Document and Entity Information
Document and Entity Information | 6 Months Ended |
Jun. 30, 2020 | |
Document and Entity Information [Abstract] | |
Entity Registrant Name | Brookfield Property Partners L.P. |
Entity Central Index Key | 0001545772 |
Current Fiscal Year End Date | --12-31 |
Document Type | 6-K |
Document Period End Date | Jun. 30, 2020 |
Document Fiscal Year Focus | 2020 |
Document Fiscal Period Focus | Q2 |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
Non-current assets | ||
Investment properties | $ 74,081 | $ 75,511 |
Equity accounted investments | 19,425 | 20,764 |
Property, plant and equipment | 6,772 | 7,278 |
Goodwill | 980 | 1,041 |
Intangible assets | 1,082 | 1,162 |
Other non-current assets | 2,563 | 2,326 |
Loans and notes receivable | 201 | 272 |
Total non-current assets | 105,104 | 108,354 |
Current assets | ||
Loans and notes receivable | 71 | 57 |
Accounts receivable and other | 1,643 | 1,407 |
Cash and cash equivalents | 1,530 | 1,438 |
Total current assets | 3,244 | 2,902 |
Assets held for sale | 137 | 387 |
Total assets | 108,485 | 111,643 |
Non-current liabilities | ||
Debt obligations | 42,693 | 46,565 |
Capital securities | 2,994 | 3,000 |
Other non-current liabilities | 1,978 | 2,162 |
Deferred tax liabilities | 2,491 | 2,515 |
Total non-current liabilities | 50,156 | 54,242 |
Current liabilities | ||
Debt obligations | 12,730 | 8,825 |
Capital securities | 61 | 75 |
Accounts payable and other liabilities | 3,889 | 3,426 |
Total current liabilities | 16,680 | 12,326 |
Liabilities associated with assets held for sale | 70 | 140 |
Total liabilities | 66,906 | 66,708 |
Equity | ||
Limited partners | 11,935 | 13,274 |
General partner | 4 | 4 |
Non-controlling interests attributable to: | ||
Redeemable/exchangeable and special limited partnership units | 11,921 | 13,200 |
Limited partnership units of Brookfield Office Properties Exchange LP | 78 | 87 |
FV LTIP units of the Operating Partnership | 52 | 35 |
Class A shares of Brookfield Property REIT Inc. (“BPYU”) | 1,506 | 1,930 |
Interests of others in operating subsidiaries and properties | 15,384 | 15,985 |
Total equity | 41,579 | 44,935 |
Total liabilities and equity | 108,485 | 111,643 |
FV LTIP units of the Operating Partnership | 52 | 35 |
Preference shares | ||
Equity | ||
Preferred equity | $ 699 | $ 420 |
Condensed Consolidated Income S
Condensed Consolidated Income Statements - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Profit or loss [abstract] | ||||
Commercial property revenue | $ 1,301 | $ 1,386 | $ 2,705 | $ 2,860 |
Hospitality revenue | 50 | 503 | 416 | 994 |
Investment and other revenue | 86 | 137 | 216 | 245 |
Revenue | 1,437 | 2,026 | 3,337 | 4,099 |
Direct commercial property expense | 445 | 479 | 925 | 1,001 |
Direct hospitality expense | 106 | 306 | 396 | 626 |
Investment and other expense | 9 | 0 | 13 | 10 |
Interest expense | 599 | 710 | 1,308 | 1,456 |
Depreciation and amortization | 83 | 85 | 170 | 170 |
General and administrative expense | 195 | 219 | 391 | 442 |
Total expenses | 1,437 | 1,799 | 3,203 | 3,705 |
Fair value (losses) gains, net | (803) | (1,092) | (1,113) | (722) |
Share of net (losses) earnings from equity accounted investments | (757) | 826 | (793) | 1,090 |
(Loss) income before income taxes | (1,560) | (39) | (1,772) | 762 |
Income tax (benefit) expense | (48) | (62) | 113 | 26 |
Net (loss) income | (1,512) | 23 | (1,885) | 736 |
Net (loss) income attributable to: | ||||
Limited partners | (586) | 57 | (814) | 203 |
General partner | 0 | 0 | 0 | 0 |
Non-controlling interests attributable to: | ||||
Redeemable/exchangeable and special limited partnership units | (586) | 59 | (810) | 209 |
Limited partnership units of Brookfield Office Properties Exchange LP | (3) | 1 | (5) | 2 |
FV LTIP units of the Operating Partnership | (3) | 0 | (2) | 0 |
Class A shares of Brookfield Property REIT Inc. | (75) | 10 | (108) | 46 |
Interests of others in operating subsidiaries and properties | $ (259) | $ (104) | $ (146) | $ 276 |
Net (loss) income per LP Unit: | ||||
Basic (in dollars per share) | $ (1.26) | $ 0.12 | $ (1.74) | $ 0.44 |
Diluted (in dollars per share) | $ (1.26) | $ 0.12 | $ (1.74) | $ 0.44 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Statement of comprehensive income [abstract] | ||||
Net (loss) income | $ (1,512) | $ 23 | $ (1,885) | $ 736 |
Items that may be reclassified to net income: | ||||
Foreign currency translation | 101 | (75) | (253) | 77 |
Cash flow hedges | 77 | (8) | (77) | (40) |
Equity accounted investments | (9) | (49) | (78) | (51) |
Items that will not be reclassified to net income: | ||||
Securities - fair value through other comprehensive income ("FVTOCI") | 3 | 0 | 25 | 1 |
Share of revaluation surplus on equity accounted investments | (196) | 0 | (217) | 0 |
Remeasurement of defined benefit obligations | (1) | (1) | (1) | (1) |
Revaluation surplus | (159) | 0 | (255) | 0 |
Other comprehensive (loss) | (184) | (133) | (856) | (14) |
Total comprehensive (loss) income | (1,696) | (110) | (2,741) | 722 |
Limited partners | ||||
Net (loss) income | (586) | 57 | (814) | 203 |
Other comprehensive (loss) income | 21 | (51) | (228) | (11) |
Comprehensive income attributable to Limited partners | (565) | 6 | (1,042) | 192 |
Redeemable/exchangeable and special limited partnership units | ||||
Net (loss) income | (586) | 59 | (810) | 209 |
Other comprehensive (loss) income | 19 | (52) | (228) | (11) |
Comprehensive income attributable to Redeemable/exchangeable and special limited partnership units | (567) | 7 | (1,038) | 198 |
Limited partnership units of Brookfield Office Properties Exchange LP | ||||
Net (loss) income | (3) | 1 | (5) | 2 |
Other comprehensive (loss) income | 1 | 0 | (1) | 0 |
Comprehensive income attributable to Limited partnership units of Brookfield Office Properties Exchange LP | (2) | 1 | (6) | 2 |
FV LTIP units of the Operating Partnership | ||||
Net (loss) income | (3) | 0 | (2) | 0 |
Other comprehensive (loss) income | 0 | 0 | (1) | 0 |
Comprehensive income attributable to FV LTIP Units of the Operating Partnership | (3) | 0 | (3) | 0 |
Class A shares of Brookfield Property REIT Inc. | ||||
Net (loss) income | (75) | 10 | (108) | 46 |
Other comprehensive (loss) income | 4 | (12) | (30) | (2) |
Comprehensive income attributable to Class A shares of Brookfield Property REIT Inc. | (71) | (2) | (138) | 44 |
Interests of others in operating subsidiaries and properties | ||||
Net income | (259) | (104) | (146) | 276 |
Other comprehensive (loss) income | (229) | (18) | (368) | 10 |
Comprehensive Income (Loss), Portion Attributable To Other Noncontrolling Interests | (488) | (122) | (514) | 286 |
Total comprehensive (loss) income | $ (1,696) | $ (110) | $ (2,741) | $ 722 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Changes in Equity - USD ($) $ in Millions | Total | Preferred Equity | Limited partnership units | Limited partnership unitsIssued capital | Limited partnership unitsRetained earnings | Limited partnership unitsOwnership Changes | Limited partnership unitsAccumulated other comprehensive income | General partnership units | General partnership unitsIssued capital | General partnership unitsRetained earnings | General partnership unitsOwnership Changes | General partnership unitsAccumulated other comprehensive income | Redeemable/Exchangeable Partnership UnitsNon-controlling interests | Limited Partnership Units of Brookfield Office Properties Exchange LPNon-controlling interests | BPYU UnitsNon-controlling interests | Interests of Others In Operating Subsidiaries And PropertiesNon-controlling interests | FV LTIP Units of the Operating Partnership [Member]Non-controlling interests |
Equity | $ 46,740 | $ 0 | $ 12,353 | $ 8,987 | $ 2,234 | $ 1,657 | $ (525) | $ 4 | $ 4 | $ 2 | $ (2) | $ 0 | $ 12,740 | $ 96 | $ 3,091 | $ 18,456 | $ 0 |
Beginning balance at Dec. 31, 2018 | 46,740 | 0 | 12,353 | 8,987 | 2,234 | 1,657 | (525) | 4 | 4 | 2 | (2) | 0 | 12,740 | 96 | 3,091 | 18,456 | 0 |
Net (loss) income | 736 | 203 | 203 | 209 | 2 | 46 | 276 | ||||||||||
Other comprehensive (loss) | (14) | (11) | 0 | (11) | (11) | (2) | 10 | ||||||||||
Total comprehensive (loss) income | 722 | 192 | 203 | (11) | 198 | 2 | 44 | 286 | |||||||||
Distributions | (2,387) | (281) | (281) | (289) | (2) | (63) | (1,752) | ||||||||||
Preferred distributions | 3 | (3) | (3) | ||||||||||||||
Issuance / repurchase of interests in operating subsidiaries | (1,156) | 178 | (176) | (333) | 67 | 90 | 37 | 1 | (92) | (1,104) | |||||||
Exchange of exchangeable units | 0 | 1 | 1 | (1) | |||||||||||||
Conversion of Class A shares of Brookfield Property REIT Inc. | 674 | 445 | 229 | 0 | 0 | (674) | |||||||||||
Change in relative interests of non-controlling interests | (120) | (100) | (20) | 128 | (8) | ||||||||||||
Ending balance at Jun. 30, 2019 | 43,916 | 178 | 12,640 | 9,100 | 2,220 | 1,876 | (556) | 4 | 4 | 2 | (2) | 0 | 12,814 | 96 | 2,298 | 15,886 | 0 |
Equity | 43,916 | 178 | 12,640 | 9,100 | 2,220 | 1,876 | (556) | 4 | 4 | 2 | (2) | 0 | 12,814 | 96 | 2,298 | 15,886 | 0 |
Net (loss) income | 736 | 203 | 203 | 209 | 2 | 46 | 276 | ||||||||||
Other comprehensive (loss) | (14) | (11) | 0 | (11) | (11) | (2) | 10 | ||||||||||
Total comprehensive (loss) income | 722 | 192 | 203 | (11) | 198 | 2 | 44 | 286 | |||||||||
Distributions to Limited Partners | 2,387 | 281 | 281 | 289 | 2 | 63 | 1,752 | ||||||||||
Dividends Paid, Preferred | (3) | 3 | 3 | ||||||||||||||
Issuance / repurchase of interests in operating subsidiaries | (1,156) | 178 | (176) | (333) | 67 | 90 | 37 | 1 | (92) | (1,104) | |||||||
Exchange of exchangeable units | 0 | 1 | 1 | (1) | |||||||||||||
Conversion of Class A shares of Brookfield Property REIT Inc. | 674 | 445 | 229 | 0 | 0 | (674) | |||||||||||
Change in relative interests of non-controlling interests | (120) | (100) | (20) | 128 | (8) | ||||||||||||
Equity | 43,916 | 178 | 12,640 | 9,100 | 2,220 | 1,876 | (556) | 4 | 4 | 2 | (2) | 0 | 12,814 | 96 | 2,298 | 15,886 | 0 |
Equity | 44,935 | 420 | 13,274 | 9,257 | 2,539 | 1,960 | (482) | 4 | 4 | 2 | (1) | (1) | 13,200 | 87 | 1,930 | 15,985 | 35 |
Beginning balance at Dec. 31, 2019 | 44,935 | 420 | 13,274 | 9,257 | 2,539 | 1,960 | (482) | 4 | 4 | 2 | (1) | (1) | 13,200 | 87 | 1,930 | 15,985 | 35 |
Net (loss) income | (1,885) | (814) | (814) | (810) | (5) | (108) | (146) | (2) | |||||||||
Other comprehensive (loss) | (856) | (228) | (228) | (228) | (1) | (30) | (368) | (1) | |||||||||
Total comprehensive (loss) income | (2,741) | (1,042) | (814) | (228) | (1,038) | (6) | (138) | (514) | (3) | ||||||||
Distributions | (999) | (291) | (291) | (290) | (2) | (40) | (375) | (1) | |||||||||
Preferred distributions | (20) | (10) | (10) | (9) | (1) | 0 | |||||||||||
Issuance / repurchase of interests in operating subsidiaries | 404 | 279 | (138) | (208) | (14) | 84 | (9) | (19) | 288 | 3 | |||||||
Exchange of exchangeable units | 0 | 1 | 1 | (1) | |||||||||||||
Conversion of Class A shares of Brookfield Property REIT Inc. | 0 | 239 | 117 | 122 | (239) | ||||||||||||
Change in relative interests of non-controlling interests | 0 | (98) | (95) | (3) | 67 | 13 | 18 | ||||||||||
Ending balance at Jun. 30, 2020 | 41,579 | 699 | 11,935 | 9,167 | 1,410 | 2,071 | (713) | 4 | 4 | 2 | (1) | (1) | 11,921 | 78 | 1,506 | 15,384 | 52 |
Equity | 44,935 | 699 | 11,935 | 9,167 | 1,410 | 2,071 | (713) | 4 | 4 | 2 | (1) | (1) | 11,921 | 78 | 1,506 | 15,384 | 52 |
Net (loss) income | (1,885) | (814) | (814) | (810) | (5) | (108) | (146) | (2) | |||||||||
Other comprehensive (loss) | (856) | (228) | (228) | (228) | (1) | (30) | (368) | (1) | |||||||||
Total comprehensive (loss) income | (2,741) | (1,042) | (814) | (228) | (1,038) | (6) | (138) | (514) | (3) | ||||||||
Distributions to Limited Partners | 999 | 291 | 291 | 290 | 2 | 40 | 375 | 1 | |||||||||
Dividends Paid, Preferred | 20 | 10 | 10 | 9 | 1 | 0 | |||||||||||
Issuance / repurchase of interests in operating subsidiaries | 404 | 279 | (138) | (208) | (14) | 84 | (9) | (19) | 288 | 3 | |||||||
Exchange of exchangeable units | 0 | 1 | 1 | (1) | |||||||||||||
Conversion of Class A shares of Brookfield Property REIT Inc. | 0 | 239 | 117 | 122 | (239) | ||||||||||||
Change in relative interests of non-controlling interests | 0 | (98) | (95) | (3) | 67 | 13 | 18 | ||||||||||
Equity | $ 41,579 | $ 699 | $ 11,935 | $ 9,167 | $ 1,410 | $ 2,071 | $ (713) | $ 4 | $ 4 | $ 2 | $ (1) | $ (1) | $ 11,921 | $ 78 | $ 1,506 | $ 15,384 | $ 52 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Operating activities | ||
Net (loss) income | $ (1,885) | $ 736 |
Share of equity accounted losses (earnings), net of distributions | 979 | (897) |
Fair value losses (gains), net | 1,113 | 722 |
Deferred income tax expense | 78 | (4) |
Depreciation and amortization | 170 | 170 |
Working capital and other | 383 | 734 |
Cash flows from (used in) operating activities | 838 | 1,461 |
Financing activities | ||
Debt obligations, issuance | 5,868 | 10,411 |
Debt obligations, repayments | (5,282) | (8,975) |
Capital securities redeemed | (13) | (420) |
Preferred equity issued | 279 | 178 |
Non-controlling interests, issued | 208 | 559 |
Non-controlling interests, purchased | (29) | (15) |
Repayment of lease liabilities | (9) | (8) |
Limited partnership units, issued | 0 | 13 |
Limited partnership units, repurchased | (124) | (346) |
Class A shares of Brookfield Property REIT Inc., repurchased | (18) | (99) |
Distributions to non-controlling interests in operating subsidiaries | (377) | (1,678) |
Preferred Distributions | (20) | 0 |
Distributions to limited partnership unitholders | (291) | (281) |
Distributions to redeemable/exchangeable and special limited partnership unitholders | (290) | (289) |
Distributions to holders of Brookfield Office Properties Exchange LP units | (2) | (2) |
Distributions to holders of FV LTIP units of the Operating Partnership | (1) | 0 |
Distributions to holders of Class A shares of Brookfield Property REIT Inc. | (40) | (63) |
Cash flows from (used in) financing activities | (141) | (1,015) |
Acquisitions | ||
Investment properties | (1,089) | (1,744) |
Property, plant and equipment | (81) | (203) |
Equity accounted investments | (191) | (352) |
Financial assets and other | (609) | (1,194) |
Dispositions | ||
Investment properties | 450 | 1,141 |
Property, plant and equipment | 7 | 0 |
Equity accounted investments | 54 | 785 |
Financial assets and other | 890 | 707 |
Disposition of subsidiaries | 0 | 43 |
Cash impact of deconsolidation | (18) | (1,132) |
Restricted cash and deposits | 10 | (33) |
Cash flows from (used in) investing activities | (577) | (1,982) |
Cash and cash equivalents | ||
Net change in cash and cash equivalents during the period | 120 | (1,536) |
Effect of exchange rate fluctuations on cash and cash equivalents held in foreign currencies | (28) | (1) |
Balance, beginning of period | 1,438 | 3,288 |
Balance, end of period | 1,530 | 1,751 |
Cash paid for: | ||
Income taxes | 69 | 102 |
Interest (excluding dividends on capital securities) | $ 1,182 | $ 1,152 |
ORGANIZATION AND NATURE OF THE
ORGANIZATION AND NATURE OF THE BUSINESS | 6 Months Ended |
Jun. 30, 2020 | |
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 50% managing general partnership units (“GP Units” or “GP”) interest in Brookfield Property L.P. (the “operating partnership”) and an interest in BP US REIT LLC, which hold 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 | 6 Months Ended |
Jun. 30, 2020 | |
Disclosure Of Significant Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES a) Statement of compliance The interim condensed consolidated financial statements of the partnership and its subsidiaries have been prepared in accordance with International Accounting Standard (“IAS”) 34, Interim Financial Reporting , as issued by the International Accounting Standards Board (“IASB”). Accordingly, certain information and footnote disclosures normally included in the consolidated financial statements prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the IASB, have been omitted or condensed. These condensed consolidated financial statements as of and for the three and six months ended June 30, 2020 were approved and authorized for issue by the Board of Directors of the partnership on August 5, 2020. b) Basis of presentation The interim condensed consolidated financial statements are prepared using the same accounting policies and methods as those used in the consolidated financial statements for the year ended December 31, 2019, except for accounting standards adopted as identified in Note 2(c) below. Consequently, the information included in these interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and accompanying notes included in the partnership’s annual report on Form 20-F for the year ended December 31, 2019. The interim condensed consolidated financial statements are unaudited and reflect all adjustments (consisting of normal recurring adjustments) which are, in the opinion of management, necessary for a fair statement of results for the interim periods presented in accordance with IFRS. The results reported in these interim condensed consolidated financial statements should not necessarily be regarded as indicative of results that may be expected for the entire year. The interim condensed consolidated financial statements are prepared on a going concern basis and have been presented in U.S. Dollars rounded to the nearest million unless otherwise indicated. c) Adoption of Accounting Standards: COVID-19 Related Rent Concessions, Amendment to IFRS 16 – Leases (“IFRS 16 Amendment”) The partnership early adopted the IFRS 16 Amendment as of April 1, 2020. The IFRS 16 Amendment provides the partnership as lessee only with an optional exemption from assessing whether rent concessions related to COVID-19 meeting certain conditions are lease modifications. Such qualifying rent concessions are accounted for as if they are not lease modifications, generally resulting in the effects of rent abatements being recognized as variable lease payments. The Partnership has applied the practical expedient to all such qualifying rent concessions. The adoption of the IFRS 16 Amendment did not have a material impact on the results of the partnership. d) Estimates The preparation of the partnership’s interim condensed consolidated financial statements in accordance with IAS 34 requires the use of certain critical accounting estimates and assumptions. It also requires management to exercise judgment in applying the partnership’s accounting policies. The accounting policies and critical estimates and assumptions have been set out in Note 2, Summary of Significant Accounting Policies , to the partnership’s consolidated financial statements for the year ended December 31, 2019 and have been consistently applied in the preparation of the interim condensed consolidated financial statements as of and for the three and six months ended June 30, 2020. Prior to the end of the first quarter, there was a global outbreak of a new strain of Coronavirus (“COVID-19”) which prompted certain responses from global government authorities across the various geographies in which the partnership owns and operates investment properties (“Global Economic Shutdown” or “the Shutdown”). Such responses, have included mandatory temporary closure of, or imposed limitations on, the operations of certain non-essential properties and businesses including office properties and retail malls and associated businesses which operate within these properties such as retailers and restaurants. In addition, shelter-in-place mandates and severe travel restrictions have had a significant adverse impact on consumer spending and demand in the near term. These negative economic indicators, restrictions and closure have created significant estimation uncertainty in the determination of the fair value of investment properties as of June 30, 2020. Due to uncertainty surrounding COVID-19, the volatility of current markets, pace and size of government policy responses and the lack of private |
EQUITY ACCOUNTED INVESTMENTS
EQUITY ACCOUNTED INVESTMENTS | 6 Months Ended |
Jun. 30, 2020 | |
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 Carrying value (US$ Millions) Principal activity Principal place of business Jun. 30, 2020 Dec. 31, 2019 Jun. 30, 2020 Dec. 31, 2019 Joint Ventures Canary Wharf Joint Venture (1) Property holding company United Kingdom 50 % 50 % $ 3,204 $ 3,578 Ala Moana Center, Hawaii Property holding company United States 50 % 50 % 1,873 1,946 Manhattan West, New York Property holding company United States 56 % 56 % 1,956 1,918 BPYU JV Pool A Property holding company United States 50 % 50 % 1,745 1,882 BPYU JV Pool B Property holding company United States 51 % 51 % 1,175 1,366 Fashion Show, Las Vegas Property holding company United States 50 % 50 % 846 832 BPYU JV Pool C Property holding company United States 50 % 50 % 702 777 Grace Building, New York Property holding company United States 50 % 50 % 747 716 BPYU JV Pool D Property holding company United States 48 % 48 % 564 649 Southern Cross East, Melbourne Property holding company Australia 50 % 50 % 389 466 The Grand Canal Shoppes, Las Vegas Property holding company United States 50 % 50 % 423 414 One Liberty Plaza, New York Property holding company United States 51 % 51 % 381 409 680 George Street, Sydney Property holding company Australia 50 % 50 % 327 340 Brookfield Brazil Retail Fundo de Investimento em Participaçõe Holding company Brazil 46 % 46 % 237 335 Baybrook Mall, Texas Property holding company United States 51 % 51 % 266 332 Brookfield D.C. Office Partners LLC ("D.C. Venture"), Washington, D.C. Property holding company United States 51 % 51 % 277 283 The Mall in Columbia, Maryland Property holding company United States 50 % 50 % 251 282 BPYU JV Pool F Property holding company United States 51 % 51 % 261 278 BPYU JV Pool G Property holding company United States 68 % 68 % 246 254 Miami Design District, Florida Property holding company United States 22 % 22 % 234 252 Other (2) Various Various 14% - 55% 14% - 55% 3,053 3,119 19,157 20,428 Associates Various Various Various 16% -31% 23% - 31% 268 336 268 336 Total $ 19,425 $ 20,764 (1) Stork Holdco LP is the joint venture through which the partnership acquired Canary Wharf Group plc in London. (2) Other joint ventures consists of approximately 36 joint ventures. 2020 Conditions In the second quarter of 2020, due to the market uncertainty from the shutdown, the partnership has made adjustments to its cash flow models for all properties within the partnership’s equity accounted investments to reflect its assumptions with respect to rent collections, potential tenant bankruptcies, anticipated length of closures and travel restrictions. These assumptions considered all information available to the partnership at the time of the valuation. The partnership’s share of fair value losses primarily from the partnership’s Core Retail joint ventures reflects updated cashflow assumptions on a suite-by-suite basis with revised market leasing assumptions, vacancy reserve, downtime, retention assumptions and capital costs. The partnership has updated valuation metrics where necessary to reflect changes in the property level risk profile, most notably where we have concerns with anchor tenants who have recently filed for bankruptcy. Please see Note 3, Investment Properties for further information. 2019 Transactions In the first quarter of 2019, the deconsolidation of BSREP III resulted in a decrease to equity accounted investments of $1,434 million. Please see Note 3, Investment Properties for further information. In the fourth quarter of 2019, the partnership acquired its joint venture partners’ incremental interest in Park Meadows in Colorado, Towson Town Center in Maryland, Perimeter Mall in Georgia, and Shops at Merrick Park in Florida, to bring its ownership to 100% and concurrently sold its interest in Bridgewater Commons in New Jersey to the joint venture partner. Prior to the acquisition, the partnership’s joint venture interest was reflected as equity accounted investments. As a result, the partnership gained control of the investments and consolidated its results. The following table presents the change in the balance of the partnership’s equity accounted investments as of June 30, 2020 and December 31, 2019: Six months ended Year ended (US$ Millions) Jun. 30, 2020 Dec. 31, 2019 Equity accounted investments, beginning of period $ 20,764 $ 22,698 Additions 191 684 Disposals and return of capital distributions (40) (764) Share of net earnings from equity accounted investments (793) 1,969 Distributions received (186) (470) Foreign currency translation (385) 127 Reclassification from (to) assets held for sale (1) 223 (189) Impact of deconsolidation due to loss of control (2) — (1,434) Other comprehensive income and other (3) (349) (1,857) Equity accounted investments, end of period $ 19,425 $ 20,764 (1) The partnership’s interest in the Diplomat Resort and Spa (“Diplomat”) in Florida was reclassified from assets held for sale in the second quarter of 2020. (2) The prior year includes the impact of the deconsolidation of BSREP III investments, primarily Forest City. See above for further information. (3) The partnership acquired an incremental interest in Park Meadows in Colorado, Towson Town Center in Maryland, Perimeter Mall in Georgia, Shops at Merrick Park in Florida and 730 Fifth Avenue in New York during 2019, bringing its ownership in each of the malls to 100%. As a result, the partnership now consolidates its interest in the assets. The partnership also acquired an incremental interest in One and Two London Wall Place in London during 2019. As a result, the partnership now consolidates its interest in the assets. 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: Jun. 30, 2020 Dec. 31, 2019 Equity accounted investments Primary valuation method Discount rate Terminal capitalization rate Investment horizon (yrs) Discount rate Terminal capitalization rate Investment horizon (yrs) Core Office United States Discounted cash flow 6.8 % 5.0 % 11 6.8 % 4.9 % 11 Australia Discounted cash flow 6.4 % 5.2 % 10 6.5 % 5.2 % 10 Europe Discounted cash flow 4.7 % 4.7 % 9 4.6 % 5.0 % 10 Core Retail United States Discounted cash flow 6.3 % 4.9 % 10 6.3 % 4.9 % 10 LP Investments - Office Discounted cash flow 6.0 % 5.3 % 10 6.0 % 5.3 % 10 LP Investments - Retail Discounted cash flow 7.4 % 6.1 % 10 7.4 % 6.2 % 10 Multifamily (1) Direct capitalization 4.4 % n/a n/a 5.3 % n/a n/a (1) 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. Summarized financial information in respect of the partnership’s equity accounted investments is presented below: (US$ Millions) Jun. 30, 2020 Dec. 31, 2019 Non-current assets $ 73,927 $ 75,715 Current assets 3,974 4,386 Total assets 77,901 80,101 Non-current liabilities 28,892 30,093 Current liabilities 7,293 5,786 Total liabilities 36,185 35,879 Net assets 41,716 44,222 Partnership’s share of net assets $ 19,425 $ 20,764 Three months ended Jun. 30, Six months ended Jun. 30, (US$ Millions) 2020 2019 2020 2019 Revenue $ 1,031 $ 1,161 $ 2,274 $ 2,542 Expenses 724 783 1,550 1,685 Income from equity accounted investments (1) 9 52 27 62 Income before fair value gains, net 316 430 751 919 Fair value (losses) gains, net (1,791) 1,137 (2,271) 1,182 Net (loss) income (1,475) 1,567 (1,520) 2,101 Partnership’s share of net (losses) earnings $ (757) $ 826 $ (793) $ 1,090 (1) Share of net earnings from equity accounted investments recorded by the partnership’s joint ventures and associates. |
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT | 6 Months Ended |
Jun. 30, 2020 | |
Property, plant and equipment [abstract] | |
PROPERTY, PLANT AND EQUIPMENT | Property, plant, and equipment primarily consists of hospitality assets such as Center Parcs UK, Paradise Island Holdings Limited (“Atlantis”), a portfolio of extended-stay hotels in the U.S. and a hotel at International Financial Center (“IFC Seoul”). 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 14 to 15 Furniture, fixtures and equipment 2 to 15 In the first half of 2020, the hospitality sector had the most immediate and acute impact from the shutdown as the majority of the partnership’s hospitality investments were closed, and currently remain closed or are operating a reduced occupancy, either as a result of mandatory closure orders from various government authorities or due to severe travel restrictions. As a result of these closures, the partnership identified impairment indicators and performed impairment tests for each of the partnership’s hospitality investments based on revised cash flows and valuation metrics. For the three and six months ended June 30, 2020, the partnership recognized impairment of its property, plant and equipment of $164 million and $217 million, respectively, of which $153 million and $179 million, respectively, relates to the Atlantis. The impairment was recorded as a reduction in the revaluation surplus included in other comprehensive income. The following table presents the change to the components of the partnership’s hospitality assets for the six months ended June 30, 2020 and for the year ended December 31, 2019: (US$ Millions) Jun. 30, 2020 Dec. 31, 2019 Cost: Balance at the beginning of period $ 7,246 $ 7,461 Accounting policy change (1) — 122 Additions 84 387 Disposals (37) (52) Foreign currency translation (198) 98 Impact of deconsolidation due to loss of control and other (2) — (770) 7,095 7,246 Accumulated fair value changes: Balance at the beginning of period 1,343 1,049 Revaluation (losses) gains, net (3) (213) 301 Impact of deconsolidation due to loss of control and other (2) — (7) Provision for impairment (3) (15) — Foreign currency translation (12) — 1,103 1,343 Accumulated depreciation: Balance at the beginning of period (1,311) (1,004) Depreciation (164) (329) Disposals 20 30 Foreign currency translation 29 (15) Impact of deconsolidation due to loss of control and other (2) — 7 (1,426) (1,311) Total property, plant and equipment $ 6,772 $ 7,278 (1) The prior year includes the impact of the adoption of IFRS 16 through the recognition of right-of-use assets. (2) The prior year includes the impact of the deconsolidation of BSREP III investments. See Note 3, Investment Properties for further information. (3) The current year impairment losses were recorded in revaluation losses, net in other comprehensive income and fair value (losses) gains, net in the income statement, which was a result of the impairment tests performed on each of the partnership’s hospitality investments from the impact of the shutdown as discussed above. |
GOODWILL
GOODWILL | 6 Months Ended |
Jun. 30, 2020 | |
Intangible Assets [Abstract] | |
GOODWILL | GOODWILL Goodwill of $980 million at June 30, 2020 (December 31, 2019 - $1,041 million) is primarily attributable to Center Parcs UK and IFC Seoul. The partnership normally 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. The partnership tested the goodwill attributed to Center Parcs for impairment and trademark assets as of June 30, 2020 as a result of the closure of its villages until July 2020 due to the shutdown. Based on the impairment test, no impairment was recorded as the recoverable amount of the cash-generating unit of $4,191 million exceeded the carrying value of the cash-generating unit of $4,012 million. The recoverable amount was determined based on a value-in-use approach based on a terminal capitalization rate of 7.9% and a discount rate of 9.3%. |
INTANGIBLE ASSETS
INTANGIBLE ASSETS | 6 Months Ended |
Jun. 30, 2020 | |
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 condensed 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 $895 million as of June 30, 2020 (December 31, 2019 - $956 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 June 30, 2020, intangible assets of the Atlantis had a carrying value of $186 million (December 31, 2019 - $205 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 Other 4 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 expense is recorded as part of depreciation and amortization of non-real estate assets expense. For the six months ended June 30, 2020, the partnership recognized an impairment of its intangible assets related to Atlantis of $18 million. The recoverable amount was determined based on a value-in-use approach, which reflected a reduction in estimated operating cash flows as a result of the closure of Atlantis due to the shutdown. The impairment was recorded as a charge through the income statement during the period. The following table presents the components of the partnership’s intangible assets as of June 30, 2020 and December 31, 2019: (US$ Millions) Jun. 30, 2020 Dec. 31, 2019 Cost $ 1,207 $ 1,265 Accumulated amortization (59) (55) Accumulated impairment losses (66) (48) Balance, end of period $ 1,082 $ 1,162 The following table presents a roll forward of the partnership’s intangible assets for the six months ended June 30, 2020 and the year ended December 31, 2019: (US$ Millions) Jun. 30, 2020 Dec. 31, 2019 Balance, beginning of period $ 1,162 $ 1,179 Acquisitions 5 9 Amortization (5) (12) Impairment losses (18) — Foreign currency translation (62) 36 Reclassification to assets held for sale and other (1) — (50) Balance, end of period $ 1,082 $ 1,162 (1) Includes the impact of the deconsolidation of BSREP III investments. See Note 3, Investment Properties for further information. |
OTHER NON-CURRENT ASSETS
OTHER NON-CURRENT ASSETS | 6 Months Ended |
Jun. 30, 2020 | |
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) Jun. 30, 2020 Dec. 31, 2019 Securities - FVTPL $ 1,387 $ 1,250 Derivative assets 20 10 Securities - FVTOCI 79 121 Restricted cash 141 154 Inventory 654 507 Other 282 284 Total other non-current assets $ 2,563 $ 2,326 Securities - FVTPL Securities - FVTPL consists of its investment in convertible preferred units of a U.S. hospitality operating company. The preferred units earn a fixed cumulative dividend of 7.5% per annum compounding quarterly. Additionally, the partnership receives distributions in additional convertible preferred units of the U.S. hospitality operating company at 5.0% per annum compounding quarterly. In 2019, the partnership purchased an additional $238 million of convertible preferred units of a U.S. hospitality operating company. The carrying value of these convertible preferred units at June 30, 2020 was $427 million (December 31, 2019 - $418 million). Also included in Securities - FVTPL is the partnership’s investment in BSREP III, which is accounted for as a financial asset following the deconsolidation of its investments in the first quarter of 2019. The carrying value of the BSREP III financial asset at June 30, 2020 was $540 million (December 31, 2019 - $417 million). |
ACCOUNTS RECEIVABLE AND OTHER
ACCOUNTS RECEIVABLE AND OTHER | 6 Months Ended |
Jun. 30, 2020 | |
Subclassifications of assets, liabilities and equities [abstract] | |
ACCOUNTS RECEIVABLE AND OTHER | ACCOUNTS RECEIVABLE AND OTHER The components of accounts receivable and other are as follows: (US$ Millions) Jun. 30, 2020 Dec. 31, 2019 Derivative assets $ 67 $ 80 Accounts receivable (1) - net of expected credit loss of $81 million (2019 - $48 million) 781 510 Restricted cash and deposits 250 239 Prepaid expenses 276 278 Other current assets 269 300 Total accounts receivable and other $ 1,643 $ 1,407 (1) See Note 30, Related Parties, for further discussion With respect to accounts receivable, the partnership recorded a $37 million loss allowance in commercial property operating expenses for the six months ended June 30, 2020. As of June 30, 2020, the partnership has collected approximately 94% of second quarter office rents and 35% of second quarter retail rents. While working to preserve profitability and cash flow, the partnership is also working with its tenants regarding requests for lease concessions and other forms of assistance, although the partnership has not actually executed a significant number of agreements as of June 30, 2020. While the partnership anticipates that it may grant further rent concessions, such as the deferral or abatement of lease payments, such rent concession requests are evaluated on a case-by-case basis. Where tenants are expected to be able to meet their lease obligations after concessions have been granted, the allowance for expected credit losses includes only the portion of the expected abatements that is deemed attributable to the current period, considering the weighted average remaining lease terms. Not all requests for rent relief will be granted as the partnership does not intend to forgo its legally enforceable contractual rights that exist under its lease agreements. |
HELD FOR SALE
HELD FOR SALE | 6 Months Ended |
Jun. 30, 2020 | |
Non-current Assets Held For Sale And Discontinued Operations [Abstract] | |
HELD FOR SALE | HELD FOR SALE Non-current assets and groups of assets and liabilities which comprise disposal groups are presented as assets held for sale where the asset or disposal group is available for immediate sale in its present condition, and the sale is highly probable. The following is a summary of the assets and liabilities that were classified as held for sale as of June 30, 2020 and December 31, 2019: (US$ Millions) Jun. 30, 2020 Dec. 31, 2019 Investment properties $ 135 $ 160 Equity accounted investments — 223 Accounts receivable and other assets 2 4 Assets held for sale 137 387 Debt obligations 70 138 Accounts payable and other liabilities — 2 Liabilities associated with assets held for sale $ 70 $ 140 The following table presents the change to the components of the assets held for sale for the six months ended June 30, 2020 and the year ended December 31, 2019: (US$ Millions) Jun. 30, 2020 Dec. 31, 2019 Balance, beginning of period $ 387 $ 1,004 Reclassification to (from) assets held for sale, net 135 3,387 Disposals (389) (4,038) Fair value adjustments — 14 Foreign currency translation — (5) Other 4 25 Balance, end of period $ 137 $ 387 At December 31, 2019, assets held for sale included its equity accounted investment in the Diplomat in Florida, an office asset in California and six triple net lease assets in the United States. In the first quarter of 2020, the partnership sold an office asset in California and five triple-net lease assets in the U.S within the LP Investments portfolio for net proceeds of approximately $73 million. In the second quarter of 2020, the partnership sold three triple-net lease assets in the U.S., seven multifamily assets in the U.S., and an office asset in the U.S. for net proceeds of approximately $77 million. Additionally, the Diplomat hotel was reclassified out of assets held for sale into equity accounted investments as the sale is no longer expected to occur in the next 12 months. At June 30, 2020, assets held for sale included five triple-net lease assets in the U.S. and an office asset in Brazil, as the partnership intends to sell controlling interest in these assets to third parties in the next 12 months. |
DEBT OBLIGATIONS
DEBT OBLIGATIONS | 6 Months Ended |
Jun. 30, 2020 | |
Disclosure of borrowing costs [Abstract] | |
DEBT OBLIGATIONS | DEBT OBLIGATIONS The partnership’s debt obligations include the following: Jun. 30, 2020 Dec. 31, 2019 (US$ Millions) Weighted-average rate Debt balance Weighted-average rate Debt balance Unsecured facilities: Brookfield Property Partners’ credit facilities 1.79 % 456 3.33 % 836 Brookfield Property Partners’ corporate bonds 3.35 % 1,405 4.25 % 1,082 Brookfield Property REIT Inc. term debt 2.55 % 3,995 4.17 % 4,010 Brookfield Property REIT Inc. senior secured notes 5.75 % 945 5.75 % 1,000 Brookfield Property REIT Inc. corporate facility 2.44 % 1,085 4.03 % 715 Brookfield Property REIT Inc. junior subordinated notes 2.21 % 206 3.39 % 206 Subsidiary borrowings 1.82 % 279 3.27 % 202 Secured debt obligations: Funds subscription credit facilities (1) 2.34 % 175 2.83 % 57 Fixed rate 4.23 % 28,707 4.35 % 28,717 Variable rate 3.48 % 18,525 4.52 % 19,121 Deferred financing costs (285) (418) Total debt obligations $ 55,493 $ 55,528 Current 12,730 8,825 Non-current 42,693 46,565 Debt associated with assets held for sale 70 138 Total debt obligations $ 55,493 $ 55,528 (1) Funds subscription credit facilities are secured by co-investors’ capital commitments. The partnership generally believes that it will be able to either extend the maturity date, repay, or refinance the debt that is scheduled to mature in 2020-2021, however, approximately 2% of its debt obligations represent non-recourse mortgages where the partnership has suspended contractual payment, and is currently engaging in modification or restructuring discussions with the respective creditors. The partnership is generally seeking relief given the circumstances resulting from the current economic slowdown, and may or may not be successful with these negotiations. If the partnership is unsuccessful, it is possible that certain properties securing these loans could be transferred to the lenders. Debt obligations include foreign currency denominated debt in the functional currencies of the borrowing subsidiaries. Debt obligations by currency are as follows: Jun. 30, 2020 Dec. 31, 2019 (Millions) U.S. Dollars Local U.S. Dollars Local U.S. Dollars $ 39,656 $ 39,656 $ 39,286 $ 39,286 British Pounds 6,477 £ 5,223 6,997 £ 5,279 Canadian Dollars 3,696 C$ 5,017 3,431 C$ 4,457 South Korean Won 1,901 ₩ 2,280,000 1,973 ₩ 2,280,000 Australian Dollars 1,279 A$ 1,853 1,273 A$ 1,814 Indian Rupee 2,111 Rs 159,888 2,209 Rs 157,797 Brazilian Reais 353 R$ 1,931 480 R$ 1,935 Chinese Yuan 11 C¥ 77 11 C¥ 78 Euros 294 € 262 286 € 255 Deferred financing costs (285) (418) Total debt obligations $ 55,493 $ 55,528 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, 2019 Debt obligation issuance, net of repayments Debt from asset acquisitions Assumed by purchaser Amortization of deferred financing costs and (premium) discount Foreign currency translation Other Jun. 30, 2020 Debt obligations $ 55,528 586 364 (58) 101 (953) (75) $ 55,493 |
CAPITAL SECURITIES
CAPITAL SECURITIES | 6 Months Ended |
Jun. 30, 2020 | |
Share Capital, Reserves And Other Equity Interest [Abstract] | |
CAPITAL SECURITIES | CAPITAL SECURITIES The partnership has the following capital securities outstanding as of June 30, 2020 and December 31, 2019: (US$ Millions) Shares outstanding Cumulative dividend rate Jun. 30, 2020 Dec. 31, 2019 Operating Partnership Class A Preferred Equity Units: Series 1 24,000,000 6.25 % $ 580 $ 574 Series 2 24,000,000 6.50 % 550 546 Series 3 24,000,000 6.75 % 534 530 Brookfield Office Properties Inc. (“BPO”) Class B Preferred Shares: Series 1 (1) 3,600,000 70% of bank prime — — Series 2 (1) 3,000,000 70% of bank prime — — Brookfield Property Split Corp. (“BOP Split”) Senior Preferred Shares: Series 1 842,534 5.25 % 21 23 Series 2 556,746 5.75 % 10 13 Series 3 790,982 5.00 % 15 18 Series 4 594,994 5.20 % 11 18 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 BSREP II Vintage Estate Partners LLC ("Vintage Estate") Preferred Shares 10,000 5.00 % 40 40 Capital Securities – Fund Subsidiaries 903 922 Total capital securities $ 3,055 $ 3,075 Current 61 75 Non-current 2,994 3,000 Total capital securities $ 3,055 $ 3,075 (1) BPO Class B Preferred Shares, Series 1 and 2 capital securities are owned by Brookfield Asset Management. BPO has an offsetting loan receivable against these securities earning interest at 95% of bank prime. Cumulative preferred dividends on the BOP Split Senior Preferred Shares are payable quarterly, as and when declared by BOP Split. On July 6, 2020, BOP Split declared quarterly dividends payable for the BOP Split Senior Preferred Shares. Capital securities includes $249 million at June 30, 2020 (December 31, 2019 - $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. Capital securities also includes $142 million at June 30, 2020 (December 31, 2019 - $142 million) of preferred equity interests held by a third party investor in Rouse Properties, L.P. (“Rouse”) 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 June 30, 2020 (December 31, 2019 - $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 $842 million at June 30, 2020 (December 31, 2019 - $860 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 FVTPL. Capital Securities – Fund Subsidiaries also includes $61 million at June 30, 2020 (December 31, 2019 - $62 million) which represents the equity interests held by the partnership’s co-investor in the D.C. Venture 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. Venture for cash equivalent to the fair value of the interests. At June 30, 2020, capital securities includes $36 million (December 31, 2019 - $49 million) repayable in Canadian Dollars of C$49 million (December 31, 2019 - C$64 million). Reconciliation of cash flows from financing activities from capital securities is shown in the table below: Non-cash changes on capital securities (US$ Millions) Dec. 31, 2019 Capital securities redeemed Fair value changes Foreign currency translation Other Jun. 30, 2020 Capital securities $ 3,075 $ (13) $ (4) $ 3 $ (6) $ 3,055 The following table presents changes to the GP Units and LP Units from the beginning of the year: General partnership units Limited partnership units (Thousands of units) Jun. 30, 2020 Dec. 31, 2019 Jun. 30, 2020 Dec. 31, 2019 Outstanding, beginning of period 139 139 439,802 424,198 Exchange LP Units exchanged — 50 425 BPYU Units exchanged — 7,958 36,316 Distribution Reinvestment Program — — 495 257 Issued under unit-based compensation plan — — — 858 Repurchase of LP Units — — (10,394) (22,252) Outstanding, end of period 139 139 437,911 439,802 The following table presents changes to the Exchange LP Units from the beginning of the year: Limited Partnership Units of Brookfield Office Properties Exchange LP (Thousands of units) Jun. 30, 2020 Dec. 31, 2019 Outstanding, beginning of period 2,883 3,308 Exchange LP Units exchanged (1) (50) (425) Outstanding, end of period 2,833 2,883 (1) Exchange LP Units that have been exchanged are held by an indirect subsidiary of the partnership. Refer to the Condensed Consolidated Statements of Changes in Equity for the impact of such exchanges on the carrying value of Exchange LP Units. The following table presents changes to the BPYU Units from the beginning of the year: Class A shares of Brookfield Property REIT Inc. (Thousands of units) Jun. 30, 2020 Dec. 31, 2019 Outstanding, beginning of period 64,025 106,090 BPYU Units exchanged (1) (7,958) (36,316) Repurchases of BPYU Units (855) (5,724) BPYU Units vested 85 — Forfeitures (2) (25) Outstanding, end of period (2) 55,295 64,025 (1) |
INCOME TAXES
INCOME TAXES | 6 Months Ended |
Jun. 30, 2020 | |
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. The components of income tax expense include the following: Three months ended Jun. 30, Six months ended Jun. 30, (US$ Millions) 2020 2019 2020 2019 Current income tax $ 10 $ (8) $ 35 $ 30 Deferred income tax (58) (54) 78 (4) Income tax expense (benefit) $ (48) $ (62) $ 113 $ 26 |
OTHER NON-CURRENT LIABILITIES
OTHER NON-CURRENT LIABILITIES | 6 Months Ended |
Jun. 30, 2020 | |
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) Jun. 30, 2020 Dec. 31, 2019 Accounts payable and accrued liabilities $ 589 $ 760 Lease liabilities (1) 873 889 Derivative liabilities 372 413 Provisions 93 78 Loans and notes payables — 18 Deferred revenue 51 4 Total other non-current liabilities $ 1,978 $ 2,162 |
ACCOUNTS PAYABLE AND OTHER LIAB
ACCOUNTS PAYABLE AND OTHER LIABILITIES | 6 Months Ended |
Jun. 30, 2020 | |
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) Jun. 30, 2020 Dec. 31, 2019 Accounts payable and accrued liabilities $ 2,269 $ 2,537 Loans and notes payable 921 172 Derivative liabilities 252 289 Deferred revenue 366 342 Lease liabilities (1) 43 43 Other liabilities 38 43 Total accounts payable and other liabilities $ 3,889 $ 3,426 (1) See Note 14, Other Non-Current Liabilities for further information on the interest expense related to these liabilities. |
EQUITY
EQUITY | 6 Months Ended |
Jun. 30, 2020 | |
Equity [abstract] | |
EQUITY | EQUITY The partnership’s capital structure is comprised of seven classes of partnership units: GP Units, LP Units, 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”), FV LTIP units of the operating partnership and BPYU Units. In addition, the partnership issued Class A Cumulative Redeemable Perpetual Preferred Units, Series 1 in the first quarter of 2019, Class A Cumulative Redeemable Perpetual Preferred Units, Series 2 in the third quarter of 2019 and Class A Cumulative Redeemable Perpetual Preferred Units, Series 3 in the first quarter of 2020 (“Preferred Equity Units”). a) General and limited partnership equity 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: General partnership units Limited partnership units (Thousands of units) Jun. 30, 2020 Dec. 31, 2019 Jun. 30, 2020 Dec. 31, 2019 Outstanding, beginning of period 139 139 439,802 424,198 Exchange LP Units exchanged — 50 425 BPYU Units exchanged — 7,958 36,316 Distribution Reinvestment Program — — 495 257 Issued under unit-based compensation plan — — — 858 Repurchase of LP Units — — (10,394) (22,252) Outstanding, end of period 139 139 437,911 439,802 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 June 30, 2020 and December 31, 2019. Special limited partnership units Brookfield Property 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 June 30, 2020 and December 31, 2019. c) Limited partnership units of Brookfield Office Properties Exchange LP (“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: Limited Partnership Units of Brookfield Office Properties Exchange LP (Thousands of units) Jun. 30, 2020 Dec. 31, 2019 Outstanding, beginning of period 2,883 3,308 Exchange LP Units exchanged (1) (50) (425) Outstanding, end of period 2,833 2,883 (1) Exchange LP Units that have been exchanged are held by an indirect subsidiary of the partnership. Refer to the Condensed Consolidated Statements of Changes in Equity for the impact of such exchanges on the carrying value of Exchange LP Units. d) FV LTIP units of the Operating Partnership The partnership issued Brookfield Property Partners BPY FV LTIP Unit Plan (“FV LTIP”) to certain participants in the third quarter of 2019. Each FV LTIP unit will vest over a period of five years and is redeemable for LP Units, BPYU Units or a cash payment subject to a conversion adjustment. There were 1,896,394 and 1,156,114 FV LTIP Units outstanding at June 30, 2020 and December 31, 2019, respectively. e) Class A shares of Brookfield Property REIT Inc. BPYU Units were issued to former GGP common shareholders who elected to receive BPYU Units as consideration. Each BPYU Unit is structured to provide an economic return equivalent to an LP Unit. The holder of a BPYU Unit has the right, at any time, to request the unit be redeemed for cash equivalent to the value of an LP Unit. In the event the holder of a BPYU 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, BPYU Units participate in earnings and distribution on a per unit basis equivalent to the per unit participation of LP Units. The partnership presents BPYU Units as a component of non-controlling interest. The following table presents changes to the BPYU Units from the beginning of the year: Class A shares of Brookfield Property REIT Inc. (Thousands of units) Jun. 30, 2020 Dec. 31, 2019 Outstanding, beginning of period 64,025 106,090 BPYU Units exchanged (1) (7,958) (36,316) Repurchases of BPYU Units (855) (5,724) BPYU Units vested 85 — Forfeitures (2) (25) Outstanding, end of period (2) 55,295 64,025 (1) Represents BPYU Units that have been exchanged for LP Units. Refer to the Condensed Consolidated Statements of Changes in Equity for the impact of such exchanges on the carrying value of BPYU Units. (2) In addition, there were 1,418,001 BPYU Units held in treasury as of June 30, 2020. f) Class A Cumulative Redeemable Perpetual Preferred Units, Series 1, Series 2 and Series 3 (“Preferred Equity Units”) During the year ended December 31, 2019, the partnership issued 7,360,000 Class A Cumulative Redeemable Perpetual Preferred Units, Series 1 at $25.00 per unit at a coupon rate of 6.5% and 10,000,000 Class A Cumulative Redeemable Perpetual Preferred Units, Series 2 at $25.00 per unit at a coupon rate of 6.375%. In total $434 million of gross proceeds were raised and $14 million in underwriting and issuance costs were incurred. During the six months ended June 30, 2020, the partnership issued 11,500,000 Class A Cumulative Redeemable Perpetual Preferred Units, Series 3 at $25.00 per unit at a coupon rate of 5.75%. In total $288 million of gross proceeds were raised and $9 million in underwriting and issuance costs were incurred. At June 30, 2020, Preferred Equity Units had a total carrying value of $699 million (December 31, 2019 - $420 million). g) Distributions Distributions made to each class of partnership units, including units of subsidiaries that are exchangeable into LP Units, are as follows: Three months ended Jun. 30, Six months ended Jun. 30, (US$ Millions, except per unit information) 2020 2019 2020 2019 Limited Partners $ 145 $ 140 $ 291 $ 281 Holders of: Redeemable/Exchangeable Partnership Units 145 144 287 286 Special LP Units 1 1 3 3 Exchange LP Units 1 1 2 2 FV LTIP units of the Operating Partnership 1 — 1 — BPYU Units 20 29 40 63 Total $ 313 $ 315 $ 624 $ 635 Per unit (1) $ 0.3325 $ 0.330 $ 0.6650 $ 0.660 (1) Per unit outstanding on the distribution record date. h) Earnings per unit The partnership’s net income per LP Unit and weighted average units outstanding are calculated as follows: Three months ended Jun. 30, Six months ended Jun. 30, (US$ Millions, except unit information) 2020 2019 2020 2019 Net (loss) income attributable to limited partners $ (586) $ 57 $ (814) $ 203 (Loss) income reallocation related to mandatorily convertible preferred shares (47) 6 (64) 19 Less: Preferred unit dividends attributable to limited partners (6) (3) (10) (3) Net (loss) income attributable to limited partners – basic (639) 60 (888) 219 Dilutive effect of conversion of preferred shares and options — — — — Net (loss) income attributable to limited partners – diluted $ (639) $ 60 $ (888) $ 219 (in millions of units/shares) Weighted average number of LP Units outstanding 437.6 421.0 439.1 423.7 Mandatorily convertible preferred shares 70.1 70.0 70.1 70.0 Weighted average number of LP Units - basic 507.7 491.0 509.2 493.7 Dilutive effect of the conversion of preferred shares and options — 0.1 — 0.1 Weighted average number of LP units outstanding - diluted 507.7 491.1 509.2 493.8 |
NON-CONTROLLING INTERESTS
NON-CONTROLLING INTERESTS | 6 Months Ended |
Jun. 30, 2020 | |
Non-Controlling Interest 1 [Abstract] | |
NON-CONTROLLING INTERESTS | NON-CONTROLLING INTERESTS Non-controlling interests consists of the following: (US$ Millions) Jun. 30, 2020 Dec. 31, 2019 Redeemable/Exchangeable Partnership Units and Special LP Units (1) $ 11,921 $ 13,200 Exchange LP Units (1) 78 87 FV LTIP units of the Operating Partnership (1) 52 35 BPYU Units (1) 1,506 1,930 Interests of others in operating subsidiaries and properties: Preferred shares held by Brookfield Asset Management 15 15 Preferred equity of subsidiaries 2,994 3,017 Non-controlling interests in subsidiaries and properties 12,375 12,953 Total interests of others in operating subsidiaries and properties 15,384 15,985 Total non-controlling interests $ 28,941 $ 31,237 (1) Each unit within these classes of non-controlling interest 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 changes as a result of issuances, repurchases and exchanges. 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 previous carrying amounts was attributed to current LP Units as ownership changes in the Condensed Consolidated Statement of Changes in Equity. Non-controlling interests of others in operating subsidiaries and properties consist of the following: Proportion of economic interests held by non-controlling interests (US$ Millions) Jurisdiction of formation Jun. 30, 2020 Dec. 31, 2019 Jun. 30, 2020 Dec. 31, 2019 BPO (1) Canada — % — % $ 4,715 $ 4,808 BPR Retail Holdings LLC (2) United States — % — % 1,625 1,787 BSREP CARS Sub-Pooling LLC (3) United States 74 % 71 % 1,000 973 BSREP II PBSA Ltd. (3) Bermuda 75 % 75 % 849 791 BSREP II MH Holdings LLC (3) United States 74 % 74 % 846 773 Center Parcs UK (3) United Kingdom 73 % 73 % 538 675 BSREP II Aries Pooling LLC (3) United States 74 % 74 % 532 554 BSREP II Retail Upper Pooling LLC (3) United States 50 % 50 % 526 541 BSREP II Korea Office Holdings Pte. Ltd. (3) South Korea 78 % 78 % 540 484 BSREP India Office Holdings Pte. Ltd. (3) United States 67 % 67 % 341 403 Other Various 33% - 84% 18% - 76% 3,872 4,196 Total $ 15,384 $ 15,985 (1) Includes non-controlling interests in BPO subsidiaries which vary from 1% - 100%. (2) Includes non-controlling interests in BPYU subsidiaries. (3) 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. |
COMMERCIAL PROPERTY REVENUE
COMMERCIAL PROPERTY REVENUE | 6 Months Ended |
Jun. 30, 2020 | |
Revenue [abstract] | |
COMMERCIAL PROPERTY REVENUE | COMMERCIAL PROPERTY REVENUE The components of commercial property revenue are as follows: Three months ended Jun. 30, Six months ended Jun. 30, (US$ Millions) 2020 2019 2020 2019 Base rent $ 870 $ 953 $ 1,789 $ 1,971 Straight-line rent 22 28 41 63 Lease termination 4 15 11 21 Other lease income (1) 160 150 357 324 Other revenue from tenants (2) 245 240 507 481 Total commercial property revenue $ 1,301 $ 1,386 $ 2,705 $ 2,860 (1) Other lease income includes parking revenue and recovery of property tax and insurance expenses from tenants. (2) Consists of recovery of certain operating expenses from tenants which are accounted for in accordance with IFRS 15, Revenue from Contracts with Customers. The components of investment and other revenue are as follows: Three months ended Jun. 30, Six months ended Jun. 30, (US$ Millions) 2020 2019 2020 2019 Investment income $ 24 $ 60 $ 47 $ 68 Fee revenue 50 58 113 122 Dividend income 2 2 36 3 Interest income and other 10 13 20 45 Participating loan notes — 4 — 7 Total investment and other revenue $ 86 $ 137 $ 216 $ 245 |
HOSPITALITY REVENUE
HOSPITALITY REVENUE | 6 Months Ended |
Jun. 30, 2020 | |
Revenue [abstract] | |
HOSPITALITY REVENUE | HOSPITALITY REVENUE The components of hospitality revenue are as follows: Three months ended Jun. 30, Six months ended Jun. 30, (US$ Millions) 2020 2019 2020 2019 Room, food and beverage $ 42 $ 378 $ 318 $ 738 Gaming, and other leisure activities 1 95 68 195 Other hospitality revenue 7 30 30 61 Total hospitality revenue $ 50 $ 503 $ 416 $ 994 |
INVESTMENT AND OTHER REVENUE
INVESTMENT AND OTHER REVENUE | 6 Months Ended |
Jun. 30, 2020 | |
Revenue [abstract] | |
INVESTMENT AND OTHER REVENUE | COMMERCIAL PROPERTY REVENUE The components of commercial property revenue are as follows: Three months ended Jun. 30, Six months ended Jun. 30, (US$ Millions) 2020 2019 2020 2019 Base rent $ 870 $ 953 $ 1,789 $ 1,971 Straight-line rent 22 28 41 63 Lease termination 4 15 11 21 Other lease income (1) 160 150 357 324 Other revenue from tenants (2) 245 240 507 481 Total commercial property revenue $ 1,301 $ 1,386 $ 2,705 $ 2,860 (1) Other lease income includes parking revenue and recovery of property tax and insurance expenses from tenants. (2) Consists of recovery of certain operating expenses from tenants which are accounted for in accordance with IFRS 15, Revenue from Contracts with Customers. The components of investment and other revenue are as follows: Three months ended Jun. 30, Six months ended Jun. 30, (US$ Millions) 2020 2019 2020 2019 Investment income $ 24 $ 60 $ 47 $ 68 Fee revenue 50 58 113 122 Dividend income 2 2 36 3 Interest income and other 10 13 20 45 Participating loan notes — 4 — 7 Total investment and other revenue $ 86 $ 137 $ 216 $ 245 |
DIRECT COMMERCIAL PROPERTY EXPE
DIRECT COMMERCIAL PROPERTY EXPENSE | 6 Months Ended |
Jun. 30, 2020 | |
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: Three months ended Jun. 30, Six months ended Jun. 30, (US$ Millions) 2020 2019 2020 2019 Property maintenance $ 162 $ 182 $ 336 $ 378 Real estate taxes 151 157 308 324 Employee compensation and benefits 38 40 80 88 Lease expense (1) 4 3 8 8 Other (2) 90 97 193 203 Total direct commercial property expense $ 445 $ 479 $ 925 $ 1,001 (1) For the three and six months ended June 30, 2020, operating expenses relating to variable lease payments not included in the measurement of the lease liability was nil and $4 million (2019 - $3 million and $7 million), respectively. |
DIRECT HOSPITALITY EXPENSE
DIRECT HOSPITALITY EXPENSE | 6 Months Ended |
Jun. 30, 2020 | |
Disclosure of detailed information about investment property [abstract] | |
DIRECT HOSPITALITY EXPENSE | DIRECT HOSPITALITY EXPENSE The components of direct hospitality expense are as follows: Three months ended Jun. 30, Six months ended Jun. 30, (US$ Millions) 2020 2019 2020 2019 Employee compensation and benefits $ 44 $ 111 $ 126 $ 194 Cost of food, beverage, and retail goods sold 11 63 80 144 Maintenance and utilities 20 37 57 79 Marketing and advertising 3 16 23 39 Other 28 79 110 170 Total direct hospitality expense $ 106 $ 306 $ 396 $ 626 |
DEPRECIATION AND AMORTIZATION
DEPRECIATION AND AMORTIZATION | 6 Months Ended |
Jun. 30, 2020 | |
Depreciation and amortisation expense [abstract] | |
DEPRECIATION AND AMORTIZATION | DEPRECIATION AND AMORTIZATION The components of depreciation and amortization expense are as follows: Three months ended Jun. 30, Six months ended Jun. 30, (US$ Millions) 2020 2019 2020 2019 Depreciation and amortization of real estate assets $ 66 $ 70 $ 135 $ 139 Depreciation and amortization of non-real estate assets (1) 17 15 35 31 Total depreciation and amortization $ 83 $ 85 $ 170 $ 170 (1) For the three and six months ended June 30, 2020, included $3 million and $5 million (2019 - $2 million and $4 million), respectively, of depreciation expense relating to right-of-use property, plant and equipment. |
GENERAL AND ADMINISTRATIVE EXPE
GENERAL AND ADMINISTRATIVE EXPENSE | 6 Months Ended |
Jun. 30, 2020 | |
Disclosure Of General And Administrative Expense [Abstract] | |
GENERAL AND ADMINISTRATIVE EXPENSE | GENERAL AND ADMINISTRATIVE EXPENSE The components of general and administrative expense are as follows: Three months ended Jun. 30, Six months ended Jun. 30, (US$ Millions) 2020 2019 2020 2019 Employee compensation and benefits $ 98 $ 94 $ 197 $ 182 Management fees 24 34 48 72 Transaction costs 4 20 7 42 Other 69 71 139 146 Total general and administrative expense $ 195 $ 219 $ 391 $ 442 |
FAIR VALUE GAINS (LOSSES), NET
FAIR VALUE GAINS (LOSSES), NET | 6 Months Ended |
Jun. 30, 2020 | |
Disclosure of fair value measurement of assets [abstract] | |
FAIR VALUE GAINS (LOSSES), NET | FAIR VALUE GAINS (LOSSES), NET The components of fair value gains (losses), net, are as follows: Three months ended Jun. 30, Six months ended Jun. 30, (US$ Millions) 2020 2019 2020 2019 Commercial properties $ (907) $ (1,144) $ (996) $ (837) Commercial developments 94 124 182 287 Incentive fees (1) (1) — (7) — Financial instruments and other (2) 11 (72) (292) (172) Total fair values (losses) gains, net $ (803) $ (1,092) $ (1,113) $ (722) (1) Represents incentive fees the partnership is obligated to pay to the general partner of the partnership’s various fund investments. (2) For the three and six months ended June 30, 2020, primarily includes fair value losses on financial instruments. |
UNIT-BASED COMPENSATION
UNIT-BASED COMPENSATION | 6 Months Ended |
Jun. 30, 2020 | |
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 three and six months ended June 30, 2020, the partnership incurred $6 million and $12 million (2019 - $8 million and $11 million), respectively, 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. Upon exercise of a vested BPY Award, the participant is entitled to receive LP 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 certain employees. 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. There were no BPY Awards granted during the period ended June 30, 2020. i. Equity-settled BPY Awards The change in the number of options outstanding under the equity-settled BPY Awards at June 30, 2020 and December 31, 2019 is as follows: Jun. 30, 2020 Dec. 31, 2019 Number of options Weighted average exercise price Number of options Weighted average exercise price Outstanding, beginning of period 19,915,189 $ 20.58 13,836,213 $ 20.56 Granted — — — — Exercised — — (425,171) 15.06 Expired/forfeited (43,802) 21.07 (203,978) 21.60 Reclassified (1) — — 6,708,125 20.20 Outstanding, end of period 19,871,387 20.58 19,915,189 20.58 Exercisable, end of period 11,484,219 $ 20.56 11,484,219 $ 20.56 (1) Relates to the reclassification of cash-settled options for employees in Canada to equity-settled options subsequent to the amendment of the BPY Plan, which was amended on September 30, 2019. The following table sets out details of options issued and outstanding at June 30, 2020 and December 31, 2019 under the equity-settled BPY Awards by expiry date: Jun. 30, 2020 Dec. 31, 2019 Expiry date Number of options Weighted average exercise price Number of options Weighted average exercise price 2020 — $ — — $ — 2021 389,800 17.44 389,800 17.44 2022 987,700 18.09 987,700 18.09 2023 1,108,420 16.80 1,108,420 16.80 2024 11,787,572 20.59 11,794,215 20.59 2025 1,937,175 25.18 1,947,979 25.18 2026 2,766,970 19.51 2,793,325 19.51 2027 93,750 22.92 93,750 22.92 2028 800,000 22.50 800,000 22.50 Total 19,871,387 $ 20.58 19,915,189 $ 20.58 ii. Cash-settled BPY Awards The change in the number of options outstanding under the cash-settled BPY Awards at June 30, 2020 and December 31, 2019 is as follows: Jun. 30, 2020 Dec. 31, 2019 Number of options Weighted average exercise price Number of options Weighted average exercise price Outstanding, beginning of period 603,891 $ 21.55 7,331,416 $ 20.38 Granted — — — — Exercised — — (19,400) 12.63 Expired/forfeited — — — — Reclassified (1) — — (6,708,125) 20.20 Outstanding, end of period 603,891 21.55 603,891 21.55 Exercisable, end of period 505,092 $ 21.48 505,092 $ 21.48 (1) Relates to the reclassification of cash-settled options for employees in Canada to equity-settled options subsequent to the amendment of the BPY Plan, which was amended on September 30, 2019. The following table sets out details of options issued and outstanding at June 30, 2020 and December 31, 2019 under the cash-settled BPY Awards by expiry date: Jun. 30, 2020 Dec. 31, 2019 Expiry date Number of options Weighted average exercise price Number of options Weighted average exercise price 2020 — $ — — $ — 2021 24,000 17.44 24,000 17.44 2022 22,200 17.93 22,200 17.93 2023 28,800 16.80 28,800 16.80 2024 175,416 20.59 175,416 20.59 2025 213,038 25.18 213,038 25.18 2026 140,437 19.51 140,437 19.51 Total 603,891 $ 21.55 603,891 $ 21.55 b) Restricted BPY LP Unit Plan The Brookfield Property Group 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 June 30, 2020, the total number of Restricted Units outstanding was 529,053 (December 31, 2019 - 797,674) with a weighted average exercise price of $19.50 (December 31, 2019 - $19.53). 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 As of June 30, 2020, the total number of Canadian Restricted Units outstanding was 503,691 (December 31, 2019 - 393,980) with a weighted average exercise price of C$25.38 (December 31, 2019 - C$25.59). d) Restricted BPYU Unit Plan The Restricted BPYU Unit Plan provides for awards to participants of BPYU Units purchased on the Nasdaq (“Restricted BPYU Units”). Under the Restricted BPYU Unit Plan, units awarded generally vest over a period of five years, except as otherwise determined or for Restricted BPYU 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 June 30, 2020, the total number of Restricted BPYU Units outstanding was 1,928,228 (December 31, 2019 - 357,313) with a weighted average exercise price of $18.85 (December 31, 2019 - $19.22) . e) BPY FV LTIP Unit Plan The partnership issued FV LTIP Units to certain participants. Each BPY FV LTIP Unit will vest over a period of five years and is redeemable for LP Units, BPYU Units or a cash payment subject to a conversion adjustment. As of June 30, 2020, the total number of BPY FV LTIP Units was 1,896,394 (December 31, 2019 - 1,156,114) with a weighted average exercise price of $18.75 (December 31, 2019 -$18.87) f) Deferred Share Unit Plan In addition to the above, BPO has a deferred share unit plan. At June 30, 2020, BPO has 1,628,482 deferred share units (December 31, 2019 - 1,514,124) outstanding and vested. g) GGP LTIP Plans In connection with the GGP acquisition, the partnership issued options under the Brookfield Property Partners BPY Unit Option Plan (GGP) (“GGP Options”) and BPY AO LTIP Units of the operating partnership (“AO LTIP Options”) to certain participants. 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 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 June 30, 2020, the total number of GGP Options outstanding was 175,799 (December 31, 2019 - 237,881) with a weighted average exercise price of $25.66 (December 31, 2019 - $25.39). As of June 30, 2020, the total number of AO LTIP Options outstanding was 1,096,033 (December 31, 2019 - 1,657,948) with a weighted average exercise price of $22.53 (December 31, 2019 - $22.51). |
OTHER COMPREHENSIVE INCOME (LOS
OTHER COMPREHENSIVE INCOME (LOSS) | 6 Months Ended |
Jun. 30, 2020 | |
Disclosure of analysis of other comprehensive income by item [abstract] | |
OTHER COMPREHENSIVE INCOME (LOSS) | OTHER COMPREHENSIVE INCOME (LOSS) Other comprehensive income (loss) consists of the following: Three months ended Jun. 30, Six months ended Jun. 30, (US$ Millions) 2020 2019 2020 2019 Items that may be reclassified to net income: Foreign currency translation Net unrealized foreign currency translation (losses) gains in respect of foreign operations $ 149 $ (161) $ (1,024) $ — Reclassification of realized foreign currency translation gains to net income on dispositions of foreign operations — — — 26 Gains (losses) on hedges of net investments in foreign operations, net of income taxes for the three and six months ended Jun. 30, 2020 of nil and nil (2019 – $(1) million and nil) (48) 86 771 49 Reclassification gains from hedges of net investment in foreign operation to net income on disposition of foreign operations — — — 2 101 (75) (253) 77 Cash flow hedges Gains (losses) on derivatives designated as cash flow hedges, net of income taxes for the three and six months ended Jun. 30, 2020 of $(5) million and $(6) million (2019 – $(2) million and $(5) million) 77 (8) (77) (40) 77 (8) (77) (40) Equity accounted investments Share of unrealized foreign currency translation gains (losses) in respect of foreign operations 1 — 1 (1) Reclassification gains from hedges of net investment in foreign operation to net income on disposition of foreign operations — — — 1 (Losses) on derivatives designated as cash flow hedges (10) (49) (79) (51) (9) (49) (78) (51) Items that will not be reclassified to net income: Unrealized (losses) on securities - FVTOCI, net of income taxes for the three and six months ended Jun. 30, 2020 of $8 million and $30 million (2019 – $(1) million and nil) 3 — 25 1 Share of revaluation surplus on equity accounted investments (196) — (217) — Net remeasurement (losses) on defined benefit obligations (1) (1) (1) (1) Revaluation surplus, net of income taxes for the three and six months ended Jun. 30, 2020 of $1 million and $(38) million (2019 – nil and nil) (159) — (255) — (353) (1) (448) — Total other comprehensive (loss) income $ (184) $ (133) $ (856) $ (14) |
OBLIGATIONS, GUARANTEES, CONTIN
OBLIGATIONS, GUARANTEES, CONTINGENCIES AND OTHER | 6 Months Ended |
Jun. 30, 2020 | |
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 June 30, 2020, the partnership has commitments totaling: • approximately $2,049 million for the development of Manhattan West in Midtown New York, Greenpoint Landing in Brooklyn, 755 Figueroa in Los Angeles and Halley Rise in Washington D.C. as well as the redevelopment of One Allen Center, Two Allen Center, and Three Allen Center in Houston; • approximately A$667 million ($460 million) for the development of 388 George Street in Sydney; 1 The Esplanade in Sydney; 405 Bourke Street in Melbourne; and Elizabeth Quay in Perth; • approximately £17 million ($21 million) for the development of 100 Bishopsgate and Principal Place Residential in London; and • approximately AED 245 million ($67 million) for the development of ICD Brookfield Place in Dubai. During 2013, Brookfield Asset Management announced the final close on the $4.4 billion Brookfield Strategic Real Estate Partners (“BSREP”) fund, 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 June 30, 2020, 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 to which the partnership had committed $2.3 billion as lead investor. As of June 30, 2020, there remained approximately $790 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 of June 30, 2020, there remained approximately $210 million of uncontributed capital commitments. In September 2018, Brookfield Asset Management announced the final close on the $1.0 billion third Brookfield Fairfield U.S. Multifamily Value Add Fund (“VAMF”) to which the partnership had committed $300 million. As of June 30, 2020, there remained approximately $150 million of uncontributed capital commitments. In January 2019, Brookfield Asset Management announced the final close on the $15.0 billion third BSREP fund to which the partnership has committed $1.0 billion. As of June 30, 2020, there remained approximately $650 million of uncontributed capital commitments. 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. |
RELATED PARTIES
RELATED PARTIES | 6 Months Ended |
Jun. 30, 2020 | |
Related Party [Abstract] | |
RELATED PARTIES | RELATED PARTIES In the normal course of operations, the partnership enters into transactions with related parties. These transactions have been measured at exchange value and are recognized in the consolidated financial statements. The immediate parent of the partnership is Brookfield Property Partners Limited. The ultimate parent of the partnership is Brookfield Asset Management. Other related parties of the partnership include 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 amount 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. The base management fee for the three and six months ended June 30, 2020 was $14 million (2019 - $23 million) and $28 million (2019 - $47 million), respectively. The equity enhancement distribution for the three and six months ended June 30, 2020 was nil (2019 - $3 million) and nil (2019 - $14 million), respectively. In connection with the issuance of preferred equity units of the operating partnership to a third party in the fourth quarter of 2014, Brookfield Asset Management contingently agreed to acquire the seven ten twelve The following table summarizes transactions with related parties: (US$ Millions) Jun. 30, 2020 Dec. 31, 2019 Balances outstanding with related parties: Net (payables)/receivables within equity accounted investments (69) (81) Loans and notes receivable 74 102 Receivables and other assets 57 17 Deposit and promissory note from Brookfield Asset Management (730) — Loans and notes payable and other liabilities (296) (196) Preferred shares held by Brookfield Asset Management (15) (15) Three months ended Jun. 30, Six months ended Jun. 30, (US$ Millions) 2020 2019 2020 2019 Transactions with related parties: Commercial property revenue (1) $ 8 $ 7 $ 15 $ 13 Management fee income 15 8 25 16 Participating loan interests (including fair value gains, net) — 39 — 48 Interest expense on debt obligations 2 13 9 29 Interest on capital securities held by Brookfield Asset Management — 1 — 8 General and administrative expense (2) 35 37 73 87 Construction costs (3) 110 60 228 262 Incentive fees 1 — 7 — (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 private funds, and administrative services. (3) Includes amounts paid to Brookfield Asset Management and its subsidiaries for construction costs of development properties. |
SUBSIDIARY PUBLIC ISSUERS
SUBSIDIARY PUBLIC ISSUERS | 6 Months Ended |
Jun. 30, 2020 | |
Separate Financial Statements [Abstract] | |
SUBSIDIARY PUBLIC ISSUERS | 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 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 Revenue $ — $ 10 $ 43 $ — $ 15 $ 186 $ — $ 1,183 $ 1,437 Net income attributable to unitholders (1) (627) (63) (117) — (49) (1,253) 57 799 (1,253) For the three months ended Jun. 30, 2019 Revenue $ — $ 12 $ 30 $ — $ 11 $ 716 $ 84 $ 1,173 $ 2,026 Net income attributable to unitholders (1) 62 56 149 — (40) 127 137 (364) 127 (1) Includes net income attributable to LP Units, GP Units, Redeemable/Exchangeable Partnership Units, Special LP Units, Exchange LP Units and BPYU 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 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 Revenue $ — $ 74 $ 82 $ — $ 30 $ 386 $ 4 $ 2,761 $ 3,337 Net income attributable to unitholders (1) (871) (7) (90) — 63 (1,739) (16) 921 (1,739) For the six months ended Jun. 30, 2019 Revenue $ — $ 23 $ 60 $ — $ 19 $ 1,272 $ 278 $ 2,447 $ 4,099 Net income attributable to unitholders (1) 224 163 598 — (32) 460 516 (1,469) 460 (1) Includes net income attributable to LP Units, GP Units, Redeemable/Exchangeable Partnership Units, Special LP Units, Exchange LP Units, FV LTIP Units and BPYU 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 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 Current assets $ — $ 532 $ 250 $ — $ 1,006 $ 8,471 $ 182 $ (7,197) $ 3,244 Non-current assets 13,107 28,535 23,231 — 397 30,582 2,057 7,195 105,104 Assets held for sale — — — — — — — 137 137 Current liabilities — 3,342 307 — 14 6,515 1,535 4,967 16,680 Non-current liabilities — 6,050 6,329 — 1,352 6,343 608 29,474 50,156 Liabilities associated with assets held for sale — — — — — — — 70 70 Preferred equity 699 — — — — — — — 699 Equity attributable to interests of others in operating subsidiaries and properties — — 2,284 — — — — 13,100 15,384 Equity attributable to unitholders (1) $ 12,408 $ 19,675 $ 14,561 $ — $ 37 $ 26,195 $ 96 $ (47,476) $ 25,496 (1) Includes net income attributable to LP Units, GP Units, Redeemable/Exchangeable Partnership Units, Special LP Units, Exchange LP Units, FV LTIP Units and BPYU 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 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 Current assets $ — $ 12 $ 127 $ — $ 673 $ 8,436 $ 176 $ (6,522) $ 2,902 Non-current assets 14,517 11,739 23,830 — 429 29,367 2,049 26,423 108,354 Assets held for sale — — — — — — — 387 387 Current liabilities — 995 131 — 15 5,981 1,129 4,075 12,326 Non-current liabilities — 6,173 6,744 — 1,078 2,871 519 36,857 54,242 Liabilities associated with assets held for sale — — — — — — — 140 140 Preferred equity 420 — — — — — — — 420 Equity attributable to interests of others in operating subsidiaries and properties — — 2,284 — — — — 13,701 15,985 Equity attributable to unitholders (1) $ 14,097 $ 4,583 $ 14,798 $ — $ 9 $ 28,951 $ 577 $ (34,485) $ 28,530 (1) Includes net income attributable to LP Units, GP Units, Redeemable/Exchangeable Partnership Units, Special LP Units, Exchange LP Units, FV LTIP Units and BPYU 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
SEGMENT INFORMATION | 6 Months Ended |
Jun. 30, 2020 | |
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. The partnership’s operating segments are organized into four reportable segments: i) Core Office, ii) Core Retail, iii) LP Investments and iv) Corporate. This is consistent with how the partnership presents financial information to the CODM and investors. 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. c) Reportable segment measures The following summaries present certain financial information regarding the partnership’s operating segments for the three and six months ended June 30, 2020 and 2019: (US$ Millions) Total revenue FFO Three months ended Jun. 30, 2020 2019 2020 2019 Core Office $ 494 $ 558 $ 115 $ 165 Core Retail 370 363 147 161 LP Investments 571 1,102 (11) 70 Corporate 2 3 (81) (105) Total $ 1,437 $ 2,026 $ 170 $ 291 (US$ Millions) Total revenue FFO Six months ended Jun. 30, 2020 2019 2020 2019 Core Office $ 1,024 $ 1,071 $ 236 $ 289 Core Retail 814 742 335 328 LP Investments 1,495 2,280 38 145 Corporate 4 6 (165) (213) Total $ 3,337 $ 4,099 $ 444 $ 549 The following summaries presents the detail of total revenue from the partnership’s operating segments for the three and six months ended June 30, 2020 and 2019: (US$ Millions) Lease revenue Other revenue from tenants Hospitality revenue Investment and other revenue Total revenue Three months ended Jun. 30, 2020 Core Office $ 347 $ 105 $ (2) $ 44 $ 494 Core Retail 273 73 — 24 370 LP Investments 436 67 52 16 571 Corporate — — — 2 2 Total $ 1,056 $ 245 $ 50 $ 86 $ 1,437 (US$ Millions) Lease revenue Other revenue from tenants Hospitality revenue Investment and other revenue Total revenue Three months ended Jun. 30, 2019 Core Office $ 384 $ 94 $ 4 $ 76 $ 558 Core Retail 255 69 — 39 363 LP Investments 507 77 499 19 1,102 Corporate — — — 3 3 Total $ 1,146 $ 240 $ 503 $ 137 $ 2,026 (US$ Millions) Lease revenue Other revenue from tenants Hospitality revenue Investment and other revenue Total revenue Six months ended Jun. 30, 2020 Core Office $ 715 $ 221 $ 5 $ 83 $ 1,024 Core Retail 569 148 — 97 814 LP Investments 914 138 411 32 1,495 Corporate — — — 4 4 Total $ 2,198 $ 507 $ 416 $ 216 $ 3,337 (US$ Millions) Lease revenue Other revenue from tenants Hospitality revenue Investment and other revenue Total revenue Six months ended Jun. 30, 2019 Core Office $ 771 $ 178 $ 6 $ 116 $ 1,071 Core Retail 518 146 — 78 742 LP Investments 1,090 157 988 45 2,280 Corporate — — — 6 6 Total $ 2,379 $ 481 $ 994 $ 245 $ 4,099 The following summary presents information about certain consolidated balance sheet items of the partnership, on a segmented basis, as of June 30, 2020 and December 31, 2019: Total assets Total liabilities (US$ Millions) Jun. 30, 2020 Dec. 31, 2019 Jun. 30, 2020 Dec. 31, 2019 Core Office $ 35,504 $ 36,758 $ 17,164 $ 17,592 Core Retail 32,114 32,921 17,539 16,996 LP Investments 40,697 41,838 26,951 27,457 Corporate 170 126 5,252 4,663 Total $ 108,485 $ 111,643 $ 66,906 $ 66,708 The following summary presents a reconciliation of FFO to net income for the three and six months ended June 30, 2020 and 2019: Three months ended Jun. 30, Six months ended Jun. 30, (US$ Millions) 2020 2019 2020 2019 FFO (1) $ 170 $ 291 $ 444 $ 549 Depreciation and amortization of real estate assets (66) (70) (135) (139) Fair value gains, net (803) (1,092) (1,113) (722) Share of equity accounted income - non-FFO (908) 618 (1,158) 645 Income tax expense 48 62 (113) (26) Non-controlling interests of others in operating subsidiaries and properties – non-FFO 306 318 336 153 Net (loss) income attributable to unitholders (2) (1,253) 127 (1,739) 460 Non-controlling interests of others in operating subsidiaries and properties (259) (104) (146) 276 Net (loss) income $ (1,512) $ 23 $ (1,885) $ 736 (1) FFO represents interests attributable to GP Units, LP Units, Exchange LP Units, Redeemable/Exchangeable Partnership Units, Special LP Units, FV LTIP Units and BPYU Units. The interests attributable to Exchange LP Units, Redeemable/Exchangeable Partnership Units, Special LP Units, FV LTIP Units and BPYU Units are presented as non-controlling interests in the consolidated statements of income. (2) Includes net income attributable to GP Units, LP Units, Exchange LP Units, Redeemable/Exchangeable Partnership Units, Special LP Units, FV LTIP Units and BPYU Units. The interests attributable to Exchange LP Units, Redeemable/Exchangeable Partnership Units, Special LP Units, FV LTIP Units and BPYU Units are presented as non-controlling interests in the consolidated statements of income. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 6 Months Ended |
Jun. 30, 2020 | |
Disclosure of events after reporting period [Abstract] | |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTS On July 2, 2020 the partnership announced its intention to commence a substantial issuer bid (the “Offer”) to purchase up to 74,166,670 of BPY’s limited partnership units from public unitholders for a price of $12.00 per unit, for a total value of approximately $890 million. The partnership will fund the Offer by drawing on a $1 billion equity commitment it has received from Brookfield Asset Management. The equity commitment can be called by the partnership in exchange for the issuance of its LP Units and/or Redeemable/Exchangeable Units at a price equal to the unit price being paid by the partnership under the Offer. The Offer is set to expire on August 28, 2020. On August 5, 2020, the board of directors declared a quarterly distribution on the partnership’s LP Units of $0.3325 per unit ($1.33 on an annualized basis) payable on September 30, 2020 to unitholders of record at the close of business on August 31, 2020. On August 5, 2020, the board of directors approved the addition of certain subsidiaries of the partnership as borrowers to a credit facility under which the partnership may borrow up to $500 million. The facility matures on April 13, 2022 and is guaranteed by Brookfield Asset Management. As at August 7, 2020, nil was drawn on this facility. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 6 Months Ended |
Jun. 30, 2020 | |
Disclosure Of Significant Accounting Policies [Abstract] | |
Statement of compliance and Basis of presentation | nterim condensed consolidated financial statements of the partnership and its subsidiaries have been prepared in accordance with International Accounting Standard (“IAS”) 34, Interim Financial Reporting , as issued by the International Accounting Standards Board (“IASB”). Accordingly, certain information and footnote disclosures normally included in the consolidated financial statements prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the IASB, have been omitted or condensed. |
Adoption of Accounting Standards, COVID-19 Related Rent Concessions, Amendment to IFRS 16 Leases (IFRS 16 Amendment) | Adoption of Accounting Standards: COVID-19 Related Rent Concessions, Amendment to IFRS 16 – Leases (“IFRS 16 Amendment”)The partnership early adopted the IFRS 16 Amendment as of April 1, 2020. The IFRS 16 Amendment provides the partnership as lessee only with an optional exemption from assessing whether rent concessions related to COVID-19 meeting certain conditions are lease modifications. Such qualifying rent concessions are accounted for as if they are not lease modifications, generally resulting in the effects of rent abatements being recognized as variable lease payments. The Partnership has applied the practical expedient to all such qualifying rent concessions. The adoption of the IFRS 16 Amendment did not have a material impact on the results of the partnership. |
Estimates | Estimates The preparation of the partnership’s interim condensed consolidated financial statements in accordance with IAS 34 requires the use of certain critical accounting estimates and assumptions. It also requires management to exercise judgment in applying the partnership’s accounting policies. The accounting policies and critical estimates and assumptions have been set out in Note 2, Summary of Significant Accounting Policies , to the partnership’s consolidated financial statements for the year ended December 31, 2019 and have been consistently applied in the preparation of the interim condensed consolidated financial statements as of and for the three and six months ended June 30, 2020. Prior to the end of the first quarter, there was a global outbreak of a new strain of Coronavirus (“COVID-19”) which prompted certain responses from global government authorities across the various geographies in which the partnership owns and operates investment properties (“Global Economic Shutdown” or “the Shutdown”). Such responses, have included mandatory temporary closure of, or imposed limitations on, the operations of certain non-essential properties and businesses including office properties and retail malls and associated businesses which operate within these properties such as retailers and restaurants. In addition, shelter-in-place mandates and severe travel restrictions have had a significant adverse impact on consumer spending and demand in the near term. These negative economic indicators, restrictions and closure have created significant estimation uncertainty in the determination of the fair value of investment properties as of June 30, 2020. Due to uncertainty surrounding COVID-19, the volatility of current markets, pace and size of government policy responses and the lack of private |
INVESTMENT PROPERTIES (Tables)
INVESTMENT PROPERTIES (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Investment property [abstract] | |
Schedule of roll forward of investment property balances | The following table presents a roll forward of the partnership’s investment property balances, all of which are considered Level 3 within the fair value hierarchy, for the six months ended June 30, 2020 and the year ended December 31, 2019: Six months ended Jun. 30, 2020 Year ended Dec. 31, 2019 (US$ Millions) Commercial properties Commercial developments Total Commercial properties Commercial developments Total Balance, beginning of period $ 71,565 $ 3,946 $ 75,511 $ 76,014 $ 4,182 $ 80,196 Changes resulting from: Property acquisitions 401 116 517 6,797 246 7,043 Capital expenditures 558 459 1,017 1,540 1,229 2,769 Accounting policy change (1) — — — 704 22 726 Property dispositions (2) (603) (21) (624) (742) (37) (779) Fair value gains (losses), net (996) 182 (814) 301 557 858 Foreign currency translation (1,252) (173) (1,425) 69 72 141 Transfer between commercial properties and commercial developments 1,914 (1,914) — 354 (354) — Impact of deconsolidation due to loss of control (3) — — — (10,701) (798) (11,499) Reclassifications to assets held for sale and other changes (113) 12 (101) (2,771) (1,173) (3,944) Balance, end of period (4) $ 71,474 $ 2,607 $ 74,081 $ 71,565 $ 3,946 $ 75,511 (1) The prior year primarily includes the impact of the adoption of IFRS 16, Leases (“IFRS 16”) through the recognition of right-of-use (“ROU”) assets. (2) Property dispositions represent the fair value on date of sale. (3) The prior year primarily includes the impact of the deconsolidation of Brookfield Strategic Real Estate Partners III (“BSREP III”) investments. See below for further information. (4) Includes right-of-use commercial properties and commercial developments of $732 million and $9 million, respectively, as of June 30, 2020. Current lease liabilities of $38 million have been included in accounts payable and other liabilities and non-current lease liabilities of $703 million have been included in other non-current liabilities. |
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: Jun. 30, 2020 Dec. 31, 2019 Consolidated properties Primary valuation method Discount rate Terminal capitalization rate Investment horizon (years) Discount rate Terminal capitalization rate Investment horizon (years) Core Office United States Discounted cash flow 7.0 % 5.7 % 12 7.0 % 5.6 % 12 Canada Discounted cash flow 5.9 % 5.2 % 10 5.9 % 5.2 % 10 Australia Discounted cash flow 6.5 % 5.8 % 10 6.8 % 5.9 % 10 Europe Discounted cash flow 5.1 % 4.0 % 10 4.6 % 4.1 % 11 Brazil Discounted cash flow 7.9 % 7.4 % 10 7.9 % 7.4 % 10 Core Retail Discounted cash flow 6.9 % 5.4 % 10 6.7 % 5.4 % 10 LP Investments- Office Discounted cash flow 9.7 % 7.3 % 7 10.0 % 7.3 % 7 LP Investments- Retail Discounted cash flow 8.6 % 7.0 % 10 8.8 % 7.3 % 10 Mixed-use Discounted cash flow 7.3 % 5.2 % 10 7.6 % 5.4 % 10 Logistics (1) Direct capitalization 5.8 % n/a n/a 5.8 % n/a 10 Multifamily (1) Direct capitalization 5.0 % n/a n/a 5.1 % n/a n/a Triple Net Lease (1) Direct capitalization 6.2 % n/a n/a 6.3 % n/a n/a Self-storage (1) Direct capitalization 5.6 % n/a n/a 5.6 % n/a n/a Student Housing (1) Direct capitalization 4.9 % n/a n/a 5.8 % n/a n/a Manufactured Housing (1) Direct capitalization 5.5 % n/a n/a 5.5 % n/a n/a (1) The valuation method used to value multifamily, triple net lease, self-storage, student housing, logistics 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. |
Schedule of investment properties measured at fair value | The following table presents the change in the balance of financial assets and financial liabilities accounted for at fair value categorized as Level 3 as of June 30, 2020 and December 31, 2019: Jun. 30, 2020 Dec. 31, 2019 (US$ Millions) Financial assets Financial liabilities Financial assets Financial liabilities Balance, beginning of period $ 1,371 $ 922 $ 767 $ 838 Acquisitions 188 — 950 — Dispositions (2) — (125) — Fair value gains, net and OCI (91) (13) 206 8 Other — (5) (427) 76 Balance, end of period $ 1,466 $ 904 $ 1,371 $ 922 |
Schedule of fair value measurement of assets sensitivity | 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 the six months ended June 30, 2020, for properties valued using the discounted cash flow or direct capitalization method, respectively: Jun. 30, 2020 (US$ Millions) Impact on fair value of commercial properties Core Office United States 754 Canada 218 Australia 120 Europe 52 Brazil 10 Core Retail 1,134 LP Investments LP Investments- Office 385 LP Investments- Retail 222 Mixed-use 130 Logistics 3 Multifamily 127 Triple Net Lease 155 Self-storage 40 Student Housing 104 Manufactured Housing 110 Total $ 3,564 |
EQUITY ACCOUNTED INVESTMENTS (T
EQUITY ACCOUNTED INVESTMENTS (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
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 Carrying value (US$ Millions) Principal activity Principal place of business Jun. 30, 2020 Dec. 31, 2019 Jun. 30, 2020 Dec. 31, 2019 Joint Ventures Canary Wharf Joint Venture (1) Property holding company United Kingdom 50 % 50 % $ 3,204 $ 3,578 Ala Moana Center, Hawaii Property holding company United States 50 % 50 % 1,873 1,946 Manhattan West, New York Property holding company United States 56 % 56 % 1,956 1,918 BPYU JV Pool A Property holding company United States 50 % 50 % 1,745 1,882 BPYU JV Pool B Property holding company United States 51 % 51 % 1,175 1,366 Fashion Show, Las Vegas Property holding company United States 50 % 50 % 846 832 BPYU JV Pool C Property holding company United States 50 % 50 % 702 777 Grace Building, New York Property holding company United States 50 % 50 % 747 716 BPYU JV Pool D Property holding company United States 48 % 48 % 564 649 Southern Cross East, Melbourne Property holding company Australia 50 % 50 % 389 466 The Grand Canal Shoppes, Las Vegas Property holding company United States 50 % 50 % 423 414 One Liberty Plaza, New York Property holding company United States 51 % 51 % 381 409 680 George Street, Sydney Property holding company Australia 50 % 50 % 327 340 Brookfield Brazil Retail Fundo de Investimento em Participaçõe Holding company Brazil 46 % 46 % 237 335 Baybrook Mall, Texas Property holding company United States 51 % 51 % 266 332 Brookfield D.C. Office Partners LLC ("D.C. Venture"), Washington, D.C. Property holding company United States 51 % 51 % 277 283 The Mall in Columbia, Maryland Property holding company United States 50 % 50 % 251 282 BPYU JV Pool F Property holding company United States 51 % 51 % 261 278 BPYU JV Pool G Property holding company United States 68 % 68 % 246 254 Miami Design District, Florida Property holding company United States 22 % 22 % 234 252 Other (2) Various Various 14% - 55% 14% - 55% 3,053 3,119 19,157 20,428 Associates Various Various Various 16% -31% 23% - 31% 268 336 268 336 Total $ 19,425 $ 20,764 (1) Stork Holdco LP is the joint venture through which the partnership acquired Canary Wharf Group plc in London. (2) Other joint ventures consists of approximately 36 joint ventures. |
Schedule of change in equity investments | The following table presents the change in the balance of the partnership’s equity accounted investments as of June 30, 2020 and December 31, 2019: Six months ended Year ended (US$ Millions) Jun. 30, 2020 Dec. 31, 2019 Equity accounted investments, beginning of period $ 20,764 $ 22,698 Additions 191 684 Disposals and return of capital distributions (40) (764) Share of net earnings from equity accounted investments (793) 1,969 Distributions received (186) (470) Foreign currency translation (385) 127 Reclassification from (to) assets held for sale (1) 223 (189) Impact of deconsolidation due to loss of control (2) — (1,434) Other comprehensive income and other (3) (349) (1,857) Equity accounted investments, end of period $ 19,425 $ 20,764 (1) The partnership’s interest in the Diplomat Resort and Spa (“Diplomat”) in Florida was reclassified from assets held for sale in the second quarter of 2020. (2) The prior year includes the impact of the deconsolidation of BSREP III investments, primarily Forest City. See above for further information. (3) The partnership acquired an incremental interest in Park Meadows in Colorado, Towson Town Center in Maryland, Perimeter Mall in Georgia, Shops at Merrick Park in Florida and 730 Fifth Avenue in New York during 2019, bringing its ownership in each of the malls to 100%. As a result, the partnership now consolidates its interest in the assets. The partnership also acquired an incremental interest in One and Two London Wall Place in London during 2019. As a result, the partnership now consolidates its interest in the assets. |
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: Jun. 30, 2020 Dec. 31, 2019 Equity accounted investments Primary valuation method Discount rate Terminal capitalization rate Investment horizon (yrs) Discount rate Terminal capitalization rate Investment horizon (yrs) Core Office United States Discounted cash flow 6.8 % 5.0 % 11 6.8 % 4.9 % 11 Australia Discounted cash flow 6.4 % 5.2 % 10 6.5 % 5.2 % 10 Europe Discounted cash flow 4.7 % 4.7 % 9 4.6 % 5.0 % 10 Core Retail United States Discounted cash flow 6.3 % 4.9 % 10 6.3 % 4.9 % 10 LP Investments - Office Discounted cash flow 6.0 % 5.3 % 10 6.0 % 5.3 % 10 LP Investments - Retail Discounted cash flow 7.4 % 6.1 % 10 7.4 % 6.2 % 10 Multifamily (1) Direct capitalization 4.4 % n/a n/a 5.3 % n/a n/a (1) 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. |
Disclosure of associates | Proportion of ownership interests Carrying value (US$ Millions) Principal activity Principal place of business Jun. 30, 2020 Dec. 31, 2019 Jun. 30, 2020 Dec. 31, 2019 Joint Ventures Canary Wharf Joint Venture (1) Property holding company United Kingdom 50 % 50 % $ 3,204 $ 3,578 Ala Moana Center, Hawaii Property holding company United States 50 % 50 % 1,873 1,946 Manhattan West, New York Property holding company United States 56 % 56 % 1,956 1,918 BPYU JV Pool A Property holding company United States 50 % 50 % 1,745 1,882 BPYU JV Pool B Property holding company United States 51 % 51 % 1,175 1,366 Fashion Show, Las Vegas Property holding company United States 50 % 50 % 846 832 BPYU JV Pool C Property holding company United States 50 % 50 % 702 777 Grace Building, New York Property holding company United States 50 % 50 % 747 716 BPYU JV Pool D Property holding company United States 48 % 48 % 564 649 Southern Cross East, Melbourne Property holding company Australia 50 % 50 % 389 466 The Grand Canal Shoppes, Las Vegas Property holding company United States 50 % 50 % 423 414 One Liberty Plaza, New York Property holding company United States 51 % 51 % 381 409 680 George Street, Sydney Property holding company Australia 50 % 50 % 327 340 Brookfield Brazil Retail Fundo de Investimento em Participaçõe Holding company Brazil 46 % 46 % 237 335 Baybrook Mall, Texas Property holding company United States 51 % 51 % 266 332 Brookfield D.C. Office Partners LLC ("D.C. Venture"), Washington, D.C. Property holding company United States 51 % 51 % 277 283 The Mall in Columbia, Maryland Property holding company United States 50 % 50 % 251 282 BPYU JV Pool F Property holding company United States 51 % 51 % 261 278 BPYU JV Pool G Property holding company United States 68 % 68 % 246 254 Miami Design District, Florida Property holding company United States 22 % 22 % 234 252 Other (2) Various Various 14% - 55% 14% - 55% 3,053 3,119 19,157 20,428 Associates Various Various Various 16% -31% 23% - 31% 268 336 268 336 Total $ 19,425 $ 20,764 (1) Stork Holdco LP is the joint venture through which the partnership acquired Canary Wharf Group plc in London. (2) Other joint ventures consists of approximately 36 joint ventures. Summarized financial information in respect of the partnership’s equity accounted investments is presented below: (US$ Millions) Jun. 30, 2020 Dec. 31, 2019 Non-current assets $ 73,927 $ 75,715 Current assets 3,974 4,386 Total assets 77,901 80,101 Non-current liabilities 28,892 30,093 Current liabilities 7,293 5,786 Total liabilities 36,185 35,879 Net assets 41,716 44,222 Partnership’s share of net assets $ 19,425 $ 20,764 Three months ended Jun. 30, Six months ended Jun. 30, (US$ Millions) 2020 2019 2020 2019 Revenue $ 1,031 $ 1,161 $ 2,274 $ 2,542 Expenses 724 783 1,550 1,685 Income from equity accounted investments (1) 9 52 27 62 Income before fair value gains, net 316 430 751 919 Fair value (losses) gains, net (1,791) 1,137 (2,271) 1,182 Net (loss) income (1,475) 1,567 (1,520) 2,101 Partnership’s share of net (losses) earnings $ (757) $ 826 $ (793) $ 1,090 (1) Share of net earnings from equity accounted investments recorded by the partnership’s joint ventures and associates. |
PROPERTY, PLANT AND EQUIPMENT (
PROPERTY, PLANT AND EQUIPMENT (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Property, plant and equipment [abstract] | |
Disclosure of detailed information about property, plant and equipment | 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 14 to 15 Furniture, fixtures and equipment 2 to 15 In the first half of 2020, the hospitality sector had the most immediate and acute impact from the shutdown as the majority of the partnership’s hospitality investments were closed, and currently remain closed or are operating a reduced occupancy, either as a result of mandatory closure orders from various government authorities or due to severe travel restrictions. As a result of these closures, the partnership identified impairment indicators and performed impairment tests for each of the partnership’s hospitality investments based on revised cash flows and valuation metrics. For the three and six months ended June 30, 2020, the partnership recognized impairment of its property, plant and equipment of $164 million and $217 million, respectively, of which $153 million and $179 million, respectively, relates to the Atlantis. The impairment was recorded as a reduction in the revaluation surplus included in other comprehensive income. The following table presents the change to the components of the partnership’s hospitality assets for the six months ended June 30, 2020 and for the year ended December 31, 2019: (US$ Millions) Jun. 30, 2020 Dec. 31, 2019 Cost: Balance at the beginning of period $ 7,246 $ 7,461 Accounting policy change (1) — 122 Additions 84 387 Disposals (37) (52) Foreign currency translation (198) 98 Impact of deconsolidation due to loss of control and other (2) — (770) 7,095 7,246 Accumulated fair value changes: Balance at the beginning of period 1,343 1,049 Revaluation (losses) gains, net (3) (213) 301 Impact of deconsolidation due to loss of control and other (2) — (7) Provision for impairment (3) (15) — Foreign currency translation (12) — 1,103 1,343 Accumulated depreciation: Balance at the beginning of period (1,311) (1,004) Depreciation (164) (329) Disposals 20 30 Foreign currency translation 29 (15) Impact of deconsolidation due to loss of control and other (2) — 7 (1,426) (1,311) Total property, plant and equipment $ 6,772 $ 7,278 (1) The prior year includes the impact of the adoption of IFRS 16 through the recognition of right-of-use assets. (2) The prior year includes the impact of the deconsolidation of BSREP III investments. See Note 3, Investment Properties for further information. (3) The current year impairment losses were recorded in revaluation losses, net in other comprehensive income and fair value (losses) gains, net in the income statement, which was a result of the impairment tests performed on each of the partnership’s hospitality investments from the impact of the shutdown as discussed above. |
INTANGIBLE ASSETS (Tables)
INTANGIBLE ASSETS (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
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 Other 4 to 7 The following table presents the components of the partnership’s intangible assets as of June 30, 2020 and December 31, 2019: (US$ Millions) Jun. 30, 2020 Dec. 31, 2019 Cost $ 1,207 $ 1,265 Accumulated amortization (59) (55) Accumulated impairment losses (66) (48) Balance, end of period $ 1,082 $ 1,162 The following table presents a roll forward of the partnership’s intangible assets for the six months ended June 30, 2020 and the year ended December 31, 2019: (US$ Millions) Jun. 30, 2020 Dec. 31, 2019 Balance, beginning of period $ 1,162 $ 1,179 Acquisitions 5 9 Amortization (5) (12) Impairment losses (18) — Foreign currency translation (62) 36 Reclassification to assets held for sale and other (1) — (50) Balance, end of period $ 1,082 $ 1,162 (1) Includes the impact of the deconsolidation of BSREP III investments. See Note 3, Investment Properties for further information. |
OTHER NON-CURRENT ASSETS (Table
OTHER NON-CURRENT ASSETS (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
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) Jun. 30, 2020 Dec. 31, 2019 Securities - FVTPL $ 1,387 $ 1,250 Derivative assets 20 10 Securities - FVTOCI 79 121 Restricted cash 141 154 Inventory 654 507 Other 282 284 Total other non-current assets $ 2,563 $ 2,326 |
ACCOUNTS RECEIVABLE AND OTHER (
ACCOUNTS RECEIVABLE AND OTHER (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
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) Jun. 30, 2020 Dec. 31, 2019 Derivative assets $ 67 $ 80 Accounts receivable (1) - net of expected credit loss of $81 million (2019 - $48 million) 781 510 Restricted cash and deposits 250 239 Prepaid expenses 276 278 Other current assets 269 300 Total accounts receivable and other $ 1,643 $ 1,407 (1) See Note 30, Related Parties, for further discussion With respect to accounts receivable, the partnership recorded a $37 million loss allowance in commercial property operating expenses for the six months ended June 30, 2020. As of June 30, 2020, the partnership has collected approximately 94% of second quarter office rents and 35% of second quarter retail rents. While working to preserve profitability and cash flow, the partnership is also working with its tenants regarding requests for lease concessions and other forms of assistance, although the partnership has not actually executed a significant number of agreements as of June 30, 2020. While the partnership anticipates that it may grant further rent concessions, such as the deferral or abatement of lease payments, such rent concession requests are evaluated on a case-by-case basis. Where tenants are expected to be able to meet their lease obligations after concessions have been granted, the allowance for expected credit losses includes only the portion of the expected abatements that is deemed attributable to the current period, considering the weighted average remaining lease terms. Not all requests for rent relief will be granted as the partnership does not intend to forgo its legally enforceable contractual rights that exist under its lease agreements. |
HELD FOR SALE (Tables)
HELD FOR SALE (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Non-current Assets Held For Sale And Discontinued Operations [Abstract] | |
Disclosure of assets and liabilities classified as held for sale | The following is a summary of the assets and liabilities that were classified as held for sale as of June 30, 2020 and December 31, 2019: (US$ Millions) Jun. 30, 2020 Dec. 31, 2019 Investment properties $ 135 $ 160 Equity accounted investments — 223 Accounts receivable and other assets 2 4 Assets held for sale 137 387 Debt obligations 70 138 Accounts payable and other liabilities — 2 Liabilities associated with assets held for sale $ 70 $ 140 |
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 for the six months ended June 30, 2020 and the year ended December 31, 2019: (US$ Millions) Jun. 30, 2020 Dec. 31, 2019 Balance, beginning of period $ 387 $ 1,004 Reclassification to (from) assets held for sale, net 135 3,387 Disposals (389) (4,038) Fair value adjustments — 14 Foreign currency translation — (5) Other 4 25 Balance, end of period $ 137 $ 387 |
DEBT OBLIGATIONS (Tables)
DEBT OBLIGATIONS (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Disclosure of borrowing costs [Abstract] | |
Disclosure of detailed information about borrowings | The partnership’s debt obligations include the following: Jun. 30, 2020 Dec. 31, 2019 (US$ Millions) Weighted-average rate Debt balance Weighted-average rate Debt balance Unsecured facilities: Brookfield Property Partners’ credit facilities 1.79 % 456 3.33 % 836 Brookfield Property Partners’ corporate bonds 3.35 % 1,405 4.25 % 1,082 Brookfield Property REIT Inc. term debt 2.55 % 3,995 4.17 % 4,010 Brookfield Property REIT Inc. senior secured notes 5.75 % 945 5.75 % 1,000 Brookfield Property REIT Inc. corporate facility 2.44 % 1,085 4.03 % 715 Brookfield Property REIT Inc. junior subordinated notes 2.21 % 206 3.39 % 206 Subsidiary borrowings 1.82 % 279 3.27 % 202 Secured debt obligations: Funds subscription credit facilities (1) 2.34 % 175 2.83 % 57 Fixed rate 4.23 % 28,707 4.35 % 28,717 Variable rate 3.48 % 18,525 4.52 % 19,121 Deferred financing costs (285) (418) Total debt obligations $ 55,493 $ 55,528 Current 12,730 8,825 Non-current 42,693 46,565 Debt associated with assets held for sale 70 138 Total debt obligations $ 55,493 $ 55,528 (1) Funds subscription credit facilities are secured by co-investors’ capital commitments. The partnership generally believes that it will be able to either extend the maturity date, repay, or refinance the debt that is scheduled to mature in 2020-2021, however, approximately 2% of its debt obligations represent non-recourse mortgages where the partnership has suspended contractual payment, and is currently engaging in modification or restructuring discussions with the respective creditors. The partnership is generally seeking relief given the circumstances resulting from the current economic slowdown, and may or may not be successful with these negotiations. If the partnership is unsuccessful, it is possible that certain properties securing these loans could be transferred to the lenders. Debt obligations include foreign currency denominated debt in the functional currencies of the borrowing subsidiaries. Debt obligations by currency are as follows: Jun. 30, 2020 Dec. 31, 2019 (Millions) U.S. Dollars Local U.S. Dollars Local U.S. Dollars $ 39,656 $ 39,656 $ 39,286 $ 39,286 British Pounds 6,477 £ 5,223 6,997 £ 5,279 Canadian Dollars 3,696 C$ 5,017 3,431 C$ 4,457 South Korean Won 1,901 ₩ 2,280,000 1,973 ₩ 2,280,000 Australian Dollars 1,279 A$ 1,853 1,273 A$ 1,814 Indian Rupee 2,111 Rs 159,888 2,209 Rs 157,797 Brazilian Reais 353 R$ 1,931 480 R$ 1,935 Chinese Yuan 11 C¥ 77 11 C¥ 78 Euros 294 € 262 286 € 255 Deferred financing costs (285) (418) Total debt obligations $ 55,493 $ 55,528 |
Schedule of reconciliation of cash flows from financing activities from debt obligations | 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, 2019 Debt obligation issuance, net of repayments Debt from asset acquisitions Assumed by purchaser Amortization of deferred financing costs and (premium) discount Foreign currency translation Other Jun. 30, 2020 Debt obligations $ 55,528 586 364 (58) 101 (953) (75) $ 55,493 |
CAPITAL SECURITIES (Tables)
CAPITAL SECURITIES (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Share Capital, Reserves And Other Equity Interest [Abstract] | |
Disclosure Of Capital Securities Classified As Liabilities | The partnership has the following capital securities outstanding as of June 30, 2020 and December 31, 2019: (US$ Millions) Shares outstanding Cumulative dividend rate Jun. 30, 2020 Dec. 31, 2019 Operating Partnership Class A Preferred Equity Units: Series 1 24,000,000 6.25 % $ 580 $ 574 Series 2 24,000,000 6.50 % 550 546 Series 3 24,000,000 6.75 % 534 530 Brookfield Office Properties Inc. (“BPO”) Class B Preferred Shares: Series 1 (1) 3,600,000 70% of bank prime — — Series 2 (1) 3,000,000 70% of bank prime — — Brookfield Property Split Corp. (“BOP Split”) Senior Preferred Shares: Series 1 842,534 5.25 % 21 23 Series 2 556,746 5.75 % 10 13 Series 3 790,982 5.00 % 15 18 Series 4 594,994 5.20 % 11 18 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 BSREP II Vintage Estate Partners LLC ("Vintage Estate") Preferred Shares 10,000 5.00 % 40 40 Capital Securities – Fund Subsidiaries 903 922 Total capital securities $ 3,055 $ 3,075 Current 61 75 Non-current 2,994 3,000 Total capital securities $ 3,055 $ 3,075 (1) BPO Class B Preferred Shares, Series 1 and 2 capital securities are owned by Brookfield Asset Management. BPO has an offsetting loan receivable against these securities earning interest at 95% of bank prime. |
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, 2019 Capital securities redeemed Fair value changes Foreign currency translation Other Jun. 30, 2020 Capital securities $ 3,075 $ (13) $ (4) $ 3 $ (6) $ 3,055 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Income Taxes [Abstract] | |
Schedule of components of income tax expense benefit | The components of income tax expense include the following: Three months ended Jun. 30, Six months ended Jun. 30, (US$ Millions) 2020 2019 2020 2019 Current income tax $ 10 $ (8) $ 35 $ 30 Deferred income tax (58) (54) 78 (4) Income tax expense (benefit) $ (48) $ (62) $ 113 $ 26 |
OTHER NON-CURRENT LIABILITIES (
OTHER NON-CURRENT LIABILITIES (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
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) Jun. 30, 2020 Dec. 31, 2019 Accounts payable and accrued liabilities $ 589 $ 760 Lease liabilities (1) 873 889 Derivative liabilities 372 413 Provisions 93 78 Loans and notes payables — 18 Deferred revenue 51 4 Total other non-current liabilities $ 1,978 $ 2,162 |
ACCOUNTS PAYABLE AND OTHER LI_2
ACCOUNTS PAYABLE AND OTHER LIABILITIES (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
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) Jun. 30, 2020 Dec. 31, 2019 Accounts payable and accrued liabilities $ 2,269 $ 2,537 Loans and notes payable 921 172 Derivative liabilities 252 289 Deferred revenue 366 342 Lease liabilities (1) 43 43 Other liabilities 38 43 Total accounts payable and other liabilities $ 3,889 $ 3,426 |
EQUITY (Tables)
EQUITY (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Equity [abstract] | |
Disclosure of classes of share capital | CAPITAL SECURITIES The partnership has the following capital securities outstanding as of June 30, 2020 and December 31, 2019: (US$ Millions) Shares outstanding Cumulative dividend rate Jun. 30, 2020 Dec. 31, 2019 Operating Partnership Class A Preferred Equity Units: Series 1 24,000,000 6.25 % $ 580 $ 574 Series 2 24,000,000 6.50 % 550 546 Series 3 24,000,000 6.75 % 534 530 Brookfield Office Properties Inc. (“BPO”) Class B Preferred Shares: Series 1 (1) 3,600,000 70% of bank prime — — Series 2 (1) 3,000,000 70% of bank prime — — Brookfield Property Split Corp. (“BOP Split”) Senior Preferred Shares: Series 1 842,534 5.25 % 21 23 Series 2 556,746 5.75 % 10 13 Series 3 790,982 5.00 % 15 18 Series 4 594,994 5.20 % 11 18 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 BSREP II Vintage Estate Partners LLC ("Vintage Estate") Preferred Shares 10,000 5.00 % 40 40 Capital Securities – Fund Subsidiaries 903 922 Total capital securities $ 3,055 $ 3,075 Current 61 75 Non-current 2,994 3,000 Total capital securities $ 3,055 $ 3,075 (1) BPO Class B Preferred Shares, Series 1 and 2 capital securities are owned by Brookfield Asset Management. BPO has an offsetting loan receivable against these securities earning interest at 95% of bank prime. Cumulative preferred dividends on the BOP Split Senior Preferred Shares are payable quarterly, as and when declared by BOP Split. On July 6, 2020, BOP Split declared quarterly dividends payable for the BOP Split Senior Preferred Shares. Capital securities includes $249 million at June 30, 2020 (December 31, 2019 - $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. Capital securities also includes $142 million at June 30, 2020 (December 31, 2019 - $142 million) of preferred equity interests held by a third party investor in Rouse Properties, L.P. (“Rouse”) 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 June 30, 2020 (December 31, 2019 - $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 $842 million at June 30, 2020 (December 31, 2019 - $860 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 FVTPL. Capital Securities – Fund Subsidiaries also includes $61 million at June 30, 2020 (December 31, 2019 - $62 million) which represents the equity interests held by the partnership’s co-investor in the D.C. Venture 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. Venture for cash equivalent to the fair value of the interests. At June 30, 2020, capital securities includes $36 million (December 31, 2019 - $49 million) repayable in Canadian Dollars of C$49 million (December 31, 2019 - C$64 million). Reconciliation of cash flows from financing activities from capital securities is shown in the table below: Non-cash changes on capital securities (US$ Millions) Dec. 31, 2019 Capital securities redeemed Fair value changes Foreign currency translation Other Jun. 30, 2020 Capital securities $ 3,075 $ (13) $ (4) $ 3 $ (6) $ 3,055 The following table presents changes to the GP Units and LP Units from the beginning of the year: General partnership units Limited partnership units (Thousands of units) Jun. 30, 2020 Dec. 31, 2019 Jun. 30, 2020 Dec. 31, 2019 Outstanding, beginning of period 139 139 439,802 424,198 Exchange LP Units exchanged — 50 425 BPYU Units exchanged — 7,958 36,316 Distribution Reinvestment Program — — 495 257 Issued under unit-based compensation plan — — — 858 Repurchase of LP Units — — (10,394) (22,252) Outstanding, end of period 139 139 437,911 439,802 The following table presents changes to the Exchange LP Units from the beginning of the year: Limited Partnership Units of Brookfield Office Properties Exchange LP (Thousands of units) Jun. 30, 2020 Dec. 31, 2019 Outstanding, beginning of period 2,883 3,308 Exchange LP Units exchanged (1) (50) (425) Outstanding, end of period 2,833 2,883 (1) Exchange LP Units that have been exchanged are held by an indirect subsidiary of the partnership. Refer to the Condensed Consolidated Statements of Changes in Equity for the impact of such exchanges on the carrying value of Exchange LP Units. The following table presents changes to the BPYU Units from the beginning of the year: Class A shares of Brookfield Property REIT Inc. (Thousands of units) Jun. 30, 2020 Dec. 31, 2019 Outstanding, beginning of period 64,025 106,090 BPYU Units exchanged (1) (7,958) (36,316) Repurchases of BPYU Units (855) (5,724) BPYU Units vested 85 — Forfeitures (2) (25) Outstanding, end of period (2) 55,295 64,025 (1) |
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: Three months ended Jun. 30, Six months ended Jun. 30, (US$ Millions, except per unit information) 2020 2019 2020 2019 Limited Partners $ 145 $ 140 $ 291 $ 281 Holders of: Redeemable/Exchangeable Partnership Units 145 144 287 286 Special LP Units 1 1 3 3 Exchange LP Units 1 1 2 2 FV LTIP units of the Operating Partnership 1 — 1 — BPYU Units 20 29 40 63 Total $ 313 $ 315 $ 624 $ 635 Per unit (1) $ 0.3325 $ 0.330 $ 0.6650 $ 0.660 |
Earnings per share | The partnership’s net income per LP Unit and weighted average units outstanding are calculated as follows: Three months ended Jun. 30, Six months ended Jun. 30, (US$ Millions, except unit information) 2020 2019 2020 2019 Net (loss) income attributable to limited partners $ (586) $ 57 $ (814) $ 203 (Loss) income reallocation related to mandatorily convertible preferred shares (47) 6 (64) 19 Less: Preferred unit dividends attributable to limited partners (6) (3) (10) (3) Net (loss) income attributable to limited partners – basic (639) 60 (888) 219 Dilutive effect of conversion of preferred shares and options — — — — Net (loss) income attributable to limited partners – diluted $ (639) $ 60 $ (888) $ 219 (in millions of units/shares) Weighted average number of LP Units outstanding 437.6 421.0 439.1 423.7 Mandatorily convertible preferred shares 70.1 70.0 70.1 70.0 Weighted average number of LP Units - basic 507.7 491.0 509.2 493.7 Dilutive effect of the conversion of preferred shares and options — 0.1 — 0.1 Weighted average number of LP units outstanding - diluted 507.7 491.1 509.2 493.8 |
NON-CONTROLLING INTERESTS (Tabl
NON-CONTROLLING INTERESTS (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Non-Controlling Interest 1 [Abstract] | |
Disclosure of non-controlling interests | Non-controlling interests consists of the following: (US$ Millions) Jun. 30, 2020 Dec. 31, 2019 Redeemable/Exchangeable Partnership Units and Special LP Units (1) $ 11,921 $ 13,200 Exchange LP Units (1) 78 87 FV LTIP units of the Operating Partnership (1) 52 35 BPYU Units (1) 1,506 1,930 Interests of others in operating subsidiaries and properties: Preferred shares held by Brookfield Asset Management 15 15 Preferred equity of subsidiaries 2,994 3,017 Non-controlling interests in subsidiaries and properties 12,375 12,953 Total interests of others in operating subsidiaries and properties 15,384 15,985 Total non-controlling interests $ 28,941 $ 31,237 (1) Each unit within these classes of non-controlling interest 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 changes as a result of issuances, repurchases and exchanges. 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 previous carrying amounts was attributed to current LP Units as ownership changes in the Condensed Consolidated Statement of Changes in Equity. |
COMMERCIAL PROPERTY REVENUE (Ta
COMMERCIAL PROPERTY REVENUE (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Revenue [abstract] | |
Disclosure of components of commercial property revenue | The components of commercial property revenue are as follows: Three months ended Jun. 30, Six months ended Jun. 30, (US$ Millions) 2020 2019 2020 2019 Base rent $ 870 $ 953 $ 1,789 $ 1,971 Straight-line rent 22 28 41 63 Lease termination 4 15 11 21 Other lease income (1) 160 150 357 324 Other revenue from tenants (2) 245 240 507 481 Total commercial property revenue $ 1,301 $ 1,386 $ 2,705 $ 2,860 (1) Other lease income includes parking revenue and recovery of property tax and insurance expenses from tenants. (2) Consists of recovery of certain operating expenses from tenants which are accounted for in accordance with IFRS 15, Revenue from Contracts with Customers. |
HOSPITALITY REVENUE (Tables)
HOSPITALITY REVENUE (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Revenue [abstract] | |
Disclosure of detailed information of hospitality revenue | The components of hospitality revenue are as follows: Three months ended Jun. 30, Six months ended Jun. 30, (US$ Millions) 2020 2019 2020 2019 Room, food and beverage $ 42 $ 378 $ 318 $ 738 Gaming, and other leisure activities 1 95 68 195 Other hospitality revenue 7 30 30 61 Total hospitality revenue $ 50 $ 503 $ 416 $ 994 |
INVESTMENT AND OTHER REVENUE (T
INVESTMENT AND OTHER REVENUE (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Revenue [abstract] | |
Disclosure of investment and other revenue | The components of investment and other revenue are as follows: Three months ended Jun. 30, Six months ended Jun. 30, (US$ Millions) 2020 2019 2020 2019 Investment income $ 24 $ 60 $ 47 $ 68 Fee revenue 50 58 113 122 Dividend income 2 2 36 3 Interest income and other 10 13 20 45 Participating loan notes — 4 — 7 Total investment and other revenue $ 86 $ 137 $ 216 $ 245 |
DIRECT COMMERCIAL PROPERTY EX_2
DIRECT COMMERCIAL PROPERTY EXPENSE (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
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: Three months ended Jun. 30, Six months ended Jun. 30, (US$ Millions) 2020 2019 2020 2019 Property maintenance $ 162 $ 182 $ 336 $ 378 Real estate taxes 151 157 308 324 Employee compensation and benefits 38 40 80 88 Lease expense (1) 4 3 8 8 Other (2) 90 97 193 203 Total direct commercial property expense $ 445 $ 479 $ 925 $ 1,001 (1) For the three and six months ended June 30, 2020, operating expenses relating to variable lease payments not included in the measurement of the lease liability was nil and $4 million (2019 - $3 million and $7 million), respectively. |
DIRECT HOSPITALITY EXPENSE (Tab
DIRECT HOSPITALITY EXPENSE (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Disclosure of detailed information about investment property [abstract] | |
Disclosure of detailed information on direct hospitality expense | The components of direct hospitality expense are as follows: Three months ended Jun. 30, Six months ended Jun. 30, (US$ Millions) 2020 2019 2020 2019 Employee compensation and benefits $ 44 $ 111 $ 126 $ 194 Cost of food, beverage, and retail goods sold 11 63 80 144 Maintenance and utilities 20 37 57 79 Marketing and advertising 3 16 23 39 Other 28 79 110 170 Total direct hospitality expense $ 106 $ 306 $ 396 $ 626 |
DEPRECIATION AND AMORTIZATION (
DEPRECIATION AND AMORTIZATION (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Depreciation and amortisation expense [abstract] | |
Disclosure of detailed information about depreciation and amortization | The components of depreciation and amortization expense are as follows: Three months ended Jun. 30, Six months ended Jun. 30, (US$ Millions) 2020 2019 2020 2019 Depreciation and amortization of real estate assets $ 66 $ 70 $ 135 $ 139 Depreciation and amortization of non-real estate assets (1) 17 15 35 31 Total depreciation and amortization $ 83 $ 85 $ 170 $ 170 (1) For the three and six months ended June 30, 2020, included $3 million and $5 million (2019 - $2 million and $4 million), respectively, of depreciation expense relating to right-of-use property, plant and equipment. |
GENERAL AND ADMINISTRATIVE EX_2
GENERAL AND ADMINISTRATIVE EXPENSE (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Disclosure Of General And Administrative Expense [Abstract] | |
Disclosure of detailed general and administrative expense | The components of general and administrative expense are as follows: Three months ended Jun. 30, Six months ended Jun. 30, (US$ Millions) 2020 2019 2020 2019 Employee compensation and benefits $ 98 $ 94 $ 197 $ 182 Management fees 24 34 48 72 Transaction costs 4 20 7 42 Other 69 71 139 146 Total general and administrative expense $ 195 $ 219 $ 391 $ 442 |
FAIR VALUE GAINS (LOSSES), NET
FAIR VALUE GAINS (LOSSES), NET (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Disclosure of fair value measurement of assets [abstract] | |
Schedule of fair value gains (losses) | The components of fair value gains (losses), net, are as follows: Three months ended Jun. 30, Six months ended Jun. 30, (US$ Millions) 2020 2019 2020 2019 Commercial properties $ (907) $ (1,144) $ (996) $ (837) Commercial developments 94 124 182 287 Incentive fees (1) (1) — (7) — Financial instruments and other (2) 11 (72) (292) (172) Total fair values (losses) gains, net $ (803) $ (1,092) $ (1,113) $ (722) (1) Represents incentive fees the partnership is obligated to pay to the general partner of the partnership’s various fund investments. (2) For the three and six months ended June 30, 2020, primarily includes fair value losses on financial instruments. |
UNIT-BASED COMPENSATION (Tables
UNIT-BASED COMPENSATION (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Share-Based Payment Arrangement [Abstract] | |
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 at June 30, 2020 and December 31, 2019 is as follows: Jun. 30, 2020 Dec. 31, 2019 Number of options Weighted average exercise price Number of options Weighted average exercise price Outstanding, beginning of period 19,915,189 $ 20.58 13,836,213 $ 20.56 Granted — — — — Exercised — — (425,171) 15.06 Expired/forfeited (43,802) 21.07 (203,978) 21.60 Reclassified (1) — — 6,708,125 20.20 Outstanding, end of period 19,871,387 20.58 19,915,189 20.58 Exercisable, end of period 11,484,219 $ 20.56 11,484,219 $ 20.56 (1) Relates to the reclassification of cash-settled options for employees in Canada to equity-settled options subsequent to the amendment of the BPY Plan, which was amended on September 30, 2019. The following table sets out details of options issued and outstanding at June 30, 2020 and December 31, 2019 under the equity-settled BPY Awards by expiry date: Jun. 30, 2020 Dec. 31, 2019 Expiry date Number of options Weighted average exercise price Number of options Weighted average exercise price 2020 — $ — — $ — 2021 389,800 17.44 389,800 17.44 2022 987,700 18.09 987,700 18.09 2023 1,108,420 16.80 1,108,420 16.80 2024 11,787,572 20.59 11,794,215 20.59 2025 1,937,175 25.18 1,947,979 25.18 2026 2,766,970 19.51 2,793,325 19.51 2027 93,750 22.92 93,750 22.92 2028 800,000 22.50 800,000 22.50 Total 19,871,387 $ 20.58 19,915,189 $ 20.58 The change in the number of options outstanding under the cash-settled BPY Awards at June 30, 2020 and December 31, 2019 is as follows: Jun. 30, 2020 Dec. 31, 2019 Number of options Weighted average exercise price Number of options Weighted average exercise price Outstanding, beginning of period 603,891 $ 21.55 7,331,416 $ 20.38 Granted — — — — Exercised — — (19,400) 12.63 Expired/forfeited — — — — Reclassified (1) — — (6,708,125) 20.20 Outstanding, end of period 603,891 21.55 603,891 21.55 Exercisable, end of period 505,092 $ 21.48 505,092 $ 21.48 The following table sets out details of options issued and outstanding at June 30, 2020 and December 31, 2019 under the cash-settled BPY Awards by expiry date: Jun. 30, 2020 Dec. 31, 2019 Expiry date Number of options Weighted average exercise price Number of options Weighted average exercise price 2020 — $ — — $ — 2021 24,000 17.44 24,000 17.44 2022 22,200 17.93 22,200 17.93 2023 28,800 16.80 28,800 16.80 2024 175,416 20.59 175,416 20.59 2025 213,038 25.18 213,038 25.18 2026 140,437 19.51 140,437 19.51 Total 603,891 $ 21.55 603,891 $ 21.55 |
OTHER COMPREHENSIVE INCOME (L_2
OTHER COMPREHENSIVE INCOME (LOSS) (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Disclosure of analysis of other comprehensive income by item [abstract] | |
Disclosure of other comprehensive income (loss) | Other comprehensive income (loss) consists of the following: Three months ended Jun. 30, Six months ended Jun. 30, (US$ Millions) 2020 2019 2020 2019 Items that may be reclassified to net income: Foreign currency translation Net unrealized foreign currency translation (losses) gains in respect of foreign operations $ 149 $ (161) $ (1,024) $ — Reclassification of realized foreign currency translation gains to net income on dispositions of foreign operations — — — 26 Gains (losses) on hedges of net investments in foreign operations, net of income taxes for the three and six months ended Jun. 30, 2020 of nil and nil (2019 – $(1) million and nil) (48) 86 771 49 Reclassification gains from hedges of net investment in foreign operation to net income on disposition of foreign operations — — — 2 101 (75) (253) 77 Cash flow hedges Gains (losses) on derivatives designated as cash flow hedges, net of income taxes for the three and six months ended Jun. 30, 2020 of $(5) million and $(6) million (2019 – $(2) million and $(5) million) 77 (8) (77) (40) 77 (8) (77) (40) Equity accounted investments Share of unrealized foreign currency translation gains (losses) in respect of foreign operations 1 — 1 (1) Reclassification gains from hedges of net investment in foreign operation to net income on disposition of foreign operations — — — 1 (Losses) on derivatives designated as cash flow hedges (10) (49) (79) (51) (9) (49) (78) (51) Items that will not be reclassified to net income: Unrealized (losses) on securities - FVTOCI, net of income taxes for the three and six months ended Jun. 30, 2020 of $8 million and $30 million (2019 – $(1) million and nil) 3 — 25 1 Share of revaluation surplus on equity accounted investments (196) — (217) — Net remeasurement (losses) on defined benefit obligations (1) (1) (1) (1) Revaluation surplus, net of income taxes for the three and six months ended Jun. 30, 2020 of $1 million and $(38) million (2019 – nil and nil) (159) — (255) — (353) (1) (448) — Total other comprehensive (loss) income $ (184) $ (133) $ (856) $ (14) |
FINANCIAL INSTRUMENTS (Tables)
FINANCIAL INSTRUMENTS (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
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 June 30, 2020 and December 31, 2019: (US$ Millions) Hedging item Notional Rates Maturity dates Fair value Jun. 30, 2020 Interest rate caps of US$ LIBOR debt $ 7,187 3.0% - 5.5% Jul. 2020 - Sep. 2023 $ — Interest rate swaps of US$ LIBOR debt 2,719 1.0% - 2.6% Oct. 2020 - Feb. 2024 (135) Interest rate caps of £ LIBOR debt 2,899 2.0% - 2.5% Jan. 2021 - Jan. 2022 — Interest rate caps of € EURIBOR debt 110 1.3% Apr. 2021 — Interest rate caps of C$ LIBOR debt 177 3.0% Oct. 2020 - Oct. 2022 — Interest rate swaps of AUD BBSW/BBSY debt 401 0.8% - 1.6% Apr. 2023 - Apr. 2024 (10) Cross currency swaps of C$ LIBOR Debt 250 4.1% - 4.9% Oct. 2021 - Jul. 2023 (12) Dec. 31, 2019 Interest rate caps of US$ LIBOR debt $ 7,774 2.7% - 6.0% May. 2020 - Sep. 2023 $ — Interest rate swaps of US$ LIBOR debt 2,877 1.4% -2.7% Feb. 2020 - Feb. 2024 (57) Interest rate caps of £ LIBOR debt 3,096 2.0% - 2.5% Jan. 2021 - Jan. 2022 — Interest rate swaps of £ LIBOR debt 74 1.5% Apr. 2020 — Interest rate caps of € EURIBOR debt 109 1.3% Apr. 2021 — Interest rate caps of C$ LIBOR debt 184 3.0% Oct. 2020 - Oct. 2022 — Cross currency swaps of C$ LIBOR Debt 600 4.3% - 5.0% Oct. 2021 - Mar. 2024 (95) The following table provides the partnership’s outstanding derivatives that are designated as net investments of foreign subsidiaries or foreign currency cash flow hedges as of June 30, 2020 and December 31, 2019: (US$ Millions) Hedging item Notional Rates Maturity dates Fair value Jun. 30, 2020 Net investment hedges € 121 €0.87/$ - €0.91/$ Jul. 2020 - Sep. 2021 $ 1 Net investment hedges £ 187 £0.77/$ - £0.85/$ Dec. 2020 - Mar. 2023 43 Net investment hedges A$ 151 A$1.44/$ - A$1.46/$ Jul. 2020 - Sep. 2021 5 Net investment hedges C¥ 1,024 C¥6.97/$ - C¥7.22/$ Dec. 2020 - Jun. 2021 1 Net investment hedges C$ 167 C$1.36/$ - C$1.36/$ Sep. 2020 - Sep. 2020 — Net investment hedges ₩ 720,095 ₩1,149.50/$ - ₩1,217.90/$ Dec. 2020 - Jun. 2021 1 Net investment hedges £ 82 £0.89/€ - £0.93/€ Apr. 2021 - Apr. 2021 — Cross currency swaps of C$ LIBOR debt C$ 1,650 C$0.81/$ - C$1.70/$ Oct. 2021 - Jan. 2027 (47) Dec. 31, 2019 Net investment hedges € 245 €0.85/$ - €0.91/$ Mar. 2020 - Jul. 2020 $ 7 Net investment hedges £ 2,444 £0.74/$ -£0.85/$ Jan. 2020 - Sep. 2021 (247) Net investment hedges A$ 238 A$1.38/$ - A$1.48/$ Mar. 2020 - Mar. 2021 (5) Net investment hedges C¥ 962 C¥6.75/$ - C¥7.16/$ Apr. 2020 - Jun. 2021 — Net investment hedges C$ 355 C$1.31/$ - C$1.33/$ Jun. 2020 - Sep. 2021 — Net investment hedges R$ 1,582 R$4.16/$ - R$4.16/$ Jun. 2020 - Jun. 2020 (10) Net investment hedges ₩ 720,095 ₩1,149.50/$ -₩1,174.30/$ Mar. 2020 - Mar. 2021 (7) Net investment hedges Rs — Rs71.78/$ - Rs73.01/$ Mar. 2020 - Apr. 2020 — Net investment hedges £ 77 £0.88/€ - £0.93/€ Jan. 2020 - Apr. 2021 — Cross currency swaps of C$ LIBOR debt C$ 800 C$1.29/$ - C$1.33/$ Oct. 2021 - Jul. 2023 (8) |
Disclosure of other derivatives | The following table presents details of the partnership’s other derivatives, not designated as hedges for accounting purposes, that have been entered into to manage financial risks as of June 30, 2020 and December 31, 2019: (US$ Millions) Derivative type Notional Rates Maturity dates Fair value Jun. 30, 2020 Interest rate caps $ 5,939 3.0% - 5.0% Aug. 2020 - Feb. 2027 $ — Interest rate swaps on forecasted fixed rate debt 1,285 2.7% - 6.4% Jun. 2021 - Jun. 2032 (344) Interest rate swaps of US$ debt 2,001 0.8% - 4.6% Nov. 2020 - Mar. 2024 (44) Interest rate swaptions 800 2.0% Oct. 2030 - Mar. 2031 1 Dec. 31, 2019 Interest rate caps $ 5,663 2.5% - 5.0% Mar. 2020 - Nov. 2021 $ — Interest rate swaps on forecasted fixed rate debt 1,285 1.1% - 6.4% Jun. 2020 - Sep. 2031 (149) Interest rate swaps of US$ debt 2,003 1.7% - 4.6% Nov. 2020 - Sep. 2023 (14) |
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 interim condensed consolidated financial statements: Jun. 30, 2020 Dec. 31, 2019 (US$ Millions) Classification and measurement basis Carrying value Fair value Carrying value Fair value Financial assets Loans and notes receivable Amortized cost $ 142 $ 142 $ 329 $ 329 Other non-current assets Securities - FVTPL FVTPL 1,387 1,387 1,250 1,250 Derivative assets FVTPL 20 20 10 10 Securities - FVTOCI FVTOCI 79 79 121 121 Restricted cash Amortized cost 141 141 154 154 Current assets Derivative assets FVTPL 67 67 80 80 Accounts receivable (1) Amortized cost 783 691 514 514 Restricted cash Amortized cost 141 141 239 239 Cash and cash equivalents Amortized cost 1,530 1,530 1,438 1,438 Total financial assets $ 4,290 $ 4,198 $ 4,135 $ 4,135 Financial liabilities Debt obligations (2) Amortized cost $ 55,493 $ 55,579 $ 55,528 $ 56,112 Capital securities Amortized cost 2,152 2,152 2,153 2,160 Capital securities - fund subsidiaries FVTPL 903 903 922 922 Other non-current liabilities Loan payable FVTPL — — — — Accounts payable Amortized cost 589 589 778 778 Derivative liabilities FVTPL 372 372 413 413 Accounts payable and other liabilities Accounts payable and other (3) Amortized cost 3,190 3,190 2,711 2,711 Derivative liabilities FVTPL 252 252 289 289 Total financial liabilities $ 62,951 $ 63,037 $ 62,794 $ 63,385 (1) Includes other receivables associated with assets classified as held for sale on the condensed consolidated balance sheet in the amount of $2 million and $4 million as of June 30, 2020 and December 31, 2019, respectively. (2) Includes debt obligations associated with assets classified as held for sale on the condensed consolidated balance sheet in the amount of $70 million and $138 million as of June 30, 2020 and December 31, 2019, respectively. (3) Includes accounts payable and other liabilities associated with assets classified as held for sale on the condensed consolidated balance sheet in the amount of nil and $2 million as of June 30, 2020 and December 31, 2019, respectively. |
Disclosure of financial liabilities | The following table outlines the classification and measurement basis, and related fair value for disclosures, of the financial assets and liabilities in the interim condensed consolidated financial statements: Jun. 30, 2020 Dec. 31, 2019 (US$ Millions) Classification and measurement basis Carrying value Fair value Carrying value Fair value Financial assets Loans and notes receivable Amortized cost $ 142 $ 142 $ 329 $ 329 Other non-current assets Securities - FVTPL FVTPL 1,387 1,387 1,250 1,250 Derivative assets FVTPL 20 20 10 10 Securities - FVTOCI FVTOCI 79 79 121 121 Restricted cash Amortized cost 141 141 154 154 Current assets Derivative assets FVTPL 67 67 80 80 Accounts receivable (1) Amortized cost 783 691 514 514 Restricted cash Amortized cost 141 141 239 239 Cash and cash equivalents Amortized cost 1,530 1,530 1,438 1,438 Total financial assets $ 4,290 $ 4,198 $ 4,135 $ 4,135 Financial liabilities Debt obligations (2) Amortized cost $ 55,493 $ 55,579 $ 55,528 $ 56,112 Capital securities Amortized cost 2,152 2,152 2,153 2,160 Capital securities - fund subsidiaries FVTPL 903 903 922 922 Other non-current liabilities Loan payable FVTPL — — — — Accounts payable Amortized cost 589 589 778 778 Derivative liabilities FVTPL 372 372 413 413 Accounts payable and other liabilities Accounts payable and other (3) Amortized cost 3,190 3,190 2,711 2,711 Derivative liabilities FVTPL 252 252 289 289 Total financial liabilities $ 62,951 $ 63,037 $ 62,794 $ 63,385 (1) Includes other receivables associated with assets classified as held for sale on the condensed consolidated balance sheet in the amount of $2 million and $4 million as of June 30, 2020 and December 31, 2019, respectively. (2) Includes debt obligations associated with assets classified as held for sale on the condensed consolidated balance sheet in the amount of $70 million and $138 million as of June 30, 2020 and December 31, 2019, respectively. (3) Includes accounts payable and other liabilities associated with assets classified as held for sale on the condensed consolidated balance sheet in the amount of nil and $2 million as of June 30, 2020 and December 31, 2019, respectively. |
Disclosure of fair value measurement of assets | The following table presents the change in the balance of financial assets and financial liabilities accounted for at fair value categorized as Level 3 as of June 30, 2020 and December 31, 2019: Jun. 30, 2020 Dec. 31, 2019 (US$ Millions) Financial assets Financial liabilities Financial assets Financial liabilities Balance, beginning of period $ 1,371 $ 922 $ 767 $ 838 Acquisitions 188 — 950 — Dispositions (2) — (125) — Fair value gains, net and OCI (91) (13) 206 8 Other — (5) (427) 76 Balance, end of period $ 1,466 $ 904 $ 1,371 $ 922 |
Disclosure of fair value measurement of liabilities | The following table presents the change in the balance of financial assets and financial liabilities accounted for at fair value categorized as Level 3 as of June 30, 2020 and December 31, 2019: Jun. 30, 2020 Dec. 31, 2019 (US$ Millions) Financial assets Financial liabilities Financial assets Financial liabilities Balance, beginning of period $ 1,371 $ 922 $ 767 $ 838 Acquisitions 188 — 950 — Dispositions (2) — (125) — Fair value gains, net and OCI (91) (13) 206 8 Other — (5) (427) 76 Balance, end of period $ 1,466 $ 904 $ 1,371 $ 922 |
RELATED PARTIES (Tables)
RELATED PARTIES (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Related Party [Abstract] | |
Summary of Related Party Transactions | The following table summarizes transactions with related parties: (US$ Millions) Jun. 30, 2020 Dec. 31, 2019 Balances outstanding with related parties: Net (payables)/receivables within equity accounted investments (69) (81) Loans and notes receivable 74 102 Receivables and other assets 57 17 Deposit and promissory note from Brookfield Asset Management (730) — Loans and notes payable and other liabilities (296) (196) Preferred shares held by Brookfield Asset Management (15) (15) Three months ended Jun. 30, Six months ended Jun. 30, (US$ Millions) 2020 2019 2020 2019 Transactions with related parties: Commercial property revenue (1) $ 8 $ 7 $ 15 $ 13 Management fee income 15 8 25 16 Participating loan interests (including fair value gains, net) — 39 — 48 Interest expense on debt obligations 2 13 9 29 Interest on capital securities held by Brookfield Asset Management — 1 — 8 General and administrative expense (2) 35 37 73 87 Construction costs (3) 110 60 228 262 Incentive fees 1 — 7 — (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 private 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) | 6 Months Ended |
Jun. 30, 2020 | |
Separate Financial Statements [Abstract] | |
Condensed Income Statement | 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 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 Revenue $ — $ 10 $ 43 $ — $ 15 $ 186 $ — $ 1,183 $ 1,437 Net income attributable to unitholders (1) (627) (63) (117) — (49) (1,253) 57 799 (1,253) For the three months ended Jun. 30, 2019 Revenue $ — $ 12 $ 30 $ — $ 11 $ 716 $ 84 $ 1,173 $ 2,026 Net income attributable to unitholders (1) 62 56 149 — (40) 127 137 (364) 127 (1) Includes net income attributable to LP Units, GP Units, Redeemable/Exchangeable Partnership Units, Special LP Units, Exchange LP Units and BPYU 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 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 Revenue $ — $ 74 $ 82 $ — $ 30 $ 386 $ 4 $ 2,761 $ 3,337 Net income attributable to unitholders (1) (871) (7) (90) — 63 (1,739) (16) 921 (1,739) For the six months ended Jun. 30, 2019 Revenue $ — $ 23 $ 60 $ — $ 19 $ 1,272 $ 278 $ 2,447 $ 4,099 Net income attributable to unitholders (1) 224 163 598 — (32) 460 516 (1,469) 460 (1) Includes net income attributable to LP Units, GP Units, Redeemable/Exchangeable Partnership Units, Special LP Units, Exchange LP Units, FV LTIP Units and BPYU 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 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 Current assets $ — $ 532 $ 250 $ — $ 1,006 $ 8,471 $ 182 $ (7,197) $ 3,244 Non-current assets 13,107 28,535 23,231 — 397 30,582 2,057 7,195 105,104 Assets held for sale — — — — — — — 137 137 Current liabilities — 3,342 307 — 14 6,515 1,535 4,967 16,680 Non-current liabilities — 6,050 6,329 — 1,352 6,343 608 29,474 50,156 Liabilities associated with assets held for sale — — — — — — — 70 70 Preferred equity 699 — — — — — — — 699 Equity attributable to interests of others in operating subsidiaries and properties — — 2,284 — — — — 13,100 15,384 Equity attributable to unitholders (1) $ 12,408 $ 19,675 $ 14,561 $ — $ 37 $ 26,195 $ 96 $ (47,476) $ 25,496 (1) Includes net income attributable to LP Units, GP Units, Redeemable/Exchangeable Partnership Units, Special LP Units, Exchange LP Units, FV LTIP Units and BPYU 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 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 Current assets $ — $ 12 $ 127 $ — $ 673 $ 8,436 $ 176 $ (6,522) $ 2,902 Non-current assets 14,517 11,739 23,830 — 429 29,367 2,049 26,423 108,354 Assets held for sale — — — — — — — 387 387 Current liabilities — 995 131 — 15 5,981 1,129 4,075 12,326 Non-current liabilities — 6,173 6,744 — 1,078 2,871 519 36,857 54,242 Liabilities associated with assets held for sale — — — — — — — 140 140 Preferred equity 420 — — — — — — — 420 Equity attributable to interests of others in operating subsidiaries and properties — — 2,284 — — — — 13,701 15,985 Equity attributable to unitholders (1) $ 14,097 $ 4,583 $ 14,798 $ — $ 9 $ 28,951 $ 577 $ (34,485) $ 28,530 (1) Includes net income attributable to LP Units, GP Units, Redeemable/Exchangeable Partnership Units, Special LP Units, Exchange LP Units, FV LTIP Units and BPYU 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) | 6 Months Ended |
Jun. 30, 2020 | |
Operating Segments [Abstract] | |
Summary of financial information by segment | The following summaries present certain financial information regarding the partnership’s operating segments for the three and six months ended June 30, 2020 and 2019: (US$ Millions) Total revenue FFO Three months ended Jun. 30, 2020 2019 2020 2019 Core Office $ 494 $ 558 $ 115 $ 165 Core Retail 370 363 147 161 LP Investments 571 1,102 (11) 70 Corporate 2 3 (81) (105) Total $ 1,437 $ 2,026 $ 170 $ 291 (US$ Millions) Total revenue FFO Six months ended Jun. 30, 2020 2019 2020 2019 Core Office $ 1,024 $ 1,071 $ 236 $ 289 Core Retail 814 742 335 328 LP Investments 1,495 2,280 38 145 Corporate 4 6 (165) (213) Total $ 3,337 $ 4,099 $ 444 $ 549 The following summaries presents the detail of total revenue from the partnership’s operating segments for the three and six months ended June 30, 2020 and 2019: (US$ Millions) Lease revenue Other revenue from tenants Hospitality revenue Investment and other revenue Total revenue Three months ended Jun. 30, 2020 Core Office $ 347 $ 105 $ (2) $ 44 $ 494 Core Retail 273 73 — 24 370 LP Investments 436 67 52 16 571 Corporate — — — 2 2 Total $ 1,056 $ 245 $ 50 $ 86 $ 1,437 (US$ Millions) Lease revenue Other revenue from tenants Hospitality revenue Investment and other revenue Total revenue Three months ended Jun. 30, 2019 Core Office $ 384 $ 94 $ 4 $ 76 $ 558 Core Retail 255 69 — 39 363 LP Investments 507 77 499 19 1,102 Corporate — — — 3 3 Total $ 1,146 $ 240 $ 503 $ 137 $ 2,026 (US$ Millions) Lease revenue Other revenue from tenants Hospitality revenue Investment and other revenue Total revenue Six months ended Jun. 30, 2020 Core Office $ 715 $ 221 $ 5 $ 83 $ 1,024 Core Retail 569 148 — 97 814 LP Investments 914 138 411 32 1,495 Corporate — — — 4 4 Total $ 2,198 $ 507 $ 416 $ 216 $ 3,337 (US$ Millions) Lease revenue Other revenue from tenants Hospitality revenue Investment and other revenue Total revenue Six months ended Jun. 30, 2019 Core Office $ 771 $ 178 $ 6 $ 116 $ 1,071 Core Retail 518 146 — 78 742 LP Investments 1,090 157 988 45 2,280 Corporate — — — 6 6 Total $ 2,379 $ 481 $ 994 $ 245 $ 4,099 The following summary presents information about certain consolidated balance sheet items of the partnership, on a segmented basis, as of June 30, 2020 and December 31, 2019: Total assets Total liabilities (US$ Millions) Jun. 30, 2020 Dec. 31, 2019 Jun. 30, 2020 Dec. 31, 2019 Core Office $ 35,504 $ 36,758 $ 17,164 $ 17,592 Core Retail 32,114 32,921 17,539 16,996 LP Investments 40,697 41,838 26,951 27,457 Corporate 170 126 5,252 4,663 Total $ 108,485 $ 111,643 $ 66,906 $ 66,708 |
Summary of reconciliation of FFO to net income | The following summary presents a reconciliation of FFO to net income for the three and six months ended June 30, 2020 and 2019: Three months ended Jun. 30, Six months ended Jun. 30, (US$ Millions) 2020 2019 2020 2019 FFO (1) $ 170 $ 291 $ 444 $ 549 Depreciation and amortization of real estate assets (66) (70) (135) (139) Fair value gains, net (803) (1,092) (1,113) (722) Share of equity accounted income - non-FFO (908) 618 (1,158) 645 Income tax expense 48 62 (113) (26) Non-controlling interests of others in operating subsidiaries and properties – non-FFO 306 318 336 153 Net (loss) income attributable to unitholders (2) (1,253) 127 (1,739) 460 Non-controlling interests of others in operating subsidiaries and properties (259) (104) (146) 276 Net (loss) income $ (1,512) $ 23 $ (1,885) $ 736 (1) FFO represents interests attributable to GP Units, LP Units, Exchange LP Units, Redeemable/Exchangeable Partnership Units, Special LP Units, FV LTIP Units and BPYU Units. The interests attributable to Exchange LP Units, Redeemable/Exchangeable Partnership Units, Special LP Units, FV LTIP Units and BPYU Units are presented as non-controlling interests in the consolidated statements of income. (2) Includes net income attributable to GP Units, LP Units, Exchange LP Units, Redeemable/Exchangeable Partnership Units, Special LP Units, FV LTIP Units and BPYU Units. The interests attributable to Exchange LP Units, Redeemable/Exchangeable Partnership Units, Special LP Units, FV LTIP Units and BPYU Units are presented as non-controlling interests in the consolidated statements of income. |
ORGANIZATION AND NATURE OF TH_2
ORGANIZATION AND NATURE OF THE BUSINESS (Details) | 6 Months Ended |
Jun. 30, 2020 | |
Brookfield Property Partners L.P. | |
Disclosure of subsidiaries [line items] | |
Economic interest | 50.00% |
INVESTMENT PROPERTIES - Roll Fo
INVESTMENT PROPERTIES - Roll Forward of Investment Property Balances (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | |
Reconciliation of changes in investment property [abstract] | |||||
Balance, beginning of period | $ 75,511 | $ 80,196 | $ 80,196 | ||
Changes resulting from: | |||||
Property acquisitions | 517 | 7,043 | |||
Capital expenditures | 1,017 | 2,769 | |||
Accounting policy change | $ 0 | 0 | 726 | ||
Property dispositions | (624) | (779) | |||
Fair value gains (losses), net | (814) | 858 | |||
Foreign currency translation | (1,425) | 141 | |||
Transfer between commercial properties and commercial developments | 0 | 0 | |||
Impact of deconsolidation due to loss of control | 0 | (11,499) | |||
Reclassifications to assets held for sale and other changes | (101) | (3,944) | |||
Balance, end of period | 74,081 | 74,081 | 75,511 | ||
Current lease liabilities | 43 | 43 | 43 | ||
Non-current lease liabilities | 873 | 873 | 889 | ||
Commercial properties | |||||
Reconciliation of changes in investment property [abstract] | |||||
Balance, beginning of period | 71,565 | 76,014 | 76,014 | ||
Changes resulting from: | |||||
Property acquisitions | 401 | 6,797 | |||
Capital expenditures | 558 | 1,540 | |||
Accounting policy change | 0 | 0 | 704 | ||
Property dispositions | (603) | (742) | |||
Fair value gains (losses), net | (907) | $ (1,144) | (996) | (837) | 301 |
Foreign currency translation | (1,252) | 69 | |||
Transfer between commercial properties and commercial developments | 1,914 | 354 | |||
Impact of deconsolidation due to loss of control | 0 | (10,701) | |||
Reclassifications to assets held for sale and other changes | (113) | (2,771) | |||
Balance, end of period | 71,474 | 71,474 | 71,565 | ||
Right-of-use assets | 732 | 732 | |||
Current lease liabilities | 38 | 38 | |||
Non-current lease liabilities | 703 | 703 | |||
Commercial developments | |||||
Reconciliation of changes in investment property [abstract] | |||||
Balance, beginning of period | 3,946 | 4,182 | 4,182 | ||
Changes resulting from: | |||||
Property acquisitions | 116 | 246 | |||
Capital expenditures | 459 | 1,229 | |||
Accounting policy change | 0 | 0 | 22 | ||
Property dispositions | (21) | (37) | |||
Fair value gains (losses), net | 94 | $ 124 | 182 | $ 287 | 557 |
Foreign currency translation | (173) | 72 | |||
Transfer between commercial properties and commercial developments | (1,914) | (354) | |||
Impact of deconsolidation due to loss of control | 0 | (798) | |||
Reclassifications to assets held for sale and other changes | 12 | (1,173) | |||
Balance, end of period | 2,607 | 2,607 | $ 3,946 | ||
Right-of-use assets | $ 9 | $ 9 |
INVESTMENT PROPERTIES - Valuati
INVESTMENT PROPERTIES - Valuation of Investment Properties (Details) - Commercial properties | 6 Months Ended | 12 Months Ended |
Jun. 30, 2020 | Dec. 31, 2019 | |
Core Office | Discounted cash flow | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||
Discount rate | 6.90% | 6.70% |
Terminal capitalization rate | 5.40% | 5.40% |
Investment horizon (years) | 10 years | 10 years |
Core Office | United States | Discounted cash flow | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||
Discount rate | 7.00% | 7.00% |
Terminal capitalization rate | 5.70% | 5.60% |
Investment horizon (years) | 12 years | 12 years |
Core Office | Canada | Discounted cash flow | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||
Discount rate | 5.90% | 5.90% |
Terminal capitalization rate | 5.20% | 5.20% |
Investment horizon (years) | 10 years | 10 years |
Core Office | Australia | Discounted cash flow | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||
Discount rate | 6.50% | 6.80% |
Terminal capitalization rate | 5.80% | 5.90% |
Investment horizon (years) | 10 years | 10 years |
Core Office | Brazil | Discounted cash flow | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||
Discount rate | 7.90% | 7.90% |
Terminal capitalization rate | 7.40% | 7.40% |
Investment horizon (years) | 10 years | 10 years |
Core Office | Europe1 [Member] | Discounted cash flow | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||
Discount rate | 5.10% | 4.60% |
Terminal capitalization rate | 4.00% | 4.10% |
Investment horizon (years) | 10 years | 11 years |
LP Investments- Office | Discounted cash flow | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||
Discount rate | 9.70% | 10.00% |
Terminal capitalization rate | 7.30% | 7.30% |
Investment horizon (years) | 7 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 | 8.60% | 8.80% |
Terminal capitalization rate | 7.00% | 7.30% |
Investment horizon (years) | 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 | 7.30% | 7.60% |
Terminal capitalization rate | 5.20% | 5.40% |
Investment horizon (years) | 10 years | 10 years |
Logistics | Direct capitalization | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||
Discount rate | 5.80% | 5.80% |
Investment horizon (years) | 10 years | |
Multifamily | Direct capitalization | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||
Discount rate | 5.00% | 5.10% |
Triple Net Lease | Direct capitalization | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||
Discount rate | 6.20% | 6.30% |
Self-storage | Direct capitalization | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||
Discount rate | 5.60% | 5.60% |
Student Housing | Direct capitalization | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||
Discount rate | 4.90% | 5.80% |
Manufactured Housing | Direct capitalization | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||
Discount rate | 5.50% | 5.50% |
INVESTMENT PROPERTIES - Fair Va
INVESTMENT PROPERTIES - Fair Value of Investment Properties (Details) - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
Disclosure of fair value measurement of assets [line items] | ||
Total assets | $ 108,485 | $ 111,643 |
Level 1 | ||
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 |
Core Office | Level 1 | ||
Disclosure of fair value measurement of assets [line items] | ||
Total assets | 0 | 0 |
Core Office | Level 1 | United States | ||
Disclosure of fair value measurement of assets [line items] | ||
Total assets | 0 | 0 |
Core Office | Level 1 | Canada | ||
Disclosure of fair value measurement of assets [line items] | ||
Total assets | 0 | 0 |
Core Office | Level 1 | Australia | ||
Disclosure of fair value measurement of assets [line items] | ||
Total assets | 0 | 0 |
Core Office | Level 1 | Europe | ||
Disclosure of fair value measurement of assets [line items] | ||
Total assets | 0 | 0 |
Core Office | Level 1 | Brazil | ||
Disclosure of fair value measurement of assets [line items] | ||
Total assets | 0 | 0 |
Core Office | Level 2 | ||
Disclosure of fair value measurement of assets [line items] | ||
Total assets | 0 | 0 |
Core Office | Level 2 | United States | ||
Disclosure of fair value measurement of assets [line items] | ||
Total assets | 0 | 0 |
Core Office | Level 2 | Canada | ||
Disclosure of fair value measurement of assets [line items] | ||
Total assets | 0 | 0 |
Core Office | Level 2 | Australia | ||
Disclosure of fair value measurement of assets [line items] | ||
Total assets | 0 | 0 |
Core Office | Level 2 | Europe | ||
Disclosure of fair value measurement of assets [line items] | ||
Total assets | 0 | 0 |
Core Office | Level 2 | Brazil | ||
Disclosure of fair value measurement of assets [line items] | ||
Total assets | 0 | 0 |
LP Investments- Office | Level 1 | ||
Disclosure of fair value measurement of assets [line items] | ||
Total assets | 0 | 0 |
LP Investments- Office | Level 2 | ||
Disclosure of fair value measurement of assets [line items] | ||
Total assets | 0 | 0 |
LP Investments- Retail | Level 1 | ||
Disclosure of fair value measurement of assets [line items] | ||
Total assets | 0 | 0 |
LP Investments- Retail | Level 2 | ||
Disclosure of fair value measurement of assets [line items] | ||
Total assets | 0 | 0 |
Mixed-use | Level 1 | ||
Disclosure of fair value measurement of assets [line items] | ||
Total assets | 0 | 0 |
Mixed-use | Level 2 | ||
Disclosure of fair value measurement of assets [line items] | ||
Total assets | 0 | 0 |
Logistics | Level 1 | ||
Disclosure of fair value measurement of assets [line items] | ||
Total assets | 0 | 0 |
Logistics | Level 2 | ||
Disclosure of fair value measurement of assets [line items] | ||
Total assets | 0 | 0 |
Multifamily | Level 1 | ||
Disclosure of fair value measurement of assets [line items] | ||
Total assets | 0 | 0 |
Multifamily | Level 2 | ||
Disclosure of fair value measurement of assets [line items] | ||
Total assets | 0 | 0 |
Triple Net Lease | Level 1 | ||
Disclosure of fair value measurement of assets [line items] | ||
Total assets | 0 | 0 |
Triple Net Lease | Level 2 | ||
Disclosure of fair value measurement of assets [line items] | ||
Total assets | 0 | 0 |
Self-storage | Level 1 | ||
Disclosure of fair value measurement of assets [line items] | ||
Total assets | 0 | 0 |
Self-storage | Level 2 | ||
Disclosure of fair value measurement of assets [line items] | ||
Total assets | 0 | 0 |
Student Housing | Level 1 | ||
Disclosure of fair value measurement of assets [line items] | ||
Total assets | 0 | 0 |
Student Housing | Level 2 | ||
Disclosure of fair value measurement of assets [line items] | ||
Total assets | 0 | 0 |
Manufactured Housing | Level 1 | ||
Disclosure of fair value measurement of assets [line items] | ||
Total assets | 0 | 0 |
Manufactured Housing | Level 2 | ||
Disclosure of fair value measurement of assets [line items] | ||
Total assets | 0 | 0 |
Commercial properties | Level 3 | ||
Disclosure of fair value measurement of assets [line items] | ||
Total assets | 71,474 | 71,565 |
Commercial properties | Core Office | Level 3 | ||
Disclosure of fair value measurement of assets [line items] | ||
Total assets | 21,253 | 21,561 |
Commercial properties | Core Office | Level 3 | United States | ||
Disclosure of fair value measurement of assets [line items] | ||
Total assets | 14,614 | 15,213 |
Commercial properties | Core Office | Level 3 | Canada | ||
Disclosure of fair value measurement of assets [line items] | ||
Total assets | 4,395 | 4,633 |
Commercial properties | Core Office | Level 3 | Australia | ||
Disclosure of fair value measurement of assets [line items] | ||
Total assets | 1,822 | 1,881 |
Commercial properties | Core Office | Level 3 | Europe | ||
Disclosure of fair value measurement of assets [line items] | ||
Total assets | 2,707 | 936 |
Commercial properties | Core Office | Level 3 | Brazil | ||
Disclosure of fair value measurement of assets [line items] | ||
Total assets | 269 | 361 |
Commercial properties | LP Investments- Office | Level 3 | ||
Disclosure of fair value measurement of assets [line items] | ||
Total assets | 7,687 | 8,054 |
Commercial properties | LP Investments- Retail | Level 3 | ||
Disclosure of fair value measurement of assets [line items] | ||
Total assets | 2,832 | 2,812 |
Commercial properties | Mixed-use | Level 3 | ||
Disclosure of fair value measurement of assets [line items] | ||
Total assets | 83 | 84 |
Commercial properties | Logistics | Level 3 | ||
Disclosure of fair value measurement of assets [line items] | ||
Total assets | 2,776 | 2,937 |
Commercial properties | Multifamily | Level 3 | ||
Disclosure of fair value measurement of assets [line items] | ||
Total assets | 4,426 | 4,508 |
Commercial properties | Triple Net Lease | Level 3 | ||
Disclosure of fair value measurement of assets [line items] | ||
Total assets | 1,001 | 991 |
Commercial properties | Self-storage | Level 3 | ||
Disclosure of fair value measurement of assets [line items] | ||
Total assets | 2,344 | 2,445 |
Commercial properties | Student Housing | Level 3 | ||
Disclosure of fair value measurement of assets [line items] | ||
Total assets | 2,517 | 2,446 |
Commercial properties | Manufactured Housing | Level 3 | ||
Disclosure of fair value measurement of assets [line items] | ||
Total assets | 2,748 | 2,703 |
Commercial developments | Level 3 | ||
Disclosure of fair value measurement of assets [line items] | ||
Total assets | 2,607 | 3,946 |
Commercial developments | Core Office | Level 3 | ||
Disclosure of fair value measurement of assets [line items] | ||
Total assets | 0 | 0 |
Commercial developments | Core Office | Level 3 | United States | ||
Disclosure of fair value measurement of assets [line items] | ||
Total assets | 661 | 535 |
Commercial developments | Core Office | Level 3 | Canada | ||
Disclosure of fair value measurement of assets [line items] | ||
Total assets | 281 | 173 |
Commercial developments | Core Office | Level 3 | Australia | ||
Disclosure of fair value measurement of assets [line items] | ||
Total assets | 548 | 419 |
Commercial developments | Core Office | Level 3 | Europe | ||
Disclosure of fair value measurement of assets [line items] | ||
Total assets | 145 | 1,931 |
Commercial developments | Core Office | Level 3 | Brazil | ||
Disclosure of fair value measurement of assets [line items] | ||
Total assets | 0 | 0 |
Commercial developments | LP Investments- Office | Level 3 | ||
Disclosure of fair value measurement of assets [line items] | ||
Total assets | 680 | 702 |
Commercial developments | LP Investments- Retail | Level 3 | ||
Disclosure of fair value measurement of assets [line items] | ||
Total assets | 0 | 0 |
Commercial developments | Mixed-use | Level 3 | ||
Disclosure of fair value measurement of assets [line items] | ||
Total assets | 53 | 10 |
Commercial developments | Logistics | Level 3 | ||
Disclosure of fair value measurement of assets [line items] | ||
Total assets | 0 | 0 |
Commercial developments | Multifamily | Level 3 | ||
Disclosure of fair value measurement of assets [line items] | ||
Total assets | 0 | 0 |
Commercial developments | Triple Net Lease | Level 3 | ||
Disclosure of fair value measurement of assets [line items] | ||
Total assets | 19 | 16 |
Commercial developments | Self-storage | Level 3 | ||
Disclosure of fair value measurement of assets [line items] | ||
Total assets | 220 | 160 |
Commercial developments | Student Housing | Level 3 | ||
Disclosure of fair value measurement of assets [line items] | ||
Total assets | 0 | 0 |
Commercial developments | Manufactured Housing | Level 3 | ||
Disclosure of fair value measurement of assets [line items] | ||
Total assets | $ 0 | $ 0 |
INVESTMENT PROPERTIES - Impact
INVESTMENT PROPERTIES - Impact on Fair Value from Assumption Changes (Details) - Property $ in Millions | 6 Months Ended |
Jun. 30, 2020USD ($) | |
Disclosure of fair value measurement of assets [line items] | |
Increase in fair value measurement due to change in multiple unobservable inputs to reflect reasonably possible alternative assumptions, assets | $ 3,564 |
Core Office | |
Disclosure of fair value measurement of assets [line items] | |
Increase in fair value measurement due to change in multiple unobservable inputs to reflect reasonably possible alternative assumptions, assets | 1,134 |
Core Office | United States | |
Disclosure of fair value measurement of assets [line items] | |
Increase in fair value measurement due to change in multiple unobservable inputs to reflect reasonably possible alternative assumptions, assets | 754 |
Core Office | Canada | |
Disclosure of fair value measurement of assets [line items] | |
Increase in fair value measurement due to change in multiple unobservable inputs to reflect reasonably possible alternative assumptions, assets | 218 |
Core Office | Australia | |
Disclosure of fair value measurement of assets [line items] | |
Increase in fair value measurement due to change in multiple unobservable inputs to reflect reasonably possible alternative assumptions, assets | 120 |
Core Office | Europe | |
Disclosure of fair value measurement of assets [line items] | |
Increase in fair value measurement due to change in multiple unobservable inputs to reflect reasonably possible alternative assumptions, assets | 52 |
Core Office | Brazil | |
Disclosure of fair value measurement of assets [line items] | |
Increase in fair value measurement due to change in multiple unobservable inputs to reflect reasonably possible alternative assumptions, assets | 10 |
LP Investments- Office | |
Disclosure of fair value measurement of assets [line items] | |
Increase in fair value measurement due to change in multiple unobservable inputs to reflect reasonably possible alternative assumptions, assets | 385 |
LP Investments- Retail | |
Disclosure of fair value measurement of assets [line items] | |
Increase in fair value measurement due to change in multiple unobservable inputs to reflect reasonably possible alternative assumptions, assets | 222 |
Mixed-use | |
Disclosure of fair value measurement of assets [line items] | |
Increase in fair value measurement due to change in multiple unobservable inputs to reflect reasonably possible alternative assumptions, assets | 130 |
Logistics | |
Disclosure of fair value measurement of assets [line items] | |
Increase in fair value measurement due to change in multiple unobservable inputs to reflect reasonably possible alternative assumptions, assets | 3 |
Multifamily | |
Disclosure of fair value measurement of assets [line items] | |
Increase in fair value measurement due to change in multiple unobservable inputs to reflect reasonably possible alternative assumptions, assets | 127 |
Triple Net Lease | |
Disclosure of fair value measurement of assets [line items] | |
Increase in fair value measurement due to change in multiple unobservable inputs to reflect reasonably possible alternative assumptions, assets | 155 |
Self-storage | |
Disclosure of fair value measurement of assets [line items] | |
Increase in fair value measurement due to change in multiple unobservable inputs to reflect reasonably possible alternative assumptions, assets | 40 |
Student Housing | |
Disclosure of fair value measurement of assets [line items] | |
Increase in fair value measurement due to change in multiple unobservable inputs to reflect reasonably possible alternative assumptions, assets | 104 |
Manufactured Housing | |
Disclosure of fair value measurement of assets [line items] | |
Increase in fair value measurement due to change in multiple unobservable inputs to reflect reasonably possible alternative assumptions, assets | $ 110 |
INVESTMENT PROPERTIES INVESTMEN
INVESTMENT PROPERTIES INVESTMENT PROPERTIES - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Mar. 31, 2020 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | Jan. 31, 2019 | |
Disclosure of detailed information about investment property [line items] | |||||
Decrease in debt obligations | $ 0 | $ 11,499 | |||
Accounting policy change | 0 | 726 | |||
Losses on change in fair value of derivatives and right-of-use investment properties | (2) | $ (1) | |||
Commercial properties | |||||
Disclosure of detailed information about investment property [line items] | |||||
Decrease in debt obligations | 0 | 10,701 | |||
Accounting policy change | 0 | 704 | |||
Right-of-use assets | $ 732 | ||||
Sensitivity analysis for types of market risk, reasonably possible change in risk variable, percent | 25.00% | ||||
BSREP III | |||||
Disclosure of detailed information about investment property [line items] | |||||
Consideration transferred, acquisition-date fair value | $ 15,000 | $ 1,000 | |||
Controlling interest (as a percentage) | 25.00% | 7.00% | |||
Owner-occupied property measured using investment property fair value model [member] | |||||
Disclosure of detailed information about investment property [line items] | |||||
Right-of-use assets | $ 741 | $ 752 | |||
Investment properties | BSREP III | |||||
Disclosure of detailed information about investment property [line items] | |||||
Decrease in debt obligations | $ 11,499 | ||||
Investments accounted for using equity method | BSREP III | |||||
Disclosure of detailed information about investment property [line items] | |||||
Decrease in debt obligations | 1,434 | $ 0 | $ 1,434 | ||
Other property, plant and equipment [member] | BSREP III | |||||
Disclosure of detailed information about investment property [line items] | |||||
Decrease in debt obligations | 789 | ||||
Debt obligations | BSREP III | |||||
Disclosure of detailed information about investment property [line items] | |||||
Decrease in debt obligations | $ 13,601 |
EQUITY ACCOUNTED INVESTMENTS -
EQUITY ACCOUNTED INVESTMENTS - Details of Investments in Joint Ventures and Associates (Details) $ in Millions | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2020USD ($)venture | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Disclosure of information about unconsolidated subsidiaries [line items] | |||
Investments in joint ventures accounted for using equity method, Carrying value | $ 19,157 | $ 20,428 | |
Investments in associates accounted for using equity method, Carrying value | 268 | 336 | |
Investments in joint ventures and associates | 19,425 | 20,764 | $ 22,698 |
Aggregated individually immaterial associates | |||
Disclosure of information about unconsolidated subsidiaries [line items] | |||
Investments in associates accounted for using equity method, Carrying value | $ 268 | $ 336 | |
Aggregated individually immaterial associates | Bottom of range | |||
Disclosure of information about unconsolidated subsidiaries [line items] | |||
Proportion of ownership interests in associates (as a percentage) | 1600.00% | 2300.00% | |
Aggregated individually immaterial associates | Top of range | |||
Disclosure of information about unconsolidated subsidiaries [line items] | |||
Proportion of ownership interests in associates (as a percentage) | 3100.00% | 3100.00% | |
Canary Wharf Joint Venture | |||
Disclosure of information about unconsolidated subsidiaries [line items] | |||
Proportion of ownership interests in joint venture (as a percentage) | 50.00% | 50.00% | |
Investments in joint ventures accounted for using equity method, Carrying value | $ 3,204 | $ 3,578 | |
Ala Moana Center, Hawaii | |||
Disclosure of information about unconsolidated subsidiaries [line items] | |||
Proportion of ownership interests in joint venture (as a percentage) | 50.00% | 50.00% | |
Investments in joint ventures accounted for using equity method, Carrying value | $ 1,873 | $ 1,946 | |
Manhattan West, New York | |||
Disclosure of information about unconsolidated subsidiaries [line items] | |||
Proportion of ownership interests in joint venture (as a percentage) | 56.00% | 56.00% | |
Investments in joint ventures accounted for using equity method, Carrying value | $ 1,956 | $ 1,918 | |
BPYU JV Pool A | |||
Disclosure of information about unconsolidated subsidiaries [line items] | |||
Proportion of ownership interests in joint venture (as a percentage) | 50.00% | 50.00% | |
Investments in joint ventures accounted for using equity method, Carrying value | $ 1,745 | $ 1,882 | |
BPYU JV Pool B | |||
Disclosure of information about unconsolidated subsidiaries [line items] | |||
Proportion of ownership interests in joint venture (as a percentage) | 51.00% | 51.00% | |
Investments in joint ventures accounted for using equity method, Carrying value | $ 1,175 | $ 1,366 | |
Fashion Show, Las Vegas | |||
Disclosure of information about unconsolidated subsidiaries [line items] | |||
Proportion of ownership interests in joint venture (as a percentage) | 50.00% | 50.00% | |
Investments in joint ventures accounted for using equity method, Carrying value | $ 846 | $ 832 | |
BPYU JV Pool C | |||
Disclosure of information about unconsolidated subsidiaries [line items] | |||
Proportion of ownership interests in joint venture (as a percentage) | 50.00% | 50.00% | |
Investments in joint ventures accounted for using equity method, Carrying value | $ 702 | $ 777 | |
Grace Building, New York | |||
Disclosure of information about unconsolidated subsidiaries [line items] | |||
Proportion of ownership interests in joint venture (as a percentage) | 50.00% | 50.00% | |
Investments in joint ventures accounted for using equity method, Carrying value | $ 747 | $ 716 | |
BPYU JV Pool D | |||
Disclosure of information about unconsolidated subsidiaries [line items] | |||
Proportion of ownership interests in joint venture (as a percentage) | 48.00% | 48.00% | |
Investments in joint ventures accounted for using equity method, Carrying value | $ 564 | $ 649 | |
Southern Cross East, Melbourne | |||
Disclosure of information about unconsolidated subsidiaries [line items] | |||
Proportion of ownership interests in joint venture (as a percentage) | 50.00% | 50.00% | |
Investments in joint ventures accounted for using equity method, Carrying value | $ 389 | $ 466 | |
The Grand Canal Shoppes, Las Vegas | |||
Disclosure of information about unconsolidated subsidiaries [line items] | |||
Proportion of ownership interests in joint venture (as a percentage) | 50.00% | 50.00% | |
Investments in joint ventures accounted for using equity method, Carrying value | $ 423 | $ 414 | |
One Liberty Plaza, New York | |||
Disclosure of information about unconsolidated subsidiaries [line items] | |||
Proportion of ownership interests in joint venture (as a percentage) | 51.00% | 51.00% | |
Investments in joint ventures accounted for using equity method, Carrying value | $ 381 | $ 409 | |
680 George Street, Sydney | |||
Disclosure of information about unconsolidated subsidiaries [line items] | |||
Proportion of ownership interests in joint venture (as a percentage) | 50.00% | 50.00% | |
Investments in joint ventures accounted for using equity method, Carrying value | $ 327 | $ 340 | |
Brookfield Brazil Retail Fundo de Investimento em Participaçõe | |||
Disclosure of information about unconsolidated subsidiaries [line items] | |||
Proportion of ownership interests in joint venture (as a percentage) | 46.00% | 46.00% | |
Investments in joint ventures accounted for using equity method, Carrying value | $ 237 | $ 335 | |
Baybrook Mall, Texas | |||
Disclosure of information about unconsolidated subsidiaries [line items] | |||
Proportion of ownership interests in joint venture (as a percentage) | 51.00% | 51.00% | |
Investments in joint ventures accounted for using equity method, Carrying value | $ 266 | $ 332 | |
Brookfield D.C. Office Partners LLC ("D.C. Venture"), Washington, D.C. | |||
Disclosure of information about unconsolidated subsidiaries [line items] | |||
Proportion of ownership interests in joint venture (as a percentage) | 51.00% | 51.00% | |
Investments in joint ventures accounted for using equity method, Carrying value | $ 277 | $ 283 | |
The Mall in Columbia, Maryland | |||
Disclosure of information about unconsolidated subsidiaries [line items] | |||
Proportion of ownership interests in joint venture (as a percentage) | 50.00% | 50.00% | |
Investments in joint ventures accounted for using equity method, Carrying value | $ 251 | $ 282 | |
BPYU JV Pool F | |||
Disclosure of information about unconsolidated subsidiaries [line items] | |||
Proportion of ownership interests in joint venture (as a percentage) | 51.00% | 51.00% | |
Investments in joint ventures accounted for using equity method, Carrying value | $ 261 | $ 278 | |
BPYU JV Pool G | |||
Disclosure of information about unconsolidated subsidiaries [line items] | |||
Proportion of ownership interests in joint venture (as a percentage) | 68.00% | 68.00% | |
Investments in joint ventures accounted for using equity method, Carrying value | $ 246 | $ 254 | |
Miami Design District, Florida | |||
Disclosure of information about unconsolidated subsidiaries [line items] | |||
Proportion of ownership interests in joint venture (as a percentage) | 22.00% | 22.00% | |
Investments in joint ventures accounted for using equity method, Carrying value | $ 234 | $ 252 | |
Other | |||
Disclosure of information about unconsolidated subsidiaries [line items] | |||
Investments in joint ventures accounted for using equity method, Carrying value | $ 3,053 | $ 3,119 | |
Number of joint ventures | venture | 36 | ||
Other | Bottom of range | |||
Disclosure of information about unconsolidated subsidiaries [line items] | |||
Proportion of ownership interests in joint venture (as a percentage) | 1400.00% | 1400.00% | |
Other | Top of range | |||
Disclosure of information about unconsolidated subsidiaries [line items] | |||
Proportion of ownership interests in joint venture (as a percentage) | 5500.00% | 5500.00% |
EQUITY ACCOUNTED INVESTMENTS _2
EQUITY ACCOUNTED INVESTMENTS - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended |
Mar. 31, 2020 | Jun. 30, 2020 | Dec. 31, 2019 | |
Disclosure of detailed information about investment property [line items] | |||
Impact of warrant conversion | $ 0 | $ (11,499) | |
Investment Accounted For Using Equity Method, Exercise Of Warrants | (1,434) | ||
Investments accounted for using equity method | BSREP III | |||
Disclosure of detailed information about investment property [line items] | |||
Impact of warrant conversion | $ (1,434) | $ 0 | $ (1,434) |
EQUITY ACCOUNTED INVESTMENTS _3
EQUITY ACCOUNTED INVESTMENTS - Equity Accounted Investments, Reconciliation (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | |
Disclosure of information about unconsolidated subsidiaries [line items] | ||||||
Equity accounted investments, beginning of period | $ 20,764 | $ 20,764 | $ 22,698 | $ 22,698 | ||
Investment Accounted For Using Equity Method, Additions | 191 | 684 | ||||
Investment Accounted For Using Equity Method, Disposal And Return Of Capital Distributions | (40) | (764) | ||||
Share of net earnings from equity accounted investments | $ (757) | $ 826 | (793) | $ 1,090 | 1,969 | |
Investment Accounted For Using Equity Method, Distribution Received | (186) | (470) | ||||
Investment Accounted For Using Equity Method, Foreign Currency Translation | (385) | 127 | ||||
Reclassification to assets held for sale | 223 | (189) | ||||
Impact of deconsolidation due to loss of control | 0 | (11,499) | ||||
Impact of warrant conversion | (1,434) | |||||
Investment Accounted For Using Equity Method, Other Adjustments | (349) | (1,857) | ||||
Equity accounted investments, end of year | $ 19,425 | 19,425 | 20,764 | |||
Investments accounted for using equity method | BSREP III | ||||||
Disclosure of information about unconsolidated subsidiaries [line items] | ||||||
Impact of deconsolidation due to loss of control | $ (1,434) | $ 0 | $ (1,434) |
EQUITY ACCOUNTED INVESTMENTS _4
EQUITY ACCOUNTED INVESTMENTS - Schedule of Investment Properties (Details) - Investments accounted for using equity method | 6 Months Ended | 12 Months Ended |
Jun. 30, 2020 | Dec. 31, 2019 | |
Core Office | United States | Discounted cash flow | ||
Disclosure of detailed information about investment property [line items] | ||
Discount rate | 6.80% | 6.80% |
Terminal capitalization rate | 5.00% | 4.90% |
Investment horizon (yrs) | 11 years | 11 years |
Core Office | Australia | Discounted cash flow | ||
Disclosure of detailed information about investment property [line items] | ||
Discount rate | 6.40% | 6.50% |
Terminal capitalization rate | 5.20% | 5.20% |
Investment horizon (yrs) | 10 years | 10 years |
Core Office | Europe | Discounted cash flow | ||
Disclosure of detailed information about investment property [line items] | ||
Discount rate | 4.70% | 4.60% |
Terminal capitalization rate | 4.70% | 5.00% |
Investment horizon (yrs) | 9 years | 10 years |
Core Retail | United States | Discounted cash flow | ||
Disclosure of detailed information about investment property [line items] | ||
Discount rate | 6.30% | 6.30% |
Terminal capitalization rate | 4.90% | 4.90% |
Investment horizon (yrs) | 10 years | 10 years |
LP Investments- Office | Discounted cash flow | ||
Disclosure of detailed information about investment property [line items] | ||
Discount rate | 6.00% | 6.00% |
Terminal capitalization rate | 5.30% | 5.30% |
Investment horizon (yrs) | 10 years | 10 years |
LP Investments- Retail | Discounted cash flow | ||
Disclosure of detailed information about investment property [line items] | ||
Discount rate | 7.40% | 7.40% |
Terminal capitalization rate | 6.10% | 6.20% |
Investment horizon (yrs) | 10 years | 10 years |
Multifamily | Direct capitalization | ||
Disclosure of detailed information about investment property [line items] | ||
Discount rate | 4.40% | 5.30% |
EQUITY ACCOUNTED INVESTMENTS _5
EQUITY ACCOUNTED INVESTMENTS - Schedule of Assets and Liabilities of Joint Ventures and Associates (Details) - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of detailed information about investment property [line items] | |||
Non-current assets | $ 105,104 | $ 108,354 | |
Current assets | 3,244 | 2,902 | |
Total assets | 108,485 | 111,643 | |
Non-current liabilities | 50,156 | 54,242 | |
Current liabilities | 16,680 | 12,326 | |
Total liabilities | 66,906 | 66,708 | |
Partnership’s share of net assets | 19,425 | 20,764 | $ 22,698 |
Joint ventures | Associates | |||
Disclosure of detailed information about investment property [line items] | |||
Non-current assets | 73,927 | 75,715 | |
Current assets | 3,974 | 4,386 | |
Total assets | 77,901 | 80,101 | |
Non-current liabilities | 28,892 | 30,093 | |
Current liabilities | 7,293 | 5,786 | |
Total liabilities | 36,185 | 35,879 | |
Assets (liabilities) | $ 41,716 | $ 44,222 |
EQUITY ACCOUNTED INVESTMENTS _6
EQUITY ACCOUNTED INVESTMENTS - Schedule of Revenues and Expenses of Joint Ventures and Associates (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | |
Disclosure of detailed information about investment property [line items] | |||||
Revenue | $ 1,437 | $ 2,026 | $ 3,337 | $ 4,099 | |
Expenses | 1,437 | 1,799 | 3,203 | 3,705 | |
Share of net (losses) earnings from equity accounted investments | (757) | 826 | (793) | 1,090 | $ 1,969 |
Net (loss) income | (1,512) | 23 | (1,885) | 736 | |
Joint ventures | Associates | |||||
Disclosure of detailed information about investment property [line items] | |||||
Revenue | 1,031 | 1,161 | 2,274 | 2,542 | |
Expenses | 724 | 783 | 1,550 | 1,685 | |
Share of net (losses) earnings from equity accounted investments | (757) | 826 | (793) | 1,090 | |
Income before fair value gains, net | 316 | 430 | 751 | 919 | |
Fair value (losses) gains, net | (1,791) | 1,137 | (2,271) | 1,182 | |
Net (loss) income | (1,475) | 1,567 | (1,520) | 2,101 | |
Joint Ventures And Associates | |||||
Disclosure of detailed information about investment property [line items] | |||||
Share of net (losses) earnings from equity accounted investments | $ 9 | $ 52 | $ 27 | $ 62 |
PROPERTY, PLANT AND EQUIPMENT -
PROPERTY, PLANT AND EQUIPMENT - Useful Life (Details) | 6 Months Ended |
Jun. 30, 2020 | |
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 |
Leasehold improvements | Bottom of range | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful life (in years) | 13 years |
Leasehold improvements | Top of range | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful life (in years) | 15 years |
Fixtures and fittings | Bottom of range | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful life (in years) | 2 years |
Fixtures and fittings | 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 - Reconciliation (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2020 | Dec. 31, 2019 | Jan. 01, 2019 | |
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Impairment loss recognised in other comprehensive income, property, plant and equipment | $ (164) | $ (217) | ||
Growth rate used to extrapolate cash flow projections | 7.90% | 7.90% | ||
Discount rate applied to cash flow projections | 9.30% | 9.30% | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||||
Balance at the beginning of period | $ 7,278 | |||
Accounting policy change | $ 0 | 0 | $ 726 | |
Impact of deconsolidation due to loss of control | 0 | (11,499) | ||
Balance at the end of period | 6,772 | 6,772 | 7,278 | |
Atlantis | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Impairment loss recognised in other comprehensive income, property, plant and equipment | (153) | (179) | ||
Cost: | ||||
Reconciliation of changes in property, plant and equipment [abstract] | ||||
Balance at the beginning of period | 7,246 | 7,461 | ||
Additions | 84 | 387 | ||
Disposals | (37) | (52) | ||
Foreign currency translation | (198) | 98 | ||
Impact of deconsolidation due to loss of control | 0 | 770 | ||
Balance at the end of period | 7,095 | 7,095 | 7,246 | |
Accumulated fair value changes: | ||||
Reconciliation of changes in property, plant and equipment [abstract] | ||||
Balance at the beginning of period | 1,343 | 1,049 | ||
Foreign currency translation | (12) | 0 | ||
Impact of deconsolidation due to loss of control | 0 | 7 | ||
Impairment loss | (15) | 0 | ||
Revaluation(losses) gains, net | (213) | 301 | ||
Balance at the end of period | 1,103 | 1,103 | 1,343 | |
Impairment losses | 15 | 0 | ||
Accumulated depreciation: | ||||
Reconciliation of changes in property, plant and equipment [abstract] | ||||
Balance at the beginning of period | (1,311) | (1,004) | ||
Disposals | 20 | 30 | ||
Foreign currency translation | 29 | (15) | ||
Impact of deconsolidation due to loss of control | 0 | (7) | ||
Depreciation | (164) | (329) | ||
Balance at the end of period | $ (1,426) | $ (1,426) | (1,311) | |
IFRS 16 | Cost: | ||||
Reconciliation of changes in property, plant and equipment [abstract] | ||||
Accounting policy change | $ 122 | $ 0 |
GOODWILL (Details)
GOODWILL (Details) - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Goodwill | $ 980 | $ 1,041 |
Amount by which unit's recoverable amount exceeds its carrying amount | 4,191 | |
Recoverable amount of asset or cash-generating unit | $ 4,012 | |
Growth rate used to extrapolate cash flow projections | 7.90% | |
Discount rate applied to cash flow projections | 9.30% | |
Recoverable amount of asset or cash-generating unit | $ 4,012 |
INTANGIBLE ASSETS - Additional
INTANGIBLE ASSETS - Additional Information (Details) - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets other than goodwill | $ 1,082 | $ 1,162 | $ 1,179 |
Growth rate used to extrapolate cash flow projections | 7.90% | ||
Discount rate applied to cash flow projections | 9.30% | ||
Trademarks | Center Parcs UK | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets other than goodwill | $ 895 | 956 | |
Trademarks | Atlantis | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets other than goodwill | $ 186 | $ 205 |
INTANGIBLE ASSETS - Useful Life
INTANGIBLE ASSETS - Useful Life (Details) | 6 Months Ended |
Jun. 30, 2020 | |
Management contracts | |
Disclosure of detailed information about intangible assets [line items] | |
Useful life (in years) | 40 years |
Customer relationships | |
Disclosure of detailed information about intangible assets [line items] | |
Useful life (in years) | 9 years |
Other | Bottom of range | |
Disclosure of detailed information about intangible assets [line items] | |
Useful life (in years) | 4 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 | Jun. 30, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets other than goodwill | $ 1,082 | $ 1,162 | $ 1,179 |
Cost | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets other than goodwill | 1,207 | 1,265 | |
Accumulated amortization | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets other than goodwill | (59) | (55) | |
Accumulated impairment losses | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets other than goodwill | $ (66) | $ (48) |
INTANGIBLE ASSETS - Reconciliat
INTANGIBLE ASSETS - Reconciliation (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2020 | Dec. 31, 2019 | |
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||
Balance, beginning of period | $ 1,162 | $ 1,179 |
Acquisitions | 5 | 9 |
Amortization | (5) | (12) |
Impairment losses | (18) | 0 |
Foreign currency translation | (62) | 36 |
Reclassification to assets held for sale and other | 0 | (50) |
Balance, end of period | $ 1,082 | $ 1,162 |
OTHER NON-CURRENT ASSETS (Detai
OTHER NON-CURRENT ASSETS (Details) - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
Subclassifications of assets, liabilities and equities [abstract] | ||
Securities - FVTPL | $ 1,387 | $ 1,250 |
Derivative assets | 20 | 10 |
Securities - FVTOCI | 79 | 121 |
Restricted cash | 141 | 154 |
Inventory | 654 | 507 |
Other | 282 | 284 |
Total other non-current assets | $ 2,563 | $ 2,326 |
OTHER NON-CURRENT ASSETS - Narr
OTHER NON-CURRENT ASSETS - Narrative (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |
Mar. 31, 2020 | Jun. 30, 2020 | Dec. 31, 2019 | |
Disclosure of detailed information about investment property [line items] | |||
Securities - FVTPL | $ 1,387,000,000 | $ 1,250,000,000 | |
Convertible Preferred Units Of US Hospitality Company | |||
Disclosure of detailed information about investment property [line items] | |||
Percent of dividend rate | 7.50% | ||
Securities - FVTPL | $ 427,000,000 | 418,000,000 | |
Additional Convertible Preferred Units Of US Hospitality Company | |||
Disclosure of detailed information about investment property [line items] | |||
Percent of dividend rate | 5.00% | ||
Value of convertible preferred units purchased | $ 238,000,000 | ||
BSREP III | |||
Disclosure of detailed information about investment property [line items] | |||
Securities - FVTPL | $ 540,000,000 | $ 417,000,000 |
ACCOUNTS RECEIVABLE AND OTHER -
ACCOUNTS RECEIVABLE AND OTHER - Components (Details) - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
Subclassifications of assets, liabilities and equities [abstract] | ||
Derivative assets | $ 67 | $ 80 |
Accounts receivable | 781 | 510 |
Restricted cash and deposits | 250 | 239 |
Prepaid expenses | 276 | 278 |
Other current assets | 269 | 300 |
Accounts receivable and other | $ 1,643 | $ 1,407 |
HELD FOR SALE - Summary (Detail
HELD FOR SALE - Summary (Details) - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of financial assets [line items] | |||
Investment properties | $ 74,081 | $ 75,511 | $ 80,196 |
Equity accounted investments | 19,425 | 20,764 | 22,698 |
Accounts receivable and other | 1,643 | 1,407 | |
Total assets | 108,485 | 111,643 | |
Debt obligations | 55,493 | 55,528 | |
Accounts payable and other liabilities | 3,889 | 3,426 | |
Total liabilities | 66,906 | 66,708 | |
Assets held for sale | |||
Disclosure of financial assets [line items] | |||
Investment properties | 135 | 160 | |
Equity accounted investments | 0 | 223 | |
Accounts receivable and other | 2 | 4 | |
Total assets | 137 | 387 | $ 1,004 |
Liabilities associated with assets held for sale | |||
Disclosure of financial assets [line items] | |||
Debt obligations | 70 | 138 | |
Accounts payable and other liabilities | 0 | 2 | |
Total liabilities | $ 70 | $ 140 |
HELD FOR SALE - Reconciliation
HELD FOR SALE - Reconciliation (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2020 | Dec. 31, 2019 | |
Disclosure of financial assets [line items] | ||
Balance, beginning of period | $ 111,643 | |
Balance, end of period | 108,485 | $ 111,643 |
Total assets | 108,485 | 111,643 |
Assets held for sale | ||
Disclosure of financial assets [line items] | ||
Balance, beginning of period | 387 | 1,004 |
Reclassification to (from) assets held for sale, net | 135 | 3,387 |
Disposals | (389) | (4,038) |
Fair value adjustments | 0 | 14 |
Foreign currency translation | 0 | (5) |
Other | 4 | 25 |
Balance, end of period | 137 | 387 |
Total assets | 387 | 387 |
Reclassification to (from) assets held for sale, net | 135 | 3,387 |
Asset Disposals | 389 | 4,038 |
Fair value adjustments | 0 | 14 |
Foreign exchange gain (loss) | 0 | 5 |
Other | $ 4 | $ 25 |
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 | 6 Months Ended | 12 Months Ended | ||||||||||||||||
Jun. 30, 2020USD ($) | Dec. 31, 2019USD ($) | Jun. 30, 2020GBP (£) | Jun. 30, 2020CAD ($) | Jun. 30, 2020KRW (₩) | Jun. 30, 2020AUD ($) | Jun. 30, 2020INR (₨) | Jun. 30, 2020BRL (R$) | Jun. 30, 2020CNY (¥) | Jun. 30, 2020EUR (€) | Dec. 31, 2019GBP (£) | Dec. 31, 2019CAD ($) | Dec. 31, 2019KRW (₩) | Dec. 31, 2019AUD ($) | Dec. 31, 2019INR (₨) | Dec. 31, 2019BRL (R$) | Dec. 31, 2019CNY (¥) | Dec. 31, 2019EUR (€) | |
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||
Deferred financing costs | $ (285) | $ (418) | ||||||||||||||||
Current | 12,730 | 8,825 | ||||||||||||||||
Non-current | 42,693 | 46,565 | ||||||||||||||||
Total debt obligations | 55,493 | 55,528 | ||||||||||||||||
U.S. Dollars | ||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||
Total debt obligations | 39,656 | 39,286 | ||||||||||||||||
British Pounds | ||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||
Total debt obligations | 6,477 | 6,997 | £ 5,223 | £ 5,279 | ||||||||||||||
Canadian Dollars | ||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||
Total debt obligations | 3,696 | 3,431 | $ 5,017 | $ 4,457 | ||||||||||||||
South Korean Won | ||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||
Total debt obligations | 1,901 | 1,973 | ₩ 2,280,000 | ₩ 2,280,000 | ||||||||||||||
Australian Dollars | ||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||
Total debt obligations | 1,279 | 1,273 | $ 1,853 | $ 1,814 | ||||||||||||||
Indian Rupee | ||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||
Total debt obligations | 2,111 | 2,209 | ₨ 159,888 | ₨ 157,797 | ||||||||||||||
Brazilian Reais | ||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||
Total debt obligations | 353 | 480 | R$ 1931 | R$ 1935 | ||||||||||||||
Chinese Yuan | ||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||
Total debt obligations | 11 | 11 | ¥ 77 | ¥ 78 | ||||||||||||||
Euros | ||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||
Total debt obligations | 294 | 286 | € 262 | € 255 | ||||||||||||||
Liabilities associated with assets held for sale | ||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||
Total debt obligations | 70 | 138 | ||||||||||||||||
Fixed rate | ||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||
Secured debt obligation | 28,707 | 28,717 | ||||||||||||||||
Variable rate | ||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||
Secured debt obligation | 18,525 | 19,121 | ||||||||||||||||
Unsecured Debt | Subsidiary borrowings | ||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||
Total debt obligations | 279 | 202 | ||||||||||||||||
Brookfield Property Partners’ credit facilities | Unsecured Debt | ||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||
Total debt obligations | 456 | 836 | ||||||||||||||||
Brookfield Property Partners’ corporate bonds | Unsecured Debt | ||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||
Total debt obligations | 1,405 | 1,082 | ||||||||||||||||
Brookfield Property REIT Inc. term debt | Unsecured Debt | ||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||
Total debt obligations | 3,995 | 4,010 | ||||||||||||||||
Brookfield Property REIT Inc. senior secured notes | Unsecured Debt | ||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||
Total debt obligations | 945 | 1,000 | ||||||||||||||||
Brookfield Property REIT Inc. corporate facility | Unsecured Debt | ||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||
Total debt obligations | 1,085 | 715 | ||||||||||||||||
Brookfield Property REIT Inc. junior subordinated notes | Unsecured Debt | ||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||
Total debt obligations | 206 | 206 | ||||||||||||||||
Funds subscription credit facilities | ||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||
Secured debt obligation | $ 175 | $ 57 | ||||||||||||||||
Weighted-average rate | Unsecured Debt | Subsidiary borrowings | ||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||
Weighted-average rate | 1.82% | 3.27% | 1.82% | 1.82% | 1.82% | 1.82% | 1.82% | 1.82% | 1.82% | 1.82% | 3.27% | 3.27% | 3.27% | 3.27% | 3.27% | 3.27% | 3.27% | 3.27% |
Weighted-average rate | Secured Debt | Fixed rate | ||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||
Weighted-average rate | 4.23% | 4.35% | 4.23% | 4.23% | 4.23% | 4.23% | 4.23% | 4.23% | 4.23% | 4.23% | 4.35% | 4.35% | 4.35% | 4.35% | 4.35% | 4.35% | 4.35% | 4.35% |
Weighted-average rate | Secured Debt | Variable rate | ||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||
Weighted-average rate | 3.48% | 4.52% | 3.48% | 3.48% | 3.48% | 3.48% | 3.48% | 3.48% | 3.48% | 3.48% | 4.52% | 4.52% | 4.52% | 4.52% | 4.52% | 4.52% | 4.52% | 4.52% |
Weighted-average rate | Brookfield Property Partners’ credit facilities | Unsecured Debt | ||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||
Weighted-average rate | 1.79% | 3.33% | 1.79% | 1.79% | 1.79% | 1.79% | 1.79% | 1.79% | 1.79% | 1.79% | 3.33% | 3.33% | 3.33% | 3.33% | 3.33% | 3.33% | 3.33% | 3.33% |
Weighted-average rate | Brookfield Property Partners’ corporate bonds | Unsecured Debt | ||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||
Weighted-average rate | 3.35% | 4.25% | 3.35% | 3.35% | 3.35% | 3.35% | 3.35% | 3.35% | 3.35% | 3.35% | 4.25% | 4.25% | 4.25% | 4.25% | 4.25% | 4.25% | 4.25% | 4.25% |
Weighted-average rate | Brookfield Property REIT Inc. term debt | Unsecured Debt | ||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||
Weighted-average rate | 2.55% | 4.17% | 2.55% | 2.55% | 2.55% | 2.55% | 2.55% | 2.55% | 2.55% | 2.55% | 4.17% | 4.17% | 4.17% | 4.17% | 4.17% | 4.17% | 4.17% | 4.17% |
Weighted-average rate | Brookfield Property REIT Inc. senior secured notes | Unsecured Debt | ||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||
Weighted-average rate | 5.75% | 5.75% | 5.75% | 5.75% | 5.75% | 5.75% | 5.75% | 5.75% | 5.75% | 5.75% | 5.75% | 5.75% | 5.75% | 5.75% | 5.75% | 5.75% | 5.75% | 5.75% |
Weighted-average rate | Brookfield Property REIT Inc. corporate facility | Unsecured Debt | ||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||
Weighted-average rate | 2.44% | 4.03% | 2.44% | 2.44% | 2.44% | 2.44% | 2.44% | 2.44% | 2.44% | 2.44% | 4.03% | 4.03% | 4.03% | 4.03% | 4.03% | 4.03% | 4.03% | 4.03% |
Weighted-average rate | Brookfield Property REIT Inc. junior subordinated notes | Unsecured Debt | ||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||
Weighted-average rate | 2.21% | 3.39% | 2.21% | 2.21% | 2.21% | 2.21% | 2.21% | 2.21% | 2.21% | 2.21% | 3.39% | 3.39% | 3.39% | 3.39% | 3.39% | 3.39% | 3.39% | 3.39% |
Weighted-average rate | Funds subscription credit facilities | Secured Debt | ||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||
Weighted-average rate | 2.34% | 2.83% | 2.34% | 2.34% | 2.34% | 2.34% | 2.34% | 2.34% | 2.34% | 2.34% | 2.83% | 2.83% | 2.83% | 2.83% | 2.83% | 2.83% | 2.83% | 2.83% |
DEBT OBLIGATIONS - Reconciliati
DEBT OBLIGATIONS - Reconciliation of cash flows from financing activities from debt obligations (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2020USD ($) | |
Borrowing [Roll Forward] | |
Dec. 31, 2019 | $ 55,528 |
Debt obligation issuance, net of repayments | 586 |
Non-cash changes in debt obligations | |
Assumed by purchaser | (58) |
Amortization of deferred financing costs and (premium) discount | 101 |
Foreign currency translation | (953) |
Other | (75) |
Jun. 30, 2020 | $ 55,493 |
CAPITAL SECURITIES (Details)
CAPITAL SECURITIES (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2020 | Dec. 31, 2019 | |
Disclosure of classes of share capital [line items] | ||
Capital Securities | $ 3,055 | $ 3,075 |
Current | 61 | 75 |
Non-current | $ 2,994 | $ 3,000 |
Series 1, Class A Preferred Equity Units | ||
Disclosure of classes of share capital [line items] | ||
Cumulative dividend rate | 5.75% | 6.50% |
Series 2, Class A Preferred Equity Units | ||
Disclosure of classes of share capital [line items] | ||
Cumulative dividend rate | 6.375% | |
Prime Rate | Series 1, Class B Preferred Shares | ||
Disclosure of classes of share capital [line items] | ||
Percent of dividend rate | 70.00% | |
Prime Rate | Series 2, Class B Preferred Shares | ||
Disclosure of classes of share capital [line items] | ||
Percent of dividend rate | 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 | $ 580 | $ 574 |
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 | $ 550 | 546 |
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 | $ 534 | 530 |
BPO | Series 1, Class B Preferred Shares | ||
Disclosure of classes of share capital [line items] | ||
Shares outstanding | 3,600,000 | |
Capital Securities | $ 0 | 0 |
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 | 842,534 | |
Cumulative dividend rate | 5.25% | |
Capital Securities | $ 21 | 23 |
Brookfield Property Split Corp. | Series 2, Senior Preferred Shares | ||
Disclosure of classes of share capital [line items] | ||
Shares outstanding | 556,746 | |
Cumulative dividend rate | 5.75% | |
Capital Securities | $ 10 | 13 |
Brookfield Property Split Corp. | Series 3, Senior Preferred Shares | ||
Disclosure of classes of share capital [line items] | ||
Shares outstanding | 790,982 | |
Cumulative dividend rate | 5.00% | |
Capital Securities | $ 15 | 18 |
Brookfield Property Split Corp. | Series 4, Senior Preferred Shares | ||
Disclosure of classes of share capital [line items] | ||
Shares outstanding | 594,994 | |
Cumulative dividend rate | 5.20% | |
Capital Securities | $ 11 | 18 |
BSREP II RH B LLC (“Manufactured Housing”) | 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 |
BSREP II Vintage Estate Partners LLC (“Vintage Estates”) | 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 | $ 903 | $ 922 |
CAPITAL SECURITIES - Narrative
CAPITAL SECURITIES - Narrative (Details) $ in Millions, $ in Millions | 6 Months Ended | |||
Jun. 30, 2020USD ($) | Jun. 30, 2020CAD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2019CAD ($) | |
Disclosure of classes of share capital [line items] | ||||
Capital securities | $ 3,055 | $ 3,075 | ||
Redemption amount | 36 | $ 49 | 49 | $ 64 |
Capital securities | D.C. Fund | ||||
Disclosure of classes of share capital [line items] | ||||
Capital securities | 61 | 62 | ||
BSREP II RH B LLC | Preference shares | ||||
Disclosure of classes of share capital [line items] | ||||
Capital securities | $ 249 | 249 | ||
Annual return payable in monthly distributions | 9.00% | |||
Rouse | Series A Preferred Shares | ||||
Disclosure of classes of share capital [line items] | ||||
Capital securities | $ 142 | 142 | ||
BSREP II Vintage Estate Partners LLC (“Vintage Estates”) | Preference shares | ||||
Disclosure of classes of share capital [line items] | ||||
Capital securities | 40 | 40 | ||
Brookfield DTLA Holdings LLC | ||||
Disclosure of classes of share capital [line items] | ||||
Capital securities | $ 842 | $ 860 |
CAPITAL SECURITIES - Reconcilia
CAPITAL SECURITIES - Reconciliation of cash flows from financing activities from capital securities (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Non-cash changes on capital securities | ||
Capital Securities | $ 3,075 | |
Non-cash changes on capital securities | ||
Capital Securities | 3,055 | |
Capital securities redeemed | (13) | $ (420) |
Fair value changes | (4) | |
Foreign currency translation | 3 | |
Other | $ (6) |
INCOME TAXES - Schedule of Comp
INCOME TAXES - Schedule of Components of Income Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Income Taxes [Abstract] | ||||
Current income tax | $ 10 | $ (8) | $ 35 | $ 30 |
Deferred income tax | (58) | (54) | 78 | (4) |
Income tax expense (benefit) | $ (48) | $ (62) | $ 113 | $ 26 |
OTHER NON-CURRENT LIABILITIES -
OTHER NON-CURRENT LIABILITIES - Summary of Other Non-current Liabilities (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | |
Subclassifications of assets, liabilities and equities [abstract] | |||||
Accounts payable and accrued liabilities | $ 589 | $ 589 | $ 760 | ||
Non-current lease liabilities | 873 | 873 | 889 | ||
Derivative liabilities | 372 | 372 | 413 | ||
Provisions | 93 | 93 | 78 | ||
Loans and notes payables | 0 | 0 | 18 | ||
Deferred revenue | 51 | 51 | 4 | ||
Total other non-current liabilities | 1,978 | 1,978 | $ 2,162 | ||
Interest expense on lease liabilities | $ 15 | $ 13 | $ 29 | $ 30 |
ACCOUNTS PAYABLE AND OTHER LI_3
ACCOUNTS PAYABLE AND OTHER LIABILITIES - Schedule of Accounts Payable and Other Liabilities (Details) - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
Subclassifications of assets, liabilities and equities [abstract] | ||
Accounts payable and accrued liabilities | $ 2,269 | $ 2,537 |
Loans and notes payable | 921 | 172 |
Derivative liabilities | 252 | 289 |
Deferred revenue | 366 | 342 |
Lease liabilities | 43 | 43 |
Other liabilities | 38 | 43 |
Total accounts payable and other liabilities | $ 3,889 | $ 3,426 |
EQUITY - Narrative (Details)
EQUITY - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | |
Series 1, Class A Preferred Equity Units | ||||
Disclosure of classes of share capital [line items] | ||||
Number of shares issued (in shares) | 11,500,000 | 7,360,000 | ||
Par value per share (in dollars per share) | $ 25 | $ 25 | ||
Cumulative dividend rate | 5.75% | 6.50% | ||
Series 2, Class A Preferred Equity Units | ||||
Disclosure of classes of share capital [line items] | ||||
Number of shares issued (in shares) | 10,000,000 | |||
Par value per share (in dollars per share) | $ 25 | |||
Cumulative dividend rate | 6.375% | |||
Preference shares | ||||
Disclosure of classes of share capital [line items] | ||||
Limited partnership units, issued | $ 288 | $ 434 | ||
Share issue related cost | 9 | 14 | ||
Preferred equity | $ 699 | $ 420 | ||
Stock conversion ratio | 1 | |||
Period over which price is calculated | 20 days | |||
Limited partnership units, issued | $ 0 | $ 13 | ||
Limited partnership units | ||||
Disclosure of classes of share capital [line items] | ||||
Proportion of voting rights held by non-controlling interests | 49.00% | |||
Number of shares outstanding | 437,911,000 | 439,802,000 | 424,198,000 | |
Redeemable and Exchangeable Units | ||||
Disclosure of classes of share capital [line items] | ||||
Number of shares outstanding | 432,649,105 | 432,649,105 | ||
Special LP Units | ||||
Disclosure of classes of share capital [line items] | ||||
Number of shares outstanding | 4,759,997 | 4,759,997 |
EQUITY - Schedule of Changes In
EQUITY - Schedule of Changes In Equity (Details) - shares shares in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2020 | Dec. 31, 2019 | |
General partnership units | ||
Reconciliation of number of shares outstanding [abstract] | ||
Outstanding, beginning of period (in shares) | 139 | 139 |
Exchange LP Units exchanged (in shares) | 0 | |
Distribution Reinvestment Program (in shares) | 0 | 0 |
Issued under unit-based compensation plan (in shares) | 0 | 0 |
Repurchases of LP Units (in shares) | 0 | 0 |
Outstanding, end of period (in shares) | 139 | 139 |
General partnership units | BPYU Units | ||
Reconciliation of number of shares outstanding [abstract] | ||
Exchange LP Units exchanged (in shares) | 0 | |
Limited partnership units | ||
Reconciliation of number of shares outstanding [abstract] | ||
Outstanding, beginning of period (in shares) | 439,802 | 424,198 |
Exchange LP Units exchanged (in shares) | 50 | 425 |
Distribution Reinvestment Program (in shares) | 495 | 257 |
Issued under unit-based compensation plan (in shares) | 0 | 858 |
Repurchases of LP Units (in shares) | (10,394) | (22,252) |
Outstanding, end of period (in shares) | 437,911 | 439,802 |
Limited partnership units | BPYU Units | ||
Reconciliation of number of shares outstanding [abstract] | ||
Exchange LP Units exchanged (in shares) | (7,958) | (36,316) |
EQUITY - Changes to the GP Unit
EQUITY - Changes to the GP Units and LP Units (Details) - shares shares in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2020 | Dec. 31, 2019 | |
BPYU Units | General partnership units | ||
Disclosure of classes of share capital [line items] | ||
Exchange LP Units exchanged (in shares) | 0 | |
BPYU Units | Limited partnership units | ||
Disclosure of classes of share capital [line items] | ||
Exchange LP Units exchanged (in shares) | 7,958 | 36,316 |
General partnership units | ||
Disclosure of classes of share capital [line items] | ||
Outstanding, beginning of period (in shares) | 139 | 139 |
Exchange LP Units exchanged (in shares) | 0 | |
Distribution Reinvestment Program (in shares) | 0 | 0 |
Issued under unit-based compensation plan (in shares) | 0 | 0 |
Repurchases of LP Units (in shares) | 0 | 0 |
Outstanding, end of period (in shares) | 139 | 139 |
Limited partnership units | ||
Disclosure of classes of share capital [line items] | ||
Outstanding, beginning of period (in shares) | 439,802 | 424,198 |
Exchange LP Units exchanged (in shares) | (50) | (425) |
Distribution Reinvestment Program (in shares) | 495 | 257 |
Issued under unit-based compensation plan (in shares) | 0 | 858 |
Repurchases of LP Units (in shares) | (10,394) | (22,252) |
Outstanding, end of period (in shares) | 437,911 | 439,802 |
EQUITY - Schedule of Changes _2
EQUITY - Schedule of Changes in LP Units (Details) - Exchange LP Units - shares shares in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2020 | Dec. 31, 2019 | |
Reconciliation of number of shares outstanding [abstract] | ||
Outstanding, beginning of period (in shares) | 2,883 | 3,308 |
Exchange LP Units exchanged (in shares) | (50) | (425) |
Outstanding, end of period (in shares) | 2,833 | 2,883 |
EQUITY - Schedule of Changes to
EQUITY - Schedule of Changes to BPYU Units Class A Shares of Brookfield Property REIT Inc. (Details) - Brookfield Property REIT Inc. Class A - shares | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | |
Schedule of Partnership Units [Line Items] | |||
Outstanding, beginning of period (in shares) | 64,025,000 | 106,090,000 | 106,090,000 |
BPYU Units exchanged (in shares) | (7,958,000) | (36,316,000) | |
Repurchases of BPYU Units (in shares) | (855,000) | (5,724,000) | |
BPYU Units vested (in shares) | 85,000 | 0 | |
Forfeitures (in shares) | (2,000) | (25,000) | |
Outstanding, end of period (in shares) | 55,295,000 | 64,025,000 | |
Treasury shares | |||
Schedule of Partnership Units [Line Items] | |||
Outstanding, end of period (in shares) | 1,418,001 |
EQUITY - Schedule of Distributi
EQUITY - Schedule of Distributions Made (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Schedule of Partnership Units [Line Items] | ||||
Distributions to Limited Partners | $ 999 | $ 2,387 | ||
Distributions to specified holders | $ 313 | $ 315 | $ 624 | $ 635 |
Distributions per unit (in dollars per share) | $ 0.3325 | $ 0.330 | $ 0.6650 | $ 0.660 |
Limited partnership units | ||||
Schedule of Partnership Units [Line Items] | ||||
Distributions to Limited Partners | $ 145 | $ 140 | $ 291 | $ 281 |
Non-controlling interests | Redeemable/Exchangeable Partnership Units | ||||
Schedule of Partnership Units [Line Items] | ||||
Distributions to Limited Partners | 290 | 289 | ||
Distributions to specified holders | 145 | 144 | 287 | 286 |
Non-controlling interests | Special LP Units | ||||
Schedule of Partnership Units [Line Items] | ||||
Distributions to specified holders | 1 | 1 | 3 | 3 |
Non-controlling interests | Exchange LP Units | ||||
Schedule of Partnership Units [Line Items] | ||||
Distributions to specified holders | 1 | 1 | 2 | 2 |
Non-controlling interests | FV LTIP units of the Operating Partnership | ||||
Schedule of Partnership Units [Line Items] | ||||
Distributions to specified holders | 1 | 0 | 1 | 0 |
Non-controlling interests | BPYU Units | ||||
Schedule of Partnership Units [Line Items] | ||||
Distributions to Limited Partners | 40 | 63 | ||
Distributions to specified holders | $ 20 | $ 29 | $ 40 | $ 63 |
EQUITY - Earnings Per Share Inf
EQUITY - Earnings Per Share Information (Details) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Equity [abstract] | ||||
Limited partners | $ (586) | $ 57 | $ (814) | $ 203 |
(Loss) income reallocation related to mandatorily convertible preferred shares | (47) | 6 | (64) | 19 |
Less: Preferred unit dividends attributable to limited partners | (6) | (3) | (10) | (3) |
Net (loss) income attributable to limited partners – basic | (639) | 60 | (888) | 219 |
Dilutive effect of conversion of preferred shares and options | 0 | 0 | 0 | 0 |
Net (loss) income attributable to limited partners – diluted | $ (639) | $ 60 | $ (888) | $ 219 |
Weighted average number of LP Units outstanding (in shares) | 437.6 | 421 | 439.1 | 423.7 |
Mandatorily convertible preferred shares (in shares) | 70.1 | 70 | 70.1 | 70 |
Weighted average number of LP Units outstanding - basic (in shares) | 507.7 | 491 | 509.2 | 493.7 |
Dilutive effect of conversion of preferred shares and options (in shares) | 0 | 0.1 | 0 | 0.1 |
Weighted average number of LP Units outstanding - diluted (in shares) | 507.7 | 491.1 | 509.2 | 493.8 |
NON-CONTROLLING INTERESTS (Deta
NON-CONTROLLING INTERESTS (Details) - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
Non-Controlling Interest 1 [Abstract] | ||
Redeemable/Exchangeable Partnership Units and Special LP Units | $ 11,921 | $ 13,200 |
Exchange LP Units | 78 | 87 |
FV LTIP Units of the Operating Partnership | 52 | 35 |
BPR Units | 1,506 | 1,930 |
Interests of others in operating subsidiaries and properties: | ||
Preferred shares held by Brookfield Asset Management | 15 | 15 |
Preferred equity of subsidiaries | 2,994 | 3,017 |
Non-controlling interests in subsidiaries and properties | 12,375 | 12,953 |
Total interests of others in operating subsidiaries and properties | 15,384 | 15,985 |
Total non-controlling interests | $ 28,941 | $ 31,237 |
NON-CONTROLLING INTERESTS - Sch
NON-CONTROLLING INTERESTS - Schedule of Non-Wholly Owned Subsidiaries With Material Non-Controlling Interests (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2020 | Dec. 31, 2019 | |
Subsidiaries with material non-controlling interests | BPO | ||
Disclosure of subsidiaries [line items] | ||
Proportion of economic interests held by non-controlling interests | 0.00% | 0.00% |
Non-controlling interests: Interests of others in operating subsidiaries and properties | $ 4,715 | $ 4,808 |
Proportion of economic interests held by non-controlling interests | 0.00% | 0.00% |
Subsidiaries with material non-controlling interests | BRP Retail Holdings LLC | ||
Disclosure of subsidiaries [line items] | ||
Proportion of economic interests held by non-controlling interests | 0.00% | 0.00% |
Non-controlling interests: Interests of others in operating subsidiaries and properties | $ 1,625 | $ 1,787 |
Proportion of economic interests held by non-controlling interests | 0.00% | 0.00% |
Subsidiaries with material non-controlling interests | BSREP CARS Sub-Pooling LLC | ||
Disclosure of subsidiaries [line items] | ||
Proportion of economic interests held by non-controlling interests | 74.00% | 71.00% |
Non-controlling interests: Interests of others in operating subsidiaries and properties | $ 1,000 | $ 973 |
Proportion of economic interests held by non-controlling interests | 74.00% | 71.00% |
Subsidiaries with material non-controlling interests | BSREP II PBSA Ltd. | ||
Disclosure of subsidiaries [line items] | ||
Proportion of economic interests held by non-controlling interests | 75.00% | 75.00% |
Non-controlling interests: Interests of others in operating subsidiaries and properties | $ 849 | $ 791 |
Proportion of economic interests held by non-controlling interests | 75.00% | 75.00% |
Subsidiaries with material non-controlling interests | BSREP II MH Holdings LLC | ||
Disclosure of subsidiaries [line items] | ||
Proportion of economic interests held by non-controlling interests | 74.00% | 74.00% |
Non-controlling interests: Interests of others in operating subsidiaries and properties | $ 846 | $ 773 |
Proportion of economic interests held by non-controlling interests | 74.00% | 74.00% |
Subsidiaries with material non-controlling interests | Center Parcs UK | ||
Disclosure of subsidiaries [line items] | ||
Proportion of economic interests held by non-controlling interests | 73.00% | 73.00% |
Non-controlling interests: Interests of others in operating subsidiaries and properties | $ 538 | $ 675 |
Proportion of economic interests held by non-controlling interests | 73.00% | 73.00% |
Subsidiaries with material non-controlling interests | BSREP II Aries Pooling LLC | ||
Disclosure of subsidiaries [line items] | ||
Proportion of economic interests held by non-controlling interests | 74.00% | 74.00% |
Non-controlling interests: Interests of others in operating subsidiaries and properties | $ 532 | $ 554 |
Proportion of economic interests held by non-controlling interests | 74.00% | 74.00% |
Subsidiaries with material non-controlling interests | BSREP II Retail Upper Pooling LLC | ||
Disclosure of subsidiaries [line items] | ||
Proportion of economic interests held by non-controlling interests | 50.00% | 50.00% |
Non-controlling interests: Interests of others in operating subsidiaries and properties | $ 526 | $ 541 |
Proportion of economic interests held by non-controlling interests | 50.00% | 50.00% |
Subsidiaries with material non-controlling interests | BSREP II Korea Office Holdings Pte. Ltd. | ||
Disclosure of subsidiaries [line items] | ||
Proportion of economic interests held by non-controlling interests | 78.00% | 78.00% |
Non-controlling interests: Interests of others in operating subsidiaries and properties | $ 540 | $ 484 |
Proportion of economic interests held by non-controlling interests | 78.00% | 78.00% |
Subsidiaries with material non-controlling interests | BSREP India Office Holdings Pte. Ltd. | ||
Disclosure of subsidiaries [line items] | ||
Proportion of economic interests held by non-controlling interests | 67.00% | 67.00% |
Non-controlling interests: Interests of others in operating subsidiaries and properties | $ 341 | $ 403 |
Proportion of economic interests held by non-controlling interests | 67.00% | 67.00% |
Subsidiaries with material non-controlling interests | BSREP India Office Holdings Pte. Ltd. | Minimum | ||
Disclosure of subsidiaries [line items] | ||
Proportion of economic interests held by non-controlling interests | 33.00% | 1800.00% |
Proportion of economic interests held by non-controlling interests | 33.00% | 1800.00% |
Subsidiaries with material non-controlling interests | BSREP India Office Holdings Pte. Ltd. | Maximum | ||
Disclosure of subsidiaries [line items] | ||
Proportion of economic interests held by non-controlling interests | 8400.00% | 7600.00% |
Proportion of economic interests held by non-controlling interests | 8400.00% | 7600.00% |
Subsidiaries with material non-controlling interests | Other | ||
Disclosure of subsidiaries [line items] | ||
Non-controlling interests: Interests of others in operating subsidiaries and properties | $ 3,872 | $ 4,196 |
Subsidiaries with material non-controlling interests | Bottom of range | BPO | ||
Disclosure of subsidiaries [line items] | ||
Proportion of economic interests held by non-controlling interests | 1.00% | |
Proportion of economic interests held by non-controlling interests | 1.00% | |
Subsidiaries with material non-controlling interests | Bottom of range | Other | ||
Disclosure of subsidiaries [line items] | ||
Proportion of economic interests held by non-controlling interests | 33.00% | 18.00% |
Proportion of economic interests held by non-controlling interests | 33.00% | 18.00% |
Subsidiaries with material non-controlling interests | Top of range | BPO | ||
Disclosure of subsidiaries [line items] | ||
Proportion of economic interests held by non-controlling interests | 100.00% | |
Proportion of economic interests held by non-controlling interests | 100.00% | |
Subsidiaries with material non-controlling interests | Top of range | Other | ||
Disclosure of subsidiaries [line items] | ||
Proportion of economic interests held by non-controlling interests | 84.00% | 76.00% |
Proportion of economic interests held by non-controlling interests | 84.00% | 76.00% |
Non-controlling interests: Interests of others in operating subsidiaries and properties | $ 15,384 | $ 15,985 |
COMMERCIAL PROPERTY REVENUE (De
COMMERCIAL PROPERTY REVENUE (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Revenue [abstract] | ||||
Base rent | $ 870 | $ 953 | $ 1,789 | $ 1,971 |
Straight-line rent | 22 | 28 | 41 | 63 |
Lease termination | 4 | 15 | 11 | 21 |
Other lease income | 160 | 150 | 357 | 324 |
Revenue From Tenants, Other | 245 | 240 | 507 | 481 |
Total commercial property revenue | $ 1,301 | $ 1,386 | $ 2,705 | $ 2,860 |
HOSPITALITY REVENUE (Details)
HOSPITALITY REVENUE (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Total hospitality revenue | $ 50 | $ 503 | $ 416 | $ 994 |
Room, food and beverage | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Total hospitality revenue | 42 | 378 | 318 | 738 |
Gaming, and other leisure activities | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Total hospitality revenue | 1 | 95 | 68 | 195 |
Other hospitality revenue | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Total hospitality revenue | $ 7 | $ 30 | $ 30 | $ 61 |
INVESTMENT AND OTHER REVENUE (D
INVESTMENT AND OTHER REVENUE (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Revenue [abstract] | ||||
Investment income | $ 24 | $ 60 | $ 47 | $ 68 |
Fee revenue | 50 | 58 | 113 | 122 |
Dividend income | 2 | 2 | 36 | 3 |
Interest income and other | 10 | 13 | 20 | 45 |
Participating loan notes | 0 | 4 | 0 | 7 |
Investment and other revenue | $ 86 | $ 137 | $ 216 | $ 245 |
DIRECT COMMERCIAL PROPERTY EX_3
DIRECT COMMERCIAL PROPERTY EXPENSE - Components of Direct Commercial Property Expense (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Disclosure of detailed information about investment property [line items] | ||||
Employee compensation and benefits | $ 98 | $ 94 | $ 197 | $ 182 |
Direct commercial property expense | 445 | 479 | 925 | 1,001 |
Expense relating to variable lease payments not included in measurement of lease liabilities | 4 | 3 | 4 | 7 |
Commercial Property | ||||
Disclosure of detailed information about investment property [line items] | ||||
Property maintenance | 162 | 182 | 336 | 378 |
Real estate taxes | 151 | 157 | 308 | 324 |
Employee compensation and benefits | 38 | 40 | 80 | 88 |
Lease expense | 4 | 3 | 8 | 8 |
Other | 90 | 97 | 193 | 203 |
Direct commercial property expense | $ 445 | $ 479 | $ 925 | $ 1,001 |
DIRECT HOSPITALITY EXPENSE - Co
DIRECT HOSPITALITY EXPENSE - Components of Direct Hospitality Expense (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Disclosure of detailed information about investment property [line items] | ||||
Employee compensation and benefits | $ 98 | $ 94 | $ 197 | $ 182 |
Direct hospitality expense | 106 | 306 | 396 | 626 |
Hospitality Property | ||||
Disclosure of detailed information about investment property [line items] | ||||
Employee compensation and benefits | 44 | 111 | 126 | 194 |
Cost of food, beverage, and retail goods sold | 11 | 63 | 80 | 144 |
Maintenance and utilities | 20 | 37 | 57 | 79 |
Marketing and advertising | 3 | 16 | 23 | 39 |
Other | 28 | 79 | 110 | 170 |
Direct hospitality expense | $ 106 | $ 306 | $ 396 | $ 626 |
DEPRECIATION AND AMORTIZATION_2
DEPRECIATION AND AMORTIZATION (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Depreciation and amortization | $ 83 | $ 85 | $ 170 | $ 170 |
Depreciation, right-of-use assets | 3 | 2 | 5 | 4 |
Depreciation and amortization of real estate assets | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Depreciation and amortization | 66 | 70 | 135 | 139 |
Depreciation and amortization of non-real estate assets | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Depreciation and amortization | $ 17 | $ 15 | $ 35 | $ 31 |
GENERAL AND ADMINISTRATIVE EX_3
GENERAL AND ADMINISTRATIVE EXPENSE (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Disclosure Of General And Administrative Expense [Abstract] | ||||
Employee compensation and benefits | $ 98 | $ 94 | $ 197 | $ 182 |
Management fees | 24 | 34 | 48 | 72 |
Transaction costs | 4 | 20 | 7 | 42 |
Other | 69 | 71 | 139 | 146 |
Total general and administrative expense | $ 195 | $ 219 | $ 391 | $ 442 |
FAIR VALUE GAINS (LOSSES), NE_2
FAIR VALUE GAINS (LOSSES), NET (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | |
Disclosure of Fair Value [Line Items] | |||||
Commercial properties | $ (814) | $ 858 | |||
Financial instruments and other | $ 11 | $ (72) | (292) | $ (172) | |
Total fair values (losses) gains, net | (803) | (1,092) | (1,113) | (722) | |
Losses on change in fair value of derivatives and right-of-use investment properties | (2) | (1) | |||
Commercial properties | |||||
Disclosure of Fair Value [Line Items] | |||||
Commercial properties | (907) | (1,144) | (996) | (837) | 301 |
Commercial developments | |||||
Disclosure of Fair Value [Line Items] | |||||
Commercial properties | 94 | 124 | 182 | 287 | $ 557 |
Adjustments For Gains (Losses) on Fair Value Adjustment, Incentive Fees | $ (1) | $ 0 | $ (7) | $ 0 |
UNIT-BASED COMPENSATION - Narra
UNIT-BASED COMPENSATION - Narrative (Details) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2020USD ($)shares$ / shares | Jun. 30, 2019USD ($) | Jun. 30, 2020USD ($)shares$ / shares | Jun. 30, 2019USD ($) | Dec. 31, 2019shares$ / shares | Jun. 30, 2020shares$ / shares | Dec. 31, 2019shares$ / shares | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||
Expense from share-based payment transactions with employees | $ | $ 6 | $ 8 | $ 12 | $ 11 | |||
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 | 529,053 | 529,053 | 797,674 | 529,053 | 797,674 | ||
Weighted average exercise price of other equity instruments outstanding in share-based payment arrangement (in dollars per share) | $ / shares | $ 19.50 | $ 19.50 | $ 19.53 | ||||
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 | 503,691 | 503,691 | 393,980 | 503,691 | 393,980 | ||
Weighted average exercise price of other equity instruments outstanding in share-based payment arrangement (in dollars per share) | $ / shares | $ 25.38 | $ 25.59 | |||||
Restricted Stock Units (RSUs) | Restricted BPR Unit Plan | |||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||
Award vesting period | 5 years | ||||||
Number of other equity instruments granted in share-based payment arrangement (in shares) | 1,928,228 | ||||||
Weighted average exercise price of other equity instruments granted in share-based payment arrangement (in dollars per share) | $ / shares | $ 18.85 | ||||||
Restricted Stock Units (RSUs) | BPY Fair Value LTIP Unit Plan | |||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||
Award vesting period | 5 years | ||||||
Number of other equity instruments granted in share-based payment arrangement (in shares) | 1,896,394 | 1,156,114 | |||||
Weighted average exercise price of other equity instruments granted in share-based payment arrangement (in dollars per share) | $ / shares | $ 18.75 | $ 18.87 | |||||
Restricted Stock Units (RSUs) | 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 | 175,799 | 175,799 | 237,881 | 175,799 | 237,881 | ||
Weighted average exercise price of other equity instruments outstanding in share-based payment arrangement (in dollars per share) | $ / shares | $ 25.66 | $ 25.66 | $ 25.39 | ||||
Restricted Stock Units (RSUs) | AO LTIP Options | |||||||
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 | 1,096,033 | 1,096,033 | 1,657,948 | 1,096,033 | 1,657,948 | ||
Weighted average exercise price of other equity instruments outstanding in share-based payment arrangement (in dollars per share) | $ / shares | $ 22.53 | $ 22.53 | $ 22.51 | ||||
Deferred Share Units | Brookfield Office Properties (“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 | 1,628,482 | 1,628,482 | 1,514,124 | 1,628,482 | 1,514,124 |
UNIT-BASED COMPENSATION - Equit
UNIT-BASED COMPENSATION - Equity-settled BPY Awards (Details) - Equity-Settled Share-Based Payment Arrangement | 6 Months Ended | 12 Months Ended |
Jun. 30, 2020USD ($)shares$ / shares | Dec. 31, 2019sharesUSD ($)$ / shares | |
Number of options | ||
Outstanding, beginning of period (in shares) | shares | 19,915,189 | 13,836,213 |
Granted (in shares) | shares | 0 | 0 |
Exercised (in shares) | shares | 0 | (425,171) |
Expired/forfeited (in shares) | shares | (43,802) | (203,978) |
Reclassified (in shares) | shares | 0 | 6,708,125 |
Outstanding, end of period (in shares) | shares | 19,871,387 | 19,915,189 |
Exercisable, end of period (in shares) | $ | 11,484,219 | 11,484,219 |
Weighted average exercise price | ||
Outstanding, beginning balance (in usd per share) | $ 20.58 | $ 20.56 |
Granted (in usd per share) | 0 | 0 |
Exercised (in usd per share) | 0 | 15.06 |
Forfeited (in usd per share) | 21.07 | 21.60 |
Reclassified (in usd per share) | 0 | 20.20 |
Outstanding, end of period (in usd per share) | 20.58 | 20.58 |
Exercisable, end of period (in usd per share) | $ 20.56 | $ 20.56 |
UNIT-BASED COMPENSATION - Equ_2
UNIT-BASED COMPENSATION - Equity-settled BPY Awards by Expiry Date (Details) - Equity-Settled Share-Based Payment Arrangement | Jun. 30, 2020shares$ / shares | Dec. 31, 2019shares$ / shares | Dec. 31, 2018shares$ / shares |
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Number of options | shares | 19,871,387 | 19,915,189 | 13,836,213 |
Weighted average exercise price of share options outstanding in share-based payment arrangement | $ / shares | $ 20.58 | $ 20.58 | $ 20.56 |
2020 | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Number of options | shares | 0 | 0 | |
Weighted average exercise price of share options outstanding in share-based payment arrangement | $ / shares | $ 0 | $ 0 | |
2021 | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Number of options | shares | 389,800 | 389,800 | |
Weighted average exercise price of share options outstanding in share-based payment arrangement | $ / shares | $ 17.44 | $ 17.44 | |
2022 | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Number of options | shares | 987,700 | 987,700 | |
Weighted average exercise price of share options outstanding in share-based payment arrangement | $ / shares | $ 18.09 | $ 18.09 | |
2023 | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Number of options | shares | 1,108,420 | 1,108,420 | |
Weighted average exercise price of share options outstanding in share-based payment arrangement | $ / shares | $ 16.80 | $ 16.80 | |
2024 | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Number of options | shares | 11,787,572 | 11,794,215 | |
Weighted average exercise price of share options outstanding in share-based payment arrangement | $ / shares | $ 20.59 | $ 20.59 | |
2025 | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Number of options | shares | 1,937,175 | 1,947,979 | |
Weighted average exercise price of share options outstanding in share-based payment arrangement | $ / shares | $ 25.18 | $ 25.18 | |
2026 | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Number of options | shares | 2,766,970 | 2,793,325 | |
Weighted average exercise price of share options outstanding in share-based payment arrangement | $ / shares | $ 19.51 | $ 19.51 | |
2027 | |||
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 of share options outstanding in share-based payment arrangement | $ / shares | $ 22.92 | $ 22.92 | |
2028 | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Number of options | shares | 800,000 | 800,000 | |
Weighted average exercise price of share options outstanding in share-based payment arrangement | $ / shares | $ 22.50 | $ 22.50 |
UNIT-BASED COMPENSATION - Cash-
UNIT-BASED COMPENSATION - Cash-settled BPY Awards (Details) - Cash-Settled Share-Based Payment Arrangement | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2020shares$ / shares | Jun. 30, 2020shares$ / shares | Jun. 30, 2020sharesft²$ / shares | Dec. 31, 2019shares$ / shares | Dec. 31, 2019shares$ / shares | Dec. 31, 2019sharesft²$ / shares | |
Number of options | ||||||
Outstanding, beginning of period (in shares) | 603,891 | 603,891 | 7,331,416 | |||
Granted (in shares) | shares | 0 | 0 | ||||
Exercised (in shares) | shares | 0 | (19,400) | ||||
Expired/forfeited (in shares) | shares | 0 | 0 | ||||
Reclassified (in shares) | shares | 0 | (6,708,125) | ||||
Outstanding, end of period (in shares) | 603,891 | 603,891 | 603,891 | 603,891 | ||
Exercisable, end of period (in shares) | shares | 505,092 | 505,092 | 505,092 | 505,092 | 505,092 | 505,092 |
Weighted average exercise price | ||||||
Outstanding, beginning balance (in usd per share) | $ 21.55 | $ 20.38 | ||||
Granted (in usd per share) | 0 | 0 | ||||
Exercised (in usd per share) | 0 | 12.63 | ||||
Forfeited (in usd per share) | 0 | 0 | ||||
Reclassified (in usd per share) | 0 | 20.20 | ||||
Outstanding, end of period (in usd per share) | 21.55 | 21.55 | ||||
Exercisable, end of period (in usd per share) | $ 21.48 | $ 21.48 | $ 21.48 | $ 21.48 | $ 21.48 | $ 21.48 |
UNIT-BASED COMPENSATION - Cas_2
UNIT-BASED COMPENSATION - Cash-settled BPY Awards by Expiry Date (Details) - Cash-Settled Share-Based Payment Arrangement | Jun. 30, 2020shares | Jun. 30, 2020ft² | Dec. 31, 2019shares | Dec. 31, 2019ft² | Dec. 31, 2018shares |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Number of options | 603,891 | 603,891 | 603,891 | 603,891 | 7,331,416 |
2020 | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Number of options | 0 | 0 | |||
2021 | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Number of options | 24,000 | 24,000 | |||
2022 | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Number of options | 22,200 | 22,200 | |||
2023 | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Number of options | 28,800 | 28,800 | |||
2024 | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Number of options | 175,416 | 175,416 | |||
2025 | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Number of options | 213,038 | 213,038 | |||
2026 | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Number of options | 140,437 | 140,437 |
OTHER COMPREHENSIVE INCOME (L_3
OTHER COMPREHENSIVE INCOME (LOSS) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Foreign currency translation | ||||
Net unrealized foreign currency translation (losses) gains in respect of foreign operations | $ 149 | $ (161) | $ (1,024) | $ 0 |
Reclassification of realized foreign currency translation gains to net income on dispositions of foreign operations | 0 | 0 | 0 | 26 |
Gains (losses) on hedges of net investments in foreign operations, net of income taxes for the three and six months ended Jun. 30, 2020 of nil and nil (2019 – $(1) million and nil) | (48) | 86 | 771 | 49 |
Reclassification gains from hedges of net investment in foreign operation to net income on disposition of foreign operations | 0 | 0 | 0 | 2 |
Foreign currency translation | 101 | (75) | (253) | 77 |
Cash flow hedges | ||||
Gains (losses) on derivatives designated as cash flow hedges, net of income taxes for the three and six months ended Jun. 30, 2020 of $(5) million and $(6) million (2019 – $(2) million and $(5) million) | 77 | (8) | (77) | (40) |
Cash flow hedges | 77 | (8) | (77) | (40) |
Equity accounted investments | ||||
Share of unrealized foreign currency translation gains (losses) in respect of foreign operations | 1 | 0 | 1 | (1) |
Reclassification gains from hedges of net investment in foreign operation to net income on disposition of foreign operations | 0 | 0 | 0 | 1 |
(Losses) on derivatives designated as cash flow hedges | (10) | (49) | (79) | (51) |
Equity accounted investments | (9) | (49) | (78) | (51) |
Items that will not be reclassified to net income: | ||||
Unrealized (losses) on securities - FVTOCI, net of income taxes for the three and six months ended Jun. 30, 2020 of $8 million and $30 million (2019 – $(1) million and nil) | 3 | 0 | 25 | 1 |
Share of revaluation surplus on equity accounted investments | (196) | 0 | (217) | 0 |
Net remeasurement (losses) on defined benefit obligations | (1) | (1) | (1) | (1) |
Revaluation surplus | (159) | 0 | (255) | 0 |
Items that will not be reclassified to net income: | (353) | (1) | (448) | 0 |
Other comprehensive (loss) | (184) | (133) | (856) | (14) |
Income tax relating to hedges of net investments in foreign operations included in other comprehensive income | 0 | (1) | 0 | 0 |
Income tax relating to cash flow hedges included in other comprehensive income | (5) | (2) | (6) | (5) |
Income tag relating to share of unrealized gains (losses) on available for sale securities | 8 | (1) | 30 | 0 |
Income tax relating to changes in revaluation surplus included in other comprehensive income | $ 1 | $ 0 | $ (38) | $ 0 |
OTHER COMPREHENSIVE INCOME (L_4
OTHER COMPREHENSIVE INCOME (LOSS) (Parenthetical) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Disclosure of analysis of other comprehensive income by item [abstract] | ||||
Income tax relating to hedges of net investments in foreign operations included in other comprehensive income | $ 0 | $ (1) | $ 0 | $ 0 |
Income tax relating to cash flow hedges included in other comprehensive income | (5) | (2) | (6) | (5) |
Income tag relating to share of unrealized gains (losses) on available for sale securities | $ 8 | $ (1) | $ 30 | $ 0 |
OBLIGATIONS, GUARANTEES, CONT_2
OBLIGATIONS, GUARANTEES, CONTINGENCIES AND OTHER (Details) د.إ in Millions, £ in Millions, $ in Millions | Jun. 30, 2020USD ($) | Jun. 30, 2020AED (د.إ) | Jun. 30, 2020GBP (£) | Sep. 30, 2019USD ($) | Jan. 31, 2019USD ($) | Nov. 30, 2017USD ($) | Apr. 30, 2016USD ($) | Dec. 31, 2013USD ($) |
New York, Brooklyn, and Houston | ||||||||
Disclosure of contingent liabilities [line items] | ||||||||
Capital commitments | $ 2,049 | |||||||
Australia | ||||||||
Disclosure of contingent liabilities [line items] | ||||||||
Capital commitments | 460 | د.إ 667 | ||||||
London | ||||||||
Disclosure of contingent liabilities [line items] | ||||||||
Capital commitments | 21 | £ 17 | ||||||
Dubai | ||||||||
Disclosure of contingent liabilities [line items] | ||||||||
Capital commitments | 67 | د.إ 245 | ||||||
Brookfield Asset Management | Brookfield Real Estate Partners Fund | ||||||||
Disclosure of contingent liabilities [line items] | ||||||||
Consideration | $ 4,400 | |||||||
Contributed commitments | $ 1,300 | |||||||
Unfulfilled commitments | 170 | |||||||
Brookfield Asset Management | Brookfield Strategic Real Estate Partners Fund | ||||||||
Disclosure of contingent liabilities [line items] | ||||||||
Consideration | $ 9,000 | |||||||
Contributed commitments | $ 2,300 | |||||||
Unfulfilled commitments | 790 | |||||||
Brookfield Asset Management | BREF | ||||||||
Disclosure of contingent liabilities [line items] | ||||||||
Consideration | $ 2,900 | |||||||
Contributed commitments | $ 400 | |||||||
Unfulfilled commitments | 210 | |||||||
Brookfield Asset Management | Brookfield Fairfield U.S. Multifamily Value Add Fund | ||||||||
Disclosure of contingent liabilities [line items] | ||||||||
Consideration | $ 1,000 | |||||||
Contributed commitments | $ 300 | |||||||
Unfulfilled commitments | 150 | |||||||
Brookfield Asset Management | BSREP III | ||||||||
Disclosure of contingent liabilities [line items] | ||||||||
Consideration | $ 15,000 | |||||||
Contributed commitments | $ 1,000 | |||||||
Unfulfilled commitments | $ 650 |
FINANCIAL INSTRUMENTS - Derivat
FINANCIAL INSTRUMENTS - Derivatives (Details) - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
Disclosure of detailed information about financial instruments [line items] | ||
Fair value | $ 4,290 | $ 4,135 |
Fair value | (62,951) | (62,794) |
Financial assets | $ 4,290 | $ 4,135 |
Interest rate caps of US$ LIBOR debt | Bottom of range | ||
Disclosure of detailed information about financial instruments [line items] | ||
Rates | 2.70% | |
Rates | 2.70% | |
Interest rate caps of US$ LIBOR debt | Top of range | ||
Disclosure of detailed information about financial instruments [line items] | ||
Rates | 600.00% | |
Rates | 600.00% | |
Interest rate swaps of US$ LIBOR debt | Bottom of range | ||
Disclosure of detailed information about financial instruments [line items] | ||
Rates | 1.00% | 1.40% |
Rates | 1.00% | 1.40% |
Interest rate swaps of US$ LIBOR debt | Top of range | ||
Disclosure of detailed information about financial instruments [line items] | ||
Rates | 260.00% | 270.00% |
Rates | 260.00% | 270.00% |
Interest rate caps of £ LIBOR debt | Bottom of range | ||
Disclosure of detailed information about financial instruments [line items] | ||
Rates | 2.00% | 2.00% |
Rates | 2.00% | 2.00% |
Interest rate caps of £ LIBOR debt | Top of range | ||
Disclosure of detailed information about financial instruments [line items] | ||
Rates | 250.00% | 250.00% |
Rates | 250.00% | 250.00% |
Interest rate swaps of £ LIBOR debt | ||
Disclosure of detailed information about financial instruments [line items] | ||
Rates | 1.50% | |
Rates | 1.50% | |
Interest rate caps of € EURIBOR debt | ||
Disclosure of detailed information about financial instruments [line items] | ||
Rates | 1.30% | 1.30% |
Rates | 1.30% | 1.30% |
Interest rate caps of C$ LIBOR debt | ||
Disclosure of detailed information about financial instruments [line items] | ||
Rates | 3.00% | |
Rates | 3.00% | |
Interest rate caps of C$ LIBOR debt | ||
Disclosure of detailed information about financial instruments [line items] | ||
Rates | 3.00% | |
Rates | 3.00% | |
Interest rate swaps of AUD BBSW/BBSY debt | Bottom of range | ||
Disclosure of detailed information about financial instruments [line items] | ||
Rates | 0.80% | |
Rates | 0.80% | |
Interest rate swaps of AUD BBSW/BBSY debt | Top of range | ||
Disclosure of detailed information about financial instruments [line items] | ||
Rates | 160.00% | |
Rates | 160.00% | |
Cross currency swaps of C$ LIBOR Debt | Bottom of range | ||
Disclosure of detailed information about financial instruments [line items] | ||
Rates | 4.10% | 4.30% |
Rates | 4.10% | 4.30% |
Cross currency swaps of C$ LIBOR Debt | Top of range | ||
Disclosure of detailed information about financial instruments [line items] | ||
Rates | 490.00% | 5.00% |
Rates | 490.00% | 5.00% |
Cash flow hedges | Interest rate caps of US$ LIBOR debt | ||
Disclosure of detailed information about financial instruments [line items] | ||
Notional | 7,187 | 7,774 |
Fair value | $ 0 | $ 0 |
Notional | 7,187 | 7,774 |
Financial assets | $ 0 | $ 0 |
Cash flow hedges | Interest rate caps of US$ LIBOR debt | Bottom of range | ||
Disclosure of detailed information about financial instruments [line items] | ||
Rates | 550.00% | |
Rates | 550.00% | |
Cash flow hedges | Interest rate caps of US$ LIBOR debt | Top of range | ||
Disclosure of detailed information about financial instruments [line items] | ||
Rates | 3.00% | |
Rates | 3.00% | |
Cash flow hedges | Interest rate swaps of US$ LIBOR debt | ||
Disclosure of detailed information about financial instruments [line items] | ||
Notional | 2,719 | 2,877 |
Fair value | $ (135) | $ (57) |
Notional | 2,719 | 2,877 |
Cash flow hedges | Interest rate caps of £ LIBOR debt | ||
Disclosure of detailed information about financial instruments [line items] | ||
Notional | 2,899 | 3,096 |
Fair value | $ 0 | $ 0 |
Notional | 2,899 | 3,096 |
Financial assets | $ 0 | $ 0 |
Cash flow hedges | Interest rate swaps of £ LIBOR debt | ||
Disclosure of detailed information about financial instruments [line items] | ||
Notional | 74 | |
Fair value | $ 0 | |
Notional | 74 | |
Financial assets | $ 0 | |
Cash flow hedges | Interest rate caps of € EURIBOR debt | ||
Disclosure of detailed information about financial instruments [line items] | ||
Notional | 110 | 109 |
Fair value | $ 0 | $ 0 |
Notional | 110 | 109 |
Financial assets | $ 0 | $ 0 |
Cash flow hedges | Interest rate caps of C$ LIBOR debt | ||
Disclosure of detailed information about financial instruments [line items] | ||
Notional | 184 | |
Fair value | $ 0 | |
Notional | 184 | |
Financial assets | $ 0 | |
Cash flow hedges | Interest rate caps of C$ LIBOR debt | ||
Disclosure of detailed information about financial instruments [line items] | ||
Notional | 177 | |
Fair value | $ 0 | |
Notional | 177 | |
Financial assets | $ 0 | |
Cash flow hedges | Interest rate swaps of AUD BBSW/BBSY debt | ||
Disclosure of detailed information about financial instruments [line items] | ||
Notional | 401 | |
Fair value | $ (10) | |
Notional | 401 | |
Financial assets | $ (10) | |
Cash flow hedges | Cross currency swaps of C$ LIBOR Debt | ||
Disclosure of detailed information about financial instruments [line items] | ||
Notional | 250 | 600 |
Fair value | $ (12) | $ (95) |
Notional | 250 | 600 |
FINANCIAL INSTRUMENTS - Narrati
FINANCIAL INSTRUMENTS - Narrative (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | |
Disclosure of detailed information about financial instruments [line items] | |||||
Financial liabilities | $ 62,951,000,000 | $ 62,951,000,000 | $ 62,794,000,000 | ||
Fair value gains (losses) | 11,000,000 | $ (72,000,000) | (292,000,000) | $ (172,000,000) | |
Forward starting interest rate swap | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Fair value gains (losses) | (2,000,000) | (63,000,000) | (54,000,000) | (93,000,000) | |
Cash flow hedges | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Hedge ineffectiveness recorded in earnings | $ 0 | $ 0 | $ 0 | $ 2,000,000 |
FINANCIAL INSTRUMENTS - Deriv_2
FINANCIAL INSTRUMENTS - Derivatives, Net Investment Hedges (Details) ₩ in Millions, ₨ in Millions, ¥ in Millions, £ in Millions, R$ in Millions, $ in Millions, $ in Millions, $ in Millions | Jun. 30, 2020EUR (€) | Jun. 30, 2020USD ($) | Jun. 30, 2020GBP (£) | Jun. 30, 2020AUD ($) | Jun. 30, 2020CNY (¥) | Jun. 30, 2020CAD ($) | Jun. 30, 2020INR (₨) | Dec. 31, 2019EUR (€) | Dec. 31, 2019USD ($) | Dec. 31, 2019GBP (£) | Dec. 31, 2019AUD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2019CAD ($) | Dec. 31, 2019INR (₨) | Dec. 31, 2019BRL (R$) | Dec. 31, 2019KRW (₩) | Jun. 30, 2019GBP (£) |
Disclosure of detailed information about financial instruments [line items] | |||||||||||||||||
Fair value | $ 4,290 | $ 4,135 | |||||||||||||||
Fair value | (62,951) | (62,794) | |||||||||||||||
Financial liabilities | 62,951 | 62,794 | |||||||||||||||
Net investment hedges | Euros | |||||||||||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||||||||||
Notional amount | € | € 121,000,000 | € 245,000,000 | |||||||||||||||
Fair value | 1 | 7 | |||||||||||||||
Notional amount | € | € 121,000,000 | € 245,000,000 | |||||||||||||||
Net investment hedges | Euros | Bottom of range | |||||||||||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||||||||||
Price Of Hedging Instrument | € | 0.87 | 0.85 | |||||||||||||||
Net investment hedges | Euros | Top of range | |||||||||||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||||||||||
Price Of Hedging Instrument | € | 0.91 | 0.91 | |||||||||||||||
Net investment hedges | Australian Dollars | |||||||||||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||||||||||
Notional amount | $ 151 | $ 238 | |||||||||||||||
Fair value | 5 | (5) | |||||||||||||||
Notional amount | $ 151 | $ 238 | |||||||||||||||
Net investment hedges | Australian Dollars | Bottom of range | |||||||||||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||||||||||
Price Of Hedging Instrument | € | 0.69 | 1.38 | |||||||||||||||
Net investment hedges | Australian Dollars | Top of range | |||||||||||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||||||||||
Price Of Hedging Instrument | € | 0.69 | 1.48 | |||||||||||||||
Net investment hedges | Chinese Yuan | |||||||||||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||||||||||
Notional amount | ¥ | ¥ 1,024 | ¥ 962 | |||||||||||||||
Fair value | 0 | ||||||||||||||||
Fair value | 1 | ||||||||||||||||
Notional amount | ¥ | ¥ 1,024 | ¥ 962 | |||||||||||||||
Financial liabilities | (1) | ||||||||||||||||
Net investment hedges | Chinese Yuan | Bottom of range | |||||||||||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||||||||||
Price Of Hedging Instrument | € | 6.97 | 6.75 | |||||||||||||||
Net investment hedges | Chinese Yuan | Top of range | |||||||||||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||||||||||
Price Of Hedging Instrument | € | 7.22 | 7.16 | |||||||||||||||
Net investment hedges | Canadian Dollars | Bottom of range | |||||||||||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||||||||||
Price Of Hedging Instrument | € | 0.81 | ||||||||||||||||
Net investment hedges | Canadian Dollars | Top of range | |||||||||||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||||||||||
Price Of Hedging Instrument | € | 1.70 | ||||||||||||||||
Net investment hedges | Indian Rupee | |||||||||||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||||||||||
Notional amount | ₨ | ₨ 0 | ||||||||||||||||
Fair value | 0 | ||||||||||||||||
Notional amount | ₨ | ₨ 0 | ||||||||||||||||
Net investment hedges | Indian Rupee | Bottom of range | |||||||||||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||||||||||
Price Of Hedging Instrument | € | 71.78 | ||||||||||||||||
Net investment hedges | Indian Rupee | Top of range | |||||||||||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||||||||||
Price Of Hedging Instrument | € | 73.01 | ||||||||||||||||
Net investment hedges | Brazilian Reais | |||||||||||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||||||||||
Notional amount | R$ | R$ 1582 | ||||||||||||||||
Fair value | (10) | ||||||||||||||||
Notional amount | R$ | R$ 1582 | ||||||||||||||||
Financial liabilities | 10 | ||||||||||||||||
Net investment hedges | Brazilian Reais | Bottom of range | |||||||||||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||||||||||
Price Of Hedging Instrument | € | 4.16 | ||||||||||||||||
Net investment hedges | Brazilian Reais | Top of range | |||||||||||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||||||||||
Price Of Hedging Instrument | € | 4.16 | ||||||||||||||||
Net investment hedges | South Korean Won | |||||||||||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||||||||||
Notional amount | ₨ 720,095 | ₩ 720,095 | |||||||||||||||
Fair value | (7) | ||||||||||||||||
Fair value | 1 | ||||||||||||||||
Notional amount | ₨ 720,095 | ₩ 720,095 | |||||||||||||||
Financial liabilities | (1) | ||||||||||||||||
Net investment hedges | South Korean Won | Bottom of range | |||||||||||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||||||||||
Price Of Hedging Instrument | € | 1,149.50 | 1,149.50 | |||||||||||||||
Net investment hedges | South Korean Won | Top of range | |||||||||||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||||||||||
Price Of Hedging Instrument | € | 1,217.90 | 1,174.30 | |||||||||||||||
Hedging Instrument One | Net investment hedges | British Pounds | |||||||||||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||||||||||
Notional amount | £ | £ 187 | £ 2,444 | |||||||||||||||
Fair value | 43 | (247) | |||||||||||||||
Notional amount | £ | £ 187 | 2,444 | |||||||||||||||
Hedging Instrument One | Net investment hedges | British Pounds | Bottom of range | |||||||||||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||||||||||
Price Of Hedging Instrument | € | 0.77 | 0.71 | |||||||||||||||
Hedging Instrument One | Net investment hedges | British Pounds | Top of range | |||||||||||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||||||||||
Price Of Hedging Instrument | € | 0.85 | 0.85 | |||||||||||||||
Hedging Instrument One | Net investment hedges | Canadian Dollars | |||||||||||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||||||||||
Notional amount | $ 355 | ||||||||||||||||
Fair value | 0 | ||||||||||||||||
Notional amount | 355 | ||||||||||||||||
Hedging Instrument One | Net investment hedges | Canadian Dollars | Bottom of range | |||||||||||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||||||||||
Price Of Hedging Instrument | € | 1.31 | ||||||||||||||||
Hedging Instrument One | Net investment hedges | Canadian Dollars | Top of range | |||||||||||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||||||||||
Price Of Hedging Instrument | € | 1.33 | ||||||||||||||||
Hedging Instrument Two | Net investment hedges | British Pounds | |||||||||||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||||||||||
Notional amount | £ | 77 | £ 82 | |||||||||||||||
Fair value | 0 | 0 | |||||||||||||||
Notional amount | £ | £ 77 | £ 82 | |||||||||||||||
Financial liabilities | 0 | 0 | |||||||||||||||
Hedging Instrument Two | Net investment hedges | British Pounds | Bottom of range | |||||||||||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||||||||||
Price Of Hedging Instrument | € | 0.88 | ||||||||||||||||
Hedging Instrument Two | Net investment hedges | British Pounds | Top of range | |||||||||||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||||||||||
Price Of Hedging Instrument | € | 0.93 | ||||||||||||||||
Hedging Instrument Two | Net investment hedges | Canadian Dollars | |||||||||||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||||||||||
Notional amount | $ 167 | ||||||||||||||||
Fair value | 0 | ||||||||||||||||
Notional amount | 167 | ||||||||||||||||
Hedging Instrument Two | Net investment hedges | Canadian Dollars | Bottom of range | |||||||||||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||||||||||
Price Of Hedging Instrument | € | 1.36 | ||||||||||||||||
Hedging Instrument Two | Net investment hedges | Canadian Dollars | Top of range | |||||||||||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||||||||||
Price Of Hedging Instrument | € | 1.36 | ||||||||||||||||
Hedging Instrument Two | Cross currency swaps of C$ LIBOR Debt | Canadian Dollars | |||||||||||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||||||||||
Notional amount | 1,650 | 800 | |||||||||||||||
Fair value | (47) | (8) | |||||||||||||||
Notional amount | $ 1,650 | $ 800 | |||||||||||||||
Financial liabilities | $ 47 | $ 8 | |||||||||||||||
Hedging Instrument Two | Cross currency swaps of C$ LIBOR Debt | Canadian Dollars | Bottom of range | |||||||||||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||||||||||
Price Of Hedging Instrument | € | 1.29 | ||||||||||||||||
Hedging Instrument Two | Cross currency swaps of C$ LIBOR Debt | Canadian Dollars | Top of range | |||||||||||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||||||||||
Price Of Hedging Instrument | € | 1.33 |
FINANCIAL INSTRUMENTS - Other D
FINANCIAL INSTRUMENTS - Other Derivatives (Details) - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
Disclosure of detailed information about financial instruments [line items] | ||
Fair value | $ 4,290 | $ 4,135 |
Fair value | (62,951) | (62,794) |
Financial liabilities | 62,951 | 62,794 |
Financial liabilities | 62,951 | 62,794 |
Interest rate risk | Interest rate caps | ||
Disclosure of detailed information about financial instruments [line items] | ||
Notional | 5,939 | 5,663 |
Fair value | 0 | 0 |
Notional amount | $ 5,939 | $ 5,663 |
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 | 500.00% | 500.00% |
Interest rate risk | Interest rate swaps on forecasted fixed rate debt | ||
Disclosure of detailed information about financial instruments [line items] | ||
Notional | $ 1,285 | $ 1,285 |
Fair value | (344) | (149) |
Notional amount | 1,285 | 1,285 |
Financial liabilities | 344 | 149 |
Financial liabilities | $ 344 | $ 149 |
Interest rate risk | Interest rate swaps on forecasted fixed rate debt | Bottom of range | ||
Disclosure of detailed information about financial instruments [line items] | ||
Rates | 2.70% | 1.10% |
Interest rate risk | Interest rate swaps on forecasted fixed rate debt | Top of range | ||
Disclosure of detailed information about financial instruments [line items] | ||
Rates | 640.00% | 640.00% |
Interest rate risk | Interest rate swaps of US$ LIBOR debt | ||
Disclosure of detailed information about financial instruments [line items] | ||
Notional | $ 2,001 | $ 2,003 |
Fair value | (44) | (14) |
Notional amount | 2,001 | 2,003 |
Financial liabilities | 44 | 14 |
Financial liabilities | $ 44 | $ 14 |
Interest rate risk | Interest rate swaps of US$ LIBOR debt | Bottom of range | ||
Disclosure of detailed information about financial instruments [line items] | ||
Rates | 0.80% | 1.70% |
Interest rate risk | Interest rate swaps of US$ LIBOR debt | Top of range | ||
Disclosure of detailed information about financial instruments [line items] | ||
Rates | 460.00% | 460.00% |
Interest rate risk | Interest Rate Swaptions | ||
Disclosure of detailed information about financial instruments [line items] | ||
Notional | $ 800 | |
Rates | 2.00% | |
Fair value | $ 1 | |
Notional amount | 800 | |
Financial liabilities | (1) | |
Financial liabilities | $ (1) |
FINANCIAL INSTRUMENTS - Classif
FINANCIAL INSTRUMENTS - Classification and Measurement (Details) - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
Disclosure Of Financial Assets And Liabilities [Line Items] | ||
Carrying value | $ 4,290 | $ 4,135 |
Fair value | 4,198 | 4,135 |
Financial liabilities | 62,951 | 62,794 |
Financial liabilities, at fair value | 63,037 | 63,385 |
Amortized cost | Borrowing | ||
Disclosure Of Financial Assets And Liabilities [Line Items] | ||
Financial liabilities | 55,493 | 55,528 |
Financial liabilities, at fair value | 55,579 | 56,112 |
Amortized cost | Borrowing | Assets held for sale | ||
Disclosure Of Financial Assets And Liabilities [Line Items] | ||
Financial liabilities | 70 | 138 |
Amortized cost | Capital securities | ||
Disclosure Of Financial Assets And Liabilities [Line Items] | ||
Financial liabilities | 2,152 | 2,153 |
Financial liabilities, at fair value | 2,152 | 2,160 |
Amortized cost | Accounts payable and other liabilities | Assets held for sale | ||
Disclosure Of Financial Assets And Liabilities [Line Items] | ||
Financial liabilities | 0 | 2 |
FVTPL | Capital securities - fund subsidiaries | ||
Disclosure Of Financial Assets And Liabilities [Line Items] | ||
Financial liabilities | 903 | 922 |
Financial liabilities, at fair value | 903 | 922 |
Derivatives | FVTPL | Other non-current liabilities | ||
Disclosure Of Financial Assets And Liabilities [Line Items] | ||
Financial liabilities | 372 | 413 |
Financial liabilities, at fair value | 372 | 413 |
Derivatives | FVTPL | Accounts payable and other liabilities | ||
Disclosure Of Financial Assets And Liabilities [Line Items] | ||
Financial liabilities | 252 | 289 |
Financial liabilities, at fair value | 252 | 289 |
Loan payable | FVTPL | Other non-current liabilities | ||
Disclosure Of Financial Assets And Liabilities [Line Items] | ||
Financial liabilities | 0 | 0 |
Financial liabilities, at fair value | 0 | 0 |
Accounts payable | Amortized cost | Other non-current liabilities | ||
Disclosure Of Financial Assets And Liabilities [Line Items] | ||
Financial liabilities | 589 | 778 |
Financial liabilities, at fair value | 589 | 778 |
Accounts payable | Amortized cost | Accounts payable and other liabilities | ||
Disclosure Of Financial Assets And Liabilities [Line Items] | ||
Financial liabilities | 3,190 | 2,711 |
Financial liabilities, at fair value | 3,190 | 2,711 |
Amortized cost | Loans and notes receivable | ||
Disclosure Of Financial Assets And Liabilities [Line Items] | ||
Carrying value | 142 | 329 |
Fair value | 142 | 329 |
Amortized cost | Other non-current assets | Restricted cash | ||
Disclosure Of Financial Assets And Liabilities [Line Items] | ||
Carrying value | 141 | 154 |
Fair value | 141 | 154 |
Amortized cost | Accounts Receivable And Other Current Financial Assets | Restricted cash | ||
Disclosure Of Financial Assets And Liabilities [Line Items] | ||
Carrying value | 141 | 239 |
Fair value | 141 | 239 |
Amortized cost | Accounts Receivable And Other Current Financial Assets | Trade receivables | ||
Disclosure Of Financial Assets And Liabilities [Line Items] | ||
Carrying value | 783 | 514 |
Fair value | 691 | 514 |
Amortized cost | Cash and cash equivalents | ||
Disclosure Of Financial Assets And Liabilities [Line Items] | ||
Carrying value | 1,530 | 1,438 |
Fair value | 1,530 | 1,438 |
FVTPL | Other non-current assets | Equity investments | ||
Disclosure Of Financial Assets And Liabilities [Line Items] | ||
Carrying value | 1,387 | 1,250 |
Fair value | 1,387 | 1,250 |
FVTPL | Other non-current assets | Derivatives | ||
Disclosure Of Financial Assets And Liabilities [Line Items] | ||
Carrying value | 20 | 10 |
Fair value | 20 | 10 |
FVTPL | Accounts Receivable And Other Current Financial Assets | Derivatives | ||
Disclosure Of Financial Assets And Liabilities [Line Items] | ||
Carrying value | 67 | 80 |
Fair value | 67 | 80 |
FVTOCI | Other non-current assets | Equity investments | ||
Disclosure Of Financial Assets And Liabilities [Line Items] | ||
Carrying value | 79 | 121 |
Fair value | 79 | 121 |
Loans and receivables, category | Accounts Receivable And Other Current Financial Assets | Other Receivables | Assets held for sale | ||
Disclosure Of Financial Assets And Liabilities [Line Items] | ||
Carrying value | $ 2 | $ 4 |
FINANCIAL INSTRUMENTS - Fair Va
FINANCIAL INSTRUMENTS - Fair Value of Financial Instruments (Details) - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Financial assets | |||
Total financial assets | $ 4,290 | $ 4,135 | |
Disclosure of financial liabilities [abstract] | |||
Capital securities - fund subsidiaries | 3,055 | 3,075 | |
Total financial liabilities | 62,951 | 62,794 | |
Level 3 | |||
Financial assets | |||
Total financial assets | 1,371 | $ 767 | |
Disclosure of financial liabilities [abstract] | |||
Total financial liabilities | 922 | $ 838 | |
Fair value | |||
Financial assets | |||
Securities - FVTPL | 1,387 | 1,250 | |
Securities - FVTOCI | 79 | 121 | |
Derivative assets | 87 | 90 | |
Total financial assets | 1,553 | 1,461 | |
Disclosure of financial liabilities [abstract] | |||
Capital securities - fund subsidiaries | 903 | 922 | |
Derivative liabilities | 624 | 702 | |
Loan payable | 0 | 0 | |
Total financial liabilities | 1,527 | 1,624 | |
Fair value | Level 1 | |||
Financial assets | |||
Securities - FVTPL | 0 | 0 | |
Securities - FVTOCI | 0 | 0 | |
Derivative assets | 0 | 0 | |
Total financial assets | 0 | 0 | |
Disclosure of financial liabilities [abstract] | |||
Capital securities - fund subsidiaries | 0 | 0 | |
Derivative liabilities | 0 | 0 | |
Loan payable | 0 | 0 | |
Total financial liabilities | 0 | 0 | |
Fair value | Level 2 | |||
Financial assets | |||
Securities - FVTPL | 0 | 0 | |
Securities - FVTOCI | 0 | 0 | |
Derivative assets | 87 | 90 | |
Total financial assets | 87 | 90 | |
Disclosure of financial liabilities [abstract] | |||
Capital securities - fund subsidiaries | 0 | 0 | |
Derivative liabilities | 624 | 702 | |
Loan payable | 0 | 0 | |
Total financial liabilities | 624 | 702 | |
Fair value | Level 3 | |||
Financial assets | |||
Securities - FVTPL | 1,387 | 1,250 | |
Securities - FVTOCI | 79 | 121 | |
Derivative assets | 0 | 0 | |
Total financial assets | 1,466 | 1,371 | |
Disclosure of financial liabilities [abstract] | |||
Capital securities - fund subsidiaries | 903 | 922 | |
Derivative liabilities | 0 | 0 | |
Loan payable | 0 | 0 | |
Total financial liabilities | $ 903 | $ 922 |
FINANCIAL INSTRUMENTS - Level 3
FINANCIAL INSTRUMENTS - Level 3 Rollforward Assets (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2020 | Dec. 31, 2019 | |
Financial assets | ||
Balance, beginning of period | $ 4,135 | |
Balance, end of period | 4,290 | $ 4,135 |
Level 3 | ||
Financial assets | ||
Balance, beginning of period | 1,371 | 767 |
Acquisitions | 950 | |
Dispositions | (125) | |
Fair value gains, net and OCI | 206 | |
Other | (427) | |
Balance, end of period | 1,371 | |
Level 3 | IFRS 9 | ||
Financial assets | ||
Balance, beginning of period | 1,371 | |
Acquisitions | 188 | |
Dispositions | (2) | |
Fair value gains, net and OCI | (91) | |
Other | 0 | |
Balance, end of period | $ 1,466 | $ 1,371 |
FINANCIAL INSTRUMENTS - Level_2
FINANCIAL INSTRUMENTS - Level 3 Rollforward Liabilities (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2020 | Dec. 31, 2019 | |
Financial liabilities | ||
Balance, beginning of period | $ 62,794 | |
Balance, end of period | 62,951 | $ 62,794 |
Level 3 | ||
Financial liabilities | ||
Balance, beginning of period | 922 | 838 |
Acquisitions | 0 | |
Dispositions | 0 | |
Fair value gains, net and OCI | 8 | |
Other | 76 | |
Balance, end of period | 922 | |
Level 3 | IFRS 9 | ||
Financial liabilities | ||
Balance, beginning of period | 922 | |
Acquisitions | 0 | |
Dispositions | 0 | |
Fair value gains, net and OCI | (13) | |
Other | (5) | |
Balance, end of period | $ 904 | $ 922 |
RELATED PARTIES - Narrative (De
RELATED PARTIES - Narrative (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Disclosure of transactions between related parties [line items] | ||||
Preferred Equity Units acquired, seven-year tranche | 7 years | |||
Preferred Equity Units acquired, ten-year tranche | 10 years | |||
Preferred Equity Units acquired, twelve-year tranche | 12 years | |||
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 | $ 14,000,000 | $ 23,000,000 | 28,000,000 | $ 47,000,000 |
Equity enhancement distribution | $ 0 | $ 3,000,000 | $ 0 | $ 14,000,000 |
Qatar Investment Authority | ||||
Disclosure of transactions between related parties [line items] | ||||
Conversion condition, limit of market price to exchange price at maturity, percent | 80.00% |
RELATED PARTIES - Assets_Liabil
RELATED PARTIES - Assets/Liabilities (Details) - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
Disclosure of transactions between related parties [line items] | ||
Preferred shares held by Brookfield Asset Management | $ (15) | $ (15) |
Brookfield Asset Management | ||
Disclosure of transactions between related parties [line items] | ||
Loans and notes receivable | 74 | 102 |
Deposit and promissory note from Brookfield Asset Management | (730) | 0 |
Affiliated entities | ||
Disclosure of transactions between related parties [line items] | ||
Net (payables)/receivables within equity accounted investments | (69) | (81) |
Receivables and other assets | 57 | 17 |
Loans and notes payable and other liabilities | (296) | (196) |
Preferred shares held by Brookfield Asset Management | $ (15) | $ (15) |
RELATED PARTIES - Income_Expens
RELATED PARTIES - Income/Expense (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Disclosure of transactions between related parties [line items] | ||||
Commercial property revenue | $ 1,301 | $ 1,386 | $ 2,705 | $ 2,860 |
Interest expense on debt obligations | 599 | 710 | 1,308 | 1,456 |
General and administrative expense | 195 | 219 | 391 | 442 |
Affiliated entities | ||||
Disclosure of transactions between related parties [line items] | ||||
Commercial property revenue | 8 | 7 | 15 | 13 |
Management fee income | 15 | 8 | 25 | 16 |
Participating loan interests (including fair value gains, net) | 0 | 39 | 0 | 48 |
Interest expense on debt obligations | 2 | 13 | 9 | 29 |
Interest on capital securities held by Brookfield Asset Management | 0 | 1 | 0 | 8 |
General and administrative expense | 35 | 37 | 73 | 87 |
Construction costs | 110 | 60 | 228 | 262 |
Incentive fees | $ 1 | $ 0 | $ 7 | $ 0 |
SUBSIDIARY PUBLIC ISSUERS - Con
SUBSIDIARY PUBLIC ISSUERS - Condensed Income Statement (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Disclosure of information about consolidated structured entities [line items] | ||||
Revenue | $ 1,437 | $ 2,026 | $ 3,337 | $ 4,099 |
Net income attributable to unitholders | (1,253) | 127 | (1,739) | 460 |
Brookfield Property Partners L.P. | ||||
Disclosure of information about consolidated structured entities [line items] | ||||
Revenue | 0 | 0 | 0 | 0 |
Net income attributable to unitholders | (627) | 62 | (871) | 224 |
BOP Split | ||||
Disclosure of information about consolidated structured entities [line items] | ||||
Revenue | 10 | 12 | 74 | 23 |
Net income attributable to unitholders | (63) | 56 | (7) | 163 |
BPO | ||||
Disclosure of information about consolidated structured entities [line items] | ||||
Revenue | 43 | 30 | 82 | 60 |
Net income attributable to unitholders | (117) | 149 | (90) | 598 |
Brookfield Property Preferred Equity Inc. | ||||
Disclosure of information about consolidated structured entities [line items] | ||||
Revenue | 0 | 0 | 0 | 0 |
Net income attributable to unitholders | 0 | 0 | 0 | 0 |
Brookfield Property Finance ULC | ||||
Disclosure of information about consolidated structured entities [line items] | ||||
Revenue | 15 | 11 | 30 | 19 |
Net income attributable to unitholders | (49) | (40) | 63 | (32) |
Holding Entities | ||||
Disclosure of information about consolidated structured entities [line items] | ||||
Revenue | 186 | 716 | 386 | 1,272 |
Net income attributable to unitholders | (1,253) | 127 | (1,739) | 460 |
Additional holding entities and eliminations | ||||
Disclosure of information about consolidated structured entities [line items] | ||||
Revenue | 0 | 84 | 4 | 278 |
Net income attributable to unitholders | 57 | 137 | (16) | 516 |
Consolidating Adjustments | ||||
Disclosure of information about consolidated structured entities [line items] | ||||
Revenue | 1,183 | 1,173 | 2,761 | 2,447 |
Net income attributable to unitholders | $ 799 | $ (364) | $ 921 | $ (1,469) |
SUBSIDIARY PUBLIC ISSUERS - C_2
SUBSIDIARY PUBLIC ISSUERS - Condensed Consolidated Balance Sheets (Details) - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
Disclosure of information about consolidated structured entities [line items] | ||
Current assets | $ 3,244 | $ 2,902 |
Non-current assets | 105,104 | 108,354 |
Assets held for sale | 137 | 387 |
Current liabilities | 16,680 | 12,326 |
Non-current liabilities | 50,156 | 54,242 |
Liabilities associated with assets held for sale | 70 | 140 |
Equity attributable to interests of others in operating subsidiaries and properties | 15,384 | 15,985 |
Equity attributable to unitholders | 25,496 | 28,530 |
Brookfield Property Partners L.P. | ||
Disclosure of information about consolidated structured entities [line items] | ||
Current assets | 0 | 0 |
Non-current assets | 13,107 | 14,517 |
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 | 12,408 | 14,097 |
BOP Split Corp. | ||
Disclosure of information about consolidated structured entities [line items] | ||
Current assets | 532 | 12 |
Non-current assets | 28,535 | 11,739 |
Assets held for sale | 0 | 0 |
Current liabilities | 3,342 | 995 |
Non-current liabilities | 6,050 | 6,173 |
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 | 19,675 | 4,583 |
BPO | ||
Disclosure of information about consolidated structured entities [line items] | ||
Current assets | 250 | 127 |
Non-current assets | 23,231 | 23,830 |
Assets held for sale | 0 | 0 |
Current liabilities | 307 | 131 |
Non-current liabilities | 6,329 | 6,744 |
Liabilities associated with assets held for sale | 0 | 0 |
Equity attributable to interests of others in operating subsidiaries and properties | 2,284 | 2,284 |
Equity attributable to unitholders | 14,561 | 14,798 |
Brookfield Property Preferred Equity Inc. | ||
Disclosure of information about consolidated structured entities [line items] | ||
Current assets | 0 | 0 |
Non-current assets | 0 | 0 |
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 | 0 | 0 |
Brookfield Property Finance ULC | ||
Disclosure of information about consolidated structured entities [line items] | ||
Current assets | 1,006 | 673 |
Non-current assets | 397 | 429 |
Assets held for sale | 0 | 0 |
Current liabilities | 14 | 15 |
Non-current liabilities | 1,352 | 1,078 |
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 | 37 | 9 |
Holding Entities | ||
Disclosure of information about consolidated structured entities [line items] | ||
Current assets | 8,471 | 8,436 |
Non-current assets | 30,582 | 29,367 |
Assets held for sale | 0 | 0 |
Current liabilities | 6,515 | 5,981 |
Non-current liabilities | 6,343 | 2,871 |
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 | 26,195 | 28,951 |
Additional holding entities and eliminations | ||
Disclosure of information about consolidated structured entities [line items] | ||
Current assets | 182 | 176 |
Non-current assets | 2,057 | 2,049 |
Assets held for sale | 0 | 0 |
Current liabilities | 1,535 | 1,129 |
Non-current liabilities | 608 | 519 |
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 | 96 | 577 |
Consolidating Adjustments | ||
Disclosure of information about consolidated structured entities [line items] | ||
Current assets | (7,197) | (6,522) |
Non-current assets | 7,195 | 26,423 |
Assets held for sale | 137 | 387 |
Current liabilities | 4,967 | 4,075 |
Non-current liabilities | 29,474 | 36,857 |
Liabilities associated with assets held for sale | 70 | 140 |
Equity attributable to interests of others in operating subsidiaries and properties | 13,100 | 13,701 |
Equity attributable to unitholders | (47,476) | (34,485) |
Preference shares | ||
Disclosure of information about consolidated structured entities [line items] | ||
Preferred equity | 699 | 420 |
Preference shares | Brookfield Property Partners L.P. | ||
Disclosure of information about consolidated structured entities [line items] | ||
Preferred equity | 699 | 420 |
Preference shares | BOP Split Corp. | ||
Disclosure of information about consolidated structured entities [line items] | ||
Preferred equity | 0 | 0 |
Preference shares | BPO | ||
Disclosure of information about consolidated structured entities [line items] | ||
Preferred equity | 0 | 0 |
Preference shares | Brookfield Property Preferred Equity Inc. | ||
Disclosure of information about consolidated structured entities [line items] | ||
Preferred equity | 0 | 0 |
Preference shares | Brookfield Property Finance ULC | ||
Disclosure of information about consolidated structured entities [line items] | ||
Preferred equity | 0 | 0 |
Preference shares | Holding Entities | ||
Disclosure of information about consolidated structured entities [line items] | ||
Preferred equity | 0 | 0 |
Preference shares | Additional holding entities and eliminations | ||
Disclosure of information about consolidated structured entities [line items] | ||
Preferred equity | 0 | 0 |
Preference shares | Consolidating Adjustments | ||
Disclosure of information about consolidated structured entities [line items] | ||
Preferred equity | $ 0 | $ 0 |
SEGMENT INFORMATION - Financial
SEGMENT INFORMATION - Financial Information by Segment (Details) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2020USD ($) | Jun. 30, 2019USD ($) | Jun. 30, 2020USD ($)segment | Jun. 30, 2019USD ($) | Dec. 31, 2019USD ($) | |
Disclosure of operating segments [line items] | |||||
Number of reportable segments | segment | 4 | ||||
Total revenue | $ 1,437 | $ 2,026 | $ 3,337 | $ 4,099 | |
FFO | 170 | 291 | 444 | 549 | |
Total assets | 108,485 | 108,485 | $ 111,643 | ||
Total liabilities | 66,906 | 66,906 | 66,708 | ||
Core Office | |||||
Disclosure of operating segments [line items] | |||||
Total revenue | 494 | 558 | 1,024 | 1,071 | |
FFO | 115 | 165 | 236 | 289 | |
Total assets | 35,504 | 35,504 | 36,758 | ||
Total liabilities | 17,164 | 17,164 | 17,592 | ||
Core Retail | |||||
Disclosure of operating segments [line items] | |||||
Total revenue | 370 | 363 | 814 | 742 | |
FFO | 147 | 161 | 335 | 328 | |
Total assets | 32,114 | 32,114 | 32,921 | ||
Total liabilities | 17,539 | 17,539 | 16,996 | ||
Opportunistic | |||||
Disclosure of operating segments [line items] | |||||
Total revenue | 571 | 1,102 | 1,495 | 2,280 | |
FFO | (11) | 70 | 38 | 145 | |
Total assets | 40,697 | 40,697 | 41,838 | ||
Total liabilities | 26,951 | 26,951 | 27,457 | ||
Corporate | |||||
Disclosure of operating segments [line items] | |||||
Total revenue | 2 | 3 | 4 | 6 | |
FFO | (81) | $ (105) | (165) | $ (213) | |
Total assets | 170 | 170 | 126 | ||
Total liabilities | $ 5,252 | $ 5,252 | $ 4,663 |
SEGMENT INFORMATION - Details o
SEGMENT INFORMATION - Details of Partnership's Operating Segments (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Disclosure of operating segments [line items] | ||||
Revenue From Tenants, Other | $ 245 | $ 240 | $ 507 | $ 481 |
Investment Income And Other Revenues | 86 | 137 | 216 | 245 |
Revenue | 1,437 | 2,026 | 3,337 | 4,099 |
Investment and other revenue | 86 | 137 | 216 | 245 |
Operating segments | ||||
Disclosure of operating segments [line items] | ||||
Operating lease income | 1,056 | 1,146 | 2,198 | 2,379 |
Revenue From Tenants, Other | 245 | 240 | 507 | 481 |
Hospitality Revenue | 50 | 503 | 416 | 994 |
Investment Income And Other Revenues | 86 | 137 | 216 | 245 |
Revenue | 1,437 | 2,026 | 3,337 | 4,099 |
Hospitality Revenue | 50 | 503 | 416 | 994 |
Investment and other revenue | 86 | 137 | 216 | 245 |
Core Office | Operating segments | ||||
Disclosure of operating segments [line items] | ||||
Operating lease income | 347 | 384 | 715 | 771 |
Revenue From Tenants, Other | 105 | 94 | 221 | 178 |
Hospitality Revenue | (2) | 4 | 5 | 6 |
Investment Income And Other Revenues | 44 | 76 | 83 | 116 |
Revenue | 494 | 558 | 1,024 | 1,071 |
Hospitality Revenue | (2) | 4 | 5 | 6 |
Investment and other revenue | 44 | 76 | 83 | 116 |
Core Retail | Operating segments | ||||
Disclosure of operating segments [line items] | ||||
Operating lease income | 273 | 255 | 569 | 518 |
Revenue From Tenants, Other | 73 | 69 | 148 | 146 |
Hospitality Revenue | 0 | 0 | 0 | 0 |
Investment Income And Other Revenues | 24 | 39 | 97 | 78 |
Revenue | 370 | 363 | 814 | 742 |
Hospitality Revenue | 0 | 0 | 0 | 0 |
Investment and other revenue | 24 | 39 | 97 | 78 |
Opportunistic | Operating segments | ||||
Disclosure of operating segments [line items] | ||||
Operating lease income | 436 | 507 | 914 | 1,090 |
Revenue From Tenants, Other | 67 | 77 | 138 | 157 |
Hospitality Revenue | 52 | 499 | 411 | 988 |
Investment Income And Other Revenues | 16 | 19 | 32 | 45 |
Revenue | 571 | 1,102 | 1,495 | 2,280 |
Hospitality Revenue | 52 | 499 | 411 | 988 |
Investment and other revenue | 16 | 19 | 32 | 45 |
Corporate | Operating segments | ||||
Disclosure of operating segments [line items] | ||||
Operating lease income | 0 | 0 | 0 | 0 |
Revenue From Tenants, Other | 0 | 0 | 0 | 0 |
Hospitality Revenue | 0 | 0 | 0 | 0 |
Investment Income And Other Revenues | 2 | 3 | 4 | 6 |
Revenue | 2 | 3 | 4 | 6 |
Hospitality Revenue | 0 | 0 | 0 | 0 |
Investment and other revenue | $ 2 | $ 3 | $ 4 | $ 6 |
SEGMENT INFORMATION - Reconcili
SEGMENT INFORMATION - Reconciliation of FFO (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Operating Segments [Abstract] | ||||
FFO | $ 170 | $ 291 | $ 444 | $ 549 |
Depreciation and amortization of real estate assets | (66) | (70) | (135) | (139) |
Fair value gains, net | (803) | (1,092) | (1,113) | (722) |
Share of equity accounted income - non-FFO | (908) | 618 | (1,158) | 645 |
Income tax expense | 48 | 62 | (113) | (26) |
Non-controlling interests of others in operating subsidiaries and properties – non-FFO | 306 | 318 | 336 | 153 |
Net income attributable to unitholders | (1,253) | 127 | (1,739) | 460 |
Non-controlling interests of others in operating subsidiaries and properties | (259) | (104) | (146) | 276 |
Net (loss) income | $ (1,512) | $ 23 | $ (1,885) | $ 736 |
SUBSEQUENT EVENTS SUBSEQUENT EV
SUBSEQUENT EVENTS SUBSEQUENT EVENTS - Additional Information (Details) - USD ($) | Aug. 05, 2020 | Jul. 02, 2020 | Jun. 30, 2020 | Dec. 31, 2019 |
Disclosure of non-adjusting events after reporting period [line items] | ||||
Total debt obligations | $ 55,493,000,000 | $ 55,528,000,000 | ||
Subsidiary borrowings | Unsecured Debt | ||||
Disclosure of non-adjusting events after reporting period [line items] | ||||
Total debt obligations | $ 279,000,000 | $ 202,000,000 | ||
Major ordinary share transactions | ||||
Disclosure of non-adjusting events after reporting period [line items] | ||||
Quarterly dividends, per share, declared | 0.3325 | |||
Annual dividends, per share, declared | $ 1.33 | |||
Shares authorized for repurchase (in shares) | 74,166,670 | |||
Share price (in dollars per share) | $ 12 | |||
Repurchase amount | $ 890,000,000 | |||
Share price (in dollars per share) | $ 12 | |||
Shares authorized for repurchase (in shares) | 74,166,670 | |||
Repurchase amount | $ 890,000,000 | |||
Entering into significant commitments or contingent liabilities | Subsidiary borrowings | Unsecured Debt | ||||
Disclosure of non-adjusting events after reporting period [line items] | ||||
Total debt obligations | $ 500,000,000 |
Uncategorized Items - _IXDS
Label | Element | Value |
LP Investments - Office [Member] | ||
Proceeds from disposal of non-current assets or disposal groups classified as held for sale and discontinued operations | ifrs-full_ProceedsFromDisposalOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperations | $ 73,000,000 |
Proceeds from disposal of non-current assets or disposal groups classified as held for sale and discontinued operations | ifrs-full_ProceedsFromDisposalOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperations | $ 77,000,000 |
BPO [Member] | Prime Rate1 [Member] | ||
Disclosure Of Capital Securities Classified As Liabilities [Text Block] | bpy_DisclosureOfCapitalSecuritiesClassifiedAsLiabilitiesTextBlock | 95 |
Expiration Term One [Member] | Cash-Settled Share-Based Payment Arrangement [Member] | ||
Weighted average exercise price of share options outstanding in share-based payment arrangement | ifrs-full_WeightedAverageExercisePriceOfShareOptionsOutstandingInSharebasedPaymentArrangement2019 | $ 0 |
Weighted average exercise price of share options outstanding in share-based payment arrangement | ifrs-full_WeightedAverageExercisePriceOfShareOptionsOutstandingInSharebasedPaymentArrangement2019 | 0 |
Expiration Term Four [Member] | Cash-Settled Share-Based Payment Arrangement [Member] | ||
Weighted average exercise price of share options outstanding in share-based payment arrangement | ifrs-full_WeightedAverageExercisePriceOfShareOptionsOutstandingInSharebasedPaymentArrangement2019 | 16.80 |
Weighted average exercise price of share options outstanding in share-based payment arrangement | ifrs-full_WeightedAverageExercisePriceOfShareOptionsOutstandingInSharebasedPaymentArrangement2019 | 16.80 |
Expiration Term Two [Member] | Cash-Settled Share-Based Payment Arrangement [Member] | ||
Weighted average exercise price of share options outstanding in share-based payment arrangement | ifrs-full_WeightedAverageExercisePriceOfShareOptionsOutstandingInSharebasedPaymentArrangement2019 | 17.44 |
Weighted average exercise price of share options outstanding in share-based payment arrangement | ifrs-full_WeightedAverageExercisePriceOfShareOptionsOutstandingInSharebasedPaymentArrangement2019 | 17.44 |
Expiration Term Three [Member] | Cash-Settled Share-Based Payment Arrangement [Member] | ||
Weighted average exercise price of share options outstanding in share-based payment arrangement | ifrs-full_WeightedAverageExercisePriceOfShareOptionsOutstandingInSharebasedPaymentArrangement2019 | 17.93 |
Weighted average exercise price of share options outstanding in share-based payment arrangement | ifrs-full_WeightedAverageExercisePriceOfShareOptionsOutstandingInSharebasedPaymentArrangement2019 | 17.93 |
Expiration Term Seven [Member] | Cash-Settled Share-Based Payment Arrangement [Member] | ||
Weighted average exercise price of share options outstanding in share-based payment arrangement | ifrs-full_WeightedAverageExercisePriceOfShareOptionsOutstandingInSharebasedPaymentArrangement2019 | 19.51 |
Weighted average exercise price of share options outstanding in share-based payment arrangement | ifrs-full_WeightedAverageExercisePriceOfShareOptionsOutstandingInSharebasedPaymentArrangement2019 | 19.51 |
Expiration Term Five [Member] | Cash-Settled Share-Based Payment Arrangement [Member] | ||
Weighted average exercise price of share options outstanding in share-based payment arrangement | ifrs-full_WeightedAverageExercisePriceOfShareOptionsOutstandingInSharebasedPaymentArrangement2019 | 20.59 |
Weighted average exercise price of share options outstanding in share-based payment arrangement | ifrs-full_WeightedAverageExercisePriceOfShareOptionsOutstandingInSharebasedPaymentArrangement2019 | 20.59 |
Expiration term Six [Member] | Cash-Settled Share-Based Payment Arrangement [Member] | ||
Weighted average exercise price of share options outstanding in share-based payment arrangement | ifrs-full_WeightedAverageExercisePriceOfShareOptionsOutstandingInSharebasedPaymentArrangement2019 | 25.18 |
Weighted average exercise price of share options outstanding in share-based payment arrangement | ifrs-full_WeightedAverageExercisePriceOfShareOptionsOutstandingInSharebasedPaymentArrangement2019 | $ 25.18 |
UNITED STATES | Multifamily Sector [Member] | ||
Number Of Real Estate Properties Classified As Held For Sale | bpy_NumberOfRealEstatePropertiesClassifiedAsHeldForSale | 7 |
UNITED STATES | Triple Net Lease [Member] | ||
Number Of Real Estate Properties Classified As Held For Sale | bpy_NumberOfRealEstatePropertiesClassifiedAsHeldForSale | 5 |
Number Of Real Estate Properties Classified As Held For Sale | bpy_NumberOfRealEstatePropertiesClassifiedAsHeldForSale | 3 |
Number Of Real Estate Properties Classified As Held For Sale | bpy_NumberOfRealEstatePropertiesClassifiedAsHeldForSale | 5 |