnership becomes a party to the contractual provisions of the instrument. Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through profit or loss) are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value through profit or loss are recognized immediately in profit or loss. All recognized financial assets are measured subsequently in their entirety at either amortized cost or fair value, depending on the classification of the financial assets. Debt instruments are subsequently measured at amortized cost where the financial asset is held within a business model whose objective is to hold financial assets in order to collect contractual cash flows and its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. Debt instruments are measured subsequently at fair value through other comprehensive income (FVTOCI) where the financial asset is held within a business model whose objective is achieved by both collecting contractual cash flows and selling the financial assets and its contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. By default, all other financial assets are measured subsequently at fair value through profit or loss (FVTPL). Despite the foregoing, the partnership may make and irrevocable election/designation at initial recognition of a financial asset to present subsequent changes in fair value of an equity investment in other or to designate a debt investment that meets the amortized cost or FVTOCI criteria as measured at FVTPL if doing so eliminates or significantly reduces an accounting mismatch. Debt and equity instruments issued by the partnership are classified as either financial liabilities or as equity in accordance with the substance of the contractual arrangements and the definitions of a financial liability and an equity instrument. Equity instruments issued by the partnership that meet the definition of a financial liability are presented within capital securities on the partnership’s consolidated balance sheets. All financial liabilities are measured subsequently at amortized cost using the effective interest method or at FVTPL. Financial liabilities are measured at FVTPL when they are (i) contingent consideration of an acquirer in a business combination, (ii) held‑for‑trading, or (iii) designated as at FVTPL. A financial liability is classified as held for trading if it has been acquired principally for the purpose of repurchasing it in the near term, or on initial recognition it is part of a portfolio of identified financial instruments that is managed together and has a recent actual pattern of short‑term profit‑taking or it is a derivative, except for a derivative that is a financial guarantee contract or a designated and effective hedging instrument. A financial liability other than a financial liability held for trading or contingent consideration of an acquirer in a business combination may be designated as at FVTPL in limited circumstances specified in IFRS 9. Financial liabilities at FVTPL are measured at fair value, with any gains or losses arising on changes in fair value recognized in profit or loss to the extent that they are not part of a designated hedging relationship. The following table presents the types of financial instruments held by the partnership within each financial instrument classification under IFRS 9: IAS 39 IFRS 9 Classification Measurement basis Classification and measurement basis Financial assets Participating loan interests Loans and receivables Amortized cost FVTPL Loans and notes receivable Loans and receivables Amortized cost Amortized cost Other non-current assets Securities designated as fair value through profit and loss (“FVTPL”) FVTPL Fair value FVTPL Derivative assets FVTPL Fair value FVTPL Securities designated as AFS AFS Fair value FVTOCI Restricted cash Loans and receivables Amortized cost Amortized cost Accounts receivable and other Derivative assets FVTPL Fair value FVTPL Other receivables Loans and receivables Amortized cost Amortized cost Cash and cash equivalents Loans and receivables Amortized cost Amortized cost Financial liabilities Debt obligations Other liabilities Amortized cost Amortized cost Capital securities Other liabilities Amortized cost Amortized cost Capital securities - fund subsidiaries Other liabilities Fair value FVTPL Other non-current liabilities Loan payable FVTPL Fair value FVTPL Other non-current financial liabilities Other liabilities Amortized cost Amortized cost Derivative liabilities FVTPL Fair value FVTPL Accounts payable and other liabilities Other liabilities Amortized cost Amortized cost The effective interest method is a method of calculating the amortized cost of a debt instrument and of allocating interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts or payments (including transaction costs and other premiums or discounts) excluding expected credit losses, through the expected life of the instrument to the gross carrying amount of the debt instrument on initial recognition. Amortized cost is the amount at which the financial instrument is measured at initial recognition minus the principal repayments, plus the cumulative amortization using the effective interest method of any difference between that initial amount and the maturity amount, adjusted for any loss allowance (in the case of financial assets). Financial instruments carried at fair value give rise to fair value gains or losses in each reporting period. Fair values of those financial instruments are determined by reference to quoted bid or ask prices or prices within the bid ask spread, as appropriate, and when unavailable, to the closing price of the most recent transaction of that instrument. Fair values of certain financial instruments also incorporate significant use of unobservable inputs which reflect the partnership’s market assumptions. Fair value gains and losses on FVOCI financial assets are recognized in other comprehensive income. Fair value gains and losses on financial instruments designated as FVTPL are recognized in fair value gains, net. (ii) Impairment of financial instruments The partnership recognizes a loss allowance for expected credit losses (“ECL”) on debt instruments that are measured at amortized cost or at FVTOCI and other receivables. The amount of expected credit losses is updated at each reporting date to reflect changes in credit risk since initial recognition of the respective financial instrument. For debt instruments, the partnership recognizes lifetime ECL when there has been a significant increase in credit risk since initial recognition. If the credit risk on the financial instrument has not increased significantly since initial recognition, the loss allowance for that financial instrument is measured at an amount equal to 12‑month ECL. Lifetime ECL represents the expected credit losses that will result from all possible default events over the expected life of a financi

ACQUISITION OF GGP INC.

ACQUISITION OF GGP INC.	12 Months Ended
	Dec. 31, 2018
Business Combinations1 [Abstract]
ACQUISITION OF GGP INC.	ACQUISITION OF GGP INC. On March 26, 2018, the partnership entered into a definitive merger agreement with GGP Inc. (“GGP”) to acquire all of the outstanding common shares of GGP other than those shares already held by the partnership and its subsidiaries. Under the terms of the agreement, GGP common shareholders had the right to elect to receive, for each GGP share, subject to proration, (i) $23.50 in cash or (ii) either one BPY unit or one BPR Unit, a new U.S. REIT security formed by recapitalizing GGP and amending its governing documents. Each BPR Unit is structured to provide an economic return equivalent to a LP Unit. The holder of a BPR Unit has the right, at any time, to request the share be redeemed for the cash equivalent to the value of a LP Unit. In the event the holder of a BPR Unit exercises this right, the partnership has the right, at its sole discretion, to satisfy the redemption request with a LP Unit rather than cash. On July 26, 2018, GGP shareholders approved the merger which closed on August 28, 2018. On closing the partnership controlled BPR as it held 87% of the voting stock of BPR through its 100% ownership of the BPR Class B and Class C shares. The balance of the voting rights in respect of BPR are held by the holders of the BPR Units. Based on shareholder elections, which were subject to proration, cash totaling $9.05 billion was paid by GGP to its shareholders, other than the partnership, in the form of a pre-closing dividend on August 27, 2018. According to the terms of the agreement, the consideration payable on close of the merger was reduced by the amount of the pre-closing dividend. The pre-closing dividend was funded with new term debt, property-level refinancings, proceeds from the sale of partial interests in certain GGP properties and the issuance of non-controlling interests in subsidiaries of GGP. The acquisition of GGP was accounted for as a business combination achieved in stages. The partnership’s existing equity interest in GGP was remeasured to fair value immediately prior to the acquisition date of August 28, 2018 based on the partnership’s interest in the fair value of the identifiable net assets and liabilities of GGP at the time. As a result of this remeasurement, a loss of approximately $502 million was recognized in fair value gains, net. Consideration paid on acquisition of control by the partnership was comprised of the following: • 88 million LP Units with a fair value of $1,786 million determined with reference to the trading price of the LP Units on the closing date; • 161 million BPR Units with a fair value of $3,383 million determined with reference to the initial trading price of the BPR Unit; • Cash consideration of $200 million ; and • Share-based payment awards to GGP employees with a fair value of $28 million . As discussed in Note 22, Equity , the BPR Units issued on closing represent a non-controlling interest in the partnership. As of December 31, 2018, the valuation of the investment properties, equity accounted investments, deferred tax liabilities, transaction costs, certain working capital balances and the acquisition date fair value of the partnership’s existing equity interest in GGP were still under evaluation by the partnership. Accordingly, the business combination has been accounted for on a provisional basis. The following table summarizes the provisional amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed in addition to the consideration paid and transaction costs incurred: (US$ Millions) GGP Investment properties $ 17,991 Equity accounted investments 10,829 Property, plant and equipment 56 Accounts receivable and other 592 Cash and cash equivalents 424 Total assets 29,892 Less: Debt obligations (13,147 ) Accounts payable and other (691 ) Deferred tax liabilities (11 ) Non-controlling interests (1) (1,882 ) Net assets acquired $ 14,161 Consideration (2) $ 13,240 Transaction costs 32 (1) Includes non-controlling interests in a subsidiary of BPR measured as the proportionate share of the fair value of the entity’s net assets on the date of acquisition. (2) Includes the acquisition date fair value of the partnership’s previously held equity interest in GGP of $7,843 million . In connection with the acquisition of GGP, the partnership has recognized a bargain purchase gain of $921 million in fair value gains, net as the consideration paid exceeds the fair value of the assets acquired, liabilities assumed and non-controlling interests recognized on acquisition. On a provisional basis, the partnership has determined that it has identified all of the assets acquired and liabilities assumed and that each is appropriately measured. The fair value of the investment properties acquired was determined, for certain of the assets, based on transaction prices agreed with third parties for the sale of partial interests and valuation models prepared by an independent external appraiser. In the period from August 28, 2018 to December 31, 2018, the partnership recorded revenue and net income in connection with this acquisition of approximately $588 million and $360 million , respectively. If the acquisition had occurred on January 1, 2018 , the partnership’s total revenue and net income would have been $8,415 million and $4,373 million , respectively, for the year ended December 31, 2018, only including the GGP transaction. ACQUISITIONS AND BUSINESS COMBINATIONS a) Completed in 2018 In addition to the acquisition of GGP, discussed in Note 4, Acquisition of GGP Inc. , the partnership completed the following material business combinations during 2018 through Brookfield-sponsored real estate funds: • On February 1, 2018, the partnership acquired a portfolio of 105 extended-stay hotel properties across the United States (“Extended-Stay Hotel Portfolio”) for total consideration of $764 million . • On February 1, 2018, the partnership acquired a portfolio of 15 student housing properties in the United Kingdom (“UK Student Housing IV”), for total consideration of £527 million ( $752 million ). • On August 3, 2018, the partnership acquired a 100% leasehold interest in 666 Fifth Avenue, a commercial office asset in New York, for consideration of $1,299 million . • On December 7, 2018, the partnership acquired all of the outstanding common shares of Forest City Realty Trust Inc. (“Forest City”), a publicly traded company which owns a portfolio of office, multifamily and mixed-use assets across the U.S, for consideration of $6,948 million . The partnership also completed several individually immaterial acquisitions during 2018 for total consideration of $3,948 million . The acquisitions were primarily LP Investments made by Brookfield-sponsored real estate funds to invest the funds’ capital. The partnership consolidates the acquired investments as Brookfield Asset Management’s power as general partner, together with the partnership’s LP interests, provide the partnership with control over the investments. The following table summarizes the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed in addition to the consideration and transaction costs incurred: (US$ Millions) Extended- Stay Hotel Portfolio UK Student Housing IV 666 Fifth Avenue (3) Forest City (4) Other Total Date of acquisition 2/1/2018 2/1/2018 8/3/2018 12/7/2018 Various Investment properties $ — $ 742 $ 1,292 $ 9,397 $ 3,846 $ 15,277 Property, plant and equipment 768 2 — — 922 1,692 Equity accounted investments 5 — — 1,467 79 1,551 Goodwill — — — — 96 96 Intangible assets — — — — 54 54 Accounts receivable and other 2 53 11 1,049 944 2,059 Cash and cash equivalents 2 18 — 451 168 639 Total assets 777 815 1,303 12,364 6,109 21,368 Less: Debt obligations — — — (3,664 ) (1,504 ) (5,168 ) Accounts payable and other (13 ) (63 ) (4 ) (1,119 ) (283 ) (1,482 ) Deferred tax liabilities — — — — (47 ) (47 ) Non-controlling interests (1) — — — (633 ) (88 ) (721 ) Net assets acquired $ 764 $ 752 $ 1,299 $ 6,948 $ 4,187 $ 13,950 Consideration (2) $ 764 $ 752 $ 1,299 $ 6,948 $ 3,948 $ 13,711 Transaction costs $ 9 $ 7 $ 44 $ 202 $ 67 $ 329 (1) Includes non-controlling interests recognized on business combinations measured as the proportionate share of the fair value of the assets, liabilities and contingent liabilities on the date of acquisition. (2) Includes consideration paid with funds received from issuance of non-controlling interests to certain institutional investors in funds sponsored by Brookfield Asset Management. (3) The valuation of the investment property and certain liabilities was still under evaluation by the partnership. Accordingly, this business combination has been accounted for on a provisional basis. (4) The valuation of the investment property, equity accounted investments, debt obligation, working capital and non-controlling interests assumed was still under evaluation by the partnership. Accordingly, this business combination has been accounted for on a provisional basis. Excluding the acquisition of GGP, in the period from each acquisition date to December 31, 2018 , the partnership recorded revenue and net income in connection with these acquisitions of approximately $529 million and $163 million , respectively. If the acquisitions had occurred on January 1, 2018 , the partnership’s total revenue and net income would have been $8,572 million and $4,133 million , respectively, for the twelve months ended December 31, 2018 . Transaction costs, which primarily relate to legal and consulting fees, are expensed as incurred in accordance with IFRS 3 and included in general and administrative expense on the consolidated income statement. b) Completed in 2017 The partnership completed the following business combinations during 2017 through Brookfield-sponsored real estate funds: • On December 8, 2017, the partnership acquired two office buildings comprised of 400,000 square feet in San Jose, California (“Towers 2 nd ”), for consideration of $127 million . • On December 7, 2017, the partnership acquired 14 properties, comprising a 2.7 million square foot office portfolio in Mumbai, India (“Mumbai Office Portfolio”), for consideration of $102 million . • On December 1, 2017, the partnership acquired a 4.2 million square foot mixed-us office and retail complex (“Houston Center”) in Houston, Texas, for total consideration of $819 million . • On October 17, 2017, the partnership acquired a hotel in downtown Toronto, Canada (“Toronto Hotel”) for total consideration of $270 million . • On April 10, 2017, the partnership acquired a portfolio of 13 student housing properties (“Student Housing”) across the United Kingdom for total consideration of $358 million . • On March 31, 2017, the partnership acquired One Post Street, a 424,000 square feet office building in San Francisco for total consideration of $153 million . • On March 31, 2017, the partnership acquired a portfolio consisting of nine office properties encompassing approximately 1.1 million square feet in the U.S. (“TA Office”), for total consideration of $214 million . • On March 9, 2017, the partnership acquired a portfolio of manufactured housing communities (“Manufactured Housing”) in the United States for total consideration of $768 million . The following table summarizes the impact of business combinations during the year ended December 31, 2017 : (US$ Millions) Manufactured Housing (3) TA Office (3) One Post Street (3) Student Housing (3) Mumbai Office Portfolio (3) Houston Center (3) Toronto Hotel (3) Towers 2 nd(3) Other Total Investment properties $ 2,107 $ 235 $ 245 $ 392 $ 679 $ 825 $ — $ 128 $ 1,014 $ 5,625 Property, plant and equipment — — — — — — 281 — — 281 Accounts receivable and other 79 5 — — 12 22 4 — 14 136 Cash and cash equivalents 16 — 4 — 11 — — 2 5 38 Intangible assets — — — — — — — — — — Total assets 2,202 240 249 392 702 847 285 130 1,033 6,080 Less: Non-recourse borrowings (1,261 ) — — — (511 ) — — — — (1,772 ) Accounts payable and other (36 ) (13 ) (2 ) (7 ) (44 ) (28 ) — (3 ) (3 ) (136 ) Deferred income tax liabilities — — — — (45 ) — — — — (45 ) Non-controlling interests (1) (30 ) — (94 ) — — — — — — (124 ) Net assets acquired $ 875 $ 227 $ 153 $ 385 $ 102 $ 819 $ 285 $ 127 $ 1,030 $ 4,003 Consideration (2) $ 768 $ 214 $ 153 $ 358 $ 102 $ 819 $ 270 $ 127 $ 1,022 $ 3,833 Transaction costs $ 16 $ 3 $ — $ 6 $ — $ 5 $ 11 $ — $ 22 $ 63 (1) Includes non-controlling interests recognized on business combinations measured as the proportionate share of the fair value of the assets, liabilities and contingent liabilities on the date of acquisition. (2) Includes consideration paid with funds received from issuance of non-controlling interests to certain institutional investors in funds sponsored by Brookfield Asset Management. (3) The partnership has completed the purchase price allocation for the acquisition. No material changes were made to the provisional purchase price allocation. The difference between consideration and net assets acquired was primarily attributable to the bargain purchase gains from the acquisitions of Manufactured Housing, TA Office, Student Housing and Toronto Hotel of $162 million in total. In the period from each acquisition date to December 31, 2017 , the partnership recorded revenue and net income in connection with these acquisitions of approximately $322 million and $148 million , respectively. If the acquisitions had occurred on January 1, 2017, the partnership’s total revenue and net income would have been $6,488 million and $2,571 million , respectively, for the year ended December 31, 2017 .

ACQUISITIONS AND BUSINESS COMBI

ACQUISITIONS AND BUSINESS COMBINATIONS	12 Months Ended
	Dec. 31, 2018
Business Combinations1 [Abstract]
ACQUISITIONS AND BUSINESS COMBINATIONS	ACQUISITION OF GGP INC. On March 26, 2018, the partnership entered into a definitive merger agreement with GGP Inc. (“GGP”) to acquire all of the outstanding common shares of GGP other than those shares already held by the partnership and its subsidiaries. Under the terms of the agreement, GGP common shareholders had the right to elect to receive, for each GGP share, subject to proration, (i) $23.50 in cash or (ii) either one BPY unit or one BPR Unit, a new U.S. REIT security formed by recapitalizing GGP and amending its governing documents. Each BPR Unit is structured to provide an economic return equivalent to a LP Unit. The holder of a BPR Unit has the right, at any time, to request the share be redeemed for the cash equivalent to the value of a LP Unit. In the event the holder of a BPR Unit exercises this right, the partnership has the right, at its sole discretion, to satisfy the redemption request with a LP Unit rather than cash. On July 26, 2018, GGP shareholders approved the merger which closed on August 28, 2018. On closing the partnership controlled BPR as it held 87% of the voting stock of BPR through its 100% ownership of the BPR Class B and Class C shares. The balance of the voting rights in respect of BPR are held by the holders of the BPR Units. Based on shareholder elections, which were subject to proration, cash totaling $9.05 billion was paid by GGP to its shareholders, other than the partnership, in the form of a pre-closing dividend on August 27, 2018. According to the terms of the agreement, the consideration payable on close of the merger was reduced by the amount of the pre-closing dividend. The pre-closing dividend was funded with new term debt, property-level refinancings, proceeds from the sale of partial interests in certain GGP properties and the issuance of non-controlling interests in subsidiaries of GGP. The acquisition of GGP was accounted for as a business combination achieved in stages. The partnership’s existing equity interest in GGP was remeasured to fair value immediately prior to the acquisition date of August 28, 2018 based on the partnership’s interest in the fair value of the identifiable net assets and liabilities of GGP at the time. As a result of this remeasurement, a loss of approximately $502 million was recognized in fair value gains, net. Consideration paid on acquisition of control by the partnership was comprised of the following: • 88 million LP Units with a fair value of $1,786 million determined with reference to the trading price of the LP Units on the closing date; • 161 million BPR Units with a fair value of $3,383 million determined with reference to the initial trading price of the BPR Unit; • Cash consideration of $200 million ; and • Share-based payment awards to GGP employees with a fair value of $28 million . As discussed in Note 22, Equity , the BPR Units issued on closing represent a non-controlling interest in the partnership. As of December 31, 2018, the valuation of the investment properties, equity accounted investments, deferred tax liabilities, transaction costs, certain working capital balances and the acquisition date fair value of the partnership’s existing equity interest in GGP were still under evaluation by the partnership. Accordingly, the business combination has been accounted for on a provisional basis. The following table summarizes the provisional amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed in addition to the consideration paid and transaction costs incurred: (US$ Millions) GGP Investment properties $ 17,991 Equity accounted investments 10,829 Property, plant and equipment 56 Accounts receivable and other 592 Cash and cash equivalents 424 Total assets 29,892 Less: Debt obligations (13,147 ) Accounts payable and other (691 ) Deferred tax liabilities (11 ) Non-controlling interests (1) (1,882 ) Net assets acquired $ 14,161 Consideration (2) $ 13,240 Transaction costs 32 (1) Includes non-controlling interests in a subsidiary of BPR measured as the proportionate share of the fair value of the entity’s net assets on the date of acquisition. (2) Includes the acquisition date fair value of the partnership’s previously held equity interest in GGP of $7,843 million . In connection with the acquisition of GGP, the partnership has recognized a bargain purchase gain of $921 million in fair value gains, net as the consideration paid exceeds the fair value of the assets acquired, liabilities assumed and non-controlling interests recognized on acquisition. On a provisional basis, the partnership has determined that it has identified all of the assets acquired and liabilities assumed and that each is appropriately measured. The fair value of the investment properties acquired was determined, for certain of the assets, based on transaction prices agreed with third parties for the sale of partial interests and valuation models prepared by an independent external appraiser. In the period from August 28, 2018 to December 31, 2018, the partnership recorded revenue and net income in connection with this acquisition of approximately $588 million and $360 million , respectively. If the acquisition had occurred on January 1, 2018 , the partnership’s total revenue and net income would have been $8,415 million and $4,373 million , respectively, for the year ended December 31, 2018, only including the GGP transaction. ACQUISITIONS AND BUSINESS COMBINATIONS a) Completed in 2018 In addition to the acquisition of GGP, discussed in Note 4, Acquisition of GGP Inc. , the partnership completed the following material business combinations during 2018 through Brookfield-sponsored real estate funds: • On February 1, 2018, the partnership acquired a portfolio of 105 extended-stay hotel properties across the United States (“Extended-Stay Hotel Portfolio”) for total consideration of $764 million . • On February 1, 2018, the partnership acquired a portfolio of 15 student housing properties in the United Kingdom (“UK Student Housing IV”), for total consideration of £527 million ( $752 million ). • On August 3, 2018, the partnership acquired a 100% leasehold interest in 666 Fifth Avenue, a commercial office asset in New York, for consideration of $1,299 million . • On December 7, 2018, the partnership acquired all of the outstanding common shares of Forest City Realty Trust Inc. (“Forest City”), a publicly traded company which owns a portfolio of office, multifamily and mixed-use assets across the U.S, for consideration of $6,948 million . The partnership also completed several individually immaterial acquisitions during 2018 for total consideration of $3,948 million . The acquisitions were primarily LP Investments made by Brookfield-sponsored real estate funds to invest the funds’ capital. The partnership consolidates the acquired investments as Brookfield Asset Management’s power as general partner, together with the partnership’s LP interests, provide the partnership with control over the investments. The following table summarizes the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed in addition to the consideration and transaction costs incurred: (US$ Millions) Extended- Stay Hotel Portfolio UK Student Housing IV 666 Fifth Avenue (3) Forest City (4) Other Total Date of acquisition 2/1/2018 2/1/2018 8/3/2018 12/7/2018 Various Investment properties $ — $ 742 $ 1,292 $ 9,397 $ 3,846 $ 15,277 Property, plant and equipment 768 2 — — 922 1,692 Equity accounted investments 5 — — 1,467 79 1,551 Goodwill — — — — 96 96 Intangible assets — — — — 54 54 Accounts receivable and other 2 53 11 1,049 944 2,059 Cash and cash equivalents 2 18 — 451 168 639 Total assets 777 815 1,303 12,364 6,109 21,368 Less: Debt obligations — — — (3,664 ) (1,504 ) (5,168 ) Accounts payable and other (13 ) (63 ) (4 ) (1,119 ) (283 ) (1,482 ) Deferred tax liabilities — — — — (47 ) (47 ) Non-controlling interests (1) — — — (633 ) (88 ) (721 ) Net assets acquired $ 764 $ 752 $ 1,299 $ 6,948 $ 4,187 $ 13,950 Consideration (2) $ 764 $ 752 $ 1,299 $ 6,948 $ 3,948 $ 13,711 Transaction costs $ 9 $ 7 $ 44 $ 202 $ 67 $ 329 (1) Includes non-controlling interests recognized on business combinations measured as the proportionate share of the fair value of the assets, liabilities and contingent liabilities on the date of acquisition. (2) Includes consideration paid with funds received from issuance of non-controlling interests to certain institutional investors in funds sponsored by Brookfield Asset Management. (3) The valuation of the investment property and certain liabilities was still under evaluation by the partnership. Accordingly, this business combination has been accounted for on a provisional basis. (4) The valuation of the investment property, equity accounted investments, debt obligation, working capital and non-controlling interests assumed was still under evaluation by the partnership. Accordingly, this business combination has been accounted for on a provisional basis. Excluding the acquisition of GGP, in the period from each acquisition date to December 31, 2018 , the partnership recorded revenue and net income in connection with these acquisitions of approximately $529 million and $163 million , respectively. If the acquisitions had occurred on January 1, 2018 , the partnership’s total revenue and net income would have been $8,572 million and $4,133 million , respectively, for the twelve months ended December 31, 2018 . Transaction costs, which primarily relate to legal and consulting fees, are expensed as incurred in accordance with IFRS 3 and included in general and administrative expense on the consolidated income statement. b) Completed in 2017 The partnership completed the following business combinations during 2017 through Brookfield-sponsored real estate funds: • On December 8, 2017, the partnership acquired two office buildings comprised of 400,000 square feet in San Jose, California (“Towers 2 nd ”), for consideration of $127 million . • On December 7, 2017, the partnership acquired 14 properties, comprising a 2.7 million square foot office portfolio in Mumbai, India (“Mumbai Office Portfolio”), for consideration of $102 million . • On December 1, 2017, the partnership acquired a 4.2 million square foot mixed-us office and retail complex (“Houston Center”) in Houston, Texas, for total consideration of $819 million . • On October 17, 2017, the partnership acquired a hotel in downtown Toronto, Canada (“Toronto Hotel”) for total consideration of $270 million . • On April 10, 2017, the partnership acquired a portfolio of 13 student housing properties (“Student Housing”) across the United Kingdom for total consideration of $358 million . • On March 31, 2017, the partnership acquired One Post Street, a 424,000 square feet office building in San Francisco for total consideration of $153 million . • On March 31, 2017, the partnership acquired a portfolio consisting of nine office properties encompassing approximately 1.1 million square feet in the U.S. (“TA Office”), for total consideration of $214 million . • On March 9, 2017, the partnership acquired a portfolio of manufactured housing communities (“Manufactured Housing”) in the United States for total consideration of $768 million . The following table summarizes the impact of business combinations during the year ended December 31, 2017 : (US$ Millions) Manufactured Housing (3) TA Office (3) One Post Street (3) Student Housing (3) Mumbai Office Portfolio (3) Houston Center (3) Toronto Hotel (3) Towers 2 nd(3) Other Total Investment properties $ 2,107 $ 235 $ 245 $ 392 $ 679 $ 825 $ — $ 128 $ 1,014 $ 5,625 Property, plant and equipment — — — — — — 281 — — 281 Accounts receivable and other 79 5 — — 12 22 4 — 14 136 Cash and cash equivalents 16 — 4 — 11 — — 2 5 38 Intangible assets — — — — — — — — — — Total assets 2,202 240 249 392 702 847 285 130 1,033 6,080 Less: Non-recourse borrowings (1,261 ) — — — (511 ) — — — — (1,772 ) Accounts payable and other (36 ) (13 ) (2 ) (7 ) (44 ) (28 ) — (3 ) (3 ) (136 ) Deferred income tax liabilities — — — — (45 ) — — — — (45 ) Non-controlling interests (1) (30 ) — (94 ) — — — — — — (124 ) Net assets acquired $ 875 $ 227 $ 153 $ 385 $ 102 $ 819 $ 285 $ 127 $ 1,030 $ 4,003 Consideration (2) $ 768 $ 214 $ 153 $ 358 $ 102 $ 819 $ 270 $ 127 $ 1,022 $ 3,833 Transaction costs $ 16 $ 3 $ — $ 6 $ — $ 5 $ 11 $ — $ 22 $ 63 (1) Includes non-controlling interests recognized on business combinations measured as the proportionate share of the fair value of the assets, liabilities and contingent liabilities on the date of acquisition. (2) Includes consideration paid with funds received from issuance of non-controlling interests to certain institutional investors in funds sponsored by Brookfield Asset Management. (3) The partnership has completed the purchase price allocation for the acquisition. No material changes were made to the provisional purchase price allocation. The difference between consideration and net assets acquired was primarily attributable to the bargain purchase gains from the acquisitions of Manufactured Housing, TA Office, Student Housing and Toronto Hotel of $162 million in total. In the period from each acquisition date to December 31, 2017 , the partnership recorded revenue and net income in connection with these acquisitions of approximately $322 million and $148 million , respectively. If the acquisitions had occurred on January 1, 2017, the partnership’s total revenue and net income would have been $6,488 million and $2,571 million , respectively, for the year ended December 31, 2017 .

INVESTMENT PROPERTIES

INVESTMENT PROPERTIES	12 Months Ended
	Dec. 31, 2018
Investment property [abstract]
INVESTMENT PROPERTIES	INVESTMENT PROPERTIES The following table presents a roll forward of investment property balances for the years ended December 31, 2018 and 2017 : Year ended Dec. 31, 2018 Year ended Dec. 31, 2017 (US$ Millions) Commercial properties Commercial developments Total Commercial properties Commercial developments Total Balance, beginning of year $ 48,780 $ 2,577 $ 51,357 $ 45,699 $ 3,085 $ 48,784 Changes resulting from: Property acquisitions (1) 31,783 1,658 33,441 5,545 107 5,652 Capital expenditures 1,098 1,185 2,283 905 990 1,895 Property dispositions (2) (4,115 ) (451 ) (4,566 ) (1,240 ) (675 ) (1,915 ) Fair value gains, net 784 462 1,246 347 202 549 Foreign currency translation (1,387 ) (121 ) (1,508 ) 1,121 159 1,280 Transfers between commercial properties and commercial developments 1,123 (1,123 ) — 1,038 (1,038 ) — Reclassifications of assets held for sale and other changes (3) (2,052 ) (5 ) (2,057 ) (4,635 ) (253 ) (4,888 ) Balance, end of year $ 76,014 $ 4,182 $ 80,196 $ 48,780 $ 2,577 $ 51,357 (1) Includes the commercial properties and developments acquired through business combinations. See Note 4, Acquisition of GGP Inc., and Note 5, Acquisitions and Business Combinations, for further information. (2) Property dispositions represent the carrying value on date of sale. (3) The partnership’s interest in a portfolio of self storage assets across the U.S. was reclassified to assets held for sale in the second quarter of 2018 and sold in the third quarter of 2018. The partnership’s interest in Queens Quay Terminal in Toronto and Jeans Edwards Tower in Ottawa were reclassified to assets held for sale in the second quarter of 2018 and sold in the fourth quarter of 2018. The partnership’s interest in 20 Canada Square in London was reclassified to assets held for sale in the second quarter of 2017 and sold in the third quarter of 2017. In the third quarter of 2017, the partnership’s industrial portfolio in Europe was reclassified to assets held for sale and sold in the fourth quarter of 2017. In the fourth quarter of 2017, the partnership sold 49% of its interest in One Liberty Plaza and reclassified the remaining 51% interest to equity accounted investments. The partnership also reclassified 50% of its interest in Bay Adelaide Centre in Toronto to assets held for sale in the fourth quarter of 2017. This also includes the reclassification of our Brazil Retail investment from commercial properties to equity accounted investments as a result of the partnership entering into an amended management agreement with its co-investors in the second quarter of 2017 which resulted in the loss of control over the venture. The partnership determines the fair value of each commercial property based upon, among other things, rental income from current leases and assumptions about rental income from future leases reflecting market conditions at the applicable balance sheet dates, less future cash outflows in respect of such leases. Investment property valuations are generally completed by undertaking one of two accepted income approach methods, which include either: i) discounting the expected future cash flows, generally over a term of 10 years including a terminal value based on the application of a capitalization rate to estimated year 11 cash flows; or ii) undertaking a direct capitalization approach whereby a capitalization rate is applied to estimated current year cash flows. Where there has been a recent market transactions for a specific property, such as an acquisition or sale of a partial interest, the partnership values the property on that basis. In determining the appropriateness of the methodology applied, the partnership considers the relative uncertainty of the timing and amount of expected cash flows and the impact such uncertainty would have in arriving at a reliable estimate of fair value. The partnership prepares these valuations considering asset and market specific factors, as well as observable transactions for similar assets. The determination of fair value requires the use of estimates, which are internally determined and compared with market data, third-party reports and research as well as observable conditions. There are currently no known trends, events or uncertainties that the partnership reasonably believes could have a sufficiently pervasive impact across the partnership’s businesses to materially affect the methodologies or assumptions utilized to determine the estimated fair values reflected in this report. Discount rates and capitalization rates are inherently uncertain and may be impacted by, among other things, movements in interest rates in the geographies and markets in which the assets are located. Changes in estimates of discount and capitalization rates across different geographies and markets are often independent of each other and not necessarily in the same direction or of the same magnitude. Further, impacts to the partnership’s fair values of commercial properties from changes in discount or capitalization rates and cash flows are usually inversely correlated. Decreases (increases) in the discount rate or capitalization rate result in increases (decreases) of fair value. Such decreases (increases) may be mitigated by decreases (increases) in cash flows included in the valuation analysis, as circumstances that typically give rise to increased interest rates (e.g., strong economic growth, inflation) usually give rise to increased cash flows at the asset level. Refer to the table below for further information on valuation methods used by the partnership for its asset classes. Commercial developments are also measured using a discounted cash flow model, net of costs to complete, as of the balance sheet date. Development sites in the planning phases are measured using comparable market values for similar assets. In accordance with its policy, the partnership generally measures and records its commercial properties and developments using valuations prepared by management. However, for certain subsidiaries, the partnership relies on quarterly valuations prepared by external valuation professionals. Management compares the external valuations to the partnership’s internal valuations to review the work performed by the external valuation professionals. Additionally, a number of properties are externally appraised each year and the results of those appraisals are compared to the partnership’s internally prepared values. The key valuation metrics for the partnership’s consolidated commercial properties are set forth in the following tables below on a weighted-average basis: Dec. 31, 2018 Dec. 31, 2017 Consolidated properties Primary valuation method Discount rate Terminal capitalization rate Investment horizon (yrs.) Discount Terminal Investment Core Office United States Discounted cash flow 6.9 % 5.6 % 12 7.0 % 5.8 % 13 Canada Discounted cash flow 6.0 % 5.4 % 10 6.1 % 5.5 % 10 Australia Discounted cash flow 7.0 % 6.2 % 10 7.0 % 6.1 % 10 Brazil Discounted cash flow 9.6 % 7.7 % 6 9.7 % 7.6 % 7 Core Retail (1) Discounted cash flow 7.1 % 6.0 % 12 — % — % — LP Investments Office (2) Discounted cash flow 10.2 % 7.0 % 6 10.2 % 7.5 % 7 LP Investments Retail Discounted cash flow 8.9 % 7.8 % 9 9.0 % 8.0 % 10 Logistics Discounted cash flow 9.3 % 8.3 % 10 6.8 % 6.2 % 10 Mixed-use (2) Discounted cash flow 7.8 % 5.4 % 10 8.4 % 5.3 % 10 Multifamily (3) Direct capitalization 4.8 % n/a n/a 4.8 % n/a n/a Triple Net Lease (3) Direct capitalization 6.3 % n/a n/a 6.4 % n/a n/a Self-storage (3) Direct capitalization 5.7 % n/a n/a 5.8 % n/a n/a Student Housing (3) Direct capitalization 5.6 % n/a n/a 5.8 % n/a n/a Manufactured Housing (3) Direct capitalization 5.4 % n/a n/a 5.8 % n/a n/a (1) The partnership obtained control of GGP during the third quarter of 2018 following the acquisition of the common shares not held by the partnership. Subsequent to this transaction, the partnership is consolidating the financial results of GGP. Please see Note 4, Acquisition of GGP Inc., for further information. (2) In the third quarter of 2018, the valuation metrics for International Finance Center Seoul (“IFC”) are reported under the mixed-use sector. The valuation metrics for LP Investments-Office have been updated for both periods presented. (3) The valuation method used to value multifamily, triple net lease, self-storage, student housing, and manufactured housing properties is the direct capitalization method. The rates presented as the discount rate relate to the overall implied capitalization rate. The terminal capitalization rate and investment horizon are not applicable. Operating investment properties with a fair value of approximately $20.7 billion ( December 31, 2017 - $10.2 billion ) are situated on land held under leases or other agreements largely expiring after the year 2065. Investment properties do not include any buildings held under operating leases. The following table presents the partnership’s investment properties measured at fair value in the consolidated financial statements and the level of the inputs used to determine those fair values in the context of the hierarchy as defined in Note 2(i) above. Dec. 31, 2018 Dec. 31, 2017 Level 3 Level 3 (US$ Millions) Level 1 Level 2 Commercial properties Commercial developments Level 1 Level 2 Commercial properties Commercial developments Core Office United States $ — $ — $ 14,415 $ 822 $ — $ — $ 14,259 $ 568 Canada — — 4,127 118 — — 4,493 104 Australia — — 2,342 49 — — 2,472 8 Europe — — 137 1,194 — — 120 920 Brazil — — 329 — — — 327 — Core Retail (1) — — 17,224 383 — — — — LP Investments LP Investments Office (2) — — 7,861 577 — — 6,044 231 LP Investments Retail — — 3,408 6 — — 3,406 6 Logistics — — 183 — — — 1,409 533 Multifamily — — 4,151 — — — 3,925 — Triple Net Lease — — 5,067 — — — 4,804 — Self-storage — — 847 84 — — 1,796 58 Student Housing — — 2,031 386 — — 1,204 149 Manufactured Housing — — 2,369 — — — 2,206 — Mixed-Use (2) — — 11,523 563 — — 2,315 — Total $ — $ — $ 76,014 $ 4,182 $ — $ — $ 48,780 $ 2,577 (1) The partnership obtained control of GGP during the third quarter of 2018 following the acquisition of the common shares not previously held by the partnership. Subsequent to this transaction, the partnership is consolidating the financial results of GGP. Please see Note 4, Acquisition of GGP Inc., for further information. (2) During the third quarter of 2018, the commercial properties for IFC are reported under the mixed-use sector. The valuation metrics for LP Investments- Office have been updated for both periods presented. There were no transfers between levels within the fair value hierarchy related to investment properties during the years ended December 31, 2018 , 2017 , and 2016 . Investment properties with a fair value of $73.5 billion ( December 31, 2017 - $49.8 billion ) are pledged as security for property debt. The following table presents a sensitivity analysis to the impact of a 25 basis point movement of the discount rate and terminal capitalization or overall implied capitalization rate on fair values of the partnership’s commercial properties for December 31, 2018 , for properties valued using the discounted cash flow or direct capitalization method, respectively: Dec. 31, 2018 (US$ Millions) Impact on fair value of commercial properties Core Office United States $ 837 Canada 329 Australia 181 Brazil 10 Core Retail 612 LP Investments LP Investments Office 398 LP Investments Retail 143 Logistics 8 Mixed-use 140 Multifamily 207 Triple Net Lease 176 Self-storage 30 Student Housing 82 Manufactured Housing 104 Total $ 3,257 During the year ended December 31, 2018 , the partnership capitalized a total of $1,185 million ( December 31, 2017 - $990 million ) of costs related to development properties. Included in this amount is $1,089 million ( December 31, 2017 - $904 million ) of construction and related costs and $96 million ( December 31, 2017 - $86 million ) of borrowing costs capitalized. The weighted average interest rate used for the capitalization of borrowing costs to development properties for the year ended December 31, 2018 is 4.2% ( December 31, 2017 - 3.5% ).

INVESTMENTS IN SUBSIDIARIES

INVESTMENTS IN SUBSIDIARIES	12 Months Ended
	Dec. 31, 2018
Interests In Other Entities [Abstract]
INVESTMENTS IN SUBSIDIARIES	INVESTMENTS IN SUBSIDIARIES The partnership considers all relevant facts and circumstances in determining that its decision making rights over the entities listed below are sufficient to give it power over these subsidiaries. In addition, the partnership has exposure and rights to substantial variable returns from its economic interests in these subsidiaries, even after consideration of material non-controlling interests in certain subsidiaries. The partnership is able to use its power to affect the amount of its returns and consolidates these subsidiaries. The following table presents the partnership’s material subsidiaries as of December 31, 2018 and 2017 : Jurisdiction of formation Economic interest Voting interest Dec. 31, 2018 Dec. 31, 2017 Dec. 31, 2018 Dec. 31, 2017 Subsidiary of the partnership Brookfield Property L.P .(1) Bermuda 49 % 37 % 100 % 100 % Holding entities of the operating partnership BPY Bermuda IV Holdings L.P. Delaware 100 % 100 % 100 % 100 % Brookfield BPY Retail Holdings II Inc. Ontario 100 % 100 % 100 % 100 % BPY Bermuda Holdings Limited Bermuda 100 % 100 % 100 % 100 % BPY Bermuda Holdings II Limited Bermuda 100 % 100 % 100 % 100 % Brookfield BPY Holdings Inc. Ontario 100 % 100 % 100 % 100 % BPY Bermuda Holdings IV Limited Bermuda 100 % 100 % 100 % 100 % BPY Bermuda Holdings 1A Limited Bermuda 100 % 100 % 100 % 100 % BPY Bermuda Holdings V Limited Bermuda 100 % 100 % 100 % 100 % BPY Bermuda Holdings VI Limited Bermuda 100 % 100 % 100 % 100 % Real estate subsidiaries of the holding entities Brookfield Office Properties Inc. (“BPO”) Canada 100 % 100 % 100 % 100 % Brookfield BPY Holdings (Australia) ULC (2) Canada 100 % 100 % — % — % Forest City Realty Trust, Inc. (4) United States 15 % — % — % — % BPR Retail Holdings LLC (5) United States 100 % — % 91 % — % BSREP CARS Sub-Pooling LLC (3) United States 29 % 29 % — % — % Center Parcs UK (3) United Kingdom 27 % 27 % — % — % BSREP II Aries Pooling LLC (3) United States 26 % 26 % — % — % BSREP UA Holdings LLC (3) Cayman Islands 30 % 30 % — % — % BSREP India Office Holdings Pte. Ltd. (3) United States 33 % 33 % — % — % BSREP II Retail Upper Pooling LLC (3) United States 50 % 50 % 33 % 33 % BSREP II Korea Office Holdings Pte. Ltd. (3) South Korea 22 % 22 % — % — % BSREP II PBSA Ltd. (3) Bermuda 25 % 26 % — % — % BSREP II MH Holdings LLC (3) United States 26 % 26 % — % — % (1) BPY holds all managing general partner units of the operating partnership and therefore has the power to direct the relevant activities and affairs of the operating partnership. The managing general partner units represent 49% and 37% of the total number of the operating partnership’s units at December 31, 2018 and 2017 , respectively. (2) This entity holds economic interest in certain of its Australian properties not held through BPO. This economic interest is held in the form of participating loan agreements with Brookfield Asset Management. (3) The partnership holds its economic interest in these assets primarily through limited partnership interests in Brookfield-sponsored real estate funds. By their nature, limited partnership interests do not have any voting rights. The partnership has entered into voting agreements to provide the partnership with the ability to contractually direct the relevant activities of the investees. (4) Includes non-controlling interests in recently acquired Forest City portfolio. See Note 5, Acquisitions and Business Combinations, for further information. (5) The partnership obtained control of GGP during the third quarter of 2018 following the acquisition of the common shares not previously held by the partnership. Subsequent to this transaction, the partnership is consolidating the financial results of GGP, including its interests in properties held through joint ventures. The partnership’s 34% interest in GGP prior to the acquisition was deconsolidated. Please see Note 4, Acquisition of GGP Inc., for further information. The partnership controls BPR as it held 91% of the voting stock of BPR through its 100% ownership of the BPR Class B and Class C shares. The balance of the voting rights in respect of BPR are held by the holders of the BPR Units. The table below shows details of non-wholly owned subsidiaries of the partnership that have material non-controlling interests: Jurisdiction of formation Proportion of economic interests held by non- controlling interests Non-controlling interests: Interests of others in operating subsidiaries and properties (US$ Millions) Dec. 31, 2018 Dec. 31, 2017 Dec. 31, 2018 Dec. 31, 2017 BPO (1) Canada — % — % $ 4,757 $ 2,982 Forest City Realty Trust, Inc. (2)(3) United States 85 % — % 3,437 — BPR Retail Holdings LLC (4)(5) United States — % — % 1,773 — BSREP CARS Sub-Pooling LLC (2) United States 71 % 71 % 957 918 Center Parcs UK (2) United Kingdom 73 % 73 % 863 869 BSREP II Korea Office Holdings Pte. Ltd. South Korea 78 % 78 % 766 706 BSREP II MH Holdings LLC (2) United States 74 % 74 % 700 593 BSREP II PBSA Ltd. Bermuda 75 % 74 % 687 501 BSREP India Office Holdings Pte. Ltd. United States 67 % 67 % 612 424 BSREP II Aries Pooling LLC (2) United States 74 % 74 % 603 652 BSREP II Retail Upper Pooling LLC (2) United States 50 % 50 % 552 670 BSREP UA Holdings LLC (2) Cayman Islands 70 % 70 % 507 487 Other Various 18% - 92% 18% - 76% 2,242 4,136 Total $ 18,456 $ 12,938 (1) Includes non-controlling interests in BPO subsidiaries which vary from 1% - 100% . (2) Includes non-controlling interests representing interests held by other investors in Brookfield-sponsored real estate funds and holding entities through which the partnership participates in such funds. Also includes non-controlling interests in underlying operating entities owned by these funds. (3) Includes non-controlling interests in recently acquired Forest City portfolio. See Note 5, Acquisitions and Business Combinations, for further information (4) The partnership obtained control of GGP during the third quarter of 2018 following the acquisition of the common shares not previously held by the partnership. Subsequent to this transaction, the partnership is consolidating the financial results of GGP, including its interests in properties held through joint ventures. The partnership’s 34% interest in GGP prior to the acquisition was deconsolidated. Please see Note 4, Acquisition of GGP Inc., for further information. The partnership controls BPR as it held 91% of the voting stock of BPR through its 100% ownership of the BPR Class B and Class C shares. The balance of the voting rights in respect of BPR are held by the holders of the BPR Units. (5) Includes non-controlling interests in BPR subsidiaries. Summarized financial information in respect of each of the partnership’s subsidiaries that have material non-controlling interests is set out below. The summarized financial information below represents amounts before intercompany eliminations. Dec. 31, 2018 Equity attributable to (US$ Millions) Current assets Non-current assets Current liabilities Non-current liabilities Non- controlling interests Owners of the entity BPO 1,391 38,895 5,216 16,521 4,928 13,621 Forest City 1,029 11,246 602 7,741 3,437 495 BPR Retail Holdings LLC 478 29,197 507 13,241 1,773 14,154 BSREP CARS Sub-Pooling LLC 38 5,074 42 3,776 957 337 Center Parcs UK 191 4,110 242 2,869 863 327 BSREP II Korea Office Holdings Pte. Ltd. 87 2,986 56 2,030 766 221 BSREP II MH Holdings LLC 42 2,438 39 1,515 700 226 BSREP II PBSA Ltd. 72 2,196 428 918 687 235 BSREP India Office Holdings Pte. Ltd. 44 2,044 183 996 612 297 BSREP II Aries Pooling LLC 95 2,246 330 1,202 603 206 BSREP II Retail Upper Pooling LLC 88 2,956 970 976 552 546 BSREP UA Holdings LLC 51 1,583 28 880 507 219 Total 3,606 104,971 8,643 52,665 16,385 30,884 Dec. 31, 2017 Equity attributable to (US$ Millions) Current assets Non-current assets Current liabilities Non-current liabilities Non- controlling interests Owners of the entity BPO 1,432 43,993 13,675 15,944 3,153 12,653 BSREP CARS Sub-Pooling LLC 70 4,811 4 3,637 918 322 Center Parcs UK 103 4,107 228 2,786 869 327 BSREP Industrial Pooling Subsidiary L.P. (1) 111 2,271 123 1,051 878 330 BSREP II Korea Office Holdings Pte. Ltd. 72 2,948 42 2,071 706 201 BSREP II Aries Pooling LLC 57 2,321 47 1,455 652 224 BSREP II Retail Upper Pooling LLC 68 3,321 998 1,066 670 655 BSREP II MH Holdings LLC 34 2,280 30 1,499 593 192 Brookfield Strategic Real Estate Partners II Storage REIT LLC (2) 45 1,871 22 1,144 564 186 BSREP II PBSA Ltd. 61 1,367 121 633 501 173 BSREP UA Holdings LLC 49 1,564 32 885 487 209 BREF ONE, LLC (2) 264 2,332 534 1,338 483 241 BSREP II Brazil Pooling LLC (2) 26 1,261 12 578 472 225 BSREP India Office Holdings Pte. Ltd. 38 1,659 103 963 424 207 BSREP Europe Holdings L.P. (2) 95 — 12 — 55 28 Total 2,525 76,106 15,983 35,050 11,425 16,173 (1) In the fourth quarter of 2018, the partnership sold its U.S. logistics portfolio. (2) In the current year ended December 31, 2018, these entities are presented within Other non-controlling interest as the non-controlling interests are not material. Year ended Dec. 31, 2018 Attributable to non-controlling interests Attributable to owners of the partnership (US$ Millions) Revenue Net income (loss) Total compre-hensive income Distributions Net income (loss) Total compre-hensive income BPO $ 2,159 $ 245 $ 240 $ 35 $ 147 $ 194 Forest City 65 (153 ) (153 ) 21 (27 ) (27 ) BPR Retail Holdings LLC 584 34 34 (1 ) 457 447 BSREP CARS Sub-Pooling LLC 311 105 99 54 37 34 Center Parcs UK 644 87 50 55 33 19 BSREP II Korea Office Holdings Pte. Ltd. 211 96 69 8 28 20 BSREP II MH Holdings LLC 248 132 132 8 42 42 BSREP II PBSA Ltd. 131 68 20 — 23 7 BSREP India Office Holdings Pte. Ltd. 176 245 209 11 119 102 BSREP II Aries Pooling LLC 190 51 52 69 18 18 BSREP II Retail Upper Pooling LLC 302 (190 ) (191 ) 1 (189 ) (190 ) BSREP UA Holdings LLC 128 20 20 — 9 9 Total $ 5,149 $ 740 $ 581 $ 261 $ 697 $ 675 Year ended Dec. 31, 2017 Attributable to non-controlling interests Attributable to owners of the partnership (US$ Millions) Revenue Net income (loss) Total compre-hensive income Distributions Net Total compre-hensive income BPO $ 2,224 $ 120 $ 139 $ 9 $ (718 ) $ (672 ) BSREP CARS Sub-Pooling LLC 311 87 85 377 30 29 Center Parcs UK 587 13 94 210 5 36 BSREP Industrial Pooling Subsidiary L.P. (1) 143 175 175 163 65 65 BSREP II Korea Office Holdings Pte. Ltd. 194 144 230 119 41 66 BSREP II Aries Pooling LLC 285 53 54 59 18 18 BSREP II Retail Upper Pooling LLC 306 50 50 1 42 42 BSREP II MH Holdings LLC 194 133 133 16 44 44 Brookfield Strategic Real Estate Partners II Storage REIT LLC (2) 168 82 82 8 27 27 BSREP II PBSA Ltd. 74 109 131 — 37 44 BSREP UA Holdings LLC 124 117 117 99 50 50 BREF ONE, LLC (2) 717 (33 ) (8 ) — (17 ) (5 ) BSREP II Brazil Pooling LLC (2) 70 63 55 17 30 26 BSREP India Office Holdings Pte. Ltd. 156 130 154 47 63 75 BSREP Europe Holdings L.P. (2) 96 782 896 1,289 359 419 Total $ 5,649 $ 2,025 $ 2,387 $ 2,414 $ 76 $ 264 (1) In the fourth quarter of 2018, the partnership sold its U.S. logistics portfolio. The remaining non-controlling interest is not material and is included in Other non-controlling interest for December 31, 2018. (2) In the current year ended December 31, 2018, these entities are presented within Other non-controlling interest as the non-controlling interests are not material. Year ended Dec. 31, 2016 Attributable to non-controlling interests Attributable to owners of the partnership (US$ Millions) Revenue Net income (loss) Total compre-hensive income Distributions Net Total compre-hensive income BPO $ 2,221 $ 81 $ 101 $ 254 $ 277 $ 250 BSREP CARS Sub-Pooling LLC 300 140 140 4 49 49 Center Parcs UK 586 74 (112 ) 76 28 (42 ) BSREP Industrial Pooling Subsidiary L.P. (1) 108 158 158 114 55 55 BSREP II Korea Office Holdings Pte. Ltd. 21 (18 ) (40 ) — (3 ) (7 ) BSREP II Aries Pooling LLC 191 (47 ) (46 ) 46 (16 ) (16 ) BSREP II Retail Upper Pooling LLC 178 3 3 — 3 3 Brookfield Strategic Real Estate Partners II Storage REIT LLC (2) 106 130 130 84 43 43 BREF ONE, LLC (2) 762 (22 ) 37 — (11 ) 18 BSREP UA Holdings LLC 117 138 138 — 59 59 BSREP Europe Holdings L.P. (2) 79 51 31 13 26 15 BSREP II Brazil Pooling LLC (2) 56 59 121 6 28 58 Brookfield Brazil Retail Fundo de (2) 80 (42 ) 35 — (25 ) 1 BSREP India Office Holdings Pte. Ltd. 130 76 67 25 37 33 Total $ 4,935 $ 781 $ 763 $ 622 $ 550 $ 519 (1) In the fourth quarter of 2018, the partnership sold its U.S. logistics portfolio. The remaining non-controlling interest is not material and is included in Other non-controlling interest for December 31, 2018. (2) In the current year ended December 31, 2018, these entities are presented within Other non-controlling interest as the non-controlling interests are are not material. Certain of the partnership’s subsidiaries are subject to restrictions over the extent to which they can remit funds to the partnership in the form of cash dividends, or repayment of loans and advances as a result of borrowing arrangements, regulatory restrictions and other contractual requirements.

EQUITY ACCOUNTED INVESTMENTS

EQUITY ACCOUNTED INVESTMENTS	12 Months Ended
	Dec. 31, 2018
Interests In Other Entities [Abstract]
EQUITY ACCOUNTED INVESTMENTS	EQUITY ACCOUNTED INVESTMENTS The partnership has investments in joint arrangements that are joint ventures, and also has investments in associates. Joint ventures hold individual commercial properties and portfolios of commercial properties and developments that the partnership owns together with co-owners where decisions relating to the relevant activities of the joint venture require the unanimous consent of the co-owners. Details of the partnership’s investments in joint ventures and associates, which have been accounted for in accordance with the equity method of accounting, are as follows: Proportion of ownership interests/voting rights held by the partnership Carrying value (US$ Millions) Principal activity Principal place of business Dec. 31, 2018 Dec. 31, 2017 Dec. 31, 2018 Dec. 31, 2017 Joint ventures Canary Wharf Joint Venture (1) Property holding company United Kingdom 50 % 50 % $ 3,270 $ 3,284 BPR JV Pool A (2) Property holding company United States 50 % — % 1,791 — Manhattan West, New York Property holding company United States 56 % 56 % 1,619 1,439 Ala Moana Center, Hawaii (2) Property holding company United States 50 % — % 1,611 — Forest City Joint Ventures (3) Property holding company United States — % — % 1,390 — BPR JV Pool B (2) Property holding company United States 51 % — % 1,217 — Fashion Show, Las Vegas (2) Property holding company United States 50 % — % 881 — BPR JV Pool C (2) Property holding company United States 50 % — % 756 — BPR JV Pool D (2) Property holding company United States 48 % — % 693 — BPR JV Pool E (2) Property holding company United States 35 % — % 629 — The Grand Canal Shoppes, Las Vegas (2) Property holding company United States 50 % — % 608 — Grace Building, New York Property holding company United States 50 % 50 % 581 585 One Liberty Plaza, New York Property holding company United States 51 % 51 % 425 408 Southern Cross East, Melbourne (4) Property holding company Australia 50 % 50 % 402 407 680 George Street, Sydney Property holding company Australia 50 % 50 % 319 311 Brookfield Brazil Retail Fundo de Investimento em Participaçõe ("Brazil Retail") Holding company Brazil 46 % 46 % 309 339 Brookfield D.C. Office Partners LLC ("D.C. Fund"), Washington, D.C. Property holding company United States 51 % 51 % 295 310 Miami Design District, Florida (2) Property holding company United States 22 % — % 286 — The Mall in Columbia, Maryland (2) Property holding company United States 50 % — % 268 — Shops at Merrick Park, Florida (2) Property holding company United States 55 % — % 266 — Other (5) Various Various 12% - 70% 12% - 90% 4,237 2,484 21,853 9,567 Associates GGP Inc. (“GGP”) (2) Real estate investment trust United States — % 34 % — 8,844 China Xintiandi (“CXTD”) (6) Property holding company China 22 % 22 % — 499 Diplomat Resort and Spa (“Diplomat”) Property holding company United States 90 % 90 % 390 339 Brookfield Premier Real Estate Partners Pooling LLC (“BPREP”) Property holding company United States 7 % 10 % 106 122 Other Various Various 23% - 31% 23% - 31% 349 390 845 10,194 Total $ 22,698 $ 19,761 (1) Stork Holdco LP is the joint venture through which the partnership acquired Canary Wharf Group plc (“Canary Wharf”) in London. (2) Upon acquisition of GGP, the partnership recognized its interests in joint ventures. Certain joint ventures were formed as a result of the sale of partial interests in certain properties prior to closing of the GGP acquisition. Where multiple joint ventures were formed with the same terms and joint venture partners, they have been aggregated in a pool. (3) The partnership obtained control of Forest City during the fourth quarter of 2018 following the acquisition of the common shares not previously held by the partnership. The partnership is consolidating the financial results of Forest City, including its interests in properties held through joint ventures. Please see Note 5, Acquisitions and Business Combinations, for further information. (4) The partnership exercises joint control over these jointly controlled entities through a participating loan agreement with Brookfield Asset Management that is convertible at any time into a direct equity interest in the entity. (5) Other joint ventures consists of approximately 70 joint ventures, all of which have a carrying value below $250 million . (6) The partnership’s interest in CXTD is held through BSREP CXTD Holdings L.P. in which it has an approximate 31% interest. This interest has been reclassified to assets held for sale in the fourth quarter of 2018. (a) 2018 Transactions The partnership obtained control of GGP during the third quarter of 2018 following the acquisition of the common shares not previously held by the partnership. Subsequent to this transaction, the partnership is consolidating the financial results of GGP, including its interests in properties held through joint ventures. The partnership’s 34% interest in GGP prior to the acquisition was deconsolidated. Please see Note 4, Acquisition of GGP Inc. , for further information. The partnership obtained control of Forest City during the fourth quarter of 2018 following the acquisition. The partnership is consolidating the financial results of Forest City, including its interests in properties held through joint ventures. (b) 2017 Transactions In the first quarter of 2017, the partnership sold 50% of its interest in Principal Place - Commercial for approximately £346 million ( $429 million ). As a result of the transaction, the partnership retained joint control and recognized the equity accounted investment with a carrying value of $230 million at December 31, 2017 . The partnership sold its 51% interest in 245 Park Avenue in the second quarter of 2017 for net proceeds of approximately $680 million . In the second quarter of 2017, the partnership entered into an amended management agreement with its co-investors in Brazil Retail resulting in the loss of control over the venture. Subsequent to entering into this agreement, the partnership recognized its interest in Brazil Retail as an equity accounted investment with a carrying value of $339 million at December 31, 2017 . During the fourth quarter of 2017, the partnership exercised all of its outstanding warrants of GGP. Of these warrants, 16 million were exercised on a cashless basis and the remaining 43 million warrants on a full share settlement basis for approximately $462 million of cash. The exercise resulted in the partnership’s acquisition of an additional 68 million common shares of GGP, increasing its ownership from 29% to 34% . As a result of the exercise, the partnership recorded an additional equity accounted investment of approximately $1,890 million . The partnership determined its share of the net fair value of the incremental interests acquired in GGP’s identifiable assets and liabilities. The excess of its share of this net fair value over the cost of the investment of $442 million represents a gain that is included in share of net earnings from equity accounted investments in addition to $1,448 million of impact of warrant exercise. The following table presents the change in the balance of the partnership’s equity accounted investments as of December 31, 2018 and 2017 : (US$ Millions) Years ended Dec. 31, 2018 2017 Equity accounted investments, beginning of period $ 19,761 $ 16,844 GGP joint ventures acquired from business acquisition (1) 10,829 — Deconsolidation of pre-acquisition GGP equity interest (1) (8,345 ) — Additions 2,174 1,372 Disposals and return of capital distributions (1,304 ) (281 ) Share of net earnings from equity accounted investments (2) 947 961 Distributions received (518 ) (369 ) Foreign currency translation (395 ) 430 Reclassification to assets held for sale (3) (567 ) (712 ) Impact of warrant conversion (2) — 1,448 Other comprehensive income and other 116 68 Equity accounted investments, end of year $ 22,698 $ 19,761 (1) The partnership obtained control of GGP during the third quarter of 2018 following the acquisition of the common shares not previously held by the partnership. As a result of the acquisition, GGP’s interest in joint ventures of $10,829 million was added to the balance of equity accounted investments, offset by the deconsolidation of the partnership’s 34% interest of $7,843 million and fair value loss of $502 million from adjusting the partnership’s interest in GGP to its fair value immediately prior to acquiring control. See Note 4, Acquisition of GGP Inc., for further information. (2) During the fourth quarter of 2017, in the Core Retail segment, the partnership exercised all of its outstanding warrants of GGP. Of these warrants, 16 million were exercised on a cashless basis and the remaining 43 million warrants on a full share settlement basis for approximately $462 million . The exercise resulted in the partnership’s acquisition of an additional 68 million common shares of GGP, increasing its ownership from 29% to 34% . The partnership determined its share of the net fair value of the incremental interests acquired in GGP’s identifiable assets and liabilities. The excess of its share of this net fair value over the cost of the investment of $442 million represents a gain that is included in share of net earnings from equity accounted investments. (3) The partnership’s interest in CXTD was reclassified to assets held for sale in the fourth quarter of 2018. The partnership’s interest in 245 Park Avenue in Midtown New York was reclassified to assets held for sale in the first quarter of 2017 and sold in the second quarter of 2017. The key valuation metrics for the partnership’s commercial properties held within the partnership’s equity accounted investments are set forth in the table below on a weighted-average basis: Dec. 31, 2018 Dec. 31, 2017 Equity accounted investments Primary valuation method Discount Terminal Investment Discount Terminal Investment Core Office United States Discounted cash flow 6.6 % 5.1 % 10 6.5 % 5.3 % 11 Australia Discounted cash flow 6.7 % 5.7 % 10 7.0 % 5.8 % 10 Europe Discounted cash flow 4.7 % 4.9 % 10 4.8 % 4.8 % 10 Core Retail United States (1) Discounted cash flow 6.6 % 5.3 % 11 7.0 % 5.6 % 10 LP Investments - Office Discounted cash flow 6.9 % 5.2 % 9 6.6 % 5.7 % 10 LP Investments - Retail Discounted cash flow 11.7 % 7.1 % 10 11.5 % 7.2 % 11 Logistics Discounted cash flow — % — % — 6.4 % 5.8 % 10 Multifamily (2) Direct capitalization 5.2 % n/a n/a 5.1 % n/a n/a (1) The partnership obtained control of GGP during the third quarter of 2018 following the acquisition of the common shares not previously held by the partnership. Subsequent to this transaction, the partnership is consolidating the financial results of GGP. The period ended December 31, 2018 represents GGP’s joint ventures acquired from the acquisition. The prior period represents the partnership’s 34% interest in GGP prior to the acquisition. Please see Note 4, Acquisition of GGP Inc., for further information. (2) The valuation method used to value multifamily investments is the direct capitalization method. The rates presented as the discount rate relate to the overall implied capitalization rate. The terminal capitalization rate and investment horizon are not applicable. The following tables present the gross assets and liabilities of the partnership’s equity accounted investments as of December 31, 2018 and 2017 : Dec. 31, 2018 (US$ Millions) Current assets Non-current assets Current liabilities Non-current liabilities Net assets Joint ventures Canary Wharf Joint Venture $ 666 $ 12,268 $ 577 $ 5,818 $ 6,539 BPR JV Pool A 186 5,619 125 2,097 3,583 Manhattan West 142 5,455 681 2,027 2,889 Ala Moana 91 5,063 57 1,874 3,223 Forest City 308 7,729 330 4,152 3,555 BPR JV Pool B 99 5,909 107 3,515 2,386 Fashion Show 35 2,572 19 826 1,762 BPR JV Pool C 42 2,264 34 676 1,596 BPR JV Pool D 43 2,293 101 793 1,442 BPR JV Pool E 47 2,756 39 967 1,797 The Grand Canal Shoppes 28 1,832 23 625 1,212 Grace Building 32 2,043 19 894 1,162 One Liberty Plaza 107 1,604 23 855 833 Southern Cross East 5 805 7 — 803 680 George Street 10 1,334 14 — 1,330 Brazil Retail 30 916 13 67 866 D.C. Fund 58 1,321 31 770 578 Miami Design District 49 1,877 28 629 1,269 The Mall in Columbia 14 858 9 328 535 Shops at Merrick Park 12 660 21 166 485 Other 1,989 20,588 2,413 9,140 11,024 3,993 85,766 4,671 36,219 48,869 Associates GGP — — — — — CXTD — — — — — Diplomat 24 837 23 405 433 BPREP 12 1,998 12 457 1,541 Other 366 1,430 72 819 905 402 4,265 107 1,681 2,879 Total $ 4,395 $ 90,031 $ 4,778 $ 37,900 $ 51,748 Dec. 31, 2017 (US$ Millions) Current Non-current Current Non-current Net Joint ventures Canary Wharf Joint Venture $ 844 $ 13,092 $ 703 $ 6,759 $ 6,474 Manhattan West 74 4,248 816 941 2,565 Grace Building 35 2,042 12 891 1,174 One Liberty Plaza 129 1,527 17 839 800 Southern Cross East 94 732 11 — 815 Brazil Retail 42 982 10 65 949 680 George Street 29 611 18 — 622 D.C. Fund 41 1,351 348 436 608 VAMF II (1) 111 1,813 295 851 778 Principal Place - Commercial (1) 7 941 45 444 459 Potsdamer Platz (1) 60 1,835 54 1,021 820 One New York Plaza (1) 69 1,480 — 748 801 Republic Plaza (1) 28 495 20 265 238 75 State Street (1) 16 662 8 309 361 Other 707 5,357 736 2,080 3,248 2,286 37,168 3,093 15,649 20,712 Associates GGP 1,029 37,841 947 13,062 24,861 CXTD 173 3,678 138 1,476 2,237 Diplomat 24 777 23 400 378 BPREP 18 1,670 14 456 1,218 Other 149 2,042 231 870 1,090 1,393 46,008 1,353 16,264 29,784 Total $ 3,679 $ 83,176 $ 4,446 $ 31,913 $ 50,496 (1) In the current year ended December 31, 2018, these joint ventures are presented within Joint Ventures - Other as the carrying value are currently below $250 million . Summarized financial information in respect of the partnership’s equity accounted investments for the years ended December 31, 2018 , 2017 and 2016 is set out below: Year ended Dec. 31, 2018 (US$ Millions) Revenue Expenses Fair value gains (losses) Income from EAI (1) Discon-tinued operations Net income Other compre- hensive income Partnership’s share of net income Distributions received Joint ventures Canary Wharf Joint Venture $ 547 $ 125 $ (72 ) $ (1 ) $ — $ 349 $ 8 $ 175 $ — BPR JV Pool A 162 77 (5 ) — — 80 — 41 — Manhattan West 123 104 423 — — 442 (15 ) 248 — Ala Moana 78 38 (6 ) — — 34 — 17 8 Forest City 48 35 — — — 13 — 8 — BPR JV Pool B 208 112 (7 ) 8 — 97 — 49 1 Fashion Show 32 13 (2 ) — — 17 — 8 3 BPR JV Pool C 52 23 (1 ) — — 28 — 14 6 BPR JV Pool D — — — 26 — 26 — 12 2 BPR JV Pool E 49 15 (2 ) — — 32 — 11 3 The Grand Canal Shoppes 30 18 (1 ) — — 11 — 5 2 Grace Building 125 83 (34 ) — — 8 — 4 8 One Liberty Plaza 114 84 9 — — 39 (10 ) 21 9 Southern Cross East 45 7 38 — — 76 — 38 — 680 George Street 34 9 136 — — 161 — 56 18 Brazil Retail 61 30 59 — — 90 — 41 20 D.C. Fund 131 81 (45 ) — — 5 — 2 22 Miami Design District 24 24 (1 ) — — (1 ) — — — The Mall in Columbia 19 9 (1 ) — — 9 — 5 — Shops at Merrick Park 17 6 — — — 11 — 6 1 Other 1,290 897 696 (22 ) — 1,067 (19 ) 409 143 3,189 1,790 1,184 11 — 2,594 (36 ) 1,170 246 Associates GGP (2) 1,536 1,221 (1,598 ) 271 — (1,012 ) (15 ) (274 ) 214 CXTD 142 60 18 (3 ) — 97 — 21 10 Diplomat 174 175 — — — (1 ) 77 (1 ) 18 BPREP 60 (10 ) 1 — — 71 — 9 4 Other 263 261 71 1 — 74 76 22 26 2,175 1,707 (1,508 ) 269 — (771 ) 138 (223 ) 272 Total $ 5,364 $ 3,497 $ (324 ) $ 280 $ — $ 1,823 $ 102 $ 947 $ 518 (1) Share of net earnings from equity accounted investments recorded by the partnership’s joint ventures and associates. (2) Net income presented before allocation to non-controlling interests and preferred dividends. Year ended Dec. 31, 2017 (US$ Millions) Revenue Expenses Fair value gains (losses) Income of EAI (1) Discon-tinued operations Net income Other compre- hensive income Partnership’s share of net income Distributions received Joint ventures Canary Wharf Joint Venture $ 581 $ 370 $ (49 ) $ 21 $ — $ 183 $ 5 $ 91 $ — Manhattan West 81 70 308 — — 319 — 179 1 Grace Building 120 80 (23 ) — — 17 — 9 7 One Liberty Plaza 3 2 103 — — 104 (7 ) 53 — Southern Cross East 46 7 21 — — 60 — 30 — Brazil Retail 48 29 31 — — 50 — 23 11 680 George Street 34 9 17 — — 42 — 21 — D.C. Fund 129 76 (54 ) — — (1 ) — (1 ) 23 VAMF II (2) 154 116 117 4 — 159 — 59 — Principal Place - Commercial (2) 28 61 132 — — 99 — 49 — Potsdamer Platz (2) 96 95 108 — — 109 — 27 — One New York Plaza (2) 121 78 (4 ) — — 39 7 6 1 Republic Plaza (2) 46 30 (33 ) — — (17 ) — (9 ) — 75 State Street (2) 49 30 6 — — 25 — 6 2 245 Park Avenue (2) 54 31 (24 ) — — (1 ) — — 10 Other 259 111 148 — — 296 16 153 38 1,849 1,195 804 25 — 1,483 21 696 93 Associates GGP (3)(4) 2,405 1,207 (2,307 ) 518 — (591 ) 12 179 240 CXTD 128 145 121 — — 104 — 23 — Diplomat 151 166 — — — (15 ) 43 (14 ) 6 BPREP 40 27 31 71 — 115 — 12 3 Other 253 183 147 — — 217 61 65 27 2,977 1,728 (2,008 ) 589 — (170 ) 116 265 276 Total $ 4,826 $ 2,923 $ (1,204 ) $ 614 $ — $ 1,313 $ 137 $ 961 $ 369 (1) Share of net earnings from equity accounted investments recorded by the partnership’s joint ventures and associates. (2) In the current year ended December 31, 2018, these joint ventures are presented within Joint Ventures - Other as the carrying value are currently below $250 million . (3) Net income presented before allocation to non-controlling interests and preferred dividends. (4) As a result of the partnership’s exercise of GGP warrants, the additional shares that were acquired by the partnership were acquired at a discount to the net fair value of the proportionate interest in the underlying assets acquired and liabilities assumed. The partnership recognized a $442 million gain within the partnership’s share of net income. Year ended December 31, 2016 (US$ Millions) Revenue Expenses Fair value gains (losses) Income from EAI (1) Discon-tinued operations Net income Other compre- hensive income Partnership’s share of net income Distributions received Joint ventures Canary Wharf Joint Venture $ 646 $ 284 $ (351 ) $ 8 $ — $ 19 $ (4 ) $ 10 $ — Manhattan West 78 51 161 — — 188 — 105 57 245 Park Avenue (2) 163 95 (146 ) — — (78 ) — (39 ) 37 Grace Building 117 79 (24 ) — — 14 — 7 11 VAMF II (2) 430 310 123 — — 243 — 96 — Southern Cross East 42 11 3 — — 34 — 17 — Potsdamer Platz (2) 49 27 32 — — 54 — 12 — D.C. Fund 121 71 (9 ) — — 41 — 21 17 680 George Street 34 8 103 — — 129 5 65 — Republic Plaza (2) 46 30 (5 ) — — 11 — 6 — One New York Plaza (2) 11 8 57 — — 60 — 9 — 75 State Street (2) 47 30 26 — — 43 — 17 — Other 384 196 120 — — 308 (2 ) 137 124 2,168 1,200 90 8 — 1,066 (1 ) 463 246 Associates GGP (3) 2,427 1,371 177 502 — 1,735 4 476 266 CXTD 114 122 195 — — 187 — 41 — Rouse 139 140 — — — (1 ) 35 (2 ) — Diplomat — 3 56 — — 53 — 10 12 Other 520 489 104 — — 135 — 31 — 3,200 2,125 532 502 — 2,109 39 556 278 Total $ 5,368 $ 3,325 $ 622 $ 510 $ — $ 3,175 $ 38 $ 1,019 $ 524 (1) Share of net earnings from equity accounted investments recorded by the partnership’s joint ventures and associates. (2) In the current year ended December 31, 2018, these joint ventures are presented within Joint Ventures - Other as the carrying values are all currently below $250 million . (3) Net income presented before allocation to non-controlling interests and preferred dividends. Certain of the partnership’s investment in joint ventures and associates are subject to restrictions over the extent to which they can remit funds to the partnership in the form of the cash dividends or repayments of loans and advances as a result of borrowing arrangements, regulatory restrictions and other contractual requirements.

INVESTMENTS IN JOINT OPERATIONS

INVESTMENTS IN JOINT OPERATIONS	12 Months Ended
	Dec. 31, 2018
Interests In Other Entities [Abstract]
INVESTMENTS IN JOINT OPERATIONS	INVESTMENTS IN JOINT OPERATIONS The partnership’s interests in the following properties are subject to joint control and, accordingly, the partnership has recorded its share of the assets, liabilities, revenues, and expenses of the properties in these consolidated financial statements: Place of incorporation and principal place of business Ownership (1) Name of property Principal activity Dec. 31, 2018 Dec. 31, 2017 Brookfield Place - Retail & Parking Property Toronto 56 % 56 % Brookfield Place III Development property Toronto 54 % 54 % Exchange Tower Property Toronto 50 % 50 % First Canadian Place (2) Property Toronto 25 % 25 % 2 Queen Street East Property Toronto 25 % 25 % Bankers Hall Property Calgary 50 % 50 % Bankers Court Property Calgary 50 % 50 % Bankers West Parkade Development property Calgary 50 % 50 % Suncor Energy Centre Property Calgary 50 % 50 % Fifth Avenue Place Property Calgary 50 % 50 % Place de Ville I Property Ottawa 25 % 25 % Place de Ville II Property Ottawa 25 % 25 % Jean Edmonds Towers (3) Property Ottawa — % 25 % 300 Queen Street Development property Ottawa 25 % 25 % 52 Goulburn Street Property Sydney 50 % 50 % 235 St Georges Terrace Property Perth 50 % 50 % 108 St Georges Terrace Property Perth 50 % 50 % Southern Cross West (4) Property Melbourne 50 % 50 % Shopping Patio Higienópolis Property São Paulo 25 % 25 % Shopping Patio Higienópolis - Expansion Development property São Paulo 32 % 32 % Shopping Patio Higienópolis - Co-Invest Property São Paulo 5 % 5 % Shopping Patio Higienópolis Expansion - Co-Invest Development property São Paulo 6 % 6 % G2-Infospace Gurgaon Property NCR-Delhi Region 72 % 72 % (1) Represents ownership in these properties before non-controlling interests in subsidiaries that hold these ownership interests. (2) First Canadian Place in Toronto is subject to a ground lease with respect to 50% of the land on which the property is situated. At the expiry of the ground lease, the other land owner will have the option to acquire, for a nominal amount, an undivided 50% beneficial interest in the property. (3) The partnership sold its 25% interest in Jean Edmonds Tower in the fourth quarter of 2018. (4) The partnership exercises joint control over these assets through a participating loan agreement with Brookfield Asset Management that is convertible by the partnership at any time into a direct equity interest in the entities that have a direct co-ownership interest in the underlying assets.

PARTICIPATING LOAN INTERESTS

PARTICIPATING LOAN INTERESTS	12 Months Ended
	Dec. 31, 2018
Participating Loan Interests [Abstract]
PARTICIPATING LOAN INTERESTS	PARTICIPATING LOAN INTERESTS Participating loan interests represent interests in certain properties in Australia that do not provide the partnership with control over the entity that owns the underlying property and are held at fair value through profit or loss (“FVTPL”) on the consolidated balance sheet. The instruments, which are receivable from a wholly-owned subsidiary of Brookfield Asset Management, have contractual maturity dates of September 26, 2020 and February 1, 2023, subject to the partnership’s prior right to convert into direct ownership interests in the underlying commercial properties, and have contractual interest rates that vary with the results of operations of those properties. The outstanding principal of the participating loan interests relates to the following properties: (US$ Millions) Participation interest Carrying value Name of property Dec. 31, 2018 Dec. 31, 2017 Dec. 31, 2018 Dec. 31, 2017 Darling Park Complex, Sydney 30 % 30 % $ 268 $ 251 IAG House, Sydney (1) — % 50 % — 111 Jessie Street, Sydney (1) — % 100 % — 155 Total participating loan interests $ 268 $ 517 (1) In the third quarter of 2018, the partnership amended its agreements to allow the partnership to acquire the trust that holds these underlying properties instead of acquiring the properties directly. This amendment resulted in a change of control, which results in the partnership consolidating the results of these entities. For the year ended December 31, 2018 , the partnership recognized interest income on the participating loan interests of $17 million ( 2017 - $27 million ; 2016 - $32 million ) and fair value gains of $36 million ( 2017 - $59 million ; 2016 - $29 million ).

PROPERTY, PLANT AND EQUIPMENT

PROPERTY, PLANT AND EQUIPMENT	12 Months Ended
	Dec. 31, 2018
Property, plant and equipment [abstract]
PROPERTY, PLANT AND EQUIPMENT	PROPERTY, PLANT AND EQUIPMENT Property, plant, and equipment primarily consists of hospitality assets in the partnership’s LP Investments segment such as Center Parcs UK, Paradise Island Holdings Limited (“Atlantis”), a portfolio of extended-stay hotels in the U.S. and a hotel at IFC. The following table presents the useful lives of each hospitality asset by class: Hospitality assets by class Useful life (in years) Building and building improvements 5 to 50+ Land improvements 13 to 15 Furniture, fixtures and equipment 2 to 15 Hospitality properties are accounted for under the revaluation model with revaluation to fair value performed annually at December 31. Significant unobservable inputs (Level 3) in estimating hospitality property values under the revaluation method include estimates of replacement cost and estimates of remaining economic life. Hospitality properties with a fair value of approximately $2.3 billion ( December 31, 2017 - $2.4 billion ) are situated on land held under leases or other agreements largely expiring after the year 2065. The following table presents the change to the components of the partnership’s hospitality assets from the beginning of the year: (US$ Millions) Dec. 31, 2018 Dec. 31, 2017 Cost: Balance, beginning of year $ 5,451 $ 5,417 Acquisitions through business combinations (1) 1,748 281 Additions 490 271 Disposals (21 ) (34 ) Foreign currency translation (207 ) 262 Reclassification to assets held for sale (2) — (746 ) 7,461 5,451 Accumulated fair value changes: Balance, beginning of year 756 659 Revaluation gains, net 293 55 Reclassification to assets held for sale (2) — 42 1,049 756 Accumulated depreciation: Balance, beginning of year (750 ) (719 ) Depreciation (291 ) (267 ) Disposals 18 22 Foreign currency translation 19 (8 ) Reclassification to assets held for sale (2) — 222 (1,004 ) (750 ) Total property, plant and equipment $ 7,506 $ 5,457 (1) In the first quarter of 2018, the partnership acquired the Extended-Stay Hotel portfolio. See Note 5, Business Acquisitions and Combinations, for more information. (2) In the fourth quarter of 2017, the Hard Rock Hotel and Casino was reclassified to assets held for sale, and was sold to a third party in the first quarter of 2018.

GOODWILL

GOODWILL	12 Months Ended
	Dec. 31, 2018
Intangible Assets [Abstract]
GOODWILL	GOODWILL Goodwill of $1,109 million at December 31, 2018 ( December 31, 2017 - $1,079 million ) was primarily attributable to Center Parcs UK and IFC Seoul. The partnership performs a goodwill impairment test annually by assessing if the carrying value of the cash-generating unit, including the allocated goodwill, exceeds its recoverable amount determined as the greater of the estimated fair value less costs to sell or the value in use.

INTANGIBLE ASSETS

INTANGIBLE ASSETS	12 Months Ended
	Dec. 31, 2018
Intangible Assets [Abstract]
INTANGIBLE ASSETS	INTANGIBLE ASSETS The partnership’s intangible assets are presented on a cost basis, net of accumulated amortization and accumulated impairment losses in the consolidated balance sheets. These intangible assets primarily represent the trademark assets related to Center Parcs UK. The trademark assets of Center Parcs UK had a carrying amount of $921 million as of December 31, 2018 ( December 31, 2017 - $964 million ). They have been determined to have an indefinite useful life as the partnership has the legal right to operate these trademarks exclusively in certain territories and in perpetuity. The business model of Center Parcs UK is not subject to technological obsolescence or commercial innovations in any material way. In addition, intangible assets include the trademark and licensing assets relating to Atlantis. At December 31, 2018 , intangible assets of Atlantis had a carrying values of $207 million ( December 31, 2017 - $209 million ). They have been determined to have an indefinite useful life as the partnership has the legal right to operate these intangible assets granted under perpetual licenses. The business model of Atlantis is not subject to technological obsolescence or commercial innovations in any material way. Intangible assets by class Useful life (in years) Trademarks Indefinite Management contracts 40 Customer relationships 9 to 10 Other 3 to 7 Intangible assets with indefinite useful lives and intangible assets not yet available for use, are tested for impairment at least annually, and whenever there is an indication that the asset may be impaired. Intangible assets with finite useful lives are amortized over their respective useful lives as listed above. Amortization is recorded as part of depreciation and amortization of non-real estate assets expense. The following table presents the components of the partnership’s intangible assets as of December 31, 2018 and December 31, 2017 : (US$ Millions) Dec. 31, 2018 Dec. 31, 2017 Cost $ 1,273 $ 1,271 Accumulated amortization (46 ) (35 ) Accumulated impairment losses (48 ) (48 ) Balance, end of year $ 1,179 $ 1,188 The following table presents a roll forward of the partnership’s intangible assets December 31, 2018 and December 31, 2017 : (US$ Millions) Dec. 31, 2018 Dec. 31, 2017 Balance, beginning of year $ 1,188 $ 1,141 Acquisitions 67 17 Disposals 2 — Amortization (17 ) (8 ) Foreign currency translation (58 ) 82 Reclassification to assets held for sale and other (1) (3 ) (44 ) Balance, end of year $ 1,179 $ 1,188 (1) In the fourth quarter of 2017, the partnership reclassified the intangible assets of the Hard Rock Hotel and Casino, which had a carrying value of $45 million , to assets held for sale. The majority of these were sold to a third party in the first quarter of 2018, and the remainder in the third quarter of 2018.

OTHER NON-CURRENT ASSETS

OTHER NON-CURRENT ASSETS	12 Months Ended
	Dec. 31, 2018
Subclassifications of assets, liabilities and equities [abstract]
OTHER NON-CURRENT ASSETS	OTHER NON-CURRENT ASSETS The components of other non-current assets are as follows: (US$ Millions) Dec. 31, 2018 Dec. 31, 2017 Securities - FVTPL $ 239 $ 174 Derivative assets 13 48 Securities - FVTOCI 260 150 Restricted cash 161 153 Inventory 435 216 Other 748 157 Total other non-current assets $ 1,856 $ 898 Securities - FVTPL Securities - FVTPL consists primarily of convertible preferred units of a U.S. hospitality company. The preferred units earn a cumulative dividend of 7.5% per annum compounding quarterly. Additionally, the partnership receives distributions payable in additional convertible preferred units of the U.S. hospitality operating company at 5.0% per annum compounding quarterly. The carrying value of these convertible preferred units was $175 million ( December 31, 2017 - $147 million ). Securities - FVTOCI Securities - FVTOCI represent the partnership’s equity interests in 1625 Eye Street in Washington, D.C. and Heritage Plaza in Houston, both property holding companies in which it retained a non-controlling interest following disposition of these properties to third parties. The partnership continues to manage these properties on behalf of the acquirer but does not exercise significant influence over the relevant activities of the properties. Included in securities - FVTOCI are $104 million ( December 31, 2017 - $103 million ) of securities pledged as security for a loan payable to the issuer in the amount of $93 million ( December 31, 2017 - $93 million ) recognized in other non-current liabilities.

ACCOUNTS RECEIVABLE AND OTHER

ACCOUNTS RECEIVABLE AND OTHER	12 Months Ended
	Dec. 31, 2018
Subclassifications of assets, liabilities and equities [abstract]
ACCOUNTS RECEIVABLE AND OTHER	ACCOUNTS RECEIVABLE AND OTHER The components of accounts receivable and other are as follows: (US$ Millions) Dec. 31, 2018 Dec. 31, 2017 Derivative assets $ 234 $ 37 Accounts receivable (1) 794 421 Restricted cash and deposits 631 237 Prepaid expenses 317 94 Other current assets 385 192 Total accounts receivable and other $ 2,361 $ 981 (1) See Note 37, Related Parties, for further discussion.

ASSETS HELD FOR SALE

ASSETS HELD FOR SALE	12 Months Ended
	Dec. 31, 2018
Non-current Assets Held For Sale And Discontinued Operations [Abstract]
ASSETS HELD FOR SALE	ASSETS HELD FOR SALE Non-current assets and groups of assets and liabilities which comprise disposal groups are presented as assets held for sale where the asset or disposal group is available for immediate sale in its present condition, and the sale is highly probable. The following is a summary of the assets and liabilities that were classified as held for sale as of December 31, 2018 and December 31, 2017 : (US$ Millions) Dec. 31, 2018 Dec. 31, 2017 Investment properties $ 422 $ 853 Property, plant and equipment — 475 Equity accounted investments 568 — Accounts receivables and other assets 14 105 Assets held for sale 1,004 1,433 Debt obligations 153 1,107 Accounts payable and other liabilities 10 209 Liabilities associated with assets held for sale $ 163 $ 1,316 The following table presents the change to the components of the assets held for sale from the beginning of the year: (US$ Millions) Dec. 31, 2018 Dec. 31, 2017 Balance, beginning of year $ 1,433 $ 147 Reclassification to/(from) assets held for sale, net 2,382 4,641 Disposals (2,819 ) (3,365 ) Fair value adjustments 81 8 Foreign currency translation (32 ) 7 Other (41 ) (5 ) Assets held for sale $ 1,004 $ 1,433 At December 31, 2017 , assets held for sale included a 50% interest in Bay Adelaide Centre West and East Towers located in Toronto in the Core Office segment, the Hard Rock Hotel and Casino in Las Vegas and thirteen assets within the LP Investment portfolios, as the partnership intended to sell controlling interest in these properties to third parties in the next 12 months. In the first quarter of 2018, the partnership sold 50% of its interest in Bay Adelaide Centre East and West Towers for approximately C $850 million ( $660 million ), the Hard Rock Hotel and Casino for approximately $510 million and eight assets within the LP Investments portfolios for approximately $144 million . In the second quarter of 2018, the partnership reclassifed a portfolio of self-storage assets to assets held for sale. The portfolio sold in the third quarter of 2018 for approximately $1.3 billion . At December 31, 2018 , assets held for sale included ten office assets in the U.S., three office assets in Brazil, two triple-net lease assets in the U.S. and an equity accounted investment within the LP Investments portfolio, as the partnership intends to sell controlling interest in these assets to third parties in the next 12 months.

DEBT OBLIGATIONS

DEBT OBLIGATIONS	12 Months Ended
	Dec. 31, 2018
Financial Instruments [Abstract]
DEBT OBLIGATIONS	DEBT OBLIGATIONS The partnership’s debt obligations include the following: Dec. 31, 2018 Dec. 31, 2017 (US$ Millions) Weighted- average rate Debt balance Weighted- average rate Debt balance Unsecured facilities: Brookfield Property Partners’ credit facilities 4.08 % $ 1,586 3.10 % $ 1,363 Brookfield Property Partners' corporate bonds 4.23 % 586 — % — Brookfield Office Properties’ revolving facility — % — 2.60 % 828 Brookfield Office Properties’ senior unsecured notes — % — 4.00 % 119 Brookfield Canada Office Properties’ revolving facility — % — 2.89 % 276 BPY BOPC LP credit facility — % — 2.85 % 212 Brookfield Property REIT Inc. term debt 4.88 % 4,726 — % — Brookfield Property REIT Inc. corporate facility 4.76 % 387 — % — Brookfield Property REIT Inc.junior subordinated notes 3.97 % 206 — % — Forest City Realty Trust Inc. term debt 6.38 % 1,247 — % — Subsidiary borrowings 5.62 % 495 4.40 % 622 Secured debt obligations: Funds subscription credit facilities (1) 3.85 % 4,517 2.56 % 436 Fixed rate 4.41 % 25,545 4.59 % 17,666 Variable rate 4.97 % 25,131 4.59 % 16,760 Deferred financing costs (462 ) (291 ) Total debt obligations $ 63,964 $ 37,991 Current $ 5,874 $ 6,135 Non-current 57,937 30,749 Debt associated with assets held for sale 153 1,107 Total debt obligations $ 63,964 $ 37,991 (1) Funds subscription credit facilities are secured by co-investors’ capital commitments. Debt obligations include foreign currency denominated debt in the functional currencies of the borrowing subsidiaries. Debt obligations by local currency are as follows: Dec. 31, 2018 Dec. 31, 2017 (US$ Millions) U.S. Dollars Local currency U.S. Dollars Local currency U.S. dollars $ 50,682 $ $ 50,682 $ 25,975 $ $ 25,975 British pounds 5,172 £ 4,053 4,290 £ 3,173 Canadian dollars 2,688 C$ 3,666 3,132 C$ 3,938 South Korean Won 1,617 ₩ 1,805,000 1,692 ₩ 1,805,000 Australian dollars 1,401 A$ 1,988 1,554 A$ 1,991 Indian Rupee 1,469 Rs 102,016 1,168 Rs 74,386 Brazilian reais 684 R$ 2,651 471 R$ 1,558 China Yuan 70 C¥ 484 — C¥ — Euros 643 € 561 — € — Deferred financing costs (462 ) (291 ) Total debt obligations $ 63,964 $ 37,991 The components of changes in debt obligations, including changes related to cash flows from financing activities, are summarized in the table below: Non-cash changes in debt obligations (US$ Millions) Dec. 31, 2017 Debt obligation issuance, net of repayments Assumed from business combinations Derecognized on loss of control of subsidiaries Amortization of deferred financing costs and (premium) discount Foreign currency translation Other Dec. 31, 2018 Debt obligations $ 37,991 9,868 18,316 (784 ) 114 (961 ) (580 ) $ 63,964

CAPITAL SECURITIES

CAPITAL SECURITIES	12 Months Ended
	Dec. 31, 2018
Share Capital, Reserves And Other Equity Interest [Abstract]
CAPITAL SECURITIES	CAPITAL SECURITIES The partnership had the following capital securities outstanding as of December 31, 2018 and 2017 : (US$ Millions, except where noted) Shares Cumulative Dec. 31, 2018 Dec. 31, 2017 Operating Partnership Class A Preferred Equity Units: Series 1 24,000,000 6.25 % $ 562 $ 551 Series 2 24,000,000 6.50 % 537 529 Series 3 24,000,000 6.75 % 523 517 Brookfield BPY Holdings Inc. Junior Preferred Shares: Class B Junior Preferred Shares (1) 16,800,000 7.64 % 420 750 Class C Junior Preferred Shares (2) — — % — 500 BPO Class B Preferred Shares: Series 1 (3) 3,600,000 70% of bank prime — — Series 2 (3) 3,000,000 70% of bank prime — — Brookfield Property Split Corp. (“BOP Split”) Senior Preferred Shares: Series 1 924,390 5.25 % 23 23 Series 2 699,165 5.75 % 13 14 Series 3 909,994 5.00 % 17 18 Series 4 940,486 5.20 % 17 19 BSREP II RH B LLC (“Manufactured Housing”) Preferred Capital — 9.00 % 249 249 Rouse Series A Preferred Shares 5,600,000 5.00 % 142 142 Forest City Enterprises L.P. (“Forest City”) Preferred Capital 1,111,004 2.00 % 29 — BSREP II Vintage Estate Partners LLC (“Vintage Estates”) Preferred Shares 10,000 5.00 % 40 40 Capital Securities – Fund Subsidiaries 813 813 Total capital securities $ 3,385 $ 4,165 Current $ 520 $ 1,326 Non-current 2,865 2,839 Total capital securities $ 3,385 $ 4,165 (1) In the fourth quarter of 2018, $330 million of the Brookfield BPY Holdings Inc. Class B Junior Preferred Shares, held by Brookfield Asset Management, were redeemed. (2) In the third quarter of 2018, $500 million of the Brookfield BPY Holdings Inc. Class C Junior Preferred Shares, held by Brookfield Asset Management, were redeemed. (3) Class B, Series 1 and 2 capital securities - corporate are owned by Brookfield Asset Management. BPO has an offsetting loan receivable against these securities earning interest at 95% of bank prime. The capital securities presented above represent interests in the partnership or its subsidiaries that are in legal form equity and are accounted for as liabilities in accordance with IAS 32, Financial Instruments: Presentation due to the redemption features of these instruments. On December 4, 2014, the partnership issued $1,800 million of Preferred Equity Units to the Class A Preferred Unitholder. The Preferred Equity Units are exchangeable at the option of the Class A Preferred Unitholder into LP Units at a price of $25.70 per unit and were issued in three tranches of $600 million each, with an average dividend yield of 6.5% and maturities of seven , ten and twelve years. After three years for the seven -year tranche and four years for the ten - and twelve -year tranches, the partnership can effectively require the holder to exchange the Preferred Equity Units into LP Units as long as the LP Units are trading at or above 125% , 130% and 135% , respectively, of the exchange price. Upon maturity, the Preferred Equity Units that remain outstanding will be redeemed in exchange for LP Units valued at the 20 -day, volume-weighted average trading price at such time. Brookfield Asset Management has contingently agreed to acquire the seven -year and ten -year tranches of Preferred Equity Units from the Class A Preferred Unitholder for the initial issuance price plus accrued and unpaid distributions and to exchange such units for Preferred Equity Units with terms and conditions substantially similar to the twelve -year tranche to the extent that the market price of the LP Units is less than 80% of the exchange price at maturity. the Class A Preferred Unitholder has the right to designate one member to the board of directors of the partnership. The Preferred Equity Units have been accounted for as a compound instrument comprised of (i) a financial liability representing the partnership’s obligations to redeem the Preferred Equity Units at maturity for a variable number of BPY Units and (ii) an equity instrument representing the Class A Preferred Unitholder’s right to convert the Preferred Equity Units to a fixed number of BPY Units. The cash proceeds received from issuing the Preferred Equity Units were allocated between capital securities ( $1,535 million ) and limited partners’ equity ( $265 million ). The allocation between capital securities and equity was based on first determining the liability component by discounting the cash flows associated with these securities at market interest rates. The equity component was then assigned the residual amount after deducting from the fair value of the instrument as a whole the amount separately determined for the liability component. The $420 million of Class B Junior redeemable preferred shares of one of the holding entities that are held by Brookfield Asset Management were issued as partial consideration for the business acquired from Brookfield Asset Management on formation of the partnership. The Class B preferred shares are entitled to receive a cumulative preferential dividend equal to 5.75% of their redemption value as and when declared by the Board of Directors of the holding entity until the fifth anniversary of their issuance. After the fifth anniversary of their issuance the Class B preferred shares will be entitled to receive a cumulative preferential dividend equal to 5.0% plus the prevailing yield for 5-year U.S. Treasury Notes, which equals 7.64% . The holding entity may redeem the Class B preferred shares at any time and must redeem all of the outstanding Class B preferred shares on the tenth anniversary of their issuance. Brookfield Asset Management will have a right of retraction following the fifth anniversary of the issuance of the Class B preferred shares. Pursuant to a retraction call right, the partnership may redeem up to an aggregate maximum of $375 million , Class B preferred shares for LP Units. The number of LP Units to be delivered is determined by dividing the amount of Class B preferred shares to be retracted by the greater of $2.00 and 95% of the 20 -day volume-weighted average trading price of LP Units. The Class B preferred shares will be entitled to vote with the common shares of the holding entity and will have an aggregate of 1% of the votes to be cast in respect of the holding entity. The holders of each series of the BOP Split Senior Preferred Shares are each entitled to receive fixed cumulative preferential cash dividends, if, as and when declared by the Board of Directors of BOP Split. Dividends on each series of the BOP Split Senior Preferred Shares are payable quarterly on the last day of March, June, September and December in each year. Cumulative preferred dividends on the BPO Class AAA Preferred Shares and BOP Split Senior Preferred Shares are payable quarterly, as and when declared by the Boards of Directors of BPO and BOP Split. On December 22, 2017 the Boards of Directors of BPO and BOP Split declared quarterly dividends payable for the BPO Class AAA Preferred Shares and BOP Split Senior Preferred Shares, respectively. Capital securities includes $249 million at December 31, 2018 ( December 31, 2017 - $249 million ) of preferred equity interests held by a third party investor in Manufactured Housing which have been classified as a liability, rather than as a non-controlling interest, due to the fact the holders are entitled to distributions equal to their capital balance plus 9% annual return payable in monthly distributions until maturity in December 2025. The capital securities were issued to partially fund the acquisition of the Manufactured Housing portfolio during the first quarter of 2017. Capital securities also includes $142 million at December 31, 2018 ( December 31, 2017 - $142 million ) of preferred equity interests held by a third party investor in Rouse Properties, L.P. which have been classified as a liability, rather than as a non-controlling interest, due to the fact that the interests are mandatorily redeemable on or after November 12, 2025 for a set price per unit plus any accrued but unpaid distributions; distributions are capped and accrue regardless of available cash generated. Capital securities also includes $40 million at December 31, 2018 ( December 31, 2017 - $40 million ) of preferred equity interests held by the partnership’s co-investor in Vintage Estate which have been classified as a liability, rather than as non-controlling interest, due to the fact that the preferred equity interests are mandatorily redeemable on April 26, 2023 for cash at an amount equal to the outstanding principal balance of the preferred equity plus any accrued but unpaid dividend. The Capital Securities - Fund Subsidiaries includes $775 million ( December 31, 2017 - $775 million ) of equity interests in Brookfield DTLA Holdings LLC (“DTLA”) held by co-investors in DTLA which have been classified as a liability, rather than as non-controlling interest, as holders of these interests can cause DTLA to redeem their interests in the fund for cash equivalent to the fair value of the interests on October 15, 2023, and on every fifth anniversary thereafter. Capital Securities - Fund Subsidiaries are measured at redemption amount. Capital Securities - Fund Subsidiaries also includes $38 million at December 31, 2018 ( December 31, 2017 - $38 million ) which represents the equity interests held by the partnership’s co-investor in the D.C. Fund which have been classified as a liability, rather than as non-controlling interest, due to the fact that on June 18, 2023, and on every second anniversary thereafter, the holders of these interests can redeem their interests in the D.C. Fund for cash equivalent to the fair value of the interests. Reconciliation of cash flows from financing activities from capital securities is shown in the table below: Non-cash changes on capital securities (US$ Millions) Dec. 31, 2017 Capital securities redeemed net of issued Fair value changes Foreign currency translation Assumed from business combinations Dec. 31, 2018 Capital securities $ 4,165 $ (905 ) $ 26 $ (4 ) $ 103 $ 3,385 Capital securities includes $47 million ( December 31, 2017 - $51 million ) repayable in Canadian Dollars of C $64 million ( December 31, 2017 - C $64 million ).

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2018
Income Taxes [Abstract]
INCOME TAXES	INCOME TAXES The partnership is a flow-through entity for tax purposes and as such is not subject to Bermudian taxation. However, income taxes are recognized for the amount of taxes payable by the primary holding subsidiaries of the partnership (“Holding Entities”), any direct or indirect corporate subsidiaries of the Holding Entities and for the impact of deferred tax assets and liabilities related to such entities. (US$ Millions) Dec. 31, 2018 Dec. 31, 2017 Deferred income tax assets: Non-capital losses (Canada) $ 41 $ 54 Capital losses (Canada) 34 54 Net operating losses (United States) 291 78 Non-capital losses (foreign) 94 70 Tax credit carryforwards 36 36 Deferred financing costs — 5 Foreign currency 4 12 Other 16 33 516 342 Deferred income tax (liabilities): Properties (2,894 ) (3,086 ) Investments in associates — (144 ) (2,894 ) (3,230 ) Net deferred tax (liability) $ (2,378 ) $ (2,888 ) The changes in deferred tax balances are presented as follows: Recognized in (US$ Millions) Dec. 31, 2017 Income Equity Acquisitions and Dispositions OCI Dec. 31, 2018 Deferred tax assets $ 342 $ (23 ) $ — $ 208 $ (11 ) $ 516 Deferred tax (liabilities) (3,230 ) 240 — (32 ) 128 (2,894 ) Net deferred tax (liability) $ (2,888 ) $ 217 $ — $ 176 $ 117 $ (2,378 ) Recognized in (US$ Millions) Dec. 31, 2016 Income Equity Acquisitions and Dispositions OCI Dec. 31, 2017 Deferred tax assets $ 306 $ (7 ) $ 6 $ 14 $ 23 $ 342 Deferred tax (liabilities) (2,761 ) (13 ) (117 ) (175 ) (164 ) (3,230 ) Net deferred tax (liability) $ (2,455 ) $ (20 ) $ (111 ) $ (161 ) $ (141 ) $ (2,888 ) During 2018, the partnership and its subsidiaries acquired additional ownership in Brookfield Global Real Estate Special Opportunities Inc. causing the partnership to consolidate the investment. This resulted in the recognition of net deferred tax assets of $200 million . During 2018, the purchase price allocations for certain business combinations were completed and an additional $25 million of net deferred tax (liabilities) were recognized. During 2017, the purchase price allocation for IFC Seoul was completed and an additional $234 million of net deferred tax (liabilities) were recognized. This amount was partially offset by the disposition of two entities with net deferred tax (liabilities). During 2017, the partnership redeemed the non-controlling interest of BOX and entered into an amended management agreement with its co-investors in Brazil Retail resulting in the loss of control over the joint venture. The partnership has recognized the deferred income tax effects of these transactions through equity. The Holding Entities and their Canadian subsidiaries have deferred tax assets of $41 million ( December 31, 2017 - $54 million ) related to non-capital losses that will begin to expire in 2032, and $34 million ( December 31, 2017 - $54 million ) related to capital losses that have no expiry. The Holding Entities and their U.S. subsidiaries have deferred tax assets of $291 million ( December 31, 2017 - $78 million ) related to net operating losses that will begin to expire in 2027. The Holding Entities and their foreign subsidiaries, mainly in South Korea and India, have deferred tax assets of $94 million ( December 31, 2017 - $70 million ) related to non-capital losses which will begin to expire in 2020. The gross deductible temporary differences, unused tax losses, and unused tax credits for which no deferred tax asset is recognized are as follows: (US$ Millions) Dec. 31, 2018 Dec. 31, 2017 Unused tax losses - gross Net operating losses (United States) $ 74 $ 251 Net operating losses (foreign) 351 223 Unrecognized deductible temporary differences, unused tax losses, and unused tax credits $ 425 $ 474 The Holding Entities, their U.S. subsidiaries, and foreign subsidiaries have gross deductible temporary differences, unused tax losses, and unused tax credits which have not been recognized of $425 million ( December 31, 2017 - $474 million ) related to net operating losses. Approximately $83 million of the foreign net operating losses will expire by 2028. The remaining foreign net operating losses have no expiry. The majority of the U.S. net operating losses will begin to expire in 2035. The aggregate amount of gross temporary differences associated with investments and interests in joint arrangements in subsidiaries for which deferred tax liabilities have not been recognized as of December 31, 2018 is approximately $10 billion ( December 31, 2017 - $8 billion ). The major components of income tax expense include the following: (US$ Millions) Years ended Dec. 31, 2018 2017 2016 Current income tax expense $ 299 $ 172 $ 136 Deferred income tax expense (218 ) 20 (711 ) Income tax (benefit) expense $ 81 $ 192 $ (575 ) The decrease in income tax expense for the year ended December 31, 2018 compared to the prior year primarily relates to the partnership recorded a significant deferred tax recovery as a result of the the acquisition of a controlling interest in GGP. The increase in income tax expense for the year ended December 31, 2017 compared to the prior year primarily relates to the fact the partnership recorded a significant deferred tax recovery in 2016 as a result of the reorganizations, offset in part by a deferred tax recovery recorded in 2017 to reflect a change in the U.S. federal tax applicable to certain of the partnership’s U.S. subsidiaries. Years ended Dec. 31, 2018 2017 2016 Statutory income tax rate 26 % 26 % 26 % Increase (decrease) in rate resulting from: International operations subject to different tax rates (10 )% (5 )% 1 % Non-controlling interests in income of flow-through entities (11 )% (12 )% (9 )% Change in tax rates applicable to temporary differences in other jurisdictions (5 )% (5 )% (46 )% Other 2 % 3 % 1 % Effective income tax rate 2 % 7 % (27 )% As the partnership is not subject to tax, the analyses used the applicable Canadian blended Federal and Provincial tax rate as the statutory income tax rate.

OTHER NON-CURRENT LIABILITIES

OTHER NON-CURRENT LIABILITIES	12 Months Ended
	Dec. 31, 2018
Subclassifications of assets, liabilities and equities [abstract]
OTHER NON-CURRENT LIABILITIES	OTHER NON-CURRENT LIABILITIES The components of other non-current liabilities are as follows: (US$ Millions) Dec. 31, 2018 Dec. 31, 2017 Accounts payable and accrued liabilities $ 1,770 $ 540 Derivative liability 159 160 Provisions 352 216 Loans and notes payables 5 — Deferred revenue 8 2 Total other non-current liabilities $ 2,294 $ 918

ACCOUNTS PAYABLE AND OTHER LIAB

ACCOUNTS PAYABLE AND OTHER LIABILITIES	12 Months Ended
	Dec. 31, 2018
Subclassifications of assets, liabilities and equities [abstract]
ACCOUNTS PAYABLE AND OTHER LIABILITIES	ACCOUNTS PAYABLE AND OTHER LIABILITIES The components of accounts payable and other liabilities are as follows: (US$ Millions) Dec. 31, 2018 Dec. 31, 2017 Accounts payable and accrued liabilities $ 2,466 $ 1,636 Loans and notes payables 779 769 Derivative liabilities 181 399 Deferred revenue 302 242 Other liabilities 21 6 Total accounts payable and other liabilities $ 3,749 $ 3,052 Loans and notes payables includes $733 million at December 31, 2018 ( December 31, 2017 - $633 million ) of on-demand deposits and promissory notes from Brookfield Asset Management to the partnership. See Note 37, Related Parties , for further information.

EQUITY

EQUITY	12 Months Ended
	Dec. 31, 2018
Equity [abstract]
EQUITY	EQUITY The partnership’s capital structure is comprised of six classes of partnership units: GP Units, LP Units, Redeemable/Exchangeable Partnership Units, Special LP Units, Exchange LP Units and BPR Units. a) General and limited partnership units GP Units entitle the holder to the right to govern the financial and operating policies of the partnership. The GP Units are entitled to a 1% general partnership interest. LP Units entitle the holder to their proportionate share of distributions and are listed and publicly traded on the Nasdaq and the TSX. Each LP Unit entitles the holder thereof to one vote for the purposes of any approval at a meeting of limited partners, provided that holders of the Redeemable/Exchangeable Partnership Units that are exchanged for LP Units will only be entitled to a maximum number of votes in respect of the Redeemable/Exchangeable Partnership Units equal to 49% of the total voting power of all outstanding units. The following table presents changes to the GP Units and LP Units from the beginning of the year: GP Units LP Units (Thousands of units), Years ended Dec. 31, 2018 2017 2016 2018 2017 2016 Outstanding, beginning of year 139 139 139 254,989 260,222 261,486 Issued LP Units (1) — — — 109,702 — — Exchange LP Units exchanged — — — 7,770 285 1,016 BPR Units exchanged — — — 56,166 — — Distribution reinvestment program — — — 175 181 205 Issued under unit-based compensation plan — — — 57 215 278 Repurchases of LP Units — — — (4,661 ) (5,914 ) (2,763 ) Outstanding, end of year 139 139 139 424,198 254,989 260,222 (1) Includes 21,277 thousand LP Units issued to Brookfield Asset Management in connection with the redemption of Class C Junior Preferred Shares. See Note 18, Capital Securities. b) Units of the operating partnership held by Brookfield Asset Management Redeemable/Exchangeable Partnership Units There were 432,649,105 Redeemable/Exchangeable Partnership Units outstanding at December 31, 2018 , 2017 and 2016 . Special limited partnership units Brookfield Property Special L.P. (“Special L.P.”) is entitled to receive equity enhancement distributions and incentive distributions from the operating partnership as a result of its ownership of the Special LP Units. There were 4,759,997 Special LP Units outstanding at December 31, 2018 , 2017 and 2016 . c) Limited partnership units of Brookfield Office Properties Exchange LP The Exchange LP Units are exchangeable at any time on a one-for- one basis, at the option of the holder, subject to their terms and applicable law, for LP Units. An Exchange LP Unit provides a holder thereof with economic terms that are substantially equivalent to those of a LP Unit. Subject to certain conditions and applicable law, Exchange LP will have the right, commencing June 9, 2021, to redeem all of the then outstanding Exchange LP Units at a price equal to the 20 -day volume-weighted average trading price of an LP Unit plus all declared, payable, and unpaid distributions on such units. The following table presents changes to the Exchange LP Units from the beginning of the year: Exchange LP Units (Thousands of units) Dec. 31, 2018 Dec. 31, 2017 Dec. 31, 2016 Outstanding, beginning of year 11,078 11,363 12,379 Exchange LP Units exchanged (1) (7,770 ) (285 ) (1,016 ) Outstanding, end of year 3,308 11,078 11,363 (1) Exchange LP Units issued for the acquisition of incremental BPO common shares that have been exchanged are held by an indirect subsidiary of the partnership. Refer to the Consolidated Statements of Changes in Equity for the impact of such exchanges on the carrying value of Exchange LP Units. d) Class A shares of Brookfield Property REIT Inc. As detailed in Note 4, Acquisition of GGP Inc. , BPR Units were issued to former GGP common shareholders who elected to receive as consideration. Each BPR Unit is structured to provide an economic return equivalent to an LP Unit. The holder of a BPR Unit has the right, at any time, to request the share be redeemed for cash equivalent to the value of an LP Unit. In the event the holder of a BPR Unit exercises this right, the partnership has the right, at its sole discretion, to satisfy the redemption request with an LP Unit rather than cash. As a result, BPR Units participate in earnings and distribution on a per unit basis equivalent to the per unit participation of LP Units. The partnership presents BPR Units as a component of non-controlling interest. The following table presents changes to the BPR Units from the beginning of the year: Class A shares of Brookfield Property REIT Inc. (Thousands of units) Dec. 31, 2018 Dec. 31, 2017 Dec. 31, 2016 Outstanding, beginning of period — — — Issued on August 28, 2018 for the acquisition of GGP 162,324 — — BPR Units exchanged (56,166 ) — — Forfeitures (68 ) — — Outstanding, end of period 106,090 — — e) Distributions Distributions made to each class of partnership units, including units of subsidiaries that are exchangeable into LP Units, are as follows: (US$ Millions, except per unit information) Years ended Dec. 31, 2018 2017 2016 Limited partners $ 410 $ 301 $ 293 Holders of: Redeemable/exchangeable partnership units 545 510 485 Special LP Units 6 6 5 Exchange LP Units 9 13 13 BPR Units 89 — — Total distributions $ 1,059 $ 830 $ 796 Per unit (1) $ 1.26 $ 1.18 $ 1.12 (1) Per unit outstanding on the record date for each. f) Earnings per Unit The partnership’s net income per LP Unit and weighted average units outstanding are calculated as follows: (US$ Millions) Years ended Dec. 31, 2018 2017 2016 Net income attributable to limited partners $ 764 $ 136 $ 660 Income reallocation related to mandatorily convertible preferred shares 98 22 101 Net income attributable to limited partners - basic 862 158 761 Dilutive effect of conversion of preferred shares and options (1) 35 — 61 Net income attributable to limited partners - diluted $ 897 $ 158 $ 822 (Millions of units/shares) Weighted average number of LP Units outstanding 307.7 256.0 261.5 Mandatorily convertible preferred shares 70.0 70.0 70.0 Weighted average number of LP Units outstanding - basic 377.7 326.0 331.5 Dilutive effect of conversion of preferred shares and options (1) 18.5 1.2 34.8 Weighted average number of LP Units outstanding - diluted 396.2 327.2 366.3 (1) The effect of the conversion of preferred shares is anti-dilutive for the year ended December 31, 2017.

NON-CONTROLLING INTERESTS

NON-CONTROLLING INTERESTS	12 Months Ended
	Dec. 31, 2018
Non-Controlling Interest 1 [Abstract]
NON-CONTROLLING INTERESTS	NON-CONTROLLING INTERESTS Non-controlling interests consists of the following: (US$ Millions) Dec. 31, 2018 Dec. 31, 2017 Redeemable/Exchangeable Partnership Units and Special LP Units (1) $ 12,740 $ 14,500 Exchange LP Units (1) 96 285 BPR Units (1) 3,091 — Interest of others in operating subsidiaries and properties: Preferred shares held by Brookfield Asset Management 16 15 Preferred equity of subsidiaries 2,830 2,493 Non-controlling interests in subsidiaries and properties 15,610 10,430 Total interests of others in operating subsidiaries and properties 18,456 12,938 Total non-controlling interests $ 34,383 $ 27,723 (1) Each unit within these non-controlling interests has economic terms substantially equivalent to those of an LP unit. As such, income attributed to each unit or share of non-controlling interest is equivalent to that allocated to an LP unit. The proportion of interests held by holders of the Redeemable/Exchangeable Units and Exchange LP Units change as a result of the issuance of the LP Units and BPR Units. Consequently, the partnership adjusted the relative carrying amounts of the interests held by Limited Partners and non-controlling interests based on their relative share of the equivalent LP Units. The difference between the adjusted value and the carrying amounts was attributed to current LP Units as ownership changes in the Statement of Changes in Equity.

COMMERCIAL PROPERTY REVENUE

COMMERCIAL PROPERTY REVENUE	12 Months Ended
	Dec. 31, 2018
Revenue [abstract]
COMMERCIAL PROPERTY REVENUE	COMMERCIAL PROPERTY REVENUE The components of commercial property revenue are as follows: (US$ Millions) Years ended Dec. 31, 2018 2017 2016 Base rent (1) $ 3,443 $ 3,797 $ 3,184 Straight-line rent 116 124 154 Lease termination 55 18 15 Other lease income (1)(2) 623 — — Other revenue from tenants (1)(3) 806 — — Other (1) — 253 271 Total commercial property revenue $ 5,043 $ 4,192 $ 3,624 (1) The partnership adopted IFRS 15 in 2018 using the modified retrospective method. The comparative information has not been restated and is reported under the accounting standards effective for those periods. (2) Other lease income includes parking revenue and recovery of property tax and insurance expense from tenants. (3) Consists of recovery of certain operating expenses and other revenue from tenants which are accounted for in accordance with IFRS 15. The partnership leases properties under operating leases generally with lease terms of between 1 and 15 years , with options to extend. Minimum rental commitments under non-cancellable tenant operating leases are as follows: (US$ Millions) Dec. 31, 2018 Dec. 31, 2017 Less than 1 year $ 3,282 $ 2,285 1-5 years 11,679 8,472 More than 5 years 11,856 11,667 Total $ 26,817 $ 22,424 INVESTMENT AND OTHER REVENUE The components of investment and other revenue are as follows: (US$ Millions) Years ended Dec. 31, 2018 2017 2016 Investment income $ 68 $ 170 $ — Fee revenue 131 61 51 Dividend income 10 18 12 Interest income and other 57 19 72 Participating loan interests 17 27 32 Total investment and other revenue $ 283 $ 295 $ 167

HOSPITALITY REVENUE (Notes)

HOSPITALITY REVENUE (Notes)	12 Months Ended
	Dec. 31, 2018
Disclosure of revenue [Abstract]
HOSPITALITY REVENUE	HOSPITALITY REVENUE The components of hospitality revenue are as follows: (US$ Millions) 2018 2017 2016 Room, food and beverage (1) $ 1,373 $ 1,648 $ 1,561 Gaming, and other leisure activities (1) 424 — — Other hospitality revenue (1) 116 — — Total hospitality revenue $ 1,913 $ 1,648 $ 1,561 (1) The partnership adopted IFRS 15 in 2018 using the modified retrospective method. The comparative information has not been restated and is reported under the accounting standards effective for those periods.

INVESTMENT AND OTHER REVENUE

INVESTMENT AND OTHER REVENUE	12 Months Ended
	Dec. 31, 2018
Revenue [abstract]
INVESTMENT AND OTHER REVENUE	COMMERCIAL PROPERTY REVENUE The components of commercial property revenue are as follows: (US$ Millions) Years ended Dec. 31, 2018 2017 2016 Base rent (1) $ 3,443 $ 3,797 $ 3,184 Straight-line rent 116 124 154 Lease termination 55 18 15 Other lease income (1)(2) 623 — — Other revenue from tenants (1)(3) 806 — — Other (1) — 253 271 Total commercial property revenue $ 5,043 $ 4,192 $ 3,624 (1) The partnership adopted IFRS 15 in 2018 using the modified retrospective method. The comparative information has not been restated and is reported under the accounting standards effective for those periods. (2) Other lease income includes parking revenue and recovery of property tax and insurance expense from tenants. (3) Consists of recovery of certain operating expenses and other revenue from tenants which are accounted for in accordance with IFRS 15. The partnership leases properties under operating leases generally with lease terms of between 1 and 15 years , with options to extend. Minimum rental commitments under non-cancellable tenant operating leases are as follows: (US$ Millions) Dec. 31, 2018 Dec. 31, 2017 Less than 1 year $ 3,282 $ 2,285 1-5 years 11,679 8,472 More than 5 years 11,856 11,667 Total $ 26,817 $ 22,424 INVESTMENT AND OTHER REVENUE The components of investment and other revenue are as follows: (US$ Millions) Years ended Dec. 31, 2018 2017 2016 Investment income $ 68 $ 170 $ — Fee revenue 131 61 51 Dividend income 10 18 12 Interest income and other 57 19 72 Participating loan interests 17 27 32 Total investment and other revenue $ 283 $ 295 $ 167

DIRECT COMMERCIAL PROPERTY EXPE

DIRECT COMMERCIAL PROPERTY EXPENSE	12 Months Ended
	Dec. 31, 2018
Direct operating expense from investment property [abstract]
DIRECT COMMERCIAL PROPERTY EXPENSE	DIRECT COMMERCIAL PROPERTY EXPENSE The components of direct commercial property expense are as follows: (US$ Millions) Years ended Dec. 31, 2018 2017 2016 Property maintenance $ 773 $ 709 $ 694 Real estate taxes 528 472 436 Employee compensation and benefits 196 148 141 Ground rents 59 56 43 Other 295 232 80 Total direct commercial property expense $ 1,851 $ 1,617 $ 1,394 Ground rents are payments under operating leases for land on which certain of the partnership’s operating properties are situated. The partnership does not have an option to purchase the leased land at the expiry of the lease periods. Future operating and finance lease obligations are as follows: (US$ Millions) Dec. 31, 2018 Dec. 31, 2017 Less than 1 year $ 104 $ 34 1-5 years 401 120 More than 5 years 5,631 1,708 Total $ 6,136 $ 1,862

DIRECT HOSPITALITY EXPENSE

DIRECT HOSPITALITY EXPENSE	12 Months Ended
	Dec. 31, 2018
Disclosure of detailed information about investment property [abstract]
DIRECT HOSPITALITY EXPENSE	DIRECT HOSPITALITY EXPENSE The components of direct hospitality expense are as follows: (US$ Millions) Years ended Dec. 31, 2018 2017 2016 Employee compensation and benefits $ 318 $ 287 $ 283 Cost of food, beverage, and retail goods sold 273 243 238 Maintenance and utilities 175 127 102 Marketing and advertising 75 55 57 Other 395 367 356 Total direct hospitality expense $ 1,236 $ 1,079 $ 1,036

DEPRECIATION AND AMORTIZATION

DEPRECIATION AND AMORTIZATION	12 Months Ended
	Dec. 31, 2018
Depreciation and amortisation expense [abstract]
DEPRECIATION AND AMORTIZATION	DEPRECIATION AND AMORTIZATION The components of depreciation and amortization expense are as follows: (US$ Millions) Years ended Dec. 31, 2018 2017 2016 Depreciation and amortization of real estate assets $ 264 $ 244 $ 212 Depreciation and amortization of non-real estate assets 44 31 28 Total depreciation and amortization $ 308 $ 275 $ 240

GENERAL AND ADMINISTRATIVE EXPE

GENERAL AND ADMINISTRATIVE EXPENSE	12 Months Ended
	Dec. 31, 2018
Disclosure Of General And Administrative Expense [Abstract]
GENERAL AND ADMINISTRATIVE EXPENSE	GENERAL AND ADMINISTRATIVE EXPENSE The components of general and administrative expense are as follows: (US$ Millions) Years ended Dec. 31, 2018 2017 2016 Transaction costs $ 413 $ 72 $ 80 Employee compensation and benefits 247 199 171 Management fees 144 168 175 Other 228 175 143 Total general and administrative expense $ 1,032 $ 614 $ 569

FAIR VALUE GAINS, NET

FAIR VALUE GAINS, NET	12 Months Ended
	Dec. 31, 2018
Fair Value Measurement [Abstract]
FAIR VALUE GAINS, NET	FAIR VALUE GAINS, NET The components of fair value gains, net, are as follows: (US$ Millions) Years ended Dec. 31, 2018 2017 2016 Commercial properties $ 784 $ 347 $ 290 Commercial developments 462 202 251 Financial instruments and other 1,220 705 151 Total fair value gains, net $ 2,466 $ 1,254 $ 692

UNIT-BASED COMPENSATION

UNIT-BASED COMPENSATION	12 Months Ended
	Dec. 31, 2018
Share-Based Payment Arrangement [Abstract]
UNIT-BASED COMPENSATION	UNIT-BASED COMPENSATION The partnership grants options to certain employees under its amended and restated BPY Unit Option Plan (“BPY Plan”). Pursuant to the BPY Plan, options may be settled for the in-the-money amount of the option in LP Units upon exercise. Consequently, options granted to employees under the BPY Plan are accounted for as an equity-based compensation agreement. During the year ended December 31, 2018 , the partnership incurred $12 million ( 2017 - $14 million ; 2016 - $19 million ) of expense in connection with its unit-based compensation plans. a) BPY Unit Option Plan Awards under the BPY Plan (“BPY Awards”) generally vest 20% per year over a period of five years and expire 10 years after the grant date, with the exercise price set at the time such options were granted and generally equal to the market price of an LP Unit on the Nasdaq on the last trading day preceding the grant date. Upon exercise of a vested BPY Award, the participant is entitled to receive BPY Units or a cash payment equal to the amount by which the fair market value of an LP Unit at the date of exercise exceeds the exercise price of the BPY Award. Subject to a separate adjustment arising from forfeitures, the estimated expense is revalued every reporting period using the Black-Scholes model as a result of the cash settlement provisions of the plan for employees whose location of employment is Australia or Canada. In terms of measuring expected life of the BPY Awards with various term lengths and vesting periods, BPY will segregate each set of similar BPY Awards and, if different, exercise price, into subgroups and apply a weighted average within each group. The partnership estimated the fair value of the BPY Awards granted during the years ended December 31, 2018 , 2017 and 2016 using the Black-Scholes valuation model. The following assumptions were utilized: Unit of measurement Years ended Dec. 31, 2018 2017 2016 Exercise price US$ 22.50 22.92 19.51 Average term to exercise In years 7.50 7.50 7.50 Unit price volatility % 23 % 25 % 30 % Liquidity discount % 25 % 25 % 25 % Weighted average of expected annual dividend yield % 6.50 % 6.50 % 6.50 % Risk-free rate % 2.82 % 2.37 % 1.57 % Weighted average fair value per option US$ 0.74 1.60 1.45 i. Equity-settled BPY Awards The change in the number of options outstanding under the equity-settled BPY Awards for the years ended December 31, 2018 , 2017 and 2016 is as follows: 2018 2017 2016 Years ended Dec. 31, Number of options Weighted average exercise price Number of Weighted average Number of Weighted average Outstanding, beginning of year 13,801,795 $ 20.54 16,338,511 $ 20.49 17,349,629 $ 20.53 Granted 800,000 22.50 93,750 22.92 3,020,931 19.51 Exercised (36,806 ) 17.71 (1,194,569 ) 18.97 (1,180,060 ) 17.98 Expired/forfeited (291,625 ) 22.18 (1,435,897 ) 21.51 (2,851,989 ) 19.69 Reclassified (1) (437,151 ) 22.48 — — — — Outstanding, end of year 13,836,213 $ 20.56 13,801,795 $ 20.54 16,338,511 $ 20.49 Exercisable, end of year 9,628,246 $ 20.26 7,352,112 $ 20.22 5,501,679 $ 19.90 (1) Relates to the reclassification of equity-settled options for employees in Brazil to cash-settled options subsequent to the amendment of the BPY Plan, which was amended on February 7, 2018. The following table sets out details of options issued and outstanding at December 31, 2018 , 2017 and 2016 under the equity-settled BPY Awards by expiry date: Dec. 31, 2018 Dec. 31, 2017 Dec. 31, 2016 Expiry date Number of options Weighted average exercise price Number of Weighted average Number of Weighted average 2020 226,800 13.07 226,800 13.07 254,600 13.07 2021 246,400 17.44 246,400 17.44 316,100 17.44 2022 508,300 18.07 517,300 18.07 724,700 18.03 2023 656,220 16.80 675,420 16.80 948,980 16.80 2024 7,878,998 20.59 7,946,313 20.59 9,071,225 20.59 2025 1,376,295 25.18 1,730,210 25.18 2,153,923 25.18 2026 2,049,450 19.51 2,365,602 19.51 2,868,983 19.51 2027 93,750 22.92 93,750 22.92 — — 2028 800,000 22.50 — — — — Total 13,836,213 $ 20.56 13,801,795 $ 20.54 16,338,511 $ 20.49 ii. Cash-settled BPY Awards The change in the number of options outstanding under the cash-settled BPY Awards for the years ended December 31, 2018 , 2017 and 2016 is as follows: 2018 2017 2016 Years ended Dec. 31, Number of Weighted average Number of Weighted average Number of Weighted average Outstanding, beginning of year 7,144,871 $ 20.30 7,377,042 $ 20.28 $ 6,904,986 $ 20.37 Granted — — — — 846,912 19.51 Exercised (3,770 ) 19.51 (213,106 ) 19.12 (148,076 ) 18.55 Expired/forfeited (246,836 ) 21.87 (19,065 ) 24.42 (226,780 ) 21.32 Reclassified (1) 437,151 22.48 — — — — Outstanding, end of year 7,331,416 $ 20.38 7,144,871 $ 20.30 7,377,042 $ 20.28 Exercisable, end of year 5,627,610 $ 20.17 3,973,290 $ 19.93 2,772,207 $ 19.75 (1) Relates to the reclassification of equity-settled options for employees in Brazil to cash-settled options subsequent to the amendment of the BPY Plan, which was amended on February 7, 2018. The following table sets out details of options issued and outstanding at December 31, 2018 , 2017 and 2016 under the cash-settled BPY Awards by expiry date: Dec. 31, 2018 Dec. 31, 2017 Dec. 31, 2016 Expiry date Number of Weighted average Number of Weighted average Number of Weighted average 2020 69,000 13.07 69,000 13.07 78,000 13.07 2021 172,800 17.44 172,800 17.44 186,800 17.44 2022 515,800 18.09 515,800 18.09 545,800 18.08 2023 519,000 16.80 519,000 16.80 549,000 16.80 2024 4,278,663 20.59 4,330,286 20.59 4,459,230 20.59 2025 831,834 25.18 695,376 25.18 711,300 25.18 2026 944,319 19.51 842,609 19.51 846,912 19.51 Total 7,331,416 $ 20.38 7,144,871 $ 20.30 7,377,042 $ 20.28 b) Restricted BPY LP Unit Plan The Restricted BPY LP Unit Plan provides for awards to participants of LP Units purchased on the Nasdaq (“Restricted Units”). Under the Restricted BPY LP Unit Plan, units awarded generally vest over a period of five years , except as otherwise determined or for Restricted Units awarded in lieu of a cash bonus as elected by the participant, which may vest immediately. The estimated total compensation cost measured at grant date is evenly recognized over the vesting period of five years . As of December 31, 2018 , the total number of Restricted Units outstanding was 150,835 ( December 31, 2017 - 440,527 ) with a weighted average exercise price of $20.97 ( December 31, 2017 - $21.08 ). c) Restricted BPY LP Unit Plan (Canada) The Restricted BPY LP Unit Plan (Canada) is substantially similar to the Restricted BPY LP Unit Plan described above, except that it is for Canadian employees, there is a five year hold period, and purchases of units are made on the TSX instead of the Nasdaq. As of December 31, 2018 , the total number of Canadian Restricted Units outstanding was 21,624 ( December 31, 2017 - 21,624 ) with a weighted average exercise price of C $22.88 ( December 31, 2017 - C $22.88 ). d) Deferred Share Unit Plan In addition, BPO has a deferred share unit plan, the terms of which were amended to substitute LP Units for BPO common shares subject to such deferred shares. At December 31, 2018 , BPO had 1,458,667 deferred share units ( December 31, 2017 - 1,363,938 ) outstanding and vested. e) GGP LTIP Plans In connection with the GGP acquisition, the partnership issued Brookfield Property Partners BPY Unit Option Plan (GGP) (“GGP Option”) and Appreciation Only LTIP Units of GGP Operating Partnership, LP (“GGP AO LTIP”) awards to certain GGP employees. Each GGP Option will vest within ten years following the original grant date and is redeemable for LP Units or a cash payment equal to the amount by which the fair market value of an LP Unit at the date exceeds the exercise price of the BPY Option. Each GGP AO LTIP will vest within ten years of its original grant date and is redeemable for LP Units or a cash payment subject to a conversion adjustment. As of December 31, 2018 , the total number of GGP Options outstanding was 1,011,523 ( December 31, 2017 - nil ) with a weighted average exercise price of $19.71 ( December 31, 2017 - nil ). As of December 31, 2018 , the total number of GGP AO LTIP outstanding was 1,387,289 ( December 31, 2017 - nil ) with a weighted average exercise price of $22.51 ( December 31, 2017 - nil ).

OTHER COMPREHENSIVE (LOSS) INCO

OTHER COMPREHENSIVE (LOSS) INCOME	12 Months Ended
	Dec. 31, 2018
Disclosure of analysis of other comprehensive income by item [abstract]
OTHER COMPREHENSIVE (LOSS) INCOME	OTHER COMPREHENSIVE (LOSS) INCOME Other comprehensive (loss) income consists of the following: (US$ Millions) Years ended Dec. 31, 2018 2017 2016 Items that may be reclassified to net income: Foreign currency translation Unrealized foreign currency translation gains (losses) in respect of foreign operations $ (1,193 ) $ 1,111 $ (990 ) Reclassification of realized foreign currency translation gains to net income on disposition of foreign operations 19 118 — (Losses) gains on hedges of net investments in foreign operations, net of income tax expense (benefit) of $10 million (2017 - ($18) million; 2016 - $19 million) 386 (530 ) 678 Reclassification of hedges of net investment in foreign operations (losses) to net income on disposition of foreign operations — (45 ) — (788 ) 654 (312 ) Cash flow hedges Gains (losses) on derivatives designated as cash flow hedges, net of income tax expense (benefit) of $25 million (2017 - $18 million; 2016 - $(23) million) 34 77 (36 ) 34 77 (36 ) Available-for-sale securities Net change in unrealized (losses) gains on available-for-sale securities, net of income tax of nil (2017 - nil; 2016 - nil) — (5 ) 5 — (5 ) 5 Equity accounted investments Share of unrealized foreign currency translations (losses) gains in respect of foreign operations (9 ) 5 4 Share of gains (losses) on derivatives designated as cash flow hedges, net of income tax expense (benefit) of nil (2017 - $1 million; 2016 – $3 million) 1 — (10 ) Share of unrealized gains (losses) on available-for-sale securities, net of income tax of nil (2017 - nil; 2016 - nil) — 6 — (8 ) 11 (6 ) Items that will not be reclassified to net income: Unrealized gains (losses) on securities - FVTOCI, net of income tax benefit of $2 million (2017 - nil; 2016 - nil) (2 ) — — Share of revaluation surplus on equity accounted investments, net of income tax expense (benefit) of ($5) million (2017 - nil, 2016 -$27 million) 92 58 13 Net remeasurement gains (losses) on defined benefit plan, net of income tax expense of nil (2017 – nil; 2016 – nil) 2 (1 ) — Revaluation surplus, net of income tax expense of $1 million (2017 –$1 million; 2016 – nil) 254 86 90 346 143 103 Total other comprehensive (loss) income $ (416 ) $ 880 $ (246 )

OBLIGATIONS, GUARANTEES, CONTIN

OBLIGATIONS, GUARANTEES, CONTINGENCIES AND OTHER	12 Months Ended
	Dec. 31, 2018
Disclosure Of Obligations, Guarantees, Contingencies And Other [Abstract]
OBLIGATIONS, GUARANTEES, CONTINGENCIES AND OTHER	OBLIGATIONS, GUARANTEES, CONTINGENCIES AND OTHER In the normal course of operations, the partnership and its consolidated entities execute agreements that provide for indemnification and guarantees to third parties in transactions such as business dispositions, business acquisitions, sales of assets and sales of services. Certain of the partnership’s operating subsidiaries have also agreed to indemnify their directors and certain of their officers and employees. The nature of substantially all of the indemnification undertakings prevent the partnership from making a reasonable estimate of the maximum potential amount that it could be required to pay third parties as the agreements do not specify a maximum amount and the amounts are dependent upon the outcome of future contingent events, the nature and likelihood of which cannot be determined at this time. Historically, neither the partnership nor its consolidated subsidiaries have made significant payments under such indemnification agreements. The partnership and its operating subsidiaries may be contingently liable with respect to litigation and claims that arise from time to time in the normal course of business or otherwise. At December 31, 2018 , the partnership had commitments totaling approximately $645 million for the development of Manhattan West in Midtown New York, Greenpoint Landing in Brooklyn, Studio Plaza in Dallas, Camarillo in California and 655 New York Avenue in Washington, D.C. as well as the redevelopment of One Allen Center, Two Allen Center, and Three Allen Center in Houston, approximately £106 million ( $79 million ) for the development of 100 Bishopsgate, and approximately AED 450 million ( $122 million ) for the development of ICD Brookfield Place in Dubai. During 2013, Brookfield Asset Management announced the final close on the $4.4 billion first BSREP fund (“BSREP I”), a global private fund focused on making opportunistic investments in commercial property. The partnership, as lead investor, committed approximately $1.3 billion to the fund. As of December 31, 2018 , there remained approximately $170 million of uncontributed capital commitments. In April 2016, Brookfield Asset Management announced the final close on the $9.0 billion second BSREP fund (“BSREP II”) to which the partnership had committed $2.3 billion as lead investor. As of December 31, 2018 , there remained approximately $700 million of uncontributed capital commitments. In November 2017, Brookfield Asset Management announced the final close on the $2.9 billion fifth Brookfield Real Estate Finance Fund (“BREF”) to which the partnership had committed $400 million as lead investor. As of December 31, 2018 , there remained approximately $260 million of uncontributed capital commitments. In September 2018, Brookfield Asset Management announced the final close of the $1.0 billion third Brookfield Fairfield U.S. Multifamily Value Add Fund (“VAMF”) to which the partnership had committed $300 million . As of December 31, 2018 , there remained approximately $225 million of uncontributed capital commitments. In January 2019, Brookfield Asset Management announced the final close on the $15.0 billion third BSREP fund (“BSREP III”) to which the partnership has committed $1.0 billion . The partnership maintains insurance on its properties in amounts and with deductibles that it believes are in line with what owners of similar properties carry. The partnership maintains all risk property insurance and rental value coverage (including coverage for the perils of flood, earthquake and named windstorm). The partnership does not conduct its operations, other than those of equity accounted investments, through entities that are not fully or proportionately consolidated in these financial statements, and has not guaranteed or otherwise contractually committed to support any material financial obligations not reflected in these financial statements.

LIQUIDITY AND CAPITAL MANAGEMEN

LIQUIDITY AND CAPITAL MANAGEMENT	12 Months Ended
	Dec. 31, 2018
Liquidity and Capital Management [Abstract]
LIQUIDITY AND CAPITAL MANAGEMENT	LIQUIDITY AND CAPITAL MANAGEMENT The capital of the partnership’s business consists of debt obligations, capital securities, preferred stock and equity. The partnership’s objective when managing this capital is to maintain an appropriate balance between holding a sufficient amount of equity capital to support its operations and reducing its weighted average cost of capital to improve its return on equity. As at December 31, 2018 , capital totaled $114 billion ( December 31, 2017 - $76 billion ). The partnership attempts to maintain a level of liquidity to ensure it is able to participate in investment opportunities as they arise and to better withstand sudden adverse changes in economic circumstances. The partnership’s primary sources of liquidity include cash, undrawn committed credit facilities, construction facilities, cash flow from operating activities and access to public and private capital markets. In addition, the partnership structures its affairs to facilitate monetization of longer-duration assets through financings and co-investor participations. The partnership seeks to increase income from its existing properties by maintaining quality standards for its properties that promote high occupancy rates and support increases in rental rates while reducing tenant turnover and related costs, and by controlling operating expenses. Consequently, the partnership believes its revenue, along with proceeds from financing activities and divestitures, will continue to provide the necessary funds to cover its short-term liquidity needs. However, material changes in the factors described above may adversely affect the partnership’s net cash flows. The partnership’s principal liquidity needs for the current year and for periods beyond include: • Recurring expenses; • Debt service requirements; • Distributions to unitholders; • Capital expenditures deemed mandatory, including tenant improvements; • Development costs not covered under construction loans; • Investing activities which could include: ◦ Fulfilling the partnership’s capital commitments to various funds; ◦ Discretionary capital expenditures; ◦ Property acquisitions; ◦ Future development; and ◦ Repurchase of the partnership’s units. Most of the partnership’s borrowings are in the form of long-term asset-specific financings with recourse only to the specific assets. Limiting recourse to specific assets ensures that poor performance within one area does not compromise the partnership’s ability to finance the balance of its operations. In addition, the partnership may, from time to time, issue equity instruments, including, but not limited to, LP Units and Redeemable/Exchangeable Partnership Units, to the public and preferred equity in private placements in certain circumstances to provide financing for significant transactions. The partnership’s operating subsidiaries are subject to limited covenants in respect of their corporate debt and are in full compliance with all such covenants at December 31, 2018 . The partnership’s operating subsidiaries are also in compliance with all covenants and other capital requirements related to regulatory or contractual obligations of material consequence to the partnership. The partnership’s strategy is to satisfy its liquidity needs in respect of the partnership using the partnership’s cash on hand, cash flows generated from operating activities and provided by financing activities, as well as proceeds from asset sales, primarily held in the LP Investments segment. The operating subsidiaries of the partnership also generate liquidity by accessing capital markets on an opportunistic basis. The partnership’s principal liquidity needs for periods beyond the next year are for scheduled debt maturities, distributions, recurring and non-recurring capital expenditures, development costs, potential property acquisitions and the partnership’s capital commitments to various funds. The partnership plans to meet these needs with one or more of: cash flows from operations; construction loans; creation of new funds; proceeds from sales of assets; proceeds from sale of non-controlling interests in subsidiaries and properties; and credit facilities and refinancing opportunities. The table below presents the partnership’s contractual obligations as of December 31, 2018 : (US$ Millions) Payments due by period Dec. 31, 2018 Total < 1 Year 1 Year 2 Years 3 Years 4 Years > 5 Years Debt obligations $ 63,811 $ 5,874 $ 11,653 $ 15,109 $ 5,410 $ 6,922 $ 18,843 Capital securities 3,385 100 814 603 141 421 1,306 Lease obligations 6,136 104 103 103 98 97 5,631 Commitments (1) 656 599 47 9 1 — — Interest expense (2) : Long term debt 11,622 2,545 2,338 1,804 1,433 1,122 2,380 Capital securities 1,022 183 183 188 144 115 209 Interest rate swaps 4 2 2 — — — — (1) Primarily consists of construction commitments on commercial developments. (2) Represents aggregate interest expense expected to be paid over the term of the obligations. Variable interest rate payments have been calculated based on current rates.

FINANCIAL INSTRUMENTS

FINANCIAL INSTRUMENTS	12 Months Ended
	Dec. 31, 2018
Financial Instruments [Abstract]
FINANCIAL INSTRUMENTS	FINANCIAL INSTRUMENTS a) Derivatives and hedging activities The partnership and its operating entities use derivative and non-derivative instruments to manage financial risks, including interest rate, commodity, equity price and foreign exchange risks. The use of derivative contracts is governed by documented risk management policies and approved limits. The partnership does not use derivatives for speculative purposes. The partnership and its operating entities use the following derivative instruments to manage these risks: • foreign currency forward contracts to hedge exposures to Canadian Dollar, Australian Dollar, British Pound, Euro, Chinese Yuan, Brazilian Real, Indian Rupee and South Korean Won denominated net investments in foreign subsidiaries and foreign currency denominated financial assets; • interest rate swaps to manage interest rate risk associated with planned refinancings and existing variable rate debt; and • interest rate caps to hedge interest rate risk on certain variable rate debt. The partnership also designates Canadian Dollar financial liabilities of certain of its operating entities as hedges of its net investments in its Canadian operations. Interest Rate Hedging The following table provides the partnership’s outstanding derivatives that are designated as cash flow hedges of variability in interest rates associated with forecasted fixed rate financings and existing variable rate debt as of December 31, 2018 and 2017 : (US$ Millions) Hedging item Notional Rates Maturity dates Fair value Dec. 31, 2018 Interest rate caps of US$ LIBOR debt $ 8,180 2.3% - 6.0% Jan. 2019 - Sep. 2023 $ 2 Interest rate swaps of US$ LIBOR debt 1,731 1.6% - 2.8% Feb. 2020 - May 2024 (2 ) Interest rate caps of £ LIBOR debt 486 2.0% Apr. 2020 - Jan. 2021 — Interest rate swaps of £ LIBOR debt 67 1.5% Apr. 2020 — Interest rate caps of € EURIBOR debt 115 1.0% - 1.3% Apr. 2020 - Apr. 2021 — Interest rate caps of C$ LIBOR debt 176 3.0% Oct. 2020 - Oct. 2022 — Interest rate swaps of C$ LIBOR debt 56 4.6% Sep. 2023 — Interest rate swaps on forecasted fixed rate debt 100 4.0% Jun. 2019 (114 ) Dec. 31, 2017 Interest rate caps of US$ LIBOR debt $ 1,958 2.3% - 3.5% May 2018 - Oct. 2020 $ 1 Interest rate swaps of US$ LIBOR debt 1,692 0.7% - 2.2% Jun. 2018 - Mar. 2022 19 Interest rate caps of £ LIBOR debt 452 1.3% Dec. 2019 — Interest rate swaps of £ LIBOR debt 71 1.5% Apr. 2020 1 Interest rate swaps of C$ LIBOR debt 50 3.7% - 4.3% Nov. 2021 1 Interest rate swaps on forecasted fixed rate debt 100 4.0% Jun. 2029 (13 ) For the year ended December 31, 2018 , the partnership also has fair value hedges of variability in interest rate, total rate of return swaps (“TROR”) on various tax-exempt fixed-rate borrowings. The TROR convert borrowings from a fixed rate to a variable rate, generally equivalent to the Securities Industry and Financial Markets Association (SIFMA) rate plus a spread. (US$ Millions) Hedging item Notional Rates Maturity dates Fair value Dec. 31, 2018 Fair value hedge on fixed rate US$ debt $ 636 4.0% - 8.0% Dec. 2019 - Apr. 2024 $ (3 ) For the year ended December 31, 2018 , the amount of hedge ineffectiveness recorded in earnings in connection with the partnership’s interest rate hedging activities totaled $37 million ( December 31, 2017 - $14 million ). Foreign Currency Hedging The following table presents the partnership’s outstanding derivatives that are designated as net investment hedges in foreign subsidiaries or cash flow hedges as of December 31, 2018 and 2017 : (US$ Millions) Hedging item Net Notional Rates Maturity dates Fair value Dec. 31, 2018 Net investment hedges € 649 €0.78/$ - €0.88/$ Jan. 2019 - May 2020 13 Net investment hedges £ 3,175 £0.70/$ - £0.79/$ Feb. 2019 - Mar. 2020 104 Net investment hedges A$ 1,038 A$1.28/$ - A$1.42/$ Jan. 2019 - Mar. 2020 20 Net investment hedges C¥ 2,672 C¥6.35/$ - C¥6.91/$ Jan. 2019 - Nov. 2019 6 Net investment hedges C$ 118 C$1.29/$ - C$1.34/$ Oct. 2019 - Nov 2019 4 Net investment hedges R$ 158 R$3.90/$ - R$4.24/$ Jan. 2019 - Jun. 2019 (9 ) Net investment hedges ₩ 618,589 ₩ 1,087.00/$ - ₩ 1,130.90/$ Jan. 2019 - Nov. 2019 1 Net investment hedges Rs 31,422 Rs67.44/$ - Rs70.39/$ Feb. 2019 - May 2019 3 Net investment hedges £ 77 £0.88/€ - £0.92/€ Jan. 2019 - Feb. 2020 (1 ) Cross currency swaps of C$ LIBOR debt C$ 800 C$1.29/$ - C$1.33/$ Oct. 2021 - Jul. 2023 (31 ) Dec. 31, 2017 Net investment hedges € 191 €0.83/$ - €0.92/$ Jan. 2018 - Dec. 2018 $ (7 ) Net investment hedges £ 2,923 £0.73/$ - £0.81/$ Jan. 2018 - Jan. 2019 (237 ) Net investment hedges A$ 768 A$1.26/$ - A$1.38/$ Jan. 2018 - Feb. 2019 (21 ) Net investment hedges C¥ 1,165 C¥6.71/$ - C¥7.09/$ Jan. 2018 - Dec. 2018 (7 ) Net investment hedges C$ 127 C$1.25/$ - C$1.26/$ Oct. 2018 - Dec. 2018 — Cash flow hedges C$ 150 C$1.27/$ Apr. 2018 1 Net investment hedges ₩ 616,289 ₩ 1,084.95/$ - ₩ 1,127.75/$ Aug. 2018 - Jan. 2019 (26 ) Cash flow hedges Rs 771 Rs65.24/$ Mar. 2018 — For the years ended December 31, 2018 and 2017 , the amount of hedge ineffectiveness recorded in earnings in connection with the partnership’s foreign currency hedging activities was not significant. Other Derivatives The following tables provide detail of the partnership’s other derivatives, not designated as hedges for accounting purposes, that have been entered into to manage financial risks as of December 31, 2018 and 2017 : (US$ millions) Derivative type Notional Rates Maturity dates Fair value Dec. 31, 2018 Interest rate caps $ 9,750 3.0% - 7.0% Mar. 2019 - Jan. 2022 $ 1 Interest rate swaps on forecasted fixed rate debt 1,660 2.3% - 6.1% Jun. 2019 - Nov. 2030 (67 ) Interest rate swaps of US$ debt 835 2.4% - 5.8% Jul. 2019 - Oct. 2039 (14 ) Interest rate swaps on fixed rate debt 180 4.5% - 7.3% Feb. 2019 - Jul. 2023 2 Dec. 31, 2017 Interest rate caps $ 5,351 2.5% - 5.8% Jan. 2018 - Oct. 2020 $ 1 Interest rate swaps on forecasted fixed rate debt 1,660 1.9% - 6.0% Jun. 2028 - Dec. 2029 (194 ) Interest rate swaps of US$ LIBOR debt 1,050 1.4% - 1.6% Sep. 2018 - Nov. 2020 10 Interest rate swaptions 560 1.0 % Jun. 2018 - Nov. 2018 — The partnership recognized fair value gains (losses), net of approximately $29 million ( December 31, 2017 - losses of $29 million ) related to the settlement of certain forward starting interest rate swaps that have not been designated as hedges. b) Measurement and classification of financial instruments Fair value is the amount that willing parties would accept to exchange a financial instrument based on the current market for instruments with the same risk, principal and remaining maturity. The fair value of interest bearing financial assets and liabilities is determined by discounting the contractual principal and interest payments at estimated current market interest rates for the instrument. Current market rates are determined by reference to current benchmark rates for a similar term and current credit spreads for debt with similar terms and risk. Classification and Measurement The following table outlines the classification and measurement basis, and related fair value for disclosures, of the financial assets and liabilities in the consolidated financial statements: Dec. 31, 2018 Dec. 31, 2017 Under IFRS 9 Under IAS 39 (US$ Millions) Classification and measurement basis Carrying value Fair value Carrying value Fair value Financial assets Participating loan interests FVTPL $ 268 $ 268 $ 517 $ 517 Loans and notes receivable Amortized cost 1,055 1,055 185 185 Other non-current assets Securities - FVTPL FVTPL 239 239 174 174 Derivative assets FVTPL 13 13 48 48 Securities - FVTOCI FVTOCI 260 260 150 150 Restricted cash Amortized cost 161 161 153 153 Current assets Derivative assets FVTPL 234 234 37 37 Accounts receivable (1) Amortized cost 808 808 536 536 Restricted cash Amortized cost 631 631 237 237 Cash and cash equivalents Amortized cost 3,288 3,288 1,491 1,491 Total financial assets $ 6,957 $ 6,957 $ 3,528 $ 3,528 Financial liabilities Debt obligations (2) Amortized cost $ 63,964 $ 64,561 $ 37,991 $ 38,726 Capital securities Amortized cost 2,572 2,578 3,352 3,358 Capital securities - fund subsidiaries FVTPL 813 813 813 813 Other non-current liabilities Loan payable FVTPL 24 24 23 23 Accounts payable Amortized cost 1,770 1,770 517 517 Derivative liabilities FVTPL 159 159 160 160 Accounts payable and other liabilities Accounts payable and other (3) Amortized cost $ 3,255 $ 3,255 $ 2,614 $ 2,614 Derivative liabilities FVTPL $ 181 $ 181 $ 399 $ 399 Total financial liabilities $ 72,738 $ 73,341 $ 45,869 $ 46,610 (1) Includes other receivables associated with assets classified as held for sale on the consolidated balance sheets in the amounts of $14 million and $105 million as of December 31, 2018 and December 31, 2017 , respectively. (2) Includes debt obligations associated with assets classified as held for sale on the consolidated balance sheets in the amount of $153 million and $1,107 million as of December 31, 2018 and December 31, 2017 , respectively. (3) Includes accounts payable and other liabilities associated with assets classified as held for sale on the consolidated balance sheets in the amount of $10 million and $209 million as of December 31, 2018 and December 31, 2017 , respectively. The following table outlines financial assets and liabilities measured at fair value in the financial statements and the level of the inputs used to determine those fair values in the context of the hierarchy as defined above: Dec. 31, 2018 Dec. 31, 2017 Under IFRS 9 Under IAS 39 (US$ Millions) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Financial assets Participating loan interests — — 268 268 $ — $ — $ 209 $ 209 Securities designated as FVTPL — — 239 239 — — 174 174 Securities designated as FVTOCI — — 260 260 — — 150 150 Derivative assets — 247 — 247 — 85 — 85 Total financial assets — 247 767 1,014 $ — $ 85 $ 533 $ 618 Financial liabilities Capital securities - fund subsidiaries — — 813 813 $ — $ — $ 813 $ 813 Derivative liabilities — 340 — 340 — 559 — 559 Loan payable — — 24 24 — — 23 23 Total financial liabilities — 340 837 1,177 $ — $ 559 $ 836 $ 1,395 There were no transfers between levels during the years ended December 31, 2018 and 2017 . The following table presents the valuation techniques and inputs of the partnership’s Level 2 assets and liabilities: Type of asset/liability Valuation technique Foreign currency forward contracts Discounted cash flow model - forward exchange rates (from observable forward exchange rates at the end of the reporting period) and discounted at a credit adjusted rate Interest rate contracts Discounted cash flow model - forward interest rates (from observable yield curves) and applicable credit spreads discounted at a credit adjusted rate The table below presents the valuation techniques and inputs of Level 3 assets: Type of asset/liability Valuation techniques Significant unobservable input(s) Relationship of unobservable input(s) to fair value Participating loan interests Discounted cash flow model (a) Discount rate (b) Terminal capitalization rate (a) Decreases (increases) in the discount rate would increase (decrease) fair value (b) Increases (decreases) in the terminal capitalization rate would (decrease) increase fair value Securities - FVTPL/FVTOCI Net asset valuation (a) Forward exchange rates (from observable forward exchange rates at the end of the reporting period) (b) Discount rate (a) Increases (decreases) in the forward exchange rate would increase (decrease) fair value (b) Decreases (increases) in the discount rate would increase (decrease) fair value The following table presents the change in the balance of financial assets and financial liabilities classified as Level 3 as of December 31, 2018 and 2017 : Dec. 31, 2018 Dec. 31, 2017 Under IFRS 9 Under IAS 39 (US$ Millions) Financial assets Financial liabilities Financial assets Financial liabilities Balance, beginning of year 835 836 $ 1,605 $ 821 Additions 201 — 144 49 Dispositions/ Warrant exercise (1) (7 ) (2 ) (986 ) (4 ) Fair value gains, net and OCI (14 ) 4 (216 ) (30 ) Other (248 ) — (14 ) — Balance, end of year 767 838 $ 533 $ 836 (1) In the fourth quarter of 2017, the partnership exercised all of its outstanding warrants of GGP. See Note 8, Equity Accounted Investments, for more information. c) Market Risk Interest rate risk The partnership faces interest rate risk on its variable rate financial assets and liabilities. In addition, there is interest rate risk associated with the partnership’s fixed rate debt due to the expected requirement to refinance such debt in the year of maturity. The following table outlines the impact on interest expense of a 100 basis point increase or decrease in interest rates on the partnership’s variable rate liabilities and fixed rate debt maturing within one year: (US$ Millions) Dec. 31, 2018 Dec. 31, 2017 Variable rate property debt $ 382 $ 195 Fixed rate property debt due within one year 5 7 Total $ 387 $ 202 The partnership manages interest rate risk by primarily entering into fixed rate operating property debt and staggering the maturities of its mortgage portfolio over a 10 -year horizon when the market permits. The partnership also makes use of interest rate derivatives to manage interest rate risk on specific variable rate debts and on anticipated refinancing of fixed rate debt. Foreign currency risk The partnership is structured such that its foreign operations are primarily conducted by entities with a functional currency which is the same as the economic environment in which the operations take place. As a result, the net income impact of currency risk associated with financial instruments is limited as its financial assets and liabilities are generally denominated in the functional currency of the subsidiary that holds the financial instrument. However, the partnership is exposed to foreign currency risk on the net assets of its foreign currency denominated operations. The partnership’s exposures to foreign currencies and the sensitivity of net income and other comprehensive income, on a pre-tax basis, to a 10% change in the exchange rates relative to the U.S. dollar is summarized below: Dec. 31, 2018 (Millions) Equity attributable to Unitholders (1) OCI Net income Canadian Dollar (2) C$ 58 $ (4 ) $ — Australian Dollar A$ 2,977 (210 ) — British Pound £ 3,965 (506 ) — Euro € 505 (58 ) — Brazilian Real R$ 2,823 (73 ) — Indian Rupee Rs 25,022 (36 ) — Hong Kong Dollar HK$ (75 ) 1 — Chinese Yuan C¥ 1,593 (23 ) — South Korean Won ₩ 245,507 (22 ) — United Arab Emirates Dirham AED 451 (12 ) — Total $ (943 ) $ — (1) As of December 31, 2018 , Unitholders are defined as holders of the GP Units, LP Units, Redeemable/Exchangeable Partnership Units, Special LP Units, and Exchange LP Units. (2) Net of Canadian Dollar denominated loans. Dec. 31, 2017 (Millions) Equity attributable to Unitholders (1) OCI Net income Canadian Dollar (2) C$ 4 $ — $ — Australian Dollar A$ 2,679 (209 ) — British Pound £ 3,719 (503 ) — Euro € 213 (26 ) — Brazilian Real R$ 2,591 (78 ) — Indian Rupee Rs 15,904 (25 ) — Hong Kong Dollar HK$ (75 ) 1 — Chinese Yuan C¥ 1,207 (19 ) — South Korean Won ₩ 232,345 $ (22 ) $ — United Arab Emirates Dirham AED $ 451 $ (12 ) $ — Total $ (893 ) $ — (1) As of December 31, 2017 , Unitholders are defined as holders of the GP Units, LP Units, Redeemable/Exchangeable Partnership Units, Special LP Units, and Exchange LP Units. (1) Net of Canadian Dollar denominated loans. Dec. 31, 2016 (Millions) Equity attributable to Unitholders (1) OCI Net income Canadian Dollar (2) C$ (329 ) $ 25 $ — Australian Dollar A$ 2,344 (169 ) — British Pound £ 3,749 (463 ) — Euro € 326 (34 ) — Brazilian Real R$ 1,941 (60 ) — Indian Rupee Rs 10,436 (15 ) — Hong Kong Dollar HK$ (77 ) 1 — Chinese Yuan C¥ 1,001 (16 ) — South Korean Won ₩ 147,052 (12 ) — Total $ (743 ) $ — (1) As of December 31, 2016 , Unitholders are defined as holders of the GP Units, LP Units, Redeemable/Exchangeable Partnership Units, Special LP Units, and Exchange LP Units. (1) Net of Canadian Dollar denominated loans. d) Credit risk The partnership’s maximum exposure to credit risk associated with financial assets is equivalent to the carrying value of each class of financial asset as separately presented in loans and notes receivable, certain other non-current assets, accounts receivables and other, and cash and cash equivalents. Credit risk arises on loans and notes receivables in the event that borrowers default on the repayment to the partnership. The partnership mitigates this risk by attempting to ensure that adequate security has been provided in support of such loans and notes. Credit risk related to accounts receivable arises from the possibility that tenants may be unable to fulfill their lease commitments. The partnership mitigates this risk through diversification, ensuring that tenants meet minimum credit quality requirements and by ensuring that its tenant mix is diversified and by limiting its exposure to any one tenant. The partnership maintains a portfolio that is diversified by property type so that exposure to a business sector is lessened. Currently no one tenant represents more than 10% of operating property revenue. The majority of the partnership’s trade receivables are collected within 30 days. The balance of accounts receivable and loans and notes receivable past due is not significant.

RELATED PARTIES

RELATED PARTIES	12 Months Ended
	Dec. 31, 2018
Related Party [Abstract]
RELATED PARTIES	RELATED PARTIES In the normal course of operations, the partnership enters into transactions with related parties. These transactions are recognized in the consolidated financial statements. These transactions have been measured at exchange value and are recognized in the consolidated financial statements. The immediate parent of the partnership is the BPY General Partner. The ultimate parent of the partnership is Brookfield Asset Management. Other related parties of the partnership include the partnership’s and Brookfield Asset Management’s subsidiaries and operating entities, certain joint ventures and associates accounted for under the equity method, as well as officers of such entities and their spouses. The partnership has a management agreement with its service providers, wholly-owned subsidiaries of Brookfield Asset Management. Pursuant to a Master Services Agreement, the partnership pays a base management fee (“base management fee”), to the service providers equal to 0.5% of the total capitalization of the partnership, subject to an annual minimum of $50 million , plus annual inflation adjustments. The calculation of the equity enhancement distribution is reduced by the amount by which the base management fee is greater than $50 million per annum, plus annual inflation adjustments, to maintain a fee level in aggregate that would be the same as prior to the amendment. In connection with the GGP acquisition, the Master Services Agreement was amended so that the base management fee took into account any management fee payable by BPR under its master services agreement with Brookfield Asset Management and certain of its subsidiaries. The base management fee for the year ended December 31, 2018 was $83 million ( 2017 - $104 million , 2016 - $104 million ). The equity enhancement distribution for the year ended December 31, 2018 was $1 million ( 2017 - $26 million , 2016 - $25 million ). In connection with the issuance of Preferred Equity Units to the Class A Preferred Unitholder in 2014, Brookfield Asset Management has contingently agreed to acquire the seven-year and ten-year tranches of Preferred Equity Units from the Class A Preferred Unitholder for the initial issuance price plus accrued and unpaid distributions and to exchange such units for Preferred Equity Units with terms and conditions substantially similar to the twelve-year tranche to the extent that the market price of the LP Units is less than 80% of the exchange price at maturity. The following table summarizes transactions and balances with related parties: (US$ Millions) Dec. 31, 2018 Dec. 31, 2017 Balances outstanding with related parties: Participating loan interests $ 268 $ 517 Net (payables)/receivables within equity accounted investments (26 ) (49 ) Loans and notes receivable (1) 54 96 Receivables and other assets 50 11 Deposit and promissory note from Brookfield Asset Management (733 ) (633 ) Property-specific obligations (231 ) (415 ) Loans and notes payable and other liabilities (50 ) (156 ) Capital securities held by Brookfield Asset Management (2) (420 ) (1,250 ) Preferred shares held by Brookfield Asset Management (15 ) (15 ) (1) At December 31, 2018 , includes $54 million ( December 31, 2017 - $96 million ) receivable from Brookfield Asset Management upon the earlier of the partnership’s exercise of its option to convert its participating loan interests into direct ownership of the Australian portfolio or the maturity of the participating loan interests. (2) $500 million of the Brookfield BPY Holdings Inc. Class C Junior Preferred shares and $330 million of the Brookfield BPY Holdings Inc. Class B Junior Preferred shares, were redeemed in the third and fourth quarters of 2018, respectively. (US$ Millions) Years ended Dec. 31, 2018 2017 2016 Transactions with related parties: Commercial property revenue (1) $ 22 $ 19 $ 20 Management fee income 5 6 5 Participating loan interests (including fair value gains, net) 53 86 61 Interest expense on debt obligations 44 29 28 Interest on capital securities held by Brookfield Asset Management 64 83 76 General and administrative expense (2) 192 204 212 Construction costs (3) 397 295 266 (1) Amounts received from Brookfield Asset Management and its subsidiaries for the rental of office premises. (2) Includes amounts paid to Brookfield Asset Management and its subsidiaries for management fees, management fees associated with the partnership’s investments in Brookfield-sponsored real estate funds, and administrative services. (3) Includes amounts paid to Brookfield Asset Management and its subsidiaries for construction costs of development properties. During the first quarter of 2018, the partnership along with BPREP acquired a 25% and 75% interest, respectively, in 333 West 34th Street, an office building in New York for $255 million . During the third quarter of 2018, the partnership sold 27.5% of its interest in a portfolio of operating and development assets in New York. The partnership retains control over and will continue to consolidate these assets after the sale. The interest was sold to Brookfield Asset Management for consideration of approximately $1.4 billion . Brookfield Asset Management is currently in the process of syndicating its entire 27.5% equity interest to third-party investors. During the fourth quarter of 2018, the partnership launched BPREP Australia, an open-ended fund. The partnership contributed interests in Jessie Street, 52 Goulburn Street and 680 George Street in Sydney and 235 St Georges Terrace in Perth to BPREP Australia.The partnership’s interest in BPREP Australia is 48% , with the remaining interests of 12% and 40% held by Brookfield Asset Management and external investors, respectively. The partnership will continue to consolidate the properties contributed to BPREP Australia, except for 680 George Street, which it will continue to account for under the equity method.

SUBSIDIARY PUBLIC ISSUERS

SUBSIDIARY PUBLIC ISSUERS	12 Months Ended
	Dec. 31, 2018
Separate Financial Statements [Abstract]
SUBSIDIARY PUBLIC ISSUER	SUBSIDIARY PUBLIC ISSUERS BOP Split was incorporated for the purpose of being an issuer of preferred shares and owning a portion of the partnership’s investment in BPO common shares. Pursuant to the terms of a Plan of Arrangement, holders of outstanding BPO Class AAA Preferred Shares Series G, H, J and K, which were convertible into BPO common shares, were able to exchange their shares for BOP Split Senior Preferred Shares, subject to certain conditions. The BOP Split Senior Preferred shares are listed on the TSX and began trading on June 11, 2014. All shares issued by BOP Split are retractable by the holders at any time for cash. In connection with an internal restructuring completed in July 2016, the partnership and certain of its related entities agreed to guarantee all of BPO’s Class AAA Preferred Shares and all of BPO’s debt securities issued pursuant to BPO’s indenture dated December 8, 2009. In April 2018, the partnership formed two subsidiaries, Brookfield Property Finance ULC and Brookfield Property Preferred Equity Inc. to act as issuers of debt and preferred securities, respectively. The partnership and certain of its related entities have agreed to guarantee securities issued by these entities. The following table provides consolidated summary financial information for the partnership, BOP Split, BPO, Brookfield Property Finance ULC, Brookfield Property Preferred Equity Inc. and the holding entities: (US$ Millions) Brookfield Property Partners L.P. BOP Split Corp. BPO Brookfield Property Preferred Equity Inc. Brookfield Property Finance ULC Holding Entities (2) Additional holding entities and eliminations (3) Consolidating Adjustments (4) Brookfield Property Partners L.P. consolidated Year ended December 31, 2018 Revenue $ — $ 27 $ 166 $ — $ 8 $ 1,192 $ 167 $ 5,679 $ 7,239 Net income attributable to unitholders (1) 767 417 (1,419 ) — — 1,978 (34 ) 269 1,978 Year ended December 31, 2017 Revenue $ — $ — $ 197 $ — $ — $ 1,518 $ — $ 4,420 $ 6,135 Net income attributable to unitholders (1) 138 (409 ) (763 ) — — 375 17 1,017 375 Year ended December 31, 2016 Revenue $ — $ — $ 201 $ — $ — $ 477 $ — $ 4,674 $ 5,352 Net income attributable to unitholders (1) 671 94 416 — — 1,793 — (1,181 ) 1,793 (1) Includes net income attributable to LP Units, GP Units, Redeemable/Exchangeable Partnership Units, Special LP Units, Exchange LP Units and BPR Units. (2) Includes the operating partnership, Brookfield BPY Holdings Inc., Brookfield BPY Retail Holdings II Inc., BPY Bermuda Holdings Limited, and BPY Bermuda Holdings II Limited. (3) Includes BPY Bermuda Holdings IV Limited, BPY Bermuda Holdings V Limited and BPY Bermuda Holdings VI Limited, which serve as guarantors for BPO but not BOP Split, net of intercompany balances and transactions with other holding entities (4) Includes elimination of intercompany transactions and balances necessary to present the partnership on a consolidated basis. (US$ Millions) Brookfield Property Partners L.P. BOP Split Corp. BPO Brookfield Property Preferred Equity Inc. Brookfield Property Finance ULC Holding Entities (2) Additional holding entities and eliminations (3) Consolidating Adjustments (4) Brookfield Property Partners L.P. consolidated As of Dec. 31, 2018 Current assets $ — $ 52 $ 151 $ — $ 596 $ 6,144 $ 330 $ (1,163 ) $ 6,110 Non-current assets 13,273 11,748 20,359 — — 30,277 1,775 37,974 115,406 Assets held for sale — — — — — — — 1,004 1,004 Current liabilities — 2,806 678 — 593 5,731 1,834 (1,499 ) 10,143 Non-current liabilities — 3,053 4,738 — — 2,406 5 55,272 65,474 Liabilities associated with assets held for sale — — — — — — — 163 163 Equity attributable to interests of others in operating subsidiaries and properties — — 2,284 — — — — 16,172 18,456 Equity attributable to unitholders (1) $ 13,273 $ 5,941 $ 12,810 $ — $ 3 $ 28,284 $ 266 $ (32,293 ) $ 28,284 As of Dec. 31, 2017 Current assets $ — $ 93 $ 91 $ — $ — $ 3,019 $ 24 $ (748 ) $ 2,479 Non-current assets 8,190 13,310 21,234 — — 28,194 1,532 7,975 80,435 Assets held for sale — — — — — — — 1,433 1,433 Current liabilities — 544 5,518 — — 1,186 845 2,420 10,513 Non-current liabilities — 4,695 1,726 — — 7,841 743 22,389 37,394 Liabilities associated with assets held for sale — — — — — — — 1,316 1,316 Equity attributable to interests of others in operating subsidiaries and properties — — 2,284 — — — — 10,654 12,938 Equity attributable to unitholders (1) $ 8,190 $ 8,164 $ 11,797 $ — $ — $ 22,186 $ (32 ) $ (28,119 ) $ 22,186 (1) Includes net income attributable to LP Units, GP Units, Redeemable/Exchangeable Partnership Units, Special LP Units, Exchange LP Units and BPR Units. (2) Includes the operating partnership, Brookfield BPY Holdings Inc., Brookfield BPY Retail Holdings II Inc., BPY Bermuda Holdings Limited, and BPY Bermuda Holdings II Limited. (3) Includes BPY Bermuda Holdings IV Limited, BPY Bermuda Holdings V Limited and BPY Bermuda Holdings VI Limited, which serve as guarantors for BPO but not BOP Split, net of intercompany balances and transactions with other holding entities (4) Includes elimination of intercompany transactions and balances necessary to present the partnership on a consolidated basis.

PAYROLL EXPENSE

PAYROLL EXPENSE	12 Months Ended
	Dec. 31, 2018
Analysis of income and expense [abstract]
PAYROLL EXPENSE	PAYROLL EXPENSE The partnership has no employees or directors; therefore the partnership does not remunerate key management personnel. Key decision makers of the partnership are all employees of Brookfield Asset Management, the ultimate parent company, who provide management services under the Master Services Agreement. Throughout the year, the partnership’s general partner incurs director fees, a portion of which are charged to the partnership in accordance with the limited partnership agreement.

SEGMENT INFORMATION

SEGMENT INFORMATION	12 Months Ended
	Dec. 31, 2018
Operating Segments [Abstract]
SEGMENT INFORMATION	SEGMENT INFORMATION a) Operating segments IFRS 8, Operating Segments, requires operating segments to be determined based on internal reports that are regularly reviewed by the chief operating decision maker (“CODM”) for the purpose of allocating resources to the segment and to assessing its performance. On July 1, 2018, the partnership realigned its LP Investments segment (formerly referred to as Opportunistic) to include the corporate function of the Brookfield-sponsored real estate opportunity funds, previously included in the Corporate segment, to more closely align with how the partnership now presents financial information to the CODM and investors. As of December 31, 2018, the partnership’s operating segments are organized into four reportable segments: i) Core Office, ii) Core Retail, iii) LP Investments and iv) Corporate. All prior period segment disclosures have been recast to reflect the changes in the partnership’s operating segments. These segments are independently and regularly reviewed and managed by the Chief Executive Officer, who is considered the CODM. b) Basis of measurement The CODM measures and evaluates the performance of the partnership’s operating segments based on funds from operations (“FFO”). This performance metric does not have standardized meanings prescribed by IFRS and therefore may differ from similar metrics used by other companies and organizations. Management believes that while not an IFRS measure, FFO is the most consistent metric to measure the partnership’s financial statements and for the purpose of allocating resources and assessing its performance. The partnership defines FFO as net income, prior to fair value gains, net, depreciation and amortization of real estate assets, and income taxes less non-controlling interests of others in operating subsidiaries and properties share of these items. When determining FFO, the partnership also includes its proportionate share of the FFO of unconsolidated partnerships and joint ventures and associates. b) Reportable segment measures The following summaries present certain financial information regarding the partnership’s operating segments for the year ended December 31, 2018 , 2017 , and 2016 . (US$ Millions) Total revenue (1) FFO Years ended Dec. 31, 2018 2017 2016 2018 2017 2016 Core Office $ 2,105 $ 2,147 $ 2,203 $ 520 $ 534 $ 620 Core Retail (2) 584 — — 552 486 429 LP Investments 4,544 3,986 3,149 228 281 303 Corporate 6 2 — (434 ) (428 ) (457 ) Total $ 7,239 $ 6,135 $ 5,352 $ 866 $ 873 $ 895 (1) The partnership adopted IFRS 15 in 2018 using the modified retrospective method. The comparative information has not been restated and is reported under the accounting standards effective for those periods. (2) The current year represents revenue from Core Retail subsequent to the acquisition of GGP on August 28, 2018, when the partnership started consolidating Core Retail’s results. See Note 4, Acquisition of GGP Inc. for further information. The prior periods presented represent the partnership’s equity accounted interest in GGP prior to the acquisition, 34% as of December 31, 2017 and 29% as of December 31, 2016. The following summary presents the detail of total revenue under IFRS 15 from the partnership’s operating segments for the year ended December 31, 2018 : (US$ Millions) Lease revenue Other revenue from tenants Hospitality revenue Investment and other revenue Total revenue Year ended Dec. 31, 2018 Core Office $ 1,604 $ 358 $ 17 $ 126 $ 2,105 Core Retail 400 111 — 73 584 LP Investments 2,233 337 1,896 78 4,544 Corporate — — — 6 6 Total $ 4,237 $ 806 $ 1,913 $ 283 $ 7,239 The following summary presents information about certain consolidated balance sheet items of the partnership, on a segmented basis, as of December 31, 2018 and 2017 : Total assets Total liabilities (US$ Millions) Dec. 31, 2018 Dec. 31, 2017 Dec. 31, 2018 Dec. 31, 2017 Core Office $ 34,095 $ 33,795 $ 15,033 $ 16,791 Core Retail 29,658 8,844 13,749 — LP Investments 58,610 41,471 41,604 26,630 Corporate 157 237 5,394 5,802 Total $ 122,520 $ 84,347 $ 75,780 $ 49,223 The following summary presents a reconciliation of FFO to net income for the years ended December 31, 2018 , 2017 , and 2016 : (US$ Millions) Years ended Dec. 31, 2018 2017 2016 FFO (1) $ 866 $ 873 $ 895 Depreciation and amortization of real estate assets (264 ) (244 ) (212 ) Fair value gains, net 2,466 1,254 692 Share of equity accounted income - non-FFO 114 82 139 Income tax benefit (expense) (81 ) (192 ) 575 Non-controlling interests of others in operating subsidiaries and properties - non-FFO (1,123 ) (1,398 ) (296 ) Net income attributable to unitholders (2) 1,978 375 1,793 Non-controlling interests of others in operating subsidiaries and properties 1,676 2,093 924 Net income $ 3,654 $ 2,468 $ 2,717 (1) FFO represents interests attributable to GP Units, LP Units, Exchange LP Units, Redeemable/Exchangeable Partnership Units, Special LP Units and BPR Units. The interests attributable to Exchange LP Units, Redeemable/Exchangeable Units, Special LP Units and BPR Units are presented as non-controlling interests in the consolidated statements of income. (2) Includes net income attributable to general partner, limited partners, Exchange LP Units, Redeemable/Exchangeable Partnership Units, Special LP Units and BPR Units. The interests attributable to Exchange LP Units, Redeemable/Exchangeable Units, Special LP Units and BPR Units are presented as non-controlling interests in the consolidated statements of income. The following summary presents financial information by the partnership’s geographic regions in which it operates: Total revenue for the years ended Dec. 31, Total non-current assets as at Dec. 31, (US$ Millions) 2018 2017 2016 2018 2017 United States $ 4,914 $ 4,127 $ 3,589 $ 84,648 $ 52,009 Canada 563 462 413 4,535 4,892 Australia 240 227 231 3,631 3,986 Europe 944 829 801 14,051 11,556 Brazil 113 134 165 1,901 2,037 China 7 1 2 389 522 India 247 161 130 3,142 2,362 South Korea 211 194 21 2,986 2,948 United Arab Emirates — — — 123 123 Total $ 7,239 $ 6,135 $ 5,352 $ 115,406 $ 80,435

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2018
Disclosure of events after reporting period [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS On January 31, 2019, Brookfield Asset Management closed on Brookfield Strategic Real Estate Partners III (“BSREP III”), its latest flagship global private real estate fund, with a total aggregate equity commitment of $15.0 billion . The partnership has committed $1.0 billion to BSREP III and Brookfield Asset Management has committed $2.75 billion of the total commitment of $3.75 billion . In connection with the close, the partnership will lose control and deconsolidate its investment in BSREP III. The partnership will subsequently account for its interest as a financial asset through profit and loss. In February 2019, Brookfield Asset Management made $1.0 billion in on-demand deposits to the partnership. On February 11, 2019, the partnership announced that it has formally commenced its substantial issuer bid to purchase up to $405 million of its LP Units from holders of its limited partnership units for cash. On February 11, 2019, BPR announced that it has formally commenced its substantial issuer bid to purchase up to $95 million of BPR Units from its stockholders for cash. On February 11, 2019, a subsidiary of the partnership issued medium term notes for C $350 million at 4.30% per annum, maturing on March 1, 2024. Interest on the notes is payable semi-annually.

SCHEDULE III - SUPPLEMENTAL SCH

SCHEDULE III - SUPPLEMENTAL SCHEDULE OF INVESTMENT PROPERTY INFORMATION	12 Months Ended
	Dec. 31, 2018
Real Estate And Accumulated Depreciation Disclosure 1 [Abstract]
SCHEDULE III - SUPPLEMENTAL SCHEDULE OF INVESTMENT PROPERTY INFORMATION	SCHEDULE III – SUPPLEMENTAL SCHEDULE OF INVESTMENT PROPERTY INFORMATION The table below presents the partnership’s number of commercial properties, the related fair value, debt obligations, weighted average year of acquisition and weighted average year of construction by asset class as of December 31, 2018 . Dec. 31, 2018 Number of properties Fair value (1) Debt (2) Weighted average year of acquisition Weighted average year of construction (3) (US$ millions, except where noted) Core Office United States 39 $ 14,416 $ 7,398 2004 1985 Canada 24 4,127 1,840 2002 1993 Australia 8 2,342 1,395 2010 2006 Europe 2 137 515 2013 1976 Brazil 2 329 75 2014 2014 75 21,351 11,223 2004 1990 Core Retail 57 17,224 7,713 2018 1977 Opportunistic Office 134 7,861 4,939 2016 1990 Opportunistic Retail 39 3,409 1,970 2016 1982 Logistics 2 183 87 2018 2010 Multifamily 57 4,151 2,857 2012 1987 Triple Net Lease (4) 327 4,812 3,785 2014 1990 Self-storage 95 847 627 2016 1999 Student Housing 49 2,031 1,692 2017 2012 Manufactured Housing 136 2,369 1,239 2017 1974 Mixed-Use (1) 97 11,523 7,525 2018 2006 Total 1,068 75,761 43,657 2013 1989 (1) Excludes development properties and land/parking lots with a fair value of $4,436 million . (2) Excludes debt related to development properties and land in the amount of $487 million , unsecured and corporate facilities of $13,289 million and debt on hospitality assets of $6,223 million . (3) Weighted against the fair value of the properties at December 31, 2018 . (4) Excludes land and parking lots.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2018
Disclosure Of Significant Accounting Policies [Abstract]
Statement of compliance and Basis of presentation	Statement of compliance These consolidated financial statements of the partnership and its subsidiaries have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). The consolidated financial statements were approved and authorized for issue by the Board of Directors of the partnership on February 6, 2019. Basis of presentation These consolidated financial statements have been prepared on a going concern basis and are presented in United States (“U.S.”) Dollars rounded to the nearest million unless otherwise indicated.
Subsidiaries	Subsidiaries The consolidated financial statements include the accounts of the partnership and its subsidiaries over which the partnership has control. Control exists when the partnership has power over its investee, has exposure, or rights, to variable returns from its involvement with the investee and has the ability to use its power over the investee to affect the amount of its returns. The partnership considers all relevant facts and circumstances in assessing whether or not the partnership’s interests in the investee are sufficient to give it power over the investee. Consolidation of a subsidiary begins on the date on which the partnership obtains control over the subsidiary and ceases when the partnership loses control over the subsidiary. Income and expenses of a subsidiary acquired or disposed of during a reporting period are consolidated only for the period when the partnership has control over the subsidiary. Changes in the partnership’s ownership interests in subsidiaries that do not result in loss of control over the subsidiary are accounted for as equity transactions whereby the difference between the amount by which the non-controlling interests are adjusted and the fair value of the consideration paid or received, are recognized directly in equity and attributed to owners of the partnership. All accounts and transactions among the partnership and its subsidiaries are eliminated on consolidation. In cases where a subsidiary reports under a different accounting policy, adjustments are made to the financial statements of the subsidiary to present its financial position and results of operations in accordance with the partnership’s accounting policy. Net income and each component of other comprehensive income are attributed to owners of the partnership and to non-controlling interests. Non-controlling interests in the partnership’s operating subsidiaries and properties, redeemable/exchangeable partnership units of the operating partnership (“Redeemable/Exchangeable Partnership Units”), special limited partnership units of the operating partnership (“Special LP Units”), limited partnership units of Brookfield Office Properties Exchange LP (“Exchange LP Units”) and Class A stock, par value $0.01 per share, of Brookfield Property REIT Inc. (“BPR Units”) are presented separately in equity on the consolidated balance sheets. The Redeemable/Exchangeable Partnership Units, Exchange LP Units and BPR Units have the same economic attributes as LP Units. Accordingly, the net income and components of other comprehensive income allocated to these units are equivalent to that allocated to the LP Units (on a per unit basis). Net income and the components of comprehensive income of the partnership’s operating subsidiaries and properties are generally allocated between the partnership and non-controlling equity holders based on the relative proportion of equity interests. Certain of the partnership’s subsidiaries are subject to profit sharing arrangements with affiliated entities who hold non-controlling interests that result in allocation of income on an other than proportionate basis if specified targets are met. In these circumstances, net income is allocated between the partnership and non-controlling interests based on proportionate equity interest until the attribution of profits under the agreement is no longer subject to adjustment based on future events. In the period that allocation of the subsidiary’s cumulative earnings under the profit sharing arrangement is no longer subject to adjustment, it is reflected as an allocation to non-controlling interest, reducing the amount attributable to unitholders for the period.
Associates and joint ventures	Associates and joint ventures An associate is an entity over which the partnership has significant influence. Significant influence is the power to participate in the financial and operating policy decisions of the investee. The partnership is presumed to have significant influence when it holds 20 percent or more of the voting rights of an investee, unless it can be clearly demonstrated that this is not the case. The partnership does not control its associates. A joint arrangement is an arrangement in which two or more parties have joint control. Joint control is the contractually agreed upon sharing of control where decisions about the relevant activities require the unanimous consent of the parties sharing control. A joint venture is a joint arrangement where the parties that have joint control have rights to the net assets of the arrangement. None of the parties involved have unilateral control of a joint venture. The partnership accounts for its interests in associates and joint ventures using the equity method of accounting. Under the equity method, investment balances in an associate or joint venture are carried on the consolidated balance sheets at initial cost as adjusted for the partnership’s proportionate share of profit or loss and other comprehensive income of the joint venture or associate. When an interest in an associate or joint venture is initially acquired or increases, the partnership determines its share of the net fair value of the identifiable assets and liabilities of the investee that it has acquired, consistent with the procedure performed when acquiring control of a business. Goodwill relating to an associate or joint venture, represented as an excess of the cost of the investment over the net fair value of the partnership’s share of the net fair value of the identifiable assets and liabilities, is included in the carrying amount of the investment. Any excess of the partnership’s share of the net fair value of the associate’s or joint venture’s identifiable assets and liabilities over the cost of the investment results in a gain that is included in the partnership’s share of the associate or joint venture’s profit or loss in the period in which the investment is acquired or increases. The partnership determines at the end of each reporting period whether there exist any indications that an investment may be impaired. If any such indication exists, the partnership estimates the recoverable amount of the asset, which is the higher of (i) fair value less costs to sell and (ii) value in use. Value in use is the present value of the future cash flows expected to be derived from such an investment and may result in a measure which is different from fair value less costs to sell. For equity accounted investments, for which quoted market prices exist, the partnership also considers whether a significant or prolonged decline in the fair value of the equity instrument below its carrying value is also objective evidence of impairment. When the partnership transacts with a joint venture or an associate, any gain or loss is eliminated only to the extent of the partnership’s proportionate share and the remaining amounts are recognized in the partnership’s consolidated financial statements. Outstanding balances between the partnership and jointly controlled entities are not eliminated on the balance sheet.
Joint operations	Joint operations A joint operation is a joint arrangement whereby the parties that have joint control of the arrangement have rights to assets and obligations for liabilities relating to the arrangement. This usually results from direct interests in the assets and liabilities of an investee rather than through the establishment of a separate legal entity. None of the parties involved have unilateral control of a joint operation. The partnership recognizes its assets, its liabilities and its share of revenues and expenses of the joint operations in accordance with the IFRS applicable to the particular assets, liabilities, revenues and expenses. When the partnership sells or contributes assets to a joint operation in which it is a joint operator, the partnership is considered to be conducting transactions with the other parties to the joint operation, and any gain or loss resulting from the transactions is recognized in the partnership’s consolidated financial statements only to the extent of the other parties’ interests in the joint operation. When the partnership purchases an asset from a joint operation in which it is a joint operator, the partnership does not recognize its share of the gain or loss until those assets are resold to a third party.
Foreign currency translation	Foreign currency translation and transactions The U.S. Dollar is the functional currency and presentation currency of the partnership. The functional currency of each of the partnership’s subsidiaries, associates, joint ventures and joint operations is determined based on their primary economic environment, the currency in which funds from financing activities are generated and the currency in which receipts from operating activities are usually retained. Subsidiaries, associates or joint ventures having a functional currency other than the U.S. Dollar translate the carrying amounts of their assets and liabilities when reporting to the partnership at the rate of exchange prevailing as of the balance sheet date, and their revenues and expenses at average exchange rates during the quarterly reporting period. Any gains or losses on foreign currency translation are recognized by the partnership in other comprehensive income. On disposition or partial disposition resulting in the loss of control of a foreign operation (i.e., any subsidiary, associate, or joint arrangement of the partnership with a functional currency other than the U.S. Dollar), the accumulated foreign currency translation relating to that foreign operation is reclassified to fair value gain or loss in net income. On partial disposal of a foreign operation in which control is retained, the proportionate share of the accumulated foreign currency translation relating to that foreign operation is reattributed to the non-controlling interests.
Foreign currency transactions	The partnership’s foreign currency transactions are translated into the functional currency using exchange rates as of the date of the transactions. At the end of each reporting period, foreign currency denominated monetary assets and liabilities are translated to the functional currency using the exchange rate prevailing as of the balance sheet date with any gain or loss recognized in net income, except for those related to monetary liabilities qualified as hedges of the partnership’s investment in foreign operations or intercompany loans with foreign operations for which settlement is neither planned nor likely to occur in the foreseeable future, which are included in other comprehensive income. Non-monetary assets and liabilities measured at fair value are translated at the exchange rate prevailing as of the date when the fair value was determined. Foreign currency denominated non-monetary assets and liabilities, measured at historic cost, are translated at the rate of exchange at the transaction date.
Cash and cash equivalents	Cash and cash equivalents Cash and cash equivalents includes cash on hand and all non-restricted highly liquid investments with original maturities of three months or less.
Investment properties	Investment properties Investment properties consists of commercial properties which are principally held to earn rental income and commercial developments that are being constructed or developed for future use as commercial properties. Investment properties are measured initially at cost, or fair value if acquired in a business combination (see Note 2(o), Business Combinations , for further discussion). The cost of commercial development properties includes direct development costs, realty taxes, borrowing costs directly attributable to the development and administrative costs, e.g., salaries and overhead that are specifically attributable to a development project. The partnership elects the fair value model for all investment properties and measures them at fair value subsequent to initial recognition on the consolidated balance sheet. As a result, it is not necessary to assess the carrying amounts of the investment properties for impairment. Substantially all of the partnership’s investment properties are valued using one of two accepted income approaches, the discounted cash flow approach or the direct capitalization approach. Under the discounted cash flow approach, cash flows for each property are forecast for an assumed holding period, generally, ten years. A capitalization rate is applied to the terminal year net operating income and an appropriate discount rate is applied to those cash flows to determine a value at the reporting date. Under the direct capitalization method, a capitalization rate is applied to estimated stabilized annual net operating income to determine value. In accordance with its policy, the partnership generally measures and records its commercial properties and developments using valuations prepared by management. However, for certain subsidiaries, the partnership relies on quarterly or annual valuations prepared by external valuation professionals. Where an external appraisal is obtained for a property that is valued using a model developed by Management, the partnership compares the results of those external appraisals to our internally prepared values and reconcile significant differences when they arise. Discount and terminal capitalization rates are verified by comparing to market data, third party reports, research material and brokers opinions. Where there has been a recent market transactions for a specific property, such as an acquisition or sale of a partial interest, the partnership values the property on that basis. Borrowing costs associated with direct expenditures on properties under development or redevelopment are capitalized. Borrowing costs are also capitalized on those properties acquired specifically for redevelopment in the short-term where activities necessary to prepare them for redevelopment are in progress. The amount of borrowing costs capitalized is determined first by borrowings specific to a property where relevant, and then by applying a weighted average borrowing cost to eligible expenditures after adjusting for borrowings specific to other developments. Where borrowings are associated with specific developments, the amount capitalized is the gross borrowing costs incurred less any incidental investment income. Borrowing costs are capitalized from the commencement of the development until the date of practical completion. The capitalization of borrowing costs is suspended if there are prolonged periods when development activity is interrupted. The partnership considers practical completion to have occurred when the property is capable of operating in the manner intended by management. Generally this occurs upon completion of construction and receipt of all necessary occupancy and other material permits. Where the partnership has pre-leased space as of or prior to the start of the development and the lease requires the partnership to construct tenant improvements which enhance the value of the property, practical completion is considered to occur on completion of such improvements. Initial direct leasing costs incurred by the partnership in negotiating and arranging tenant leases are included in the cost of investment properties.
Assets held for sale	Assets held for sale Non-current assets and groups of assets and liabilities which comprise disposal groups are presented as assets held for sale where the asset or disposal group is available for immediate sale in its present condition, and the sale is highly probable. For this purpose, a sale is highly probable if management is committed to a plan to achieve the sale; there is an active program to find a buyer; the non-current asset or disposal group is being actively marketed for sale at a price that is reasonable in relation to its current fair value; the sale is anticipated to be completed within one year from the date of classification; and it is unlikely there will be significant changes to the plan or that the plan will be withdrawn. Non-current assets and disposal groups held for sale that are not investment properties are recorded at the lesser of carrying amount and fair value less costs to sell on the consolidated balance sheet. Any gain or loss arising from the change in measurement basis as a result of reclassification is recognized in the profit or loss at the time of reclassification. Investment properties that are held for sale are recorded at fair value determined in accordance with IFRS 13, Fair Value Measurement . Where a component of an entity has been disposed of, or is classified as held for sale, and it represents a separate major line of business or geographical area of operations or is a subsidiary acquired exclusively with a view to resale, the related results of operations and gain or loss on reclassification or disposition are presented in discontinued operations.
Hospitality assets	Hospitality assets The partnership accounts for its investments in hospitality properties as property, plant and equipment under the revaluation model. Hospitality properties are recognized initially at cost, or fair value if acquired in a business combination (see Note 2(o), Business Combinations , for further discussion) and subsequently carried at fair value at the revaluation date less any accumulated impairment and subsequent accumulated depreciation. The partnership depreciates these assets on a straight-line basis over their relevant estimated useful lives. Fair values of hospitality properties are determined using a depreciated replacement cost method based on the age, physical condition and the construction costs of the assets. Fair value estimates for hospitality properties represent the estimated fair value of the property, plant and equipment of the hospitality business only and do not include any associated intangible assets. Revaluations of hospitality properties are performed annually at December 31, the end of the fiscal year. Where the carrying amount of an asset is increased as a result of a revaluation, the increase is recognized in other comprehensive income and accumulated in equity within revaluation surplus, unless the increase reverses a previously recognized revaluation loss recorded through prior period net income, in which case that portion of the increase is recognized in net income. Where the carrying amount of an asset is decreased, the decrease is recognized in other comprehensive income to the extent of any balance existing in revaluation surplus in respect of the asset, with the remainder recognized in net income. Revaluation gains are recognized in other comprehensive income, and are not subsequently recycled into profit or loss. The cumulative revaluation surplus is transferred directly to retained earnings when the asset is derecognized.
Inventory	Inventory Develop-for-sale multifamily projects, residential development lots, homes and residential condominium projects are recorded in inventory. Residential development lots are recorded at the lower of cost, including pre-development expenditures and capitalized borrowing costs, and net realizable value, which the company determines as the estimated selling price of the inventory in the ordinary course of business in its completed state, less estimated expenses, including holding costs, costs to complete and costs to sell.
Fair value measurement	Fair value measurement Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, regardless of whether that price is directly observable or estimated using another valuation technique. In estimating the fair value of an asset or a liability, the partnership takes into account the characteristics of the asset or liability and how market participants would take those characteristics into account when pricing the asset or liability at the measurement date. Inputs to fair value measurement techniques are disaggregated into three hierarchical levels, which are directly based on the degree to which inputs to fair value measurement techniques are observable by market participants: • Level 1 – Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date. • Level 2 – Inputs (other than quoted prices included in Level 1) are either directly or indirectly observable for the asset or liability through correlation with market data at the measurement date and for the duration of the asset’s or liability’s anticipated life. • Level 3 – Inputs are unobservable and reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs in determining the estimate. Fair value measurements are adopted by the partnership to calculate the carrying amounts of various assets and liabilities.
Intangible assets	Intangible assets Intangible assets acquired in a business combination and recognized separately from goodwill are initially recognized at fair value at the acquisition date. The partnership’s intangible assets are comprised primarily of trademarks and licensing agreements. Subsequent to initial recognition, intangible assets with a finite life are measured at cost less accumulated amortization and impairment losses. Amortization is calculated on a straight-line basis over the estimated useful life of the intangible asset and is recognized in net income for the respective reporting period. Intangible assets with an indefinite life are measured at cost as adjusted for subsequent impairment. Impairment tests for intangible assets are performed annually. Impairment losses previously taken may be subsequently reversed in net income of future reporting periods.
Goodwill	Goodwill Goodwill represents the excess of the acquisition price paid for a business combination over the fair value of the net identifiable tangible and intangible assets and liabilities acquired. Upon initial recognition, goodwill is allocated to the cash-generating unit to which it relates. The partnership identifies a cash-generating unit as the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other assets or group of assets. The partnership evaluates the carrying amount of goodwill annually as of December 31 or more often when events or circumstances indicate there may be an impairment. The partnership’s goodwill impairment test is performed at the cash-generating unit level. If assets within a cash-generating unit or the cash-generating unit are impaired, impairments are taken for those assets or the cash-generating unit before any goodwill impairment test is performed. In assessing whether goodwill is impaired, the partnership assesses if the carrying value of a cash-generating unit, including the allocated goodwill, exceeds its recoverable amount determined as the greater of the estimated fair value less costs to sell and the present value of future cash flows expected from the cash-generating unit. Impairment losses recognized first reduce the carrying value of goodwill and any excess is allocated to the carrying amount of assets in the cash-generating unit. Any goodwill impairment is charged to net income in the respective reporting period. Impairment losses on goodwill are not subsequently reversed. On disposal of a subsidiary, any attributable amount of goodwill is included in determination of the gain or loss on disposal.
Financial instruments and hedge accounting, Classification and measurement	Financial instruments and hedge accounting The partnership adopted IFRS 9, Financial Instruments (“IFRS 9”) and the related consequential amendments to other IFRS standards effective January 1, 2018. IFRS 9 introduced new requirements for: 1) The classification and measurement of financial assets and financial liabilities; 2) Impairment of financial assets; and 3) General hedge accounting. The partnership adopted IFRS 9 retrospectively with no restatement of comparatives. The adoption did not result in any material adjustment to the carrying amounts of financial assets, financial liabilities or opening retained earnings. (i) Classification and measurement Financial assets and financial liabilities are recognized in the partnership’s balance sheet when the partnership becomes a party to the contractual provisions of the instrument. Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through profit or loss) are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value through profit or loss are recognized immediately in profit or loss. All recognized financial assets are measured subsequently in their entirety at either amortized cost or fair value, depending on the classification of the financial assets. Debt instruments are subsequently measured at amortized cost where the financial asset is held within a business model whose objective is to hold financial assets in order to collect contractual cash flows and its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. Debt instruments are measured subsequently at fair value through other comprehensive income (FVTOCI) where the financial asset is held within a business model whose objective is achieved by both collecting contractual cash flows and selling the financial assets and its contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. By default, all other financial assets are measured subsequently at fair value through profit or loss (FVTPL). Despite the foregoing, the partnership may make and irrevocable election/designation at initial recognition of a financial asset to present subsequent changes in fair value of an equity investment in other or to designate a debt investment that meets the amortized cost or FVTOCI criteria as measured at FVTPL if doing so eliminates or significantly reduces an accounting mismatch. Debt and equity instruments issued by the partnership are classified as either financial liabilities or as equity in accordance with the substance of the contractual arrangements and the definitions of a financial liability and an equity instrument. Equity instruments issued by the partnership that meet the definition of a financial liability are presented within capital securities on the partnership’s consolidated balance sheets. All financial liabilities are measured subsequently at amortized cost using the effective interest method or at FVTPL. Financial liabilities are measured at FVTPL when they are (i) contingent consideration of an acquirer in a business combination, (ii) held‑for‑trading, or (iii) designated as at FVTPL. A financial liability is classified as held for trading if it has been acquired principally for the purpose of repurchasing it in the near term, or on initial recognition it is part of a portfolio of identified financial instruments that is managed together and has a recent actual pattern of short‑term profit‑taking or it is a derivative, except for a derivative that is a financial guarantee contract or a designated and effective hedging instrument. A financial liability other than a financial liability held for trading or contingent consideration of an acquirer in a business combination may be designated as at FVTPL in limited circumstances specified in IFRS 9. Financial liabilities at FVTPL are measured at fair value, with any gains or losses arising on changes in fair value recognized in profit or loss to the extent that they are not part of a designated hedging relationship. The following table presents the types of financial instruments held by the partnership within each financial instrument classification under IFRS 9: IAS 39 IFRS 9 Classification Measurement basis Classification and measurement basis Financial assets Participating loan interests Loans and receivables Amortized cost FVTPL Loans and notes receivable Loans and receivables Amortized cost Amortized cost Other non-current assets Securities designated as fair value through profit and loss (“FVTPL”) FVTPL Fair value FVTPL Derivative assets FVTPL Fair value FVTPL Securities designated as AFS AFS Fair value FVTOCI Restricted cash Loans and receivables Amortized cost Amortized cost Accounts receivable and other Derivative assets FVTPL Fair value FVTPL Other receivables Loans and receivables Amortized cost Amortized cost Cash and cash equivalents Loans and receivables Amortized cost Amortized cost Financial liabilities Debt obligations Other liabilities Amortized cost Amortized cost Capital securities Other liabilities Amortized cost Amortized cost Capital securities - fund subsidiaries Other liabilities Fair value FVTPL Other non-current liabilities Loan payable FVTPL Fair value FVTPL Other non-current financial liabilities Other liabilities Amortized cost Amortized cost Derivative liabilities FVTPL Fair value FVTPL Accounts payable and other liabilities Other liabilities Amortized cost Amortized cost
Financial instruments and hedge accounting, Impairment of financial instruments	Impairment of financial instruments
Financial instruments and hedge accounting, Derivatives and hedging	Derivatives and hedging
Income taxes	Income taxes The partnership is a flow-through entity for tax purposes and as such is not subject to Bermudian taxation. However, income tax expenses are recognized for taxes payable by holding entities and their direct or indirect corporate subsidiaries. Current income tax assets and liabilities are measured at the amount expected to be paid to tax authorities by the holding entities in respect of the partnership or directly by the partnership’s taxable subsidiaries, net of recoveries, based on the tax rates and laws enacted or substantively enacted at the balance sheet date. Deferred income tax liabilities are provided for using the liability method on temporary differences between the tax basis used in the computation of taxable income and carrying amounts of assets and liabilities in the consolidated financial statements. Deferred income tax assets are recognized for all deductible temporary differences, carry forward of unused tax credits and unused tax losses, to the extent that it is probable that deductions, tax credits and tax losses will be utilized. The carrying amounts of deferred income tax assets are reviewed at each balance sheet date and reduced to the extent it is no longer probable that the income tax asset will be recovered. Deferred income tax assets and liabilities are measured at the tax rates that are expected to apply to the period when the asset is realized or the liability settled, based on the tax rates and laws that have been enacted or substantively enacted at the balance sheet date.
Provisions	Provisions A provision is a liability of uncertain timing or amount. Provisions are recognized when the partnership has a present obligation (legal or constructive) as a result of a past event, it is probable that the partnership will be required to settle the obligation and the amount can be reliably estimated. Provisions are not recognized for future operating losses. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a discount rate that reflects current market assessments of the time value of money and the risks specific to the obligation. Provisions are re-measured at each balance sheet date using the current discount rate. The increase in the provision due to passage of time is recognized as interest expense.
Business combinations	Business combinations The partnership accounts for business combinations in which control is acquired under the acquisition method. When an acquisition is made, the partnership considers the inputs, processes and outputs of the acquiree in assessing whether it meets the definition of a business. Consideration is the aggregate of the fair values, at the date of exchange, of assets transferred, liabilities incurred by the partnership to the former owners, and equity instruments issued in exchange for control of the acquiree. Acquisitions related costs are recognized in net income as incurred. At the acquisition date, the partnership recognizes the identifiable assets acquired and liabilities assumed at their acquisition-date fair values, except for non-current assets classified as held-for-sale, which are recognized at fair value less costs to sell, and deferred tax assets or liabilities, which are measured in accordance with IAS 12, Income Taxes. The partnership also evaluates whether there are intangible assets acquired that have not previously been recognized by the acquiree and recognizes them as identifiable intangible assets. Non-controlling shareholders in the acquiree are initially measured at either fair value or their proportionate share of acquiree’s identifiable assets if the non-controlling interest represents a present ownership interest that entitles its holder to a proportionate share of the acquiree’s net assets. Other components of non-controlling interests in acquires are recognized at fair value. Goodwill is measured as the excess of the sum of the consideration transferred, the amount of any non‑controlling interests in the acquiree, and the fair value of the acquirer’s previously held equity interest in the acquiree (if any) over the acquisition date values of the net assets acquired. If, after reassessment, the value of the net assets acquired exceeds the sum of the consideration transferred, the amount of any non‑controlling interests in the acquiree and the fair value of the acquirer’s previously held interest in the acquiree (if any), the excess is recognized immediately in net income as a bargain purchase gain. Where a business combination is achieved in stages, previously held interests in the acquired entity are re-measured to fair value at the acquisition date, which is the date control is obtained, and the resulting gain or loss, if any, is recognized in net income. Amounts arising from interests in the acquiree prior to the acquisition date that have previously been recognized in other comprehensive income are reclassified to net income. Changes in the partnership’s ownership interest of an investee that do not result in a change of control are accounted for as equity transactions and are recorded as a component of equity. Acquisition costs are recorded as an expense in the reporting period as incurred.
Revenue recognition	Revenue recognition The partnership adopted IFRS 15, R evenue from Contracts with Customers (“IFRS 15”) effective January 1, 2018. IFRS 15 specifies how and when revenue should be recognized as well as requiring more informative and relevant disclosures. The standard also requires additional disclosures about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts. The standard supersedes IAS 18, Revenue, IAS 11, Construction Contracts and a number of revenue-related interpretations. IFRS 15 applies to nearly all contracts with customers: the main exceptions are leases, financial instruments and insurance contracts. The partnership’s revenue from leases are outside the scope of IFRS 15. The partnership’s material revenue streams subject to IFRS 15 are hospitality revenue and non-lease components within lease arrangements arising from the recovery of certain operating expenses from tenants. The adoption of IFRS 15 did not result in any material change to the pattern of revenue recognition by the partnership. The partnership adopted the standard using the modified retrospective approach with no restatement of comparatives and did not record any adjustment upon adoption. The partnership made additional disclosures in Note 24, Commercial Property Revenue , Note 25, Hospitality Revenue and Note 40, Segment Information , as a result of the adoption. Following the adoption of IFRS 15, the partnership has separately disclosed other revenue from tenants in Note 24, Commercial Property Revenue , which consists of non-lease components within lease arrangements arising from the recovery of certain operating expenses from tenants which are accounted for in accordance with IFRS 15. Other revenue from tenants is recognized when the partnership has satisfied its performance obligation by delivering services as agreed upon in the lease agreements to tenants at an amount equal to the component of revenue allocated to such performance obligation. The recognition pattern of hospitality revenue is not impacted upon adoption of IFRS 15. (i) Commercial property revenue Revenue from investment properties is presented within commercial property revenue on the consolidated statements of income. The partnership has retained substantially all of the risks and benefits of ownership of its investment properties and therefore accounts for leases with its tenants as operating leases. Revenue recognition under a lease commences when the tenant has a right to use the leased asset. Generally, this occurs on the lease inception date or, where the partnership is required to make additions to the property in the form of tenant improvements to enhance the value of the property, upon substantial completion of those improvements. The total amount of contractual rents expected from operating leases is recognized on a straight-line basis over the term of the lease, including contractual base rent and subsequent rent increases as a result of rent escalation clauses. A rent receivable, included within the carrying amount of investment properties, is used to record the difference between the rental revenue recorded and the contractual amount received. Rental receivables and related revenue also includes percentage participating rents and recoveries of operating expenses. However, recoveries of operating expenses related to property taxes and insurance are deemed as non-rental revenue. Percentage participating rents are recognized when tenants’ specified sales targets have been met. Operating expense recoveries classified as rental income or non-rental income are recognized in the period that recoverable costs are chargeable to tenants. Where a tenant is legally responsible for operating expenses and pays them directly in accordance with the terms of the lease, the partnership does not recognize the expenses or any related recovery revenue. Following the adoption of IFRS 15, the partnership has separately disclosed other revenue from tenants in Note 24, Commercial Property Revenue , which consists of non-lease components within lease arrangements arising from the recovery of certain operating expenses from tenants which are accounted for in accordance with IFRS 15. (ii) Hospitality revenue Revenue from hospitality properties is presented within hospitality revenue on the consolidated statements of income. Room, food and beverage and other revenues are recognized as services are provided. The partnership recognizes room revenue net of taxes and levies. Advance deposits are deferred and included as a liability until services are provided to the customer. The partnership recognizes net wins from casino gaming activities (the difference between gaming wins and losses) as gaming revenue. The partnership recognizes liabilities for funds deposited by patrons before gaming play occurs and for chips in the patrons’ possession, both of which are included in accounts payable and other liabilities. Revenue and expenses from tour operations include the sale of travel and leisure packages and are recognized on the first day the travel package is in use. (iii) Performance and management fee revenue Fee revenue is presented on the consolidated statements of income within investment and other revenue. Fee revenue is recognized when services are provided and the amount can be estimated reliably.
Unit-based compensation	Unit-based compensation The partnership and its subsidiaries issue unit-based awards to certain employees and non-employee directors of certain subsidiaries. The cost of cash-settled unit-based transactions, comprised of unit options, deferred share units and restricted share units, is measured as the fair value at the grant date and expensed on a proportionate basis over the vesting period. The corresponding accrued liability is measured at each reporting date at fair value with changes in fair value recognized in net income. The cost of equity-settled unit-based transactions, comprised of unit options and restricted units, is determined as the fair value of the award on the grant date. The cost of equity-settled unit-based transactions is recognized as each tranche vests and is recorded within equity.
Redeemable/Exchangeable Partnership Units	Redeemable/Exchangeable Partnership Units The Redeemable/Exchangeable Partnership Units may, at the request of the holder, be redeemed in whole or in part, for cash in an amount equal to the market value of one of the partnership’s LP Units multiplied by the number of units to be redeemed (subject to certain adjustments). This right is subject to the partnership’s right, at its sole discretion, to elect to acquire any unit presented for redemption in exchange for one of the partnership’s LP Units (subject to certain customary adjustments). If the partnership elects not to exchange the Redeemable/Exchangeable Partnership Units for LP Units, Redeemable/Exchangeable Partnership Units are required to be redeemed for cash. The Redeemable/Exchangeable Partnership Units provide the holder the direct economic benefits and exposures to the underlying performance of the operating partnership and accordingly to the variability of the distributions of the operating partnership, whereas the partnership’s unitholders have indirect access to the economic benefits and exposures of the operating partnership through direct ownership interest in the partnership which owned a direct interest in the managing general partnership interest. Accordingly, the Redeemable/Exchangeable Partnership Units have been presented within non-controlling interests on the consolidated balance sheets. The Redeemable/Exchangeable Partnership Units do not entail a contractual obligation on the part of the partnership to deliver cash and can be settled by the partnership, at its sole discretion, by issuing a fixed number of its own equity instruments.
BPR	BPR Units BPR Units may, at the request of the holder, be redeemed in whole or in part, for cash in an amount equal to the market value of one of the partnership’s LP Units multiplied by the number of units to be redeemed (subject to certain adjustments). This right is subject to the partnership’s right, at its sole discretion, to satisfy the redemption request with its LP Units, rather than cash, on a one-for-one basis. The BPR Units provide the holder with direct economic benefits and exposures Brookfield Properties REIT Inc. (“BPR”) and accordingly to the variability of the distributions of BPR. Accordingly, the BPR Units have been presented within non-controlling interests on the consolidated balance sheets. The BPR Units do not entail a contractual obligation on the part of the partnership to deliver cash and can be settled by the partnership, at its sole discretion, by issuing a fixed number of its own equity instruments.
Earnings per limited partnership unit	Earnings per limited partnership unit The partnership calculates basic earnings per unit by dividing net income attributable to limited partners by the weighted average number of LP Units outstanding during the period. As the Redeemable/Exchangeable Partnership Units, Exchange LP Units and BPR Units are allocated net income equivalent to that allocated to LP Units, net income attributable to limited partners is determined based on the weighted average proportionate share of LP Units outstanding compared to the total number of LP Units, Redeemable/Exchangeable Partnership Units, Exchange LP Units and BPR Unit outstanding. The impact of the potential conversion of mandatorily convertible preferred shares, such as the exchangeable preferred equity securities (“Preferred Equity Units”) issued to a third party investor (“the Class A Preferred Unitholder”), is included in the calculation of the weighted average number of LP Units outstanding during the period without an add back to net income attributable to limited partners of the associated carry on such preferred shares. Refer to Note 18, Capital Securities , for further discussion of the Preferred Equity Units. The partnership also calculates diluted earnings per unit by adjusting net income attributable to limited partners and the weighted average number of LP Units outstanding to reflect the impact of dilutive financial instruments. The calculation of diluted earnings per LP Unit of the partnership includes the dilutive impact of securities issued by the partnership’s subsidiaries that are convertible into LP Units of the partnership, as well as options granted to employees pursuant to the BPY Plan.
Critical judgments and estimates in applying accounting policies	Critical judgments and estimates in applying accounting policies The preparation of the partnership’s consolidated financial statements requires management to make critical judgments, estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses that are not readily apparent from other sources, during the reporting period. These estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. Critical judgments and estimates made by management and utilized in the normal course of preparing the partnership’s consolidated financial statements are outlined below. (i) Control In determining whether the partnership has power over an investee, the partnership makes judgments in identifying relevant activities that would significantly affect the returns of an investee, in assessing the partnership’s voting rights or other contractual rights that would give it power to unilaterally make decisions, and in assessing rights held by other stakeholders which might give them decision-making authority. In assessing if the partnership has exposure or rights to variable returns from its involvement with the investee, the partnership makes judgments concerning the variability of the returns from an investee based on the substance of the arrangement, the absolute and relative size of those returns. In determining if the partnership has the ability to use its power to affect its returns in an investee, the partnership makes judgments in assessing whether it is acting as a principal or agent in decision-making and whether another entity with decision-making rights is acting as an agent for the partnership. Where other stakeholders have decision making authority, the partnership makes judgments as to whether its decision-making rights provide it with control, joint control or significant influence over the investee. In addition to the above, the partnership makes judgments in respect of joint arrangements that are carried on through a separate vehicle in determining whether the partnership’s interest represents an interest in the assets and liabilities of the arrangement (a joint operation) or in its net assets (a joint venture). (ii) Attribution of net income Certain of the partnership’s subsidiaries are subject to profit sharing arrangements between the partnership and the non-controlling equity holders. In determining whether the attribution of profits is subject to uncertainty, the partnership makes the judgment in considering a variety of factors, including but not limited to uncertainties arising from future events, timing of anticipated acquisition, disposition and financing activities, as well as past events of similar nature. (iii) Common control transactions The purchase and sale of businesses or subsidiaries between entities under common control fall outside the scope of IFRS and accordingly, management uses judgment when determining a policy to account for such transactions taking into consideration other guidance in the IFRS framework and pronouncements of other standard-setting bodies. (iii) Business combinations Judgment is applied in determining whether an acquisition is a business combination or an asset acquisition by considering the nature of the assets acquired and the processes applied to those assets, or if the integrated set of assets and activities is capable of being conducted and managed for the purpose of providing a return to investors or other owners. Judgment is also applied in identifying acquired assets and assumed liabilities and determining their fair values. (iv) Investment properties In applying relevant accounting policies, judgment is made in determining whether certain costs are additions to the carrying amount of the property, in identifying the point at which practical completion of the development property occurs, and in identifying borrowing costs directly attributable to the carrying amount of the development property. In certain instances, on a case by case basis, the partnership applies judgment in determining whether a significant amount of development activities undertaken would trigger the reclassification of an operating property to a development property. The key valuation assumptions in determining the fair value of investment properties include discount rates and terminal capitalization rates for properties valued using a discounted cash flow model and capitalization rates for properties valued using a direct capitalization approach. Management also uses assumptions and estimates in determining expected future cash flows in discounted cash flow models and stabilized net operating income used in values determined using the direct capitalization approach. Properties under active development are recorded at fair value using a discounted cash flow model which includes estimates in respect of the timing and cost to complete the development. (v) Investments in Australia The partnership has an economic interest in a portfolio of properties in Australia owned by Brookfield Asset Management in the form of participating loan agreements that provide the partnership with an interest in the results of operations and changes in fair values of the properties in the Australian portfolio. These participating loan interests are convertible by the partnership at any time into direct ownership interests in either the properties in the Australian portfolio or the entities that have direct ownership of the property (the “property subsidiaries”). The critical judgments made in the accounting for this investment relate to the partnership’s determination that the economic interests held by the partnership in certain entities within the Australian portfolio represent controlling interests in those entities, the determination of unit of account where related financial instruments have been entered into in contemplation of each other, the recognition of certain amounts paid to the partnership’s parent as financial assets or equity transactions, and the measurement of assets and liabilities recognized as a result of transactions with entities under common control. As a result of these judgments, the partnership has accounted for its interests in certain property subsidiaries as a controlling interest in a subsidiary or an equity accounted interest in a jointly controlled entity. Interests in other properties and entities are accounted for as participating loan notes that give rise to interest income reflecting the results of operations of the underlying property and gain or losses on an embedded derivative that corresponds to the property’s change in fair value. (vi) Assets held for sale The partnership’s accounting policies relating to assets held for sale are described in Note 2(g), Assets Held for Sale . In applying this policy, judgment is applied in determining whether sale of certain assets is highly probable, which is a necessary condition for being presented within assets held for sale. (vii) Revaluation of hospitality assets When determining the carrying amounts under the revaluation method, the partnership uses the following critical assumptions and estimates: estimates of replacement cost and estimates of remaining economic life. (viii) Income taxes In applying relevant accounting policies, judgments are made in determining the probability of whether deductions, tax credits and tax losses can be utilized. In addition, the consolidated financial statements include estimates and assumptions for determining the future tax rates applicable to subsidiaries and identifying the temporary differences that relate to each subsidiary. Deferred income tax assets and liabilities are measured at the tax rates that are expected to apply during the period when the assets are realized or the liabilities settled, using the tax rates and laws enacted or substantively enacted at the consolidated balance sheet dates. The partnership measures deferred income taxes associated with its investment properties based on its specific intention with respect to each asset at the end of the reporting period. Where the partnership has a specific intention to sell a property in the foreseeable future, deferred taxes on the building portion of the investment property are measured based on the tax consequences following from the disposition of the property. Otherwise, deferred taxes are measured on the basis that the carrying value of the investment property will be recovered substantially through use. Judgment is required in determining the manner in which the carrying amount of each investment property will be recovered. The partnership also makes judgments with respect to the taxation of gains inherent in its investments in foreign subsidiaries and joint ventures. While the partnership believes that the recovery of its original investment in these foreign subsidiaries and joint ventures will not result in additional taxes, certain unremitted gains inherent in those entities could be subject to foreign taxes depending on the manner of realization. (ix) Leases In applying its accounting policy for recognition of lease revenue, the partnership makes judgments with respect to whether tenant improvements provided in connection with a lease enhance the value of the leased property, which in turn is used to determine whether these amounts are treated as additions to operating property and the point in time to recognize revenue under the lease. In addition, where a lease allows a tenant to elect to take all or a portion of any unused tenant improvement allowance as a rent abatement, the partnership must exercise judgment in determining the extent to which the allowance represents an inducement that is amortized as a reduction of lease revenue over the term of the lease. The partnership also makes judgments in determining whether certain leases, in particular those tenant leases with long contractual terms where the lessee is the sole tenant in a property and long-term ground leases where the partnership is lessor, are operating or finance leases. The partnership has determined most of its leases are operating leases, with several finance leases that are not material. Where operating costs are paid directly by tenants, the partnership exercises judgment in determining whether those costs are expenses of the partnership or the tenant which impacts the extent to which operating costs recovery revenue is recognized. (x) Financial instruments The critical judgments inherent in the relevant accounting policies relate to the classification of financial assets or financial liabilities, designation of financial instruments as FVTOCI or FVTPL, the assessment of the effectiveness of hedging relationships, the determination of whether the partnership has significant influence over investees with which it has contractual relationships, and the identification of embedded derivatives subject to fair value measurement in certain hybrid instruments. Estimates and assumptions used in determining the fair value of financial instruments are: equity and commodity prices; future interest rates; the credit risk of the partnership and its counterparties; amount and timing of estimated future cash flows; discount rates and volatility utilized in option valuations. The partnership holds other financial instruments that represent equity interests in investment property entities that are measured at fair value as these financial instruments are designated as FVTPL or FVTOCI. Estimation of the fair value of these instruments is also subject to the estimates and assumptions associated with investment properties. The fair value of interest rate caps is determined based on generally accepted pricing models using quoted market interest rates for the appropriate term. Interest rate swaps are valued at the present value of estimated future cash flows and discounted based on applicable yield curves derived from market interest rates. (xi) Indicators of impairment Judgment is applied when determining whether indicators of impairment exist when assessing the carrying values of the partnership’s assets for potential impairment. Consideration is given to a combination of factors, including but not limited to forecasts of revenues and expenses, values derived from publicly traded prices, and projections of market trends and economic environments. Judgment is also applied when quantifying the amount of impairment loss where indicators of impairment exist. (xii) Other critical judgments Other critical judgments utilized in the preparation of the partnership’s consolidated financial statements are: assets’ recoverable amounts; assets’ net realizable values; depreciation and amortization rates and assets’ useful lives; determination of assets held for sale and discontinued operations; impairment of goodwill and intangible assets; the determination of functional currency; the likelihood and timing of anticipated transactions for hedge accounting; and the selection of accounting policies, among others.
FUTURE ACCOUNTING POLICY CHANGES	FUTURE ACCOUNTING POLICY CHANGES The following are accounting policies issued that the partnership expects to adopt in the future: IFRS 16, Leases (“IFRS 16”) IFRS 16 supersedes IAS 17, Leases and related interpretations and is effective for the partnership beginning January 1, 2019. IFRS 16 brings most leases on-balance sheet as right-of-use (“ROU”) assets and lease liabilities for lessees under a single model, eliminating the distinction between operating and finance leases. Lessor accounting, however, remains largely unchanged and the distinction between operating and finance leases is retained. The partnership has participated in strategic planning sessions with its subsidiaries and associates and has developed and implemented an adoption project plan. Using the population of existing contractual arrangements, the partnership has completed its identification of leases that are required to be recognized on the consolidated balance sheet under the new standard. The partnership has preliminarily measured the present value of the future lease payments and the related right-of-use assets to determine the impact on the January 1, 2019 balance sheet. The partnership anticipates adopting the standard under the modified retrospective approach. Any transitional impact will be recorded in equity as of January 1, 2019 and comparative periods are not restated. The partnership expects to apply certain transition reliefs, practical expedients and policy choice options on adoption of the new standard. Based on the current estimates, adoption of IFRS 16 will result in the recognition of lease liabilities for operating leases of $973 million , $812 million of ROU assets that are classified as investment properties and $158 million of ROU assets as property, plant and equipment. The partnership does not anticipate any material transitional impact to equity upon adoption. The partnership is progressing as planned in its adoption project plan. Next steps include finalizing the impact assessment of acquisitions closed immediately prior to December 31, 2018 and to other financial statement line items once the standard has been adopted. The impact of IFRS 16 on the recently acquired business of Forest City Realty Trust (“Forest City”) and a portfolio of student housing in Europe are not reflected in the current estimates above. IFRS 3, Business Combination (“IFRS 3”) In October 2018, the IASB issued an amendment to IFRS 3, effective for annual periods beginning on or after January 1, 2020 with early adoption available. The amendment clarifies the definition of a business and assists companies in determining whether an acquisition is a business combination or an acquisition of a group of assets. The amendment emphasizes that the output of a business is to provide goods and services to customers and also provide supplementary guidance. The partnership will adopt the standard prospectively and is currently evaluating the impact on its consolidated financial statements.
Segment reporting	IFRS 8, Operating Segments, requires operating segments to be determined based on internal reports that are regularly reviewed by the chief operating decision maker (“CODM”) for the purpose of allocating resources to the segment and to assessing its performance. On July 1, 2018, the partnership realigned its LP Investments segment (formerly referred to as Opportunistic) to include the corporate function of the Brookfield-sponsored real estate opportunity funds, previously included in the Corporate segment, to more closely align with how the partnership now presents financial information to the CODM and investors. As of December 31, 2018, the partnership’s operating segments are organized into four reportable segments: i) Core Office, ii) Core Retail, iii) LP Investments and iv) Corporate. All prior period segment disclosures have been recast to reflect the changes in the partnership’s operating segments. These segments are independently and regularly reviewed and managed by the Chief Executive Officer, who is considered the CODM.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2018
Disclosure Of Significant Accounting Policies [Abstract]
Disclosure of detailed information about financial instruments	IAS 39 IFRS 9 Classification Measurement basis Classification and measurement basis Financial assets Participating loan interests Loans and receivables Amortized cost FVTPL Loans and notes receivable Loans and receivables Amortized cost Amortized cost Other non-current assets Securities designated as fair value through profit and loss (“FVTPL”) FVTPL Fair value FVTPL Derivative assets FVTPL Fair value FVTPL Securities designated as AFS AFS Fair value FVTOCI Restricted cash Loans and receivables Amortized cost Amortized cost Accounts receivable and other Derivative assets FVTPL Fair value FVTPL Other receivables Loans and receivables Amortized cost Amortized cost Cash and cash equivalents Loans and receivables Amortized cost Amortized cost Financial liabilities Debt obligations Other liabilities Amortized cost Amortized cost Capital securities Other liabilities Amortized cost Amortized cost Capital securities - fund subsidiaries Other liabilities Fair value FVTPL Other non-current liabilities Loan payable FVTPL Fair value FVTPL Other non-current financial liabilities Other liabilities Amortized cost Amortized cost Derivative liabilities FVTPL Fair value FVTPL Accounts payable and other liabilities Other liabilities Amortized cost Amortized cost

ACQUISITION OF GGP INC. (Tables

ACQUISITION OF GGP INC. (Tables)	12 Months Ended
	Dec. 31, 2018
Business Combinations1 [Abstract]
Disclosure of detailed information about business combinations	The following table summarizes the provisional amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed in addition to the consideration paid and transaction costs incurred: (US$ Millions) GGP Investment properties $ 17,991 Equity accounted investments 10,829 Property, plant and equipment 56 Accounts receivable and other 592 Cash and cash equivalents 424 Total assets 29,892 Less: Debt obligations (13,147 ) Accounts payable and other (691 ) Deferred tax liabilities (11 ) Non-controlling interests (1) (1,882 ) Net assets acquired $ 14,161 Consideration (2) $ 13,240 Transaction costs 32 (1) Includes non-controlling interests in a subsidiary of BPR measured as the proportionate share of the fair value of the entity’s net assets on the date of acquisition. (2) Includes the acquisition date fair value of the partnership’s previously held equity interest in GGP of $7,843 million . The following table summarizes the impact of business combinations during the year ended December 31, 2017 : (US$ Millions) Manufactured Housing (3) TA Office (3) One Post Street (3) Student Housing (3) Mumbai Office Portfolio (3) Houston Center (3) Toronto Hotel (3) Towers 2 nd(3) Other Total Investment properties $ 2,107 $ 235 $ 245 $ 392 $ 679 $ 825 $ — $ 128 $ 1,014 $ 5,625 Property, plant and equipment — — — — — — 281 — — 281 Accounts receivable and other 79 5 — — 12 22 4 — 14 136 Cash and cash equivalents 16 — 4 — 11 — — 2 5 38 Intangible assets — — — — — — — — — — Total assets 2,202 240 249 392 702 847 285 130 1,033 6,080 Less: Non-recourse borrowings (1,261 ) — — — (511 ) — — — — (1,772 ) Accounts payable and other (36 ) (13 ) (2 ) (7 ) (44 ) (28 ) — (3 ) (3 ) (136 ) Deferred income tax liabilities — — — — (45 ) — — — — (45 ) Non-controlling interests (1) (30 ) — (94 ) — — — — — — (124 ) Net assets acquired $ 875 $ 227 $ 153 $ 385 $ 102 $ 819 $ 285 $ 127 $ 1,030 $ 4,003 Consideration (2) $ 768 $ 214 $ 153 $ 358 $ 102 $ 819 $ 270 $ 127 $ 1,022 $ 3,833 Transaction costs $ 16 $ 3 $ — $ 6 $ — $ 5 $ 11 $ — $ 22 $ 63 (1) Includes non-controlling interests recognized on business combinations measured as the proportionate share of the fair value of the assets, liabilities and contingent liabilities on the date of acquisition. (2) Includes consideration paid with funds received from issuance of non-controlling interests to certain institutional investors in funds sponsored by Brookfield Asset Management. (3) The partnership has completed the purchase price allocation for the acquisition. No material changes were made to the provisional purchase price allocation. The following table summarizes the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed in addition to the consideration and transaction costs incurred: (US$ Millions) Extended- Stay Hotel Portfolio UK Student Housing IV 666 Fifth Avenue (3) Forest City (4) Other Total Date of acquisition 2/1/2018 2/1/2018 8/3/2018 12/7/2018 Various Investment properties $ — $ 742 $ 1,292 $ 9,397 $ 3,846 $ 15,277 Property, plant and equipment 768 2 — — 922 1,692 Equity accounted investments 5 — — 1,467 79 1,551 Goodwill — — — — 96 96 Intangible assets — — — — 54 54 Accounts receivable and other 2 53 11 1,049 944 2,059 Cash and cash equivalents 2 18 — 451 168 639 Total assets 777 815 1,303 12,364 6,109 21,368 Less: Debt obligations — — — (3,664 ) (1,504 ) (5,168 ) Accounts payable and other (13 ) (63 ) (4 ) (1,119 ) (283 ) (1,482 ) Deferred tax liabilities — — — — (47 ) (47 ) Non-controlling interests (1) — — — (633 ) (88 ) (721 ) Net assets acquired $ 764 $ 752 $ 1,299 $ 6,948 $ 4,187 $ 13,950 Consideration (2) $ 764 $ 752 $ 1,299 $ 6,948 $ 3,948 $ 13,711 Transaction costs $ 9 $ 7 $ 44 $ 202 $ 67 $ 329 (1) Includes non-controlling interests recognized on business combinations measured as the proportionate share of the fair value of the assets, liabilities and contingent liabilities on the date of acquisition. (2) Includes consideration paid with funds received from issuance of non-controlling interests to certain institutional investors in funds sponsored by Brookfield Asset Management. (3) The valuation of the investment property and certain liabilities was still under evaluation by the partnership. Accordingly, this business combination has been accounted for on a provisional basis. (4) The valuation of the investment property, equity accounted investments, debt obligation, working capital and non-controlling interests assumed was still under evaluation by the partnership. Accordingly, this business combination has been accounted for on a provisional basis.

ACQUISITIONS AND BUSINESS COM_2

ACQUISITIONS AND BUSINESS COMBINATIONS (Tables)	12 Months Ended
	Dec. 31, 2018
Business Combinations1 [Abstract]
Disclosure of detailed information about business combinations	The following table summarizes the provisional amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed in addition to the consideration paid and transaction costs incurred: (US$ Millions) GGP Investment properties $ 17,991 Equity accounted investments 10,829 Property, plant and equipment 56 Accounts receivable and other 592 Cash and cash equivalents 424 Total assets 29,892 Less: Debt obligations (13,147 ) Accounts payable and other (691 ) Deferred tax liabilities (11 ) Non-controlling interests (1) (1,882 ) Net assets acquired $ 14,161 Consideration (2) $ 13,240 Transaction costs 32 (1) Includes non-controlling interests in a subsidiary of BPR measured as the proportionate share of the fair value of the entity’s net assets on the date of acquisition. (2) Includes the acquisition date fair value of the partnership’s previously held equity interest in GGP of $7,843 million . The following table summarizes the impact of business combinations during the year ended December 31, 2017 : (US$ Millions) Manufactured Housing (3) TA Office (3) One Post Street (3) Student Housing (3) Mumbai Office Portfolio (3) Houston Center (3) Toronto Hotel (3) Towers 2 nd(3) Other Total Investment properties $ 2,107 $ 235 $ 245 $ 392 $ 679 $ 825 $ — $ 128 $ 1,014 $ 5,625 Property, plant and equipment — — — — — — 281 — — 281 Accounts receivable and other 79 5 — — 12 22 4 — 14 136 Cash and cash equivalents 16 — 4 — 11 — — 2 5 38 Intangible assets — — — — — — — — — — Total assets 2,202 240 249 392 702 847 285 130 1,033 6,080 Less: Non-recourse borrowings (1,261 ) — — — (511 ) — — — — (1,772 ) Accounts payable and other (36 ) (13 ) (2 ) (7 ) (44 ) (28 ) — (3 ) (3 ) (136 ) Deferred income tax liabilities — — — — (45 ) — — — — (45 ) Non-controlling interests (1) (30 ) — (94 ) — — — — — — (124 ) Net assets acquired $ 875 $ 227 $ 153 $ 385 $ 102 $ 819 $ 285 $ 127 $ 1,030 $ 4,003 Consideration (2) $ 768 $ 214 $ 153 $ 358 $ 102 $ 819 $ 270 $ 127 $ 1,022 $ 3,833 Transaction costs $ 16 $ 3 $ — $ 6 $ — $ 5 $ 11 $ — $ 22 $ 63 (1) Includes non-controlling interests recognized on business combinations measured as the proportionate share of the fair value of the assets, liabilities and contingent liabilities on the date of acquisition. (2) Includes consideration paid with funds received from issuance of non-controlling interests to certain institutional investors in funds sponsored by Brookfield Asset Management. (3) The partnership has completed the purchase price allocation for the acquisition. No material changes were made to the provisional purchase price allocation. The following table summarizes the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed in addition to the consideration and transaction costs incurred: (US$ Millions) Extended- Stay Hotel Portfolio UK Student Housing IV 666 Fifth Avenue (3) Forest City (4) Other Total Date of acquisition 2/1/2018 2/1/2018 8/3/2018 12/7/2018 Various Investment properties $ — $ 742 $ 1,292 $ 9,397 $ 3,846 $ 15,277 Property, plant and equipment 768 2 — — 922 1,692 Equity accounted investments 5 — — 1,467 79 1,551 Goodwill — — — — 96 96 Intangible assets — — — — 54 54 Accounts receivable and other 2 53 11 1,049 944 2,059 Cash and cash equivalents 2 18 — 451 168 639 Total assets 777 815 1,303 12,364 6,109 21,368 Less: Debt obligations — — — (3,664 ) (1,504 ) (5,168 ) Accounts payable and other (13 ) (63 ) (4 ) (1,119 ) (283 ) (1,482 ) Deferred tax liabilities — — — — (47 ) (47 ) Non-controlling interests (1) — — — (633 ) (88 ) (721 ) Net assets acquired $ 764 $ 752 $ 1,299 $ 6,948 $ 4,187 $ 13,950 Consideration (2) $ 764 $ 752 $ 1,299 $ 6,948 $ 3,948 $ 13,711 Transaction costs $ 9 $ 7 $ 44 $ 202 $ 67 $ 329 (1) Includes non-controlling interests recognized on business combinations measured as the proportionate share of the fair value of the assets, liabilities and contingent liabilities on the date of acquisition. (2) Includes consideration paid with funds received from issuance of non-controlling interests to certain institutional investors in funds sponsored by Brookfield Asset Management. (3) The valuation of the investment property and certain liabilities was still under evaluation by the partnership. Accordingly, this business combination has been accounted for on a provisional basis. (4) The valuation of the investment property, equity accounted investments, debt obligation, working capital and non-controlling interests assumed was still under evaluation by the partnership. Accordingly, this business combination has been accounted for on a provisional basis.

INVESTMENT PROPERTIES (Tables)

INVESTMENT PROPERTIES (Tables)	12 Months Ended
	Dec. 31, 2018
Investment property [abstract]
Schedule of roll forward of investment property balances	The following table presents a roll forward of investment property balances for the years ended December 31, 2018 and 2017 : Year ended Dec. 31, 2018 Year ended Dec. 31, 2017 (US$ Millions) Commercial properties Commercial developments Total Commercial properties Commercial developments Total Balance, beginning of year $ 48,780 $ 2,577 $ 51,357 $ 45,699 $ 3,085 $ 48,784 Changes resulting from: Property acquisitions (1) 31,783 1,658 33,441 5,545 107 5,652 Capital expenditures 1,098 1,185 2,283 905 990 1,895 Property dispositions (2) (4,115 ) (451 ) (4,566 ) (1,240 ) (675 ) (1,915 ) Fair value gains, net 784 462 1,246 347 202 549 Foreign currency translation (1,387 ) (121 ) (1,508 ) 1,121 159 1,280 Transfers between commercial properties and commercial developments 1,123 (1,123 ) — 1,038 (1,038 ) — Reclassifications of assets held for sale and other changes (3) (2,052 ) (5 ) (2,057 ) (4,635 ) (253 ) (4,888 ) Balance, end of year $ 76,014 $ 4,182 $ 80,196 $ 48,780 $ 2,577 $ 51,357 (1) Includes the commercial properties and developments acquired through business combinations. See Note 4, Acquisition of GGP Inc., and Note 5, Acquisitions and Business Combinations, for further information. (2) Property dispositions represent the carrying value on date of sale. (3) The partnership’s interest in a portfolio of self storage assets across the U.S. was reclassified to assets held for sale in the second quarter of 2018 and sold in the third quarter of 2018. The partnership’s interest in Queens Quay Terminal in Toronto and Jeans Edwards Tower in Ottawa were reclassified to assets held for sale in the second quarter of 2018 and sold in the fourth quarter of 2018. The partnership’s interest in 20 Canada Square in London was reclassified to assets held for sale in the second quarter of 2017 and sold in the third quarter of 2017. In the third quarter of 2017, the partnership’s industrial portfolio in Europe was reclassified to assets held for sale and sold in the fourth quarter of 2017. In the fourth quarter of 2017, the partnership sold 49% of its interest in One Liberty Plaza and reclassified the remaining 51% interest to equity accounted investments. The partnership also reclassified 50% of its interest in Bay Adelaide Centre in Toronto to assets held for sale in the fourth quarter of 2017. This also includes the reclassification of our Brazil Retail investment from commercial properties to equity accounted investments as a result of the partnership entering into an amended management agreement with its co-investors in the second quarter of 2017 which resulted in the loss of control over the venture.
Schedule of key valuation metrics for investment properties	The key valuation metrics for the partnership’s consolidated commercial properties are set forth in the following tables below on a weighted-average basis: Dec. 31, 2018 Dec. 31, 2017 Consolidated properties Primary valuation method Discount rate Terminal capitalization rate Investment horizon (yrs.) Discount Terminal Investment Core Office United States Discounted cash flow 6.9 % 5.6 % 12 7.0 % 5.8 % 13 Canada Discounted cash flow 6.0 % 5.4 % 10 6.1 % 5.5 % 10 Australia Discounted cash flow 7.0 % 6.2 % 10 7.0 % 6.1 % 10 Brazil Discounted cash flow 9.6 % 7.7 % 6 9.7 % 7.6 % 7 Core Retail (1) Discounted cash flow 7.1 % 6.0 % 12 — % — % — LP Investments Office (2) Discounted cash flow 10.2 % 7.0 % 6 10.2 % 7.5 % 7 LP Investments Retail Discounted cash flow 8.9 % 7.8 % 9 9.0 % 8.0 % 10 Logistics Discounted cash flow 9.3 % 8.3 % 10 6.8 % 6.2 % 10 Mixed-use (2) Discounted cash flow 7.8 % 5.4 % 10 8.4 % 5.3 % 10 Multifamily (3) Direct capitalization 4.8 % n/a n/a 4.8 % n/a n/a Triple Net Lease (3) Direct capitalization 6.3 % n/a n/a 6.4 % n/a n/a Self-storage (3) Direct capitalization 5.7 % n/a n/a 5.8 % n/a n/a Student Housing (3) Direct capitalization 5.6 % n/a n/a 5.8 % n/a n/a Manufactured Housing (3) Direct capitalization 5.4 % n/a n/a 5.8 % n/a n/a (1) The partnership obtained control of GGP during the third quarter of 2018 following the acquisition of the common shares not held by the partnership. Subsequent to this transaction, the partnership is consolidating the financial results of GGP. Please see Note 4, Acquisition of GGP Inc., for further information. (2) In the third quarter of 2018, the valuation metrics for International Finance Center Seoul (“IFC”) are reported under the mixed-use sector. The valuation metrics for LP Investments-Office have been updated for both periods presented. (3) The valuation method used to value multifamily, triple net lease, self-storage, student housing, and manufactured housing properties is the direct capitalization method. The rates presented as the discount rate relate to the overall implied capitalization rate. The terminal capitalization rate and investment horizon are not applicable. The following table presents the valuation techniques and inputs of the partnership’s Level 2 assets and liabilities: Type of asset/liability Valuation technique Foreign currency forward contracts Discounted cash flow model - forward exchange rates (from observable forward exchange rates at the end of the reporting period) and discounted at a credit adjusted rate Interest rate contracts Discounted cash flow model - forward interest rates (from observable yield curves) and applicable credit spreads discounted at a credit adjusted rate The table below presents the valuation techniques and inputs of Level 3 assets: Type of asset/liability Valuation techniques Significant unobservable input(s) Relationship of unobservable input(s) to fair value Participating loan interests Discounted cash flow model (a) Discount rate (b) Terminal capitalization rate (a) Decreases (increases) in the discount rate would increase (decrease) fair value (b) Increases (decreases) in the terminal capitalization rate would (decrease) increase fair value Securities - FVTPL/FVTOCI Net asset valuation (a) Forward exchange rates (from observable forward exchange rates at the end of the reporting period) (b) Discount rate (a) Increases (decreases) in the forward exchange rate would increase (decrease) fair value (b) Decreases (increases) in the discount rate would increase (decrease) fair value
Schedule of investment properties measured at fair value	The following table presents the partnership’s investment properties measured at fair value in the consolidated financial statements and the level of the inputs used to determine those fair values in the context of the hierarchy as defined in Note 2(i) above. Dec. 31, 2018 Dec. 31, 2017 Level 3 Level 3 (US$ Millions) Level 1 Level 2 Commercial properties Commercial developments Level 1 Level 2 Commercial properties Commercial developments Core Office United States $ — $ — $ 14,415 $ 822 $ — $ — $ 14,259 $ 568 Canada — — 4,127 118 — — 4,493 104 Australia — — 2,342 49 — — 2,472 8 Europe — — 137 1,194 — — 120 920 Brazil — — 329 — — — 327 — Core Retail (1) — — 17,224 383 — — — — LP Investments LP Investments Office (2) — — 7,861 577 — — 6,044 231 LP Investments Retail — — 3,408 6 — — 3,406 6 Logistics — — 183 — — — 1,409 533 Multifamily — — 4,151 — — — 3,925 — Triple Net Lease — — 5,067 — — — 4,804 — Self-storage — — 847 84 — — 1,796 58 Student Housing — — 2,031 386 — — 1,204 149 Manufactured Housing — — 2,369 — — — 2,206 — Mixed-Use (2) — — 11,523 563 — — 2,315 — Total $ — $ — $ 76,014 $ 4,182 $ — $ — $ 48,780 $ 2,577 (1) The partnership obtained control of GGP during the third quarter of 2018 following the acquisition of the common shares not previously held by the partnership. Subsequent to this transaction, the partnership is consolidating the financial results of GGP. Please see Note 4, Acquisition of GGP Inc., for further information. (2) During the third quarter of 2018, the commercial properties for IFC are reported under the mixed-use sector. The valuation metrics for LP Investments- Office have been updated for both periods presented. The following table presents a sensitivity analysis to the impact of a 25 basis point movement of the discount rate and terminal capitalization or overall implied capitalization rate on fair values of the partnership’s commercial properties for December 31, 2018 , for properties valued using the discounted cash flow or direct capitalization method, respectively: Dec. 31, 2018 (US$ Millions) Impact on fair value of commercial properties Core Office United States $ 837 Canada 329 Australia 181 Brazil 10 Core Retail 612 LP Investments LP Investments Office 398 LP Investments Retail 143 Logistics 8 Mixed-use 140 Multifamily 207 Triple Net Lease 176 Self-storage 30 Student Housing 82 Manufactured Housing 104 Total $ 3,257 The following table outlines financial assets and liabilities measured at fair value in the financial statements and the level of the inputs used to determine those fair values in the context of the hierarchy as defined above: Dec. 31, 2018 Dec. 31, 2017 Under IFRS 9 Under IAS 39 (US$ Millions) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Financial assets Participating loan interests — — 268 268 $ — $ — $ 209 $ 209 Securities designated as FVTPL — — 239 239 — — 174 174 Securities designated as FVTOCI — — 260 260 — — 150 150 Derivative assets — 247 — 247 — 85 — 85 Total financial assets — 247 767 1,014 $ — $ 85 $ 533 $ 618 Financial liabilities Capital securities - fund subsidiaries — — 813 813 $ — $ — $ 813 $ 813 Derivative liabilities — 340 — 340 — 559 — 559 Loan payable — — 24 24 — — 23 23 Total financial liabilities — 340 837 1,177 $ — $ 559 $ 836 $ 1,395 The following table presents the change in the balance of financial assets and financial liabilities classified as Level 3 as of December 31, 2018 and 2017 : Dec. 31, 2018 Dec. 31, 2017 Under IFRS 9 Under IAS 39 (US$ Millions) Financial assets Financial liabilities Financial assets Financial liabilities Balance, beginning of year 835 836 $ 1,605 $ 821 Additions 201 — 144 49 Dispositions/ Warrant exercise (1) (7 ) (2 ) (986 ) (4 ) Fair value gains, net and OCI (14 ) 4 (216 ) (30 ) Other (248 ) — (14 ) — Balance, end of year 767 838 $ 533 $ 836 (1) In the fourth quarter of 2017, the partnership exercised all of its outstanding warrants of GGP. See Note 8, Equity Accounted Investments, for more information.

INVESTMENTS IN SUBSIDIARIES (Ta

INVESTMENTS IN SUBSIDIARIES (Tables)	12 Months Ended
	Dec. 31, 2018
Interests In Other Entities [Abstract]
Schedule of interests in subsidiaries	The table below shows details of non-wholly owned subsidiaries of the partnership that have material non-controlling interests: Jurisdiction of formation Proportion of economic interests held by non- controlling interests Non-controlling interests: Interests of others in operating subsidiaries and properties (US$ Millions) Dec. 31, 2018 Dec. 31, 2017 Dec. 31, 2018 Dec. 31, 2017 BPO (1) Canada — % — % $ 4,757 $ 2,982 Forest City Realty Trust, Inc. (2)(3) United States 85 % — % 3,437 — BPR Retail Holdings LLC (4)(5) United States — % — % 1,773 — BSREP CARS Sub-Pooling LLC (2) United States 71 % 71 % 957 918 Center Parcs UK (2) United Kingdom 73 % 73 % 863 869 BSREP II Korea Office Holdings Pte. Ltd. South Korea 78 % 78 % 766 706 BSREP II MH Holdings LLC (2) United States 74 % 74 % 700 593 BSREP II PBSA Ltd. Bermuda 75 % 74 % 687 501 BSREP India Office Holdings Pte. Ltd. United States 67 % 67 % 612 424 BSREP II Aries Pooling LLC (2) United States 74 % 74 % 603 652 BSREP II Retail Upper Pooling LLC (2) United States 50 % 50 % 552 670 BSREP UA Holdings LLC (2) Cayman Islands 70 % 70 % 507 487 Other Various 18% - 92% 18% - 76% 2,242 4,136 Total $ 18,456 $ 12,938 (1) Includes non-controlling interests in BPO subsidiaries which vary from 1% - 100% . (2) Includes non-controlling interests representing interests held by other investors in Brookfield-sponsored real estate funds and holding entities through which the partnership participates in such funds. Also includes non-controlling interests in underlying operating entities owned by these funds. (3) Includes non-controlling interests in recently acquired Forest City portfolio. See Note 5, Acquisitions and Business Combinations, for further information (4) The partnership obtained control of GGP during the third quarter of 2018 following the acquisition of the common shares not previously held by the partnership. Subsequent to this transaction, the partnership is consolidating the financial results of GGP, including its interests in properties held through joint ventures. The partnership’s 34% interest in GGP prior to the acquisition was deconsolidated. Please see Note 4, Acquisition of GGP Inc., for further information. The partnership controls BPR as it held 91% of the voting stock of BPR through its 100% ownership of the BPR Class B and Class C shares. The balance of the voting rights in respect of BPR are held by the holders of the BPR Units. The following table presents the partnership’s material subsidiaries as of December 31, 2018 and 2017 : Jurisdiction of formation Economic interest Voting interest Dec. 31, 2018 Dec. 31, 2017 Dec. 31, 2018 Dec. 31, 2017 Subsidiary of the partnership Brookfield Property L.P .(1) Bermuda 49 % 37 % 100 % 100 % Holding entities of the operating partnership BPY Bermuda IV Holdings L.P. Delaware 100 % 100 % 100 % 100 % Brookfield BPY Retail Holdings II Inc. Ontario 100 % 100 % 100 % 100 % BPY Bermuda Holdings Limited Bermuda 100 % 100 % 100 % 100 % BPY Bermuda Holdings II Limited Bermuda 100 % 100 % 100 % 100 % Brookfield BPY Holdings Inc. Ontario 100 % 100 % 100 % 100 % BPY Bermuda Holdings IV Limited Bermuda 100 % 100 % 100 % 100 % BPY Bermuda Holdings 1A Limited Bermuda 100 % 100 % 100 % 100 % BPY Bermuda Holdings V Limited Bermuda 100 % 100 % 100 % 100 % BPY Bermuda Holdings VI Limited Bermuda 100 % 100 % 100 % 100 % Real estate subsidiaries of the holding entities Brookfield Office Properties Inc. (“BPO”) Canada 100 % 100 % 100 % 100 % Brookfield BPY Holdings (Australia) ULC (2) Canada 100 % 100 % — % — % Forest City Realty Trust, Inc. (4) United States 15 % — % — % — % BPR Retail Holdings LLC (5) United States 100 % — % 91 % — % BSREP CARS Sub-Pooling LLC (3) United States 29 % 29 % — % — % Center Parcs UK (3) United Kingdom 27 % 27 % — % — % BSREP II Aries Pooling LLC (3) United States 26 % 26 % — % — % BSREP UA Holdings LLC (3) Cayman Islands 30 % 30 % — % — % BSREP India Office Holdings Pte. Ltd. (3) United States 33 % 33 % — % — % BSREP II Retail Upper Pooling LLC (3) United States 50 % 50 % 33 % 33 % BSREP II Korea Office Holdings Pte. Ltd. (3) South Korea 22 % 22 % — % — % BSREP II PBSA Ltd. (3) Bermuda 25 % 26 % — % — % BSREP II MH Holdings LLC (3) United States 26 % 26 % — % — % (1) BPY holds all managing general partner units of the operating partnership and therefore has the power to direct the relevant activities and affairs of the operating partnership. The managing general partner units represent 49% and 37% of the total number of the operating partnership’s units at December 31, 2018 and 2017 , respectively. (2) This entity holds economic interest in certain of its Australian properties not held through BPO. This economic interest is held in the form of participating loan agreements with Brookfield Asset Management. (3) The partnership holds its economic interest in these assets primarily through limited partnership interests in Brookfield-sponsored real estate funds. By their nature, limited partnership interests do not have any voting rights. The partnership has entered into voting agreements to provide the partnership with the ability to contractually direct the relevant activities of the investees. (4) Includes non-controlling interests in recently acquired Forest City portfolio. See Note 5, Acquisitions and Business Combinations, for further information. (5) The partnership obtained control of GGP during the third quarter of 2018 following the acquisition of the common shares not previously held by the partnership. Subsequent to this transaction, the partnership is consolidating the financial results of GGP, including its interests in properties held through joint ventures. The partnership’s 34% interest in GGP prior to the acquisition was deconsolidated. Please see Note 4, Acquisition of GGP Inc., for further information. The partnership controls BPR as it held 91% of the voting stock of BPR through its 100% ownership of the BPR Class B and Class C shares. The balance of the voting rights in respect of BPR are held by the holders of the BPR Units. Summarized financial information in respect of each of the partnership’s subsidiaries that have material non-controlling interests is set out below. The summarized financial information below represents amounts before intercompany eliminations. Dec. 31, 2018 Equity attributable to (US$ Millions) Current assets Non-current assets Current liabilities Non-current liabilities Non- controlling interests Owners of the entity BPO 1,391 38,895 5,216 16,521 4,928 13,621 Forest City 1,029 11,246 602 7,741 3,437 495 BPR Retail Holdings LLC 478 29,197 507 13,241 1,773 14,154 BSREP CARS Sub-Pooling LLC 38 5,074 42 3,776 957 337 Center Parcs UK 191 4,110 242 2,869 863 327 BSREP II Korea Office Holdings Pte. Ltd. 87 2,986 56 2,030 766 221 BSREP II MH Holdings LLC 42 2,438 39 1,515 700 226 BSREP II PBSA Ltd. 72 2,196 428 918 687 235 BSREP India Office Holdings Pte. Ltd. 44 2,044 183 996 612 297 BSREP II Aries Pooling LLC 95 2,246 330 1,202 603 206 BSREP II Retail Upper Pooling LLC 88 2,956 970 976 552 546 BSREP UA Holdings LLC 51 1,583 28 880 507 219 Total 3,606 104,971 8,643 52,665 16,385 30,884 Dec. 31, 2017 Equity attributable to (US$ Millions) Current assets Non-current assets Current liabilities Non-current liabilities Non- controlling interests Owners of the entity BPO 1,432 43,993 13,675 15,944 3,153 12,653 BSREP CARS Sub-Pooling LLC 70 4,811 4 3,637 918 322 Center Parcs UK 103 4,107 228 2,786 869 327 BSREP Industrial Pooling Subsidiary L.P. (1) 111 2,271 123 1,051 878 330 BSREP II Korea Office Holdings Pte. Ltd. 72 2,948 42 2,071 706 201 BSREP II Aries Pooling LLC 57 2,321 47 1,455 652 224 BSREP II Retail Upper Pooling LLC 68 3,321 998 1,066 670 655 BSREP II MH Holdings LLC 34 2,280 30 1,499 593 192 Brookfield Strategic Real Estate Partners II Storage REIT LLC (2) 45 1,871 22 1,144 564 186 BSREP II PBSA Ltd. 61 1,367 121 633 501 173 BSREP UA Holdings LLC 49 1,564 32 885 487 209 BREF ONE, LLC (2) 264 2,332 534 1,338 483 241 BSREP II Brazil Pooling LLC (2) 26 1,261 12 578 472 225 BSREP India Office Holdings Pte. Ltd. 38 1,659 103 963 424 207 BSREP Europe Holdings L.P. (2) 95 — 12 — 55 28 Total 2,525 76,106 15,983 35,050 11,425 16,173 (1) In the fourth quarter of 2018, the partnership sold its U.S. logistics portfolio. (2) In the current year ended December 31, 2018, these entities are presented within Other non-controlling interest as the non-controlling interests are not material. Year ended Dec. 31, 2018 Attributable to non-controlling interests Attributable to owners of the partnership (US$ Millions) Revenue Net income (loss) Total compre-hensive income Distributions Net income (loss) Total compre-hensive income BPO $ 2,159 $ 245 $ 240 $ 35 $ 147 $ 194 Forest City 65 (153 ) (153 ) 21 (27 ) (27 ) BPR Retail Holdings LLC 584 34 34 (1 ) 457 447 BSREP CARS Sub-Pooling LLC 311 105 99 54 37 34 Center Parcs UK 644 87 50 55 33 19 BSREP II Korea Office Holdings Pte. Ltd. 211 96 69 8 28 20 BSREP II MH Holdings LLC 248 132 132 8 42 42 BSREP II PBSA Ltd. 131 68 20 — 23 7 BSREP India Office Holdings Pte. Ltd. 176 245 209 11 119 102 BSREP II Aries Pooling LLC 190 51 52 69 18 18 BSREP II Retail Upper Pooling LLC 302 (190 ) (191 ) 1 (189 ) (190 ) BSREP UA Holdings LLC 128 20 20 — 9 9 Total $ 5,149 $ 740 $ 581 $ 261 $ 697 $ 675 Year ended Dec. 31, 2017 Attributable to non-controlling interests Attributable to owners of the partnership (US$ Millions) Revenue Net income (loss) Total compre-hensive income Distributions Net Total compre-hensive income BPO $ 2,224 $ 120 $ 139 $ 9 $ (718 ) $ (672 ) BSREP CARS Sub-Pooling LLC 311 87 85 377 30 29 Center Parcs UK 587 13 94 210 5 36 BSREP Industrial Pooling Subsidiary L.P. (1) 143 175 175 163 65 65 BSREP II Korea Office Holdings Pte. Ltd. 194 144 230 119 41 66 BSREP II Aries Pooling LLC 285 53 54 59 18 18 BSREP II Retail Upper Pooling LLC 306 50 50 1 42 42 BSREP II MH Holdings LLC 194 133 133 16 44 44 Brookfield Strategic Real Estate Partners II Storage REIT LLC (2) 168 82 82 8 27 27 BSREP II PBSA Ltd. 74 109 131 — 37 44 BSREP UA Holdings LLC 124 117 117 99 50 50 BREF ONE, LLC (2) 717 (33 ) (8 ) — (17 ) (5 ) BSREP II Brazil Pooling LLC (2) 70 63 55 17 30 26 BSREP India Office Holdings Pte. Ltd. 156 130 154 47 63 75 BSREP Europe Holdings L.P. (2) 96 782 896 1,289 359 419 Total $ 5,649 $ 2,025 $ 2,387 $ 2,414 $ 76 $ 264 (1) In the fourth quarter of 2018, the partnership sold its U.S. logistics portfolio. The remaining non-controlling interest is not material and is included in Other non-controlling interest for December 31, 2018. (2) In the current year ended December 31, 2018, these entities are presented within Other non-controlling interest as the non-controlling interests are not material. Year ended Dec. 31, 2016 Attributable to non-controlling interests Attributable to owners of the partnership (US$ Millions) Revenue Net income (loss) Total compre-hensive income Distributions Net Total compre-hensive income BPO $ 2,221 $ 81 $ 101 $ 254 $ 277 $ 250 BSREP CARS Sub-Pooling LLC 300 140 140 4 49 49 Center Parcs UK 586 74 (112 ) 76 28 (42 ) BSREP Industrial Pooling Subsidiary L.P. (1) 108 158 158 114 55 55 BSREP II Korea Office Holdings Pte. Ltd. 21 (18 ) (40 ) — (3 ) (7 ) BSREP II Aries Pooling LLC 191 (47 ) (46 ) 46 (16 ) (16 ) BSREP II Retail Upper Pooling LLC 178 3 3 — 3 3 Brookfield Strategic Real Estate Partners II Storage REIT LLC (2) 106 130 130 84 43 43 BREF ONE, LLC (2) 762 (22 ) 37 — (11 ) 18 BSREP UA Holdings LLC 117 138 138 — 59 59 BSREP Europe Holdings L.P. (2) 79 51 31 13 26 15 BSREP II Brazil Pooling LLC (2) 56 59 121 6 28 58 Brookfield Brazil Retail Fundo de (2) 80 (42 ) 35 — (25 ) 1 BSREP India Office Holdings Pte. Ltd. 130 76 67 25 37 33 Total $ 4,935 $ 781 $ 763 $ 622 $ 550 $ 519 (1) In the fourth quarter of 2018, the partnership sold its U.S. logistics portfolio. The remaining non-controlling interest is not material and is included in Other non-controlling interest for December 31, 2018. (2) In the current year ended December 31, 2018, these entities are presented within Other non-controlling interest as the non-controlling interests are are not material.

EQUITY ACCOUNTED INVESTMENTS (T

EQUITY ACCOUNTED INVESTMENTS (Tables)	12 Months Ended
	Dec. 31, 2018
Interests In Other Entities [Abstract]
Disclosure of joint ventures	Details of the partnership’s investments in joint ventures and associates, which have been accounted for in accordance with the equity method of accounting, are as follows: Proportion of ownership interests/voting rights held by the partnership Carrying value (US$ Millions) Principal activity Principal place of business Dec. 31, 2018 Dec. 31, 2017 Dec. 31, 2018 Dec. 31, 2017 Joint ventures Canary Wharf Joint Venture (1) Property holding company United Kingdom 50 % 50 % $ 3,270 $ 3,284 BPR JV Pool A (2) Property holding company United States 50 % — % 1,791 — Manhattan West, New York Property holding company United States 56 % 56 % 1,619 1,439 Ala Moana Center, Hawaii (2) Property holding company United States 50 % — % 1,611 — Forest City Joint Ventures (3) Property holding company United States — % — % 1,390 — BPR JV Pool B (2) Property holding company United States 51 % — % 1,217 — Fashion Show, Las Vegas (2) Property holding company United States 50 % — % 881 — BPR JV Pool C (2) Property holding company United States 50 % — % 756 — BPR JV Pool D (2) Property holding company United States 48 % — % 693 — BPR JV Pool E (2) Property holding company United States 35 % — % 629 — The Grand Canal Shoppes, Las Vegas (2) Property holding company United States 50 % — % 608 — Grace Building, New York Property holding company United States 50 % 50 % 581 585 One Liberty Plaza, New York Property holding company United States 51 % 51 % 425 408 Southern Cross East, Melbourne (4) Property holding company Australia 50 % 50 % 402 407 680 George Street, Sydney Property holding company Australia 50 % 50 % 319 311 Brookfield Brazil Retail Fundo de Investimento em Participaçõe ("Brazil Retail") Holding company Brazil 46 % 46 % 309 339 Brookfield D.C. Office Partners LLC ("D.C. Fund"), Washington, D.C. Property holding company United States 51 % 51 % 295 310 Miami Design District, Florida (2) Property holding company United States 22 % — % 286 — The Mall in Columbia, Maryland (2) Property holding company United States 50 % — % 268 — Shops at Merrick Park, Florida (2) Property holding company United States 55 % — % 266 — Other (5) Various Various 12% - 70% 12% - 90% 4,237 2,484 21,853 9,567 Associates GGP Inc. (“GGP”) (2) Real estate investment trust United States — % 34 % — 8,844 China Xintiandi (“CXTD”) (6) Property holding company China 22 % 22 % — 499 Diplomat Resort and Spa (“Diplomat”) Property holding company United States 90 % 90 % 390 339 Brookfield Premier Real Estate Partners Pooling LLC (“BPREP”) Property holding company United States 7 % 10 % 106 122 Other Various Various 23% - 31% 23% - 31% 349 390 845 10,194 Total $ 22,698 $ 19,761 (1) Stork Holdco LP is the joint venture through which the partnership acquired Canary Wharf Group plc (“Canary Wharf”) in London. (2) Upon acquisition of GGP, the partnership recognized its interests in joint ventures. Certain joint ventures were formed as a result of the sale of partial interests in certain properties prior to closing of the GGP acquisition. Where multiple joint ventures were formed with the same terms and joint venture partners, they have been aggregated in a pool. (3) The partnership obtained control of Forest City during the fourth quarter of 2018 following the acquisition of the common shares not previously held by the partnership. The partnership is consolidating the financial results of Forest City, including its interests in properties held through joint ventures. Please see Note 5, Acquisitions and Business Combinations, for further information. (4) The partnership exercises joint control over these jointly controlled entities through a participating loan agreement with Brookfield Asset Management that is convertible at any time into a direct equity interest in the entity. (5) Other joint ventures consists of approximately 70 joint ventures, all of which have a carrying value below $250 million . (6) The partnership’s interest in CXTD is held through BSREP CXTD Holdings L.P. in which it has an approximate 31% interest. This interest has been reclassified to assets held for sale in the fourth quarter of 2018. The following tables present the gross assets and liabilities of the partnership’s equity accounted investments as of December 31, 2018 and 2017 : Dec. 31, 2018 (US$ Millions) Current assets Non-current assets Current liabilities Non-current liabilities Net assets Joint ventures Canary Wharf Joint Venture $ 666 $ 12,268 $ 577 $ 5,818 $ 6,539 BPR JV Pool A 186 5,619 125 2,097 3,583 Manhattan West 142 5,455 681 2,027 2,889 Ala Moana 91 5,063 57 1,874 3,223 Forest City 308 7,729 330 4,152 3,555 BPR JV Pool B 99 5,909 107 3,515 2,386 Fashion Show 35 2,572 19 826 1,762 BPR JV Pool C 42 2,264 34 676 1,596 BPR JV Pool D 43 2,293 101 793 1,442 BPR JV Pool E 47 2,756 39 967 1,797 The Grand Canal Shoppes 28 1,832 23 625 1,212 Grace Building 32 2,043 19 894 1,162 One Liberty Plaza 107 1,604 23 855 833 Southern Cross East 5 805 7 — 803 680 George Street 10 1,334 14 — 1,330 Brazil Retail 30 916 13 67 866 D.C. Fund 58 1,321 31 770 578 Miami Design District 49 1,877 28 629 1,269 The Mall in Columbia 14 858 9 328 535 Shops at Merrick Park 12 660 21 166 485 Other 1,989 20,588 2,413 9,140 11,024 3,993 85,766 4,671 36,219 48,869 Associates GGP — — — — — CXTD — — — — — Diplomat 24 837 23 405 433 BPREP 12 1,998 12 457 1,541 Other 366 1,430 72 819 905 402 4,265 107 1,681 2,879 Total $ 4,395 $ 90,031 $ 4,778 $ 37,900 $ 51,748 Dec. 31, 2017 (US$ Millions) Current Non-current Current Non-current Net Joint ventures Canary Wharf Joint Venture $ 844 $ 13,092 $ 703 $ 6,759 $ 6,474 Manhattan West 74 4,248 816 941 2,565 Grace Building 35 2,042 12 891 1,174 One Liberty Plaza 129 1,527 17 839 800 Southern Cross East 94 732 11 — 815 Brazil Retail 42 982 10 65 949 680 George Street 29 611 18 — 622 D.C. Fund 41 1,351 348 436 608 VAMF II (1) 111 1,813 295 851 778 Principal Place - Commercial (1) 7 941 45 444 459 Potsdamer Platz (1) 60 1,835 54 1,021 820 One New York Plaza (1) 69 1,480 — 748 801 Republic Plaza (1) 28 495 20 265 238 75 State Street (1) 16 662 8 309 361 Other 707 5,357 736 2,080 3,248 2,286 37,168 3,093 15,649 20,712 Associates GGP 1,029 37,841 947 13,062 24,861 CXTD 173 3,678 138 1,476 2,237 Diplomat 24 777 23 400 378 BPREP 18 1,670 14 456 1,218 Other 149 2,042 231 870 1,090 1,393 46,008 1,353 16,264 29,784 Total $ 3,679 $ 83,176 $ 4,446 $ 31,913 $ 50,496 (1) In the current year ended December 31, 2018, these joint ventures are presented within Joint Ventures - Other as the carrying value are currently below $250 million . Summarized financial information in respect of the partnership’s equity accounted investments for the years ended December 31, 2018 , 2017 and 2016 is set out below: Year ended Dec. 31, 2018 (US$ Millions) Revenue Expenses Fair value gains (losses) Income from EAI (1) Discon-tinued operations Net income Other compre- hensive income Partnership’s share of net income Distributions received Joint ventures Canary Wharf Joint Venture $ 547 $ 125 $ (72 ) $ (1 ) $ — $ 349 $ 8 $ 175 $ — BPR JV Pool A 162 77 (5 ) — — 80 — 41 — Manhattan West 123 104 423 — — 442 (15 ) 248 — Ala Moana 78 38 (6 ) — — 34 — 17 8 Forest City 48 35 — — — 13 — 8 — BPR JV Pool B 208 112 (7 ) 8 — 97 — 49 1 Fashion Show 32 13 (2 ) — — 17 — 8 3 BPR JV Pool C 52 23 (1 ) — — 28 — 14 6 BPR JV Pool D — — — 26 — 26 — 12 2 BPR JV Pool E 49 15 (2 ) — — 32 — 11 3 The Grand Canal Shoppes 30 18 (1 ) — — 11 — 5 2 Grace Building 125 83 (34 ) — — 8 — 4 8 One Liberty Plaza 114 84 9 — — 39 (10 ) 21 9 Southern Cross East 45 7 38 — — 76 — 38 — 680 George Street 34 9 136 — — 161 — 56 18 Brazil Retail 61 30 59 — — 90 — 41 20 D.C. Fund 131 81 (45 ) — — 5 — 2 22 Miami Design District 24 24 (1 ) — — (1 ) — — — The Mall in Columbia 19 9 (1 ) — — 9 — 5 — Shops at Merrick Park 17 6 — — — 11 — 6 1 Other 1,290 897 696 (22 ) — 1,067 (19 ) 409 143 3,189 1,790 1,184 11 — 2,594 (36 ) 1,170 246 Associates GGP (2) 1,536 1,221 (1,598 ) 271 — (1,012 ) (15 ) (274 ) 214 CXTD 142 60 18 (3 ) — 97 — 21 10 Diplomat 174 175 — — — (1 ) 77 (1 ) 18 BPREP 60 (10 ) 1 — — 71 — 9 4 Other 263 261 71 1 — 74 76 22 26 2,175 1,707 (1,508 ) 269 — (771 ) 138 (223 ) 272 Total $ 5,364 $ 3,497 $ (324 ) $ 280 $ — $ 1,823 $ 102 $ 947 $ 518 (1) Share of net earnings from equity accounted investments recorded by the partnership’s joint ventures and associates. (2) Net income presented before allocation to non-controlling interests and preferred dividends. Year ended Dec. 31, 2017 (US$ Millions) Revenue Expenses Fair value gains (losses) Income of EAI (1) Discon-tinued operations Net income Other compre- hensive income Partnership’s share of net income Distributions received Joint ventures Canary Wharf Joint Venture $ 581 $ 370 $ (49 ) $ 21 $ — $ 183 $ 5 $ 91 $ — Manhattan West 81 70 308 — — 319 — 179 1 Grace Building 120 80 (23 ) — — 17 — 9 7 One Liberty Plaza 3 2 103 — — 104 (7 ) 53 — Southern Cross East 46 7 21 — — 60 — 30 — Brazil Retail 48 29 31 — — 50 — 23 11 680 George Street 34 9 17 — — 42 — 21 — D.C. Fund 129 76 (54 ) — — (1 ) — (1 ) 23 VAMF II (2) 154 116 117 4 — 159 — 59 — Principal Place - Commercial (2) 28 61 132 — — 99 — 49 — Potsdamer Platz (2) 96 95 108 — — 109 — 27 — One New York Plaza (2) 121 78 (4 ) — — 39 7 6 1 Republic Plaza (2) 46 30 (33 ) — — (17 ) — (9 ) — 75 State Street (2) 49 30 6 — — 25 — 6 2 245 Park Avenue (2) 54 31 (24 ) — — (1 ) — — 10 Other 259 111 148 — — 296 16 153 38 1,849 1,195 804 25 — 1,483 21 696 93 Associates GGP (3)(4) 2,405 1,207 (2,307 ) 518 — (591 ) 12 179 240 CXTD 128 145 121 — — 104 — 23 — Diplomat 151 166 — — — (15 ) 43 (14 ) 6 BPREP 40 27 31 71 — 115 — 12 3 Other 253 183 147 — — 217 61 65 27 2,977 1,728 (2,008 ) 589 — (170 ) 116 265 276 Total $ 4,826 $ 2,923 $ (1,204 ) $ 614 $ — $ 1,313 $ 137 $ 961 $ 369 (1) Share of net earnings from equity accounted investments recorded by the partnership’s joint ventures and associates. (2) In the current year ended December 31, 2018, these joint ventures are presented within Joint Ventures - Other as the carrying value are currently below $250 million . (3) Net income presented before allocation to non-controlling interests and preferred dividends. (4) As a result of the partnership’s exercise of GGP warrants, the additional shares that were acquired by the partnership were acquired at a discount to the net fair value of the proportionate interest in the underlying assets acquired and liabilities assumed. The partnership recognized a $442 million gain within the partnership’s share of net income. Year ended December 31, 2016 (US$ Millions) Revenue Expenses Fair value gains (losses) Income from EAI (1) Discon-tinued operations Net income Other compre- hensive income Partnership’s share of net income Distributions received Joint ventures Canary Wharf Joint Venture $ 646 $ 284 $ (351 ) $ 8 $ — $ 19 $ (4 ) $ 10 $ — Manhattan West 78 51 161 — — 188 — 105 57 245 Park Avenue (2) 163 95 (146 ) — — (78 ) — (39 ) 37 Grace Building 117 79 (24 ) — — 14 — 7 11 VAMF II (2) 430 310 123 — — 243 — 96 — Southern Cross East 42 11 3 — — 34 — 17 — Potsdamer Platz (2) 49 27 32 — — 54 — 12 — D.C. Fund 121 71 (9 ) — — 41 — 21 17 680 George Street 34 8 103 — — 129 5 65 — Republic Plaza (2) 46 30 (5 ) — — 11 — 6 — One New York Plaza (2) 11 8 57 — — 60 — 9 — 75 State Street (2) 47 30 26 — — 43 — 17 — Other 384 196 120 — — 308 (2 ) 137 124 2,168 1,200 90 8 — 1,066 (1 ) 463 246 Associates GGP (3) 2,427 1,371 177 502 — 1,735 4 476 266 CXTD 114 122 195 — — 187 — 41 — Rouse 139 140 — — — (1 ) 35 (2 ) — Diplomat — 3 56 — — 53 — 10 12 Other 520 489 104 — — 135 — 31 — 3,200 2,125 532 502 — 2,109 39 556 278 Total $ 5,368 $ 3,325 $ 622 $ 510 $ — $ 3,175 $ 38 $ 1,019 $ 524 (1) Share of net earnings from equity accounted investments recorded by the partnership’s joint ventures and associates. (2) In the current year ended December 31, 2018, these joint ventures are presented within Joint Ventures - Other as the carrying values are all currently below $250 million . (3) Net income presented before allocation to non-controlling interests and preferred dividends.
Disclosure of associates	Details of the partnership’s investments in joint ventures and associates, which have been accounted for in accordance with the equity method of accounting, are as follows: Proportion of ownership interests/voting rights held by the partnership Carrying value (US$ Millions) Principal activity Principal place of business Dec. 31, 2018 Dec. 31, 2017 Dec. 31, 2018 Dec. 31, 2017 Joint ventures Canary Wharf Joint Venture (1) Property holding company United Kingdom 50 % 50 % $ 3,270 $ 3,284 BPR JV Pool A (2) Property holding company United States 50 % — % 1,791 — Manhattan West, New York Property holding company United States 56 % 56 % 1,619 1,439 Ala Moana Center, Hawaii (2) Property holding company United States 50 % — % 1,611 — Forest City Joint Ventures (3) Property holding company United States — % — % 1,390 — BPR JV Pool B (2) Property holding company United States 51 % — % 1,217 — Fashion Show, Las Vegas (2) Property holding company United States 50 % — % 881 — BPR JV Pool C (2) Property holding company United States 50 % — % 756 — BPR JV Pool D (2) Property holding company United States 48 % — % 693 — BPR JV Pool E (2) Property holding company United States 35 % — % 629 — The Grand Canal Shoppes, Las Vegas (2) Property holding company United States 50 % — % 608 — Grace Building, New York Property holding company United States 50 % 50 % 581 585 One Liberty Plaza, New York Property holding company United States 51 % 51 % 425 408 Southern Cross East, Melbourne (4) Property holding company Australia 50 % 50 % 402 407 680 George Street, Sydney Property holding company Australia 50 % 50 % 319 311 Brookfield Brazil Retail Fundo de Investimento em Participaçõe ("Brazil Retail") Holding company Brazil 46 % 46 % 309 339 Brookfield D.C. Office Partners LLC ("D.C. Fund"), Washington, D.C. Property holding company United States 51 % 51 % 295 310 Miami Design District, Florida (2) Property holding company United States 22 % — % 286 — The Mall in Columbia, Maryland (2) Property holding company United States 50 % — % 268 — Shops at Merrick Park, Florida (2) Property holding company United States 55 % — % 266 — Other (5) Various Various 12% - 70% 12% - 90% 4,237 2,484 21,853 9,567 Associates GGP Inc. (“GGP”) (2) Real estate investment trust United States — % 34 % — 8,844 China Xintiandi (“CXTD”) (6) Property holding company China 22 % 22 % — 499 Diplomat Resort and Spa (“Diplomat”) Property holding company United States 90 % 90 % 390 339 Brookfield Premier Real Estate Partners Pooling LLC (“BPREP”) Property holding company United States 7 % 10 % 106 122 Other Various Various 23% - 31% 23% - 31% 349 390 845 10,194 Total $ 22,698 $ 19,761 (1) Stork Holdco LP is the joint venture through which the partnership acquired Canary Wharf Group plc (“Canary Wharf”) in London. (2) Upon acquisition of GGP, the partnership recognized its interests in joint ventures. Certain joint ventures were formed as a result of the sale of partial interests in certain properties prior to closing of the GGP acquisition. Where multiple joint ventures were formed with the same terms and joint venture partners, they have been aggregated in a pool. (3) The partnership obtained control of Forest City during the fourth quarter of 2018 following the acquisition of the common shares not previously held by the partnership. The partnership is consolidating the financial results of Forest City, including its interests in properties held through joint ventures. Please see Note 5, Acquisitions and Business Combinations, for further information. (4) The partnership exercises joint control over these jointly controlled entities through a participating loan agreement with Brookfield Asset Management that is convertible at any time into a direct equity interest in the entity. (5) Other joint ventures consists of approximately 70 joint ventures, all of which have a carrying value below $250 million . (6) The partnership’s interest in CXTD is held through BSREP CXTD Holdings L.P. in which it has an approximate 31% interest. This interest has been reclassified to assets held for sale in the fourth quarter of 2018. The following tables present the gross assets and liabilities of the partnership’s equity accounted investments as of December 31, 2018 and 2017 : Dec. 31, 2018 (US$ Millions) Current assets Non-current assets Current liabilities Non-current liabilities Net assets Joint ventures Canary Wharf Joint Venture $ 666 $ 12,268 $ 577 $ 5,818 $ 6,539 BPR JV Pool A 186 5,619 125 2,097 3,583 Manhattan West 142 5,455 681 2,027 2,889 Ala Moana 91 5,063 57 1,874 3,223 Forest City 308 7,729 330 4,152 3,555 BPR JV Pool B 99 5,909 107 3,515 2,386 Fashion Show 35 2,572 19 826 1,762 BPR JV Pool C 42 2,264 34 676 1,596 BPR JV Pool D 43 2,293 101 793 1,442 BPR JV Pool E 47 2,756 39 967 1,797 The Grand Canal Shoppes 28 1,832 23 625 1,212 Grace Building 32 2,043 19 894 1,162 One Liberty Plaza 107 1,604 23 855 833 Southern Cross East 5 805 7 — 803 680 George Street 10 1,334 14 — 1,330 Brazil Retail 30 916 13 67 866 D.C. Fund 58 1,321 31 770 578 Miami Design District 49 1,877 28 629 1,269 The Mall in Columbia 14 858 9 328 535 Shops at Merrick Park 12 660 21 166 485 Other 1,989 20,588 2,413 9,140 11,024 3,993 85,766 4,671 36,219 48,869 Associates GGP — — — — — CXTD — — — — — Diplomat 24 837 23 405 433 BPREP 12 1,998 12 457 1,541 Other 366 1,430 72 819 905 402 4,265 107 1,681 2,879 Total $ 4,395 $ 90,031 $ 4,778 $ 37,900 $ 51,748 Dec. 31, 2017 (US$ Millions) Current Non-current Current Non-current Net Joint ventures Canary Wharf Joint Venture $ 844 $ 13,092 $ 703 $ 6,759 $ 6,474 Manhattan West 74 4,248 816 941 2,565 Grace Building 35 2,042 12 891 1,174 One Liberty Plaza 129 1,527 17 839 800 Southern Cross East 94 732 11 — 815 Brazil Retail 42 982 10 65 949 680 George Street 29 611 18 — 622 D.C. Fund 41 1,351 348 436 608 VAMF II (1) 111 1,813 295 851 778 Principal Place - Commercial (1) 7 941 45 444 459 Potsdamer Platz (1) 60 1,835 54 1,021 820 One New York Plaza (1) 69 1,480 — 748 801 Republic Plaza (1) 28 495 20 265 238 75 State Street (1) 16 662 8 309 361 Other 707 5,357 736 2,080 3,248 2,286 37,168 3,093 15,649 20,712 Associates GGP 1,029 37,841 947 13,062 24,861 CXTD 173 3,678 138 1,476 2,237 Diplomat 24 777 23 400 378 BPREP 18 1,670 14 456 1,218 Other 149 2,042 231 870 1,090 1,393 46,008 1,353 16,264 29,784 Total $ 3,679 $ 83,176 $ 4,446 $ 31,913 $ 50,496 (1) In the current year ended December 31, 2018, these joint ventures are presented within Joint Ventures - Other as the carrying value are currently below $250 million . Summarized financial information in respect of the partnership’s equity accounted investments for the years ended December 31, 2018 , 2017 and 2016 is set out below: Year ended Dec. 31, 2018 (US$ Millions) Revenue Expenses Fair value gains (losses) Income from EAI (1) Discon-tinued operations Net income Other compre- hensive income Partnership’s share of net income Distributions received Joint ventures Canary Wharf Joint Venture $ 547 $ 125 $ (72 ) $ (1 ) $ — $ 349 $ 8 $ 175 $ — BPR JV Pool A 162 77 (5 ) — — 80 — 41 — Manhattan West 123 104 423 — — 442 (15 ) 248 — Ala Moana 78 38 (6 ) — — 34 — 17 8 Forest City 48 35 — — — 13 — 8 — BPR JV Pool B 208 112 (7 ) 8 — 97 — 49 1 Fashion Show 32 13 (2 ) — — 17 — 8 3 BPR JV Pool C 52 23 (1 ) — — 28 — 14 6 BPR JV Pool D — — — 26 — 26 — 12 2 BPR JV Pool E 49 15 (2 ) — — 32 — 11 3 The Grand Canal Shoppes 30 18 (1 ) — — 11 — 5 2 Grace Building 125 83 (34 ) — — 8 — 4 8 One Liberty Plaza 114 84 9 — — 39 (10 ) 21 9 Southern Cross East 45 7 38 — — 76 — 38 — 680 George Street 34 9 136 — — 161 — 56 18 Brazil Retail 61 30 59 — — 90 — 41 20 D.C. Fund 131 81 (45 ) — — 5 — 2 22 Miami Design District 24 24 (1 ) — — (1 ) — — — The Mall in Columbia 19 9 (1 ) — — 9 — 5 — Shops at Merrick Park 17 6 — — — 11 — 6 1 Other 1,290 897 696 (22 ) — 1,067 (19 ) 409 143 3,189 1,790 1,184 11 — 2,594 (36 ) 1,170 246 Associates GGP (2) 1,536 1,221 (1,598 ) 271 — (1,012 ) (15 ) (274 ) 214 CXTD 142 60 18 (3 ) — 97 — 21 10 Diplomat 174 175 — — — (1 ) 77 (1 ) 18 BPREP 60 (10 ) 1 — — 71 — 9 4 Other 263 261 71 1 — 74 76 22 26 2,175 1,707 (1,508 ) 269 — (771 ) 138 (223 ) 272 Total $ 5,364 $ 3,497 $ (324 ) $ 280 $ — $ 1,823 $ 102 $ 947 $ 518 (1) Share of net earnings from equity accounted investments recorded by the partnership’s joint ventures and associates. (2) Net income presented before allocation to non-controlling interests and preferred dividends. Year ended Dec. 31, 2017 (US$ Millions) Revenue Expenses Fair value gains (losses) Income of EAI (1) Discon-tinued operations Net income Other compre- hensive income Partnership’s share of net income Distributions received Joint ventures Canary Wharf Joint Venture $ 581 $ 370 $ (49 ) $ 21 $ — $ 183 $ 5 $ 91 $ — Manhattan West 81 70 308 — — 319 — 179 1 Grace Building 120 80 (23 ) — — 17 — 9 7 One Liberty Plaza 3 2 103 — — 104 (7 ) 53 — Southern Cross East 46 7 21 — — 60 — 30 — Brazil Retail 48 29 31 — — 50 — 23 11 680 George Street 34 9 17 — — 42 — 21 — D.C. Fund 129 76 (54 ) — — (1 ) — (1 ) 23 VAMF II (2) 154 116 117 4 — 159 — 59 — Principal Place - Commercial (2) 28 61 132 — — 99 — 49 — Potsdamer Platz (2) 96 95 108 — — 109 — 27 — One New York Plaza (2) 121 78 (4 ) — — 39 7 6 1 Republic Plaza (2) 46 30 (33 ) — — (17 ) — (9 ) — 75 State Street (2) 49 30 6 — — 25 — 6 2 245 Park Avenue (2) 54 31 (24 ) — — (1 ) — — 10 Other 259 111 148 — — 296 16 153 38 1,849 1,195 804 25 — 1,483 21 696 93 Associates GGP (3)(4) 2,405 1,207 (2,307 ) 518 — (591 ) 12 179 240 CXTD 128 145 121 — — 104 — 23 — Diplomat 151 166 — — — (15 ) 43 (14 ) 6 BPREP 40 27 31 71 — 115 — 12 3 Other 253 183 147 — — 217 61 65 27 2,977 1,728 (2,008 ) 589 — (170 ) 116 265 276 Total $ 4,826 $ 2,923 $ (1,204 ) $ 614 $ — $ 1,313 $ 137 $ 961 $ 369 (1) Share of net earnings from equity accounted investments recorded by the partnership’s joint ventures and associates. (2) In the current year ended December 31, 2018, these joint ventures are presented within Joint Ventures - Other as the carrying value are currently below $250 million . (3) Net income presented before allocation to non-controlling interests and preferred dividends. (4) As a result of the partnership’s exercise of GGP warrants, the additional shares that were acquired by the partnership were acquired at a discount to the net fair value of the proportionate interest in the underlying assets acquired and liabilities assumed. The partnership recognized a $442 million gain within the partnership’s share of net income. Year ended December 31, 2016 (US$ Millions) Revenue Expenses Fair value gains (losses) Income from EAI (1) Discon-tinued operations Net income Other compre- hensive income Partnership’s share of net income Distributions received Joint ventures Canary Wharf Joint Venture $ 646 $ 284 $ (351 ) $ 8 $ — $ 19 $ (4 ) $ 10 $ — Manhattan West 78 51 161 — — 188 — 105 57 245 Park Avenue (2) 163 95 (146 ) — — (78 ) — (39 ) 37 Grace Building 117 79 (24 ) — — 14 — 7 11 VAMF II (2) 430 310 123 — — 243 — 96 — Southern Cross East 42 11 3 — — 34 — 17 — Potsdamer Platz (2) 49 27 32 — — 54 — 12 — D.C. Fund 121 71 (9 ) — — 41 — 21 17 680 George Street 34 8 103 — — 129 5 65 — Republic Plaza (2) 46 30 (5 ) — — 11 — 6 — One New York Plaza (2) 11 8 57 — — 60 — 9 — 75 State Street (2) 47 30 26 — — 43 — 17 — Other 384 196 120 — — 308 (2 ) 137 124 2,168 1,200 90 8 — 1,066 (1 ) 463 246 Associates GGP (3) 2,427 1,371 177 502 — 1,735 4 476 266 CXTD 114 122 195 — — 187 — 41 — Rouse 139 140 — — — (1 ) 35 (2 ) — Diplomat — 3 56 — — 53 — 10 12 Other 520 489 104 — — 135 — 31 — 3,200 2,125 532 502 — 2,109 39 556 278 Total $ 5,368 $ 3,325 $ 622 $ 510 $ — $ 3,175 $ 38 $ 1,019 $ 524
Schedule of change in equity investments	The following table presents the change in the balance of the partnership’s equity accounted investments as of December 31, 2018 and 2017 : (US$ Millions) Years ended Dec. 31, 2018 2017 Equity accounted investments, beginning of period $ 19,761 $ 16,844 GGP joint ventures acquired from business acquisition (1) 10,829 — Deconsolidation of pre-acquisition GGP equity interest (1) (8,345 ) — Additions 2,174 1,372 Disposals and return of capital distributions (1,304 ) (281 ) Share of net earnings from equity accounted investments (2) 947 961 Distributions received (518 ) (369 ) Foreign currency translation (395 ) 430 Reclassification to assets held for sale (3) (567 ) (712 ) Impact of warrant conversion (2) — 1,448 Other comprehensive income and other 116 68 Equity accounted investments, end of year $ 22,698 $ 19,761 (1) The partnership obtained control of GGP during the third quarter of 2018 following the acquisition of the common shares not previously held by the partnership. As a result of the acquisition, GGP’s interest in joint ventures of $10,829 million was added to the balance of equity accounted investments, offset by the deconsolidation of the partnership’s 34% interest of $7,843 million and fair value loss of $502 million from adjusting the partnership’s interest in GGP to its fair value immediately prior to acquiring control. See Note 4, Acquisition of GGP Inc., for further information. (2) During the fourth quarter of 2017, in the Core Retail segment, the partnership exercised all of its outstanding warrants of GGP. Of these warrants, 16 million were exercised on a cashless basis and the remaining 43 million warrants on a full share settlement basis for approximately $462 million . The exercise resulted in the partnership’s acquisition of an additional 68 million common shares of GGP, increasing its ownership from 29% to 34% . The partnership determined its share of the net fair value of the incremental interests acquired in GGP’s identifiable assets and liabilities. The excess of its share of this net fair value over the cost of the investment of $442 million represents a gain that is included in share of net earnings from equity accounted investments. (3) The partnership’s interest in CXTD was reclassified to assets held for sale in the fourth quarter of 2018. The partnership’s interest in 245 Park Avenue in Midtown New York was reclassified to assets held for sale in the first quarter of 2017 and sold in the second quarter of 2017.
Equity method investments, valuation techniques and assumptions	The key valuation metrics for the partnership’s commercial properties held within the partnership’s equity accounted investments are set forth in the table below on a weighted-average basis: Dec. 31, 2018 Dec. 31, 2017 Equity accounted investments Primary valuation method Discount Terminal Investment Discount Terminal Investment Core Office United States Discounted cash flow 6.6 % 5.1 % 10 6.5 % 5.3 % 11 Australia Discounted cash flow 6.7 % 5.7 % 10 7.0 % 5.8 % 10 Europe Discounted cash flow 4.7 % 4.9 % 10 4.8 % 4.8 % 10 Core Retail United States (1) Discounted cash flow 6.6 % 5.3 % 11 7.0 % 5.6 % 10 LP Investments - Office Discounted cash flow 6.9 % 5.2 % 9 6.6 % 5.7 % 10 LP Investments - Retail Discounted cash flow 11.7 % 7.1 % 10 11.5 % 7.2 % 11 Logistics Discounted cash flow — % — % — 6.4 % 5.8 % 10 Multifamily (2) Direct capitalization 5.2 % n/a n/a 5.1 % n/a n/a (1) The partnership obtained control of GGP during the third quarter of 2018 following the acquisition of the common shares not previously held by the partnership. Subsequent to this transaction, the partnership is consolidating the financial results of GGP. The period ended December 31, 2018 represents GGP’s joint ventures acquired from the acquisition. The prior period represents the partnership’s 34% interest in GGP prior to the acquisition. Please see Note 4, Acquisition of GGP Inc., for further information. (2) The valuation method used to value multifamily investments is the direct capitalization method. The rates presented as the discount rate relate to the overall implied capitalization rate. The terminal capitalization rate and investment horizon are not applicable.

INVESTMENTS IN JOINT OPERATIO_2

INVESTMENTS IN JOINT OPERATIONS (Tables)	12 Months Ended
	Dec. 31, 2018
Interests In Other Entities [Abstract]
Schedule of interests in joint operations	The partnership’s interests in the following properties are subject to joint control and, accordingly, the partnership has recorded its share of the assets, liabilities, revenues, and expenses of the properties in these consolidated financial statements: Place of incorporation and principal place of business Ownership (1) Name of property Principal activity Dec. 31, 2018 Dec. 31, 2017 Brookfield Place - Retail & Parking Property Toronto 56 % 56 % Brookfield Place III Development property Toronto 54 % 54 % Exchange Tower Property Toronto 50 % 50 % First Canadian Place (2) Property Toronto 25 % 25 % 2 Queen Street East Property Toronto 25 % 25 % Bankers Hall Property Calgary 50 % 50 % Bankers Court Property Calgary 50 % 50 % Bankers West Parkade Development property Calgary 50 % 50 % Suncor Energy Centre Property Calgary 50 % 50 % Fifth Avenue Place Property Calgary 50 % 50 % Place de Ville I Property Ottawa 25 % 25 % Place de Ville II Property Ottawa 25 % 25 % Jean Edmonds Towers (3) Property Ottawa — % 25 % 300 Queen Street Development property Ottawa 25 % 25 % 52 Goulburn Street Property Sydney 50 % 50 % 235 St Georges Terrace Property Perth 50 % 50 % 108 St Georges Terrace Property Perth 50 % 50 % Southern Cross West (4) Property Melbourne 50 % 50 % Shopping Patio Higienópolis Property São Paulo 25 % 25 % Shopping Patio Higienópolis - Expansion Development property São Paulo 32 % 32 % Shopping Patio Higienópolis - Co-Invest Property São Paulo 5 % 5 % Shopping Patio Higienópolis Expansion - Co-Invest Development property São Paulo 6 % 6 % G2-Infospace Gurgaon Property NCR-Delhi Region 72 % 72 % (1) Represents ownership in these properties before non-controlling interests in subsidiaries that hold these ownership interests. (2) First Canadian Place in Toronto is subject to a ground lease with respect to 50% of the land on which the property is situated. At the expiry of the ground lease, the other land owner will have the option to acquire, for a nominal amount, an undivided 50% beneficial interest in the property. (3) The partnership sold its 25% interest in Jean Edmonds Tower in the fourth quarter of 2018. (4) The partnership exercises joint control over these assets through a participating loan agreement with Brookfield Asset Management that is convertible by the partnership at any time into a direct equity interest in the entities that have a direct co-ownership interest in the underlying assets.

PARTICIPATING LOAN INTERESTS (T

PARTICIPATING LOAN INTERESTS (Tables)	12 Months Ended
	Dec. 31, 2018
Participating Loan Interests [Abstract]
Disclosure of participating interest	The outstanding principal of the participating loan interests relates to the following properties: (US$ Millions) Participation interest Carrying value Name of property Dec. 31, 2018 Dec. 31, 2017 Dec. 31, 2018 Dec. 31, 2017 Darling Park Complex, Sydney 30 % 30 % $ 268 $ 251 IAG House, Sydney (1) — % 50 % — 111 Jessie Street, Sydney (1) — % 100 % — 155 Total participating loan interests $ 268 $ 517 (1) In the third quarter of 2018, the partnership amended its agreements to allow the partnership to acquire the trust that holds these underlying properties instead of acquiring the properties directly. This amendment resulted in a change of control, which results in the partnership consolidating the results of these entities.

PROPERTY, PLANT AND EQUIPMENT (

PROPERTY, PLANT AND EQUIPMENT (Tables)	12 Months Ended
	Dec. 31, 2018
Property, plant and equipment [abstract]
Disclosure of detailed information about property, plant and equipment	The following table presents the change to the components of the partnership’s hospitality assets from the beginning of the year: (US$ Millions) Dec. 31, 2018 Dec. 31, 2017 Cost: Balance, beginning of year $ 5,451 $ 5,417 Acquisitions through business combinations (1) 1,748 281 Additions 490 271 Disposals (21 ) (34 ) Foreign currency translation (207 ) 262 Reclassification to assets held for sale (2) — (746 ) 7,461 5,451 Accumulated fair value changes: Balance, beginning of year 756 659 Revaluation gains, net 293 55 Reclassification to assets held for sale (2) — 42 1,049 756 Accumulated depreciation: Balance, beginning of year (750 ) (719 ) Depreciation (291 ) (267 ) Disposals 18 22 Foreign currency translation 19 (8 ) Reclassification to assets held for sale (2) — 222 (1,004 ) (750 ) Total property, plant and equipment $ 7,506 $ 5,457 (1) In the first quarter of 2018, the partnership acquired the Extended-Stay Hotel portfolio. See Note 5, Business Acquisitions and Combinations, for more information. (2) In the fourth quarter of 2017, the Hard Rock Hotel and Casino was reclassified to assets held for sale, and was sold to a third party in the first quarter of 2018. The following table presents the useful lives of each hospitality asset by class: Hospitality assets by class Useful life (in years) Building and building improvements 5 to 50+ Land improvements 13 to 15 Furniture, fixtures and equipment 2 to 15

INTANGIBLE ASSETS (Tables)

INTANGIBLE ASSETS (Tables)	12 Months Ended
	Dec. 31, 2018
Intangible Assets [Abstract]
Disclosure of detailed information about intangible assets	Intangible assets by class Useful life (in years) Trademarks Indefinite Management contracts 40 Customer relationships 9 to 10 Other 3 to 7 The following table presents the components of the partnership’s intangible assets as of December 31, 2018 and December 31, 2017 : (US$ Millions) Dec. 31, 2018 Dec. 31, 2017 Cost $ 1,273 $ 1,271 Accumulated amortization (46 ) (35 ) Accumulated impairment losses (48 ) (48 ) Balance, end of year $ 1,179 $ 1,188 The following table presents a roll forward of the partnership’s intangible assets December 31, 2018 and December 31, 2017 : (US$ Millions) Dec. 31, 2018 Dec. 31, 2017 Balance, beginning of year $ 1,188 $ 1,141 Acquisitions 67 17 Disposals 2 — Amortization (17 ) (8 ) Foreign currency translation (58 ) 82 Reclassification to assets held for sale and other (1) (3 ) (44 ) Balance, end of year $ 1,179 $ 1,188 (1) In the fourth quarter of 2017, the partnership reclassified the intangible assets of the Hard Rock Hotel and Casino, which had a carrying value of $45 million , to assets held for sale. The majority of these were sold to a third party in the first quarter of 2018, and the remainder in the third quarter of 2018.

OTHER NON-CURRENT ASSETS (Table

OTHER NON-CURRENT ASSETS (Tables)	12 Months Ended
	Dec. 31, 2018
Subclassifications of assets, liabilities and equities [abstract]
Disclosure of other non-current assets	The components of other non-current assets are as follows: (US$ Millions) Dec. 31, 2018 Dec. 31, 2017 Securities - FVTPL $ 239 $ 174 Derivative assets 13 48 Securities - FVTOCI 260 150 Restricted cash 161 153 Inventory 435 216 Other 748 157 Total other non-current assets $ 1,856 $ 898

ACCOUNTS RECEIVABLE AND OTHER (

ACCOUNTS RECEIVABLE AND OTHER (Tables)	12 Months Ended
	Dec. 31, 2018
Subclassifications of assets, liabilities and equities [abstract]
Disclosure of accounts receivable and other	The components of accounts receivable and other are as follows: (US$ Millions) Dec. 31, 2018 Dec. 31, 2017 Derivative assets $ 234 $ 37 Accounts receivable (1) 794 421 Restricted cash and deposits 631 237 Prepaid expenses 317 94 Other current assets 385 192 Total accounts receivable and other $ 2,361 $ 981 (1) See Note 37, Related Parties, for further discussion.

ASSETS HELD FOR SALE (Tables)

ASSETS HELD FOR SALE (Tables)	12 Months Ended
	Dec. 31, 2018
Non-current Assets Held For Sale And Discontinued Operations [Abstract]
Disclosure of assets and liabilities classified as held for sale	The following is a summary of the assets and liabilities that were classified as held for sale as of December 31, 2018 and December 31, 2017 : (US$ Millions) Dec. 31, 2018 Dec. 31, 2017 Investment properties $ 422 $ 853 Property, plant and equipment — 475 Equity accounted investments 568 — Accounts receivables and other assets 14 105 Assets held for sale 1,004 1,433 Debt obligations 153 1,107 Accounts payable and other liabilities 10 209 Liabilities associated with assets held for sale $ 163 $ 1,316
Disclosure of reconciliation of changes in assets held for sale	The following table presents the change to the components of the assets held for sale from the beginning of the year: (US$ Millions) Dec. 31, 2018 Dec. 31, 2017 Balance, beginning of year $ 1,433 $ 147 Reclassification to/(from) assets held for sale, net 2,382 4,641 Disposals (2,819 ) (3,365 ) Fair value adjustments 81 8 Foreign currency translation (32 ) 7 Other (41 ) (5 ) Assets held for sale $ 1,004 $ 1,433

DEBT OBLIGATIONS (Tables)

DEBT OBLIGATIONS (Tables)	12 Months Ended
	Dec. 31, 2018
Financial Instruments [Abstract]
Disclosure of detailed information about borrowings	The partnership’s debt obligations include the following: Dec. 31, 2018 Dec. 31, 2017 (US$ Millions) Weighted- average rate Debt balance Weighted- average rate Debt balance Unsecured facilities: Brookfield Property Partners’ credit facilities 4.08 % $ 1,586 3.10 % $ 1,363 Brookfield Property Partners' corporate bonds 4.23 % 586 — % — Brookfield Office Properties’ revolving facility — % — 2.60 % 828 Brookfield Office Properties’ senior unsecured notes — % — 4.00 % 119 Brookfield Canada Office Properties’ revolving facility — % — 2.89 % 276 BPY BOPC LP credit facility — % — 2.85 % 212 Brookfield Property REIT Inc. term debt 4.88 % 4,726 — % — Brookfield Property REIT Inc. corporate facility 4.76 % 387 — % — Brookfield Property REIT Inc.junior subordinated notes 3.97 % 206 — % — Forest City Realty Trust Inc. term debt 6.38 % 1,247 — % — Subsidiary borrowings 5.62 % 495 4.40 % 622 Secured debt obligations: Funds subscription credit facilities (1) 3.85 % 4,517 2.56 % 436 Fixed rate 4.41 % 25,545 4.59 % 17,666 Variable rate 4.97 % 25,131 4.59 % 16,760 Deferred financing costs (462 ) (291 ) Total debt obligations $ 63,964 $ 37,991 Current $ 5,874 $ 6,135 Non-current 57,937 30,749 Debt associated with assets held for sale 153 1,107 Total debt obligations $ 63,964 $ 37,991 (1) Funds subscription credit facilities are secured by co-investors’ capital commitments. Debt obligations include foreign currency denominated debt in the functional currencies of the borrowing subsidiaries. Debt obligations by local currency are as follows: Dec. 31, 2018 Dec. 31, 2017 (US$ Millions) U.S. Dollars Local currency U.S. Dollars Local currency U.S. dollars $ 50,682 $ $ 50,682 $ 25,975 $ $ 25,975 British pounds 5,172 £ 4,053 4,290 £ 3,173 Canadian dollars 2,688 C$ 3,666 3,132 C$ 3,938 South Korean Won 1,617 ₩ 1,805,000 1,692 ₩ 1,805,000 Australian dollars 1,401 A$ 1,988 1,554 A$ 1,991 Indian Rupee 1,469 Rs 102,016 1,168 Rs 74,386 Brazilian reais 684 R$ 2,651 471 R$ 1,558 China Yuan 70 C¥ 484 — C¥ — Euros 643 € 561 — € — Deferred financing costs (462 ) (291 ) Total debt obligations $ 63,964 $ 37,991 The components of changes in debt obligations, including changes related to cash flows from financing activities, are summarized in the table below: Non-cash changes in debt obligations (US$ Millions) Dec. 31, 2017 Debt obligation issuance, net of repayments Assumed from business combinations Derecognized on loss of control of subsidiaries Amortization of deferred financing costs and (premium) discount Foreign currency translation Other Dec. 31, 2018 Debt obligations $ 37,991 9,868 18,316 (784 ) 114 (961 ) (580 ) $ 63,964

CAPITAL SECURITIES (Tables)

CAPITAL SECURITIES (Tables)	12 Months Ended
	Dec. 31, 2018
Share Capital, Reserves And Other Equity Interest [Abstract]
Disclosure of classes of share capital	The partnership had the following capital securities outstanding as of December 31, 2018 and 2017 : (US$ Millions, except where noted) Shares Cumulative Dec. 31, 2018 Dec. 31, 2017 Operating Partnership Class A Preferred Equity Units: Series 1 24,000,000 6.25 % $ 562 $ 551 Series 2 24,000,000 6.50 % 537 529 Series 3 24,000,000 6.75 % 523 517 Brookfield BPY Holdings Inc. Junior Preferred Shares: Class B Junior Preferred Shares (1) 16,800,000 7.64 % 420 750 Class C Junior Preferred Shares (2) — — % — 500 BPO Class B Preferred Shares: Series 1 (3) 3,600,000 70% of bank prime — — Series 2 (3) 3,000,000 70% of bank prime — — Brookfield Property Split Corp. (“BOP Split”) Senior Preferred Shares: Series 1 924,390 5.25 % 23 23 Series 2 699,165 5.75 % 13 14 Series 3 909,994 5.00 % 17 18 Series 4 940,486 5.20 % 17 19 BSREP II RH B LLC (“Manufactured Housing”) Preferred Capital — 9.00 % 249 249 Rouse Series A Preferred Shares 5,600,000 5.00 % 142 142 Forest City Enterprises L.P. (“Forest City”) Preferred Capital 1,111,004 2.00 % 29 — BSREP II Vintage Estate Partners LLC (“Vintage Estates”) Preferred Shares 10,000 5.00 % 40 40 Capital Securities – Fund Subsidiaries 813 813 Total capital securities $ 3,385 $ 4,165 Current $ 520 $ 1,326 Non-current 2,865 2,839 Total capital securities $ 3,385 $ 4,165 (1) In the fourth quarter of 2018, $330 million of the Brookfield BPY Holdings Inc. Class B Junior Preferred Shares, held by Brookfield Asset Management, were redeemed. (2) In the third quarter of 2018, $500 million of the Brookfield BPY Holdings Inc. Class C Junior Preferred Shares, held by Brookfield Asset Management, were redeemed. (3) Class B, Series 1 and 2 capital securities - corporate are owned by Brookfield Asset Management. BPO has an offsetting loan receivable against these securities earning interest at 95% of bank prime. The following table presents changes to the GP Units and LP Units from the beginning of the year: GP Units LP Units (Thousands of units), Years ended Dec. 31, 2018 2017 2016 2018 2017 2016 Outstanding, beginning of year 139 139 139 254,989 260,222 261,486 Issued LP Units (1) — — — 109,702 — — Exchange LP Units exchanged — — — 7,770 285 1,016 BPR Units exchanged — — — 56,166 — — Distribution reinvestment program — — — 175 181 205 Issued under unit-based compensation plan — — — 57 215 278 Repurchases of LP Units — — — (4,661 ) (5,914 ) (2,763 ) Outstanding, end of year 139 139 139 424,198 254,989 260,222 The following table presents changes to the Exchange LP Units from the beginning of the year: Exchange LP Units (Thousands of units) Dec. 31, 2018 Dec. 31, 2017 Dec. 31, 2016 Outstanding, beginning of year 11,078 11,363 12,379 Exchange LP Units exchanged (1) (7,770 ) (285 ) (1,016 ) Outstanding, end of year 3,308 11,078 11,363 (1) Exchange LP Units issued for the acquisition of incremental BPO common shares that have been exchanged are held by an indirect subsidiary of the partnership. Refer to the Consolidated Statements of Changes in Equity for the impact of such exchanges on the carrying value of Exchange LP Units.
Summary of reconciliation of cash flows from financing activities from capital securities	Reconciliation of cash flows from financing activities from capital securities is shown in the table below: Non-cash changes on capital securities (US$ Millions) Dec. 31, 2017 Capital securities redeemed net of issued Fair value changes Foreign currency translation Assumed from business combinations Dec. 31, 2018 Capital securities $ 4,165 $ (905 ) $ 26 $ (4 ) $ 103 $ 3,385

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2018
Income Taxes [Abstract]
Disclosure of deferred taxes	(US$ Millions) Dec. 31, 2018 Dec. 31, 2017 Deferred income tax assets: Non-capital losses (Canada) $ 41 $ 54 Capital losses (Canada) 34 54 Net operating losses (United States) 291 78 Non-capital losses (foreign) 94 70 Tax credit carryforwards 36 36 Deferred financing costs — 5 Foreign currency 4 12 Other 16 33 516 342 Deferred income tax (liabilities): Properties (2,894 ) (3,086 ) Investments in associates — (144 ) (2,894 ) (3,230 ) Net deferred tax (liability) $ (2,378 ) $ (2,888 ) The changes in deferred tax balances are presented as follows: Recognized in (US$ Millions) Dec. 31, 2017 Income Equity Acquisitions and Dispositions OCI Dec. 31, 2018 Deferred tax assets $ 342 $ (23 ) $ — $ 208 $ (11 ) $ 516 Deferred tax (liabilities) (3,230 ) 240 — (32 ) 128 (2,894 ) Net deferred tax (liability) $ (2,888 ) $ 217 $ — $ 176 $ 117 $ (2,378 ) Recognized in (US$ Millions) Dec. 31, 2016 Income Equity Acquisitions and Dispositions OCI Dec. 31, 2017 Deferred tax assets $ 306 $ (7 ) $ 6 $ 14 $ 23 $ 342 Deferred tax (liabilities) (2,761 ) (13 ) (117 ) (175 ) (164 ) (3,230 ) Net deferred tax (liability) $ (2,455 ) $ (20 ) $ (111 ) $ (161 ) $ (141 ) $ (2,888 )
Disclosure of deferred income taxes and deductible temporary differences	The gross deductible temporary differences, unused tax losses, and unused tax credits for which no deferred tax asset is recognized are as follows: (US$ Millions) Dec. 31, 2018 Dec. 31, 2017 Unused tax losses - gross Net operating losses (United States) $ 74 $ 251 Net operating losses (foreign) 351 223 Unrecognized deductible temporary differences, unused tax losses, and unused tax credits $ 425 $ 474
Schedule of components of income tax expense benefit	The major components of income tax expense include the following: (US$ Millions) Years ended Dec. 31, 2018 2017 2016 Current income tax expense $ 299 $ 172 $ 136 Deferred income tax expense (218 ) 20 (711 ) Income tax (benefit) expense $ 81 $ 192 $ (575 )
Schedule of income tax rates	Years ended Dec. 31, 2018 2017 2016 Statutory income tax rate 26 % 26 % 26 % Increase (decrease) in rate resulting from: International operations subject to different tax rates (10 )% (5 )% 1 % Non-controlling interests in income of flow-through entities (11 )% (12 )% (9 )% Change in tax rates applicable to temporary differences in other jurisdictions (5 )% (5 )% (46 )% Other 2 % 3 % 1 % Effective income tax rate 2 % 7 % (27 )%

OTHER NON-CURRENT LIABILITIES (

OTHER NON-CURRENT LIABILITIES (Tables)	12 Months Ended
	Dec. 31, 2018
Subclassifications of assets, liabilities and equities [abstract]
Schedule of Other Non-Current Liabilities	The components of other non-current liabilities are as follows: (US$ Millions) Dec. 31, 2018 Dec. 31, 2017 Accounts payable and accrued liabilities $ 1,770 $ 540 Derivative liability 159 160 Provisions 352 216 Loans and notes payables 5 — Deferred revenue 8 2 Total other non-current liabilities $ 2,294 $ 918

ACCOUNTS PAYABLE AND OTHER LI_2

ACCOUNTS PAYABLE AND OTHER LIABILITIES (Tables)	12 Months Ended
	Dec. 31, 2018
Subclassifications of assets, liabilities and equities [abstract]
Schedule of Accounts Payable and Other Liabilities	The components of accounts payable and other liabilities are as follows: (US$ Millions) Dec. 31, 2018 Dec. 31, 2017 Accounts payable and accrued liabilities $ 2,466 $ 1,636 Loans and notes payables 779 769 Derivative liabilities 181 399 Deferred revenue 302 242 Other liabilities 21 6 Total accounts payable and other liabilities $ 3,749 $ 3,052

EQUITY (Tables)

EQUITY (Tables)	12 Months Ended
	Dec. 31, 2018
Schedule of Partnership Units [Line Items]
Disclosure of classes of share capital	The partnership had the following capital securities outstanding as of December 31, 2018 and 2017 : (US$ Millions, except where noted) Shares Cumulative Dec. 31, 2018 Dec. 31, 2017 Operating Partnership Class A Preferred Equity Units: Series 1 24,000,000 6.25 % $ 562 $ 551 Series 2 24,000,000 6.50 % 537 529 Series 3 24,000,000 6.75 % 523 517 Brookfield BPY Holdings Inc. Junior Preferred Shares: Class B Junior Preferred Shares (1) 16,800,000 7.64 % 420 750 Class C Junior Preferred Shares (2) — — % — 500 BPO Class B Preferred Shares: Series 1 (3) 3,600,000 70% of bank prime — — Series 2 (3) 3,000,000 70% of bank prime — — Brookfield Property Split Corp. (“BOP Split”) Senior Preferred Shares: Series 1 924,390 5.25 % 23 23 Series 2 699,165 5.75 % 13 14 Series 3 909,994 5.00 % 17 18 Series 4 940,486 5.20 % 17 19 BSREP II RH B LLC (“Manufactured Housing”) Preferred Capital — 9.00 % 249 249 Rouse Series A Preferred Shares 5,600,000 5.00 % 142 142 Forest City Enterprises L.P. (“Forest City”) Preferred Capital 1,111,004 2.00 % 29 — BSREP II Vintage Estate Partners LLC (“Vintage Estates”) Preferred Shares 10,000 5.00 % 40 40 Capital Securities – Fund Subsidiaries 813 813 Total capital securities $ 3,385 $ 4,165 Current $ 520 $ 1,326 Non-current 2,865 2,839 Total capital securities $ 3,385 $ 4,165 (1) In the fourth quarter of 2018, $330 million of the Brookfield BPY Holdings Inc. Class B Junior Preferred Shares, held by Brookfield Asset Management, were redeemed. (2) In the third quarter of 2018, $500 million of the Brookfield BPY Holdings Inc. Class C Junior Preferred Shares, held by Brookfield Asset Management, were redeemed. (3) Class B, Series 1 and 2 capital securities - corporate are owned by Brookfield Asset Management. BPO has an offsetting loan receivable against these securities earning interest at 95% of bank prime. The following table presents changes to the GP Units and LP Units from the beginning of the year: GP Units LP Units (Thousands of units), Years ended Dec. 31, 2018 2017 2016 2018 2017 2016 Outstanding, beginning of year 139 139 139 254,989 260,222 261,486 Issued LP Units (1) — — — 109,702 — — Exchange LP Units exchanged — — — 7,770 285 1,016 BPR Units exchanged — — — 56,166 — — Distribution reinvestment program — — — 175 181 205 Issued under unit-based compensation plan — — — 57 215 278 Repurchases of LP Units — — — (4,661 ) (5,914 ) (2,763 ) Outstanding, end of year 139 139 139 424,198 254,989 260,222 The following table presents changes to the Exchange LP Units from the beginning of the year: Exchange LP Units (Thousands of units) Dec. 31, 2018 Dec. 31, 2017 Dec. 31, 2016 Outstanding, beginning of year 11,078 11,363 12,379 Exchange LP Units exchanged (1) (7,770 ) (285 ) (1,016 ) Outstanding, end of year 3,308 11,078 11,363 (1) Exchange LP Units issued for the acquisition of incremental BPO common shares that have been exchanged are held by an indirect subsidiary of the partnership. Refer to the Consolidated Statements of Changes in Equity for the impact of such exchanges on the carrying value of Exchange LP Units.
Schedule of distributions made to partners	Distributions made to each class of partnership units, including units of subsidiaries that are exchangeable into LP Units, are as follows: (US$ Millions, except per unit information) Years ended Dec. 31, 2018 2017 2016 Limited partners $ 410 $ 301 $ 293 Holders of: Redeemable/exchangeable partnership units 545 510 485 Special LP Units 6 6 5 Exchange LP Units 9 13 13 BPR Units 89 — — Total distributions $ 1,059 $ 830 $ 796 Per unit (1) $ 1.26 $ 1.18 $ 1.12 (1) Per unit outstanding on the record date for each.
Earnings per share	The partnership’s net income per LP Unit and weighted average units outstanding are calculated as follows: (US$ Millions) Years ended Dec. 31, 2018 2017 2016 Net income attributable to limited partners $ 764 $ 136 $ 660 Income reallocation related to mandatorily convertible preferred shares 98 22 101 Net income attributable to limited partners - basic 862 158 761 Dilutive effect of conversion of preferred shares and options (1) 35 — 61 Net income attributable to limited partners - diluted $ 897 $ 158 $ 822 (Millions of units/shares) Weighted average number of LP Units outstanding 307.7 256.0 261.5 Mandatorily convertible preferred shares 70.0 70.0 70.0 Weighted average number of LP Units outstanding - basic 377.7 326.0 331.5 Dilutive effect of conversion of preferred shares and options (1) 18.5 1.2 34.8 Weighted average number of LP Units outstanding - diluted 396.2 327.2 366.3 (1) The effect of the conversion of preferred shares is anti-dilutive for the year ended December 31, 2017.
BPR
Schedule of Partnership Units [Line Items]
Disclosure of classes of share capital	The following table presents changes to the BPR Units from the beginning of the year: Class A shares of Brookfield Property REIT Inc. (Thousands of units) Dec. 31, 2018 Dec. 31, 2017 Dec. 31, 2016 Outstanding, beginning of period — — — Issued on August 28, 2018 for the acquisition of GGP 162,324 — — BPR Units exchanged (56,166 ) — — Forfeitures (68 ) — — Outstanding, end of period 106,090 — —

NON-CONTROLLING INTERESTS (Tabl

NON-CONTROLLING INTERESTS (Tables)	12 Months Ended
	Dec. 31, 2018
Non-Controlling Interest 1 [Abstract]
Disclosure of non-controlling interests	Non-controlling interests consists of the following: (US$ Millions) Dec. 31, 2018 Dec. 31, 2017 Redeemable/Exchangeable Partnership Units and Special LP Units (1) $ 12,740 $ 14,500 Exchange LP Units (1) 96 285 BPR Units (1) 3,091 — Interest of others in operating subsidiaries and properties: Preferred shares held by Brookfield Asset Management 16 15 Preferred equity of subsidiaries 2,830 2,493 Non-controlling interests in subsidiaries and properties 15,610 10,430 Total interests of others in operating subsidiaries and properties 18,456 12,938 Total non-controlling interests $ 34,383 $ 27,723

COMMERCIAL PROPERTY REVENUE (Ta

COMMERCIAL PROPERTY REVENUE (Tables)	12 Months Ended
	Dec. 31, 2018
Revenue [abstract]
Disclosure of components of commercial property revenue	The components of commercial property revenue are as follows: (US$ Millions) Years ended Dec. 31, 2018 2017 2016 Base rent (1) $ 3,443 $ 3,797 $ 3,184 Straight-line rent 116 124 154 Lease termination 55 18 15 Other lease income (1)(2) 623 — — Other revenue from tenants (1)(3) 806 — — Other (1) — 253 271 Total commercial property revenue $ 5,043 $ 4,192 $ 3,624 (1) The partnership adopted IFRS 15 in 2018 using the modified retrospective method. The comparative information has not been restated and is reported under the accounting standards effective for those periods. (2) Other lease income includes parking revenue and recovery of property tax and insurance expense from tenants. (3) Consists of recovery of certain operating expenses and other revenue from tenants which are accounted for in accordance with IFRS 15.
Disclosure of operating leases	Minimum rental commitments under non-cancellable tenant operating leases are as follows: (US$ Millions) Dec. 31, 2018 Dec. 31, 2017 Less than 1 year $ 3,282 $ 2,285 1-5 years 11,679 8,472 More than 5 years 11,856 11,667 Total $ 26,817 $ 22,424

HOSPITALITY REVENUE (Tables)

HOSPITALITY REVENUE (Tables)	12 Months Ended
	Dec. 31, 2018
Disclosure of revenue [Abstract]
Disclosure of detailed information of hospitality revenue	The components of hospitality revenue are as follows: (US$ Millions) 2018 2017 2016 Room, food and beverage (1) $ 1,373 $ 1,648 $ 1,561 Gaming, and other leisure activities (1) 424 — — Other hospitality revenue (1) 116 — — Total hospitality revenue $ 1,913 $ 1,648 $ 1,561 (1) The partnership adopted IFRS 15 in 2018 using the modified retrospective method. The comparative information has not been restated and is reported under the accounting standards effective for those periods.

INVESTMENT AND OTHER REVENUE (T

INVESTMENT AND OTHER REVENUE (Tables)	12 Months Ended
	Dec. 31, 2018
Revenue [abstract]
Disclosure of investment and other revenue	The components of investment and other revenue are as follows: (US$ Millions) Years ended Dec. 31, 2018 2017 2016 Investment income $ 68 $ 170 $ — Fee revenue 131 61 51 Dividend income 10 18 12 Interest income and other 57 19 72 Participating loan interests 17 27 32 Total investment and other revenue $ 283 $ 295 $ 167

DIRECT COMMERCIAL PROPERTY EX_2

DIRECT COMMERCIAL PROPERTY EXPENSE (Tables)	12 Months Ended
	Dec. 31, 2018
Direct operating expense from investment property [abstract]
Disclosure of detailed information about direct commercial property expense	The components of direct commercial property expense are as follows: (US$ Millions) Years ended Dec. 31, 2018 2017 2016 Property maintenance $ 773 $ 709 $ 694 Real estate taxes 528 472 436 Employee compensation and benefits 196 148 141 Ground rents 59 56 43 Other 295 232 80 Total direct commercial property expense $ 1,851 $ 1,617 $ 1,394
Disclosure of finance lease and operating lease obligations	The partnership does not have an option to purchase the leased land at the expiry of the lease periods. Future operating and finance lease obligations are as follows: (US$ Millions) Dec. 31, 2018 Dec. 31, 2017 Less than 1 year $ 104 $ 34 1-5 years 401 120 More than 5 years 5,631 1,708 Total $ 6,136 $ 1,862

DIRECT HOSPITALITY EXPENSE (Tab

DIRECT HOSPITALITY EXPENSE (Tables)	12 Months Ended
	Dec. 31, 2018
Disclosure of detailed information about investment property [abstract]
Disclosure of detailed information on direct hospitality expense	The components of direct hospitality expense are as follows: (US$ Millions) Years ended Dec. 31, 2018 2017 2016 Employee compensation and benefits $ 318 $ 287 $ 283 Cost of food, beverage, and retail goods sold 273 243 238 Maintenance and utilities 175 127 102 Marketing and advertising 75 55 57 Other 395 367 356 Total direct hospitality expense $ 1,236 $ 1,079 $ 1,036

DEPRECIATION AND AMORTIZATION (

DEPRECIATION AND AMORTIZATION (Tables)	12 Months Ended
	Dec. 31, 2018
Depreciation and amortisation expense [abstract]
Disclosure of detailed information about depreciation and amortisation	The components of depreciation and amortization expense are as follows: (US$ Millions) Years ended Dec. 31, 2018 2017 2016 Depreciation and amortization of real estate assets $ 264 $ 244 $ 212 Depreciation and amortization of non-real estate assets 44 31 28 Total depreciation and amortization $ 308 $ 275 $ 240

GENERAL AND ADMINISTRATIVE EX_2

GENERAL AND ADMINISTRATIVE EXPENSE (Tables)	12 Months Ended
	Dec. 31, 2018
Disclosure Of General And Administrative Expense [Abstract]
Disclosure of detailed general and administrative expense	The components of general and administrative expense are as follows: (US$ Millions) Years ended Dec. 31, 2018 2017 2016 Transaction costs $ 413 $ 72 $ 80 Employee compensation and benefits 247 199 171 Management fees 144 168 175 Other 228 175 143 Total general and administrative expense $ 1,032 $ 614 $ 569

FAIR VALUE GAINS, NET (Tables)

FAIR VALUE GAINS, NET (Tables)	12 Months Ended
	Dec. 31, 2018
Fair Value Measurement [Abstract]
Schedule of fair value gains (losses)	The components of fair value gains, net, are as follows: (US$ Millions) Years ended Dec. 31, 2018 2017 2016 Commercial properties $ 784 $ 347 $ 290 Commercial developments 462 202 251 Financial instruments and other 1,220 705 151 Total fair value gains, net $ 2,466 $ 1,254 $ 692

UNIT-BASED COMPENSATION (Tables

UNIT-BASED COMPENSATION (Tables)	12 Months Ended
	Dec. 31, 2018
Share-Based Payment Arrangement [Abstract]
Disclosure of indirect measurement of fair value of goods or services received, share options granted during period	The partnership estimated the fair value of the BPY Awards granted during the years ended December 31, 2018 , 2017 and 2016 using the Black-Scholes valuation model. The following assumptions were utilized: Unit of measurement Years ended Dec. 31, 2018 2017 2016 Exercise price US$ 22.50 22.92 19.51 Average term to exercise In years 7.50 7.50 7.50 Unit price volatility % 23 % 25 % 30 % Liquidity discount % 25 % 25 % 25 % Weighted average of expected annual dividend yield % 6.50 % 6.50 % 6.50 % Risk-free rate % 2.82 % 2.37 % 1.57 % Weighted average fair value per option US$ 0.74 1.60 1.45
Disclosure of number and weighted average exercise prices of share options	The change in the number of options outstanding under the equity-settled BPY Awards for the years ended December 31, 2018 , 2017 and 2016 is as follows: 2018 2017 2016 Years ended Dec. 31, Number of options Weighted average exercise price Number of Weighted average Number of Weighted average Outstanding, beginning of year 13,801,795 $ 20.54 16,338,511 $ 20.49 17,349,629 $ 20.53 Granted 800,000 22.50 93,750 22.92 3,020,931 19.51 Exercised (36,806 ) 17.71 (1,194,569 ) 18.97 (1,180,060 ) 17.98 Expired/forfeited (291,625 ) 22.18 (1,435,897 ) 21.51 (2,851,989 ) 19.69 Reclassified (1) (437,151 ) 22.48 — — — — Outstanding, end of year 13,836,213 $ 20.56 13,801,795 $ 20.54 16,338,511 $ 20.49 Exercisable, end of year 9,628,246 $ 20.26 7,352,112 $ 20.22 5,501,679 $ 19.90 (1) Relates to the reclassification of equity-settled options for employees in Brazil to cash-settled options subsequent to the amendment of the BPY Plan, which was amended on February 7, 2018. The following table sets out details of options issued and outstanding at December 31, 2018 , 2017 and 2016 under the equity-settled BPY Awards by expiry date: Dec. 31, 2018 Dec. 31, 2017 Dec. 31, 2016 Expiry date Number of options Weighted average exercise price Number of Weighted average Number of Weighted average 2020 226,800 13.07 226,800 13.07 254,600 13.07 2021 246,400 17.44 246,400 17.44 316,100 17.44 2022 508,300 18.07 517,300 18.07 724,700 18.03 2023 656,220 16.80 675,420 16.80 948,980 16.80 2024 7,878,998 20.59 7,946,313 20.59 9,071,225 20.59 2025 1,376,295 25.18 1,730,210 25.18 2,153,923 25.18 2026 2,049,450 19.51 2,365,602 19.51 2,868,983 19.51 2027 93,750 22.92 93,750 22.92 — — 2028 800,000 22.50 — — — — Total 13,836,213 $ 20.56 13,801,795 $ 20.54 16,338,511 $ 20.49 The change in the number of options outstanding under the cash-settled BPY Awards for the years ended December 31, 2018 , 2017 and 2016 is as follows: 2018 2017 2016 Years ended Dec. 31, Number of Weighted average Number of Weighted average Number of Weighted average Outstanding, beginning of year 7,144,871 $ 20.30 7,377,042 $ 20.28 $ 6,904,986 $ 20.37 Granted — — — — 846,912 19.51 Exercised (3,770 ) 19.51 (213,106 ) 19.12 (148,076 ) 18.55 Expired/forfeited (246,836 ) 21.87 (19,065 ) 24.42 (226,780 ) 21.32 Reclassified (1) 437,151 22.48 — — — — Outstanding, end of year 7,331,416 $ 20.38 7,144,871 $ 20.30 7,377,042 $ 20.28 Exercisable, end of year 5,627,610 $ 20.17 3,973,290 $ 19.93 2,772,207 $ 19.75 (1) Relates to the reclassification of equity-settled options for employees in Brazil to cash-settled options subsequent to the amendment of the BPY Plan, which was amended on February 7, 2018. The following table sets out details of options issued and outstanding at December 31, 2018 , 2017 and 2016 under the cash-settled BPY Awards by expiry date: Dec. 31, 2018 Dec. 31, 2017 Dec. 31, 2016 Expiry date Number of Weighted average Number of Weighted average Number of Weighted average 2020 69,000 13.07 69,000 13.07 78,000 13.07 2021 172,800 17.44 172,800 17.44 186,800 17.44 2022 515,800 18.09 515,800 18.09 545,800 18.08 2023 519,000 16.80 519,000 16.80 549,000 16.80 2024 4,278,663 20.59 4,330,286 20.59 4,459,230 20.59 2025 831,834 25.18 695,376 25.18 711,300 25.18 2026 944,319 19.51 842,609 19.51 846,912 19.51 Total 7,331,416 $ 20.38 7,144,871 $ 20.30 7,377,042 $ 20.28

OTHER COMPREHENSIVE (LOSS) IN_2

OTHER COMPREHENSIVE (LOSS) INCOME (Tables)	12 Months Ended
	Dec. 31, 2018
Disclosure of analysis of other comprehensive income by item [abstract]
Disclosure of other comprehensive income (loss)	Other comprehensive (loss) income consists of the following: (US$ Millions) Years ended Dec. 31, 2018 2017 2016 Items that may be reclassified to net income: Foreign currency translation Unrealized foreign currency translation gains (losses) in respect of foreign operations $ (1,193 ) $ 1,111 $ (990 ) Reclassification of realized foreign currency translation gains to net income on disposition of foreign operations 19 118 — (Losses) gains on hedges of net investments in foreign operations, net of income tax expense (benefit) of $10 million (2017 - ($18) million; 2016 - $19 million) 386 (530 ) 678 Reclassification of hedges of net investment in foreign operations (losses) to net income on disposition of foreign operations — (45 ) — (788 ) 654 (312 ) Cash flow hedges Gains (losses) on derivatives designated as cash flow hedges, net of income tax expense (benefit) of $25 million (2017 - $18 million; 2016 - $(23) million) 34 77 (36 ) 34 77 (36 ) Available-for-sale securities Net change in unrealized (losses) gains on available-for-sale securities, net of income tax of nil (2017 - nil; 2016 - nil) — (5 ) 5 — (5 ) 5 Equity accounted investments Share of unrealized foreign currency translations (losses) gains in respect of foreign operations (9 ) 5 4 Share of gains (losses) on derivatives designated as cash flow hedges, net of income tax expense (benefit) of nil (2017 - $1 million; 2016 – $3 million) 1 — (10 ) Share of unrealized gains (losses) on available-for-sale securities, net of income tax of nil (2017 - nil; 2016 - nil) — 6 — (8 ) 11 (6 ) Items that will not be reclassified to net income: Unrealized gains (losses) on securities - FVTOCI, net of income tax benefit of $2 million (2017 - nil; 2016 - nil) (2 ) — — Share of revaluation surplus on equity accounted investments, net of income tax expense (benefit) of ($5) million (2017 - nil, 2016 -$27 million) 92 58 13 Net remeasurement gains (losses) on defined benefit plan, net of income tax expense of nil (2017 – nil; 2016 – nil) 2 (1 ) — Revaluation surplus, net of income tax expense of $1 million (2017 –$1 million; 2016 – nil) 254 86 90 346 143 103 Total other comprehensive (loss) income $ (416 ) $ 880 $ (246 )

LIQUIDITY AND CAPITAL MANAGEM_2

LIQUIDITY AND CAPITAL MANAGEMENT (Tables)	12 Months Ended
	Dec. 31, 2018
Liquidity and Capital Management [Abstract]
Disclosure of contractual obligations	The table below presents the partnership’s contractual obligations as of December 31, 2018 : (US$ Millions) Payments due by period Dec. 31, 2018 Total < 1 Year 1 Year 2 Years 3 Years 4 Years > 5 Years Debt obligations $ 63,811 $ 5,874 $ 11,653 $ 15,109 $ 5,410 $ 6,922 $ 18,843 Capital securities 3,385 100 814 603 141 421 1,306 Lease obligations 6,136 104 103 103 98 97 5,631 Commitments (1) 656 599 47 9 1 — — Interest expense (2) : Long term debt 11,622 2,545 2,338 1,804 1,433 1,122 2,380 Capital securities 1,022 183 183 188 144 115 209 Interest rate swaps 4 2 2 — — — — (1) Primarily consists of construction commitments on commercial developments. (2) Represents aggregate interest expense expected to be paid over the term of the obligations. Variable interest rate payments have been calculated based on current rates.

FINANCIAL INSTRUMENTS (Tables)

FINANCIAL INSTRUMENTS (Tables)	12 Months Ended
	Dec. 31, 2018
Financial Instruments [Abstract]
Disclosure of hedging instruments	The following table provides the partnership’s outstanding derivatives that are designated as cash flow hedges of variability in interest rates associated with forecasted fixed rate financings and existing variable rate debt as of December 31, 2018 and 2017 : (US$ Millions) Hedging item Notional Rates Maturity dates Fair value Dec. 31, 2018 Interest rate caps of US$ LIBOR debt $ 8,180 2.3% - 6.0% Jan. 2019 - Sep. 2023 $ 2 Interest rate swaps of US$ LIBOR debt 1,731 1.6% - 2.8% Feb. 2020 - May 2024 (2 ) Interest rate caps of £ LIBOR debt 486 2.0% Apr. 2020 - Jan. 2021 — Interest rate swaps of £ LIBOR debt 67 1.5% Apr. 2020 — Interest rate caps of € EURIBOR debt 115 1.0% - 1.3% Apr. 2020 - Apr. 2021 — Interest rate caps of C$ LIBOR debt 176 3.0% Oct. 2020 - Oct. 2022 — Interest rate swaps of C$ LIBOR debt 56 4.6% Sep. 2023 — Interest rate swaps on forecasted fixed rate debt 100 4.0% Jun. 2019 (114 ) Dec. 31, 2017 Interest rate caps of US$ LIBOR debt $ 1,958 2.3% - 3.5% May 2018 - Oct. 2020 $ 1 Interest rate swaps of US$ LIBOR debt 1,692 0.7% - 2.2% Jun. 2018 - Mar. 2022 19 Interest rate caps of £ LIBOR debt 452 1.3% Dec. 2019 — Interest rate swaps of £ LIBOR debt 71 1.5% Apr. 2020 1 Interest rate swaps of C$ LIBOR debt 50 3.7% - 4.3% Nov. 2021 1 Interest rate swaps on forecasted fixed rate debt 100 4.0% Jun. 2029 (13 ) The following table presents the partnership’s outstanding derivatives that are designated as net investment hedges in foreign subsidiaries or cash flow hedges as of December 31, 2018 and 2017 : (US$ Millions) Hedging item Net Notional Rates Maturity dates Fair value Dec. 31, 2018 Net investment hedges € 649 €0.78/$ - €0.88/$ Jan. 2019 - May 2020 13 Net investment hedges £ 3,175 £0.70/$ - £0.79/$ Feb. 2019 - Mar. 2020 104 Net investment hedges A$ 1,038 A$1.28/$ - A$1.42/$ Jan. 2019 - Mar. 2020 20 Net investment hedges C¥ 2,672 C¥6.35/$ - C¥6.91/$ Jan. 2019 - Nov. 2019 6 Net investment hedges C$ 118 C$1.29/$ - C$1.34/$ Oct. 2019 - Nov 2019 4 Net investment hedges R$ 158 R$3.90/$ - R$4.24/$ Jan. 2019 - Jun. 2019 (9 ) Net investment hedges ₩ 618,589 ₩ 1,087.00/$ - ₩ 1,130.90/$ Jan. 2019 - Nov. 2019 1 Net investment hedges Rs 31,422 Rs67.44/$ - Rs70.39/$ Feb. 2019 - May 2019 3 Net investment hedges £ 77 £0.88/€ - £0.92/€ Jan. 2019 - Feb. 2020 (1 ) Cross currency swaps of C$ LIBOR debt C$ 800 C$1.29/$ - C$1.33/$ Oct. 2021 - Jul. 2023 (31 ) Dec. 31, 2017 Net investment hedges € 191 €0.83/$ - €0.92/$ Jan. 2018 - Dec. 2018 $ (7 ) Net investment hedges £ 2,923 £0.73/$ - £0.81/$ Jan. 2018 - Jan. 2019 (237 ) Net investment hedges A$ 768 A$1.26/$ - A$1.38/$ Jan. 2018 - Feb. 2019 (21 ) Net investment hedges C¥ 1,165 C¥6.71/$ - C¥7.09/$ Jan. 2018 - Dec. 2018 (7 ) Net investment hedges C$ 127 C$1.25/$ - C$1.26/$ Oct. 2018 - Dec. 2018 — Cash flow hedges C$ 150 C$1.27/$ Apr. 2018 1 Net investment hedges ₩ 616,289 ₩ 1,084.95/$ - ₩ 1,127.75/$ Aug. 2018 - Jan. 2019 (26 ) Cash flow hedges Rs 771 Rs65.24/$ Mar. 2018 — (US$ Millions) Hedging item Notional Rates Maturity dates Fair value Dec. 31, 2018 Fair value hedge on fixed rate US$ debt $ 636 4.0% - 8.0% Dec. 2019 - Apr. 2024 $ (3 )
Disclosure of other derivatives	The following tables provide detail of the partnership’s other derivatives, not designated as hedges for accounting purposes, that have been entered into to manage financial risks as of December 31, 2018 and 2017 : (US$ millions) Derivative type Notional Rates Maturity dates Fair value Dec. 31, 2018 Interest rate caps $ 9,750 3.0% - 7.0% Mar. 2019 - Jan. 2022 $ 1 Interest rate swaps on forecasted fixed rate debt 1,660 2.3% - 6.1% Jun. 2019 - Nov. 2030 (67 ) Interest rate swaps of US$ debt 835 2.4% - 5.8% Jul. 2019 - Oct. 2039 (14 ) Interest rate swaps on fixed rate debt 180 4.5% - 7.3% Feb. 2019 - Jul. 2023 2 Dec. 31, 2017 Interest rate caps $ 5,351 2.5% - 5.8% Jan. 2018 - Oct. 2020 $ 1 Interest rate swaps on forecasted fixed rate debt 1,660 1.9% - 6.0% Jun. 2028 - Dec. 2029 (194 ) Interest rate swaps of US$ LIBOR debt 1,050 1.4% - 1.6% Sep. 2018 - Nov. 2020 10 Interest rate swaptions 560 1.0 % Jun. 2018 - Nov. 2018 —
Disclosure of financial assets	The following table outlines the classification and measurement basis, and related fair value for disclosures, of the financial assets and liabilities in the consolidated financial statements: Dec. 31, 2018 Dec. 31, 2017 Under IFRS 9 Under IAS 39 (US$ Millions) Classification and measurement basis Carrying value Fair value Carrying value Fair value Financial assets Participating loan interests FVTPL $ 268 $ 268 $ 517 $ 517 Loans and notes receivable Amortized cost 1,055 1,055 185 185 Other non-current assets Securities - FVTPL FVTPL 239 239 174 174 Derivative assets FVTPL 13 13 48 48 Securities - FVTOCI FVTOCI 260 260 150 150 Restricted cash Amortized cost 161 161 153 153 Current assets Derivative assets FVTPL 234 234 37 37 Accounts receivable (1) Amortized cost 808 808 536 536 Restricted cash Amortized cost 631 631 237 237 Cash and cash equivalents Amortized cost 3,288 3,288 1,491 1,491 Total financial assets $ 6,957 $ 6,957 $ 3,528 $ 3,528 Financial liabilities Debt obligations (2) Amortized cost $ 63,964 $ 64,561 $ 37,991 $ 38,726 Capital securities Amortized cost 2,572 2,578 3,352 3,358 Capital securities - fund subsidiaries FVTPL 813 813 813 813 Other non-current liabilities Loan payable FVTPL 24 24 23 23 Accounts payable Amortized cost 1,770 1,770 517 517 Derivative liabilities FVTPL 159 159 160 160 Accounts payable and other liabilities Accounts payable and other (3) Amortized cost $ 3,255 $ 3,255 $ 2,614 $ 2,614 Derivative liabilities FVTPL $ 181 $ 181 $ 399 $ 399 Total financial liabilities $ 72,738 $ 73,341 $ 45,869 $ 46,610 (1) Includes other receivables associated with assets classified as held for sale on the consolidated balance sheets in the amounts of $14 million and $105 million as of December 31, 2018 and December 31, 2017 , respectively. (2) Includes debt obligations associated with assets classified as held for sale on the consolidated balance sheets in the amount of $153 million and $1,107 million as of December 31, 2018 and December 31, 2017 , respectively. (3) Includes accounts payable and other liabilities associated with assets classified as held for sale on the consolidated balance sheets in the amount of $10 million and $209 million as of December 31, 2018 and December 31, 2017 , respectively.
Disclosure of financial liabilities	The following table outlines the classification and measurement basis, and related fair value for disclosures, of the financial assets and liabilities in the consolidated financial statements: Dec. 31, 2018 Dec. 31, 2017 Under IFRS 9 Under IAS 39 (US$ Millions) Classification and measurement basis Carrying value Fair value Carrying value Fair value Financial assets Participating loan interests FVTPL $ 268 $ 268 $ 517 $ 517 Loans and notes receivable Amortized cost 1,055 1,055 185 185 Other non-current assets Securities - FVTPL FVTPL 239 239 174 174 Derivative assets FVTPL 13 13 48 48 Securities - FVTOCI FVTOCI 260 260 150 150 Restricted cash Amortized cost 161 161 153 153 Current assets Derivative assets FVTPL 234 234 37 37 Accounts receivable (1) Amortized cost 808 808 536 536 Restricted cash Amortized cost 631 631 237 237 Cash and cash equivalents Amortized cost 3,288 3,288 1,491 1,491 Total financial assets $ 6,957 $ 6,957 $ 3,528 $ 3,528 Financial liabilities Debt obligations (2) Amortized cost $ 63,964 $ 64,561 $ 37,991 $ 38,726 Capital securities Amortized cost 2,572 2,578 3,352 3,358 Capital securities - fund subsidiaries FVTPL 813 813 813 813 Other non-current liabilities Loan payable FVTPL 24 24 23 23 Accounts payable Amortized cost 1,770 1,770 517 517 Derivative liabilities FVTPL 159 159 160 160 Accounts payable and other liabilities Accounts payable and other (3) Amortized cost $ 3,255 $ 3,255 $ 2,614 $ 2,614 Derivative liabilities FVTPL $ 181 $ 181 $ 399 $ 399 Total financial liabilities $ 72,738 $ 73,341 $ 45,869 $ 46,610 (1) Includes other receivables associated with assets classified as held for sale on the consolidated balance sheets in the amounts of $14 million and $105 million as of December 31, 2018 and December 31, 2017 , respectively. (2) Includes debt obligations associated with assets classified as held for sale on the consolidated balance sheets in the amount of $153 million and $1,107 million as of December 31, 2018 and December 31, 2017 , respectively. (3) Includes accounts payable and other liabilities associated with assets classified as held for sale on the consolidated balance sheets in the amount of $10 million and $209 million as of December 31, 2018 and December 31, 2017 , respectively.
Disclosure of fair value measurement of assets	The following table presents the partnership’s investment properties measured at fair value in the consolidated financial statements and the level of the inputs used to determine those fair values in the context of the hierarchy as defined in Note 2(i) above. Dec. 31, 2018 Dec. 31, 2017 Level 3 Level 3 (US$ Millions) Level 1 Level 2 Commercial properties Commercial developments Level 1 Level 2 Commercial properties Commercial developments Core Office United States $ — $ — $ 14,415 $ 822 $ — $ — $ 14,259 $ 568 Canada — — 4,127 118 — — 4,493 104 Australia — — 2,342 49 — — 2,472 8 Europe — — 137 1,194 — — 120 920 Brazil — — 329 — — — 327 — Core Retail (1) — — 17,224 383 — — — — LP Investments LP Investments Office (2) — — 7,861 577 — — 6,044 231 LP Investments Retail — — 3,408 6 — — 3,406 6 Logistics — — 183 — — — 1,409 533 Multifamily — — 4,151 — — — 3,925 — Triple Net Lease — — 5,067 — — — 4,804 — Self-storage — — 847 84 — — 1,796 58 Student Housing — — 2,031 386 — — 1,204 149 Manufactured Housing — — 2,369 — — — 2,206 — Mixed-Use (2) — — 11,523 563 — — 2,315 — Total $ — $ — $ 76,014 $ 4,182 $ — $ — $ 48,780 $ 2,577 (1) The partnership obtained control of GGP during the third quarter of 2018 following the acquisition of the common shares not previously held by the partnership. Subsequent to this transaction, the partnership is consolidating the financial results of GGP. Please see Note 4, Acquisition of GGP Inc., for further information. (2) During the third quarter of 2018, the commercial properties for IFC are reported under the mixed-use sector. The valuation metrics for LP Investments- Office have been updated for both periods presented. The following table presents a sensitivity analysis to the impact of a 25 basis point movement of the discount rate and terminal capitalization or overall implied capitalization rate on fair values of the partnership’s commercial properties for December 31, 2018 , for properties valued using the discounted cash flow or direct capitalization method, respectively: Dec. 31, 2018 (US$ Millions) Impact on fair value of commercial properties Core Office United States $ 837 Canada 329 Australia 181 Brazil 10 Core Retail 612 LP Investments LP Investments Office 398 LP Investments Retail 143 Logistics 8 Mixed-use 140 Multifamily 207 Triple Net Lease 176 Self-storage 30 Student Housing 82 Manufactured Housing 104 Total $ 3,257 The following table outlines financial assets and liabilities measured at fair value in the financial statements and the level of the inputs used to determine those fair values in the context of the hierarchy as defined above: Dec. 31, 2018 Dec. 31, 2017 Under IFRS 9 Under IAS 39 (US$ Millions) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Financial assets Participating loan interests — — 268 268 $ — $ — $ 209 $ 209 Securities designated as FVTPL — — 239 239 — — 174 174 Securities designated as FVTOCI — — 260 260 — — 150 150 Derivative assets — 247 — 247 — 85 — 85 Total financial assets — 247 767 1,014 $ — $ 85 $ 533 $ 618 Financial liabilities Capital securities - fund subsidiaries — — 813 813 $ — $ — $ 813 $ 813 Derivative liabilities — 340 — 340 — 559 — 559 Loan payable — — 24 24 — — 23 23 Total financial liabilities — 340 837 1,177 $ — $ 559 $ 836 $ 1,395 The following table presents the change in the balance of financial assets and financial liabilities classified as Level 3 as of December 31, 2018 and 2017 : Dec. 31, 2018 Dec. 31, 2017 Under IFRS 9 Under IAS 39 (US$ Millions) Financial assets Financial liabilities Financial assets Financial liabilities Balance, beginning of year 835 836 $ 1,605 $ 821 Additions 201 — 144 49 Dispositions/ Warrant exercise (1) (7 ) (2 ) (986 ) (4 ) Fair value gains, net and OCI (14 ) 4 (216 ) (30 ) Other (248 ) — (14 ) — Balance, end of year 767 838 $ 533 $ 836 (1) In the fourth quarter of 2017, the partnership exercised all of its outstanding warrants of GGP. See Note 8, Equity Accounted Investments, for more information.
Disclosure of fair value measurement of liabilities	The following table presents the change in the balance of financial assets and financial liabilities classified as Level 3 as of December 31, 2018 and 2017 : Dec. 31, 2018 Dec. 31, 2017 Under IFRS 9 Under IAS 39 (US$ Millions) Financial assets Financial liabilities Financial assets Financial liabilities Balance, beginning of year 835 836 $ 1,605 $ 821 Additions 201 — 144 49 Dispositions/ Warrant exercise (1) (7 ) (2 ) (986 ) (4 ) Fair value gains, net and OCI (14 ) 4 (216 ) (30 ) Other (248 ) — (14 ) — Balance, end of year 767 838 $ 533 $ 836 (1) In the fourth quarter of 2017, the partnership exercised all of its outstanding warrants of GGP. See Note 8, Equity Accounted Investments, for more information. The following table outlines financial assets and liabilities measured at fair value in the financial statements and the level of the inputs used to determine those fair values in the context of the hierarchy as defined above: Dec. 31, 2018 Dec. 31, 2017 Under IFRS 9 Under IAS 39 (US$ Millions) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Financial assets Participating loan interests — — 268 268 $ — $ — $ 209 $ 209 Securities designated as FVTPL — — 239 239 — — 174 174 Securities designated as FVTOCI — — 260 260 — — 150 150 Derivative assets — 247 — 247 — 85 — 85 Total financial assets — 247 767 1,014 $ — $ 85 $ 533 $ 618 Financial liabilities Capital securities - fund subsidiaries — — 813 813 $ — $ — $ 813 $ 813 Derivative liabilities — 340 — 340 — 559 — 559 Loan payable — — 24 24 — — 23 23 Total financial liabilities — 340 837 1,177 $ — $ 559 $ 836 $ 1,395
Disclosure of valuation techniques and inputs for fair value assets	The key valuation metrics for the partnership’s consolidated commercial properties are set forth in the following tables below on a weighted-average basis: Dec. 31, 2018 Dec. 31, 2017 Consolidated properties Primary valuation method Discount rate Terminal capitalization rate Investment horizon (yrs.) Discount Terminal Investment Core Office United States Discounted cash flow 6.9 % 5.6 % 12 7.0 % 5.8 % 13 Canada Discounted cash flow 6.0 % 5.4 % 10 6.1 % 5.5 % 10 Australia Discounted cash flow 7.0 % 6.2 % 10 7.0 % 6.1 % 10 Brazil Discounted cash flow 9.6 % 7.7 % 6 9.7 % 7.6 % 7 Core Retail (1) Discounted cash flow 7.1 % 6.0 % 12 — % — % — LP Investments Office (2) Discounted cash flow 10.2 % 7.0 % 6 10.2 % 7.5 % 7 LP Investments Retail Discounted cash flow 8.9 % 7.8 % 9 9.0 % 8.0 % 10 Logistics Discounted cash flow 9.3 % 8.3 % 10 6.8 % 6.2 % 10 Mixed-use (2) Discounted cash flow 7.8 % 5.4 % 10 8.4 % 5.3 % 10 Multifamily (3) Direct capitalization 4.8 % n/a n/a 4.8 % n/a n/a Triple Net Lease (3) Direct capitalization 6.3 % n/a n/a 6.4 % n/a n/a Self-storage (3) Direct capitalization 5.7 % n/a n/a 5.8 % n/a n/a Student Housing (3) Direct capitalization 5.6 % n/a n/a 5.8 % n/a n/a Manufactured Housing (3) Direct capitalization 5.4 % n/a n/a 5.8 % n/a n/a (1) The partnership obtained control of GGP during the third quarter of 2018 following the acquisition of the common shares not held by the partnership. Subsequent to this transaction, the partnership is consolidating the financial results of GGP. Please see Note 4, Acquisition of GGP Inc., for further information. (2) In the third quarter of 2018, the valuation metrics for International Finance Center Seoul (“IFC”) are reported under the mixed-use sector. The valuation metrics for LP Investments-Office have been updated for both periods presented. (3) The valuation method used to value multifamily, triple net lease, self-storage, student housing, and manufactured housing properties is the direct capitalization method. The rates presented as the discount rate relate to the overall implied capitalization rate. The terminal capitalization rate and investment horizon are not applicable. The following table presents the valuation techniques and inputs of the partnership’s Level 2 assets and liabilities: Type of asset/liability Valuation technique Foreign currency forward contracts Discounted cash flow model - forward exchange rates (from observable forward exchange rates at the end of the reporting period) and discounted at a credit adjusted rate Interest rate contracts Discounted cash flow model - forward interest rates (from observable yield curves) and applicable credit spreads discounted at a credit adjusted rate The table below presents the valuation techniques and inputs of Level 3 assets: Type of asset/liability Valuation techniques Significant unobservable input(s) Relationship of unobservable input(s) to fair value Participating loan interests Discounted cash flow model (a) Discount rate (b) Terminal capitalization rate (a) Decreases (increases) in the discount rate would increase (decrease) fair value (b) Increases (decreases) in the terminal capitalization rate would (decrease) increase fair value Securities - FVTPL/FVTOCI Net asset valuation (a) Forward exchange rates (from observable forward exchange rates at the end of the reporting period) (b) Discount rate (a) Increases (decreases) in the forward exchange rate would increase (decrease) fair value (b) Decreases (increases) in the discount rate would increase (decrease) fair value
Disclosure of valuation techniques and inputs for fair value liabilities	The following table presents the valuation techniques and inputs of the partnership’s Level 2 assets and liabilities: Type of asset/liability Valuation technique Foreign currency forward contracts Discounted cash flow model - forward exchange rates (from observable forward exchange rates at the end of the reporting period) and discounted at a credit adjusted rate Interest rate contracts Discounted cash flow model - forward interest rates (from observable yield curves) and applicable credit spreads discounted at a credit adjusted rate The table below presents the valuation techniques and inputs of Level 3 assets: Type of asset/liability Valuation techniques Significant unobservable input(s) Relationship of unobservable input(s) to fair value Participating loan interests Discounted cash flow model (a) Discount rate (b) Terminal capitalization rate (a) Decreases (increases) in the discount rate would increase (decrease) fair value (b) Increases (decreases) in the terminal capitalization rate would (decrease) increase fair value Securities - FVTPL/FVTOCI Net asset valuation (a) Forward exchange rates (from observable forward exchange rates at the end of the reporting period) (b) Discount rate (a) Increases (decreases) in the forward exchange rate would increase (decrease) fair value (b) Decreases (increases) in the discount rate would increase (decrease) fair value
Disclosure of interest rate and foreign currency risk	The following table outlines the impact on interest expense of a 100 basis point increase or decrease in interest rates on the partnership’s variable rate liabilities and fixed rate debt maturing within one year: (US$ Millions) Dec. 31, 2018 Dec. 31, 2017 Variable rate property debt $ 382 $ 195 Fixed rate property debt due within one year 5 7 Total $ 387 $ 202
Disclosure of sensitivity analysis for types of market risk	The partnership’s exposures to foreign currencies and the sensitivity of net income and other comprehensive income, on a pre-tax basis, to a 10% change in the exchange rates relative to the U.S. dollar is summarized below: Dec. 31, 2018 (Millions) Equity attributable to Unitholders (1) OCI Net income Canadian Dollar (2) C$ 58 $ (4 ) $ — Australian Dollar A$ 2,977 (210 ) — British Pound £ 3,965 (506 ) — Euro € 505 (58 ) — Brazilian Real R$ 2,823 (73 ) — Indian Rupee Rs 25,022 (36 ) — Hong Kong Dollar HK$ (75 ) 1 — Chinese Yuan C¥ 1,593 (23 ) — South Korean Won ₩ 245,507 (22 ) — United Arab Emirates Dirham AED 451 (12 ) — Total $ (943 ) $ — (1) As of December 31, 2018 , Unitholders are defined as holders of the GP Units, LP Units, Redeemable/Exchangeable Partnership Units, Special LP Units, and Exchange LP Units. (2) Net of Canadian Dollar denominated loans. Dec. 31, 2017 (Millions) Equity attributable to Unitholders (1) OCI Net income Canadian Dollar (2) C$ 4 $ — $ — Australian Dollar A$ 2,679 (209 ) — British Pound £ 3,719 (503 ) — Euro € 213 (26 ) — Brazilian Real R$ 2,591 (78 ) — Indian Rupee Rs 15,904 (25 ) — Hong Kong Dollar HK$ (75 ) 1 — Chinese Yuan C¥ 1,207 (19 ) — South Korean Won ₩ 232,345 $ (22 ) $ — United Arab Emirates Dirham AED $ 451 $ (12 ) $ — Total $ (893 ) $ — (1) As of December 31, 2017 , Unitholders are defined as holders of the GP Units, LP Units, Redeemable/Exchangeable Partnership Units, Special LP Units, and Exchange LP Units. (1) Net of Canadian Dollar denominated loans. Dec. 31, 2016 (Millions) Equity attributable to Unitholders (1) OCI Net income Canadian Dollar (2) C$ (329 ) $ 25 $ — Australian Dollar A$ 2,344 (169 ) — British Pound £ 3,749 (463 ) — Euro € 326 (34 ) — Brazilian Real R$ 1,941 (60 ) — Indian Rupee Rs 10,436 (15 ) — Hong Kong Dollar HK$ (77 ) 1 — Chinese Yuan C¥ 1,001 (16 ) — South Korean Won ₩ 147,052 (12 ) — Total $ (743 ) $ — (1) As of December 31, 2016 , Unitholders are defined as holders of the GP Units, LP Units, Redeemable/Exchangeable Partnership Units, Special LP Units, and Exchange LP Units. (1) Net of Canadian Dollar denominated loans.

RELATED PARTIES (Tables)

RELATED PARTIES (Tables)	12 Months Ended
	Dec. 31, 2018
Related Party [Abstract]
Summary of Related Party Transactions	The following table summarizes transactions and balances with related parties: (US$ Millions) Dec. 31, 2018 Dec. 31, 2017 Balances outstanding with related parties: Participating loan interests $ 268 $ 517 Net (payables)/receivables within equity accounted investments (26 ) (49 ) Loans and notes receivable (1) 54 96 Receivables and other assets 50 11 Deposit and promissory note from Brookfield Asset Management (733 ) (633 ) Property-specific obligations (231 ) (415 ) Loans and notes payable and other liabilities (50 ) (156 ) Capital securities held by Brookfield Asset Management (2) (420 ) (1,250 ) Preferred shares held by Brookfield Asset Management (15 ) (15 ) (1) At December 31, 2018 , includes $54 million ( December 31, 2017 - $96 million ) receivable from Brookfield Asset Management upon the earlier of the partnership’s exercise of its option to convert its participating loan interests into direct ownership of the Australian portfolio or the maturity of the participating loan interests. (2) $500 million of the Brookfield BPY Holdings Inc. Class C Junior Preferred shares and $330 million of the Brookfield BPY Holdings Inc. Class B Junior Preferred shares, were redeemed in the third and fourth quarters of 2018, respectively. (US$ Millions) Years ended Dec. 31, 2018 2017 2016 Transactions with related parties: Commercial property revenue (1) $ 22 $ 19 $ 20 Management fee income 5 6 5 Participating loan interests (including fair value gains, net) 53 86 61 Interest expense on debt obligations 44 29 28 Interest on capital securities held by Brookfield Asset Management 64 83 76 General and administrative expense (2) 192 204 212 Construction costs (3) 397 295 266 (1) Amounts received from Brookfield Asset Management and its subsidiaries for the rental of office premises. (2) Includes amounts paid to Brookfield Asset Management and its subsidiaries for management fees, management fees associated with the partnership’s investments in Brookfield-sponsored real estate funds, and administrative services. (3) Includes amounts paid to Brookfield Asset Management and its subsidiaries for construction costs of development properties.

SUBSIDIARY PUBLIC ISSUERS (Tabl

SUBSIDIARY PUBLIC ISSUERS (Tables)	12 Months Ended
	Dec. 31, 2018
Separate Financial Statements [Abstract]
Condensed Income Statement	(US$ Millions) Brookfield Property Partners L.P. BOP Split Corp. BPO Brookfield Property Preferred Equity Inc. Brookfield Property Finance ULC Holding Entities (2) Additional holding entities and eliminations (3) Consolidating Adjustments (4) Brookfield Property Partners L.P. consolidated Year ended December 31, 2018 Revenue $ — $ 27 $ 166 $ — $ 8 $ 1,192 $ 167 $ 5,679 $ 7,239 Net income attributable to unitholders (1) 767 417 (1,419 ) — — 1,978 (34 ) 269 1,978 Year ended December 31, 2017 Revenue $ — $ — $ 197 $ — $ — $ 1,518 $ — $ 4,420 $ 6,135 Net income attributable to unitholders (1) 138 (409 ) (763 ) — — 375 17 1,017 375 Year ended December 31, 2016 Revenue $ — $ — $ 201 $ — $ — $ 477 $ — $ 4,674 $ 5,352 Net income attributable to unitholders (1) 671 94 416 — — 1,793 — (1,181 ) 1,793 (1) Includes net income attributable to LP Units, GP Units, Redeemable/Exchangeable Partnership Units, Special LP Units, Exchange LP Units and BPR Units. (2) Includes the operating partnership, Brookfield BPY Holdings Inc., Brookfield BPY Retail Holdings II Inc., BPY Bermuda Holdings Limited, and BPY Bermuda Holdings II Limited. (3) Includes BPY Bermuda Holdings IV Limited, BPY Bermuda Holdings V Limited and BPY Bermuda Holdings VI Limited, which serve as guarantors for BPO but not BOP Split, net of intercompany balances and transactions with other holding entities (4) Includes elimination of intercompany transactions and balances necessary to present the partnership on a consolidated basis.
Condensed Balance Sheet	(US$ Millions) Brookfield Property Partners L.P. BOP Split Corp. BPO Brookfield Property Preferred Equity Inc. Brookfield Property Finance ULC Holding Entities (2) Additional holding entities and eliminations (3) Consolidating Adjustments (4) Brookfield Property Partners L.P. consolidated As of Dec. 31, 2018 Current assets $ — $ 52 $ 151 $ — $ 596 $ 6,144 $ 330 $ (1,163 ) $ 6,110 Non-current assets 13,273 11,748 20,359 — — 30,277 1,775 37,974 115,406 Assets held for sale — — — — — — — 1,004 1,004 Current liabilities — 2,806 678 — 593 5,731 1,834 (1,499 ) 10,143 Non-current liabilities — 3,053 4,738 — — 2,406 5 55,272 65,474 Liabilities associated with assets held for sale — — — — — — — 163 163 Equity attributable to interests of others in operating subsidiaries and properties — — 2,284 — — — — 16,172 18,456 Equity attributable to unitholders (1) $ 13,273 $ 5,941 $ 12,810 $ — $ 3 $ 28,284 $ 266 $ (32,293 ) $ 28,284 As of Dec. 31, 2017 Current assets $ — $ 93 $ 91 $ — $ — $ 3,019 $ 24 $ (748 ) $ 2,479 Non-current assets 8,190 13,310 21,234 — — 28,194 1,532 7,975 80,435 Assets held for sale — — — — — — — 1,433 1,433 Current liabilities — 544 5,518 — — 1,186 845 2,420 10,513 Non-current liabilities — 4,695 1,726 — — 7,841 743 22,389 37,394 Liabilities associated with assets held for sale — — — — — — — 1,316 1,316 Equity attributable to interests of others in operating subsidiaries and properties — — 2,284 — — — — 10,654 12,938 Equity attributable to unitholders (1) $ 8,190 $ 8,164 $ 11,797 $ — $ — $ 22,186 $ (32 ) $ (28,119 ) $ 22,186 (1) Includes net income attributable to LP Units, GP Units, Redeemable/Exchangeable Partnership Units, Special LP Units, Exchange LP Units and BPR Units. (2) Includes the operating partnership, Brookfield BPY Holdings Inc., Brookfield BPY Retail Holdings II Inc., BPY Bermuda Holdings Limited, and BPY Bermuda Holdings II Limited. (3) Includes BPY Bermuda Holdings IV Limited, BPY Bermuda Holdings V Limited and BPY Bermuda Holdings VI Limited, which serve as guarantors for BPO but not BOP Split, net of intercompany balances and transactions with other holding entities (4) Includes elimination of intercompany transactions and balances necessary to present the partnership on a consolidated basis.

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	12 Months Ended
	Dec. 31, 2018
Operating Segments [Abstract]
Summary of financial information by segment	The following summaries present certain financial information regarding the partnership’s operating segments for the year ended December 31, 2018 , 2017 , and 2016 . (US$ Millions) Total revenue (1) FFO Years ended Dec. 31, 2018 2017 2016 2018 2017 2016 Core Office $ 2,105 $ 2,147 $ 2,203 $ 520 $ 534 $ 620 Core Retail (2) 584 — — 552 486 429 LP Investments 4,544 3,986 3,149 228 281 303 Corporate 6 2 — (434 ) (428 ) (457 ) Total $ 7,239 $ 6,135 $ 5,352 $ 866 $ 873 $ 895 (1) The partnership adopted IFRS 15 in 2018 using the modified retrospective method. The comparative information has not been restated and is reported under the accounting standards effective for those periods. (2) The current year represents revenue from Core Retail subsequent to the acquisition of GGP on August 28, 2018, when the partnership started consolidating Core Retail’s results. See Note 4, Acquisition of GGP Inc. for further information. The prior periods presented represent the partnership’s equity accounted interest in GGP prior to the acquisition, 34% as of December 31, 2017 and 29% as of December 31, 2016. The following summary presents the detail of total revenue under IFRS 15 from the partnership’s operating segments for the year ended December 31, 2018 : (US$ Millions) Lease revenue Other revenue from tenants Hospitality revenue Investment and other revenue Total revenue Year ended Dec. 31, 2018 Core Office $ 1,604 $ 358 $ 17 $ 126 $ 2,105 Core Retail 400 111 — 73 584 LP Investments 2,233 337 1,896 78 4,544 Corporate — — — 6 6 Total $ 4,237 $ 806 $ 1,913 $ 283 $ 7,239 The following summary presents information about certain consolidated balance sheet items of the partnership, on a segmented basis, as of December 31, 2018 and 2017 : Total assets Total liabilities (US$ Millions) Dec. 31, 2018 Dec. 31, 2017 Dec. 31, 2018 Dec. 31, 2017 Core Office $ 34,095 $ 33,795 $ 15,033 $ 16,791 Core Retail 29,658 8,844 13,749 — LP Investments 58,610 41,471 41,604 26,630 Corporate 157 237 5,394 5,802 Total $ 122,520 $ 84,347 $ 75,780 $ 49,223
Summary of reconciliation of FFO to net income	The following summary presents a reconciliation of FFO to net income for the years ended December 31, 2018 , 2017 , and 2016 : (US$ Millions) Years ended Dec. 31, 2018 2017 2016 FFO (1) $ 866 $ 873 $ 895 Depreciation and amortization of real estate assets (264 ) (244 ) (212 ) Fair value gains, net 2,466 1,254 692 Share of equity accounted income - non-FFO 114 82 139 Income tax benefit (expense) (81 ) (192 ) 575 Non-controlling interests of others in operating subsidiaries and properties - non-FFO (1,123 ) (1,398 ) (296 ) Net income attributable to unitholders (2) 1,978 375 1,793 Non-controlling interests of others in operating subsidiaries and properties 1,676 2,093 924 Net income $ 3,654 $ 2,468 $ 2,717 (1) FFO represents interests attributable to GP Units, LP Units, Exchange LP Units, Redeemable/Exchangeable Partnership Units, Special LP Units and BPR Units. The interests attributable to Exchange LP Units, Redeemable/Exchangeable Units, Special LP Units and BPR Units are presented as non-controlling interests in the consolidated statements of income. (2) Includes net income attributable to general partner, limited partners, Exchange LP Units, Redeemable/Exchangeable Partnership Units, Special LP Units and BPR Units. The interests attributable to Exchange LP Units, Redeemable/Exchangeable Units, Special LP Units and BPR Units are presented as non-controlling interests in the consolidated statements of income.
Summary of financial information by geographic regions	The following summary presents financial information by the partnership’s geographic regions in which it operates: Total revenue for the years ended Dec. 31, Total non-current assets as at Dec. 31, (US$ Millions) 2018 2017 2016 2018 2017 United States $ 4,914 $ 4,127 $ 3,589 $ 84,648 $ 52,009 Canada 563 462 413 4,535 4,892 Australia 240 227 231 3,631 3,986 Europe 944 829 801 14,051 11,556 Brazil 113 134 165 1,901 2,037 China 7 1 2 389 522 India 247 161 130 3,142 2,362 South Korea 211 194 21 2,986 2,948 United Arab Emirates — — — 123 123 Total $ 7,239 $ 6,135 $ 5,352 $ 115,406 $ 80,435

ORGANIZATION AND NATURE OF TH_2

ORGANIZATION AND NATURE OF THE BUSINESS (Details)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Brookfield Property Partners L.P.
Disclosure of subsidiaries
Economic interest	49.00%	37.00%

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narratives (Details) - USD ($) $ / shares in Units, $ in Millions	Jan. 01, 2019	Dec. 31, 2018
BPR | Class A
Par value per share		$ 0.01
Forecast | Adoption of New Accounting Policy [Member]
Right of use asset	$ 812
Operating lease liability	973
Property, plant and equipment under operating leases [member] | Forecast | Adoption of New Accounting Policy [Member]
Right of use asset	$ 158

ACQUISITION OF GGP INC. - Narra

ACQUISITION OF GGP INC. - Narratives (Details) $ / shares in Units, $ in Millions	Aug. 28, 2018USD ($)shares$ / shares	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)
Disclosure of detailed information about business combination [line items]
Stock conversion ratio				1
Equity accounted investments		$ 22,698	$ 19,761	$ 22,698	$ 19,761	$ 16,844
Revenue of acquiree since acquisition date			322
Profit (loss) of acquiree since acquisition date			$ 148
Revenue of combined entity as if combination occurred at beginning of period					6,488
Profit (loss) of combined entity as if combination occurred at beginning of period					$ 2,571
GGP
Disclosure of detailed information about business combination [line items]
Business acquisition, share conversion price (usd per share) | $ / shares	$ 23.50
Cash transferred	$ 200
Business Acquisition, Share-based Compensation	28
Measurement period loss	502
Equity accounted investments	7,843
Gain recognised in bargain purchase transaction	$ 921
Revenue of acquiree since acquisition date		588
Profit (loss) of acquiree since acquisition date		$ 360
Revenue of combined entity as if combination occurred at beginning of period				8,415
Profit (loss) of combined entity as if combination occurred at beginning of period				$ 4,373
GGP | Limited partners
Disclosure of detailed information about business combination [line items]
Stock conversion ratio	1
Number of instruments or interests issued or issuable (units) | shares	88,000,000
Equity interests of acquirer	$ 1,786
GGP | BPR | Class A
Disclosure of detailed information about business combination [line items]
Stock conversion ratio	1
Number of instruments or interests issued or issuable (units) | shares	161,000,000
Equity interests of acquirer	$ 3,383
BPR
Disclosure of detailed information about business combination [line items]
Voting interest		87.00%
Economic interest		100.00%
GGP | GGP
Disclosure of detailed information about business combination [line items]
Cash transferred	$ 9,050

ACQUISITION OF GGP INC. - Asset

ACQUISITION OF GGP INC. - Assets acquired and liabilities assumed (Details) - USD ($) $ in Millions	Aug. 28, 2018	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Less:
Transaction costs		$ 413	$ 72	$ 80
GGP
Disclosure of detailed information about business combination [line items]
Investment properties	$ 17,991
Equity accounted investments	10,829
Property, plant and equipment	56
Accounts receivable and other	592
Cash and cash equivalents	424
Total assets	29,892
Less:
Non-recourse borrowings	(13,147)
Accounts payable and other	(691)
Deferred income tax liabilities	(11)
Non-controlling interests	(1,882)
Net assets acquired	14,161
Consideration	13,240
Transaction costs	$ 32

ACQUISITIONS AND BUSINESS COM_3

ACQUISITIONS AND BUSINESS COMBINATIONS - Completed in 2018 (Details) £ in Millions, $ in Millions	Feb. 01, 2018GBP (£)property	Dec. 31, 2017USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Dec. 07, 2018USD ($)	Aug. 03, 2018USD ($)	Feb. 01, 2018USD ($)
Disclosure of detailed information about business combination [line items]
Revenue of acquiree since acquisition date		$ 322
Profit (loss) of acquiree since acquisition date		148
Revenue of combined entity as if combination occurred at beginning of period					$ 6,488
Profit (loss) of combined entity as if combination occurred at beginning of period					2,571
Extended- Stay Hotel Portfolio
Disclosure of detailed information about business combination [line items]
Number of properties acquired | property	105
Consideration								$ 764
UK Student Housing IV
Disclosure of detailed information about business combination [line items]
Number of properties acquired | property	15
Consideration	£ 527							$ 752
666 Fifth Avenue
Disclosure of detailed information about business combination [line items]
Consideration							$ 1,299
Percentage of voting equity interests acquired							100.00%
Forest City
Disclosure of detailed information about business combination [line items]
Consideration						$ 6,948
Other
Disclosure of detailed information about business combination [line items]
Consideration		$ 1,022	$ 3,948	$ 3,948	$ 1,022
2018 Acquisitions
Disclosure of detailed information about business combination [line items]
Consideration			13,711	13,711
Revenue of acquiree since acquisition date			529
Profit (loss) of acquiree since acquisition date			$ 163
Revenue of combined entity as if combination occurred at beginning of period				8,572
Profit (loss) of combined entity as if combination occurred at beginning of period				$ 4,133

ACQUISITIONS AND BUSINESS COM_4

ACQUISITIONS AND BUSINESS COMBINATIONS - Completed in 2018, Assets acquired and liabilities assumed (Details) £ in Millions, $ in Millions	Dec. 07, 2018USD ($)	Aug. 03, 2018USD ($)	Feb. 01, 2018USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Feb. 01, 2018GBP (£)	Feb. 01, 2018USD ($)
Disclosure of transactions recognised separately from acquisition of assets and assumption of liabilities in business combination [line items]
Goodwill				$ 1,109	$ 1,079
Less:
Transaction costs				413	72	$ 80
2018 Acquisitions
Disclosure of transactions recognised separately from acquisition of assets and assumption of liabilities in business combination [line items]
Investment properties				15,277
Property, plant and equipment				1,692
Equity accounted investments				1,551
Goodwill				96
Intangible assets				54
Accounts receivable and other				2,059
Cash and cash equivalents				639
Total assets				21,368
Less:
Non-recourse borrowings				(5,168)
Accounts payable and other				(1,482)
Deferred income tax liabilities				(47)
Non-controlling interests				(721)
Net assets acquired				13,950
Consideration				13,711
Transaction costs				329
Extended- Stay Hotel Portfolio
Disclosure of transactions recognised separately from acquisition of assets and assumption of liabilities in business combination [line items]
Investment properties								$ 0
Property, plant and equipment								768
Equity accounted investments								5
Goodwill								0
Intangible assets								0
Accounts receivable and other								2
Cash and cash equivalents								2
Total assets								777
Less:
Non-recourse borrowings								0
Accounts payable and other								(13)
Deferred income tax liabilities								0
Non-controlling interests								0
Net assets acquired								764
Consideration								764
Transaction costs			$ 9
UK Student Housing IV
Disclosure of transactions recognised separately from acquisition of assets and assumption of liabilities in business combination [line items]
Investment properties								742
Property, plant and equipment								2
Equity accounted investments								0
Goodwill								0
Intangible assets								0
Accounts receivable and other								53
Cash and cash equivalents								18
Total assets								815
Less:
Non-recourse borrowings								0
Accounts payable and other								(63)
Deferred income tax liabilities								0
Non-controlling interests								0
Net assets acquired								752
Consideration							£ 527	$ 752
Transaction costs			$ 7
666 Fifth Avenue
Disclosure of transactions recognised separately from acquisition of assets and assumption of liabilities in business combination [line items]
Investment properties		$ 1,292
Property, plant and equipment		0
Equity accounted investments		0
Goodwill		0
Intangible assets		0
Accounts receivable and other		11
Cash and cash equivalents		0
Total assets		1,303
Less:
Non-recourse borrowings		0
Accounts payable and other		(4)
Deferred income tax liabilities		0
Non-controlling interests		0
Net assets acquired		1,299
Consideration		1,299
Transaction costs		$ 44
Forest City
Disclosure of transactions recognised separately from acquisition of assets and assumption of liabilities in business combination [line items]
Investment properties	$ 9,397
Property, plant and equipment	0
Equity accounted investments	1,467
Goodwill	0
Intangible assets	0
Accounts receivable and other	1,049
Cash and cash equivalents	451
Total assets	12,364
Less:
Non-recourse borrowings	(3,664)
Accounts payable and other	(1,119)
Deferred income tax liabilities	0
Non-controlling interests	(633)
Net assets acquired	6,948
Consideration	6,948
Transaction costs	$ 202
Other
Disclosure of transactions recognised separately from acquisition of assets and assumption of liabilities in business combination [line items]
Investment properties				3,846	1,014
Property, plant and equipment				922	0
Equity accounted investments				79
Goodwill				96
Intangible assets				54	0
Accounts receivable and other				944	14
Cash and cash equivalents				168	5
Total assets				6,109	1,033
Less:
Non-recourse borrowings				(1,504)	0
Accounts payable and other				(283)	(3)
Deferred income tax liabilities				(47)	0
Non-controlling interests				(88)	0
Net assets acquired				4,187	1,030
Consideration				3,948	1,022
Transaction costs				$ 67	$ 22

ACQUISITIONS AND BUSINESS COM_5

ACQUISITIONS AND BUSINESS COMBINATIONS - Completed in 2017 (Details) ft² in Thousands, $ in Millions	Dec. 08, 2017USD ($)ft²office	Dec. 07, 2017USD ($)ft²office	Apr. 10, 2017USD ($)property	Mar. 31, 2017USD ($)ft²office	Dec. 31, 2017USD ($)	Dec. 31, 2017USD ($)	Dec. 01, 2017USD ($)ft²	Oct. 17, 2017USD ($)	Mar. 09, 2017USD ($)
Disclosure of detailed information about business combination [line items]
Revenue of acquiree since acquisition date					$ 322
Profit (loss) of acquiree since acquisition date					$ 148
Profit (loss) of combined entity as if combination occurred at beginning of period						$ 2,571
Revenue of combined entity as if combination occurred at beginning of period						6,488
Towers @ 2nd
Disclosure of detailed information about business combination [line items]
Number of office properties | office	2
Area of real estate property (sq ft) | ft²	400
Consideration	$ 127
Mumbai Office Portfolio
Disclosure of detailed information about business combination [line items]
Number of office properties | office		14
Area of real estate property (sq ft) | ft²		2,700
Consideration		$ 102
Houston Center
Disclosure of detailed information about business combination [line items]
Area of real estate property (sq ft) | ft²							4,200
Consideration							$ 819
Toronto Hotel
Disclosure of detailed information about business combination [line items]
Consideration								$ 270
Student Housing
Disclosure of detailed information about business combination [line items]
Consideration			$ 358
Number of properties acquired | property			13
One Post Street
Disclosure of detailed information about business combination [line items]
Area of real estate property (sq ft) | ft²				424
Consideration				$ 153
TA Office
Disclosure of detailed information about business combination [line items]
Area of real estate property (sq ft) | ft²				1,100
Consideration				$ 214
Number of properties acquired | office				9
Manufactured Housing
Disclosure of detailed information about business combination [line items]
Consideration									$ 768
Manufactured Housing, TA Office, Student Housing and Toronto Hotel
Disclosure of detailed information about business combination [line items]
Gain recognised in bargain purchase transaction						$ 162

ACQUISITIONS AND BUSINESS COM_6

ACQUISITIONS AND BUSINESS COMBINATIONS - Completed in 2017, Assets acquired and liabilities assumed (Details) - USD ($) $ in Millions	Dec. 08, 2017	Dec. 07, 2017	Dec. 01, 2017	Oct. 17, 2017	Apr. 10, 2017	Mar. 31, 2017	Mar. 09, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Disclosure of detailed information about business combination [line items]
Transaction costs								$ 413	$ 72	$ 80
2017 Acquisitions
Disclosure of detailed information about business combination [line items]
Investment properties									5,625
Property, plant and equipment									281
Accounts receivable and other									136
Cash and cash equivalents									38
Intangible assets									0
Total assets									6,080
Non-recourse borrowings									(1,772)
Accounts payable and other									(136)
Deferred income tax liabilities									(45)
Non-controlling interests									(124)
Net assets acquired									4,003
Consideration									3,833
Transaction costs									63
Manufactured Housing
Disclosure of detailed information about business combination [line items]
Investment properties							$ 2,107
Property, plant and equipment							0
Accounts receivable and other							79
Cash and cash equivalents							16
Intangible assets							0
Total assets							2,202
Non-recourse borrowings							(1,261)
Accounts payable and other							(36)
Deferred income tax liabilities							0
Non-controlling interests							(30)
Net assets acquired							875
Consideration							768
Transaction costs							$ 16
TA Office
Disclosure of detailed information about business combination [line items]
Investment properties						$ 235
Property, plant and equipment						0
Accounts receivable and other						5
Cash and cash equivalents						0
Intangible assets						0
Total assets						240
Non-recourse borrowings						0
Accounts payable and other						(13)
Deferred income tax liabilities						0
Non-controlling interests						0
Net assets acquired						227
Consideration						214
Transaction costs						3
One Post Street
Disclosure of detailed information about business combination [line items]
Investment properties						245
Property, plant and equipment						0
Accounts receivable and other						0
Cash and cash equivalents						4
Intangible assets						0
Total assets						249
Non-recourse borrowings						0
Accounts payable and other						(2)
Deferred income tax liabilities						0
Non-controlling interests						(94)
Net assets acquired						153
Consideration						153
Transaction costs						$ 0
Student Housing
Disclosure of detailed information about business combination [line items]
Investment properties					$ 392
Property, plant and equipment					0
Accounts receivable and other					0
Cash and cash equivalents					0
Intangible assets					0
Total assets					392
Non-recourse borrowings					0
Accounts payable and other					(7)
Deferred income tax liabilities					0
Non-controlling interests					0
Net assets acquired					385
Consideration					358
Transaction costs					$ 6
Mumbai Office Portfolio
Disclosure of detailed information about business combination [line items]
Investment properties		$ 679
Property, plant and equipment		0
Accounts receivable and other		12
Cash and cash equivalents		11
Intangible assets		0
Total assets		702
Non-recourse borrowings		(511)
Accounts payable and other		(44)
Deferred income tax liabilities		(45)
Non-controlling interests		0
Net assets acquired		102
Consideration		102
Transaction costs		$ 0
Houston Center
Disclosure of detailed information about business combination [line items]
Investment properties			$ 825
Property, plant and equipment			0
Accounts receivable and other			22
Cash and cash equivalents			0
Intangible assets			0
Total assets			847
Non-recourse borrowings			0
Accounts payable and other			(28)
Deferred income tax liabilities			0
Non-controlling interests			0
Net assets acquired			819
Consideration			819
Transaction costs			$ 5
Toronto Hotel
Disclosure of detailed information about business combination [line items]
Investment properties				$ 0
Property, plant and equipment				281
Accounts receivable and other				4
Cash and cash equivalents				0
Intangible assets				0
Total assets				285
Non-recourse borrowings				0
Accounts payable and other				0
Deferred income tax liabilities				0
Non-controlling interests				0
Net assets acquired				285
Consideration				270
Transaction costs				$ 11
Towers @ 2nd
Disclosure of detailed information about business combination [line items]
Investment properties	$ 128
Property, plant and equipment	0
Accounts receivable and other	0
Cash and cash equivalents	2
Intangible assets	0
Total assets	130
Non-recourse borrowings	0
Accounts payable and other	(3)
Deferred income tax liabilities	0
Non-controlling interests	0
Net assets acquired	127
Consideration	127
Transaction costs	$ 0
Other
Disclosure of detailed information about business combination [line items]
Investment properties								3,846	1,014
Property, plant and equipment								922	0
Accounts receivable and other								944	14
Cash and cash equivalents								168	5
Intangible assets								54	0
Total assets								6,109	1,033
Non-recourse borrowings								(1,504)	0
Accounts payable and other								(283)	(3)
Deferred income tax liabilities								(47)	0
Non-controlling interests								(88)	0
Net assets acquired								4,187	1,030
Consideration								3,948	1,022
Transaction costs								$ 67	$ 22

INVESTMENT PROPERTIES - Roll Fo

INVESTMENT PROPERTIES - Roll Forward of Investment Property Balances (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Reconciliation of changes in investment property [abstract]
Balance, beginning of year	$ 51,357	$ 48,784
Changes resulting from:
Property acquisitions	33,441	5,652
Capital expenditures	2,283	1,895
Property dispositions	(4,566)	(1,915)
Fair value gains, net	1,246	549
Foreign currency translation	(1,508)	1,280
Transfers between commercial properties and commercial developments	0	0
Reclassifications of assets held for sale and other changes	(2,057)	(4,888)
Balance, end of year	80,196	51,357	$ 48,784
Commercial properties
Reconciliation of changes in investment property [abstract]
Balance, beginning of year	48,780	45,699
Changes resulting from:
Property acquisitions	31,783	5,545
Capital expenditures	1,098	905
Property dispositions	(4,115)	(1,240)
Fair value gains, net	784	347	290
Foreign currency translation	(1,387)	1,121
Transfers between commercial properties and commercial developments	1,123	1,038
Reclassifications of assets held for sale and other changes	(2,052)	(4,635)
Balance, end of year	76,014	48,780	45,699
Commercial developments
Reconciliation of changes in investment property [abstract]
Balance, beginning of year	2,577	3,085
Changes resulting from:
Property acquisitions	1,658	107
Capital expenditures	1,185	990
Property dispositions	(451)	(675)
Fair value gains, net	462	202	251
Foreign currency translation	(121)	159
Transfers between commercial properties and commercial developments	(1,123)	(1,038)
Reclassifications of assets held for sale and other changes	(5)	(253)
Balance, end of year	$ 4,182	$ 2,577	$ 3,085

INVESTMENT PROPERTIES - Valuati

INVESTMENT PROPERTIES - Valuation of Investment Properties (Details) - Commercial properties	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Core Office | Discounted cash flow | United States
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Discount rate (percent)	6.90%	7.00%
Terminal capitalization rate (percent)	5.60%	5.80%
Investment horizon (yrs.)	12 years	13 years
Core Office | Discounted cash flow | Canada
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Discount rate (percent)	6.00%	6.10%
Terminal capitalization rate (percent)	5.40%	5.50%
Investment horizon (yrs.)	10 years	10 years
Core Office | Discounted cash flow | Australia
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Discount rate (percent)	7.00%	7.00%
Terminal capitalization rate (percent)	6.20%	6.10%
Investment horizon (yrs.)	10 years	10 years
Core Office | Discounted cash flow | Brazil
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Discount rate (percent)	9.60%	9.70%
Terminal capitalization rate (percent)	7.70%	7.60%
Investment horizon (yrs.)	6 years	7 years
Core Retail | Discounted cash flow
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Discount rate (percent)	7.10%	0.00%
Terminal capitalization rate (percent)	6.00%	0.00%
Investment horizon (yrs.)	12 years
LP Investments - Office | Discounted cash flow
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Discount rate (percent)	10.20%	10.20%
Terminal capitalization rate (percent)	7.00%	7.50%
Investment horizon (yrs.)	6 years	7 years
LP Investments Retail | Discounted cash flow
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Discount rate (percent)	8.90%	9.00%
Terminal capitalization rate (percent)	7.80%	8.00%
Investment horizon (yrs.)	9 years	10 years
Logistics | Discounted cash flow
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Discount rate (percent)	9.30%	6.80%
Terminal capitalization rate (percent)	8.30%	6.20%
Investment horizon (yrs.)	10 years	10 years
Mixed-use | Discounted cash flow
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Discount rate (percent)	7.80%	8.40%
Terminal capitalization rate (percent)	5.40%	5.30%
Investment horizon (yrs.)	10 years	10 years
Multifamily | Direct capitalization
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Discount rate (percent)	4.80%	4.80%
Triple Net Lease | Direct capitalization
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Discount rate (percent)	6.30%	6.40%
Self-storage | Direct capitalization
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Discount rate (percent)	5.70%	5.80%
Student Housing | Direct capitalization
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Discount rate (percent)	5.60%	5.80%
Manufactured Housing | Direct capitalization
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Discount rate (percent)	5.40%	5.80%

INVESTMENT PROPERTIES - Fair Va

INVESTMENT PROPERTIES - Fair Value of Investment Properties (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Disclosure of fair value measurement of assets [line items]
Total assets	$ 122,520	$ 84,347
Level 1
Disclosure of fair value measurement of assets [line items]
Total assets	0	0
Level 1 | Core Office | United States
Disclosure of fair value measurement of assets [line items]
Total assets	0	0
Level 1 | Core Office | Canada
Disclosure of fair value measurement of assets [line items]
Total assets	0	0
Level 1 | Core Office | Australia
Disclosure of fair value measurement of assets [line items]
Total assets	0	0
Level 1 | Core Office | Europe
Disclosure of fair value measurement of assets [line items]
Total assets	0	0
Level 1 | Core Office | Brazil
Disclosure of fair value measurement of assets [line items]
Total assets	0	0
Level 1 | Core Retail
Disclosure of fair value measurement of assets [line items]
Total assets	0	0
Level 1 | LP Investments - Office
Disclosure of fair value measurement of assets [line items]
Total assets	0	0
Level 1 | LP Investments Retail
Disclosure of fair value measurement of assets [line items]
Total assets	0	0
Level 1 | Logistics
Disclosure of fair value measurement of assets [line items]
Total assets	0	0
Level 1 | Multifamily
Disclosure of fair value measurement of assets [line items]
Total assets	0	0
Level 1 | Triple Net Lease
Disclosure of fair value measurement of assets [line items]
Total assets	0	0
Level 1 | Self-storage
Disclosure of fair value measurement of assets [line items]
Total assets	0	0
Level 1 | Student Housing
Disclosure of fair value measurement of assets [line items]
Total assets	0	0
Level 1 | Manufactured Housing
Disclosure of fair value measurement of assets [line items]
Total assets	0	0
Level 1 | Mixed-use
Disclosure of fair value measurement of assets [line items]
Total assets	0	0
Level 2
Disclosure of fair value measurement of assets [line items]
Total assets	0	0
Level 2 | Core Office | United States
Disclosure of fair value measurement of assets [line items]
Total assets	0	0
Level 2 | Core Office | Canada
Disclosure of fair value measurement of assets [line items]
Total assets	0	0
Level 2 | Core Office | Australia
Disclosure of fair value measurement of assets [line items]
Total assets	0	0
Level 2 | Core Office | Europe
Disclosure of fair value measurement of assets [line items]
Total assets	0	0
Level 2 | Core Office | Brazil
Disclosure of fair value measurement of assets [line items]
Total assets	0	0
Level 2 | Core Retail
Disclosure of fair value measurement of assets [line items]
Total assets	0	0
Level 2 | LP Investments - Office
Disclosure of fair value measurement of assets [line items]
Total assets	0	0
Level 2 | LP Investments Retail
Disclosure of fair value measurement of assets [line items]
Total assets	0	0
Level 2 | Logistics
Disclosure of fair value measurement of assets [line items]
Total assets	0	0
Level 2 | Multifamily
Disclosure of fair value measurement of assets [line items]
Total assets	0	0
Level 2 | Triple Net Lease
Disclosure of fair value measurement of assets [line items]
Total assets	0	0
Level 2 | Self-storage
Disclosure of fair value measurement of assets [line items]
Total assets	0	0
Level 2 | Student Housing
Disclosure of fair value measurement of assets [line items]
Total assets	0	0
Level 2 | Manufactured Housing
Disclosure of fair value measurement of assets [line items]
Total assets	0	0
Level 2 | Mixed-use
Disclosure of fair value measurement of assets [line items]
Total assets	0	0
Level 3 | Commercial properties
Disclosure of fair value measurement of assets [line items]
Total assets	76,014	48,780
Level 3 | Commercial developments
Disclosure of fair value measurement of assets [line items]
Total assets	4,182	2,577
Level 3 | Core Office | Commercial properties | United States
Disclosure of fair value measurement of assets [line items]
Total assets	14,415	14,259
Level 3 | Core Office | Commercial properties | Canada
Disclosure of fair value measurement of assets [line items]
Total assets	4,127	4,493
Level 3 | Core Office | Commercial properties | Australia
Disclosure of fair value measurement of assets [line items]
Total assets	2,342	2,472
Level 3 | Core Office | Commercial properties | Europe
Disclosure of fair value measurement of assets [line items]
Total assets	137	120
Level 3 | Core Office | Commercial properties | Brazil
Disclosure of fair value measurement of assets [line items]
Total assets	329	327
Level 3 | Core Office | Commercial developments | United States
Disclosure of fair value measurement of assets [line items]
Total assets	822	568
Level 3 | Core Office | Commercial developments | Canada
Disclosure of fair value measurement of assets [line items]
Total assets	118	104
Level 3 | Core Office | Commercial developments | Australia
Disclosure of fair value measurement of assets [line items]
Total assets	49	8
Level 3 | Core Office | Commercial developments | Europe
Disclosure of fair value measurement of assets [line items]
Total assets	1,194	920
Level 3 | Core Office | Commercial developments | Brazil
Disclosure of fair value measurement of assets [line items]
Total assets	0	0
Level 3 | Core Retail | Commercial properties
Disclosure of fair value measurement of assets [line items]
Total assets	17,224	0
Level 3 | Core Retail | Commercial developments
Disclosure of fair value measurement of assets [line items]
Total assets	383	0
Level 3 | LP Investments - Office | Commercial properties
Disclosure of fair value measurement of assets [line items]
Total assets	7,861	6,044
Level 3 | LP Investments - Office | Commercial developments
Disclosure of fair value measurement of assets [line items]
Total assets	577	231
Level 3 | LP Investments Retail | Commercial properties
Disclosure of fair value measurement of assets [line items]
Total assets	3,408	3,406
Level 3 | LP Investments Retail | Commercial developments
Disclosure of fair value measurement of assets [line items]
Total assets	6	6
Level 3 | Logistics | Commercial properties
Disclosure of fair value measurement of assets [line items]
Total assets	183	1,409
Level 3 | Logistics | Commercial developments
Disclosure of fair value measurement of assets [line items]
Total assets	0	533
Level 3 | Multifamily | Commercial properties
Disclosure of fair value measurement of assets [line items]
Total assets	4,151	3,925
Level 3 | Multifamily | Commercial developments
Disclosure of fair value measurement of assets [line items]
Total assets	0	0
Level 3 | Triple Net Lease | Commercial properties
Disclosure of fair value measurement of assets [line items]
Total assets	5,067	4,804
Level 3 | Triple Net Lease | Commercial developments
Disclosure of fair value measurement of assets [line items]
Total assets	0	0
Level 3 | Self-storage | Commercial properties
Disclosure of fair value measurement of assets [line items]
Total assets	847	1,796
Level 3 | Self-storage | Commercial developments
Disclosure of fair value measurement of assets [line items]
Total assets	84	58
Level 3 | Student Housing | Commercial properties
Disclosure of fair value measurement of assets [line items]
Total assets	2,031	1,204
Level 3 | Student Housing | Commercial developments
Disclosure of fair value measurement of assets [line items]
Total assets	386	149
Level 3 | Manufactured Housing | Commercial properties
Disclosure of fair value measurement of assets [line items]
Total assets	2,369	2,206
Level 3 | Manufactured Housing | Commercial developments
Disclosure of fair value measurement of assets [line items]
Total assets	0	0
Level 3 | Mixed-use | Commercial properties
Disclosure of fair value measurement of assets [line items]
Total assets	11,523	2,315
Level 3 | Mixed-use | Commercial developments
Disclosure of fair value measurement of assets [line items]
Total assets	$ 563	$ 0

INVESTMENT PROPERTIES - Impact

INVESTMENT PROPERTIES - Impact on Fair Value from Assumption Changes (Details) - Property $ in Millions	12 Months Ended
	Dec. 31, 2018USD ($)
Disclosure of fair value measurement of assets [line items]
Sensitivity analysis for types of market risk, reasonably possible change in risk variable, percent	25.00%
Increase (decrease) in fair value measurement due to change in one or more unobservable inputs to reflect reasonably possible alternative assumptions, assets	$ 3,257
Core Office | United States
Disclosure of fair value measurement of assets [line items]
Increase (decrease) in fair value measurement due to change in one or more unobservable inputs to reflect reasonably possible alternative assumptions, assets	837
Core Office | Canada
Disclosure of fair value measurement of assets [line items]
Increase (decrease) in fair value measurement due to change in one or more unobservable inputs to reflect reasonably possible alternative assumptions, assets	329
Core Office | Australia
Disclosure of fair value measurement of assets [line items]
Increase (decrease) in fair value measurement due to change in one or more unobservable inputs to reflect reasonably possible alternative assumptions, assets	181
Core Office | Brazil
Disclosure of fair value measurement of assets [line items]
Increase (decrease) in fair value measurement due to change in one or more unobservable inputs to reflect reasonably possible alternative assumptions, assets	10
Core Retail
Disclosure of fair value measurement of assets [line items]
Increase (decrease) in fair value measurement due to change in one or more unobservable inputs to reflect reasonably possible alternative assumptions, assets	612
LP Investments - Office
Disclosure of fair value measurement of assets [line items]
Increase (decrease) in fair value measurement due to change in one or more unobservable inputs to reflect reasonably possible alternative assumptions, assets	398
LP Investments Retail
Disclosure of fair value measurement of assets [line items]
Increase (decrease) in fair value measurement due to change in one or more unobservable inputs to reflect reasonably possible alternative assumptions, assets	143
Logistics
Disclosure of fair value measurement of assets [line items]
Increase (decrease) in fair value measurement due to change in one or more unobservable inputs to reflect reasonably possible alternative assumptions, assets	8
Mixed-use
Disclosure of fair value measurement of assets [line items]
Increase (decrease) in fair value measurement due to change in one or more unobservable inputs to reflect reasonably possible alternative assumptions, assets	140
Multifamily
Disclosure of fair value measurement of assets [line items]
Increase (decrease) in fair value measurement due to change in one or more unobservable inputs to reflect reasonably possible alternative assumptions, assets	207
Triple Net Lease
Disclosure of fair value measurement of assets [line items]
Increase (decrease) in fair value measurement due to change in one or more unobservable inputs to reflect reasonably possible alternative assumptions, assets	176
Self-storage
Disclosure of fair value measurement of assets [line items]
Increase (decrease) in fair value measurement due to change in one or more unobservable inputs to reflect reasonably possible alternative assumptions, assets	30
Student Housing
Disclosure of fair value measurement of assets [line items]
Increase (decrease) in fair value measurement due to change in one or more unobservable inputs to reflect reasonably possible alternative assumptions, assets	82
Manufactured Housing
Disclosure of fair value measurement of assets [line items]
Increase (decrease) in fair value measurement due to change in one or more unobservable inputs to reflect reasonably possible alternative assumptions, assets	$ 104

INVESTMENT PROPERTIES INVESTMEN

INVESTMENT PROPERTIES INVESTMENT PROPERTIES - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2018	Dec. 31, 2017
Investment property [abstract]
Operating investment properties at fair value	$ 10,200	$ 20,700	$ 10,200
Investment property pledged as security	$ 49,800	73,500	49,800
Disclosure of detailed information about investment property
Borrowing costs capitalised		462	$ 291
Core Office | Bay Adelaide Centre West And East Towers
Disclosure of detailed information about investment property
Percent of ownership percentage classified as held for sale	50.00%		50.00%
Commercial developments
Disclosure of detailed information about investment property
Construction in progress		1,185	$ 990
Construction and other related costs capitalised		1,089	904
Borrowing costs capitalised		$ 96	$ 86
Capitalisation rate of borrowing costs eligible for capitalisation (percent)		4.20%	3.50%
One Liberty Plaza, New York
Disclosure of detailed information about investment property
Ownership percentage sold (percent)	49.00%
Proportion of ownership interests/voting rights held by the partnership		51.00%	51.00%

INVESTMENTS IN SUBSIDIARIES - S

INVESTMENTS IN SUBSIDIARIES - Schedule of Partnership's Material Subsidiaries (Details)	8 Months Ended	12 Months Ended
	Aug. 27, 2018	Dec. 31, 2018	Dec. 31, 2017
GGP
Disclosure of subsidiaries
Proportion of ownership interests/voting rights held by the partnership	34.00%
Brookfield Property L.P.
Disclosure of subsidiaries
Economic interest		49.00%	37.00%
Voting interest		100.00%	100.00%
BPY Bermuda IV Holdings L.P.
Disclosure of subsidiaries
Economic interest		100.00%	100.00%
Voting interest		100.00%	100.00%
Brookfield BPY Retail Holdings II Inc.
Disclosure of subsidiaries
Economic interest		100.00%	100.00%
Voting interest		100.00%	100.00%
BPY Bermuda Holdings Limited
Disclosure of subsidiaries
Economic interest		100.00%	100.00%
Voting interest		100.00%	100.00%
BPY Bermuda Holdings II Limited
Disclosure of subsidiaries
Economic interest		100.00%	100.00%
Voting interest		100.00%	100.00%
Brookfield BPY Holdings Inc.
Disclosure of subsidiaries
Economic interest		100.00%	100.00%
Voting interest		100.00%	100.00%
BPY Bermuda Holdings IV Limited
Disclosure of subsidiaries
Economic interest		100.00%	100.00%
Voting interest		100.00%	100.00%
BPY Bermuda Holdings 1A Limited
Disclosure of subsidiaries
Economic interest		100.00%	100.00%
Voting interest		100.00%	100.00%
BPY Bermuda Holdings V Limited
Disclosure of subsidiaries
Economic interest		100.00%	100.00%
Voting interest		100.00%	100.00%
BPY Bermuda Holdings VI Limited
Disclosure of subsidiaries
Economic interest		100.00%	100.00%
Voting interest		100.00%	100.00%
Brookfield Office Properties Inc. (“BPO”)
Disclosure of subsidiaries
Economic interest		100.00%	100.00%
Voting interest		100.00%	100.00%
Brookfield BPY Holdings (Australia) ULC
Disclosure of subsidiaries
Economic interest		100.00%	100.00%
Voting interest		0.00%	0.00%
Forest City Realty Trust, Inc.
Disclosure of subsidiaries
Economic interest		15.00%	0.00%
Voting interest		0.00%	0.00%
BPR Retail Holdings LLC
Disclosure of subsidiaries
Economic interest		100.00%	0.00%
Voting interest		91.00%	0.00%
BSREP CARS Sub-Pooling LLC
Disclosure of subsidiaries
Economic interest		29.00%	29.00%
Voting interest		0.00%	0.00%
Center Parcs UK
Disclosure of subsidiaries
Economic interest		27.00%	27.00%
Voting interest		0.00%	0.00%
BSREP II Aries Pooling LLC
Disclosure of subsidiaries
Economic interest		26.00%	26.00%
Voting interest		0.00%	0.00%
BSREP UA Holdings LLC
Disclosure of subsidiaries
Economic interest		30.00%	30.00%
Voting interest		0.00%	0.00%
BSREP India Office Holdings Pte. Ltd.
Disclosure of subsidiaries
Economic interest		33.00%	33.00%
Voting interest		0.00%	0.00%
BSREP II Retail Upper Pooling LLC
Disclosure of subsidiaries
Economic interest		50.00%	50.00%
Voting interest		33.00%	33.00%
BSREP II Korea Office Holdings Pte. Ltd.
Disclosure of subsidiaries
Economic interest		22.00%	22.00%
Voting interest		0.00%	0.00%
BSREP II PBSA Ltd.
Disclosure of subsidiaries
Economic interest		25.00%	26.00%
Voting interest		0.00%	0.00%
BSREP II MH Holdings LLC
Disclosure of subsidiaries
Economic interest		26.00%	26.00%
Voting interest		0.00%	0.00%
GGP | GGP
Disclosure of subsidiaries
Proportion of ownership interests/voting rights held by the partnership	34.00%

INVESTMENTS IN SUBSIDIARIES -_2

INVESTMENTS IN SUBSIDIARIES - Schedule of Non-Wholly Owned Subsidiaries With Material Non-Controlling Interests (Details) $ in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Dec. 31, 2018CAD ($)	Dec. 31, 2017CAD ($)
Disclosure of subsidiaries
Non-controlling interests: Interests of others in operating subsidiaries and properties	$ 18,456	$ 12,938
Redemption amount	$ 47	$ 51	$ 64	$ 64
Subsidiaries with material non-controlling interests | Forest City Realty Trust, Inc.
Disclosure of subsidiaries
Proportion of economic interests held by non- controlling interests	85.00%	0.00%
Non-controlling interests: Interests of others in operating subsidiaries and properties	$ 3,437	$ 0
Subsidiaries with material non-controlling interests | BPR Retail Holdings LLC
Disclosure of subsidiaries
Proportion of economic interests held by non- controlling interests	0.00%	0.00%
Non-controlling interests: Interests of others in operating subsidiaries and properties	$ 1,773	$ 0
Subsidiaries with material non-controlling interests | Brookfield Office Properties Inc. (“BPO”)
Disclosure of subsidiaries
Proportion of economic interests held by non- controlling interests	0.00%	0.00%
Non-controlling interests: Interests of others in operating subsidiaries and properties	$ 4,757	$ 2,982
Subsidiaries with material non-controlling interests | Brookfield Office Properties Inc. (“BPO”) | Bottom of range
Disclosure of subsidiaries
Proportion of economic interests held by non- controlling interests	1.00%
Subsidiaries with material non-controlling interests | Brookfield Office Properties Inc. (“BPO”) | Top of range
Disclosure of subsidiaries
Proportion of economic interests held by non- controlling interests	100.00%
Subsidiaries with material non-controlling interests | BSREP CARS Sub-Pooling LLC
Disclosure of subsidiaries
Proportion of economic interests held by non- controlling interests	71.00%	71.00%
Non-controlling interests: Interests of others in operating subsidiaries and properties	$ 957	$ 918
Subsidiaries with material non-controlling interests | Center Parcs UK
Disclosure of subsidiaries
Proportion of economic interests held by non- controlling interests	73.00%	73.00%
Non-controlling interests: Interests of others in operating subsidiaries and properties	$ 863	$ 869
Subsidiaries with material non-controlling interests | BSREP II Korea Office Holdings Pte. Ltd.
Disclosure of subsidiaries
Proportion of economic interests held by non- controlling interests	78.00%	78.00%
Non-controlling interests: Interests of others in operating subsidiaries and properties	$ 766	$ 706
Subsidiaries with material non-controlling interests | BSREP II Aries Pooling LLC
Disclosure of subsidiaries
Proportion of economic interests held by non- controlling interests	74.00%	74.00%
Non-controlling interests: Interests of others in operating subsidiaries and properties	$ 603	$ 652
Subsidiaries with material non-controlling interests | BSREP II Retail Upper Pooling LLC
Disclosure of subsidiaries
Proportion of economic interests held by non- controlling interests	50.00%	50.00%
Non-controlling interests: Interests of others in operating subsidiaries and properties	$ 552	$ 670
Subsidiaries with material non-controlling interests | BSREP II MH Holdings LLC
Disclosure of subsidiaries
Proportion of economic interests held by non- controlling interests	74.00%	74.00%
Non-controlling interests: Interests of others in operating subsidiaries and properties	$ 700	$ 593
Subsidiaries with material non-controlling interests | BSREP II PBSA Ltd.
Disclosure of subsidiaries
Proportion of economic interests held by non- controlling interests	75.00%	74.00%
Non-controlling interests: Interests of others in operating subsidiaries and properties	$ 687	$ 501
Subsidiaries with material non-controlling interests | BSREP UA Holdings LLC
Disclosure of subsidiaries
Proportion of economic interests held by non- controlling interests	70.00%	70.00%
Non-controlling interests: Interests of others in operating subsidiaries and properties	$ 507	$ 487
Subsidiaries with material non-controlling interests | BSREP India Office Holdings Pte. Ltd.
Disclosure of subsidiaries
Proportion of economic interests held by non- controlling interests	67.00%	67.00%
Non-controlling interests: Interests of others in operating subsidiaries and properties	$ 612	$ 424
Subsidiaries with material non-controlling interests | Other
Disclosure of subsidiaries
Non-controlling interests: Interests of others in operating subsidiaries and properties	$ 2,242	$ 4,136
Subsidiaries with material non-controlling interests | Other | Bottom of range
Disclosure of subsidiaries
Proportion of economic interests held by non- controlling interests	18.00%	18.00%
Subsidiaries with material non-controlling interests | Other | Top of range
Disclosure of subsidiaries
Proportion of economic interests held by non- controlling interests	92.00%	76.00%

INVESTMENTS IN SUBSIDIARIES -_3

INVESTMENTS IN SUBSIDIARIES - Summary of Balance Sheet Items Before Intercompany Eliminations (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Disclosure of subsidiaries
Current assets	$ 6,110	$ 2,479
Non-current assets	115,406	80,435
Current liabilities	10,143	10,513
Non-current liabilities	65,474	37,394
Equity attributable to Non-controlling interests	34,383	27,723
Equity attributable to owners of entity	28,284	22,186
Subsidiaries with material non-controlling interests
Disclosure of subsidiaries
Current assets	3,606	2,525
Non-current assets	104,971	76,106
Current liabilities	8,643	15,983
Non-current liabilities	52,665	35,050
Equity attributable to Non-controlling interests	16,385	11,425
Equity attributable to owners of entity	30,884	16,173
Subsidiaries with material non-controlling interests | Brookfield Office Properties Inc. (“BPO”)
Disclosure of subsidiaries
Current assets	1,391	1,432
Non-current assets	38,895	43,993
Current liabilities	5,216	13,675
Non-current liabilities	16,521	15,944
Equity attributable to Non-controlling interests	4,928	3,153
Equity attributable to owners of entity	13,621	12,653
Subsidiaries with material non-controlling interests | Forest City
Disclosure of subsidiaries
Current assets	1,029
Non-current assets	11,246
Current liabilities	602
Non-current liabilities	7,741
Equity attributable to Non-controlling interests	3,437
Equity attributable to owners of entity	495
Subsidiaries with material non-controlling interests | BPR Retail Holdings LLC
Disclosure of subsidiaries
Current assets	478
Non-current assets	29,197
Current liabilities	507
Non-current liabilities	13,241
Equity attributable to Non-controlling interests	1,773
Equity attributable to owners of entity	14,154
Subsidiaries with material non-controlling interests | BSREP CARS Sub-Pooling LLC
Disclosure of subsidiaries
Current assets	38	70
Non-current assets	5,074	4,811
Current liabilities	42	4
Non-current liabilities	3,776	3,637
Equity attributable to Non-controlling interests	957	918
Equity attributable to owners of entity	337	322
Subsidiaries with material non-controlling interests | Center Parcs UK
Disclosure of subsidiaries
Current assets	191	103
Non-current assets	4,110	4,107
Current liabilities	242	228
Non-current liabilities	2,869	2,786
Equity attributable to Non-controlling interests	863	869
Equity attributable to owners of entity	327	327
Subsidiaries with material non-controlling interests | BSREP II Korea Office Holdings Pte. Ltd.
Disclosure of subsidiaries
Current assets	87	72
Non-current assets	2,986	2,948
Current liabilities	56	42
Non-current liabilities	2,030	2,071
Equity attributable to Non-controlling interests	766	706
Equity attributable to owners of entity	221	201
Subsidiaries with material non-controlling interests | BSREP II MH Holdings LLC
Disclosure of subsidiaries
Current assets	42	34
Non-current assets	2,438	2,280
Current liabilities	39	30
Non-current liabilities	1,515	1,499
Equity attributable to Non-controlling interests	700	593
Equity attributable to owners of entity	226	192
Subsidiaries with material non-controlling interests | BSREP II PBSA Ltd.
Disclosure of subsidiaries
Current assets	72	61
Non-current assets	2,196	1,367
Current liabilities	428	121
Non-current liabilities	918	633
Equity attributable to Non-controlling interests	687	501
Equity attributable to owners of entity	235	173
Subsidiaries with material non-controlling interests | BSREP India Office Holdings Pte. Ltd.
Disclosure of subsidiaries
Current assets	44	38
Non-current assets	2,044	1,659
Current liabilities	183	103
Non-current liabilities	996	963
Equity attributable to Non-controlling interests	612	424
Equity attributable to owners of entity	297	207
Subsidiaries with material non-controlling interests | BSREP II Aries Pooling LLC
Disclosure of subsidiaries
Current assets	95	57
Non-current assets	2,246	2,321
Current liabilities	330	47
Non-current liabilities	1,202	1,455
Equity attributable to Non-controlling interests	603	652
Equity attributable to owners of entity	206	224
Subsidiaries with material non-controlling interests | BSREP II Retail Upper Pooling LLC
Disclosure of subsidiaries
Current assets	88	68
Non-current assets	2,956	3,321
Current liabilities	970	998
Non-current liabilities	976	1,066
Equity attributable to Non-controlling interests	552	670
Equity attributable to owners of entity	546	655
Subsidiaries with material non-controlling interests | BSREP UA Holdings LLC
Disclosure of subsidiaries
Current assets	51	49
Non-current assets	1,583	1,564
Current liabilities	28	32
Non-current liabilities	880	885
Equity attributable to Non-controlling interests	507	487
Equity attributable to owners of entity	$ 219	209
Subsidiaries with material non-controlling interests | BSREP Industrial Pooling Subsidiary L.P.
Disclosure of subsidiaries
Current assets		111
Non-current assets		2,271
Current liabilities		123
Non-current liabilities		1,051
Equity attributable to Non-controlling interests		878
Equity attributable to owners of entity		330
Subsidiaries with material non-controlling interests | Brookfield Strategic Real Estate Partners II Storage REIT LLC
Disclosure of subsidiaries
Current assets		45
Non-current assets		1,871
Current liabilities		22
Non-current liabilities		1,144
Equity attributable to Non-controlling interests		564
Equity attributable to owners of entity		186
Subsidiaries with material non-controlling interests | BREF ONE, LLC
Disclosure of subsidiaries
Current assets		264
Non-current assets		2,332
Current liabilities		534
Non-current liabilities		1,338
Equity attributable to Non-controlling interests		483
Equity attributable to owners of entity		241
Subsidiaries with material non-controlling interests | BSREP II Brazil Pooling LLC
Disclosure of subsidiaries
Current assets		26
Non-current assets		1,261
Current liabilities		12
Non-current liabilities		578
Equity attributable to Non-controlling interests		472
Equity attributable to owners of entity		225
Subsidiaries with material non-controlling interests | BSREP Europe Holdings L.P.
Disclosure of subsidiaries
Current assets		95
Non-current assets		0
Current liabilities		12
Non-current liabilities		0
Equity attributable to Non-controlling interests		55
Equity attributable to owners of entity		$ 28

INVESTMENTS IN SUBSIDIARIES -_4

INVESTMENTS IN SUBSIDIARIES - Summary of Income Statement Items Before Intercompany Eliminations (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Disclosure of subsidiaries
Revenue	$ 7,239	$ 6,135	$ 5,352
Subsidiaries with material non-controlling interests
Disclosure of subsidiaries
Revenue	5,149	5,649	4,935
Profit (loss), attributable to non-controlling interests	740	2,025	781
Comprehensive income, attributable to non-controlling interests	581	2,387	763
Dividends paid to non-controlling interests	261	2,414	622
Profit (loss), attributable to owners of parent	697	76	550
Comprehensive income, attributable to owners of parent	675	264	519
Subsidiaries with material non-controlling interests | Brookfield Office Properties Inc. (“BPO”)
Disclosure of subsidiaries
Revenue	2,159	2,224	2,221
Profit (loss), attributable to non-controlling interests	245	120	81
Comprehensive income, attributable to non-controlling interests	240	139	101
Dividends paid to non-controlling interests	35	9	254
Profit (loss), attributable to owners of parent	147	(718)	277
Comprehensive income, attributable to owners of parent	194	(672)	250
Subsidiaries with material non-controlling interests | Forest City
Disclosure of subsidiaries
Revenue	65
Profit (loss), attributable to non-controlling interests	(153)
Comprehensive income, attributable to non-controlling interests	(153)
Dividends paid to non-controlling interests	21
Profit (loss), attributable to owners of parent	(27)
Comprehensive income, attributable to owners of parent	(27)
Subsidiaries with material non-controlling interests | BPR Retail Holdings LLC
Disclosure of subsidiaries
Revenue	584
Profit (loss), attributable to non-controlling interests	34
Comprehensive income, attributable to non-controlling interests	34
Dividends paid to non-controlling interests	(1)
Profit (loss), attributable to owners of parent	457
Comprehensive income, attributable to owners of parent	447
Subsidiaries with material non-controlling interests | BSREP CARS Sub-Pooling LLC
Disclosure of subsidiaries
Revenue	311	311	300
Profit (loss), attributable to non-controlling interests	105	87	140
Comprehensive income, attributable to non-controlling interests	99	85	140
Dividends paid to non-controlling interests	54	377	4
Profit (loss), attributable to owners of parent	37	30	49
Comprehensive income, attributable to owners of parent	34	29	49
Subsidiaries with material non-controlling interests | Center Parcs UK
Disclosure of subsidiaries
Revenue	644	587	586
Profit (loss), attributable to non-controlling interests	87	13	74
Comprehensive income, attributable to non-controlling interests	50	94	(112)
Dividends paid to non-controlling interests	55	210	76
Profit (loss), attributable to owners of parent	33	5	28
Comprehensive income, attributable to owners of parent	19	36	(42)
Subsidiaries with material non-controlling interests | BSREP Industrial Pooling Subsidiary L.P.
Disclosure of subsidiaries
Revenue		143	108
Profit (loss), attributable to non-controlling interests		175	158
Comprehensive income, attributable to non-controlling interests		175	158
Dividends paid to non-controlling interests		163	114
Profit (loss), attributable to owners of parent		65	55
Comprehensive income, attributable to owners of parent		65	55
Subsidiaries with material non-controlling interests | BSREP II Korea Office Holdings Pte. Ltd.
Disclosure of subsidiaries
Revenue	211	194	21
Profit (loss), attributable to non-controlling interests	96	144	(18)
Comprehensive income, attributable to non-controlling interests	69	230	(40)
Dividends paid to non-controlling interests	8	119	0
Profit (loss), attributable to owners of parent	28	41	(3)
Comprehensive income, attributable to owners of parent	20	66	(7)
Subsidiaries with material non-controlling interests | BSREP II Aries Pooling LLC
Disclosure of subsidiaries
Revenue	190	285	191
Profit (loss), attributable to non-controlling interests	51	53	(47)
Comprehensive income, attributable to non-controlling interests	52	54	(46)
Dividends paid to non-controlling interests	69	59	46
Profit (loss), attributable to owners of parent	18	18	(16)
Comprehensive income, attributable to owners of parent	18	18	(16)
Subsidiaries with material non-controlling interests | BSREP II Retail Upper Pooling LLC
Disclosure of subsidiaries
Revenue	302	306	178
Profit (loss), attributable to non-controlling interests	(190)	50	3
Comprehensive income, attributable to non-controlling interests	(191)	50	3
Dividends paid to non-controlling interests	1	1	0
Profit (loss), attributable to owners of parent	(189)	42	3
Comprehensive income, attributable to owners of parent	(190)	42	3
Subsidiaries with material non-controlling interests | BSREP II MH Holdings LLC
Disclosure of subsidiaries
Revenue	248	194
Profit (loss), attributable to non-controlling interests	132	133
Comprehensive income, attributable to non-controlling interests	132	133
Dividends paid to non-controlling interests	8	16
Profit (loss), attributable to owners of parent	42	44
Comprehensive income, attributable to owners of parent	42	44
Subsidiaries with material non-controlling interests | Brookfield Strategic Real Estate Partners II Storage REIT LLC
Disclosure of subsidiaries
Revenue		168	106
Profit (loss), attributable to non-controlling interests		82	130
Comprehensive income, attributable to non-controlling interests		82	130
Dividends paid to non-controlling interests		8	84
Profit (loss), attributable to owners of parent		27	43
Comprehensive income, attributable to owners of parent		27	43
Subsidiaries with material non-controlling interests | BSREP II PBSA Ltd.
Disclosure of subsidiaries
Revenue	131	74
Profit (loss), attributable to non-controlling interests	68	109
Comprehensive income, attributable to non-controlling interests	20	131
Dividends paid to non-controlling interests	0	0
Profit (loss), attributable to owners of parent	23	37
Comprehensive income, attributable to owners of parent	7	44
Subsidiaries with material non-controlling interests | BSREP UA Holdings LLC
Disclosure of subsidiaries
Revenue	128	124	117
Profit (loss), attributable to non-controlling interests	20	117	138
Comprehensive income, attributable to non-controlling interests	20	117	138
Dividends paid to non-controlling interests	0	99	0
Profit (loss), attributable to owners of parent	9	50	59
Comprehensive income, attributable to owners of parent	9	50	59
Subsidiaries with material non-controlling interests | BREF ONE, LLC
Disclosure of subsidiaries
Revenue		717	762
Profit (loss), attributable to non-controlling interests		(33)	(22)
Comprehensive income, attributable to non-controlling interests		(8)	37
Dividends paid to non-controlling interests		0	0
Profit (loss), attributable to owners of parent		(17)	(11)
Comprehensive income, attributable to owners of parent		(5)	18
Subsidiaries with material non-controlling interests | BSREP II Brazil Pooling LLC
Disclosure of subsidiaries
Revenue		70	56
Profit (loss), attributable to non-controlling interests		63	59
Comprehensive income, attributable to non-controlling interests		55	121
Dividends paid to non-controlling interests		17	6
Profit (loss), attributable to owners of parent		30	28
Comprehensive income, attributable to owners of parent		26	58
Subsidiaries with material non-controlling interests | BSREP India Office Holdings Pte. Ltd.
Disclosure of subsidiaries
Revenue	176	156	130
Profit (loss), attributable to non-controlling interests	245	130	76
Comprehensive income, attributable to non-controlling interests	209	154	67
Dividends paid to non-controlling interests	11	47	25
Profit (loss), attributable to owners of parent	119	63	37
Comprehensive income, attributable to owners of parent	$ 102	75	33
Subsidiaries with material non-controlling interests | BSREP Europe Holdings L.P.
Disclosure of subsidiaries
Revenue		96	79
Profit (loss), attributable to non-controlling interests		782	51
Comprehensive income, attributable to non-controlling interests		896	31
Dividends paid to non-controlling interests		1,289	13
Profit (loss), attributable to owners of parent		359	26
Comprehensive income, attributable to owners of parent		$ 419	15
Subsidiaries with material non-controlling interests | Brookfield Brazil Retail Fundo de Investimento em Participaçoes(2)
Disclosure of subsidiaries
Revenue			80
Profit (loss), attributable to non-controlling interests			(42)
Comprehensive income, attributable to non-controlling interests			35
Dividends paid to non-controlling interests			0
Profit (loss), attributable to owners of parent			(25)
Comprehensive income, attributable to owners of parent			$ 1

EQUITY ACCOUNTED INVESTMENTS -

EQUITY ACCOUNTED INVESTMENTS - Details of Investments in Joint Ventures and Associates (Details) - USD ($) $ in Millions	3 Months Ended	8 Months Ended	9 Months Ended	12 Months Ended
	Dec. 31, 2017	Aug. 27, 2018	Sep. 30, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Sep. 30, 2018
Investments
Carrying value of joint ventures	$ 9,567			$ 21,853	$ 9,567
Carrying value of associates	10,194			845	10,194
Investments in joint ventures and associates	$ 19,761			$ 22,698	$ 19,761	$ 16,844
GGP
Investments
Proportion of ownership interests/voting rights held by the partnership	34.00%		29.00%	0.00%	34.00%	29.00%
Carrying value of associates	$ 8,844			$ 0	$ 8,844
China Xintiandi (“CXTD”)
Investments
Proportion of ownership interests/voting rights held by the partnership				22.00%	22.00%
Carrying value of associates	499			$ 0	$ 499
Diplomat Resort and Spa (“Diplomat”)
Investments
Proportion of ownership interests/voting rights held by the partnership				90.00%	90.00%
Carrying value of associates	339			$ 390	$ 339
Brookfield Premier Real Estate Partners Pooling LLC
Investments
Proportion of ownership interests/voting rights held by the partnership				7.00%	10.00%
Carrying value of associates	122			$ 106	$ 122
Other
Investments
Carrying value of associates	390			$ 349	$ 390
Other | Bottom of range
Investments
Proportion of ownership interests/voting rights held by the partnership				23.00%	23.00%
Other | Top of range
Investments
Proportion of ownership interests/voting rights held by the partnership				31.00%	31.00%
Canary Wharf Joint Venture
Investments
Proportion of ownership interests/voting rights held by the partnership				50.00%	50.00%
Carrying value of joint ventures	3,284			$ 3,270	$ 3,284
BPR JV Pool A
Investments
Proportion of ownership interests/voting rights held by the partnership				50.00%	0.00%
Carrying value of joint ventures	0			$ 1,791	$ 0
Manhattan West, New York
Investments
Proportion of ownership interests/voting rights held by the partnership				56.00%	56.00%
Carrying value of joint ventures	1,439			$ 1,619	$ 1,439
Ala Moana Center, Hawaii
Investments
Proportion of ownership interests/voting rights held by the partnership				50.00%	0.00%
Carrying value of joint ventures	0			$ 1,611	$ 0
Forest City
Investments
Proportion of ownership interests/voting rights held by the partnership				0.00%	0.00%
Carrying value of joint ventures	0			$ 1,390	$ 0
BPR JV Pool B
Investments
Proportion of ownership interests/voting rights held by the partnership				51.00%	0.00%
Carrying value of joint ventures	0			$ 1,217	$ 0
Fashion Show, Las Vegas
Investments
Proportion of ownership interests/voting rights held by the partnership				50.00%	0.00%
Carrying value of joint ventures	0			$ 881	$ 0
BPR JV Pool C
Investments
Proportion of ownership interests/voting rights held by the partnership				50.00%	0.00%
Carrying value of joint ventures	0			$ 756	$ 0
BPR JV Pool D
Investments
Proportion of ownership interests/voting rights held by the partnership				48.00%	0.00%
Carrying value of joint ventures	0			$ 693	$ 0
BPR JV Pool E
Investments
Proportion of ownership interests/voting rights held by the partnership				35.00%	0.00%
Carrying value of joint ventures	0			$ 629	$ 0
The Grand Canal Shoppes, Las Vegas
Investments
Proportion of ownership interests/voting rights held by the partnership				50.00%	0.00%
Carrying value of joint ventures	0			$ 608	$ 0
Grace Building, New York
Investments
Proportion of ownership interests/voting rights held by the partnership				50.00%	50.00%
Carrying value of joint ventures	585			$ 581	$ 585
One Liberty Plaza, New York
Investments
Proportion of ownership interests/voting rights held by the partnership				51.00%	51.00%
Carrying value of joint ventures	408			$ 425	$ 408
Southern Cross East, Melbourne
Investments
Proportion of ownership interests/voting rights held by the partnership				50.00%	50.00%
Carrying value of joint ventures	407			$ 402	$ 407
680 George Street
Investments
Proportion of ownership interests/voting rights held by the partnership				50.00%	50.00%
Carrying value of joint ventures	311			$ 319	$ 311
Brookfield Brazil Retail Fundo de Investimento em Participaçoes(2)
Investments
Proportion of ownership interests/voting rights held by the partnership				46.00%	46.00%
Carrying value of joint ventures	339			$ 309	$ 339
Brookfield D.C. Office Partners LLC (D.C. Fund), Washington, D.C.
Investments
Proportion of ownership interests/voting rights held by the partnership				51.00%	51.00%
Carrying value of joint ventures	310			$ 295	$ 310
Miami Design District, Florida
Investments
Proportion of ownership interests/voting rights held by the partnership				22.00%	0.00%
Carrying value of joint ventures	0			$ 286	$ 0
The Mall in Columbia, Maryland
Investments
Proportion of ownership interests/voting rights held by the partnership				50.00%	0.00%
Carrying value of joint ventures	0			$ 268	$ 0
Shops at Merrick Park, Florida
Investments
Proportion of ownership interests/voting rights held by the partnership				55.00%	0.00%
Carrying value of joint ventures	0			$ 266	$ 0
Other
Investments
Carrying value of joint ventures	$ 2,484			$ 4,237	$ 2,484
Other | Bottom of range
Investments
Proportion of ownership interests/voting rights held by the partnership				12.00%	12.00%
Other | Top of range
Investments
Proportion of ownership interests/voting rights held by the partnership				70.00%	90.00%
GGP
Investments
Proportion of ownership interests/voting rights held by the partnership		34.00%
Carrying value of joint ventures							$ 7,843
BSREP II Brazil Pooling | Subsidiaries with material non-controlling interests
Investments
Proportion of ownership interests/voting rights held by the partnership				31.00%

EQUITY ACCOUNTED INVESTMENTS _2

EQUITY ACCOUNTED INVESTMENTS - Narrative (Details) £ in Millions, shares in Millions	3 Months Ended				8 Months Ended	9 Months Ended	12 Months Ended
	Dec. 31, 2017USD ($)shares	Jun. 30, 2017USD ($)	Mar. 31, 2017GBP (£)	Mar. 31, 2017USD ($)	Aug. 27, 2018USD ($)	Sep. 30, 2017	Dec. 31, 2018USD ($)venture	Dec. 31, 2017USD ($)shares	Dec. 31, 2016USD ($)	Sep. 30, 2018USD ($)
Investments
GGP joint ventures acquired from business acquisition							$ 10,829,000,000	$ 0
Carrying value of joint ventures	$ 9,567,000,000						21,853,000,000	9,567,000,000
Proceeds from sales of investments accounted for using equity method							1,140,000,000	1,006,000,000	$ 1,092,000,000
Equity method investment, additions							2,174,000,000	1,372,000,000
Exercise of warrants							0	1,448,000,000
Carrying value	$ 10,194,000,000						845,000,000	$ 10,194,000,000
Joint ventures categorized as other threshold							$ 250,000,000
GGP
Investments
Number of shares acquired | shares	68							68
Proportion of ownership interest in associate	34.00%					29.00%	0.00%	34.00%	29.00%
Equity method investment, additions	$ 1,890,000,000
Bargain purchase gain	442,000,000							$ 442,000,000
Exercise of warrants	1,448,000,000
Carrying value	8,844,000,000						$ 0	$ 8,844,000,000
Brookfield Premier Real Estate Partners Pooling LLC
Investments
Proportion of ownership interest in associate							7.00%	10.00%
Carrying value	122,000,000						$ 106,000,000	$ 122,000,000
Other
Investments
Number of joint ventures | venture							70
Carrying value of joint ventures	2,484,000,000						$ 4,237,000,000	$ 2,484,000,000
680 George Street
Investments
Proportion of ownership interest in joint venture							50.00%	50.00%
Carrying value of joint ventures	311,000,000						$ 319,000,000	$ 311,000,000
Principal Place - Commercial
Investments
Proportion of ownership interest in joint venture			50.00%	50.00%
Carrying value of joint ventures	230,000,000							$ 230,000,000
Proceeds from sales of investments accounted for using equity method			£ 346	$ 429,000,000
245 Park Avenue
Investments
Proportion of ownership interest in joint venture		51.00%
Proceeds from sales of investments accounted for using equity method		$ 680,000,000
Brookfield Brazil Retail Fundo de Investimento em Participaçoes(2)
Investments
Proportion of ownership interest in joint venture							46.00%	46.00%
Carrying value of joint ventures	$ 339,000,000						$ 309,000,000	$ 339,000,000
GGP
Investments
GGP joint ventures acquired from business acquisition					$ 10,829,000,000
Proportion of ownership interest in joint venture					34.00%
Carrying value of joint ventures										$ 7,843,000,000
Warrants | GGP
Investments
Derivative assets settled on cashless basis (in shares) | shares	16
Derivative assets settled in full shares settlement basis (in shares) | shares	43
Payment for exercise of warrants	$ 462,000,000
GGP | GGP
Investments
Proportion of ownership interest in joint venture					34.00%

EQUITY ACCOUNTED INVESTMENTS _3

EQUITY ACCOUNTED INVESTMENTS - Equity Accounted Investments, Reconciliation (Details) - USD ($) shares in Millions, $ in Millions	3 Months Ended	8 Months Ended	9 Months Ended	12 Months Ended
	Dec. 31, 2017	Aug. 27, 2018	Sep. 30, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Sep. 30, 2018
Reconciliation Of Changes In Investments
Equity accounted investments, beginning of period		$ 19,761	$ 16,844	$ 19,761	$ 16,844
GGP joint ventures acquired from business acquisition				10,829	0
Deconsolidation of pre-acquisition GGP equity interest				(8,345)	0
Additions				2,174	1,372
Disposals and return of capital distributions				(1,304)	(281)
Share of net earnings from equity accounted investments				947	961	$ 1,019
Distributions received				(518)	(369)
Foreign currency translation				(395)	430
Reclassification to assets held for sale				(567)	(712)
Exercise of warrants				0	1,448
Other comprehensive income and other				116	68
Equity accounted investments, end of year	$ 19,761			22,698	19,761	16,844
Investments
Investments in joint ventures accounted for using equity method	9,567			21,853	9,567
GGP
Reconciliation Of Changes In Investments
Additions	1,890
Share of net earnings from equity accounted investments				$ (274)	$ 179	$ 476
Exercise of warrants	$ 1,448
Investments
Number of shares acquired	68				68
Proportion of ownership interest in associate	34.00%		29.00%	0.00%	34.00%	29.00%
GGP | Warrants
Investments
Derivative assets settled on cashless basis (in shares)	16
Derivative assets settled in full shares settlement basis (in shares)	43
Payment for exercise of warrants	$ 462
GGP
Reconciliation Of Changes In Investments
GGP joint ventures acquired from business acquisition		$ 10,829
Investments
Proportion of ownership interests/voting rights held by the partnership		34.00%
Investments in joint ventures accounted for using equity method							$ 7,843
Loss on disposal of investment accounted for under the equity method		$ (502)

EQUITY ACCOUNTED INVESTMENTS _4

EQUITY ACCOUNTED INVESTMENTS - Schedule of Investment Properties (Details)	8 Months Ended	12 Months Ended
	Aug. 27, 2018	Dec. 31, 2018	Dec. 31, 2017
GGP
Disclosure of detailed information about investment property
Proportion of ownership interests/voting rights held by the partnership	34.00%
Investments accounted for using equity method | Core Office | United States | Discounted cash flow
Disclosure of detailed information about investment property
Discount rate (percent)		6.60%	6.50%
Terminal capitalization rate (percent)		5.10%	5.30%
Investment horizon (yrs.)		10 years	11 years
Investments accounted for using equity method | Core Office | Australia | Discounted cash flow
Disclosure of detailed information about investment property
Discount rate (percent)		6.70%	7.00%
Terminal capitalization rate (percent)		5.70%	5.80%
Investment horizon (yrs.)		10 years	10 years
Investments accounted for using equity method | Core Office | Europe | Discounted cash flow
Disclosure of detailed information about investment property
Discount rate (percent)		4.70%	4.80%
Terminal capitalization rate (percent)		4.90%	4.80%
Investment horizon (yrs.)		10 years	10 years
Investments accounted for using equity method | Core Retail | United States | Discounted cash flow
Disclosure of detailed information about investment property
Discount rate (percent)		6.60%	7.00%
Terminal capitalization rate (percent)		5.30%	5.60%
Investment horizon (yrs.)		11 years	10 years
Investments accounted for using equity method | LP Investments - Office | Discounted cash flow
Disclosure of detailed information about investment property
Discount rate (percent)		6.90%	6.60%
Terminal capitalization rate (percent)		5.20%	5.70%
Investment horizon (yrs.)		9 years	10 years
Investments accounted for using equity method | LP Investments Retail | Discounted cash flow
Disclosure of detailed information about investment property
Discount rate (percent)		11.70%	11.50%
Terminal capitalization rate (percent)		7.10%	7.20%
Investment horizon (yrs.)		10 years	11 years
Investments accounted for using equity method | Logistics | Discounted cash flow
Disclosure of detailed information about investment property
Discount rate (percent)		0.00%	6.40%
Terminal capitalization rate (percent)		0.00%	5.80%
Investment horizon (yrs.)			10 years
Investments accounted for using equity method | Multifamily | Direct capitalization
Disclosure of detailed information about investment property
Discount rate (percent)		5.20%	5.10%

EQUITY ACCOUNTED INVESTMENTS _5

EQUITY ACCOUNTED INVESTMENTS - Schedule of Assets and Liabilities of Joint Ventures and Associates (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Investments
Current assets	$ 6,110	$ 2,479
Non-current assets	115,406	80,435
Current liabilities	10,143	10,513
Non-current liabilities	65,474	37,394
GGP
Investments
Current assets	0	1,029
Non-current assets	0	37,841
Current liabilities	0	947
Non-current liabilities	0	13,062
Net assets	0	24,861
China Xintiandi (“CXTD”)
Investments
Current assets	0	173
Non-current assets	0	3,678
Current liabilities	0	138
Non-current liabilities	0	1,476
Net assets	0	2,237
Diplomat
Investments
Current assets	24	24
Non-current assets	837	777
Current liabilities	23	23
Non-current liabilities	405	400
Net assets	433	378
Brookfield Premier Real Estate Partners Pooling LLC
Investments
Current assets	12	18
Non-current assets	1,998	1,670
Current liabilities	12	14
Non-current liabilities	457	456
Net assets	1,541	1,218
Other
Investments
Current assets	366	149
Non-current assets	1,430	2,042
Current liabilities	72	231
Non-current liabilities	819	870
Net assets	905	1,090
Associates
Investments
Current assets	402	1,393
Non-current assets	4,265	46,008
Current liabilities	107	1,353
Non-current liabilities	1,681	16,264
Net assets	2,879	29,784
Canary Wharf Joint Venture
Investments
Current assets	666	844
Non-current assets	12,268	13,092
Current liabilities	577	703
Non-current liabilities	5,818	6,759
Net assets	6,539	6,474
BPR JV Pool A
Investments
Current assets	186
Non-current assets	5,619
Current liabilities	125
Non-current liabilities	2,097
Net assets	3,583
Manhattan West, New York
Investments
Current assets	142	74
Non-current assets	5,455	4,248
Current liabilities	681	816
Non-current liabilities	2,027	941
Net assets	2,889	2,565
Ala Moana
Investments
Current assets	91
Non-current assets	5,063
Current liabilities	57
Non-current liabilities	1,874
Net assets	3,223
Forest City
Investments
Current assets	308
Non-current assets	7,729
Current liabilities	330
Non-current liabilities	4,152
Net assets	3,555
BPR JV Pool B
Investments
Current assets	99
Non-current assets	5,909
Current liabilities	107
Non-current liabilities	3,515
Net assets	2,386
Fashion Show, Las Vegas
Investments
Current assets	35
Non-current assets	2,572
Current liabilities	19
Non-current liabilities	826
Net assets	1,762
Fashion Show
Investments
Current assets	28
Non-current assets	1,832
Current liabilities	23
Non-current liabilities	625
Net assets	1,212
BPR JV Pool C
Investments
Current assets	42
Non-current assets	2,264
Current liabilities	34
Non-current liabilities	676
Net assets	1,596
BPR JV Pool D
Investments
Current assets	43
Non-current assets	2,293
Current liabilities	101
Non-current liabilities	793
Net assets	1,442
BPR JV Pool E
Investments
Current assets	47
Non-current assets	2,756
Current liabilities	39
Non-current liabilities	967
Net assets	1,797
Grace Building, New York
Investments
Current assets	32	35
Non-current assets	2,043	2,042
Current liabilities	19	12
Non-current liabilities	894	891
Net assets	1,162	1,174
One Liberty Plaza, New York
Investments
Current assets	107	129
Non-current assets	1,604	1,527
Current liabilities	23	17
Non-current liabilities	855	839
Net assets	833	800
Southern Cross East
Investments
Current assets	5	94
Non-current assets	805	732
Current liabilities	7	11
Non-current liabilities	0	0
Net assets	803	815
680 George Street
Investments
Current assets	10	29
Non-current assets	1,334	611
Current liabilities	14	18
Non-current liabilities	0	0
Net assets	1,330	622
Brazil Retail
Investments
Current assets	30	42
Non-current assets	916	982
Current liabilities	13	10
Non-current liabilities	67	65
Net assets	866	949
D.C. Fund
Investments
Current assets	58	41
Non-current assets	1,321	1,351
Current liabilities	31	348
Non-current liabilities	770	436
Net assets	578	608
Miami Design District
Investments
Current assets	49
Non-current assets	1,877
Current liabilities	28
Non-current liabilities	629
Net assets	1,269
The Mall in Columbia
Investments
Current assets	14
Non-current assets	858
Current liabilities	9
Non-current liabilities	328
Net assets	535
Shops at Merrick Park
Investments
Current assets	12
Non-current assets	660
Current liabilities	21
Non-current liabilities	166
Net assets	485
VAMF II
Investments
Current assets		111
Non-current assets		1,813
Current liabilities		295
Non-current liabilities		851
Net assets		778
Principal Place - Commercial
Investments
Current assets		7
Non-current assets		941
Current liabilities		45
Non-current liabilities		444
Net assets		459
Potsdamer Platz
Investments
Current assets		60
Non-current assets		1,835
Current liabilities		54
Non-current liabilities		1,021
Net assets		820
One New York Plaza
Investments
Current assets		69
Non-current assets		1,480
Current liabilities		0
Non-current liabilities		748
Net assets		801
Republic Plaza
Investments
Current assets		28
Non-current assets		495
Current liabilities		20
Non-current liabilities		265
Net assets		238
75 State Street
Investments
Current assets		16
Non-current assets		662
Current liabilities		8
Non-current liabilities		309
Net assets		361
Other
Investments
Current assets	1,989	707
Non-current assets	20,588	5,357
Current liabilities	2,413	736
Non-current liabilities	9,140	2,080
Net assets	11,024	3,248
Joint ventures
Investments
Current assets	3,993	2,286
Non-current assets	85,766	37,168
Current liabilities	4,671	3,093
Non-current liabilities	36,219	15,649
Net assets	48,869	20,712
Joint ventures | Associates
Investments
Current assets	4,395	3,679
Non-current assets	90,031	83,176
Current liabilities	4,778	4,446
Non-current liabilities	37,900	31,913
Net assets	$ 51,748	$ 50,496

EQUITY ACCOUNTED INVESTMENTS _6

EQUITY ACCOUNTED INVESTMENTS - Schedule of Revenues and Expenses of Joint Ventures and Associates (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Investments
Revenue		$ 7,239	$ 6,135	$ 5,352
Expenses		6,917	5,690	4,921
Share of net earnings from equity accounted investments		947	961	1,019
Net income		3,654	2,468	2,717
Other comprehensive income		(416)	880	(246)
GGP
Investments
Revenue		1,536	2,405	2,427
Expenses		1,221	1,207	1,371
Fair value gains (losses)		(1,598)	(2,307)	177
Share of net earnings from equity accounted investments		(274)	179	476
Discontinued operations		0	0	0
Net income		(1,012)	(591)	1,735
Other comprehensive income		(15)	12	4
Distributions received		214	240	266
Bargain purchase gain	$ 442		442
China Xintiandi (“CXTD”)
Investments
Revenue		142	128	114
Expenses		60	145	122
Fair value gains (losses)		18	121	195
Share of net earnings from equity accounted investments		21	23	41
Discontinued operations		0	0	0
Net income		97	104	187
Other comprehensive income		0	0	0
Distributions received		10	0	0
Diplomat Resort and Spa (“Diplomat”)
Investments
Revenue		174	151	0
Expenses		175	166	3
Fair value gains (losses)		0	0	56
Share of net earnings from equity accounted investments		(1)	(14)	10
Discontinued operations		0	0	0
Net income		(1)	(15)	53
Other comprehensive income		77	43	0
Distributions received		18	6	12
Brookfield Premier Real Estate Partners Pooling LLC
Investments
Revenue		60	40
Expenses		(10)	27
Fair value gains (losses)		1	31
Share of net earnings from equity accounted investments		9	12
Discontinued operations		0	0
Net income		71	115
Other comprehensive income		0	0
Distributions received		4	3
Other
Investments
Revenue		263	253	520
Expenses		261	183	489
Fair value gains (losses)		71	147	104
Share of net earnings from equity accounted investments		22	65	31
Discontinued operations		0	0	0
Net income		74	217	135
Other comprehensive income		76	61	0
Distributions received		26	27	0
Rouse Properties, Inc. (“Rouse”)
Investments
Revenue				139
Expenses				140
Fair value gains (losses)				0
Share of net earnings from equity accounted investments				(2)
Discontinued operations				0
Net income				(1)
Other comprehensive income				35
Distributions received				0
Associates
Investments
Revenue		2,175	2,977	3,200
Expenses		1,707	1,728	2,125
Fair value gains (losses)		(1,508)	(2,008)	532
Share of net earnings from equity accounted investments		(223)	265	556
Discontinued operations		0	0	0
Net income		(771)	(170)	2,109
Other comprehensive income		138	116	39
Distributions received		272	276	278
Joint Ventures And Associates
Investments
Share of net earnings from equity accounted investments		280	614	510
Associates | GGP
Investments
Share of net earnings from equity accounted investments		271	518	502
Associates | China Xintiandi (“CXTD”)
Investments
Share of net earnings from equity accounted investments		(3)	0	0
Associates | Diplomat Resort and Spa (“Diplomat”)
Investments
Share of net earnings from equity accounted investments		0	0	0
Associates | Brookfield Premier Real Estate Partners Pooling LLC
Investments
Share of net earnings from equity accounted investments		0	71
Associates | Other
Investments
Share of net earnings from equity accounted investments		1	0	0
Associates | Rouse Properties, Inc. (“Rouse”)
Investments
Share of net earnings from equity accounted investments				0
Associates | Associates
Investments
Share of net earnings from equity accounted investments		269	589	502
Canary Wharf Joint Venture
Investments
Revenue		547	581	646
Expenses		125	370	284
Fair value gains (losses)		(72)	(49)	(351)
Share of net earnings from equity accounted investments		175	91	10
Discontinued operations		0	0	0
Net income		349	183	19
Other comprehensive income		8	5	(4)
Distributions received		0	0	0
Canary Wharf Joint Venture | Joint ventures where entity is venturer
Investments
Share of net earnings from equity accounted investments		(1)	21	8
BPR JV Pool A
Investments
Revenue		162
Expenses		77
Fair value gains (losses)		(5)
Share of net earnings from equity accounted investments		41
Discontinued operations		0
Other comprehensive income		0
Distributions received		0
BPR JV Pool A | Joint ventures where entity is venturer
Investments
Share of net earnings from equity accounted investments		0
Manhattan West, New York
Investments
Revenue		123	81	78
Expenses		104	70	51
Fair value gains (losses)		423	308	161
Share of net earnings from equity accounted investments		248	179	105
Discontinued operations		0	0	0
Net income		442	319	188
Other comprehensive income		(15)	0	0
Distributions received		0	1	57
Manhattan West, New York | Joint ventures where entity is venturer
Investments
Share of net earnings from equity accounted investments		0	0	0
Ala Moana
Investments
Revenue		78
Expenses		38
Fair value gains (losses)		(6)
Share of net earnings from equity accounted investments		17
Discontinued operations		0
Other comprehensive income		0
Distributions received		8
Ala Moana | Joint ventures where entity is venturer
Investments
Share of net earnings from equity accounted investments		0
Forest City
Investments
Revenue		48
Expenses		35
Fair value gains (losses)		0
Share of net earnings from equity accounted investments		8
Discontinued operations		0
Other comprehensive income		0
Distributions received		0
Forest City | Joint ventures where entity is venturer
Investments
Share of net earnings from equity accounted investments		0
BPR JV Pool B
Investments
Revenue		208
Expenses		112
Fair value gains (losses)		(7)
Share of net earnings from equity accounted investments		49
Discontinued operations		0
Other comprehensive income		0
Distributions received		1
BPR JV Pool B | Joint ventures where entity is venturer
Investments
Share of net earnings from equity accounted investments		8
Fashion Show, Las Vegas
Investments
Revenue		32
Expenses		13
Fair value gains (losses)		(2)
Share of net earnings from equity accounted investments		8
Discontinued operations		0
Other comprehensive income		0
Distributions received		3
Fashion Show, Las Vegas | Joint ventures where entity is venturer
Investments
Share of net earnings from equity accounted investments		0
BPR JV Pool C
Investments
Revenue		52
Expenses		23
Fair value gains (losses)		(1)
Share of net earnings from equity accounted investments		14
Discontinued operations		0
Other comprehensive income		0
Distributions received		6
BPR JV Pool C | Joint ventures where entity is venturer
Investments
Share of net earnings from equity accounted investments		0
BPR JV Pool D
Investments
Revenue		0
Expenses		0
Fair value gains (losses)		0
Share of net earnings from equity accounted investments		12
Discontinued operations		0
Other comprehensive income		0
Distributions received		2
BPR JV Pool D | Joint ventures where entity is venturer
Investments
Share of net earnings from equity accounted investments		26
BPR JV Pool E
Investments
Revenue		49
Expenses		15
Fair value gains (losses)		(2)
Share of net earnings from equity accounted investments		11
Discontinued operations		0
Other comprehensive income		0
Distributions received		3
BPR JV Pool E | Joint ventures where entity is venturer
Investments
Share of net earnings from equity accounted investments		0
Fashion Show
Investments
Revenue		30
Expenses		18
Fair value gains (losses)		(1)
Share of net earnings from equity accounted investments		5
Discontinued operations		0
Other comprehensive income		0
Distributions received		2
Fashion Show | Joint ventures where entity is venturer
Investments
Share of net earnings from equity accounted investments		0
Grace Building, New York
Investments
Revenue		125	120	117
Expenses		83	80	79
Fair value gains (losses)		(34)	(23)	(24)
Share of net earnings from equity accounted investments		4	9	7
Discontinued operations		0	0	0
Net income		8	17	14
Other comprehensive income		0	0	0
Distributions received		8	7	11
Grace Building, New York | Joint ventures where entity is venturer
Investments
Share of net earnings from equity accounted investments		0	0	0
One Liberty Plaza, New York
Investments
Revenue		114	3
Expenses		84	2
Fair value gains (losses)		9	103
Share of net earnings from equity accounted investments		21	53
Discontinued operations		0	0
Net income		39	104
Other comprehensive income		(10)	(7)
Distributions received		9	0
One Liberty Plaza, New York | Joint ventures where entity is venturer
Investments
Share of net earnings from equity accounted investments		0	0
Southern Cross East
Investments
Revenue		45	46	42
Expenses		7	7	11
Fair value gains (losses)		38	21	3
Share of net earnings from equity accounted investments		38	30	17
Discontinued operations		0	0	0
Net income		76	60	34
Other comprehensive income		0	0	0
Distributions received		0	0	0
Southern Cross East | Joint ventures where entity is venturer
Investments
Share of net earnings from equity accounted investments		0	0	0
680 George Street
Investments
Revenue		34	34	34
Expenses		9	9	8
Fair value gains (losses)		136	17	103
Share of net earnings from equity accounted investments		56	21	65
Discontinued operations		0	0	0
Net income			42	129
Other comprehensive income		0	0	5
Distributions received		18	0	0
680 George Street | Joint ventures where entity is venturer
Investments
Share of net earnings from equity accounted investments		0	0	0
Brazil Retail
Investments
Revenue		61	48
Expenses		30	29
Fair value gains (losses)		59	31
Share of net earnings from equity accounted investments		41	23
Discontinued operations		0	0
Net income		90	50
Other comprehensive income		0	0
Distributions received		20	11
Brazil Retail | Joint ventures where entity is venturer
Investments
Share of net earnings from equity accounted investments		0	0
D.C. Fund
Investments
Revenue		131	129	121
Expenses		81	76	71
Fair value gains (losses)		(45)	(54)	(9)
Share of net earnings from equity accounted investments		2	(1)	21
Discontinued operations		0	0	0
Net income		5	(1)	41
Other comprehensive income		0	0	0
Distributions received		22	23	17
D.C. Fund | Joint ventures where entity is venturer
Investments
Share of net earnings from equity accounted investments		0	0	0
Miami Design District
Investments
Revenue		24
Expenses		24
Fair value gains (losses)		(1)
Share of net earnings from equity accounted investments		0
Discontinued operations		0
Other comprehensive income		0
Distributions received		0
Miami Design District | Joint ventures where entity is venturer
Investments
Share of net earnings from equity accounted investments		0
The Mall in Columbia
Investments
Revenue		19
Expenses		9
Fair value gains (losses)		(1)
Share of net earnings from equity accounted investments		5
Discontinued operations		0
Other comprehensive income		0
Distributions received		0
The Mall in Columbia | Joint ventures where entity is venturer
Investments
Share of net earnings from equity accounted investments		0
Shops at Merrick Park
Investments
Revenue		17
Expenses		6
Fair value gains (losses)		0
Share of net earnings from equity accounted investments		6
Discontinued operations		0
Other comprehensive income		0
Distributions received		1
Shops at Merrick Park | Joint ventures where entity is venturer
Investments
Share of net earnings from equity accounted investments		0
VAMF II
Investments
Revenue			154	430
Expenses			116	310
Fair value gains (losses)			117	123
Share of net earnings from equity accounted investments			59	96
Discontinued operations			0	0
Net income			159	243
Other comprehensive income			0	0
Distributions received			0	0
VAMF II | Joint ventures where entity is venturer
Investments
Share of net earnings from equity accounted investments			4	0
Principal Place - Commercial
Investments
Revenue			28
Expenses			61
Fair value gains (losses)			132
Share of net earnings from equity accounted investments			49
Discontinued operations			0
Net income			99
Other comprehensive income			0
Distributions received			0
Principal Place - Commercial | Joint ventures where entity is venturer
Investments
Share of net earnings from equity accounted investments			0
Potsdamer Platz
Investments
Revenue			96	49
Expenses			95	27
Fair value gains (losses)			108	32
Share of net earnings from equity accounted investments			27	12
Discontinued operations			0	0
Net income			109	54
Other comprehensive income			0	0
Distributions received			0	0
Potsdamer Platz | Joint ventures where entity is venturer
Investments
Share of net earnings from equity accounted investments			0	0
One New York Plaza
Investments
Revenue			121	11
Expenses			78	8
Fair value gains (losses)			(4)	57
Share of net earnings from equity accounted investments			6	9
Discontinued operations			0	0
Net income			39	60
Other comprehensive income			7	0
Distributions received			1	0
One New York Plaza | Joint ventures where entity is venturer
Investments
Share of net earnings from equity accounted investments			0	0
Republic Plaza
Investments
Revenue			46	46
Expenses			30	30
Fair value gains (losses)			(33)	(5)
Share of net earnings from equity accounted investments			(9)	6
Discontinued operations			0	0
Net income			(17)	11
Other comprehensive income			0	0
Distributions received			0	0
Republic Plaza | Joint ventures where entity is venturer
Investments
Share of net earnings from equity accounted investments			0	0
75 State Street
Investments
Revenue			49	47
Expenses			30	30
Fair value gains (losses)			6	26
Share of net earnings from equity accounted investments			6	17
Discontinued operations			0	0
Net income			25	43
Other comprehensive income			0	0
Distributions received			2	0
75 State Street | Joint ventures where entity is venturer
Investments
Share of net earnings from equity accounted investments			0	0
245 Park Avenue
Investments
Revenue			54	163
Expenses			31	95
Fair value gains (losses)			(24)	(146)
Share of net earnings from equity accounted investments			0	(39)
Discontinued operations			0	0
Net income			(1)	(78)
Other comprehensive income			0	0
Distributions received			10	37
245 Park Avenue | Joint ventures where entity is venturer
Investments
Share of net earnings from equity accounted investments			0	0
Joint ventures
Investments
Revenue		3,189	1,849	2,168
Expenses		1,790	1,195	1,200
Fair value gains (losses)		1,184	804	90
Share of net earnings from equity accounted investments		1,170	696	463
Discontinued operations		0	0	0
Net income		2,594	1,483	1,066
Other comprehensive income		(36)	21	(1)
Distributions received		246	93	246
Joint ventures | Associates
Investments
Revenue		5,364	4,826
Expenses		3,497	2,923
Fair value gains (losses)		(324)	(1,204)
Share of net earnings from equity accounted investments		947	961
Discontinued operations		0	0
Net income		1,823	1,313
Other comprehensive income		102	137
Distributions received		518	369
Joint ventures | Joint ventures where entity is venturer
Investments
Share of net earnings from equity accounted investments		11	25	8
Joint ventures | Associates
Investments
Revenue				5,368
Expenses				3,325
Fair value gains (losses)				622
Share of net earnings from equity accounted investments				1,019
Discontinued operations				0
Net income				3,175
Other comprehensive income				38
Distributions received				524
Other
Investments
Revenue		1,290	259	384
Expenses		897	111	196
Fair value gains (losses)		696	148	120
Share of net earnings from equity accounted investments		409	153	137
Discontinued operations		0	0	0
Net income		1,067	296	308
Other comprehensive income		(19)	16	(2)
Distributions received		143	38	124
Other | Joint ventures where entity is venturer
Investments
Share of net earnings from equity accounted investments		$ (22)	$ 0	$ 0

INVESTMENTS IN JOINT OPERATIO_3

INVESTMENTS IN JOINT OPERATIONS - Schedule of Investments in Joint Operations (Details)	3 Months Ended	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2018	Dec. 31, 2017
Brookfield Place - Retail & Parking
Disclosure of joint operations
Proportion of ownership interest in joint operation		56.00%	56.00%
Brookfield Place III
Disclosure of joint operations
Proportion of ownership interest in joint operation		54.00%	54.00%
Exchange Tower
Disclosure of joint operations
Proportion of ownership interest in joint operation		50.00%	50.00%
First Canadian Place
Disclosure of joint operations
Proportion of ownership interest in joint operation		25.00%	25.00%
Percentage of land subject to ground lease		50.00%
Percentage of beneficial interest in property to be acquired		50.00%
2 Queen Street East
Disclosure of joint operations
Proportion of ownership interest in joint operation		25.00%	25.00%
Bankers Hall
Disclosure of joint operations
Proportion of ownership interest in joint operation		50.00%	50.00%
Bankers Court
Disclosure of joint operations
Proportion of ownership interest in joint operation		50.00%	50.00%
Bankers West Parkade
Disclosure of joint operations
Proportion of ownership interest in joint operation		50.00%	50.00%
Suncor Energy Centre
Disclosure of joint operations
Proportion of ownership interest in joint operation		50.00%	50.00%
Fifth Avenue Place
Disclosure of joint operations
Proportion of ownership interest in joint operation		50.00%	50.00%
Place de Ville I
Disclosure of joint operations
Proportion of ownership interest in joint operation		25.00%	25.00%
Place de Ville II
Disclosure of joint operations
Proportion of ownership interest in joint operation		25.00%	25.00%
Jean Edmonds Towers(3)
Disclosure of joint operations
Proportion of ownership interest in joint operation		0.00%	25.00%
Ownership percentage sold (percent)	25.00%
300 Queen Street
Disclosure of joint operations
Proportion of ownership interest in joint operation		25.00%	25.00%
52 Goulburn Street
Disclosure of joint operations
Proportion of ownership interest in joint operation		50.00%	50.00%
235 St Georges Terrace
Disclosure of joint operations
Proportion of ownership interest in joint operation		50.00%	50.00%
108 St Georges Terrace
Disclosure of joint operations
Proportion of ownership interest in joint operation		50.00%	50.00%
Southern Cross West
Disclosure of joint operations
Proportion of ownership interest in joint operation		50.00%	50.00%
Shopping Patio Higienópolis
Disclosure of joint operations
Proportion of ownership interest in joint operation		25.00%	25.00%
Shopping Patio Higienópolis - Expansion
Disclosure of joint operations
Proportion of ownership interest in joint operation		32.00%	32.00%
Shopping Patio Higienópolis - Co-Invest
Disclosure of joint operations
Proportion of ownership interest in joint operation		5.00%	5.00%
Shopping Patio Higienópolis Expansion - Co-Invest
Disclosure of joint operations
Proportion of ownership interest in joint operation		6.00%	6.00%
G2-Infospace Gurgaon
Disclosure of joint operations
Proportion of ownership interest in joint operation		72.00%	72.00%

PARTICIPATING LOAN INTERESTS -

PARTICIPATING LOAN INTERESTS - Outstanding Principal (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Disclosure of detailed information about investment property
Participating loan interests	$ 268	$ 517
Darling Park Complex, Sydney
Disclosure of detailed information about investment property
Participation interest (percent)	30.00%	30.00%
Participating loan interests	$ 268	$ 251
IAG House, Sydney
Disclosure of detailed information about investment property
Participation interest (percent)	0.00%	50.00%
Participating loan interests	$ 0	$ 111
Jessie Street, Sydney
Disclosure of detailed information about investment property
Participation interest (percent)	0.00%	100.00%
Participating loan interests	$ 0	$ 155

PARTICIPATING LOAN INTERESTS _2

PARTICIPATING LOAN INTERESTS - Narratives (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Participating Loan Interests [Abstract]
Interest income	$ 17	$ 27	$ 32
Fair value gains	$ 36	$ 59	$ 29

PROPERTY, PLANT AND EQUIPMENT -

PROPERTY, PLANT AND EQUIPMENT - Useful Life (Details)	12 Months Ended
	Dec. 31, 2018
Building and building improvements | Bottom of range
Disclosure of detailed information about property, plant and equipment [line items]
Useful life (in years)	5 years
Building and building improvements | Top of range
Disclosure of detailed information about property, plant and equipment [line items]
Useful life (in years)	50 years
Land improvements | Bottom of range
Disclosure of detailed information about property, plant and equipment [line items]
Useful life (in years)	13 years
Land improvements | Top of range
Disclosure of detailed information about property, plant and equipment [line items]
Useful life (in years)	15 years
Furniture, fixtures and equipment | Bottom of range
Disclosure of detailed information about property, plant and equipment [line items]
Useful life (in years)	2 years
Furniture, fixtures and equipment | Top of range
Disclosure of detailed information about property, plant and equipment [line items]
Useful life (in years)	15 years

PROPERTY, PLANT AND EQUIPMENT_2

PROPERTY, PLANT AND EQUIPMENT - Narratives (Details) - USD ($) $ in Billions	Dec. 31, 2018	Dec. 31, 2017
Property, plant and equipment [abstract]
Properties. fair value	$ 2.3	$ 2.4

PROPERTY, PLANT AND EQUIPMENT_3

PROPERTY, PLANT AND EQUIPMENT - Reconciliation (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Reconciliation of changes in property, plant and equipment [abstract]
Balance, beginning of year	$ 5,457
Balance, end of the year	7,506	$ 5,457
Cost:
Reconciliation of changes in property, plant and equipment [abstract]
Balance, beginning of year	5,451	5,417
Acquisitions through business combinations(1)	1,748	281
Additions	490	271
Disposals	(21)	(34)
Foreign currency translation	(207)	262
Reclassification to assets held for sale	0	(746)
Balance, end of the year	7,461	5,451
Accumulated fair value changes:
Reconciliation of changes in property, plant and equipment [abstract]
Balance, beginning of year	756	659
Revaluation gains, net	293	55
Reclassification to assets held for sale	0	42
Balance, end of the year	1,049	756
Accumulated depreciation:
Reconciliation of changes in property, plant and equipment [abstract]
Balance, beginning of year	(750)	(719)
Depreciation	(291)	(267)
Disposals	18	22
Foreign currency translation	19	(8)
Reclassification to assets held for sale	0	222
Balance, end of the year	$ (1,004)	$ (750)

GOODWILL (Details)

GOODWILL (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Intangible Assets [Abstract]
Goodwill	$ 1,109	$ 1,079

INTANGIBLE ASSETS - Narratives

INTANGIBLE ASSETS - Narratives (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Disclosure of detailed information about intangible assets [line items]
Intangible assets other than goodwill	$ 1,179	$ 1,188	$ 1,141
Decrease through classified as held for sale, intangible assets and goodwill	3	44
Trademark assets | Center Parcs UK
Disclosure of detailed information about intangible assets [line items]
Intangible assets other than goodwill	921	964
Trademark assets | Atlantis
Disclosure of detailed information about intangible assets [line items]
Intangible assets other than goodwill	$ 207	209
Trademark assets | Hard Rock Hotel and Casino
Disclosure of detailed information about intangible assets [line items]
Decrease through classified as held for sale, intangible assets and goodwill		$ 45

INTANGIBLE ASSETS - Useful Life

INTANGIBLE ASSETS - Useful Life (Details)	12 Months Ended
	Dec. 31, 2018
Management contracts
Disclosure of detailed information about intangible assets [line items]
Useful life (in years)	40 years
Customer relationships | Bottom of range
Disclosure of detailed information about intangible assets [line items]
Useful life (in years)	9 years
Customer relationships | Top of range
Disclosure of detailed information about intangible assets [line items]
Useful life (in years)	10 years
Other | Bottom of range
Disclosure of detailed information about intangible assets [line items]
Useful life (in years)	3 years
Other | Top of range
Disclosure of detailed information about intangible assets [line items]
Useful life (in years)	7 years

INTANGIBLE ASSETS - Components

INTANGIBLE ASSETS - Components Of Partnership Intangible Assets (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Disclosure of detailed information about intangible assets [line items]
Intangible assets other than goodwill	$ 1,179	$ 1,188	$ 1,141
Cost
Disclosure of detailed information about intangible assets [line items]
Intangible assets other than goodwill	1,273	1,271
Accumulated amortization
Disclosure of detailed information about intangible assets [line items]
Intangible assets other than goodwill	(46)	(35)
Accumulated impairment losses
Disclosure of detailed information about intangible assets [line items]
Intangible assets other than goodwill	$ (48)	$ (48)

INTANGIBLE ASSETS - Reconciliat

INTANGIBLE ASSETS - Reconciliation (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Reconciliation of changes in intangible assets other than goodwill
Intangible assets other than goodwill	$ 1,188	$ 1,141
Acquisitions	67	17
Disposals	(2)	0
Amortization	(17)	(8)
Foreign currency translation	(58)	82
Reclassification to assets held for sale and other	(3)	(44)
Intangible assets other than goodwill	$ 1,179	$ 1,188

OTHER NON-CURRENT ASSETS (Detai

OTHER NON-CURRENT ASSETS (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Subclassifications of assets, liabilities and equities [abstract]
Securities - FVTPL	$ 239	$ 174
Derivative assets	13	48
Securities - FVTOCI	260	150
Restricted cash	161	153
Inventory	435	216
Other	748	157
Total other non-current assets	$ 1,856	$ 898

OTHER NON-CURRENT ASSETS - Narr

OTHER NON-CURRENT ASSETS - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Investments
Securities - FVTPL	$ 239	$ 174
Investments accounted for using equity method
Investments
Financial assets pledged as collateral for liabilities or contingent liabilities	104	103
Other non-current liabilities	$ 93	93
Convertible Preferred Units Of US Hospitality Company
Investments
Percent of dividend rate (percent)	7.50%
Securities - FVTPL	$ 175	$ 147
Additional Convertible Preferred Units Of US Hospitality Company
Investments
Percent of dividend rate (percent)	5.00%

ACCOUNTS RECEIVABLE AND OTHER -

ACCOUNTS RECEIVABLE AND OTHER - Components (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Subclassifications of assets, liabilities and equities [abstract]
Derivative assets	$ 234	$ 37
Accounts receivable	794	421
Restricted cash and deposits	631	237
Prepaid expenses	317	94
Other current assets	385	192
Total accounts receivable and other	$ 2,361	$ 981

ASSETS HELD FOR SALE - Summary

ASSETS HELD FOR SALE - Summary (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Disclosure of financial assets [line items]
Investment properties	$ 80,196	$ 51,357	$ 48,784
Property, plant and equipment	7,506	5,457
Equity accounted investments	22,698	19,761	16,844
Accounts receivable and other	2,361	981
Total assets	122,520	84,347
Debt obligations	63,964	37,991
Accounts payable and other liabilities	3,749	3,052
Total liabilities	75,780	49,223
Held for sale
Disclosure of financial assets [line items]
Investment properties	422	853
Property, plant and equipment	0	475
Equity accounted investments	568	0
Accounts receivable and other	14	105
Total assets	1,004	1,433	$ 147
Debt obligations	153	1,107
Accounts payable and other liabilities	10	209
Total liabilities	$ 163	$ 1,316

ASSETS HELD FOR SALE - Reconcil

ASSETS HELD FOR SALE - Reconciliation (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Disclosure of financial assets [line items]
Balance, beginning of year	$ 84,347
Balance, end of year	122,520	$ 84,347
Held for sale
Disclosure of financial assets [line items]
Balance, beginning of year	1,433	147
Reclassification to/(from) assets held for sale, net	2,382	4,641
Disposals	(2,819)	(3,365)
Fair value adjustments	81	8
Foreign currency translation	(32)	7
Other	(41)	(5)
Balance, end of year	$ 1,004	$ 1,433

ASSETS HELD FOR SALE - Narrativ

ASSETS HELD FOR SALE - Narratives (Details) $ in Millions, $ in Millions	Dec. 31, 2017asset	Sep. 30, 2018USD ($)	Mar. 31, 2018USD ($)asset	Mar. 31, 2018CAD ($)asset	Dec. 31, 2018USD ($)propertyasset	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)
Disclosure of financial assets [line items]
Proceeds from sale of equity accounted investments and participating loan interests | $					$ 1,140	$ 1,006	$ 1,092
Held for sale
Disclosure of financial assets [line items]
Proceeds from sales of investment property | $		$ 1,300
LP Investments
Disclosure of financial assets [line items]
Real estate properties reclassified as held for sale | asset	13
LP Investments | Held for sale
Disclosure of financial assets [line items]
Proceeds from sales of investment property | $			$ 144
Real estate properties reclassified as held for sale | asset			8	8
LP Investments | Held for sale | Hard Rock Hotel and Casino
Disclosure of financial assets [line items]
Proceeds from sales of investment property | $			$ 510
LP Investments | U.S. | Held for sale
Disclosure of financial assets [line items]
Number of real estate properties | asset					10
LP Investments | U.S. | Held for sale | Triple Net Lease
Disclosure of financial assets [line items]
Number of real estate properties | property					2
LP Investments | Brazil | Held for sale
Disclosure of financial assets [line items]
Number of real estate properties | asset					3
Bay Adelaide Centre West And East Towers | Core Office
Disclosure of financial assets [line items]
Percent of ownership percentage classified as held for sale	50.00%					50.00%
Bay Adelaide Centre West And East Towers | Core Office | Held for sale
Disclosure of financial assets [line items]
Proceeds from sales of investment property			$ 660	$ 850
Percent of ownership percentage classified as held for sale			50.00%	50.00%

DEBT OBLIGATIONS (Details)

DEBT OBLIGATIONS (Details) € in Millions, ₩ in Millions, ₨ in Millions, ¥ in Millions, £ in Millions, R$ in Millions, $ in Millions, $ in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Dec. 31, 2018GBP (£)	Dec. 31, 2018USD ($)	Dec. 31, 2018CAD ($)	Dec. 31, 2018INR (₨)	Dec. 31, 2018BRL (R$)	Dec. 31, 2018EUR (€)	Dec. 31, 2018KRW (₩)	Dec. 31, 2018AUD ($)	Dec. 31, 2018CNY (¥)	Dec. 31, 2017GBP (£)	Dec. 31, 2017USD ($)	Dec. 31, 2017CAD ($)	Dec. 31, 2017INR (₨)	Dec. 31, 2017BRL (R$)	Dec. 31, 2017EUR (€)	Dec. 31, 2017KRW (₩)	Dec. 31, 2017AUD ($)	Dec. 31, 2017CNY (¥)
Disclosure of detailed information about borrowings [line items]
Deferred financing costs	$ (462)	$ (291)
Current				$ 5,874									$ 6,135
Non-current				57,937									30,749
Total debt obligations				63,964									37,991
Funds subscription credit facilities
Disclosure of detailed information about borrowings [line items]
Secured debt obligation				4,517									436
Fixed interest rate
Disclosure of detailed information about borrowings [line items]
Secured debt obligation				25,545									17,666
Variable rate
Disclosure of detailed information about borrowings [line items]
Secured debt obligation				25,131									16,760
Unsecured Debt | Brookfield Property Partners’ credit facilities
Disclosure of detailed information about borrowings [line items]
Total debt obligations				1,586									1,363
Unsecured Debt | Brookfield Property Partners' corporate bonds
Disclosure of detailed information about borrowings [line items]
Total debt obligations				586									0
Unsecured Debt | Brookfield Office Properties’ revolving facility
Disclosure of detailed information about borrowings [line items]
Total debt obligations				0									828
Unsecured Debt | Brookfield Office Properties’ senior unsecured notes
Disclosure of detailed information about borrowings [line items]
Total debt obligations				0									119
Unsecured Debt | Brookfield Canada Office Properties’ revolving facility
Disclosure of detailed information about borrowings [line items]
Total debt obligations				0									276
Unsecured Debt | BPY BOPC LP credit facility
Disclosure of detailed information about borrowings [line items]
Total debt obligations				0									212
Unsecured Debt | Brookfield Property REIT Inc. term debt
Disclosure of detailed information about borrowings [line items]
Total debt obligations				4,726									0
Unsecured Debt | Brookfield Property REIT Inc. corporate facility
Disclosure of detailed information about borrowings [line items]
Total debt obligations				387									0
Unsecured Debt | Brookfield Property REIT Inc.junior subordinated notes
Disclosure of detailed information about borrowings [line items]
Total debt obligations				206									0
Unsecured Debt | Forest City Realty Trust, Inc.
Disclosure of detailed information about borrowings [line items]
Total debt obligations				1,247									0
Unsecured Debt | Subsidiary borrowings
Disclosure of detailed information about borrowings [line items]
Total debt obligations				495									622
Held for sale
Disclosure of detailed information about borrowings [line items]
Total debt obligations				153									1,107
U.S. dollars
Disclosure of detailed information about borrowings [line items]
Total debt obligations				50,682									25,975
British pounds
Disclosure of detailed information about borrowings [line items]
Total debt obligations			£ 4,053	5,172								£ 3,173	4,290
Canadian dollars
Disclosure of detailed information about borrowings [line items]
Total debt obligations				2,688	$ 3,666								3,132	$ 3,938
South Korean Won
Disclosure of detailed information about borrowings [line items]
Total debt obligations				1,617					₩ 1,805,000				1,692					₩ 1,805,000
Australian dollars
Disclosure of detailed information about borrowings [line items]
Total debt obligations				1,401						$ 1,988			1,554						$ 1,991
Indian Rupees
Disclosure of detailed information about borrowings [line items]
Total debt obligations				1,469		₨ 102,016							1,168		₨ 74,386
Brazilian reais
Disclosure of detailed information about borrowings [line items]
Total debt obligations				684			R$ 2651						471			R$ 1558
China, Yuan Renminbi
Disclosure of detailed information about borrowings [line items]
Total debt obligations				70							¥ 484		0							¥ 0
Euros
Disclosure of detailed information about borrowings [line items]
Total debt obligations				$ 643				€ 561					$ 0				€ 0
Weighted average | Unsecured Debt | Brookfield Property Partners’ credit facilities
Disclosure of detailed information about borrowings [line items]
Weighted- average rate			4.08%	4.08%	4.08%	4.08%	4.08%	4.08%	4.08%	4.08%	4.08%	3.10%	3.10%	3.10%	3.10%	3.10%	3.10%	3.10%	3.10%	3.10%
Weighted average | Unsecured Debt | Brookfield Property Partners' corporate bonds
Disclosure of detailed information about borrowings [line items]
Weighted- average rate			4.23%	4.23%	4.23%	4.23%	4.23%	4.23%	4.23%	4.23%	4.23%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Weighted average | Unsecured Debt | Brookfield Office Properties’ revolving facility
Disclosure of detailed information about borrowings [line items]
Weighted- average rate			0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	2.60%	2.60%	2.60%	2.60%	2.60%	2.60%	2.60%	2.60%	2.60%
Weighted average | Unsecured Debt | Brookfield Office Properties’ senior unsecured notes
Disclosure of detailed information about borrowings [line items]
Weighted- average rate			0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	4.00%	4.00%	4.00%	4.00%	4.00%	4.00%	4.00%	4.00%	4.00%
Weighted average | Unsecured Debt | Brookfield Canada Office Properties’ revolving facility
Disclosure of detailed information about borrowings [line items]
Weighted- average rate			0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	2.89%	2.89%	2.89%	2.89%	2.89%	2.89%	2.89%	2.89%	2.89%
Weighted average | Unsecured Debt | BPY BOPC LP credit facility
Disclosure of detailed information about borrowings [line items]
Weighted- average rate			0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	2.85%	2.85%	2.85%	2.85%	2.85%	2.85%	2.85%	2.85%	2.85%
Weighted average | Unsecured Debt | Brookfield Property REIT Inc. term debt
Disclosure of detailed information about borrowings [line items]
Weighted- average rate			4.88%	4.88%	4.88%	4.88%	4.88%	4.88%	4.88%	4.88%	4.88%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Weighted average | Unsecured Debt | Brookfield Property REIT Inc. corporate facility
Disclosure of detailed information about borrowings [line items]
Weighted- average rate			4.76%	4.76%	4.76%	4.76%	4.76%	4.76%	4.76%	4.76%	4.76%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Weighted average | Unsecured Debt | Brookfield Property REIT Inc.junior subordinated notes
Disclosure of detailed information about borrowings [line items]
Weighted- average rate			3.97%	3.97%	3.97%	3.97%	3.97%	3.97%	3.97%	3.97%	3.97%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Weighted average | Unsecured Debt | Forest City Realty Trust, Inc.
Disclosure of detailed information about borrowings [line items]
Weighted- average rate			6.38%	6.38%	6.38%	6.38%	6.38%	6.38%	6.38%	6.38%	6.38%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Weighted average | Unsecured Debt | Subsidiary borrowings
Disclosure of detailed information about borrowings [line items]
Weighted- average rate			5.62%	5.62%	5.62%	5.62%	5.62%	5.62%	5.62%	5.62%	5.62%	4.40%	4.40%	4.40%	4.40%	4.40%	4.40%	4.40%	4.40%	4.40%
Weighted average | Secured Debt | Funds subscription credit facilities
Disclosure of detailed information about borrowings [line items]
Weighted- average rate			3.85%	3.85%	3.85%	3.85%	3.85%	3.85%	3.85%	3.85%	3.85%	2.56%	2.56%	2.56%	2.56%	2.56%	2.56%	2.56%	2.56%	2.56%
Weighted average | Secured Debt | Fixed interest rate
Disclosure of detailed information about borrowings [line items]
Weighted- average rate			4.41%	4.41%	4.41%	4.41%	4.41%	4.41%	4.41%	4.41%	4.41%	4.59%	4.59%	4.59%	4.59%	4.59%	4.59%	4.59%	4.59%	4.59%
Weighted average | Secured Debt | Variable rate
Disclosure of detailed information about borrowings [line items]
Weighted- average rate			4.97%	4.97%	4.97%	4.97%	4.97%	4.97%	4.97%	4.97%	4.97%	4.59%	4.59%	4.59%	4.59%	4.59%	4.59%	4.59%	4.59%	4.59%

DEBT OBLIGATIONS - Reconciliati

DEBT OBLIGATIONS - Reconciliation of cash flows from financing activities from debt obligations (Details) $ in Millions	12 Months Ended
	Dec. 31, 2018USD ($)
Borrowing [Roll Forward]
Dec. 31, 2017	$ 37,991
Debt obligation issuance, net of repayments	9,868
Non-cash changes in debt obligations
Assumed from business combinations	18,316
Derecognized on loss of control of subsidiaries	(784)
Amortization of deferred financing costs and (premium) discount	114
Foreign currency translation	(961)
Other	(580)
Dec. 31, 2018	$ 63,964

CAPITAL SECURITIES (Details)

CAPITAL SECURITIES (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Disclosure of classes of share capital [line items]
Capital Securities	$ 3,385	$ 4,165
Current	520	1,326
Non-current	$ 2,865	2,839
Series 1, Class B Preferred Shares | Prime Rate
Disclosure of classes of share capital [line items]
Percent of dividend rate (percent)	70.00%
Series 2, Class B Preferred Shares | Prime Rate
Disclosure of classes of share capital [line items]
Percent of dividend rate (percent)	70.00%
Operating Partnership | Series 1, Class A Preferred Equity Units
Disclosure of classes of share capital [line items]
Shares outstanding	24,000,000
Cumulative dividend rate	6.25%
Capital Securities	$ 562	551
Operating Partnership | Series 2, Class A Preferred Equity Units
Disclosure of classes of share capital [line items]
Shares outstanding	24,000,000
Cumulative dividend rate	6.50%
Capital Securities	$ 537	529
Operating Partnership | Series 3, Class A Preferred Equity Units
Disclosure of classes of share capital [line items]
Shares outstanding	24,000,000
Cumulative dividend rate	6.75%
Capital Securities	$ 523	517
Brookfield BPY Holdings Inc. | Class B Junior Preferred Shares
Disclosure of classes of share capital [line items]
Shares outstanding	16,800,000
Cumulative dividend rate	7.64%
Capital Securities	$ 420	750
Brookfield BPY Holdings Inc. | Class C Junior Preferred Shares
Disclosure of classes of share capital [line items]
Shares outstanding	0
Cumulative dividend rate	0.00%
Capital Securities	$ 0	500
Brookfield Office Properties Inc. (“BPO”) | Series 1, Class B Preferred Shares
Disclosure of classes of share capital [line items]
Shares outstanding	3,600,000
Capital Securities	$ 0	0
Brookfield Office Properties Inc. (“BPO”) | Series 2, Class B Preferred Shares
Disclosure of classes of share capital [line items]
Shares outstanding	3,000,000
Capital Securities	$ 0	0
Brookfield Property Split Corp. | Series 1, Senior Preferred Shares
Disclosure of classes of share capital [line items]
Shares outstanding	924,390
Cumulative dividend rate	5.25%
Capital Securities	$ 23	23
Brookfield Property Split Corp. | Series 2, Senior Preferred Shares
Disclosure of classes of share capital [line items]
Shares outstanding	699,165
Cumulative dividend rate	5.75%
Capital Securities	$ 13	14
Brookfield Property Split Corp. | Series 3, Senior Preferred Shares
Disclosure of classes of share capital [line items]
Shares outstanding	909,994
Cumulative dividend rate	5.00%
Capital Securities	$ 17	18
Brookfield Property Split Corp. | Series 4, Senior Preferred Shares
Disclosure of classes of share capital [line items]
Shares outstanding	940,486
Cumulative dividend rate	5.20%
Capital Securities	$ 17	19
BSREP II RH B LLC (“Manufactured Housing”) Preferred Capital | Preference shares
Disclosure of classes of share capital [line items]
Shares outstanding	0
Cumulative dividend rate	9.00%
Capital Securities	$ 249	249
Rouse | Series A Preferred Shares
Disclosure of classes of share capital [line items]
Shares outstanding	5,600,000
Cumulative dividend rate	5.00%
Capital Securities	$ 142	142
Forest City Enterprise L.P. | Preference shares
Disclosure of classes of share capital [line items]
Shares outstanding	1,111,004
Cumulative dividend rate	2.00%
Capital Securities	$ 29	0
BSREP II Vintage Estate Partners LLC (“Vintage Estates”) Preferred Shares | Preference shares
Disclosure of classes of share capital [line items]
Shares outstanding	10,000
Cumulative dividend rate	5.00%
Capital Securities	$ 40	40
Capital Securities – Fund Subsidiaries
Disclosure of classes of share capital [line items]
Capital Securities	$ 813	$ 813

CAPITAL SECURITIES - Narrative

CAPITAL SECURITIES - Narrative (Details) $ / shares in Units, $ in Millions	Dec. 04, 2014USD ($)$ / shares	Dec. 31, 2018USD ($)	Sep. 30, 2018USD ($)	Dec. 31, 2018USD ($)tranche$ / shares	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2018CAD ($)	Dec. 31, 2017CAD ($)
Disclosure of classes of share capital [line items]
Capital securities redeemed				$ 905,000,000	$ 297,000,000	$ 171,000,000
Period over which price is calculated				20 days
Proceeds from issuance of preferred units				$ 501,000,000	0	$ 0
Capital securities		$ 3,385,000,000		3,385,000,000	4,165,000,000
Redemption amount		47,000,000		47,000,000	51,000,000		$ 64	$ 64
Brookfield DTLA Holdings LLC
Disclosure of classes of share capital [line items]
Capital securities		775,000,000		775,000,000	775,000,000
Preference shares | BSREP II RH B LLC
Disclosure of classes of share capital [line items]
Capital securities		249,000,000		$ 249,000,000	249,000,000
Cumulative dividend rate				9.00%
Annual return payable in monthly distributions				9.00%
Preference shares | BSREP II Vintage Estate Partners LLC (“Vintage Estates”) Preferred Shares
Disclosure of classes of share capital [line items]
Capital securities		40,000,000		$ 40,000,000	40,000,000
Cumulative dividend rate				5.00%
Class B Junior Preferred Shares | Brookfield BPY Holdings Inc.
Disclosure of classes of share capital [line items]
Capital securities redeemed		330,000,000
Period over which price is calculated				20 days
Capital securities		420,000,000		$ 420,000,000	750,000,000
Cumulative dividend rate				7.64%
Maximum aggregate redeemable amount		375,000,000		$ 375,000,000
Redemption assumptions, number of units calculation, price per unit (in dollars per share) | $ / shares				$ 2
Redemption assumptions, number of units calculation, percent of average stock trading price				95.00%
Preferred share, aggregated voting rights, percent				1.00%
Class B Junior Preferred Shares | Brookfield BPY Holdings Inc. | Before Fifth Anniversary
Disclosure of classes of share capital [line items]
Cumulative dividend rate				5.75%
Class B Junior Preferred Shares | Brookfield BPY Holdings Inc. | After Fifth Anniversary
Disclosure of classes of share capital [line items]
Preferred stock, dividend rate, basis spread on interest rate				5.00%
Class C Junior Preferred Shares | Brookfield BPY Holdings Inc.
Disclosure of classes of share capital [line items]
Capital securities redeemed			$ 500,000,000
Capital securities		0		$ 0	500,000,000
Cumulative dividend rate				0.00%
Preferred share, aggregated voting rights, percent				1.00%
Series A Preferred Shares | Rouse
Disclosure of classes of share capital [line items]
Capital securities		142,000,000		$ 142,000,000	142,000,000
Cumulative dividend rate				5.00%
Capital securities | D.C. Fund
Disclosure of classes of share capital [line items]
Capital securities		$ 38,000,000		$ 38,000,000	$ 38,000,000
Preferred equity unit holders
Disclosure of classes of share capital [line items]
Preferred stock, redemption price per share (in dollars per share) | $ / shares	$ 25.7
Number of tranches of stock issued | tranche				3
Average dividend yield	6.50%
Period over which price is calculated	20 days
Conversion condition, limit of market price to exchange price at maturity, percent	80.00%
Preferred equity unit holders | Tranche One
Disclosure of classes of share capital [line items]
Preferred units, maturity	7 years
Preferred units, redemption period	3 years
Preferred equity unit holders | Tranche Two
Disclosure of classes of share capital [line items]
Preferred units, maturity	10 years
Preferred units, redemption period	4 years
Preferred equity unit holders | Tranche Three
Disclosure of classes of share capital [line items]
Preferred units, maturity	12 years
Preferred equity unit holders | Preference shares
Disclosure of classes of share capital [line items]
Preferred units, value	$ 1,800,000,000
Proceeds from issuance of preferred units	1,535,000,000
Proceeds from issuing other equity instruments	265,000,000
Preferred equity unit holders | Preference shares | Tranche One
Disclosure of classes of share capital [line items]
Preferred units, value	$ 600,000,000
Preferred units, redemption premium, percent	125.00%
Preferred equity unit holders | Preference shares | Tranche Two
Disclosure of classes of share capital [line items]
Preferred units, value	$ 600,000,000
Preferred units, redemption premium, percent	130.00%
Preferred equity unit holders | Preference shares | Tranche Three
Disclosure of classes of share capital [line items]
Preferred units, value	$ 600,000,000
Preferred units, redemption premium, percent	135.00%
Brookfield Office Properties Inc. (“BPO”) | Prime Rate
Disclosure of classes of share capital [line items]
Weighted- average rate		95.00%		95.00%			95.00%

CAPITAL SECURITIES - Reconcilia

CAPITAL SECURITIES - Reconciliation of cash flows from financing activities from capital securities (Details) $ in Millions	12 Months Ended
	Dec. 31, 2018USD ($)
Non-cash changes on capital securities
Capital Securities	$ 4,165
Capital securities redeemed net of issued	(905)
Non-cash changes on capital securities
Fair value changes	26
Foreign currency translation	(4)
Assumed from business combinations	103
Capital Securities	$ 3,385

INCOME TAXES - Schedule of Defe

INCOME TAXES - Schedule of Deferred Tax Asset (Liability) for Holding Entities (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred income tax assets:	$ 516	$ 342
Deferred income tax (liabilities):	(2,894)	(3,230)
Net deferred tax (liability)	(2,378)	(2,888)	$ (2,455)
Tax credit carryforwards
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred income tax assets:	36	36
Deferred financing costs
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred income tax assets:	0	5
Foreign currency
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred income tax assets:	4	12
Other
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred income tax assets:	16	33
Properties
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred income tax (liabilities):	(2,894)	(3,086)
Investments in associates
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred income tax (liabilities):	0	(144)
Canada | Capital losses (Canada)
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred income tax assets:	34	54
Canada | Non-capital losses (foreign)
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred income tax assets:	41	54
United States | Net operating losses (United States)
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred income tax assets:	291	78
Foreign countries | Non-capital losses (foreign)
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred income tax assets:	$ 94	$ 70

INCOME TAXES - Schedule of Chan

INCOME TAXES - Schedule of Changes in Deferred Tax Balances (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Reconciliation of changes in deferred tax liability (asset) [abstract]
Deferred tax assets, beginning balance	$ 342
Deferred tax (liabilities), beginning balance	(3,230)
Net deferred tax (liability), beginning balance	(2,888)	$ (2,455)
Income	217	(20)
Equity	0	(111)
Acquisitions and Dispositions	176	(161)
OCI	117	(141)
Deferred tax assets, ending balance	516	342
Deferred tax liabilities, ending balance	(2,894)	(3,230)
Net deferred tax (liability), ending balance	(2,378)	(2,888)
Deferred tax assets
Reconciliation of changes in deferred tax liability (asset) [abstract]
Deferred tax assets, beginning balance	342	306
Income	(23)	(7)
Equity	0	6
Acquisitions and Dispositions	208	14
OCI	(11)	23
Deferred tax assets, ending balance	516	342
Deferred tax (liabilities)
Reconciliation of changes in deferred tax liability (asset) [abstract]
Deferred tax (liabilities), beginning balance	(3,230)	(2,761)
Income	240	(13)
Equity	0	(117)
Acquisitions and Dispositions	(32)	(175)
OCI	128	(164)
Deferred tax liabilities, ending balance	$ (2,894)	$ (3,230)

INCOME TAXES - Narrative (Detai

INCOME TAXES - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax assets	$ 516	$ 342
Unrecognized deductible temporary differences, unused tax losses, and unused tax credits	425	474
Operating loss subject to future amortization	83
Deductible temporary differences for which no deferred tax liability is recognised	10,000	8,000
Canada | Non-capital losses (foreign)
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax assets	41	54
Canada | Capital losses (Canada)
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax assets	34	54
United States | Net operating losses (United States)
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax assets	291	78
Unrecognized deductible temporary differences, unused tax losses, and unused tax credits	74	251
Foreign countries | Non-capital losses (foreign)
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax assets	94	70
Foreign countries | Net operating losses (United States)
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Unrecognized deductible temporary differences, unused tax losses, and unused tax credits	351	223
Brookfield Global Real Estate Special Opportunities Inc\
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax liability (asset)	(200)
Business Combinations 2018
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax liability (asset)	$ (25)
IFC Seoul
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax liability (asset)		$ 234

INCOME TAXES - Schedule of Gros

INCOME TAXES - Schedule of Gross Deductible Temporary Differences (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Unrecognized deductible temporary differences, unused tax losses, and unused tax credits	$ 425	$ 474
United States | Net operating losses
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Unrecognized deductible temporary differences, unused tax losses, and unused tax credits	74	251
Foreign countries | Net operating losses
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Unrecognized deductible temporary differences, unused tax losses, and unused tax credits	$ 351	$ 223

INCOME TAXES - Schedule of Comp

INCOME TAXES - Schedule of Components of Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Income Taxes [Abstract]
Current income tax expense	$ 299	$ 172	$ 136
Deferred income tax expense	(218)	20	(711)
Income tax (benefit) expense	$ 81	$ 192	$ (575)

INCOME TAXES - Schedule of Inco

INCOME TAXES - Schedule of Income Tax Rates (Details)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Income Taxes [Abstract]
Statutory income tax rate	26.00%	26.00%	26.00%
International operations subject to different tax rates	(10.00%)	(5.00%)	1.00%
Non-controlling interests in income of flow-through entities	(11.00%)	(12.00%)	(9.00%)
Change in tax rates applicable to temporary differences in other jurisdictions	(5.00%)	(5.00%)	(46.00%)
Other	2.00%	3.00%	1.00%
Effective income tax rate	2.00%	7.00%	(27.00%)

OTHER NON-CURRENT LIABILITIES -

OTHER NON-CURRENT LIABILITIES - Summary of Other Non-current Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Subclassifications of assets, liabilities and equities [abstract]
Accounts payable and accrued liabilities	$ 1,770	$ 540
Derivative liability	159	160
Provisions	352	216
Loans and notes payables	5	0
Deferred revenue	8	2
Total other non-current liabilities	$ 2,294	$ 918

ACCOUNTS PAYABLE AND OTHER LI_3

ACCOUNTS PAYABLE AND OTHER LIABILITIES - Schedule of Accounts Payable and Other Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Subclassifications of assets, liabilities and equities [abstract]
Accounts payable and accrued liabilities	$ 2,466	$ 1,636
Loans and notes payables	779	769
Derivative liabilities	181	399
Deferred revenue	302	242
Other liabilities	21	6
Total accounts payable and other liabilities	$ 3,749	$ 3,052

ACCOUNTS PAYABLE AND OTHER LI_4

ACCOUNTS PAYABLE AND OTHER LIABILITIES - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Brookfield Asset Management
Disclosure of transactions between related parties [line items]
Loans and notes payables	$ 733	$ 633

EQUITY - Narratives (Details)

EQUITY - Narratives (Details)	Aug. 28, 2018$ / shares	Dec. 31, 2018classshares	Dec. 31, 2017shares	Dec. 31, 2016shares	Dec. 31, 2015shares
Schedule of Partnership Units [Line Items]
Number of classes of shares | class		6
Stock conversion ratio		1
Period over which price is calculated		20 days
GGP
Schedule of Partnership Units [Line Items]
Business acquisition, share conversion price (usd per share) | $ / shares	$ 23.50
General partner
Schedule of Partnership Units [Line Items]
Proportion of voting rights held by non-controlling interests		1.00%
Units outstanding (in shares)		139,000	139,000	139,000	139,000
Limited partners
Schedule of Partnership Units [Line Items]
Proportion of voting rights held by non-controlling interests		49.00%
Units outstanding (in shares)		424,198,000	254,989,000	260,222,000	261,486,000
Limited partners | GGP
Schedule of Partnership Units [Line Items]
Stock conversion ratio	1
Redeemable and Exchangeable Units
Schedule of Partnership Units [Line Items]
Units outstanding (in shares)		432,649,105	432,649,105	432,649,105
Special LP Units
Schedule of Partnership Units [Line Items]
Units outstanding (in shares)		4,759,997	4,759,997	4,759,997
BPR | GGP | Class A
Schedule of Partnership Units [Line Items]
Stock conversion ratio	1
Brookfield BPY Holdings Inc. | Class C Junior Preferred Shares
Schedule of Partnership Units [Line Items]
Shares redeemed (shares)		21,277
Units outstanding (in shares)		0

EQUITY - Schedule of Changes In

EQUITY - Schedule of Changes In Equity (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
General partner
Reconciliation of number of shares outstanding [abstract]
Beginning of year (in shares)	139	139	139
Distribution reinvestment program (in shares)	0	0	0
Issued under unit-based compensation plan (in shares)	0	0	0
Repurchases of LP Units (in shares)	0	0	0
End of year (in shares)	139	139	139
Limited partners
Reconciliation of number of shares outstanding [abstract]
Beginning of year (in shares)	254,989	260,222	261,486
Issued on August 28, 2018 for the acquisition of GPP Inc. (shares)	109,702
Exchange LP Units exchanged (in shares)	7,770	285	1,016
Distribution reinvestment program (in shares)	175	181	205
Issued under unit-based compensation plan (in shares)	57	215	278
Repurchases of LP Units (in shares)	(4,661)	(5,914)	(2,763)
End of year (in shares)	424,198	254,989	260,222
Limited partners | BPR
Reconciliation of number of shares outstanding [abstract]
Exchange LP Units exchanged (in shares)	56,166

EQUITY - Schedule of Changes _2

EQUITY - Schedule of Changes in LP Units (Details) - Exchange LP Units - shares shares in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Reconciliation of number of shares outstanding [abstract]
Beginning of year (in shares)	11,078	11,363	12,379
Exchange LP Units exchanged (in shares)	(7,770)	(285)	(1,016)
End of year (in shares)	3,308	11,078	11,363

EQUITY - Schedule of Changes _3

EQUITY - Schedule of Changes in Equity BPR (Details) - BPR - shares shares in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Reconciliation of number of shares outstanding [abstract]
Beginning of year (in shares)		0	0	0
Issued on August 28, 2018 for the acquisition of GPP Inc. (shares)	0	162,324			0
BPR units exchanged (in shares)	0	56,166			0
Forfeitures (in shares)	0	(68)			0
End of year (in shares)	0	106,090	0	0	0

EQUITY - Schedule of Distributi

EQUITY - Schedule of Distributions Made (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Schedule of Partnership Units [Line Items]
Distributions	$ 3,798	$ 3,515	$ 1,762
Distributions	$ 1,059	$ 830	$ 796
Per unit (in dollars per share)	$ 1.26	$ 1.18	$ 1.12
Limited partners
Schedule of Partnership Units [Line Items]
Distributions	$ 410	$ 301	$ 293
Redeemable/ exchangeable and special limited partnership units | Non-controlling interests
Schedule of Partnership Units [Line Items]
Distributions	551	516	490
Distributions	545	510	485
Special LP Units | Non-controlling interests
Schedule of Partnership Units [Line Items]
Distributions	6	6	5
Exchange LP Units | Non-controlling interests
Schedule of Partnership Units [Line Items]
Distributions	9	13	13
BPR | Non-controlling interests
Schedule of Partnership Units [Line Items]
Distributions	$ 89	$ 0	$ 0

EQUITY - Earnings Per Share Inf

EQUITY - Earnings Per Share Information (Details) - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Equity [abstract]
Limited partners	$ 764	$ 136	$ 660
Income reallocation related to mandatorily convertible preferred shares	98	22	101
Net income attributable to limited partners - basic	862	158	761
Dilutive effect of conversion of preferred shares and options	35	0	61
Net income attributable to limited partners - diluted	$ 897	$ 158	$ 822
Weighted average number of LP Units outstanding	307.7	256	261.5
Mandatorily convertible preferred shares	70	70	70
Weighted average number of LP Units outstanding - basic	377.7	326	331.5
Dilutive effect of conversion of preferred shares and options	18.5	1.2	34.8
Weighted average number of LP Units outstanding - diluted	396.2	327.2	366.3

NON-CONTROLLING INTERESTS (Deta

NON-CONTROLLING INTERESTS (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Schedule of Partnership Units [Line Items]
Redeemable/exchangeable and special limited partnership units	$ 12,740	$ 14,500
Exchange LP Units	96	285
Interest of others in operating subsidiaries and properties:
Preferred shares held by Brookfield Asset Management	16	15
Preferred equity of subsidiaries	2,830	2,493
Non-controlling interests in subsidiaries and properties	15,610	10,430
Total interests of others in operating subsidiaries and properties	18,456	12,938
Total non-controlling interests	34,383	27,723
Limited partners
Schedule of Partnership Units [Line Items]
Exchange LP Units	96	285
BPR
Schedule of Partnership Units [Line Items]
Exchange LP Units	$ 3,091	$ 0

COMMERCIAL PROPERTY REVENUE (De

COMMERCIAL PROPERTY REVENUE (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Revenue [abstract]
Base rent	$ 3,443	$ 3,797	$ 3,184
Straight-line rent	116	124	154
Lease termination	55	18	15
Other lease income	623	0	0
Other revenue from tenants	806	0	0
Other	0	253	271
Total commercial property revenue	5,043	4,192	$ 3,624
Disclosure of finance lease and operating lease by lessor [line items]
Total	26,817	22,424
Less than 1 year
Disclosure of finance lease and operating lease by lessor [line items]
Total	3,282	2,285
1-5 years
Disclosure of finance lease and operating lease by lessor [line items]
Total	11,679	8,472
More than 5 years
Disclosure of finance lease and operating lease by lessor [line items]
Total	$ 11,856	$ 11,667
Bottom of range
Disclosure of finance lease and operating lease by lessor [line items]
Operating lease, term	1 year
Top of range
Disclosure of finance lease and operating lease by lessor [line items]
Operating lease, term	15 years

HOSPITALITY REVENUE (Details)

HOSPITALITY REVENUE (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from hotel operations	$ 1,913	$ 1,648	$ 1,561
Room, food and beverage
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from hotel operations	1,373	1,648	1,561
Gaming, and other leisure activities
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from hotel operations	424	0	0
Other hospitality revenue
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from hotel operations	$ 116	$ 0	$ 0

INVESTMENT AND OTHER REVENUE (D

INVESTMENT AND OTHER REVENUE (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Revenue [abstract]
Investment income	$ 68	$ 170	$ 0
Fee revenue	131	61	51
Dividend income	10	18	12
Interest income and other	57	19	72
Participating loan interests	17	27	32
Total investment and other revenue	$ 283	$ 295	$ 167

DIRECT COMMERCIAL PROPERTY EX_3

DIRECT COMMERCIAL PROPERTY EXPENSE - Components of Direct Commercial Property Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Disclosure of detailed information about investment property
Employee compensation and benefits	$ 247	$ 199	$ 171
Direct commercial property expense	1,851	1,617	1,394
Commercial Property
Disclosure of detailed information about investment property
Property maintenance	773	709	694
Real estate taxes	528	472	436
Employee compensation and benefits	196	148	141
Ground rents	59	56	43
Other	$ 295	$ 232	$ 80

DIRECT COMMERCIAL PROPERTY EX_4

DIRECT COMMERCIAL PROPERTY EXPENSE - Future Operating and Finance Lease Obligations (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Disclosure of detailed information about investment property
Total	$ 6,136	$ 1,862
Less than 1 year
Disclosure of detailed information about investment property
Total	104	34
1-5 years
Disclosure of detailed information about investment property
Total	401	120
More than 5 years
Disclosure of detailed information about investment property
Total	$ 5,631	$ 1,708

DIRECT HOSPITALITY EXPENSE - Co

DIRECT HOSPITALITY EXPENSE - Components of Direct Hospitality Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Disclosure of detailed information about investment property
Employee compensation and benefits	$ 247	$ 199	$ 171
Total direct hospitality expense	1,236	1,079	1,036
Hospitality Property
Disclosure of detailed information about investment property
Employee compensation and benefits	318	287	283
Cost of food, beverage, and retail goods sold	273	243	238
Maintenance and utilities	175	127	102
Marketing and advertising	75	55	57
Other	$ 395	$ 367	$ 356

DEPRECIATION AND AMORTIZATION_2

DEPRECIATION AND AMORTIZATION (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Disclosure of detailed information about property, plant and equipment [line items]
Depreciation and amortization	$ 308	$ 275	$ 240
Depreciation and amortization of real estate assets
Disclosure of detailed information about property, plant and equipment [line items]
Depreciation and amortization	264	244	212
Depreciation and amortization of non-real estate assets
Disclosure of detailed information about property, plant and equipment [line items]
Depreciation and amortization	$ 44	$ 31	$ 28

GENERAL AND ADMINISTRATIVE EX_3

GENERAL AND ADMINISTRATIVE EXPENSE (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Disclosure Of General And Administrative Expense [Abstract]
Transaction costs	$ 413	$ 72	$ 80
Employee compensation and benefits	247	199	171
Management fees	144	168	175
Other	228	175	143
Total general and administrative expense	$ 1,032	$ 614	$ 569

FAIR VALUE GAINS, NET (Details)

FAIR VALUE GAINS, NET (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Disclosure of Fair Value [Line Items]
Commercial properties	$ 1,246	$ 549
Financial instruments and other	1,220	705	$ 151
Total fair value gains, net	2,466	1,254	692
Commercial properties
Disclosure of Fair Value [Line Items]
Commercial properties	784	347	290
Commercial developments
Disclosure of Fair Value [Line Items]
Commercial properties	$ 462	$ 202	$ 251

UNIT-BASED COMPENSATION - Narra

UNIT-BASED COMPENSATION - Narrative (Details)	6 Months Ended	12 Months Ended
	Jun. 30, 2018	Dec. 31, 2018USD ($)shares	Dec. 31, 2017USD ($)shares	Dec. 31, 2016USD ($)	Dec. 31, 2018CAD ($)shares	Dec. 31, 2017CAD ($)shares
Disclosure of terms and conditions of share-based payment arrangement [line items]
Expense from share-based payment transactions with employees | $		$ (12,000,000)	$ 14,000,000	$ 19,000,000
GGP Option
Disclosure of terms and conditions of share-based payment arrangement [line items]
Award vesting period		10 years
Number of other equity instruments outstanding in share-based payment arrangement | shares		1,011,523	0		1,011,523	0
Weighted average exercise price of other equity instruments outstanding in share-based payment arrangement | $		$ 19.71	$ 0
GGP AO LTIP
Disclosure of terms and conditions of share-based payment arrangement [line items]
Award vesting period		10 years
Number of other equity instruments outstanding in share-based payment arrangement | shares		1,387,289	0		1,387,289	0
Weighted average exercise price of other equity instruments outstanding in share-based payment arrangement | $		$ 22.51	$ 0
Employee Stock Option | BPY Plan
Disclosure of terms and conditions of share-based payment arrangement [line items]
Award vesting period		5 years
Expiration period		10 years
Employee Stock Option | BPY Plan | Vesting in year 1
Disclosure of terms and conditions of share-based payment arrangement [line items]
Award vesting rights, percentage		20.00%
Employee Stock Option | BPY Plan | Vesting in year 2
Disclosure of terms and conditions of share-based payment arrangement [line items]
Award vesting rights, percentage	20.00%
Employee Stock Option | BPY Plan | Vesting in year 3
Disclosure of terms and conditions of share-based payment arrangement [line items]
Award vesting rights, percentage	20.00%
Employee Stock Option | BPY Plan | Vesting in year 4
Disclosure of terms and conditions of share-based payment arrangement [line items]
Award vesting rights, percentage	20.00%
Employee Stock Option | BPY Plan | Vesting in year 5
Disclosure of terms and conditions of share-based payment arrangement [line items]
Award vesting rights, percentage	20.00%
Restricted Stock Units (RSUs) | Restricted BPY LP Unit Plan
Disclosure of terms and conditions of share-based payment arrangement [line items]
Award vesting period		5 years
Number of other equity instruments outstanding in share-based payment arrangement | shares		150,835	440,527		150,835	440,527
Weighted average exercise price of other equity instruments outstanding in share-based payment arrangement | $		$ 20.97	$ 21.08
Restricted Stock Units (RSUs) | Restricted BPY LP Unit Plan (Canada)
Disclosure of terms and conditions of share-based payment arrangement [line items]
Award vesting period		5 years
Number of other equity instruments outstanding in share-based payment arrangement | shares		21,624	21,624		21,624	21,624
Weighted average exercise price of other equity instruments outstanding in share-based payment arrangement | $					$ 22.88	$ 22.88
Deferred Share Units | Brookfield Office Properties Inc. (“BPO”) | Deferred Share Unit Plan
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of other equity instruments outstanding in share-based payment arrangement | shares		1,458,667	1,363,938		1,458,667	1,363,938

UNIT-BASED COMPENSATION (Detail

UNIT-BASED COMPENSATION (Details)	12 Months Ended
	Dec. 31, 2018USD ($)year	Dec. 31, 2017USD ($)year	Dec. 31, 2016USD ($)year
Share-Based Payment Arrangement [Abstract]
Exercise price (in usd per share)	$ 22.5	$ 22.92	$ 19.51
Average term to exercise | year	7.5	7.5	7.5
Unit price volatility (percent)	23.00%	25.00%	30.00%
Liquidity discount (percent)	25.00%	25.00%	25.00%
Weighted average of expected annual dividend yield (percent)	6.50%	6.50%	6.50%
Risk-free rate (percent)	2.82%	2.37%	1.57%
Weighted average fair value per option (usd per option)	$ 0.74	$ 1.60	$ 1.45

UNIT-BASED COMPENSATION - Equit

UNIT-BASED COMPENSATION - Equity-settled BPY Awards (Details) - Equity-Settled Share-Based Payment Arrangement	12 Months Ended
	Dec. 31, 2018USD ($)shares$ / shares	Dec. 31, 2017USD ($)shares$ / shares	Dec. 31, 2016USD ($)shares$ / shares
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of share options outstanding, beginning of the period (in shares)	13,801,795	16,338,511	17,349,629
Number of share options granted (in shares)	800,000	93,750	3,020,931
Number of share options exercised (in shares)	(36,806)	(1,194,569)	(1,180,060)
Number of share options expired and forfeited (in shares)	(291,625)	(1,435,897)	(2,851,989)
Number of share options reclassified (in shares)	(437,151)	0	0
Number of share options outstanding, end of the period (in shares)	13,836,213	13,801,795	16,338,511
Number of share options exercisable (in shares)	9,628,246	7,352,112	5,501,679
Weighted average exercise price of share options , beginning of the period (in usd per share) | $	$ 20.54	$ 20.49	$ 20.53
Weighted average exercise price of share options granted (in usd per share) | $	22.50	22.92	19.51
Weighted average share price of share options exercised (in usd per share) | $	$ 17.71	$ 18.97	$ 17.98
Weighted average exercise price of share options forfeited (in usd per share) | $ / shares	$ 22.18	$ 21.51	$ 19.69
Weighted average exercise price of share options reclassified (in usd per share) | $ / shares	$ 22.48	$ 0	$ 0
Weighted average exercise price of share options outstanding, end of the period (in usd per share) | $	$ 20.56	$ 20.54	$ 20.49
Weighted average exercise price of share options exercisable (in usd per share) | $	$ 20.26	$ 20.22	$ 19.90

UNIT-BASED COMPENSATION - Equ_2

UNIT-BASED COMPENSATION - Equity-settled BPY Awards by Expiry Date (Details) - Equity-Settled Share-Based Payment Arrangement	Dec. 31, 2018USD ($)shares	Dec. 31, 2017USD ($)shares	Dec. 31, 2016USD ($)shares	Dec. 31, 2015USD ($)shares
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items]
Number of options | shares	13,836,213	13,801,795	16,338,511	17,349,629
Weighted average exercise price (in dollars per share) | $	$ 20.56	$ 20.54	$ 20.49	$ 20.53
2,020
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items]
Number of options | shares	226,800	226,800	254,600
Weighted average exercise price (in dollars per share) | $	$ 13.07	$ 13.07	$ 13.07
2,021
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items]
Number of options | shares	246,400	246,400	316,100
Weighted average exercise price (in dollars per share) | $	$ 17.44	$ 17.44	$ 17.44
2,022
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items]
Number of options | shares	508,300	517,300	724,700
Weighted average exercise price (in dollars per share) | $	$ 18.07	$ 18.07	$ 18.03
2,023
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items]
Number of options | shares	656,220	675,420	948,980
Weighted average exercise price (in dollars per share) | $	$ 16.80	$ 16.80	$ 16.80
2,024
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items]
Number of options | shares	7,878,998	7,946,313	9,071,225
Weighted average exercise price (in dollars per share) | $	$ 20.59	$ 20.59	$ 20.59
2,025
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items]
Number of options | shares	1,376,295	1,730,210	2,153,923
Weighted average exercise price (in dollars per share) | $	$ 25.18	$ 25.18	$ 25.18
2,026
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items]
Number of options | shares	2,049,450	2,365,602	2,868,983
Weighted average exercise price (in dollars per share) | $	$ 19.51	$ 19.51	$ 19.51
2,027
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items]
Number of options | shares	93,750	93,750
Weighted average exercise price (in dollars per share) | $	$ 22.92	$ 22.92
2,028
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items]
Number of options | shares	800,000
Weighted average exercise price (in dollars per share) | $	$ 22.50

UNIT-BASED COMPENSATION - Cash-

UNIT-BASED COMPENSATION - Cash-settled BPY Awards (Details) - Cash-Settled Share-Based Payment Arrangement	12 Months Ended
	Dec. 31, 2018USD ($)shares$ / shares	Dec. 31, 2017USD ($)shares$ / shares	Dec. 31, 2016USD ($)shares$ / shares
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of share options outstanding, beginning of the period (in shares)	7,144,871	7,377,042	6,904,986
Number of share options granted (in shares)	0	0	846,912
Number of share options exercised (in shares)	(3,770)	(213,106)	(148,076)
Number of share options expired and forfeited (in shares)	(246,836)	(19,065)	(226,780)
Number of share options reclassified (in shares)	437,151	0	0
Number of share options outstanding, end of the period (in shares)	7,331,416	7,144,871	7,377,042
Number of share options exercisable (in shares)	5,627,610	3,973,290	2,772,207
Weighted average exercise price of share options , beginning of the period (in usd per share) | $	$ 20.30	$ 20.28	$ 20.37
Weighted average exercise price of share options granted (in usd per share) | $	0	0	19.51
Weighted average share price for share options in share-based payment arrangement exercised during period at date of exercise (in usd per share) | $	$ 19.51	$ 19.12	$ 18.55
Weighted average exercise price of share options forfeited in share-based payment arrangement (in usd per share) | $ / shares	$ 21.87	$ 24.42	$ 21.32
Weighted average exercise price of share options reclassified (in usd per share) | $ / shares	$ 22.48	$ 0	$ 0
Weighted average exercise price of share options outstanding, end of the period (in usd per share) | $	$ 20.38	$ 20.30	$ 20.28
Weighted average exercise price of share options exercisable (in usd per share) | $	$ 20.17	$ 19.93	$ 19.75

UNIT-BASED COMPENSATION - Cas_2

UNIT-BASED COMPENSATION - Cash-settled BPY Awards by Expiry Date (Details) - Cash-Settled Share-Based Payment Arrangement	Dec. 31, 2018USD ($)shares	Dec. 31, 2017USD ($)shares	Dec. 31, 2016USD ($)shares	Dec. 31, 2015USD ($)shares
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of options | shares	7,331,416	7,144,871	7,377,042	6,904,986
Weighted average exercise price (in dollars per share) | $	$ 20.38	$ 20.30	$ 20.28	$ 20.37
2,020
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of options | shares	69,000	69,000	78,000
Weighted average exercise price (in dollars per share) | $	$ 13.07	$ 13.07	$ 13.07
2,021
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of options | shares	172,800	172,800	186,800
Weighted average exercise price (in dollars per share) | $	$ 17.44	$ 17.44	$ 17.44
2,022
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of options | shares	515,800	515,800	545,800
Weighted average exercise price (in dollars per share) | $	$ 18.09	$ 18.09	$ 18.08
2,023
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of options | shares	519,000	519,000	549,000
Weighted average exercise price (in dollars per share) | $	$ 16.80	$ 16.80	$ 16.80
2,024
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of options | shares	4,278,663	4,330,286	4,459,230
Weighted average exercise price (in dollars per share) | $	$ 20.59	$ 20.59	$ 20.59
2,025
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of options | shares	831,834	695,376	711,300
Weighted average exercise price (in dollars per share) | $	$ 25.18	$ 25.18	$ 25.18
2,026
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of options | shares	944,319	842,609	846,912
Weighted average exercise price (in dollars per share) | $	$ 19.51	$ 19.51	$ 19.51

OTHER COMPREHENSIVE (LOSS) IN_3

OTHER COMPREHENSIVE (LOSS) INCOME (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Foreign currency translation
Unrealized foreign currency translation gains (losses) in respect of foreign operations	$ (1,193)	$ 1,111	$ (990)
Reclassification of realized foreign currency translation gains to net income on disposition of foreign operations	19	118	0
(Losses) gains on hedges of net investments in foreign operations, net of income tax expense (benefit) of $10 million (2017 - ($18) million; 2016 - $19 million)	386	(530)	678
Reclassification of hedges of net investment in foreign operations (losses) to net income on disposition of foreign operations	0	(45)	0
Foreign currency translation	(788)	654	(312)
Cash flow hedges
Gains (losses) on derivatives designated as cash flow hedges, net of income tax expense (benefit) of $25 million (2017 - $18 million; 2016 - $(23) million)	34	77	(36)
Cash flow hedges	34	77	(36)
Available-for-sale securities
Net change in unrealized (losses) gains on available-for-sale securities, net of income tax of nil (2017 - nil; 2016 - nil)	0	(5)	5
Available-for-sale securities	0	(5)	5
Equity accounted investments
Share of unrealized foreign currency translations (losses) gains in respect of foreign operations	(9)	5	4
Share of gains (losses) on derivatives designated as cash flow hedges, net of income tax expense (benefit) of nil (2017 - $1 million; 2016 – $3 million)	1	0	(10)
Share of unrealized gains (losses) on available-for-sale securities, net of income tax of nil (2017 - nil; 2016 - nil)	0	6	0
Equity accounted investments	(8)	11	(6)
Items that will not be reclassified to net income:
Unrealized gains (losses) on securities - FVTOCI, net of income tax benefit of $2 million (2017 - nil; 2016 - nil)	(2)	0	0
Share of revaluation surplus on equity accounted investments, net of income tax expense (benefit) of ($5) million (2017 - nil, 2016 -$27 million)	92	58	13
Net remeasurement gains (losses) on defined benefit plan, net of income tax expense of nil (2017 – nil; 2016 – nil)	2	(1)	0
Revaluation surplus, net of income tax expense of $1 million (2017 –$1 million; 2016 – nil)	254	86	90
Items that will not be reclassified to net income:	346	143	103
Total other comprehensive income (loss)	$ (416)	$ 880	$ (246)

OTHER COMPREHENSIVE (LOSS) IN_4

OTHER COMPREHENSIVE (LOSS) INCOME (Parenthetical) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Disclosure of analysis of other comprehensive income by item [abstract]
Income tax relating to hedges of net investments in foreign operations of other comprehensive income	$ 10	$ (18)	$ 19
Income tax relating to cash flow hedges of other comprehensive income	25	18	(23)
Income tax relating to available-for-sale financial assets
Income tax relating to cash flow hedges, equity accounted investments	0	1	3
Income tag relating to share of unrealized gains (losses) on available for sale securities
Income tax relating to financial assets measured at fair value through other comprehensive income	(2)	0	0
Income tax relating to revaluation surplus that will not be reclassified to profit or loss, equity accounted investments	(5)	0	27
Income tax relating to remeasurements of defined benefit plans of other comprehensive income
Income tax relating revaluation surplus	$ 1	$ 1

OBLIGATIONS, GUARANTEES, CONT_2

OBLIGATIONS, GUARANTEES, CONTINGENCIES AND OTHER (Details) د.إ in Millions, £ in Millions, $ in Millions	Jan. 31, 2019USD ($)	Dec. 31, 2018GBP (£)	Dec. 31, 2018USD ($)	Dec. 31, 2018AED (د.إ)	Sep. 30, 2018USD ($)	Nov. 30, 2017USD ($)	Apr. 30, 2016USD ($)	Dec. 31, 2013USD ($)
Disclosure of contingent liabilities [line items]
Capital commitments			$ 656
New York, Brooklyn, Dallas, Camarillo, Washington DC and Houston
Disclosure of contingent liabilities [line items]
Capital commitments			645
London
Disclosure of contingent liabilities [line items]
Capital commitments		£ 106	79
Dubai
Disclosure of contingent liabilities [line items]
Capital commitments			122	د.إ 450
BSREP III | Entering into significant commitments or contingent liabilities
Disclosure of contingent liabilities [line items]
Consideration	$ 15,000
Contributed commitments	3,750
Brookfield Asset Management | BSREP I
Disclosure of contingent liabilities [line items]
Consideration								$ 4,400
Contributed commitments								$ 1,300
Unfulfilled commitments			170
Brookfield Asset Management | BSREP II
Disclosure of contingent liabilities [line items]
Consideration							$ 9,000
Contributed commitments							$ 2,300
Unfulfilled commitments			700
Brookfield Asset Management | BREF
Disclosure of contingent liabilities [line items]
Consideration						$ 2,900
Contributed commitments						400
Unfulfilled commitments						$ 260
Brookfield Asset Management | VAMF III
Disclosure of contingent liabilities [line items]
Consideration					$ 1,000
Contributed commitments					$ 300
Unfulfilled commitments			225
Brookfield Asset Management | BSREP III
Disclosure of contingent liabilities [line items]
Unfulfilled commitments			$ 1,000
Brookfield Asset Management | BSREP III | Entering into significant commitments or contingent liabilities
Disclosure of contingent liabilities [line items]
Consideration	15,000
Contributed commitments	$ 2,750

LIQUIDITY AND CAPITAL MANAGEM_3

LIQUIDITY AND CAPITAL MANAGEMENT - Contractual Obligations (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Liquidity and Capital Management [Abstract]
Capital	$ 114,000	$ 76,000
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Debt obligations	63,811
Capital securities	3,385	4,165
Lease obligations	6,136	1,862
Commitments	656
Long term debt	11,622
Capital securities	1,022
Interest rate swaps	4
Less than 1 year
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Debt obligations	5,874
Capital securities	100
Lease obligations	104	34
Commitments	599
Long term debt	2,545
Capital securities	183
Interest rate swaps	2
1 Year
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Debt obligations	11,653
Capital securities	814
Lease obligations	103
Commitments	47
Long term debt	2,338
Capital securities	183
Interest rate swaps	2
2 Years
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Debt obligations	15,109
Capital securities	603
Lease obligations	103
Commitments	9
Long term debt	1,804
Capital securities	188
Interest rate swaps	0
3 Years
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Debt obligations	5,410
Capital securities	141
Lease obligations	98
Commitments	1
Long term debt	1,433
Capital securities	144
Interest rate swaps	0
4 Years
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Debt obligations	6,922
Capital securities	421
Lease obligations	97
Commitments	0
Long term debt	1,122
Capital securities	115
Interest rate swaps	0
More than 5 years
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Debt obligations	18,843
Capital securities	1,306
Lease obligations	5,631	$ 1,708
Commitments	0
Long term debt	2,380
Capital securities	209
Interest rate swaps	$ 0

FINANCIAL INSTRUMENTS - Derivat

FINANCIAL INSTRUMENTS - Derivatives (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Disclosure of detailed information about financial instruments [line items]
Fair value	$ 6,957	$ 3,528
Fair value	$ (72,738)	$ (45,869)
Net investment hedges | Interest rate caps of US$ LIBOR debt
Disclosure of detailed information about financial instruments [line items]
Notional	8,180	1,958
Fair value	$ 2	$ 1
Net investment hedges | Interest rate caps of US$ LIBOR debt | Bottom of range
Disclosure of detailed information about financial instruments [line items]
Rates	2.30%	2.30%
Net investment hedges | Interest rate caps of US$ LIBOR debt | Top of range
Disclosure of detailed information about financial instruments [line items]
Rates	6.00%	3.50%
Net investment hedges | Interest rate swaps of US$ LIBOR debt
Disclosure of detailed information about financial instruments [line items]
Notional	1,731	1,692
Fair value	$ (2)
Fair value		$ 19
Net investment hedges | Interest rate swaps of US$ LIBOR debt | Bottom of range
Disclosure of detailed information about financial instruments [line items]
Rates	1.60%	0.70%
Net investment hedges | Interest rate swaps of US$ LIBOR debt | Top of range
Disclosure of detailed information about financial instruments [line items]
Rates	2.80%	2.20%
Net investment hedges | Interest rate caps of £ LIBOR debt
Disclosure of detailed information about financial instruments [line items]
Notional	486	452
Rates	2.00%	1.30%
Fair value	$ 0	$ 0
Net investment hedges | Interest rate swaps of £ LIBOR debt
Disclosure of detailed information about financial instruments [line items]
Notional	67	71
Rates	1.50%	1.50%
Fair value	$ 0	$ 1
Net investment hedges | Interest rate caps of € EURIBOR debt
Disclosure of detailed information about financial instruments [line items]
Notional	115
Fair value	$ 0
Net investment hedges | Interest rate caps of € EURIBOR debt | Bottom of range
Disclosure of detailed information about financial instruments [line items]
Rates	1.00%
Net investment hedges | Interest rate caps of € EURIBOR debt | Top of range
Disclosure of detailed information about financial instruments [line items]
Rates	1.30%
Net investment hedges | Interest rate caps of C$ LIBOR debt
Disclosure of detailed information about financial instruments [line items]
Notional	176
Rates	3.00%
Fair value	$ 0
Net investment hedges | Interest rate swaps of C$ LIBOR debt
Disclosure of detailed information about financial instruments [line items]
Notional	56	50
Rates	4.60%
Fair value		$ 1
Fair value	$ 0
Net investment hedges | Interest rate swaps of C$ LIBOR debt | Bottom of range
Disclosure of detailed information about financial instruments [line items]
Rates	4.00%	3.70%
Net investment hedges | Interest rate swaps of C$ LIBOR debt | Top of range
Disclosure of detailed information about financial instruments [line items]
Rates	8.00%	4.30%
Net investment hedges | Interest rate swaps on forecasted fixed rate debt
Disclosure of detailed information about financial instruments [line items]
Notional	100	100
Rates	4.00%	4.00%
Fair value	$ (114)	$ (13)
Fair value hedges | Interest rate risk
Disclosure of detailed information about financial instruments [line items]
Notional	636
Fair value	$ (3)

FINANCIAL INSTRUMENTS - Narrati

FINANCIAL INSTRUMENTS - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Disclosure of detailed information about financial instruments [line items]
Fair value gains (losses)	$ 1,220	$ 705	$ 151
Portfolio investment horizon	10 years
Forward starting interest rate swap
Disclosure of detailed information about financial instruments [line items]
Fair value gains (losses)	$ (29)	(29)
Net investment hedges
Disclosure of detailed information about financial instruments [line items]
Hedge ineffectiveness recorded in earnings	37	14
Net investment hedges in foreign operations
Disclosure of detailed information about financial instruments [line items]
Hedge ineffectiveness recorded in earnings	$ 0	$ 0

FINANCIAL INSTRUMENTS - Deriv_2

FINANCIAL INSTRUMENTS - Derivatives, Net Investment Hedges (Details) € in Millions, ₩ in Millions, ₨ in Millions, ¥ in Millions, £ in Millions, R$ in Millions, $ in Millions, $ in Millions, $ in Millions	Dec. 31, 2018GBP (£)£ / $£ / €$ / $¥ / $$ / shares€ / $₨ / $₩ / $R$ / $	Dec. 31, 2018USD ($)£ / $£ / €$ / $¥ / $$ / shares€ / $₨ / $₩ / $R$ / $	Dec. 31, 2018CAD ($)£ / $£ / €$ / $¥ / $$ / shares€ / $₨ / $₩ / $R$ / $	Dec. 31, 2018INR (₨)£ / $£ / €$ / $¥ / $$ / shares€ / $₨ / $₩ / $R$ / $	Dec. 31, 2018BRL (R$)£ / $£ / €$ / $¥ / $$ / shares€ / $₨ / $₩ / $R$ / $	Dec. 31, 2018EUR (€)£ / $£ / €$ / $¥ / $$ / shares€ / $₨ / $₩ / $R$ / $	Dec. 31, 2018KRW (₩)£ / $£ / €$ / $¥ / $$ / shares€ / $₨ / $₩ / $R$ / $	Dec. 31, 2018AUD ($)£ / $£ / €$ / $¥ / $$ / shares€ / $₨ / $₩ / $R$ / $	Dec. 31, 2018CNY (¥)£ / $£ / €$ / $¥ / $$ / shares€ / $₨ / $₩ / $R$ / $	Dec. 31, 2017GBP (£)£ / $$ / $¥ / $$ / shares€ / $₨ / $₩ / $	Dec. 31, 2017USD ($)£ / $$ / $¥ / $$ / shares€ / $₨ / $₩ / $	Dec. 31, 2017CAD ($)£ / $$ / $¥ / $$ / shares€ / $₨ / $₩ / $	Dec. 31, 2017INR (₨)£ / $$ / $¥ / $$ / shares€ / $₨ / $₩ / $	Dec. 31, 2017EUR (€)£ / $$ / $¥ / $$ / shares€ / $₨ / $₩ / $	Dec. 31, 2017KRW (₩)£ / $$ / $¥ / $$ / shares€ / $₨ / $₩ / $	Dec. 31, 2017AUD ($)£ / $$ / $¥ / $$ / shares€ / $₨ / $₩ / $	Dec. 31, 2017CNY (¥)£ / $$ / $¥ / $$ / shares€ / $₨ / $₩ / $
Disclosure of detailed information about financial instruments [line items]
Fair value		$ 6,957									$ 3,528
Fair value		(72,738)									(45,869)
Net investment hedges | Euros
Disclosure of detailed information about financial instruments [line items]
Notional amount | €						€ 649								€ 191
Fair value		$ 13
Fair value											$ (7)
Net investment hedges | Euros | Top of range
Disclosure of detailed information about financial instruments [line items]
Rates | € / $	0.88	0.88	0.88	0.88	0.88	0.88	0.88	0.88	0.88	0.92	0.92	0.92	0.92	0.92	0.92	0.92	0.92
Net investment hedges | Euros | Bottom of range
Disclosure of detailed information about financial instruments [line items]
Rates | € / $	0.78	0.78	0.78	0.78	0.78	0.78	0.78	0.78	0.78	0.83	0.83	0.83	0.83	0.83	0.83	0.83	0.83
Net investment hedges | British pounds
Disclosure of detailed information about financial instruments [line items]
Notional amount | £	£ 3,175									£ 2,923
Fair value		$ 104
Fair value											$ (237)
Net investment hedges | British pounds | Hedging Instrument Two
Disclosure of detailed information about financial instruments [line items]
Notional amount | £	£ 77
Fair value		$ (1)
Net investment hedges | British pounds | Top of range
Disclosure of detailed information about financial instruments [line items]
Rates | £ / $	0.79	0.79	0.79	0.79	0.79	0.79	0.79	0.79	0.79	0.81	0.81	0.81	0.81	0.81	0.81	0.81	0.81
Net investment hedges | British pounds | Top of range | Hedging Instrument Two
Disclosure of detailed information about financial instruments [line items]
Rates | £ / €	0.92	0.92	0.92	0.92	0.92	0.92	0.92	0.92	0.92
Net investment hedges | British pounds | Bottom of range
Disclosure of detailed information about financial instruments [line items]
Rates | £ / $	0.70	0.70	0.70	0.70	0.70	0.70	0.70	0.70	0.70	0.73	0.73	0.73	0.73	0.73	0.73	0.73	0.73
Net investment hedges | British pounds | Bottom of range | Hedging Instrument Two
Disclosure of detailed information about financial instruments [line items]
Rates | £ / €	0.88	0.88	0.88	0.88	0.88	0.88	0.88	0.88	0.88
Net investment hedges | Australian dollars
Disclosure of detailed information about financial instruments [line items]
Notional amount								$ 1,038								$ 768
Fair value		$ 20
Fair value											$ (21)
Net investment hedges | Australian dollars | Top of range
Disclosure of detailed information about financial instruments [line items]
Rates | $ / $	1.42	1.42	1.42	1.42	1.42	1.42	1.42	1.42	1.42	1.38	1.38	1.38	1.38	1.38	1.38	1.38	1.38
Net investment hedges | Australian dollars | Bottom of range
Disclosure of detailed information about financial instruments [line items]
Rates | $ / $	1.28	1.28	1.28	1.28	1.28	1.28	1.28	1.28	1.28	1.26	1.26	1.26	1.26	1.26	1.26	1.26	1.26
Net investment hedges | Chinese Yuan
Disclosure of detailed information about financial instruments [line items]
Notional amount | ¥									¥ 2,672								¥ 1,165
Fair value		$ 6
Fair value											$ (7)
Net investment hedges | Chinese Yuan | Top of range
Disclosure of detailed information about financial instruments [line items]
Rates | ¥ / $	6.91	6.91	6.91	6.91	6.91	6.91	6.91	6.91	6.91	7.09	7.09	7.09	7.09	7.09	7.09	7.09	7.09
Net investment hedges | Chinese Yuan | Bottom of range
Disclosure of detailed information about financial instruments [line items]
Rates | ¥ / $	6.35	6.35	6.35	6.35	6.35	6.35	6.35	6.35	6.35	6.71	6.71	6.71	6.71	6.71	6.71	6.71	6.71
Net investment hedges | Canadian dollars
Disclosure of detailed information about financial instruments [line items]
Notional amount			$ 118									$ 127
Fair value		$ 4
Fair value											$ 0
Net investment hedges | Canadian dollars | Hedging Instrument Two
Disclosure of detailed information about financial instruments [line items]
Notional amount			$ 800
Fair value		$ (31)
Net investment hedges | Canadian dollars | Top of range
Disclosure of detailed information about financial instruments [line items]
Rates | $ / shares	1.34	1.34	1.34	1.34	1.34	1.34	1.34	1.34	1.34	1.26	1.26	1.26	1.26	1.26	1.26	1.26	1.26
Net investment hedges | Canadian dollars | Top of range | Hedging Instrument Two
Disclosure of detailed information about financial instruments [line items]
Rates | £ / $	1.33	1.33	1.33	1.33	1.33	1.33	1.33	1.33	1.33
Net investment hedges | Canadian dollars | Bottom of range
Disclosure of detailed information about financial instruments [line items]
Rates | $ / shares	1.29	1.29	1.29	1.29	1.29	1.29	1.29	1.29	1.29	1.25	1.25	1.25	1.25	1.25	1.25	1.25	1.25
Net investment hedges | Canadian dollars | Bottom of range | Hedging Instrument Two
Disclosure of detailed information about financial instruments [line items]
Rates | £ / $	1.29	1.29	1.29	1.29	1.29	1.29	1.29	1.29	1.29
Net investment hedges | Brazil Real
Disclosure of detailed information about financial instruments [line items]
Notional amount | R$					R$ 158
Fair value		$ (9)
Net investment hedges | Brazil Real | Top of range
Disclosure of detailed information about financial instruments [line items]
Rates | R$ / $	4.24	4.24	4.24	4.24	4.24	4.24	4.24	4.24	4.24
Net investment hedges | Brazil Real | Bottom of range
Disclosure of detailed information about financial instruments [line items]
Rates | R$ / $	3.90	3.90	3.90	3.90	3.90	3.90	3.90	3.90	3.90
Net investment hedges | South Korean Won
Disclosure of detailed information about financial instruments [line items]
Notional amount | ₩							₩ 618,589								₩ 616,289
Fair value		$ 1
Fair value											$ (26)
Net investment hedges | South Korean Won | Top of range
Disclosure of detailed information about financial instruments [line items]
Rates | ₩ / $	1,130.90	1,130.90	1,130.90	1,130.90	1,130.90	1,130.90	1,130.90	1,130.90	1,130.90	1,127.75	1,127.75	1,127.75	1,127.75	1,127.75	1,127.75	1,127.75	1,127.75
Net investment hedges | South Korean Won | Bottom of range
Disclosure of detailed information about financial instruments [line items]
Rates | ₩ / $	1,087	1,087	1,087	1,087	1,087	1,087	1,087	1,087	1,087	1,084.95	1,084.95	1,084.95	1,084.95	1,084.95	1,084.95	1,084.95	1,084.95
Net investment hedges | Indian Rupees
Disclosure of detailed information about financial instruments [line items]
Notional amount | ₨				₨ 31,422
Fair value		$ 3
Net investment hedges | Indian Rupees | Top of range
Disclosure of detailed information about financial instruments [line items]
Rates | ₨ / $	70.39	70.39	70.39	70.39	70.39	70.39	70.39	70.39	70.39
Net investment hedges | Indian Rupees | Bottom of range
Disclosure of detailed information about financial instruments [line items]
Rates | ₨ / $	67.44	67.44	67.44	67.44	67.44	67.44	67.44	67.44	67.44
Net investment hedges | Canadian dollars
Disclosure of detailed information about financial instruments [line items]
Notional amount												$ 150
Rates | $ / shares										1.27	1.27	1.27	1.27	1.27	1.27	1.27	1.27
Fair value											$ 1
Net investment hedges | Indian Rupees
Disclosure of detailed information about financial instruments [line items]
Notional amount | ₨													₨ 771
Rates | ₨ / $										65.24	65.24	65.24	65.24	65.24	65.24	65.24	65.24
Fair value											$ 0

FINANCIAL INSTRUMENTS - Other D

FINANCIAL INSTRUMENTS - Other Derivatives (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Disclosure of detailed information about financial instruments [line items]
Fair value	$ 6,957	$ 3,528
Fair value	(72,738)	(45,869)
Interest rate risk | Interest rate caps
Disclosure of detailed information about financial instruments [line items]
Notional	9,750	5,351
Fair value	$ 1	$ 1
Interest rate risk | Interest rate caps | Bottom of range
Disclosure of detailed information about financial instruments [line items]
Rates	3.00%	2.50%
Interest rate risk | Interest rate caps | Top of range
Disclosure of detailed information about financial instruments [line items]
Rates	7.00%	5.80%
Interest rate risk | Interest rate swaps on forecasted fixed rate debt
Disclosure of detailed information about financial instruments [line items]
Notional	$ 1,660	$ 1,660
Fair value	$ (67)	$ (194)
Interest rate risk | Interest rate swaps on forecasted fixed rate debt | Bottom of range
Disclosure of detailed information about financial instruments [line items]
Rates	2.30%	1.90%
Interest rate risk | Interest rate swaps on forecasted fixed rate debt | Top of range
Disclosure of detailed information about financial instruments [line items]
Rates	6.10%	6.00%
Interest rate risk | Interest rate swaps of US$ debt
Disclosure of detailed information about financial instruments [line items]
Notional	$ 835	$ 1,050
Fair value		$ 10
Fair value	$ (14)
Interest rate risk | Interest rate swaps of US$ debt | Bottom of range
Disclosure of detailed information about financial instruments [line items]
Rates	2.40%	1.40%
Interest rate risk | Interest rate swaps of US$ debt | Top of range
Disclosure of detailed information about financial instruments [line items]
Rates	5.80%	1.60%
Interest rate risk | Interest rate swaps on fixed rate debt
Disclosure of detailed information about financial instruments [line items]
Notional	$ 180
Fair value	$ 2
Interest rate risk | Interest rate swaps on fixed rate debt | Bottom of range
Disclosure of detailed information about financial instruments [line items]
Rates	4.50%
Interest rate risk | Interest rate swaps on fixed rate debt | Top of range
Disclosure of detailed information about financial instruments [line items]
Rates	7.30%
Interest rate risk | Interest rate swaptions
Disclosure of detailed information about financial instruments [line items]
Notional		$ 560
Rates		1.00%
Fair value		$ 0

FINANCIAL INSTRUMENTS - Classif

FINANCIAL INSTRUMENTS - Classification and Measurement (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Disclosure Of Financial Assets And Liabilities [Line Items]
Carrying value	$ 6,957	$ 3,528
Fair value	6,957	3,528
Carrying value	72,738	45,869
Fair value	73,341	46,610
Debt obligations | Other liabilities
Disclosure Of Financial Assets And Liabilities [Line Items]
Carrying value	63,964	37,991
Fair value	64,561	38,726
Capital securities | Other liabilities
Disclosure Of Financial Assets And Liabilities [Line Items]
Carrying value	2,572	3,352
Fair value	2,578	3,358
Capital securities - fund subsidiaries | FVTPL
Disclosure Of Financial Assets And Liabilities [Line Items]
Carrying value	813	813
Fair value	813	813
Derivatives | Accounts payable | FVTPL
Disclosure Of Financial Assets And Liabilities [Line Items]
Carrying value	159	160
Fair value	159	160
Derivatives | Accounts payable and other liabilities | FVTPL
Disclosure Of Financial Assets And Liabilities [Line Items]
Carrying value	181	399
Fair value	181	399
Loan payable | Accounts payable | FVTPL
Disclosure Of Financial Assets And Liabilities [Line Items]
Carrying value	24	23
Fair value	24	23
Accounts payable and other | Accounts payable | Other liabilities
Disclosure Of Financial Assets And Liabilities [Line Items]
Carrying value	1,770	517
Fair value	1,770	517
Accounts payable and other | Accounts payable and other liabilities | Other liabilities
Disclosure Of Financial Assets And Liabilities [Line Items]
Carrying value	3,255	2,614
Fair value	3,255	2,614
Held for sale | Debt obligations | Other liabilities
Disclosure Of Financial Assets And Liabilities [Line Items]
Carrying value	153	1,107
Held for sale | Accounts payable and other liabilities | Other liabilities
Disclosure Of Financial Assets And Liabilities [Line Items]
Carrying value	10	209
Participating loan interests | FVTPL
Disclosure Of Financial Assets And Liabilities [Line Items]
Carrying value	268	517
Fair value	268	517
Loans and notes receivable | Amortized cost
Disclosure Of Financial Assets And Liabilities [Line Items]
Carrying value	1,055	185
Fair value	1,055	185
Other non-current assets | FVTPL | Equity investments
Disclosure Of Financial Assets And Liabilities [Line Items]
Carrying value	239	174
Fair value	239	174
Other non-current assets | FVTPL | Derivatives
Disclosure Of Financial Assets And Liabilities [Line Items]
Carrying value	13	48
Fair value	13	48
Other non-current assets | Amortized cost | Restricted cash
Disclosure Of Financial Assets And Liabilities [Line Items]
Carrying value	161	153
Fair value	161	153
Other non-current assets | FVTOCI | Equity investments
Disclosure Of Financial Assets And Liabilities [Line Items]
Carrying value	260	150
Fair value	260	150
Accounts receivable and other | FVTPL | Derivatives
Disclosure Of Financial Assets And Liabilities [Line Items]
Carrying value	234	37
Fair value	234	37
Accounts receivable and other | Amortized cost | Accounts receivable
Disclosure Of Financial Assets And Liabilities [Line Items]
Carrying value	808	536
Fair value	808	536
Accounts receivable and other | Amortized cost | Restricted cash
Disclosure Of Financial Assets And Liabilities [Line Items]
Carrying value	631	237
Fair value	631	237
Accounts receivable and other | Loans and receivables | Held for sale | Other receivables
Disclosure Of Financial Assets And Liabilities [Line Items]
Carrying value	14	105
Cash and cash equivalents | Amortized cost
Disclosure Of Financial Assets And Liabilities [Line Items]
Carrying value	3,288	1,491
Fair value	$ 3,288	$ 1,491

FINANCIAL INSTRUMENTS - Fair Va

FINANCIAL INSTRUMENTS - Fair Value of Financial Instruments (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Disclosure of maturity analysis for derivative financial liabilities [line items]
Total financial assets	$ 6,957	$ 3,528
Capital securities	3,385	4,165
Total financial liabilities	72,738	45,869
Level 3
Disclosure of maturity analysis for derivative financial liabilities [line items]
Total financial assets		533	$ 1,605
Total financial liabilities		836	$ 821
Fair value
Disclosure of maturity analysis for derivative financial liabilities [line items]
Participating Loan Interests, Fair Value Disclosure	268	209
Securities designated as FVTPL	239	174
Investments in equity instruments designated at fair value through other comprehensive income	260	150
Derivative assets	247	85
Total financial assets	1,014	618
Capital securities	813	813
Derivative financial liabilities	340	559
Loan payable	24	23
Total financial liabilities	1,177	1,395
Fair value | Level 1
Disclosure of maturity analysis for derivative financial liabilities [line items]
Participating Loan Interests, Fair Value Disclosure	0	0
Securities designated as FVTPL	0	0
Investments in equity instruments designated at fair value through other comprehensive income	0	0
Derivative assets	0	0
Total financial assets	0	0
Capital securities	0	0
Derivative financial liabilities	0	0
Loan payable	0	0
Total financial liabilities	0	0
Fair value | Level 2
Disclosure of maturity analysis for derivative financial liabilities [line items]
Participating Loan Interests, Fair Value Disclosure	0	0
Securities designated as FVTPL	0	0
Investments in equity instruments designated at fair value through other comprehensive income	0	0
Derivative assets	247	85
Total financial assets	247	85
Capital securities	0	0
Derivative financial liabilities	340	559
Loan payable	0	0
Total financial liabilities	340	559
Fair value | Level 3
Disclosure of maturity analysis for derivative financial liabilities [line items]
Participating Loan Interests, Fair Value Disclosure	268	209
Securities designated as FVTPL	239	174
Investments in equity instruments designated at fair value through other comprehensive income	260	150
Derivative assets	0	0
Total financial assets	767	533
Capital securities	813	813
Derivative financial liabilities	0	0
Loan payable	24	23
Total financial liabilities	$ 837	$ 836

FINANCIAL INSTRUMENTS - Level 3

FINANCIAL INSTRUMENTS - Level 3 Rollforward (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Financial assets
Balance, beginning of year	$ 3,528
Changes in fair value measurement, assets [abstract]
Balance, end of year	6,957	$ 3,528
Financial liabilities
Balance, beginning of year	45,869
Changes in fair value measurement, liabilities [abstract]
Balance, end of year	$ 72,738	$ 45,869
CXTD
Changes in fair value measurement, liabilities [abstract]
Proportion of ownership interests/voting rights held by the partnership	22.00%	22.00%
Level 3
Financial assets
Balance, beginning of year	$ 533	$ 1,605
Changes in fair value measurement, assets [abstract]
Additions		144
Dispositions/ Warrant exercise		(986)
Fair value gains, net and OCI		(216)
Other		(14)
Balance, end of year		533
Financial liabilities
Balance, beginning of year	836	821
Changes in fair value measurement, liabilities [abstract]
Additions		49
Dispositions/ Warrant exercise		(4)
Fair value gains, net and OCI		(30)
Other		0
Balance, end of year		836
Level 3 | IFRS 9
Financial assets
Balance, beginning of year	835
Changes in fair value measurement, assets [abstract]
Additions	201
Dispositions/ Warrant exercise	(7)
Fair value gains, net and OCI	(14)
Other	(248)
Balance, end of year	767	835
Financial liabilities
Balance, beginning of year	836
Changes in fair value measurement, liabilities [abstract]
Additions	0
Dispositions/ Warrant exercise	(2)
Fair value gains, net and OCI	4
Other	0
Balance, end of year	$ 838	$ 836

FINANCIAL INSTRUMENTS - Market

FINANCIAL INSTRUMENTS - Market Risk, Interest Rate Risk (Details) - Interest rate risk - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Disclosure of nature and extent of risks arising from financial instruments [line items]
Reasonably possible change in risk variable, impact on pre-tax earnings	$ 387	$ 202
Reasonably possible change in risk variable, percent	1.00%
Variable rate
Disclosure of nature and extent of risks arising from financial instruments [line items]
Reasonably possible change in risk variable, impact on pre-tax earnings	$ 382	195
Fixed interest rate | Within one year
Disclosure of nature and extent of risks arising from financial instruments [line items]
Reasonably possible change in risk variable, impact on pre-tax earnings	$ 5	$ 7

FINANCIAL INSTRUMENTS - Marke_2

FINANCIAL INSTRUMENTS - Market Risk, Foreign Currency Risk (Details) € in Millions, ₩ in Millions, ₨ in Millions, د.إ in Millions, ¥ in Millions, £ in Millions, R$ in Millions, $ in Millions, $ in Millions, $ in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2018GBP (£)	Dec. 31, 2018USD ($)	Dec. 31, 2018CAD ($)	Dec. 31, 2018INR (₨)	Dec. 31, 2018BRL (R$)	Dec. 31, 2018EUR (€)	Dec. 31, 2018KRW (₩)	Dec. 31, 2018AUD ($)	Dec. 31, 2018CNY (¥)	Dec. 31, 2018AED (د.إ)	Dec. 31, 2017GBP (£)	Dec. 31, 2017USD ($)	Dec. 31, 2017CAD ($)	Dec. 31, 2017INR (₨)	Dec. 31, 2017BRL (R$)	Dec. 31, 2017EUR (€)	Dec. 31, 2017KRW (₩)	Dec. 31, 2017AUD ($)	Dec. 31, 2017CNY (¥)	Dec. 31, 2017AED (د.إ)	Dec. 31, 2017HKD ($)	Dec. 31, 2016GBP (£)	Dec. 31, 2016CAD ($)	Dec. 31, 2016INR (₨)	Dec. 31, 2016BRL (R$)	Dec. 31, 2016EUR (€)	Dec. 31, 2016KRW (₩)	Dec. 31, 2016AUD ($)	Dec. 31, 2016CNY (¥)	Dec. 31, 2016HKD ($)
Disclosure of nature and extent of risks arising from financial instruments [line items]
Equity attributable to Unitholders					$ 28,284										$ 22,186
Currency risk
Disclosure of nature and extent of risks arising from financial instruments [line items]
Reasonably possible change in risk variable, percent	10.00%
OCI	$ (943)	$ (893)	$ (743)
Net income	0	0	0
Currency risk | Canadian dollars
Disclosure of nature and extent of risks arising from financial instruments [line items]
Equity attributable to Unitholders						$ 58										$ 4										$ (329)
OCI	(4)	0	25
Net income	0	0	0
Currency risk | Australian dollars
Disclosure of nature and extent of risks arising from financial instruments [line items]
Equity attributable to Unitholders											$ 2,977										$ 2,679										$ 2,344
OCI	(210)	(209)	(169)
Net income	0	0	0
Currency risk | British pounds
Disclosure of nature and extent of risks arising from financial instruments [line items]
Equity attributable to Unitholders | £				£ 3,965										£ 3,719											£ 3,749
OCI	(506)	(503)	(463)
Net income	0	0	0
Currency risk | Euros
Disclosure of nature and extent of risks arising from financial instruments [line items]
Equity attributable to Unitholders | €									€ 505										€ 213										€ 326
OCI	(58)	(26)	(34)
Net income	0	0	0
Currency risk | Brazilian reais
Disclosure of nature and extent of risks arising from financial instruments [line items]
Equity attributable to Unitholders | R$								R$ 2823										R$ 2591										R$ 1941
OCI	(73)	(78)	(60)
Net income	0	0	0
Currency risk | Indian Rupee
Disclosure of nature and extent of risks arising from financial instruments [line items]
Equity attributable to Unitholders | ₨							₨ 25,022										₨ 15,904										₨ 10,436
OCI	(36)	(25)	(15)
Net income	0	0	0
Currency risk | Hong Kong Dollar
Disclosure of nature and extent of risks arising from financial instruments [line items]
Equity attributable to Unitholders							₨ (75)																	$ (75)									$ (77)
OCI	1	1	1
Net income	0	0	0
Currency risk | Chinese Yuan
Disclosure of nature and extent of risks arising from financial instruments [line items]
Equity attributable to Unitholders | ¥												¥ 1,593										¥ 1,207										¥ 1,001
OCI	(23)	(19)	(16)
Net income	0	0	0
Currency risk | South Korean Won
Disclosure of nature and extent of risks arising from financial instruments [line items]
Equity attributable to Unitholders | ₩										₩ 245,507										₩ 232,345										₩ 147,052
OCI	(22)	(22)	(12)
Net income	0	0	$ 0
Currency risk | United Arab Emirates Dirham
Disclosure of nature and extent of risks arising from financial instruments [line items]
Equity attributable to Unitholders | د.إ													د.إ 451										د.إ 451
OCI	(12)	(12)
Net income	$ 0	$ 0

RELATED PARTIES - Narrative (De

RELATED PARTIES - Narrative (Details) - USD ($)	Aug. 03, 2017	Aug. 03, 2015	Dec. 04, 2014	Dec. 31, 2018	Sep. 30, 2018	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Mar. 31, 2018
Disclosure of transactions between related parties [line items]
Capital securities				$ 3,385,000,000		$ 3,385,000,000	$ 4,165,000,000
BPREP Australia
Disclosure of transactions between related parties [line items]
Proportion of ownership interest in associate				48.00%
333 West 34th Street
Disclosure of transactions between related parties [line items]
Percentage of voting equity interests acquired									25.00%
Consideration									$ 255,000,000
Affiliated entities
Disclosure of transactions between related parties [line items]
Capital securities				$ 420,000,000		420,000,000	1,250,000,000
Affiliated entities | Class C Junior Preferred Shares
Disclosure of transactions between related parties [line items]
Capital securities				(500,000,000)		(500,000,000)
Affiliated entities | Class B Junior Preferred Shares
Disclosure of transactions between related parties [line items]
Capital securities				$ (330,000,000)		(330,000,000)
Brookfield Asset Management
Disclosure of transactions between related parties [line items]
Management fee Inflation adjustment, percent of total capitalization		0.50%
Management fee expense, minimum	$ 50,000,000
Based management fee for services provided						83,000,000	104,000,000	$ 104,000,000
Equity enhancement distribution						$ 1,000,000	$ 26,000,000	$ 25,000,000
Preferred equity unit holders
Disclosure of transactions between related parties [line items]
Conversion condition, limit of market price to exchange price at maturity, percent			80.00%
Operating and Development Assets in New York
Disclosure of transactions between related parties [line items]
Ownership percentage sold (percent)					27.50%
Operating and Development Assets in New York | Brookfield Asset Management
Disclosure of transactions between related parties [line items]
Proceeds from sales of interest in investment					$ 1,400,000,000
Brookfield Premier Real Estate Partners Pooling LLC | 333 West 34th Street
Disclosure of transactions between related parties [line items]
Percentage of voting equity interests acquired									75.00%
Brookfield Asset Management | BPREP Australia
Disclosure of transactions between related parties [line items]
Proportion of ownership interest in associate				12.00%
Third Party | BPREP Australia
Disclosure of transactions between related parties [line items]
Proportion of ownership interest in associate				40.00%

RELATED PARTIES - Assets_Liabil

RELATED PARTIES - Assets/Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Disclosure of transactions between related parties [line items]
Participating loan interests	$ 268	$ 517
Net (payables)/receivables within equity accounted investments	22,698	19,761	$ 16,844
Capital securities held by Brookfield Asset Management(2)	(3,385)	(4,165)
Preferred shares held by Brookfield Asset Management	(16)	(15)
Brookfield Asset Management
Disclosure of transactions between related parties [line items]
Loans and notes receivable	54	96
Deposit and promissory note from Brookfield Asset Management	(733)	(633)
Brookfield Asset Management
Disclosure of transactions between related parties [line items]
Loans and notes receivable	54	96
Affiliated entities
Disclosure of transactions between related parties [line items]
Participating loan interests	268	517
Net (payables)/receivables within equity accounted investments	(26)	(49)
Receivables and other assets	50	11
Property-specific obligations	(231)	(415)
Loans and notes payable and other liabilities	50	156
Capital securities held by Brookfield Asset Management(2)	(420)	(1,250)
Preferred shares held by Brookfield Asset Management	$ (15)	$ (15)

RELATED PARTIES - Income_Expens

RELATED PARTIES - Income/Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Disclosure of transactions between related parties [line items]
Commercial property revenue	$ 5,043	$ 4,192	$ 3,624
Participating loan interests (including fair value gains, net)	17	27	32
Interest expense on debt obligations	2,464	1,967	1,681
General and administrative expense	1,032	614	569
Affiliated entities
Disclosure of transactions between related parties [line items]
Commercial property revenue	22	19	20
Management fee income	5	6	5
Participating loan interests (including fair value gains, net)	53	86	61
Interest expense on debt obligations	44	29	28
Interest on capital securities held by Brookfield Asset Management	64	83	76
General and administrative expense	192	204	212
Construction costs	$ 397	$ 295	$ 266

SUBSIDIARY PUBLIC ISSUERS - Con

SUBSIDIARY PUBLIC ISSUERS - Condensed Income Statement (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Disclosure of information about consolidated structured entities [line items]
Revenue	$ 7,239	$ 6,135	$ 5,352
Net income attributable to unitholders	1,978	375	1,793
Brookfield Property Partners L.P.
Disclosure of information about consolidated structured entities [line items]
Revenue	0	0	0
Net income attributable to unitholders	767	138	671
BOP Split Corp.
Disclosure of information about consolidated structured entities [line items]
Revenue	27	0	0
Net income attributable to unitholders	417	(409)	94
Brookfield Office Properties Inc. (“BPO”)
Disclosure of information about consolidated structured entities [line items]
Revenue	8	197	201
Net income attributable to unitholders	0	(763)	416
Brookfield Property Preferred Equity Inc.
Disclosure of information about consolidated structured entities [line items]
Revenue	166
Net income attributable to unitholders	(1,419)
Brookfield Property Finance ULC
Disclosure of information about consolidated structured entities [line items]
Revenue	0
Net income attributable to unitholders	0
Holding Entities
Disclosure of information about consolidated structured entities [line items]
Revenue	1,192	1,518	477
Net income attributable to unitholders	1,978	375	1,793
Additional holding entities and eliminations
Disclosure of information about consolidated structured entities [line items]
Revenue	167	0	0
Net income attributable to unitholders	(34)	17	0
Consolidating Adjustments
Disclosure of information about consolidated structured entities [line items]
Revenue	5,679	4,420	4,674
Net income attributable to unitholders	$ 269	$ 1,017	$ (1,181)

SUBSIDIARY PUBLIC ISSUERS - C_2

SUBSIDIARY PUBLIC ISSUERS - Condensed Consolidated Balance Sheets (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Disclosure of information about consolidated structured entities [line items]
Current assets	$ 6,110	$ 2,479
Non-current assets	115,406	80,435
Assets held for sale	1,004	1,433
Current liabilities	10,143	10,513
Non-current liabilities	65,474	37,394
Liabilities associated with assets held for sale	163	1,316
Equity attributable to interests of others in operating subsidiaries and properties	18,456	12,938
Equity attributable to Unitholders	28,284	22,186
Brookfield Property Partners L.P.
Disclosure of information about consolidated structured entities [line items]
Current assets	0	0
Non-current assets	13,273	8,190
Assets held for sale	0	0
Current liabilities	0	0
Non-current liabilities	0	0
Liabilities associated with assets held for sale	0	0
Equity attributable to interests of others in operating subsidiaries and properties	0	0
Equity attributable to Unitholders	13,273	8,190
BOP Split Corp.
Disclosure of information about consolidated structured entities [line items]
Current assets	52	93
Non-current assets	11,748	13,310
Assets held for sale	0	0
Current liabilities	2,806	544
Non-current liabilities	3,053	4,695
Liabilities associated with assets held for sale	0	0
Equity attributable to interests of others in operating subsidiaries and properties	0	0
Equity attributable to Unitholders	5,941	8,164
Brookfield Office Properties Inc. (“BPO”)
Disclosure of information about consolidated structured entities [line items]
Current assets	596	91
Non-current assets	0	21,234
Assets held for sale	0	0
Current liabilities	593	5,518
Non-current liabilities	0	1,726
Liabilities associated with assets held for sale	0	0
Equity attributable to interests of others in operating subsidiaries and properties	0	2,284
Equity attributable to Unitholders	12,810	11,797
Brookfield Property Preferred Equity Inc.
Disclosure of information about consolidated structured entities [line items]
Current assets	151
Non-current assets	20,359
Assets held for sale	0
Current liabilities	678
Non-current liabilities	4,738
Liabilities associated with assets held for sale	0
Equity attributable to interests of others in operating subsidiaries and properties	2,284
Equity attributable to Unitholders	0
Brookfield Property Finance ULC
Disclosure of information about consolidated structured entities [line items]
Current assets	0
Non-current assets	0
Assets held for sale	0
Current liabilities	0
Non-current liabilities	0
Liabilities associated with assets held for sale	0
Equity attributable to interests of others in operating subsidiaries and properties	0
Equity attributable to Unitholders	3
Holding Entities
Disclosure of information about consolidated structured entities [line items]
Current assets	6,144	3,019
Non-current assets	30,277	28,194
Assets held for sale	0	0
Current liabilities	5,731	1,186
Non-current liabilities	2,406	7,841
Liabilities associated with assets held for sale	0	0
Equity attributable to interests of others in operating subsidiaries and properties	0	0
Equity attributable to Unitholders	28,284	22,186
Additional holding entities and eliminations
Disclosure of information about consolidated structured entities [line items]
Current assets	330	24
Non-current assets	1,775	1,532
Assets held for sale	0	0
Current liabilities	1,834	845
Non-current liabilities	5	743
Liabilities associated with assets held for sale	0	0
Equity attributable to interests of others in operating subsidiaries and properties	0	0
Equity attributable to Unitholders	266	(32)
Consolidating Adjustments
Disclosure of information about consolidated structured entities [line items]
Current assets	(1,163)	(748)
Non-current assets	37,974	7,975
Assets held for sale	1,004	1,433
Current liabilities	(1,499)	2,420
Non-current liabilities	55,272	22,389
Liabilities associated with assets held for sale	163	1,316
Equity attributable to interests of others in operating subsidiaries and properties	16,172	10,654
Equity attributable to Unitholders	$ (32,293)	$ (28,119)

SEGMENT INFORMATION - Narrative

SEGMENT INFORMATION - Narrative (Details) - segment	3 Months Ended	9 Months Ended	12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Disclosure of operating segments [line items]
Number of reportable segments			4
GGP
Disclosure of operating segments [line items]
Proportion of ownership interest in associate	34.00%	29.00%	0.00%	34.00%	29.00%

SEGMENT INFORMATION - Financial

SEGMENT INFORMATION - Financial Information by Segment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Disclosure of operating segments [line items]
Revenue	$ 7,239	$ 6,135	$ 5,352
FFO	866	873	895
Total assets	122,520	84,347
Total liabilities	75,780	49,223
Core Office
Disclosure of operating segments [line items]
Revenue	2,105	2,147	2,203
FFO	520	534	620
Total assets	34,095	33,795
Total liabilities	15,033	16,791
Core Retail
Disclosure of operating segments [line items]
Revenue	584	0	0
FFO	552	486	429
Total assets	29,658	8,844
Total liabilities	13,749	0
LP Investments
Disclosure of operating segments [line items]
Revenue	4,544	3,986	3,149
FFO	228	281	303
Total assets	58,610	41,471
Total liabilities	41,604	26,630
Corporate
Disclosure of operating segments [line items]
Revenue	6	2	0
FFO	(434)	(428)	$ (457)
Total assets	157	237
Total liabilities	$ 5,394	$ 5,802

SEGMENT INFORMATION - Details o

SEGMENT INFORMATION - Details of Partnership's Operating Segments (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Disclosure of operating segments [line items]
Revenue	$ 7,239	$ 6,135	$ 5,352
Investment and other revenue	283	295	167
Other revenue from tenants	806	$ 0	$ 0
Operating segments
Disclosure of operating segments [line items]
Revenue	7,239
Investment and other revenue	283
Hospitality Revenue	1,913
Other revenue from tenants	806
Operating lease income	4,237
Operating segments | Core Office
Disclosure of operating segments [line items]
Revenue	2,105
Investment and other revenue	126
Hospitality Revenue	17
Other revenue from tenants	358
Operating lease income	1,604
Operating segments | Core Retail
Disclosure of operating segments [line items]
Revenue	584
Investment and other revenue	73
Hospitality Revenue	0
Other revenue from tenants	111
Operating lease income	400
Operating segments | Corporate
Disclosure of operating segments [line items]
Revenue	6
Investment and other revenue	6
Hospitality Revenue	0
Other revenue from tenants	0
Operating lease income	0
Operating segments | LP Investments
Disclosure of operating segments [line items]
Revenue	4,544
Investment and other revenue	78
Hospitality Revenue	1,896
Other revenue from tenants	337
Operating lease income	$ 2,233

SEGMENT INFORMATION - Reconcili

SEGMENT INFORMATION - Reconciliation of FFO (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Operating Segments [Abstract]
FFO	$ 866	$ 873	$ 895
Depreciation and amortization of real estate assets	(264)	(244)	(212)
Fair value gains, net	2,466	1,254	692
Share of equity accounted income - non-FFO	114	82	139
Income tax benefit (expense)	(81)	(192)	575
Non-controlling interests of others in operating subsidiaries and properties - non-FFO	(1,123)	(1,398)	(296)
Net income attributable to unitholders	1,978	375	1,793
Non-controlling interests of others in operating subsidiaries and properties	1,676	2,093	924
Net income	$ 3,654	$ 2,468	$ 2,717

SEGMENT INFORMATION - Financi_2

SEGMENT INFORMATION - Financial Information by Geographic Regions (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Disclosure of geographical areas [line items]
Revenue	$ 7,239	$ 6,135	$ 5,352
Non-current assets	115,406	80,435
United States
Disclosure of geographical areas [line items]
Revenue	4,914	4,127	3,589
Non-current assets	84,648	52,009
Canada
Disclosure of geographical areas [line items]
Revenue	563	462	413
Non-current assets	4,535	4,892
Australia
Disclosure of geographical areas [line items]
Revenue	240	227	231
Non-current assets	3,631	3,986
Europe
Disclosure of geographical areas [line items]
Revenue	944	829	801
Non-current assets	14,051	11,556
Brazil
Disclosure of geographical areas [line items]
Revenue	113	134	165
Non-current assets	1,901	2,037
China
Disclosure of geographical areas [line items]
Revenue	7	1	2
Non-current assets	389	522
India
Disclosure of geographical areas [line items]
Revenue	247	161	130
Non-current assets	3,142	2,362
South Korea
Disclosure of geographical areas [line items]
Revenue	211	194	21
Non-current assets	2,986	2,948
United Arab Emirates
Disclosure of geographical areas [line items]
Revenue	0	0	$ 0
Non-current assets	$ 123	$ 123

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) $ in Millions, $ in Millions	Feb. 28, 2019USD ($)	Feb. 13, 2019CAD ($)	Feb. 11, 2019USD ($)	Jan. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)
Disclosure of non-adjusting events after reporting period [line items]
Total debt obligations					$ 63,964	$ 37,991
Limited partners
Disclosure of non-adjusting events after reporting period [line items]
Contributed commitments			$ 405
BPR | Class A
Disclosure of non-adjusting events after reporting period [line items]
Contributed commitments			$ 95
Entering into significant commitments or contingent liabilities | BSREP III
Disclosure of non-adjusting events after reporting period [line items]
Consideration				$ 15,000
Contributed commitments				3,750
Entering into significant commitments or contingent liabilities | BPY | BSREP III
Disclosure of non-adjusting events after reporting period [line items]
Contributed commitments				1,000
Entering into significant commitments or contingent liabilities | Brookfield Asset Management | BSREP III
Disclosure of non-adjusting events after reporting period [line items]
Consideration				15,000
Contributed commitments				$ 2,750
Other related parties | Brookfield Asset Management
Disclosure of non-adjusting events after reporting period [line items]
Deposits	$ 1,000
Issuance of debt | Subsidiary borrowings
Disclosure of non-adjusting events after reporting period [line items]
Total debt obligations		$ 350
Interest rate (percent)		4.30%

SCHEDULE III - SUPPLEMENTAL S_2

SCHEDULE III - SUPPLEMENTAL SCHEDULE OF INVESTMENT PROPERTY INFORMATION (Details) $ in Millions	12 Months Ended
	Dec. 31, 2018USD ($)property
Real Estate And Accumulated Depreciation By Property [Line Items]
Number of properties | property	1,068
Fair value	$ 75,761
Debt	43,657
Commercial Development properties and land/parking lots
Real Estate And Accumulated Depreciation By Property [Line Items]
Fair value	4,436
Development properties and land
Real Estate And Accumulated Depreciation By Property [Line Items]
Debt	487
Corporate facilities
Real Estate And Accumulated Depreciation By Property [Line Items]
Debt	13,289
Hospitality Property
Real Estate And Accumulated Depreciation By Property [Line Items]
Debt	$ 6,223
Core Office
Real Estate And Accumulated Depreciation By Property [Line Items]
Number of properties | property	75
Fair value	$ 21,351
Debt	$ 11,223
Core Office | United States
Real Estate And Accumulated Depreciation By Property [Line Items]
Number of properties | property	39
Fair value	$ 14,416
Debt	$ 7,398
Core Office | Canada
Real Estate And Accumulated Depreciation By Property [Line Items]
Number of properties | property	24
Fair value	$ 4,127
Debt	$ 1,840
Core Office | Australia
Real Estate And Accumulated Depreciation By Property [Line Items]
Number of properties | property	8
Fair value	$ 2,342
Debt	$ 1,395
Core Office | Europe
Real Estate And Accumulated Depreciation By Property [Line Items]
Number of properties | property	2
Fair value	$ 137
Debt	$ 515
Core Office | Brazil
Real Estate And Accumulated Depreciation By Property [Line Items]
Number of properties | property	2
Fair value	$ 329
Debt	$ 75
Core Retail
Real Estate And Accumulated Depreciation By Property [Line Items]
Number of properties | property	57
Fair value	$ 17,224
Debt	$ 7,713
LP Investments - Office
Real Estate And Accumulated Depreciation By Property [Line Items]
Number of properties | property	134
Fair value	$ 7,861
Debt	$ 4,939
LP Investments Retail
Real Estate And Accumulated Depreciation By Property [Line Items]
Number of properties | property	39
Fair value	$ 3,409
Debt	$ 1,970
Logistics
Real Estate And Accumulated Depreciation By Property [Line Items]
Number of properties | property	2
Fair value	$ 183
Debt	$ 87
Multifamily
Real Estate And Accumulated Depreciation By Property [Line Items]
Number of properties | property	57
Fair value	$ 4,151
Debt	$ 2,857
Triple Net Lease
Real Estate And Accumulated Depreciation By Property [Line Items]
Number of properties | property	327
Fair value	$ 4,812
Debt	$ 3,785
Self-storage
Real Estate And Accumulated Depreciation By Property [Line Items]
Number of properties | property	95
Fair value	$ 847
Debt	$ 627
Student Housing
Real Estate And Accumulated Depreciation By Property [Line Items]
Number of properties | property	49
Fair value	$ 2,031
Debt	$ 1,692
Manufactured Housing
Real Estate And Accumulated Depreciation By Property [Line Items]
Number of properties | property	136
Fair value	$ 2,369
Debt	$ 1,239
Mixed-use
Real Estate And Accumulated Depreciation By Property [Line Items]
Number of properties | property	97
Fair value	$ 11,523
Debt	$ 7,525