Brookfield Property Partners (BPYPP) 6-K 6 Aug 21 2021 Q2 Management’s Discussion and Analysis of Financial Results Financial data

Cover

Cover	6 Months Ended
	Jun. 30, 2021
Cover [Abstract]
Document Type	6-K
Entity File Number	001-35505
Entity Registrant Name	BROOKFIELD PROPERTY PARTNERS L.P.
Entity Address, Address Line One	73 Front Street
Entity Address, Address Line Two	5th Floor
Entity Address, City or Town	Hamilton
Entity Address, Postal Zip Code	HM 12
Entity Address, Country	BM
Entity Central Index Key	0001545772
Current Fiscal Year End Date	--12-31
Document Period End Date	Jun. 30, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Non-current assets
Investment properties	$ 73,187	$ 72,610
Equity accounted investments	20,442	19,719
Property, plant and equipment	6,897	5,235
Goodwill	1,082	1,080
Intangible assets	991	982
Other non-current assets	3,485	3,177
Loans and notes receivable	184	139
Total non-current assets	106,268	102,942
Current assets
Loans and notes receivable	72	77
Accounts receivable and other	1,697	1,871
Cash and cash equivalents	2,302	2,473
Total current assets	4,071	4,421
Assets held for sale	965	588
Total assets	111,304	107,951
Non-current liabilities
Debt obligations	43,295	41,263
Capital securities	2,151	2,384
Other non-current liabilities	1,858	1,703
Deferred tax liabilities	3,111	2,858
Total non-current liabilities	50,415	48,208
Current liabilities
Debt obligations	11,986	13,074
Capital securities	655	649
Accounts payable and other liabilities	6,015	4,101
Total current liabilities	18,656	17,824
Liabilities associated with assets held for sale	4	396
Total liabilities	69,075	66,428
Equity
Limited partners	12,066	11,709
General partner	4	4
Non-controlling interests attributable to:
Redeemable/exchangeable and special limited partnership units	12,447	12,249
Limited partnership units of Brookfield Office Properties Exchange LP	71	73
FV LTIP units of the Operating Partnership	50	52
Class A shares of Brookfield Property REIT Inc. (“BPYU”)	901	1,050
Interests of others in operating subsidiaries and properties	15,991	15,687
Total equity	42,229	41,523
Total liabilities and equity	111,304	107,951
Preference shares
Equity
Preferred equity	$ 699	$ 699

Condensed Consolidated Income S

Condensed Consolidated Income Statements - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Profit or loss [abstract]
Commercial property revenue	$ 1,284	$ 1,301	$ 2,569	$ 2,705
Hospitality revenue	196	50	255	416
Investment and other revenue	180	86	286	216
Revenue	1,660	1,437	3,110	3,337
Direct commercial property expense	474	445	960	925
Direct hospitality expense	120	106	193	396
Investment and other expense	23	9	31	13
Interest expense	710	599	1,322	1,308
Depreciation and amortization	68	83	136	170
General and administrative expense	243	195	456	391
Total expenses	1,638	1,437	3,098	3,203
Fair value gains (losses), net	498	(803)	1,138	(1,113)
Share of net earnings (losses) from equity accounted investments	253	(757)	459	(793)
Income (loss) before income taxes	773	(1,560)	1,609	(1,772)
Income tax expense (benefit)	87	(48)	192	113
Net income (loss)	686	(1,512)	1,417	(1,885)
Net income (loss) attributable to:
Limited partners	148	(586)	274	(814)
General partner	0	0	0	0
Non-controlling interests attributable to:
Redeemable/exchangeable and special limited partnership units	156	(586)	284	(810)
Limited partnership units of Brookfield Office Properties Exchange LP	1	(3)	2	(5)
FV LTIP units of the Operating Partnership	1	(3)	1	(2)
Class A shares of Brookfield Property REIT Inc.	13	(75)	24	(108)
Interests of others in operating subsidiaries and properties	367	(259)	832	(146)
Net income (loss)	$ 686	$ (1,512)	$ 1,417	$ (1,885)
Net income (loss) per LP Unit:
Basic (in dollars per share)	$ 0.31	$ (1.26)	$ 0.56	$ (1.74)
Diluted (in dollars per share)	$ 0.31	$ (1.26)	$ 0.56	$ (1.74)

Condensed Consolidated Statemen

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Statement of comprehensive income [abstract]
Net income (loss)	$ 686	$ (1,512)	$ 1,417	$ (1,885)
Items that may be reclassified to net income:
Foreign currency translation	95	101	25	(253)
Cash flow hedges	41	77	95	(77)
Equity accounted investments	4	(9)	27	(78)
Items that will not be reclassified to net income:
Securities - fair value through other comprehensive income ("FVTOCI")	(2)	3	(2)	25
Share of revaluation deficit on equity accounted investments	(1)	(196)	(1)	(217)
Remeasurement of defined benefit obligations	0	(1)	0	(1)
Revaluation deficit	(99)	(159)	(99)	(255)
Other comprehensive income (loss)	38	(184)	45	(856)
Total comprehensive income (loss)	724	(1,696)	1,462	(2,741)
Limited partners
Net income (loss)	148	(586)	274	(814)
Other comprehensive income (loss)	52	21	69	(228)
Comprehensive income attributable to Limited partners	200	(565)	343	(1,042)
Redeemable/exchangeable and special limited partnership units
Net income (loss)	156	(586)	284	(810)
Other comprehensive income (loss)	52	19	71	(228)
Comprehensive income attributable to Redeemable/exchangeable and special limited partnership units	208	(567)	355	(1,038)
Limited partnership units of Brookfield Office Properties Exchange LP
Net income (loss)	1	(3)	2	(5)
Other comprehensive income (loss)	0	1	0	(1)
Comprehensive income attributable to Limited partnership units of Brookfield Office Properties Exchange LP	1	(2)	2	(6)
FV LTIP units of the Operating Partnership
Net income (loss)	1	(3)	1	(2)
Other comprehensive income (loss)	0	0	0	(1)
Comprehensive income attributable to FV LTIP Units of the Operating Partnership	1	(3)	1	(3)
Class A shares of Brookfield Property REIT Inc.
Net income (loss)	13	(75)	24	(108)
Other comprehensive income (loss)	4	4	6	(30)
Comprehensive income attributable to Class A shares of Brookfield Property REIT Inc.	17	(71)	30	(138)
Interests of others in operating subsidiaries and properties
Net income (loss)	367	(259)	832	(146)
Other comprehensive income (loss)	(70)	(229)	(101)	(368)
Comprehensive Income (Loss), Portion Attributable To Other Noncontrolling Interests	297	(488)	731	(514)
Total comprehensive income (loss)	$ 724	$ (1,696)	$ 1,462	$ (2,741)

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Changes in Equity - USD ($) $ in Millions	Total	Preferred Equity	Limited partnership units	Limited partnership unitsCapital	Limited partnership unitsRetained earnings	Limited partnership unitsOwnership Changes	Limited partnership unitsAccumulated other comprehensive income	General partnership units	General partnership unitsCapital	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
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 income (loss)	(1,885)		(814)		(814)								(810)	(5)	(108)	(146)	(2)
Other comprehensive income (loss)	(856)		(228)				(228)						(228)	(1)	(30)	(368)	(1)
Total comprehensive income (loss)	(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)
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
Beginning balance at Dec. 31, 2020	41,523	699	11,709	8,562	486	3,010	(349)	4	4	2	(1)	(1)	12,249	73	1,050	15,687	52
Net income (loss)	1,417		274		274								284	2	24	832	1
Other comprehensive income (loss)	45		69				69						71		6	(101)
Total comprehensive income (loss)	1,462		343		274		69						355	2	30	731	1
Distributions	(1,862)		(145)		(145)								(152)	(1)	(13)	(1,550)	(1)
Preferred distributions	(23)		(11)		(11)								(11)		(1)
Issuance / repurchase of interests in operating subsidiaries	1,129		11	4	(7)	14							11		(17)	1,123	1
Exchange of exchangeable units	(1)		2	2		1	(1)							(3)
Conversion of Class A shares of Brookfield Property REIT Inc.	0		150	104		46									(150)
Change in relative interests of non-controlling interests	1		7			10	(3)						(5)		2		(3)
Ending balance at Jun. 30, 2021	$ 42,229	$ 699	$ 12,066	$ 8,672	$ 597	$ 3,081	$ (284)	$ 4	$ 4	$ 2	$ (1)	$ (1)	$ 12,447	$ 71	$ 901	$ 15,991	$ 50

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Operating activities
Net income (loss)	$ 1,417	$ (1,885)
Share of equity accounted (earnings) losses, net of distributions	(367)	979
Fair value (gains) losses, net	(1,138)	1,113
Deferred income tax expense	148	78
Depreciation and amortization	136	170
Working capital and other	2,129	383
Cash flows from (used in) operating activities	2,325	838
Financing activities
Debt obligations, issuance	6,880	5,868
Debt obligations, repayments	(7,039)	(5,282)
Capital securities redeemed	(248)	(13)
Preferred equity issued	0	279
Non-controlling interests, issued	1,164	208
Non-controlling interests, purchased	0	(29)
Repayment of lease liabilities	(12)	(9)
Limited partnership units, repurchased	0	(124)
Class A shares of Brookfield Property REIT Inc., repurchased	(18)	(18)
Distributions to non-controlling interests in operating subsidiaries	(1,497)	(377)
Preferred distributions	(23)	(20)
Distributions to limited partnership unitholders	(145)	(291)
Distributions to redeemable/exchangeable and special limited partnership unitholders	(152)	(290)
Distributions to holders of Brookfield Office Properties Exchange LP units	(1)	(2)
Distributions to holders of FV LTIP units of the Operating Partnership	(1)	(1)
Distributions to holders of Class A shares of Brookfield Property REIT Inc.	(13)	(40)
Cash flows from (used in) financing activities	(1,105)	(141)
Acquisitions
Investment properties	(1,131)	(1,089)
Property, plant and equipment	(63)	(81)
Equity accounted investments	(569)	(191)
Financial assets and other	(724)	(609)
Cash acquired in business combinations	36	0
Dispositions
Investment properties	381	450
Property, plant and equipment	0	7
Equity accounted investments	250	54
Financial assets and other	543	890
Cash impact of deconsolidation and reclassification to assets held for sale	0	(18)
Restricted cash and deposits	(116)	10
Cash flows from (used in) investing activities	(1,393)	(577)
Cash and cash equivalents
Net change in cash and cash equivalents during the period	(173)	120
Effect of exchange rate fluctuations on cash and cash equivalents held in foreign currencies	2	(28)
Balance, beginning of period	2,473	1,438
Balance, end of period	2,302	1,530
Cash paid for:
Income taxes, net of refunds received	19	69
Interest (excluding dividends on capital securities)	$ 1,149	$ 1,182

ORGANIZATION AND NATURE OF THE

ORGANIZATION AND NATURE OF THE BUSINESS	6 Months Ended
	Jun. 30, 2021
Management Commentary Explanatory [Abstract]
ORGANIZATION AND NATURE OF THE BUSINESS	ORGANIZATION AND NATURE OF THE BUSINESS Brookfield Property Partners L.P. (“BPY” or the “partnership”) was formed as a limited partnership under the laws of Bermuda, pursuant to a limited partnership agreement dated January 3, 2013, as amended and restated on August 8, 2013. BPY is a subsidiary of Brookfield Asset Management Inc. (“Brookfield Asset Management” or the “parent company”) and is the primary entity through which the parent company and its affiliates own, operate, and invest in commercial and other income producing property on a global basis. The partnership’s sole direct investments are a 49% managing general partnership units (“GP Units” 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, 2021
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, 2021 were approved and authorized for issue by the Board of Directors of the partnership on August 3, 2021. 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, 2020, 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, 2020. 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: i) Covid-19-Related Rent Concessions beyond June 30 2021, Amendment to IFRS 16 – Leases (“IFRS 16 Amendment”) The partnership adopted the IFRS 16 Amendment as of January 1, 2021 in advance of its April 1, 2021 mandatory effective date. The IFRS 16 Amendment provides the partnership as lessee only with an extension to the scope of the 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. ii) Interest Rate Benchmark Reform-Phase 2, Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4, and IFRS 16 (“IBOR Phase 2 Amendments”) The partnership adopted the IBOR Phase 2 Amendments as of January 1, 2021, its mandatory effective date. The IBOR Phase 2 Amendments provide additional guidance to address issues that will arise during the transition of benchmark interest rates. The IBOR Phase 2 Amendments primarily relate to the modification of financial instruments where the basis for determining the contractual cash flows changes as a result of IBOR reform, allowing for prospective application of the applicable benchmark interest rate, and to the application of hedge accounting, providing an exception such that changes in the formal designation and documentation of hedge accounting relationships that are needed to reflect the changes required by IBOR reform do not result in the discontinuation of hedge accounting or the designation of new hedging relationships. The partnership is progressing through its transition plan to address the impact and effect required changes as a result of amendments to the contractual terms of IBOR referenced floating-rate borrowings, interest rate swaps, interest rate caps, and to update hedge designations. The adoption did not have a significant impact on the partnership’s financial reporting. d) Critical judgements and estimates in applying accounting policies 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, 2020 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, 2021. Prior to the end of the first quarter of 2020, 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 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 had a significant adverse impact on consumer spending and demand in the near term. As vaccination campaigns against COVID-19 ramp up, the macroeconomic outlook has improved in certain geographies with the return of more favorable economic conditions, including the removal of occupancy restrictions and government-mandated closures. However, uncertainty remains in the near-term surrounding risks of new economic restrictions and general uncertainty surrounding leasing trends, market rates, and the ability to exist investments in the partnership’s expected timeframe. These circumstances have created estimation uncertainty in the determination of the fair value of investment properties as of June 30, 2021. For the current period, we undertook a process to assess the appropriateness of the discount and terminal capitalization rates considering changes to property-level cash flows and any risk premium inherent in such cash flow changes as well as the current cost of capital and capital spreads. In addition, we reviewed and adjusted our cash flow models with a view of risk and long-term value. Judgment is applied when determining whether indicators of impairment exist when assessing the carrying values of the partnership’s property, plant and equipment and intangible assets for potential impairment as a result of COVID-19. Consideration is given to a combination of factors, including but not limited to forecasts of revenues and expenses, valuations of assets, and projections of market trends and economic environments.

INVESTMENT PROPERTIES

INVESTMENT PROPERTIES	6 Months Ended
	Jun. 30, 2021
Investment property [abstract]
INVESTMENT PROPERTIES	INVESTMENT PROPERTIES 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, 2021 and the year ended December 31, 2020: Six months ended Jun. 30, 2021 Year ended Dec. 31, 2020 (US$ Millions) Commercial properties Commercial developments Total Commercial properties Commercial developments Total Balance, beginning of period $ 70,294 $ 2,316 $ 72,610 $ 71,565 $ 3,946 $ 75,511 Changes resulting from: Property acquisitions 337 12 349 647 108 755 Capital expenditures 410 369 779 1,140 857 1,997 Property dispositions (1) (295) (344) (639) (2,339) (21) (2,360) Fair value gains (losses), net 883 129 1,012 (1,607) 219 (1,388) Foreign currency translation (7) (3) (10) 322 (44) 278 Transfer between commercial properties and commercial developments 120 (120) — 2,709 (2,709) — Reclassifications to assets held for sale and other changes (914) — (914) (2,143) (40) (2,183) Balance, end of period (2) $ 70,828 $ 2,359 $ 73,187 $ 70,294 $ 2,316 $ 72,610 (1) Property dispositions represent the fair value on date of sale. (2) Includes right-of-use commercial properties and commercial developments of $730 million and $22 million, respectively, as of June 30, 2021 (December 31, 2020 - $729 million and $10 million). Current lease liabilities of $36 million (December 31, 2020 - $35 million) have been included in accounts payable and other liabilities and non-current lease liabilities of $722 million (December 31, 2020 - $712 million) have been included in other non-current liabilities. The partnership determines the fair value of each commercial property based upon, among other things, rental income from current leases and assumptions about rental income from future leases reflecting market conditions at the applicable balance sheet dates, less future cash outflows in respect of such leases. Investment property valuations are generally completed by undertaking one of two accepted income approach methods, which include either: i) discounting the expected future cash flows, generally over a term of 10 years including a terminal value based on the application of a capitalization rate to estimated year 11 cash flows; or ii) undertaking a direct capitalization approach whereby a capitalization rate is applied to estimated current year cash flows. Where there has been a recent market transaction for a specific property, such as an acquisition or sale of a partial interest, the partnership values the property on that basis. In determining the appropriateness of the methodology applied, the partnership considers the relative uncertainty of the timing and amount of expected cash flows and the impact such uncertainty would have in arriving at a reliable estimate of fair value. The partnership prepares these valuations considering asset and market specific factors, as well as observable transactions for similar assets. The determination of fair value requires the use of estimates, which are internally determined and compared with market data, third-party reports and research as well as observable conditions. Except for the impacts of the shutdown which are discussed below, there are currently no other known trends, events or uncertainties that the partnership reasonably believes could have a sufficiently pervasive impact across the partnership’s businesses to materially affect the methodologies or assumptions utilized to determine the estimated fair values reflected in this report. Discount rates and capitalization rates are inherently uncertain and may be impacted by, among other things, movements in interest rates in the geographies and markets in which the assets are located. Changes in estimates of discount and capitalization rates across different geographies and markets are often independent of each other and not necessarily in the same direction or of the same magnitude. Further, impacts to the partnership’s fair values of commercial properties from changes in discount or capitalization rates and cash flows are usually inversely correlated. Decreases (increases) in the discount rate or capitalization rate result in increases (decreases) of fair value. Such decreases (increases) may be mitigated by decreases (increases) in cash flows included in the valuation analysis, as circumstances that typically give rise to increased interest rates (e.g., strong economic growth, inflation) usually give rise to increased cash flows at the asset level. Refer to the table below for further information on valuation methods used by the partnership for its asset classes. Commercial developments are also measured using a discounted cash flow model, net of costs to complete, as of the balance sheet date. Development sites in the planning phases are measured using comparable market values for similar assets. In accordance with its policy, the partnership generally measures and records its commercial properties and developments using valuations prepared by management. However, for certain subsidiaries, the partnership relies on quarterly valuations prepared by external valuation professionals. Management compares the external valuations to the partnership’s internal valuations to review the work performed by the external valuation professionals. Additionally, a number of properties are externally appraised each year and the results of those appraisals are compared to the partnership’s internally prepared values. 2021 Conditions Global Economic Shutdown The COVID-19 pandemic has continued to cause disruption to business activities and supply chains as well as disrupted travel and adversely impacted local, regional, national and international economic conditions. As a result, future revenues and cash flows produced by these investment properties and our equity accounted investment properties continue to be more uncertain than normal. In response, the partnership has adjusted cash flow assumptions for its estimate of near-term disruption to cash flows to reflect collections, vacancy and assumptions with respect to new leasing activity. In addition, the partnership has continued to assess the appropriateness of the discount and terminal capitalization rates giving consideration to changes to property level cash flows and any risk premium inherent in such cash flow changes as well as the current cost of capital and credit spreads. Valuation Metrics 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, 2021 Dec. 31, 2020 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 6.9 % 5.6 % 12 6.9 % 5.6 % 12 Canada Discounted cash flow 5.9 % 5.2 % 10 5.9 % 5.2 % 10 Australia Discounted cash flow 6.6 % 5.7 % 10 6.6 % 5.7 % 10 Europe Discounted cash flow 4.6 % 3.8 % 10 5.2 % 3.8 % 10 Brazil Discounted cash flow 7.6 % 7.0 % 10 7.6 % 7.0 % 10 Core Retail Discounted cash flow 7.0 % 5.3 % 10 7.0 % 5.3 % 10 LP Investments- Office Discounted cash flow 9.6 % 7.1 % 7 9.7 % 7.2 % 7 LP Investments- Retail Discounted cash flow 8.6 % 7.0 % 10 8.7 % 7.0 % 10 Mixed-use Discounted cash flow 7.2 % 5.1 % 10 7.3 % 5.2 % 10 Multifamily (1) Direct capitalization 4.7 % n/a n/a 4.9 % n/a n/a Triple Net Lease (1) Direct capitalization 6.2 % n/a n/a 6.2 % n/a n/a Student Housing (1) Direct capitalization 4.9 % n/a n/a 4.9 % n/a n/a Manufactured Housing (1) Direct capitalization 4.6 % n/a n/a 4.8 % n/a n/a (1) The valuation method used to value multifamily, triple net lease, student housing, and manufactured housing properties is the direct capitalization method. The rates presented as the discount rate relate to the overall implied capitalization rate. The terminal capitalization rate and investment horizon are not applicable. Fair Value Measurement The following table presents the partnership’s investment properties measured at fair value in the condensed consolidated financial statements and the level of the inputs used to determine those fair values in the context of the hierarchy as defined in Note 2(i), Summary of Significant Accounting Policies: Fair value measurement , in the consolidated financial statements as of December 31, 2020: Jun. 30, 2021 Dec. 31, 2020 Level 3 Level 3 (US$ Millions) Level 1 Level 2 Commercial properties Commercial developments Level 1 Level 2 Commercial properties Commercial developments Core Office United States $ — $ — $ 14,821 $ 505 $ — $ — $ 14,682 $ 411 Canada — — 4,842 65 — — 4,721 381 Australia — — 2,341 459 — — 2,366 365 Europe — — 2,600 273 — — 2,526 173 Brazil — — 380 — — — 309 — Core Retail — — 20,037 — — — 20,324 — LP Investments LP Investments- Office — — 8,352 743 — — 7,946 781 LP Investments- Retail — — 2,238 — — — 2,538 — Hospitality — — 89 — — — 84 — Mixed-Use — — 3,042 — — — 3,096 — Multifamily — — 2,018 — — — 2,442 Triple Net Lease — — 3,704 — — — 3,719 Student Housing — — 2,911 314 — — 2,757 205 Manufactured Housing — — 3,453 — — — 2,784 — Total $ — $ — $ 70,828 $ 2,359 $ — $ — $ 70,294 $ 2,316 Fair Value 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, 2021, for properties valued using the discounted cash flow or direct capitalization method, respectively: Jun. 30, 2021 (US$ Millions) Impact on fair value of commercial properties Core Office United States 752 Canada 253 Australia 161 Europe 158 Brazil 2 Core Retail 1,067 LP Investments LP Investments- Office 399 LP Investments- Retail 126 Mixed-use 139 Multifamily 97 Triple Net Lease 141 Student Housing 129 Manufactured Housing 176 Total $ 3,600

EQUITY ACCOUNTED INVESTMENTS

EQUITY ACCOUNTED INVESTMENTS	6 Months Ended
	Jun. 30, 2021
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, hotels, 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, 2021 Dec. 31, 2020 Jun. 30, 2021 Dec. 31, 2020 Joint Ventures Canary Wharf Joint Venture (1) Property holding company United Kingdom 50 % 50 % $ 3,588 $ 3,440 Manhattan West, New York Property holding company United States 56 % 56 % 2,296 2,122 Ala Moana Center, Hawaii Property holding company United States 50 % 50 % 1,907 1,862 BPYU JV Pool A Property holding company United States 50 % 50 % 1,740 1,723 BPYU JV Pool B Property holding company United States 51 % 51 % 1,123 1,121 Fashion Show, Las Vegas Property holding company United States 50 % 50 % 840 835 Grace Building, New York Property holding company United States 50 % 50 % 701 676 BPYU JV Pool C Property holding company United States 50 % 50 % 686 692 BPYU JV Pool D Property holding company United States 48 % 48 % 564 548 Southern Cross East, Melbourne Property holding company Australia 50 % 50 % 449 433 The Grand Canal Shoppes, Las Vegas Property holding company United States 50 % 50 % 407 416 One Liberty Plaza, New York Property holding company United States 51 % 51 % 409 382 680 George Street, Sydney Property holding company Australia 50 % 50 % 390 375 Brookfield Place Sydney (2) Property holding company Australia 50 % — % 378 — The Mall in Columbia, Maryland Property holding company United States 50 % 50 % 305 298 Brookfield Brazil Retail Fundo de Investimento em Participaçõe (“Brazil Retail”) Holding company Brazil 46 % 46 % 267 251 Potsdamer Platz, Berlin Property holding company Germany 25 % 25 % 261 255 BPYU JV Pool G Property holding company United States 68 % 68 % 261 251 Brookfield D.C. Office Partners LLC ("D.C. Venture"), Washington, D.C. Property holding company United States 51 % 51 % 254 257 Baybrook Mall, Texas Property holding company United States 51 % 51 % 254 251 Shops at La Cantera, Texas Property holding company United States 50 % 50 % 252 249 Miami Design District, Florida Property holding company United States 22 % 22 % 236 238 BPYU JV Pool F Property holding company United States 51 % 51 % 219 253 Other (3) Various Various 15% - 55% 14% - 55% 2,433 2,510 20,220 19,438 Associates Various Various Various 31% -31% 16% - 31% 222 281 222 281 Total $ 20,442 $ 19,719 (1) Stork Holdco LP is the joint venture through which the partnership acquired Canary Wharf Group plc in London. (2) Refer to Note 30, Related Parties for further information around the Brookfield Place Sydney acquisition in the current period. (3) Other joint ventures consists of approximately 37 joint ventures. The following table presents the change in the balance of the partnership’s equity accounted investments as of June 30, 2021 and December 31, 2020: Six months ended Year ended (US$ Millions) Jun. 30, 2021 Dec. 31, 2020 Equity accounted investments, beginning of period $ 19,719 $ 20,764 Additions 584 522 Disposals and return of capital distributions (149) (108) Share of net earnings (losses) from equity accounted investments 459 (749) Distributions received (92) (618) Foreign currency translation 17 107 Reclassification (to) from assets held for sale (1) (117) 121 Other comprehensive income and other 21 (320) Equity accounted investments, end of period $ 20,442 $ 19,719 (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. 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, 2021 Dec. 31, 2020 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 6.4 % 4.7 % 11 6.4 % 4.7 % 11 Australia Discounted cash flow 6.3 % 4.9 % 10 6.3 % 5.3 % 10 Europe Discounted cash flow 5.5 % 4.6 % 10 5.6 % 4.7 % 10 Core Retail United States Discounted cash flow 6.4 % 4.9 % 10 6.3 % 4.9 % 10 LP Investments - Office Discounted cash flow 5.9 % 5.0 % 10 6.0 % 5.3 % 10 LP Investments - Retail Discounted cash flow 7.4 % 6.1 % 10 7.4 % 6.1 % 10 Multifamily (1) Direct capitalization 4.3 % n/a n/a 4.3 % 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, 2021 Dec. 31, 2020 Non-current assets $ 77,468 $ 77,818 Current assets 4,824 5,054 Total assets 82,292 82,872 Non-current liabilities 35,052 34,509 Current liabilities 3,847 5,886 Total liabilities 38,899 40,395 Net assets 43,393 42,477 Partnership’s share of net assets $ 20,442 $ 19,719 Three months ended Jun. 30, Six months ended Jun. 30, (US$ Millions) 2021 2020 2021 2020 Revenue $ 1,086 $ 1,031 $ 2,110 $ 2,274 Expenses 852 724 1,675 1,550 Income from equity accounted investments (1) 31 9 39 27 Income before fair value gains, net 265 316 474 751 Fair value gains (losses), net 220 (1,791) 430 (2,271) Net income (loss) 485 (1,475) 904 (1,520) Partnership’s share of net earnings (losses) $ 253 $ (757) $ 459 $ (793) (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, 2021
Property, plant and equipment [abstract]
PROPERTY, PLANT AND EQUIPMENT	PROPERTY, PLANT AND EQUIPMENT Property, plant, and equipment primarily consists of hospitality assets such as Center Parcs UK, a portfolio of select-service hotels in the U.S., 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 15 Furniture, fixtures and equipment 3 to 10 On June 30, 2021, the partnership obtained control over a portfolio of select-service hotels (“Hospitality Investors Trust”) after converting its preferred equity interest and becoming the 100% common equity holder. The partnership’s investment in the subsidiary was accounted for as a financial asset prior to this date. This transaction was accounted for as a business combination. The following table summarizes the amounts recognized on a provisional basis as of the acquisition date for each major class of assets acquired and liabilities assumed, in addition to the consideration paid in connection with this business combination during the six months ended June 30, 2021: (US$ Millions) Hospitality Investors Trust Cash and cash equivalents $ 49 Accounts receivable and other 75 Equity accounted investments 10 Property, plant and equipment 1,720 Total assets 1,854 Less: Debt obligations (1,319) Accounts payable and other (63) Net assets acquired $ 472 Consideration (1) $ 472 (1) Consideration includes $8 million of contingent consideration, with the balance related to the fair value of the partnership’s forfeited preferred equity interest. In the period from the acquisition date to June 30, 2021, the partnership recorded nil revenue and nil net income in connection with the business combination. If the transaction had occurred on January 1, 2021, the partnership’s total revenue and net income would have been $147 million and $(104) million, respectively, for the six months ended June 30, 2021. The following table presents the change to the components of the partnership’s hospitality assets for the six months ended June 30, 2021 and for the year ended December 31, 2020: (US$ Millions) Jun. 30, 2021 Dec. 31, 2020 Cost: Balance at the beginning of period $ 5,575 $ 7,246 Additions 1,786 164 Disposals (40) (75) Foreign currency translation 16 142 Impact of deconsolidation due to loss of control and other (1) (10) (1,902) 7,327 5,575 Accumulated fair value changes: Balance at the beginning of period 488 1,343 Revaluation (losses) gains, net (2)(3) — (130) Impact of deconsolidation due to loss of control and other (1) — (729) Disposals — 13 Provision for impairment (2) — (15) Foreign currency translation 4 6 492 488 Accumulated depreciation: Balance at the beginning of period (828) (1,311) Depreciation (128) (306) Disposals 37 28 Foreign currency translation (5) (25) Impact of deconsolidation due to loss of control and other (1) 2 786 (922) (828) Total property, plant and equipment (4) $ 6,897 $ 5,235 (1) The prior year includes the impact of deconsolidation of the Atlantis. (2) The prior 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. (3) The prior year revaluation (losses) gains, net includes $258 million of impairment losses offset by $128 million of revaluation gains. (4) Includes right-of-use assets of $177 million (December 31, 2020 - $164 million).

GOODWILL

GOODWILL	6 Months Ended
	Jun. 30, 2021
Intangible Assets [Abstract]
GOODWILL	GOODWILL Goodwill of $1,082 million at June 30, 2021 (December 31, 2020 - $1,080 million) is primarily attributable to Center Parcs UK of $833 million and IFC Seoul of $231 million (December 31, 2020 - $824 million and $240 million, respectively). The partnership performs a goodwill impairment test annually unless there are indicators of impairment identified during the year. In the second quarter of 2021, the partnership did not identify any impairment indicators.

INTANGIBLE ASSETS

INTANGIBLE ASSETS	6 Months Ended
	Jun. 30, 2021
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 $990 million as of June 30, 2021 (December 31, 2020 - $982 million). They have been determined to have an indefinite useful life as the partnership has the legal right to operate these trademarks exclusively in certain territories and in perpetuity. The business model of Center Parcs UK is not subject to technological obsolescence or commercial innovations in any material way. Intangible assets by class Useful life (in years) Trademarks Indefinite Other 4 to 7 Intangible assets with indefinite useful lives and intangible assets not yet available for use are tested for impairment at least annually and whenever there is an indication that the asset may be impaired. Intangible assets with finite useful lives are amortized over their respective useful lives as listed above. Amortization expense is recorded as part of depreciation and amortization of non-real estate assets expense. The following table presents the components of the partnership’s intangible assets as of June 30, 2021 and December 31, 2020: (US$ Millions) Jun. 30, 2021 Dec. 31, 2020 Cost $ 1,032 $ 1,016 Accumulated amortization (41) (34) Balance, end of period $ 991 $ 982 The following table presents a roll forward of the partnership’s intangible assets for the six months ended June 30, 2021 and the year ended December 31, 2020: (US$ Millions) Jun. 30, 2021 Dec. 31, 2020 Balance, beginning of period $ 982 $ 1,162 Acquisitions 5 6 Amortization (8) (12) Impairment losses — (18) Foreign currency translation 12 30 Impact of deconsolidation due to loss of control and other (1) — (186) Balance, end of period $ 991 $ 982

OTHER NON-CURRENT ASSETS

OTHER NON-CURRENT ASSETS	6 Months Ended
	Jun. 30, 2021
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, 2021 Dec. 31, 2020 Securities - FVTPL $ 1,760 $ 1,612 Derivative assets 142 72 Securities - FVTOCI 114 86 Restricted cash 350 241 Inventory (1) 787 877 Other 332 289 Total other non-current assets $ 3,485 $ 3,177 (1) Includes right-of-use inventory assets of $33 million (December 31, 2020 - $33 million) Securities - FVTPL Securities - FVTPL includes the partnership’s investment in BSREP III, with a carrying value of the financial asset at June 30, 2021 of $883 million (December 31, 2020 - $756 million). In the prior year, Securities - FVTPL included an investment in convertible preferred units of Hospitality Investors Trust. The preferred units earned a fixed cumulative dividend of 7.5% per annum compounding quarterly. Additionally, the partnership received distributions in additional convertible preferred units of Hospitality Investors Trust at 5.0% per annum compounding quarterly. The carrying value of these convertible preferred units at June 30, 2021 was nil (December 31, 2020 - $447 million). During the period, the partnership gained control over the investment after converting the preferred units into common shares and became the 100% common equity holder.

ACCOUNTS RECEIVABLE AND OTHER

ACCOUNTS RECEIVABLE AND OTHER	6 Months Ended
	Jun. 30, 2021
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, 2021 Dec. 31, 2020 Derivative assets $ 69 $ 164 Accounts receivable (1) - net of expected credit loss of $120 million (December 31, 2020 - $114 million) 565 753 Restricted cash and deposits 322 292 Prepaid expenses 276 330 Other current assets 465 332 Total accounts receivable and other $ 1,697 $ 1,871 (1) See Note 30, Related Parties, for further discussion With respect to accounts receivable, the partnership recorded a $25 million (2020 - $37 million) loss allowance in commercial property operating expenses for the six months ended June 30, 2021. As of June 30, 2021, office rent collections have returned to pre-pandemic levels and the partnership has collected 89% 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, predominantly within the Core Retail segment. As of June 30, 2021, in response to the COVID-19 pandemic, the partnership granted rent deferrals of 1% and rent abatements of 3% of 2021 retail rent. The rent abatements granted were considered lease modification and will be recognized prospectively over the remaining lease terms from the period the rent was abated. 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, 2021
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, 2021 and December 31, 2020: (US$ Millions) Jun. 30, 2021 Dec. 31, 2020 Investment properties $ 836 $ 481 Equity accounted investments 117 102 Accounts receivable and other assets 12 5 Assets held for sale 965 588 Debt obligations — 380 Accounts payable and other liabilities 4 16 Liabilities associated with assets held for sale $ 4 $ 396 The following table presents the change to the components of the assets held for sale for the six months ended June 30, 2021 and the year ended December 31, 2020: (US$ Millions) Jun. 30, 2021 Dec. 31, 2020 Balance, beginning of period $ 588 $ 387 Reclassification to (from) assets held for sale, net 1,045 2,381 Disposals (671) (2,222) Fair value adjustments 3 9 Foreign currency translation — 20 Other — 13 Balance, end of period $ 965 $ 588 At December 31, 2020, assets held for sale included an office asset in Australia, a multifamily asset in the U.S., two malls in the U.S., a mall in Brazil and four triple net lease assets in the U.S. In the first quarter of 2021, the partnership sold two malls in the U.S, a triple-net lease asset in the U.S., a plot of land in the U.S, and a multifamily asset in the U.S. for net proceeds of approximately $56 million. In the second quarter of 2021, the partnership sold two multifamily assets in the U.S, a mall in Brazil, a triple-net-lease asset and an office asset in Australia for net proceeds of approximately $161 million. At June 30, 2021, assets held for sale included five triple-net lease assets in the U.S, nine multifamily assets in the U.S., a hotel in the U.S, eight malls in the U.S, and an office asset in the U.S, 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, 2021
Disclosure of borrowing costs [Abstract]
DEBT OBLIGATIONS	DEBT OBLIGATIONS The partnership’s debt obligations include the following: Jun. 30, 2021 Dec. 31, 2020 (US$ Millions) Weighted-average rate Debt balance Weighted-average rate Debt balance Unsecured facilities: Brookfield Property Partners’ credit facilities — % — 1.75 % 1,357 Brookfield Property Partners’ corporate bonds 4.14 % 1,940 4.14 % 1,890 Brookfield Property REIT Inc. term debt 2.84 % 3,877 2.90 % 3,976 Brookfield Property REIT Inc. senior secured notes 5.75 % 945 5.75 % 945 Brookfield Property REIT Inc. corporate facility 2.39 % 1,225 2.41 % 1,015 Brookfield Property REIT Inc. junior subordinated notes 1.64 % 206 1.66 % 206 Subsidiary borrowings 1.63 % 270 1.69 % 196 Secured debt obligations: Funds subscription credit facilities (1) 2.52 % 301 2.51 % 315 Fixed rate 4.27 % 26,603 4.27 % 28,446 Variable rate 3.23 % 20,205 3.61 % 16,629 Deferred financing costs (291) (258) Total debt obligations $ 55,281 $ 54,717 Current 11,986 13,074 Non-current 43,295 41,263 Debt associated with assets held for sale — 380 Total debt obligations $ 55,281 $ 54,717 (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 2021-2022, however, approximately 2.4% of its debt obligations represent non-recourse mortgages where the partnership has suspended contractual payment. The partnership is currently engaging in modification or restructuring discussions with the respective creditors. These negotiations may, under certain circumstances, result in certain properties securing these loans being 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, 2021 Dec. 31, 2020 (Millions) U.S. Dollars Local U.S. Dollars Local U.S. Dollars $ 38,126 $ 38,126 $ 37,413 $ 37,413 British Pounds 7,043 £ 5,092 6,809 £ 4,981 Canadian Dollars 4,431 C$ 5,493 4,408 C$ 5,613 South Korean Won 2,018 ₩ 2,280,000 2,093 ₩ 2,280,000 Australian Dollars 1,665 A$ 2,220 1,473 A$ 1,914 Indian Rupee 1,769 Rs 131,981 2,257 Rs 164,753 Brazilian Reais 181 R$ 903 180 R$ 936 Chinese Yuan 37 C¥ 240 22 C¥ 143 Euros 302 € 255 320 € 262 Deferred financing costs (291) (258) Total debt obligations $ 55,281 $ 54,717 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, 2020 Debt obligation issuance, net of repayments Assumed from business combinations Assumed by purchaser Amortization of deferred financing costs and (premium) discount Foreign currency translation Other Jun. 30, 2021 Debt obligations $ 54,717 (159) 1,319 (454) 16 37 (195) $ 55,281

CAPITAL SECURITIES

CAPITAL SECURITIES	6 Months Ended
	Jun. 30, 2021
Share Capital, Reserves And Other Equity Interest [Abstract]
CAPITAL SECURITIES	CAPITAL SECURITIES The partnership has the following capital securities outstanding as of June 30, 2021 and December 31, 2020: (US$ Millions) Shares outstanding Cumulative dividend rate Jun. 30, 2021 Dec. 31, 2020 Operating Partnership Class A Preferred Equity Units: Series 1 24,000,000 6.25 % $ 593 $ 586 Series 2 24,000,000 6.50 % 559 555 Series 3 24,000,000 6.75 % 542 538 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 21 Series 2 556,746 5.75 % 11 11 Series 3 789,092 5.00 % 16 16 Series 4 594,994 5.20 % 12 12 BSREP II RH B LLC (“Manufactured Housing”) Preferred Capital — 9.00 % — 249 Rouse Properties L.P. (“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 870 863 Total capital securities $ 2,806 $ 3,033 Current 655 649 Non-current 2,151 2,384 Total capital securities $ 2,806 $ 3,033 (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 April 6, 2021, BOP Split declared quarterly dividends payable for the BOP Split Senior Preferred Shares. Capital securities includes nil at June 30, 2021 (December 31, 2020 - $249 million) of preferred equity interests held by a third party investor in Manufactured Housing which have been classified as a liability, rather than as a non-controlling interest, due to the fact the holders are entitled to distributions equal to their capital balance plus 9% annual return payable in monthly distributions until maturity in December 2025. The capital securities were redeemed in the second quarter of 2021. Capital securities also includes $142 million at June 30, 2021 (December 31, 2020 - $142 million) of preferred equity interests held by a third party investor in 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, 2021 (December 31, 2020 - $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 $814 million at June 30, 2021 (December 31, 2020 - $807 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 $56 million at June 30, 2021 (December 31, 2020 - $56 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, 2021, capital securities includes $39 million (December 31, 2020 - $38 million) repayable in Canadian Dollars of C$49 million (December 31, 2020 - C$49 million). Reconciliation of cash flows from financing activities from capital securities is shown in the table below: Non-cash changes on capital securities (US$ Millions) Dec. 31, 2020 Capital securities redeemed Fair value changes Jun. 30, 2021 Capital securities $ 3,033 $ (248) $ 21 $ 2,806 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, 2021 Dec. 31, 2020 Jun. 30, 2021 Dec. 31, 2020 Outstanding, beginning of period 139 139 435,980 439,802 Exchange LP Units exchanged — 113 169 BPYU Units exchanged — 5,647 11,580 Distribution Reinvestment Program — — 123 998 Issued under unit-based compensation plan — — 105 — LP Units issued — — — 59,497 Repurchase of LP Units — — — (76,066) Outstanding, end of period 139 139 441,968 435,980 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, 2021 Dec. 31, 2020 Outstanding, beginning of period 2,714 2,883 Exchange LP Units exchanged (1) (113) (169) Outstanding, end of period 2,601 2,714 (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, 2021 Dec. 31, 2020 Outstanding, beginning of period 39,127 64,025 BPYU Units exchanged (1) (5,647) (11,580) Repurchases of BPYU Units (842) (13,396) BPYU Units vested 377 84 Forfeitures (6) (6) Outstanding, end of period (2) 33,009 39,127 (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 1,882,742 BPYU Units held in treasury as of June 30, 2021.

INCOME TAXES

INCOME TAXES	6 Months Ended
	Jun. 30, 2021
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) 2021 2020 2021 2020 Current income tax $ 18 $ 10 $ 44 $ 35 Deferred income tax 69 (58) 148 78 Income tax expense (benefit) $ 87 $ (48) $ 192 $ 113 The partnership’s income tax expense increased for the three and six months ended June 30, 2021 as compared to the same period in the prior year primarily due to an increase in book income and an increase in tax rates due to legislative changes. These increases were partially offset by a restructuring of certain subsidiaries occurring in the first quarter of 2021.

OTHER NON-CURRENT LIABILITIES

OTHER NON-CURRENT LIABILITIES	6 Months Ended
	Jun. 30, 2021
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, 2021 Dec. 31, 2020 Accounts payable and accrued liabilities $ 533 $ 437 Lease liabilities (1) 896 875 Derivative liabilities 304 272 Provisions 111 105 Deferred revenue 14 14 Total other non-current liabilities $ 1,858 $ 1,703

ACCOUNTS PAYABLE AND OTHER LIAB

ACCOUNTS PAYABLE AND OTHER LIABILITIES	6 Months Ended
	Jun. 30, 2021
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, 2021 Dec. 31, 2020 Accounts payable and accrued liabilities $ 1,928 $ 2,094 Loans and notes payable (1) 3,227 1,062 Derivative liabilities 155 416 Deferred revenue 642 441 Lease liabilities (2) 43 43 Other liabilities 20 45 Total accounts payable and other liabilities $ 6,015 $ 4,101 (1) See Note 30, Related Parties, for further discussion (2) 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, 2021
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 (“FV LTIP Units”) 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, 2021 Dec. 31, 2020 Jun. 30, 2021 Dec. 31, 2020 Outstanding, beginning of period 139 139 435,980 439,802 Exchange LP Units exchanged — 113 169 BPYU Units exchanged — 5,647 11,580 Distribution Reinvestment Program — — 123 998 Issued under unit-based compensation plan — — 105 — LP Units issued — — — 59,497 Repurchase of LP Units — — — (76,066) Outstanding, end of period 139 139 441,968 435,980 b) Units of the operating partnership held by Brookfield Asset Management Redeemable/Exchangeable Partnership Units There were 451,365,017 and 451,365,017 Redeemable/Exchangeable Partnership Units outstanding at June 30, 2021 and December 31, 2020, respectively. 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, 2021 and December 31, 2020. 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, 2021 Dec. 31, 2020 Outstanding, beginning of period 2,714 2,883 Exchange LP Units exchanged (1) (113) (169) Outstanding, end of period 2,601 2,714 (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 The partnership issued FV LTIP Units under the Brookfield Property Partners BPY FV LTIP Unit Plan 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 1,824,879 and 1,899,661 FV LTIP Units outstanding at June 30, 2021 and December 31, 2020, respectively. e) Class A shares of Brookfield Property REIT Inc. BPYU Units were issued to former GGP Inc. (“GGP”) common shareholders who elected to receive BPYU Units as consideration, in connection with the August 28, 2018 closing of the partnership’s acquisition of all outstanding common shares of GGP not already owned by the partnership. 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, 2021 Dec. 31, 2020 Outstanding, beginning of period 39,127 64,025 BPYU Units exchanged (1) (5,647) (11,580) Repurchases of BPYU Units (842) (13,396) BPYU Units vested 377 84 Forfeitures (6) (6) Outstanding, end of period (2) 33,009 39,127 (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 1,882,742 BPYU Units held in treasury as of June 30, 2021. f) Preferred Equity Units The partnership’s preferred equity consists of 7,360,000 Class A Cumulative Redeemable Perpetual Preferred Units, Series 1 at $25.00 per unit at a coupon rate of 6.5%, 10,000,000 Class A Cumulative Redeemable Perpetual Preferred Units, Series 2 at $25.00 per unit at a coupon rate of 6.375% and 11,500,000 Class A Cumulative Redeemable Perpetual Preferred Units, Series 3 at $25.00 per unit at a coupon rate of 5.75%. At June 30, 2021, Preferred Equity Units had a total carrying value of $699 million (December 31, 2020 - $699 million). g) Distributions Distributions made to each class of partnership units, including units of subsidiaries that are exchangeable into LP Units, are as follows: Three months ended Jun. 30, Six months ended Jun. 30, (US$ Millions, except per unit information) 2021 2020 2021 2020 Limited Partners $ — $ 145 $ 145 $ 291 Holders of: Redeemable/Exchangeable Partnership Units — 145 150 287 Special LP Units — 1 2 3 Exchange LP Units — 1 1 2 FV LTIP Units — 1 1 1 BPYU Units — 20 13 40 Total $ — $ 313 $ 312 $ 624 Per unit (1) $ 0.3325 $ 0.3325 $ 0.3325 $ 0.6650 (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) 2021 2020 2021 2020 Net income (loss) attributable to limited partners $ 148 $ (586) $ 274 $ (814) Income (loss) reallocation related to mandatorily convertible preferred shares 13 (47) 20 (64) Less: Preferred unit dividends attributable to limited partners (6) (6) (11) (10) Net income (loss) attributable to limited partners – basic 155 (639) 283 (888) Dilutive effect of conversion of preferred shares and options — — — — Net income (loss) attributable to limited partners – diluted $ 155 $ (639) $ 283 $ (888) (in millions of units/shares) Weighted average number of LP Units outstanding 437.7 437.6 436.9 439.1 Mandatorily convertible preferred shares 70.1 70.1 70.1 70.1 Weighted average number of LP Units - basic 507.8 507.7 507.0 509.2 Dilutive effect of the conversion of preferred shares and options (1) — — — — Weighted average number of LP units outstanding - diluted 507.8 507.7 507.0 509.2 (1) There was no dilutive impact from options during the period as the average market price did not exceed the exercise price.

NON-CONTROLLING INTERESTS

NON-CONTROLLING INTERESTS	6 Months Ended
	Jun. 30, 2021
Non-Controlling Interest 1 [Abstract]
NON-CONTROLLING INTERESTS	NON-CONTROLLING INTERESTS Non-controlling interests consists of the following: (US$ Millions) Jun. 30, 2021 Dec. 31, 2020 Redeemable/Exchangeable Partnership Units and Special LP Units (1) $ 12,447 $ 12,249 Exchange LP Units (1) 71 73 FV LTIP Units (1) 50 52 BPYU Units (1) 901 1,050 Interests of others in operating subsidiaries and properties: Preferred shares held by Brookfield Asset Management 15 15 Preferred equity of subsidiaries 2,999 3,000 Non-controlling interests in subsidiaries and properties 12,977 12,672 Total interests of others in operating subsidiaries and properties 15,991 15,687 Total non-controlling interests $ 29,460 $ 29,111 (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, 2021 Dec. 31, 2020 Jun. 30, 2021 Dec. 31, 2020 BPO (1) Canada — % — % $ 5,016 $ 4,758 BPR Retail Holdings LLC (2) United States — % — % 1,522 1,537 BSREP II PBSA Ltd. (3) Bermuda 75 % 75 % 1,043 961 BSREP CARS Sub-Pooling LLC (3) United States 74 % 74 % 836 889 Brookfield India Real Estate Trust (3)(4) India 82 % — % 716 — BSREP II MH Holdings LLC (3) United States 74 % 74 % 695 998 BSREP II Korea Office Holdings Pte. Ltd. (3) United Kingdom 78 % 78 % 642 627 BSREP II Aries Pooling LLC (3) United States 74 % 74 % 555 425 Center Parcs UK (3) United States 73 % 73 % 551 550 Brookfield Fairfield Multifamily Value Add Fund III LP (3) United States 70 % 70 % 444 365 BSREP II Retail Upper Pooling LLC (3) South Korea 50 % 50 % 379 423 BSREP India Office Holdings Pte. Ltd. (3) United States 67 % 67 % 147 323 Other Various 33% - 74% 33% - 76% 3,445 3,831 Total $ 15,991 $ 15,687 (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, 2021
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) 2021 2020 2021 2020 Base rent $ 870 $ 870 $ 1,718 $ 1,789 Straight-line rent 15 22 25 41 Lease termination 12 4 45 11 Other lease income (1) 145 160 304 357 Other revenue from tenants (2) 242 245 477 507 Total commercial property revenue $ 1,284 $ 1,301 $ 2,569 $ 2,705 (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. As a result of the shutdown, certain of the partnership’s tenants, primarily in the Core Retail segment, requested rental assistance, in the form of either a deferral or rent reduction. Lease concessions granted in response to the shutdown are accounted for as a lease modification and are recognized prospectively over the remaining lease term when they become legally enforceable. In the current period, the partnership granted abatements of $56 million for the six months ended June 30, 2021, primarily related to prior year rents in response to tenants impacted by the shutdown. The components of investment and other revenue are as follows: Three months ended Jun. 30, Six months ended Jun. 30, (US$ Millions) 2021 2020 2021 2020 Investment income $ 49 $ 24 $ 74 $ 47 Fee revenue 59 50 119 113 Dividend income 48 2 59 36 Interest income and other 9 10 19 20 Other 15 0 15 — Total investment and other revenue $ 180 $ 86 $ 286 $ 216

HOSPITALITY REVENUE

HOSPITALITY REVENUE	6 Months Ended
	Jun. 30, 2021
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) 2021 2020 2021 2020 Room, food and beverage $ 165 $ 42 $ 218 $ 318 Gaming, and other leisure activities 25 1 25 68 Other hospitality revenue 6 7 12 30 Total hospitality revenue $ 196 $ 50 $ 255 $ 416

INVESTMENT AND OTHER REVENUE

INVESTMENT AND OTHER REVENUE	6 Months Ended
	Jun. 30, 2021
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) 2021 2020 2021 2020 Base rent $ 870 $ 870 $ 1,718 $ 1,789 Straight-line rent 15 22 25 41 Lease termination 12 4 45 11 Other lease income (1) 145 160 304 357 Other revenue from tenants (2) 242 245 477 507 Total commercial property revenue $ 1,284 $ 1,301 $ 2,569 $ 2,705 (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. As a result of the shutdown, certain of the partnership’s tenants, primarily in the Core Retail segment, requested rental assistance, in the form of either a deferral or rent reduction. Lease concessions granted in response to the shutdown are accounted for as a lease modification and are recognized prospectively over the remaining lease term when they become legally enforceable. In the current period, the partnership granted abatements of $56 million for the six months ended June 30, 2021, primarily related to prior year rents in response to tenants impacted by the shutdown. The components of investment and other revenue are as follows: Three months ended Jun. 30, Six months ended Jun. 30, (US$ Millions) 2021 2020 2021 2020 Investment income $ 49 $ 24 $ 74 $ 47 Fee revenue 59 50 119 113 Dividend income 48 2 59 36 Interest income and other 9 10 19 20 Other 15 0 15 — Total investment and other revenue $ 180 $ 86 $ 286 $ 216

DIRECT COMMERCIAL PROPERTY EXPE

DIRECT COMMERCIAL PROPERTY EXPENSE	6 Months Ended
	Jun. 30, 2021
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) 2021 2020 2021 2020 Property maintenance $ 172 $ 162 $ 354 $ 336 Real estate taxes 152 151 309 308 Employee compensation and benefits 40 38 78 80 Lease expense (1) 3 4 6 8 Other (2) 107 90 213 193 Total direct commercial property expense $ 474 $ 445 $ 960 $ 925 (1) Represents the operating expenses relating to variable lease payments not included in the measurement of the lease liability

DIRECT HOSPITALITY EXPENSE

DIRECT HOSPITALITY EXPENSE	6 Months Ended
	Jun. 30, 2021
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) 2021 2020 2021 2020 Employee compensation and benefits $ 26 $ 44 $ 46 $ 126 Cost of food, beverage, and retail goods sold 38 11 45 80 Maintenance and utilities 20 20 38 57 Marketing and advertising 6 3 12 23 Other 30 28 52 110 Total direct hospitality expense $ 120 $ 106 $ 193 $ 396

DEPRECIATION AND AMORTIZATION

DEPRECIATION AND AMORTIZATION	6 Months Ended
	Jun. 30, 2021
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) 2021 2020 2021 2020 Depreciation and amortization of real estate assets $ 46 $ 66 $ 91 $ 135 Depreciation and amortization of non-real estate assets (1) 22 17 45 35 Total depreciation and amortization $ 68 $ 83 $ 136 $ 170 (1) For the three and six months ended June 30, 2021, included $2 million and $4 million (2020 - $3 million and $5 million) 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, 2021
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) 2021 2020 2021 2020 Employee compensation and benefits $ 88 $ 98 $ 175 $ 197 Management fees 55 24 106 48 Transaction costs 25 4 29 7 Other 75 69 146 139 Total general and administrative expense $ 243 $ 195 $ 456 $ 391

FAIR VALUE GAINS (LOSSES), NET

FAIR VALUE GAINS (LOSSES), NET	6 Months Ended
	Jun. 30, 2021
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) 2021 2020 2021 2020 Commercial properties $ 439 $ (907) $ 883 $ (996) Commercial developments 100 94 129 182 Incentive fees (1) (7) (1) (7) (7) Financial instruments and other (2) (34) 11 133 (292) Total fair values gains (losses), net $ 498 $ (803) $ 1,138 $ (1,113) (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, 2021, primarily includes fair value (losses) gains on financial instruments.

UNIT-BASED COMPENSATION

UNIT-BASED COMPENSATION	6 Months Ended
	Jun. 30, 2021
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, 2021, the partnership incurred $7 million and $9 million (2020 - $6 million and $12 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, 2021. i. Equity-settled BPY Awards The change in the number of options outstanding under the equity-settled BPY Awards at June 30, 2021 and December 31, 2020 is as follows: Jun. 30, 2021 Dec. 31, 2020 Number of options Weighted average exercise price Number of options Weighted average exercise price Outstanding, beginning of period 18,633,094 $ 20.56 19,915,189 $ 20.58 Granted — — — — Exercised (1,730,200) 17.43 — — Expired/forfeited (367,101) 21.23 (1,282,095) 20.87 Outstanding, end of period 16,535,793 20.87 18,633,094 20.56 Exercisable, end of period 16,517,043 $ 20.87 18,614,344 $ 20.56 The following table sets out details of options issued and outstanding at June 30, 2021 and December 31, 2020 under the equity-settled BPY Awards by expiry date: Jun. 30, 2021 Dec. 31, 2020 Expiry date Number of options Weighted average exercise price Number of options Weighted average exercise price 2021 — $ — — $ — 2022 152,200 17.86 987,700 18.09 2023 190,520 16.80 1,108,420 16.80 2024 11,672,690 20.59 11,775,394 20.59 2025 1,823,682 25.18 1,923,706 25.18 2026 2,602,951 19.51 2,744,124 19.51 2027 93,750 22.92 93,750 22.92 2028 — — — — Total 16,535,793 $ 20.87 18,633,094 $ 20.56 ii. Cash-settled BPY Awards The change in the number of options outstanding under the cash-settled BPY Awards at June 30, 2021 and December 31, 2020 is as follows: Jun. 30, 2021 Dec. 31, 2020 Number of options Weighted average exercise price Number of options Weighted average exercise price Outstanding, beginning of period 573,690 $ 21.75 603,891 $ 21.55 Granted — — — — Exercised — — — — Expired/forfeited — — (30,201) 18.09 Outstanding, end of period 573,690 21.75 573,690 21.75 Exercisable, end of period 573,690 $ 21.75 573,690 $ 21.75 The following table sets out details of options issued and outstanding at June 30, 2021 and December 31, 2020 under the cash-settled BPY Awards by expiry date: Jun. 30, 2021 Dec. 31, 2020 Expiry date Number of options Weighted average exercise price Number of options Weighted average exercise price 2021 — $ — — $ — 2022 22,200 17.93 22,200 17.93 2023 28,800 16.80 28,800 16.80 2024 175,415 20.59 175,415 20.59 2025 213,038 25.18 213,038 25.18 2026 134,237 19.51 134,237 19.51 Total 573,690 $ 21.75 573,690 $ 21.75 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, 2021, the total number of Restricted Units outstanding was 448,530 (December 31, 2020 - 523,573) with a weighted average exercise price of $18.78 (December 31, 2020 - $19.87). c) Restricted BPY LP Unit Plan (Canada) The Restricted BPY LP Unit Plan (Canada) is substantially similar to the Restricted BPY LP Unit Plan described above, except that it is for Canadian employees, there is a five-year hold period, and purchases of units are made on the TSX instead of the Nasdaq. As of June 30, 2021, the total number of Canadian Restricted Units outstanding was 451,275 (December 31, 2020 - 482,464) with a weighted average exercise price of C$24.43 (December 31, 2020 - C$25.38). 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, 2021, the total number of Restricted BPYU Units outstanding was 3,122,804 (December 31, 2020 - 1,808,765) with a weighted average exercise price of $18.59 (December 31, 2020 - $18.82). e) BPY FV LTIP Unit Plan The partnership issued FV LTIP Units to certain participants. 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. As of June 30, 2021, the total number of FV LTIP Units was 1,824,879 (December 31, 2020 - 1,899,661) with a weighted average exercise p rice of $19.13 ( December 31, 2020 -$19.12) f) Deferred Share Unit Plan In addition to the above, BPO has a deferred share unit plan. At June 30, 2021, BPO has 272,562 deferred share units (December 31, 2020 - 267,534) 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, 2021, the total number of GGP Options outstanding was 131,872 (December 31, 2020 - 136,662) with a weighted average exercise price of $26.05 (December 31, 2020 - $26.05). As of June 30, 2021, the total number of AO LTIP Options outstanding was 737,636 (December 31, 2020 - 1,079,069) with a weighted average exercise price of $22.54 (December 31, 2020 - $22.54).

OTHER COMPREHENSIVE INCOME (LOS

OTHER COMPREHENSIVE INCOME (LOSS)	6 Months Ended
	Jun. 30, 2021
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) 2021 2020 2021 2020 Items that may be reclassified to net income: Foreign currency translation Net unrealized foreign currency translation gains (losses) in respect of foreign operations $ 93 $ 149 $ 3 $ (1,024) Reclassification of realized foreign currency translation gains to net income on dispositions of foreign operations 25 — 25 — Gains on hedges of net investments in foreign operations, net of income taxes for the three and six months ended Jun. 30, 2021 of nil and nil (2020 – nil and nil) (23) (48) (3) 771 95 101 25 (253) 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, 2021 of $(5) million and $(8) million (2020 – $(5) million and $(6) million) 41 77 95 (77) 41 77 95 (77) Equity accounted investments Share of unrealized foreign currency translation (losses) gains in respect of foreign operations — 1 (1) 1 Gains (losses) on derivatives designated as cash flow hedges 4 (10) 28 (79) 4 (9) 27 (78) Items that will not be reclassified to net income: Unrealized gains on securities - FVTOCI, net of income taxes for the three and six months ended Jun. 30, 2021 of $(3) million and $(13) million (2020 – $8 million and $30 million) (2) 3 (2) 25 Share of revaluation (deficit) on equity accounted investments (1) (196) (1) (217) Net remeasurement (losses) on defined benefit obligations — (1) — (1) Revaluation (deficit), net of income taxes for the three and six months ended Jun. 30, 2021 of $(99) million and $(99) million (2020 – $1 million and $(38) million) (99) (159) (99) (255) (102) (353) (102) (448) Total other comprehensive income (loss) $ 38 $ (184) $ 45 $ (856)

OBLIGATIONS, GUARANTEES, CONTIN

OBLIGATIONS, GUARANTEES, CONTINGENCIES AND OTHER	6 Months Ended
	Jun. 30, 2021
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. 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, 2021, there remained approximately $160 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, 2021, there remained approximately $840 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, 2021, there remained approximately $175 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, 2021, there remained approximately $140 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, 2021, there remained approximately $620 million of uncontributed capital commitments. In October of 2020, Brookfield Asset Management announced the final close on the €619 million ($734 million) Brookfield European Real estate Partnership fund to which the partnership has committed €100 million ($119 million). As of June 30, 2021, there remained approximately €44 million ($52 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.

FINANCIAL INSTRUMENTS

FINANCIAL INSTRUMENTS	6 Months Ended
	Jun. 30, 2021
Financial Instruments [Abstract]
FINANCIAL INSTRUMENTS	FINANCIAL INSTRUMENTS a) Derivatives and hedging activities The partnership and its operating entities use derivative and non-derivative instruments to manage financial risks, including interest rate, commodity, equity price and foreign exchange risks. The use of derivative contracts is governed by documented risk management policies and approved limits. The partnership does not use derivatives for speculative purposes. The partnership and its operating entities use the following derivative instruments to manage these risks: • foreign currency forward contracts to hedge exposures to Canadian Dollar, Australian Dollar, British Pound, Euro, Chinese Yuan, Brazilian Real, Indian Rupee and South Korean Won denominated net investments in foreign subsidiaries and foreign currency denominated financial assets; • interest rate swaps to manage interest rate risk associated with planned refinancings and existing variable rate debt; • interest rate caps to hedge interest rate risk on certain variable rate debt; and • cross-currency swaps to manage interest rate and foreign currency exchange rates on existing variable rate debt. There have been no material changes to the partnership’s financial risk exposure or risk management activities since December 31, 2020. Please refer to Note 33, Financial Instruments in the December 31, 2020 annual report on Form 20-F for a detailed description of the partnership’s financial risk exposure and risk management activities. Interest Rate Hedging The following table provides the partnership’s outstanding derivatives that are designated as cash flow hedges of variability in interest rates associated with forecasted fixed rate financings and existing variable rate debt as of June 30, 2021 and December 31, 2020: (US$ Millions) Hedging item Notional Rates Maturity dates Fair value Jun. 30, 2021 Interest rate caps of US$ LIBOR debt $ 9,155 2.5% - 5.5% Jul. 2021 - Jun. 2024 $ — Interest rate swaps of US$ LIBOR debt 2,380 1.0% - 2.6% Nov. 2022 - Feb. 2024 (84) Interest rate caps of £ LIBOR debt 3,270 2.0% - 2.5% Aug. 2021 - Dec. 2023 — Interest rate caps of £ SONIA debt 471 1.0% Mar. 2025 2 Interest rate caps of € EURIBOR debt 106 1.3% Apr. 2022 — Interest rate caps of C$ LIBOR debt 240 2.0% Oct. 2021 — Interest rate swaps of AUD BBSW/BBSY debt 436 0.8% - 1.6% Apr. 2023 - Feb. 2026 (6) Dec. 31, 2020 Interest rate caps of US$ LIBOR debt $ 8,371 2.5% - 5.5% May 2021 - Sep. 2023 $ — Interest rate swaps of US$ LIBOR debt 2,380 1.0% -2.6% Nov. 2022 - Feb. 2024 (112) Interest rate caps of £ LIBOR debt 3,198 2.0% - 2.5% Jan. 2021 - Jan. 2022 — Interest rate caps of € EURIBOR debt 119 1.3% Apr. 2021 — Interest rate caps of C$ LIBOR debt 189 3.0% Oct. 2021 - Oct. 2022 — Interest rate swaps of AUD BBSW/BBSY debt 447 0.8% - 1.6% Apr. 2023 - Apr. 2024 (11) For the three and six months ended June 30, 2021, th e amount of hedge ineffectiveness recorded in earnings in connection with the partnership’s interest rate hedging activities was nil and nil (2020 - nil and nil). Foreign Currency Hedging 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, 2021 and December 31, 2020: (US$ Millions) Hedging item Notional Rates Maturity dates Fair value Jun. 30, 2021 Net investment hedges € 110 €0.81/$ - €0.88/$ Sep. 2021 - Feb. 2023 $ 5 Net investment hedges £ 2,000 £0.71/$ - £0.86/$ Sep. 2021 - Dec. 2023 (35) Net investment hedges A$ 556 A$1.29/$ - A$1.45/$ Sep. 2021 - Jul. 2022 8 Net investment hedges C¥ 853 C¥6.63/$ - C¥6.83/$ Sep. 2021 - Jun. 2023 — Net investment hedges C$ 153 C$1.23/$ - C$1.27/$ Mar. 2023 - Mar. 2024 (1) Net investment hedges R$ 1,160 R$4.98/$ - R$5.95/$ May 2023 - Sep. 2021 (9) Net investment hedges ₩ 720,095 ₩1,095.50/$ - ₩1,135.90/$ Jun. 2022 - Jun. 2023 5 Net investment hedges Rs 67,701 Rs76.35/$ - Rs86.71/$ Jan. 2022 - May. 2024 (3) Net investment hedges £ 90 £0.91/€ - £0.91/€ Apr. 2022 - Apr. 2022 — Cross currency swaps of C$ LIBOR debt C$ 2,400 C$1.29/$ - C$1.38/$ Oct. 2021 - Jan. 2027 109 Dec. 31, 2020 Net investment hedges € — €0.87/$ - €0.88/$ Sep. 2021 - Sep. 2021 $ 1 Net investment hedges £ 201 £0.50/$ - £1.08/$ Mar. 2021 - Dec. 2021 5 Net investment hedges A$ 240 A$1.34/$ - A$1.52/$ Jun. 2021 - Dec. 2021 3 Net investment hedges C¥ 813 C¥4.02/$ - C¥7.43/$ Mar. 2021 - Sep. 2021 (11) Net investment hedges R$ 620 R$5.20/$ - R$5.20/$ Mar. 2021 - Mar. 2021 (3) Net investment hedges ₩ 720,095 ₩914.84/$ - ₩1,169.58/$ Mar. 2021 - Jun. 2022 (54) Net investment hedges Rs 4,703 Rs76.28/$ Jun. 2021 (2) Net investment hedges £ 90 £0.89/€ - £0.93/€ Apr. 2021 - Apr. 2021 — Cross currency swaps of C$ LIBOR debt C$ 2,400 C$0.81/$ - C$1.70/$ Oct. 2021 - Jan. 2027 66 For the three and six months ended June 30, 2021 and 2020, the amount of hedge ineffectiveness recorded in earnings in connection with the partnership’s foreign currency hedging activities was not significant. Other Derivatives The following 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, 2021 and December 31, 2020: (US$ Millions) Derivative type Notional Rates Maturity dates Fair value Jun. 30, 2021 Interest rate caps $ 3,594 3.5% - 4.5% Sep. 2021 - Feb. 2027 $ — Interest rate swaps on forecasted fixed rate debt 1,210 2.8% - 6.4% Sep. 2021 - Jun. 2033 (253) Interest rate swaps of US$ debt 1,447 0.8% - 5.1% Nov. 2022 - Mar. 2024 (21) Embedded derivative — —% Aug. 2025 - Aug. 2026 28 Dec. 31, 2020 Interest rate caps $ 3,560 3.0% - 5.0% Jan. 2021 - Feb. 2027 $ — Interest rate swaps on forecasted fixed rate debt 1,285 2.7% - 6.4% Mar. 2021 - Jun. 2030 (308) Interest rate swaps of US$ debt 1,746 0.8% - 5.1% Jun. 2021 - Mar. 2024 (32) Interest rate swaptions 350 2.0% Mar. 2031 - Mar. 2031 — For the three and six months ended June 30, 2021, the partnership recognized fair value losses, net of $3 million and $3 million (2020 - losses of $2 million and $54 million), respectively, related to the settlement of certain forward starting interest rate swaps that have not been designated as hedges. b) Measurement and classification of financial instruments Classification and Measurement The following table outlines the classification and measurement basis, and related fair value for disclosures, of the financial assets and liabilities in the interim condensed consolidated financial statements: Jun. 30, 2021 Dec. 31, 2020 (US$ Millions) Classification and measurement basis Carrying value Fair value Carrying value Fair value Financial assets Loans and notes receivable Amortized cost $ 256 $ 256 $ 216 $ 216 Other non-current assets Securities - FVTPL FVTPL 1,760 1,760 1,612 1,612 Derivative assets FVTPL 142 142 72 72 Securities - FVTOCI FVTOCI 114 114 86 86 Restricted cash Amortized cost 350 350 241 241 Current assets Securities - FVTPL FVTPL — — 107 107 Derivative assets FVTPL 69 69 164 164 Accounts receivable (1) Amortized cost 577 577 758 674 Restricted cash Amortized cost 322 322 292 292 Cash and cash equivalents Amortized cost 2,302 2,302 2,473 2,473 Total financial assets $ 5,892 $ 5,892 $ 6,021 $ 5,937 Financial liabilities Debt obligations (2) Amortized cost $ 55,281 $ 55,500 $ 54,717 $ 54,897 Capital securities Amortized cost 1,936 1,936 2,170 2,170 Capital securities - fund subsidiaries FVTPL 870 870 863 863 Other non-current liabilities Accounts payable Amortized cost 533 533 437 437 Derivative liabilities FVTPL 304 304 272 272 Accounts payable and other liabilities Accounts payable and other (3) Amortized cost 1,932 1,932 2,110 2,110 Loans and notes payable Amortized cost 3,227 3,227 1,062 1,062 Derivative liabilities FVTPL 155 155 416 416 Total financial liabilities $ 64,238 $ 64,457 $ 62,047 $ 62,227 (1) Includes other receivables associated with assets classified as held for sale on the condensed consolidated balance sheet in the amount of $12 million and $5 million as of June 30, 2021 and December 31, 2020, respectively. (2) Includes debt obligations associated with assets classified as held for sale on the condensed consolidated balance sheet in the amount of nil and $380 million as of June 30, 2021 and December 31, 2020, 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 $4 million and $16 million as of June 30, 2021 and December 31, 2020, respectively. Fair Value Hierarchy Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., an exit price). Fair value measurement establishes a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. Quoted market prices (unadjusted) in active markets represent a Level 1 valuation. When quoted market prices in active markets are not available, the partnership maximizes the use of observable inputs within valuation models. When all significant inputs are observable, either directly or indirectly, the valuation is classified as Level 2. Valuations that require the significant use of unobservable inputs are considered Level 3, which reflect the partnership’s market assumptions and are noted below. This hierarchy requires the use of observable market data when available. The following table outlines financial assets and liabilities measured at fair value in the consolidated financial statements and the level of the inputs used to determine those fair values in the context of the hierarchy as defined above: Jun. 30, 2021 Dec. 31, 2020 (US$ Millions) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Financial assets Securities - FVTPL $ 20 $ 113 $ 1,627 $ 1,760 $ — $ 123 $ 1,596 $ 1,719 Securities - FVTOCI — — 114 114 — — 86 86 Derivative assets — 211 — 211 — 236 — 236 Total financial assets $ 20 $ 324 $ 1,741 $ 2,085 $ — $ 359 $ 1,682 $ 2,041 Financial liabilities Capital securities - fund subsidiaries $ — $ — $ 870 $ 870 $ — $ — $ 863 $ 863 Derivative liabilities — 459 — 459 — 688 — 688 Total financial liabilities $ — $ 459 $ 870 $ 1,329 $ — $ 688 $ 863 $ 1,551 During the period, the partnership transferred its preferred shares in an operating company from level 3 to level 1, as the operating company underwent an initial public offering. The carrying value of the investment at June 30, 2021 is $20 million. There were no transfers between levels for the year ended December 31, 2020. The following table presents the change in the balance of financial assets and financial liabilities accounted for at fair value categorized as Level 3 as of June 30, 2021 and December 31, 2020: Jun. 30, 2021 Dec. 31, 2020 (US$ Millions) Financial assets Financial liabilities Financial assets Financial liabilities Balance, beginning of period $ 1,682 $ 863 $ 1,371 $ 922 Acquisitions 389 — 324 — Dispositions (43) — (10) — Fair value gains, net and OCI 166 7 (3) (59) Other (1) (453) — — — Balance, end of period $ 1,741 $ 870 $ 1,682 $ 863 (1) Includes the impact of consolidation of Hospitality Investors Trust in the current period. Refer to Note 5, Property, Plant and Equipment for further information.

RELATED PARTIES

RELATED PARTIES	6 Months Ended
	Jun. 30, 2021
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 $50 million per annum, plus annual inflation adjustments (“equity enhancement adjustment”). Three months ended Jun. 30, Six months ended Jun. 30, (US$ Millions) 2021 2020 2021 2020 Base fee amount at 0.125% of current capitalization $ 31 $ 18 $ 61 $ 34 Fee on increased market capitalization (.3125%) 43 9 81 13 Total calculated fees 74 27 142 47 Less credits: Equity enhancement adjustment (17) (4) (33) (6) Creditable operating payments and other adjustments (11) (11) (21) (24) Total fee, subject to minimum adjusted for inflation 46 12 88 17 Total fee, by component: Base fee 31 12 61 17 Equity enhancement adjustment 15 — 27 — Total fee $ 46 $ 12 $ 88 $ 17 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-year and ten-year tranches of preferred equity units from the holder for the initial issuance price plus accrued and unpaid distributions and to exchange such units for preferred equity units with terms and conditions substantially similar to the twelve-year tranche to the extent that the market price of the LP Units is less than 80% of the exchange price at maturity. On June 29, 2021, Brookfield Premier Real Estate Partners Australia (“BPREP-A”) acquired Brookfield Place Sydney from Brookfield Strategic Real Estate Partners I (“BSREP I”) fund for approximately $153 million. On July 26, 2021, Brookfield Asset Management completed its previously announced acquisition of all of the LP units of BPY it did not previously own. Refer to Note 33, Subsequent Events, for further detail. During the year ended December 31, 2020, we issued 9,416,816 LP Units at $11.36 per unit, 2,696,841 LP Units at $12.00 per unit, 5,967,063 LP Units at $12.65 per unit, 13,392,277 LP Units at $13.92 per unit, and 18,715,912 Redeemable/Exchangeable Partnership Units at $12.00 per unit to Brookfield Asset Management. The following table summarizes transactions with related parties: (US$ Millions) Jun. 30, 2021 Dec. 31, 2020 Balances outstanding with related parties: Net (payables)/receivables within equity accounted investments (515) (91) Loans and notes receivable 177 50 Receivables and other assets 64 59 Deposit payable to Brookfield Asset Management (1) (2,847) (754) Property-specific debt obligations (101) — Loans and notes payable and other liabilities (448) (313) Preferred shares held by Brookfield Asset Management (15) (15) (1) As of June 30, 2021, a $2,847 million on-demand deposit was payable to Brookfield Asset Management, provided for in the deposit agreement between the partnership and Brookfield Asset Management. The deposit limit was increased to $3.0 billion in the second quarter of 2021. Three months ended Jun. 30, Six months ended Jun. 30, (US$ Millions) 2021 2020 2021 2020 Transactions with related parties: Commercial property revenue (1) $ 9 $ 8 $ 17 $ 15 Management fee income 6 15 13 25 Interest expense on debt obligations 10 2 15 9 General and administrative expense (2) 64 35 129 73 Construction costs (3) 47 110 97 228 Incentive fees 22 1 22 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, 2021
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) For the three months ended Jun. 30, 2021 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 $ — $ 45 $ 191 $ 133 $ 160 $ — $ 21 $ 1,110 $ 1,660 Net income attributable to unitholders (1) 156 145 123 319 129 — (25) (528) 319 For the three months ended Jun. 30, 2020 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) (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) For the six months ended Jun. 30, 2021 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 $ — $ 91 $ 285 $ — $ 41 $ 270 $ 236 $ 2,187 $ 3,110 Net income attributable to unitholders (1) 286 422 394 — (50) 585 237 (1,289) 585 For the six months ended Jun. 30, 2020 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) (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) As of Jun. 30, 2021 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 $ — $ 576 $ 124 $ — $ 1,486 $ 9,332 $ 189 $ (7,636) $ 4,071 Non-current assets 12,888 30,917 24,068 — 450 38,446 2,210 (2,711) 106,268 Assets held for sale — — — — — — — 965 965 Current liabilities — 3,646 1,153 — 353 8,969 1,618 2,917 18,656 Non-current liabilities — 4,656 4,286 — 1,614 12,571 51 27,237 50,415 Liabilities associated with assets held for sale — — — — — — — 4 4 Preferred equity 699 — — — — — — — 699 Equity attributable to interests of others in operating subsidiaries and properties — — 2,839 — — — — 13,152 15,991 Equity attributable to unitholders (1) $ 12,189 $ 23,191 $ 15,914 $ — $ (31) $ 26,238 $ 730 $ (52,692) $ 25,539 (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) As of Dec. 31, 2020 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 $ — $ 545 $ 171 $ — $ 1,457 $ 8,780 $ 196 $ (6,728) $ 4,421 Non-current assets 12,628 30,137 23,542 — 438 38,142 2,227 (4,172) 102,942 Assets held for sale — — — — — — — 588 588 Current liabilities — 3,595 678 — 336 7,587 1,356 4,272 17,824 Non-current liabilities — 4,542 5,270 — 1,571 13,499 531 22,795 48,208 Liabilities associated with assets held for sale — — — — — — — 396 396 Preferred equity 699 — — — — — — — 699 Equity attributable to interests of others in operating subsidiaries and properties — — 2,686 — — — — 13,001 15,687 Equity attributable to unitholders (1) $ 11,929 $ 22,545 $ 15,079 $ — $ (12) $ 25,836 $ 536 $ (50,776) $ 25,137 (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, 2021
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, 2021 and 2020: (US$ Millions) Total revenue FFO Three months ended Jun. 30, 2021 2020 2021 2020 Core Office $ 539 $ 494 $ 131 $ 115 Core Retail 372 370 103 147 LP Investments 747 571 40 (11) Corporate 2 2 (130) (81) Total $ 1,660 $ 1,437 $ 144 $ 170 (US$ Millions) Total revenue FFO Six months ended Jun. 30, 2021 2020 2021 2020 Core Office $ 1,069 $ 1,024 $ 254 $ 236 Core Retail 736 814 198 335 LP Investments 1,302 1,495 34 38 Corporate 3 4 (255) (165) Total $ 3,110 $ 3,337 $ 231 $ 444 The following summaries presents the detail of total revenue from the partnership’s operating segments for the three and six months ended June 30, 2021 and 2020: (US$ Millions) Lease revenue Other revenue from tenants Hospitality revenue Investment and other revenue Total revenue Three months ended Jun. 30, 2021 Core Office $ 356 $ 118 $ 2 $ 63 $ 539 Core Retail 271 67 — 34 372 LP Investments 415 57 194 81 747 Corporate — — — 2 2 Total $ 1,042 $ 242 $ 196 $ 180 $ 1,660 (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 Six months ended Jun. 30, 2021 Core Office $ 733 $ 226 $ 3 $ 107 $ 1,069 Core Retail 538 132 — 66 736 LP Investments 820 120 252 110 1,302 Corporate — — — 3 3 Total $ 2,091 $ 478 $ 255 $ 286 $ 3,110 (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 The following summary presents information about certain consolidated balance sheet items of the partnership, on a segmented basis, as of June 30, 2021 and December 31, 2020: Total assets Total liabilities (US$ Millions) Jun. 30, 2021 Dec. 31, 2020 Jun. 30, 2021 Dec. 31, 2020 Core Office $ 38,147 $ 36,547 $ 17,918 $ 17,439 Core Retail 31,028 31,466 16,768 17,429 LP Investments 41,782 39,609 27,295 25,076 Corporate 347 329 7,094 6,484 Total $ 111,304 $ 107,951 $ 69,075 $ 66,428 The following summary presents a reconciliation of FFO to net income for the three and six months ended June 30, 2021 and 2020: Three months ended Jun. 30, Six months ended Jun. 30, (US$ Millions) 2021 2020 2021 2020 FFO (1) $ 144 $ 170 $ 231 $ 444 Depreciation and amortization of real estate assets (46) (66) (91) (135) Fair value gains, net 498 (803) 1,138 (1,113) Share of equity accounted income - non-FFO 105 (908) 181 (1,158) Income tax expense (87) 48 (192) (113) Non-controlling interests of others in operating subsidiaries and properties – non-FFO (295) 306 (682) 336 Net income (loss) attributable to unitholders (2) 319 (1,253) 585 (1,739) Non-controlling interests of others in operating subsidiaries and properties 367 (259) 832 (146) Net income (loss) $ 686 $ (1,512) $ 1,417 $ (1,885) (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, 2021
Disclosure of events after reporting period [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS On July 26, 2021, Brookfield Asset Management completed its previously announced acquisition of all of the LP units of BPY that it did not previously own. The LP Units were delisted from the TSX and Nasdaq at market close on July 26, 2021. Based on unitholder elections, together with the amounts owing to holders of BPYU shares, an aggregate of 51,971,192 units were elected for cash, 271,358,615 units were elected for BAM class A limited voting shares (“BAM shares”) and 17,970,971 units were elected for BPY preferred units with a liquidation preference of $25.00 per unit (“BPY preferred units”). The BPY preferred units began trading on the TSX (BPYP.PR.A) and Nasdaq (BPYPM) on July 27, 2021. As holders elected to receive more BAM shares than were available under the transaction, unitholders that elected to receive BAM shares received 54.5316% of the aggregate BAM shares they elected to receive and the balance was delivered 93.05% in cash and 6.95% in BPY preferred units. Unitholders who made an election to receive 100% of their consideration in one of the three available options received, respectively per BPY Unit i) 100% cash election: $18.17 in cash ii) 100% BAM shares election: $7.69 in cash, 0.2185 BAM shares and 0.0230 in BPY preferred units iii) 100% BPY preferred units: 0.7268 BPY preferred units. Cash consideration of $3.0 billion was funded by Brookfield Asset Management to BPY prior to closing in exchange for Redeemable/Exchangeable Partnership Units and common equity of a BPY subsidiary. 59,279,263 BAM Class A shares and 19,287,783 BPY preferred units were issued to public Unitholders in connection with the transaction. The BPY preferred units will be classified as a liability on the balance sheet.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2021
Disclosure Of Significant Accounting Policies [Abstract]
Statement of compliance and Basis of presentation	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, 2021 were approved and authorized for issue by the Board of Directors of the partnership on August 3, 2021. 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, 2020, 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, 2020. 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.
Adoption of Accounting Standards	Adoption of Accounting Standards: i) Covid-19-Related Rent Concessions beyond June 30 2021, Amendment to IFRS 16 – Leases (“IFRS 16 Amendment”) The partnership adopted the IFRS 16 Amendment as of January 1, 2021 in advance of its April 1, 2021 mandatory effective date. The IFRS 16 Amendment provides the partnership as lessee only with an extension to the scope of the 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. ii) Interest Rate Benchmark Reform-Phase 2, Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4, and IFRS 16 (“IBOR Phase 2 Amendments”) The partnership adopted the IBOR Phase 2 Amendments as of January 1, 2021, its mandatory effective date. The IBOR Phase 2 Amendments provide additional guidance to address issues that will arise during the transition of benchmark interest rates. The IBOR Phase 2 Amendments primarily relate to the modification of financial instruments where the basis for determining the contractual cash flows changes as a result of IBOR reform, allowing for prospective application of the applicable benchmark interest rate, and to the application of hedge accounting, providing an exception such that changes in the formal designation and documentation of hedge accounting relationships that are needed to reflect the changes required by IBOR reform do not result in the discontinuation of hedge accounting or the designation of new hedging relationships. The partnership is progressing through its transition plan to address the impact and effect required changes as a result of amendments to the contractual terms of IBOR referenced floating-rate borrowings, interest rate swaps, interest rate caps, and to update hedge designations. The adoption did not have a significant impact on the partnership’s financial reporting.
Critical judgements and estimates in applying accounting policies	Critical judgements and estimates in applying accounting policies 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, 2020 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, 2021. Prior to the end of the first quarter of 2020, 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 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 had a significant adverse impact on consumer spending and demand in the near term. As vaccination campaigns against COVID-19 ramp up, the macroeconomic outlook has improved in certain geographies with the return of more favorable economic conditions, including the removal of occupancy restrictions and government-mandated closures. However, uncertainty remains in the near-term surrounding risks of new economic restrictions and general uncertainty surrounding leasing trends, market rates, and the ability to exist investments in the partnership’s expected timeframe. These circumstances have created estimation uncertainty in the determination of the fair value of investment properties as of June 30, 2021. For the current period, we undertook a process to assess the appropriateness of the discount and terminal capitalization rates considering changes to property-level cash flows and any risk premium inherent in such cash flow changes as well as the current cost of capital and capital spreads. In addition, we reviewed and adjusted our cash flow models with a view of risk and long-term value. Judgment is applied when determining whether indicators of impairment exist when assessing the carrying values of the partnership’s property, plant and equipment and intangible assets for potential impairment as a result of COVID-19. Consideration is given to a combination of factors, including but not limited to forecasts of revenues and expenses, valuations of assets, and projections of market trends and economic environments.

INVESTMENT PROPERTIES (Tables)

INVESTMENT PROPERTIES (Tables)	6 Months Ended
	Jun. 30, 2021
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, 2021 and the year ended December 31, 2020: Six months ended Jun. 30, 2021 Year ended Dec. 31, 2020 (US$ Millions) Commercial properties Commercial developments Total Commercial properties Commercial developments Total Balance, beginning of period $ 70,294 $ 2,316 $ 72,610 $ 71,565 $ 3,946 $ 75,511 Changes resulting from: Property acquisitions 337 12 349 647 108 755 Capital expenditures 410 369 779 1,140 857 1,997 Property dispositions (1) (295) (344) (639) (2,339) (21) (2,360) Fair value gains (losses), net 883 129 1,012 (1,607) 219 (1,388) Foreign currency translation (7) (3) (10) 322 (44) 278 Transfer between commercial properties and commercial developments 120 (120) — 2,709 (2,709) — Reclassifications to assets held for sale and other changes (914) — (914) (2,143) (40) (2,183) Balance, end of period (2) $ 70,828 $ 2,359 $ 73,187 $ 70,294 $ 2,316 $ 72,610 (1) Property dispositions represent the fair value on date of sale. (2) Includes right-of-use commercial properties and commercial developments of $730 million and $22 million, respectively, as of June 30, 2021 (December 31, 2020 - $729 million and $10 million). Current lease liabilities of $36 million (December 31, 2020 - $35 million) have been included in accounts payable and other liabilities and non-current lease liabilities of $722 million (December 31, 2020 - $712 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, 2021 Dec. 31, 2020 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 6.9 % 5.6 % 12 6.9 % 5.6 % 12 Canada Discounted cash flow 5.9 % 5.2 % 10 5.9 % 5.2 % 10 Australia Discounted cash flow 6.6 % 5.7 % 10 6.6 % 5.7 % 10 Europe Discounted cash flow 4.6 % 3.8 % 10 5.2 % 3.8 % 10 Brazil Discounted cash flow 7.6 % 7.0 % 10 7.6 % 7.0 % 10 Core Retail Discounted cash flow 7.0 % 5.3 % 10 7.0 % 5.3 % 10 LP Investments- Office Discounted cash flow 9.6 % 7.1 % 7 9.7 % 7.2 % 7 LP Investments- Retail Discounted cash flow 8.6 % 7.0 % 10 8.7 % 7.0 % 10 Mixed-use Discounted cash flow 7.2 % 5.1 % 10 7.3 % 5.2 % 10 Multifamily (1) Direct capitalization 4.7 % n/a n/a 4.9 % n/a n/a Triple Net Lease (1) Direct capitalization 6.2 % n/a n/a 6.2 % n/a n/a Student Housing (1) Direct capitalization 4.9 % n/a n/a 4.9 % n/a n/a Manufactured Housing (1) Direct capitalization 4.6 % n/a n/a 4.8 % n/a n/a (1) The valuation method used to value multifamily, triple net lease, student housing, and manufactured housing properties is the direct capitalization method. The rates presented as the discount rate relate to the overall implied capitalization rate. The terminal capitalization rate and investment horizon are not applicable.
Schedule of investment properties measured at fair value	The following table presents the partnership’s investment properties measured at fair value in the condensed consolidated financial statements and the level of the inputs used to determine those fair values in the context of the hierarchy as defined in Note 2(i), Summary of Significant Accounting Policies: Fair value measurement , in the consolidated financial statements as of December 31, 2020: Jun. 30, 2021 Dec. 31, 2020 Level 3 Level 3 (US$ Millions) Level 1 Level 2 Commercial properties Commercial developments Level 1 Level 2 Commercial properties Commercial developments Core Office United States $ — $ — $ 14,821 $ 505 $ — $ — $ 14,682 $ 411 Canada — — 4,842 65 — — 4,721 381 Australia — — 2,341 459 — — 2,366 365 Europe — — 2,600 273 — — 2,526 173 Brazil — — 380 — — — 309 — Core Retail — — 20,037 — — — 20,324 — LP Investments LP Investments- Office — — 8,352 743 — — 7,946 781 LP Investments- Retail — — 2,238 — — — 2,538 — Hospitality — — 89 — — — 84 — Mixed-Use — — 3,042 — — — 3,096 — Multifamily — — 2,018 — — — 2,442 Triple Net Lease — — 3,704 — — — 3,719 Student Housing — — 2,911 314 — — 2,757 205 Manufactured Housing — — 3,453 — — — 2,784 — Total $ — $ — $ 70,828 $ 2,359 $ — $ — $ 70,294 $ 2,316 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, 2021 and December 31, 2020: Jun. 30, 2021 Dec. 31, 2020 (US$ Millions) Financial assets Financial liabilities Financial assets Financial liabilities Balance, beginning of period $ 1,682 $ 863 $ 1,371 $ 922 Acquisitions 389 — 324 — Dispositions (43) — (10) — Fair value gains, net and OCI 166 7 (3) (59) Other (1) (453) — — — Balance, end of period $ 1,741 $ 870 $ 1,682 $ 863 (1) Includes the impact of consolidation of Hospitality Investors Trust in the current period. Refer to Note 5, Property, Plant and Equipment for further information.
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, 2021, for properties valued using the discounted cash flow or direct capitalization method, respectively: Jun. 30, 2021 (US$ Millions) Impact on fair value of commercial properties Core Office United States 752 Canada 253 Australia 161 Europe 158 Brazil 2 Core Retail 1,067 LP Investments LP Investments- Office 399 LP Investments- Retail 126 Mixed-use 139 Multifamily 97 Triple Net Lease 141 Student Housing 129 Manufactured Housing 176 Total $ 3,600

EQUITY ACCOUNTED INVESTMENTS (T

EQUITY ACCOUNTED INVESTMENTS (Tables)	6 Months Ended
	Jun. 30, 2021
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, 2021 Dec. 31, 2020 Jun. 30, 2021 Dec. 31, 2020 Joint Ventures Canary Wharf Joint Venture (1) Property holding company United Kingdom 50 % 50 % $ 3,588 $ 3,440 Manhattan West, New York Property holding company United States 56 % 56 % 2,296 2,122 Ala Moana Center, Hawaii Property holding company United States 50 % 50 % 1,907 1,862 BPYU JV Pool A Property holding company United States 50 % 50 % 1,740 1,723 BPYU JV Pool B Property holding company United States 51 % 51 % 1,123 1,121 Fashion Show, Las Vegas Property holding company United States 50 % 50 % 840 835 Grace Building, New York Property holding company United States 50 % 50 % 701 676 BPYU JV Pool C Property holding company United States 50 % 50 % 686 692 BPYU JV Pool D Property holding company United States 48 % 48 % 564 548 Southern Cross East, Melbourne Property holding company Australia 50 % 50 % 449 433 The Grand Canal Shoppes, Las Vegas Property holding company United States 50 % 50 % 407 416 One Liberty Plaza, New York Property holding company United States 51 % 51 % 409 382 680 George Street, Sydney Property holding company Australia 50 % 50 % 390 375 Brookfield Place Sydney (2) Property holding company Australia 50 % — % 378 — The Mall in Columbia, Maryland Property holding company United States 50 % 50 % 305 298 Brookfield Brazil Retail Fundo de Investimento em Participaçõe (“Brazil Retail”) Holding company Brazil 46 % 46 % 267 251 Potsdamer Platz, Berlin Property holding company Germany 25 % 25 % 261 255 BPYU JV Pool G Property holding company United States 68 % 68 % 261 251 Brookfield D.C. Office Partners LLC ("D.C. Venture"), Washington, D.C. Property holding company United States 51 % 51 % 254 257 Baybrook Mall, Texas Property holding company United States 51 % 51 % 254 251 Shops at La Cantera, Texas Property holding company United States 50 % 50 % 252 249 Miami Design District, Florida Property holding company United States 22 % 22 % 236 238 BPYU JV Pool F Property holding company United States 51 % 51 % 219 253 Other (3) Various Various 15% - 55% 14% - 55% 2,433 2,510 20,220 19,438 Associates Various Various Various 31% -31% 16% - 31% 222 281 222 281 Total $ 20,442 $ 19,719 (1) Stork Holdco LP is the joint venture through which the partnership acquired Canary Wharf Group plc in London. (2) Refer to Note 30, Related Parties for further information around the Brookfield Place Sydney acquisition in the current period. (3) Other joint ventures consists of approximately 37 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, 2021 and December 31, 2020: Six months ended Year ended (US$ Millions) Jun. 30, 2021 Dec. 31, 2020 Equity accounted investments, beginning of period $ 19,719 $ 20,764 Additions 584 522 Disposals and return of capital distributions (149) (108) Share of net earnings (losses) from equity accounted investments 459 (749) Distributions received (92) (618) Foreign currency translation 17 107 Reclassification (to) from assets held for sale (1) (117) 121 Other comprehensive income and other 21 (320) Equity accounted investments, end of period $ 20,442 $ 19,719 (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.
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, 2021 Dec. 31, 2020 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 6.4 % 4.7 % 11 6.4 % 4.7 % 11 Australia Discounted cash flow 6.3 % 4.9 % 10 6.3 % 5.3 % 10 Europe Discounted cash flow 5.5 % 4.6 % 10 5.6 % 4.7 % 10 Core Retail United States Discounted cash flow 6.4 % 4.9 % 10 6.3 % 4.9 % 10 LP Investments - Office Discounted cash flow 5.9 % 5.0 % 10 6.0 % 5.3 % 10 LP Investments - Retail Discounted cash flow 7.4 % 6.1 % 10 7.4 % 6.1 % 10 Multifamily (1) Direct capitalization 4.3 % n/a n/a 4.3 % 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 summarized financial information	Proportion of ownership interests Carrying value (US$ Millions) Principal activity Principal place of business Jun. 30, 2021 Dec. 31, 2020 Jun. 30, 2021 Dec. 31, 2020 Joint Ventures Canary Wharf Joint Venture (1) Property holding company United Kingdom 50 % 50 % $ 3,588 $ 3,440 Manhattan West, New York Property holding company United States 56 % 56 % 2,296 2,122 Ala Moana Center, Hawaii Property holding company United States 50 % 50 % 1,907 1,862 BPYU JV Pool A Property holding company United States 50 % 50 % 1,740 1,723 BPYU JV Pool B Property holding company United States 51 % 51 % 1,123 1,121 Fashion Show, Las Vegas Property holding company United States 50 % 50 % 840 835 Grace Building, New York Property holding company United States 50 % 50 % 701 676 BPYU JV Pool C Property holding company United States 50 % 50 % 686 692 BPYU JV Pool D Property holding company United States 48 % 48 % 564 548 Southern Cross East, Melbourne Property holding company Australia 50 % 50 % 449 433 The Grand Canal Shoppes, Las Vegas Property holding company United States 50 % 50 % 407 416 One Liberty Plaza, New York Property holding company United States 51 % 51 % 409 382 680 George Street, Sydney Property holding company Australia 50 % 50 % 390 375 Brookfield Place Sydney (2) Property holding company Australia 50 % — % 378 — The Mall in Columbia, Maryland Property holding company United States 50 % 50 % 305 298 Brookfield Brazil Retail Fundo de Investimento em Participaçõe (“Brazil Retail”) Holding company Brazil 46 % 46 % 267 251 Potsdamer Platz, Berlin Property holding company Germany 25 % 25 % 261 255 BPYU JV Pool G Property holding company United States 68 % 68 % 261 251 Brookfield D.C. Office Partners LLC ("D.C. Venture"), Washington, D.C. Property holding company United States 51 % 51 % 254 257 Baybrook Mall, Texas Property holding company United States 51 % 51 % 254 251 Shops at La Cantera, Texas Property holding company United States 50 % 50 % 252 249 Miami Design District, Florida Property holding company United States 22 % 22 % 236 238 BPYU JV Pool F Property holding company United States 51 % 51 % 219 253 Other (3) Various Various 15% - 55% 14% - 55% 2,433 2,510 20,220 19,438 Associates Various Various Various 31% -31% 16% - 31% 222 281 222 281 Total $ 20,442 $ 19,719 (1) Stork Holdco LP is the joint venture through which the partnership acquired Canary Wharf Group plc in London. (2) Refer to Note 30, Related Parties for further information around the Brookfield Place Sydney acquisition in the current period. (3) Other joint ventures consists of approximately 37 joint ventures. Summarized financial information in respect of the partnership’s equity accounted investments is presented below: (US$ Millions) Jun. 30, 2021 Dec. 31, 2020 Non-current assets $ 77,468 $ 77,818 Current assets 4,824 5,054 Total assets 82,292 82,872 Non-current liabilities 35,052 34,509 Current liabilities 3,847 5,886 Total liabilities 38,899 40,395 Net assets 43,393 42,477 Partnership’s share of net assets $ 20,442 $ 19,719 Three months ended Jun. 30, Six months ended Jun. 30, (US$ Millions) 2021 2020 2021 2020 Revenue $ 1,086 $ 1,031 $ 2,110 $ 2,274 Expenses 852 724 1,675 1,550 Income from equity accounted investments (1) 31 9 39 27 Income before fair value gains, net 265 316 474 751 Fair value gains (losses), net 220 (1,791) 430 (2,271) Net income (loss) 485 (1,475) 904 (1,520) Partnership’s share of net earnings (losses) $ 253 $ (757) $ 459 $ (793) (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, 2021
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 15 Furniture, fixtures and equipment 3 to 10 The following table presents the change to the components of the partnership’s hospitality assets for the six months ended June 30, 2021 and for the year ended December 31, 2020: (US$ Millions) Jun. 30, 2021 Dec. 31, 2020 Cost: Balance at the beginning of period $ 5,575 $ 7,246 Additions 1,786 164 Disposals (40) (75) Foreign currency translation 16 142 Impact of deconsolidation due to loss of control and other (1) (10) (1,902) 7,327 5,575 Accumulated fair value changes: Balance at the beginning of period 488 1,343 Revaluation (losses) gains, net (2)(3) — (130) Impact of deconsolidation due to loss of control and other (1) — (729) Disposals — 13 Provision for impairment (2) — (15) Foreign currency translation 4 6 492 488 Accumulated depreciation: Balance at the beginning of period (828) (1,311) Depreciation (128) (306) Disposals 37 28 Foreign currency translation (5) (25) Impact of deconsolidation due to loss of control and other (1) 2 786 (922) (828) Total property, plant and equipment (4) $ 6,897 $ 5,235 (1) The prior year includes the impact of deconsolidation of the Atlantis. (2) The prior 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. (3) The prior year revaluation (losses) gains, net includes $258 million of impairment losses offset by $128 million of revaluation gains.
Disclosure of detailed information about business combinations	The following table summarizes the amounts recognized on a provisional basis as of the acquisition date for each major class of assets acquired and liabilities assumed, in addition to the consideration paid in connection with this business combination during the six months ended June 30, 2021: (US$ Millions) Hospitality Investors Trust Cash and cash equivalents $ 49 Accounts receivable and other 75 Equity accounted investments 10 Property, plant and equipment 1,720 Total assets 1,854 Less: Debt obligations (1,319) Accounts payable and other (63) Net assets acquired $ 472 Consideration (1) $ 472 (1) Consideration includes $8 million of contingent consideration, with the balance related to the fair value of the partnership’s forfeited preferred equity interest.

INTANGIBLE ASSETS (Tables)

INTANGIBLE ASSETS (Tables)	6 Months Ended
	Jun. 30, 2021
Intangible Assets [Abstract]
Disclosure of detailed information about intangible assets	Intangible assets by class Useful life (in years) Trademarks Indefinite Other 4 to 7 The following table presents the components of the partnership’s intangible assets as of June 30, 2021 and December 31, 2020: (US$ Millions) Jun. 30, 2021 Dec. 31, 2020 Cost $ 1,032 $ 1,016 Accumulated amortization (41) (34) Balance, end of period $ 991 $ 982 The following table presents a roll forward of the partnership’s intangible assets for the six months ended June 30, 2021 and the year ended December 31, 2020: (US$ Millions) Jun. 30, 2021 Dec. 31, 2020 Balance, beginning of period $ 982 $ 1,162 Acquisitions 5 6 Amortization (8) (12) Impairment losses — (18) Foreign currency translation 12 30 Impact of deconsolidation due to loss of control and other (1) — (186) Balance, end of period $ 991 $ 982

OTHER NON-CURRENT ASSETS (Table

OTHER NON-CURRENT ASSETS (Tables)	6 Months Ended
	Jun. 30, 2021
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, 2021 Dec. 31, 2020 Securities - FVTPL $ 1,760 $ 1,612 Derivative assets 142 72 Securities - FVTOCI 114 86 Restricted cash 350 241 Inventory (1) 787 877 Other 332 289 Total other non-current assets $ 3,485 $ 3,177 (1) Includes right-of-use inventory assets of $33 million (December 31, 2020 - $33 million)

ACCOUNTS RECEIVABLE AND OTHER (

ACCOUNTS RECEIVABLE AND OTHER (Tables)	6 Months Ended
	Jun. 30, 2021
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, 2021 Dec. 31, 2020 Derivative assets $ 69 $ 164 Accounts receivable (1) - net of expected credit loss of $120 million (December 31, 2020 - $114 million) 565 753 Restricted cash and deposits 322 292 Prepaid expenses 276 330 Other current assets 465 332 Total accounts receivable and other $ 1,697 $ 1,871 (1) See Note 30, Related Parties, for further discussion

HELD FOR SALE (Tables)

HELD FOR SALE (Tables)	6 Months Ended
	Jun. 30, 2021
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, 2021 and December 31, 2020: (US$ Millions) Jun. 30, 2021 Dec. 31, 2020 Investment properties $ 836 $ 481 Equity accounted investments 117 102 Accounts receivable and other assets 12 5 Assets held for sale 965 588 Debt obligations — 380 Accounts payable and other liabilities 4 16 Liabilities associated with assets held for sale $ 4 $ 396
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, 2021 and the year ended December 31, 2020: (US$ Millions) Jun. 30, 2021 Dec. 31, 2020 Balance, beginning of period $ 588 $ 387 Reclassification to (from) assets held for sale, net 1,045 2,381 Disposals (671) (2,222) Fair value adjustments 3 9 Foreign currency translation — 20 Other — 13 Balance, end of period $ 965 $ 588

DEBT OBLIGATIONS (Tables)

DEBT OBLIGATIONS (Tables)	6 Months Ended
	Jun. 30, 2021
Disclosure of borrowing costs [Abstract]
Disclosure of detailed information about borrowings	The partnership’s debt obligations include the following: Jun. 30, 2021 Dec. 31, 2020 (US$ Millions) Weighted-average rate Debt balance Weighted-average rate Debt balance Unsecured facilities: Brookfield Property Partners’ credit facilities — % — 1.75 % 1,357 Brookfield Property Partners’ corporate bonds 4.14 % 1,940 4.14 % 1,890 Brookfield Property REIT Inc. term debt 2.84 % 3,877 2.90 % 3,976 Brookfield Property REIT Inc. senior secured notes 5.75 % 945 5.75 % 945 Brookfield Property REIT Inc. corporate facility 2.39 % 1,225 2.41 % 1,015 Brookfield Property REIT Inc. junior subordinated notes 1.64 % 206 1.66 % 206 Subsidiary borrowings 1.63 % 270 1.69 % 196 Secured debt obligations: Funds subscription credit facilities (1) 2.52 % 301 2.51 % 315 Fixed rate 4.27 % 26,603 4.27 % 28,446 Variable rate 3.23 % 20,205 3.61 % 16,629 Deferred financing costs (291) (258) Total debt obligations $ 55,281 $ 54,717 Current 11,986 13,074 Non-current 43,295 41,263 Debt associated with assets held for sale — 380 Total debt obligations $ 55,281 $ 54,717 (1) Funds subscription credit facilities are secured by co-investors’ capital commitments. Debt obligations include foreign currency denominated debt in the functional currencies of the borrowing subsidiaries. Debt obligations by currency are as follows: Jun. 30, 2021 Dec. 31, 2020 (Millions) U.S. Dollars Local U.S. Dollars Local U.S. Dollars $ 38,126 $ 38,126 $ 37,413 $ 37,413 British Pounds 7,043 £ 5,092 6,809 £ 4,981 Canadian Dollars 4,431 C$ 5,493 4,408 C$ 5,613 South Korean Won 2,018 ₩ 2,280,000 2,093 ₩ 2,280,000 Australian Dollars 1,665 A$ 2,220 1,473 A$ 1,914 Indian Rupee 1,769 Rs 131,981 2,257 Rs 164,753 Brazilian Reais 181 R$ 903 180 R$ 936 Chinese Yuan 37 C¥ 240 22 C¥ 143 Euros 302 € 255 320 € 262 Deferred financing costs (291) (258) Total debt obligations $ 55,281 $ 54,717
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, 2020 Debt obligation issuance, net of repayments Assumed from business combinations Assumed by purchaser Amortization of deferred financing costs and (premium) discount Foreign currency translation Other Jun. 30, 2021 Debt obligations $ 54,717 (159) 1,319 (454) 16 37 (195) $ 55,281

CAPITAL SECURITIES (Tables)

CAPITAL SECURITIES (Tables)	6 Months Ended
	Jun. 30, 2021
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, 2021 and December 31, 2020: (US$ Millions) Shares outstanding Cumulative dividend rate Jun. 30, 2021 Dec. 31, 2020 Operating Partnership Class A Preferred Equity Units: Series 1 24,000,000 6.25 % $ 593 $ 586 Series 2 24,000,000 6.50 % 559 555 Series 3 24,000,000 6.75 % 542 538 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 21 Series 2 556,746 5.75 % 11 11 Series 3 789,092 5.00 % 16 16 Series 4 594,994 5.20 % 12 12 BSREP II RH B LLC (“Manufactured Housing”) Preferred Capital — 9.00 % — 249 Rouse Properties L.P. (“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 870 863 Total capital securities $ 2,806 $ 3,033 Current 655 649 Non-current 2,151 2,384 Total capital securities $ 2,806 $ 3,033 (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, 2020 Capital securities redeemed Fair value changes Jun. 30, 2021 Capital securities $ 3,033 $ (248) $ 21 $ 2,806

INCOME TAXES (Tables)

INCOME TAXES (Tables)	6 Months Ended
	Jun. 30, 2021
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) 2021 2020 2021 2020 Current income tax $ 18 $ 10 $ 44 $ 35 Deferred income tax 69 (58) 148 78 Income tax expense (benefit) $ 87 $ (48) $ 192 $ 113

OTHER NON-CURRENT LIABILITIES (

OTHER NON-CURRENT LIABILITIES (Tables)	6 Months Ended
	Jun. 30, 2021
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, 2021 Dec. 31, 2020 Accounts payable and accrued liabilities $ 533 $ 437 Lease liabilities (1) 896 875 Derivative liabilities 304 272 Provisions 111 105 Deferred revenue 14 14 Total other non-current liabilities $ 1,858 $ 1,703

ACCOUNTS PAYABLE AND OTHER LI_2

ACCOUNTS PAYABLE AND OTHER LIABILITIES (Tables)	6 Months Ended
	Jun. 30, 2021
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, 2021 Dec. 31, 2020 Accounts payable and accrued liabilities $ 1,928 $ 2,094 Loans and notes payable (1) 3,227 1,062 Derivative liabilities 155 416 Deferred revenue 642 441 Lease liabilities (2) 43 43 Other liabilities 20 45 Total accounts payable and other liabilities $ 6,015 $ 4,101 (1) See Note 30, Related Parties, for further discussion

EQUITY (Tables)

EQUITY (Tables)	6 Months Ended
	Jun. 30, 2021
Equity [abstract]
Disclosure of classes of share capital	CAPITAL SECURITIES The partnership has the following capital securities outstanding as of June 30, 2021 and December 31, 2020: (US$ Millions) Shares outstanding Cumulative dividend rate Jun. 30, 2021 Dec. 31, 2020 Operating Partnership Class A Preferred Equity Units: Series 1 24,000,000 6.25 % $ 593 $ 586 Series 2 24,000,000 6.50 % 559 555 Series 3 24,000,000 6.75 % 542 538 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 21 Series 2 556,746 5.75 % 11 11 Series 3 789,092 5.00 % 16 16 Series 4 594,994 5.20 % 12 12 BSREP II RH B LLC (“Manufactured Housing”) Preferred Capital — 9.00 % — 249 Rouse Properties L.P. (“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 870 863 Total capital securities $ 2,806 $ 3,033 Current 655 649 Non-current 2,151 2,384 Total capital securities $ 2,806 $ 3,033 (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 April 6, 2021, BOP Split declared quarterly dividends payable for the BOP Split Senior Preferred Shares. Capital securities includes nil at June 30, 2021 (December 31, 2020 - $249 million) of preferred equity interests held by a third party investor in Manufactured Housing which have been classified as a liability, rather than as a non-controlling interest, due to the fact the holders are entitled to distributions equal to their capital balance plus 9% annual return payable in monthly distributions until maturity in December 2025. The capital securities were redeemed in the second quarter of 2021. Capital securities also includes $142 million at June 30, 2021 (December 31, 2020 - $142 million) of preferred equity interests held by a third party investor in 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, 2021 (December 31, 2020 - $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 $814 million at June 30, 2021 (December 31, 2020 - $807 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 $56 million at June 30, 2021 (December 31, 2020 - $56 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, 2021, capital securities includes $39 million (December 31, 2020 - $38 million) repayable in Canadian Dollars of C$49 million (December 31, 2020 - C$49 million). Reconciliation of cash flows from financing activities from capital securities is shown in the table below: Non-cash changes on capital securities (US$ Millions) Dec. 31, 2020 Capital securities redeemed Fair value changes Jun. 30, 2021 Capital securities $ 3,033 $ (248) $ 21 $ 2,806 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, 2021 Dec. 31, 2020 Jun. 30, 2021 Dec. 31, 2020 Outstanding, beginning of period 139 139 435,980 439,802 Exchange LP Units exchanged — 113 169 BPYU Units exchanged — 5,647 11,580 Distribution Reinvestment Program — — 123 998 Issued under unit-based compensation plan — — 105 — LP Units issued — — — 59,497 Repurchase of LP Units — — — (76,066) Outstanding, end of period 139 139 441,968 435,980 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, 2021 Dec. 31, 2020 Outstanding, beginning of period 2,714 2,883 Exchange LP Units exchanged (1) (113) (169) Outstanding, end of period 2,601 2,714 (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, 2021 Dec. 31, 2020 Outstanding, beginning of period 39,127 64,025 BPYU Units exchanged (1) (5,647) (11,580) Repurchases of BPYU Units (842) (13,396) BPYU Units vested 377 84 Forfeitures (6) (6) Outstanding, end of period (2) 33,009 39,127 (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 1,882,742 BPYU Units held in treasury as of June 30, 2021.
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) 2021 2020 2021 2020 Limited Partners $ — $ 145 $ 145 $ 291 Holders of: Redeemable/Exchangeable Partnership Units — 145 150 287 Special LP Units — 1 2 3 Exchange LP Units — 1 1 2 FV LTIP Units — 1 1 1 BPYU Units — 20 13 40 Total $ — $ 313 $ 312 $ 624 Per unit (1) $ 0.3325 $ 0.3325 $ 0.3325 $ 0.6650
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) 2021 2020 2021 2020 Net income (loss) attributable to limited partners $ 148 $ (586) $ 274 $ (814) Income (loss) reallocation related to mandatorily convertible preferred shares 13 (47) 20 (64) Less: Preferred unit dividends attributable to limited partners (6) (6) (11) (10) Net income (loss) attributable to limited partners – basic 155 (639) 283 (888) Dilutive effect of conversion of preferred shares and options — — — — Net income (loss) attributable to limited partners – diluted $ 155 $ (639) $ 283 $ (888) (in millions of units/shares) Weighted average number of LP Units outstanding 437.7 437.6 436.9 439.1 Mandatorily convertible preferred shares 70.1 70.1 70.1 70.1 Weighted average number of LP Units - basic 507.8 507.7 507.0 509.2 Dilutive effect of the conversion of preferred shares and options (1) — — — — Weighted average number of LP units outstanding - diluted 507.8 507.7 507.0 509.2

NON-CONTROLLING INTERESTS (Tabl

NON-CONTROLLING INTERESTS (Tables)	6 Months Ended
	Jun. 30, 2021
Non-Controlling Interest 1 [Abstract]
Disclosure of non-controlling interests	Non-controlling interests consists of the following: (US$ Millions) Jun. 30, 2021 Dec. 31, 2020 Redeemable/Exchangeable Partnership Units and Special LP Units (1) $ 12,447 $ 12,249 Exchange LP Units (1) 71 73 FV LTIP Units (1) 50 52 BPYU Units (1) 901 1,050 Interests of others in operating subsidiaries and properties: Preferred shares held by Brookfield Asset Management 15 15 Preferred equity of subsidiaries 2,999 3,000 Non-controlling interests in subsidiaries and properties 12,977 12,672 Total interests of others in operating subsidiaries and properties 15,991 15,687 Total non-controlling interests $ 29,460 $ 29,111 (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.
Schedule of interests in subsidiaries	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, 2021 Dec. 31, 2020 Jun. 30, 2021 Dec. 31, 2020 BPO (1) Canada — % — % $ 5,016 $ 4,758 BPR Retail Holdings LLC (2) United States — % — % 1,522 1,537 BSREP II PBSA Ltd. (3) Bermuda 75 % 75 % 1,043 961 BSREP CARS Sub-Pooling LLC (3) United States 74 % 74 % 836 889 Brookfield India Real Estate Trust (3)(4) India 82 % — % 716 — BSREP II MH Holdings LLC (3) United States 74 % 74 % 695 998 BSREP II Korea Office Holdings Pte. Ltd. (3) United Kingdom 78 % 78 % 642 627 BSREP II Aries Pooling LLC (3) United States 74 % 74 % 555 425 Center Parcs UK (3) United States 73 % 73 % 551 550 Brookfield Fairfield Multifamily Value Add Fund III LP (3) United States 70 % 70 % 444 365 BSREP II Retail Upper Pooling LLC (3) South Korea 50 % 50 % 379 423 BSREP India Office Holdings Pte. Ltd. (3) United States 67 % 67 % 147 323 Other Various 33% - 74% 33% - 76% 3,445 3,831 Total $ 15,991 $ 15,687 (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 (Ta

COMMERCIAL PROPERTY REVENUE (Tables)	6 Months Ended
	Jun. 30, 2021
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) 2021 2020 2021 2020 Base rent $ 870 $ 870 $ 1,718 $ 1,789 Straight-line rent 15 22 25 41 Lease termination 12 4 45 11 Other lease income (1) 145 160 304 357 Other revenue from tenants (2) 242 245 477 507 Total commercial property revenue $ 1,284 $ 1,301 $ 2,569 $ 2,705 (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, 2021
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) 2021 2020 2021 2020 Room, food and beverage $ 165 $ 42 $ 218 $ 318 Gaming, and other leisure activities 25 1 25 68 Other hospitality revenue 6 7 12 30 Total hospitality revenue $ 196 $ 50 $ 255 $ 416

INVESTMENT AND OTHER REVENUE (T

INVESTMENT AND OTHER REVENUE (Tables)	6 Months Ended
	Jun. 30, 2021
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) 2021 2020 2021 2020 Investment income $ 49 $ 24 $ 74 $ 47 Fee revenue 59 50 119 113 Dividend income 48 2 59 36 Interest income and other 9 10 19 20 Other 15 0 15 — Total investment and other revenue $ 180 $ 86 $ 286 $ 216

DIRECT COMMERCIAL PROPERTY EX_2

DIRECT COMMERCIAL PROPERTY EXPENSE (Tables)	6 Months Ended
	Jun. 30, 2021
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) 2021 2020 2021 2020 Property maintenance $ 172 $ 162 $ 354 $ 336 Real estate taxes 152 151 309 308 Employee compensation and benefits 40 38 78 80 Lease expense (1) 3 4 6 8 Other (2) 107 90 213 193 Total direct commercial property expense $ 474 $ 445 $ 960 $ 925 (1) Represents the operating expenses relating to variable lease payments not included in the measurement of the lease liability

DIRECT HOSPITALITY EXPENSE (Tab

DIRECT HOSPITALITY EXPENSE (Tables)	6 Months Ended
	Jun. 30, 2021
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) 2021 2020 2021 2020 Employee compensation and benefits $ 26 $ 44 $ 46 $ 126 Cost of food, beverage, and retail goods sold 38 11 45 80 Maintenance and utilities 20 20 38 57 Marketing and advertising 6 3 12 23 Other 30 28 52 110 Total direct hospitality expense $ 120 $ 106 $ 193 $ 396

DEPRECIATION AND AMORTIZATION (

DEPRECIATION AND AMORTIZATION (Tables)	6 Months Ended
	Jun. 30, 2021
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) 2021 2020 2021 2020 Depreciation and amortization of real estate assets $ 46 $ 66 $ 91 $ 135 Depreciation and amortization of non-real estate assets (1) 22 17 45 35 Total depreciation and amortization $ 68 $ 83 $ 136 $ 170 (1) For the three and six months ended June 30, 2021, included $2 million and $4 million (2020 - $3 million and $5 million) 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, 2021
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) 2021 2020 2021 2020 Employee compensation and benefits $ 88 $ 98 $ 175 $ 197 Management fees 55 24 106 48 Transaction costs 25 4 29 7 Other 75 69 146 139 Total general and administrative expense $ 243 $ 195 $ 456 $ 391

FAIR VALUE GAINS (LOSSES), NET

FAIR VALUE GAINS (LOSSES), NET (Tables)	6 Months Ended
	Jun. 30, 2021
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) 2021 2020 2021 2020 Commercial properties $ 439 $ (907) $ 883 $ (996) Commercial developments 100 94 129 182 Incentive fees (1) (7) (1) (7) (7) Financial instruments and other (2) (34) 11 133 (292) Total fair values gains (losses), net $ 498 $ (803) $ 1,138 $ (1,113) (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, 2021, primarily includes fair value (losses) gains on financial instruments.

UNIT-BASED COMPENSATION (Tables

UNIT-BASED COMPENSATION (Tables)	6 Months Ended
	Jun. 30, 2021
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, 2021 and December 31, 2020 is as follows: Jun. 30, 2021 Dec. 31, 2020 Number of options Weighted average exercise price Number of options Weighted average exercise price Outstanding, beginning of period 18,633,094 $ 20.56 19,915,189 $ 20.58 Granted — — — — Exercised (1,730,200) 17.43 — — Expired/forfeited (367,101) 21.23 (1,282,095) 20.87 Outstanding, end of period 16,535,793 20.87 18,633,094 20.56 Exercisable, end of period 16,517,043 $ 20.87 18,614,344 $ 20.56 The following table sets out details of options issued and outstanding at June 30, 2021 and December 31, 2020 under the equity-settled BPY Awards by expiry date: Jun. 30, 2021 Dec. 31, 2020 Expiry date Number of options Weighted average exercise price Number of options Weighted average exercise price 2021 — $ — — $ — 2022 152,200 17.86 987,700 18.09 2023 190,520 16.80 1,108,420 16.80 2024 11,672,690 20.59 11,775,394 20.59 2025 1,823,682 25.18 1,923,706 25.18 2026 2,602,951 19.51 2,744,124 19.51 2027 93,750 22.92 93,750 22.92 2028 — — — — Total 16,535,793 $ 20.87 18,633,094 $ 20.56 The change in the number of options outstanding under the cash-settled BPY Awards at June 30, 2021 and December 31, 2020 is as follows: Jun. 30, 2021 Dec. 31, 2020 Number of options Weighted average exercise price Number of options Weighted average exercise price Outstanding, beginning of period 573,690 $ 21.75 603,891 $ 21.55 Granted — — — — Exercised — — — — Expired/forfeited — — (30,201) 18.09 Outstanding, end of period 573,690 21.75 573,690 21.75 Exercisable, end of period 573,690 $ 21.75 573,690 $ 21.75 The following table sets out details of options issued and outstanding at June 30, 2021 and December 31, 2020 under the cash-settled BPY Awards by expiry date: Jun. 30, 2021 Dec. 31, 2020 Expiry date Number of options Weighted average exercise price Number of options Weighted average exercise price 2021 — $ — — $ — 2022 22,200 17.93 22,200 17.93 2023 28,800 16.80 28,800 16.80 2024 175,415 20.59 175,415 20.59 2025 213,038 25.18 213,038 25.18 2026 134,237 19.51 134,237 19.51 Total 573,690 $ 21.75 573,690 $ 21.75

OTHER COMPREHENSIVE INCOME (L_2

OTHER COMPREHENSIVE INCOME (LOSS) (Tables)	6 Months Ended
	Jun. 30, 2021
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) 2021 2020 2021 2020 Items that may be reclassified to net income: Foreign currency translation Net unrealized foreign currency translation gains (losses) in respect of foreign operations $ 93 $ 149 $ 3 $ (1,024) Reclassification of realized foreign currency translation gains to net income on dispositions of foreign operations 25 — 25 — Gains on hedges of net investments in foreign operations, net of income taxes for the three and six months ended Jun. 30, 2021 of nil and nil (2020 – nil and nil) (23) (48) (3) 771 95 101 25 (253) 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, 2021 of $(5) million and $(8) million (2020 – $(5) million and $(6) million) 41 77 95 (77) 41 77 95 (77) Equity accounted investments Share of unrealized foreign currency translation (losses) gains in respect of foreign operations — 1 (1) 1 Gains (losses) on derivatives designated as cash flow hedges 4 (10) 28 (79) 4 (9) 27 (78) Items that will not be reclassified to net income: Unrealized gains on securities - FVTOCI, net of income taxes for the three and six months ended Jun. 30, 2021 of $(3) million and $(13) million (2020 – $8 million and $30 million) (2) 3 (2) 25 Share of revaluation (deficit) on equity accounted investments (1) (196) (1) (217) Net remeasurement (losses) on defined benefit obligations — (1) — (1) Revaluation (deficit), net of income taxes for the three and six months ended Jun. 30, 2021 of $(99) million and $(99) million (2020 – $1 million and $(38) million) (99) (159) (99) (255) (102) (353) (102) (448) Total other comprehensive income (loss) $ 38 $ (184) $ 45 $ (856)

FINANCIAL INSTRUMENTS (Tables)

FINANCIAL INSTRUMENTS (Tables)	6 Months Ended
	Jun. 30, 2021
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, 2021 and December 31, 2020: (US$ Millions) Hedging item Notional Rates Maturity dates Fair value Jun. 30, 2021 Interest rate caps of US$ LIBOR debt $ 9,155 2.5% - 5.5% Jul. 2021 - Jun. 2024 $ — Interest rate swaps of US$ LIBOR debt 2,380 1.0% - 2.6% Nov. 2022 - Feb. 2024 (84) Interest rate caps of £ LIBOR debt 3,270 2.0% - 2.5% Aug. 2021 - Dec. 2023 — Interest rate caps of £ SONIA debt 471 1.0% Mar. 2025 2 Interest rate caps of € EURIBOR debt 106 1.3% Apr. 2022 — Interest rate caps of C$ LIBOR debt 240 2.0% Oct. 2021 — Interest rate swaps of AUD BBSW/BBSY debt 436 0.8% - 1.6% Apr. 2023 - Feb. 2026 (6) Dec. 31, 2020 Interest rate caps of US$ LIBOR debt $ 8,371 2.5% - 5.5% May 2021 - Sep. 2023 $ — Interest rate swaps of US$ LIBOR debt 2,380 1.0% -2.6% Nov. 2022 - Feb. 2024 (112) Interest rate caps of £ LIBOR debt 3,198 2.0% - 2.5% Jan. 2021 - Jan. 2022 — Interest rate caps of € EURIBOR debt 119 1.3% Apr. 2021 — Interest rate caps of C$ LIBOR debt 189 3.0% Oct. 2021 - Oct. 2022 — Interest rate swaps of AUD BBSW/BBSY debt 447 0.8% - 1.6% Apr. 2023 - Apr. 2024 (11) 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, 2021 and December 31, 2020: (US$ Millions) Hedging item Notional Rates Maturity dates Fair value Jun. 30, 2021 Net investment hedges € 110 €0.81/$ - €0.88/$ Sep. 2021 - Feb. 2023 $ 5 Net investment hedges £ 2,000 £0.71/$ - £0.86/$ Sep. 2021 - Dec. 2023 (35) Net investment hedges A$ 556 A$1.29/$ - A$1.45/$ Sep. 2021 - Jul. 2022 8 Net investment hedges C¥ 853 C¥6.63/$ - C¥6.83/$ Sep. 2021 - Jun. 2023 — Net investment hedges C$ 153 C$1.23/$ - C$1.27/$ Mar. 2023 - Mar. 2024 (1) Net investment hedges R$ 1,160 R$4.98/$ - R$5.95/$ May 2023 - Sep. 2021 (9) Net investment hedges ₩ 720,095 ₩1,095.50/$ - ₩1,135.90/$ Jun. 2022 - Jun. 2023 5 Net investment hedges Rs 67,701 Rs76.35/$ - Rs86.71/$ Jan. 2022 - May. 2024 (3) Net investment hedges £ 90 £0.91/€ - £0.91/€ Apr. 2022 - Apr. 2022 — Cross currency swaps of C$ LIBOR debt C$ 2,400 C$1.29/$ - C$1.38/$ Oct. 2021 - Jan. 2027 109 Dec. 31, 2020 Net investment hedges € — €0.87/$ - €0.88/$ Sep. 2021 - Sep. 2021 $ 1 Net investment hedges £ 201 £0.50/$ - £1.08/$ Mar. 2021 - Dec. 2021 5 Net investment hedges A$ 240 A$1.34/$ - A$1.52/$ Jun. 2021 - Dec. 2021 3 Net investment hedges C¥ 813 C¥4.02/$ - C¥7.43/$ Mar. 2021 - Sep. 2021 (11) Net investment hedges R$ 620 R$5.20/$ - R$5.20/$ Mar. 2021 - Mar. 2021 (3) Net investment hedges ₩ 720,095 ₩914.84/$ - ₩1,169.58/$ Mar. 2021 - Jun. 2022 (54) Net investment hedges Rs 4,703 Rs76.28/$ Jun. 2021 (2) Net investment hedges £ 90 £0.89/€ - £0.93/€ Apr. 2021 - Apr. 2021 — Cross currency swaps of C$ LIBOR debt C$ 2,400 C$0.81/$ - C$1.70/$ Oct. 2021 - Jan. 2027 66
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, 2021 and December 31, 2020: (US$ Millions) Derivative type Notional Rates Maturity dates Fair value Jun. 30, 2021 Interest rate caps $ 3,594 3.5% - 4.5% Sep. 2021 - Feb. 2027 $ — Interest rate swaps on forecasted fixed rate debt 1,210 2.8% - 6.4% Sep. 2021 - Jun. 2033 (253) Interest rate swaps of US$ debt 1,447 0.8% - 5.1% Nov. 2022 - Mar. 2024 (21) Embedded derivative — —% Aug. 2025 - Aug. 2026 28 Dec. 31, 2020 Interest rate caps $ 3,560 3.0% - 5.0% Jan. 2021 - Feb. 2027 $ — Interest rate swaps on forecasted fixed rate debt 1,285 2.7% - 6.4% Mar. 2021 - Jun. 2030 (308) Interest rate swaps of US$ debt 1,746 0.8% - 5.1% Jun. 2021 - Mar. 2024 (32) Interest rate swaptions 350 2.0% Mar. 2031 - Mar. 2031 —
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, 2021 Dec. 31, 2020 (US$ Millions) Classification and measurement basis Carrying value Fair value Carrying value Fair value Financial assets Loans and notes receivable Amortized cost $ 256 $ 256 $ 216 $ 216 Other non-current assets Securities - FVTPL FVTPL 1,760 1,760 1,612 1,612 Derivative assets FVTPL 142 142 72 72 Securities - FVTOCI FVTOCI 114 114 86 86 Restricted cash Amortized cost 350 350 241 241 Current assets Securities - FVTPL FVTPL — — 107 107 Derivative assets FVTPL 69 69 164 164 Accounts receivable (1) Amortized cost 577 577 758 674 Restricted cash Amortized cost 322 322 292 292 Cash and cash equivalents Amortized cost 2,302 2,302 2,473 2,473 Total financial assets $ 5,892 $ 5,892 $ 6,021 $ 5,937 Financial liabilities Debt obligations (2) Amortized cost $ 55,281 $ 55,500 $ 54,717 $ 54,897 Capital securities Amortized cost 1,936 1,936 2,170 2,170 Capital securities - fund subsidiaries FVTPL 870 870 863 863 Other non-current liabilities Accounts payable Amortized cost 533 533 437 437 Derivative liabilities FVTPL 304 304 272 272 Accounts payable and other liabilities Accounts payable and other (3) Amortized cost 1,932 1,932 2,110 2,110 Loans and notes payable Amortized cost 3,227 3,227 1,062 1,062 Derivative liabilities FVTPL 155 155 416 416 Total financial liabilities $ 64,238 $ 64,457 $ 62,047 $ 62,227 (1) Includes other receivables associated with assets classified as held for sale on the condensed consolidated balance sheet in the amount of $12 million and $5 million as of June 30, 2021 and December 31, 2020, respectively. (2) Includes debt obligations associated with assets classified as held for sale on the condensed consolidated balance sheet in the amount of nil and $380 million as of June 30, 2021 and December 31, 2020, 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 $4 million and $16 million as of June 30, 2021 and December 31, 2020, respectively. The following table outlines financial assets and liabilities measured at fair value in the consolidated financial statements and the level of the inputs used to determine those fair values in the context of the hierarchy as defined above: Jun. 30, 2021 Dec. 31, 2020 (US$ Millions) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Financial assets Securities - FVTPL $ 20 $ 113 $ 1,627 $ 1,760 $ — $ 123 $ 1,596 $ 1,719 Securities - FVTOCI — — 114 114 — — 86 86 Derivative assets — 211 — 211 — 236 — 236 Total financial assets $ 20 $ 324 $ 1,741 $ 2,085 $ — $ 359 $ 1,682 $ 2,041 Financial liabilities Capital securities - fund subsidiaries $ — $ — $ 870 $ 870 $ — $ — $ 863 $ 863 Derivative liabilities — 459 — 459 — 688 — 688 Total financial liabilities $ — $ 459 $ 870 $ 1,329 $ — $ 688 $ 863 $ 1,551
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, 2021 Dec. 31, 2020 (US$ Millions) Classification and measurement basis Carrying value Fair value Carrying value Fair value Financial assets Loans and notes receivable Amortized cost $ 256 $ 256 $ 216 $ 216 Other non-current assets Securities - FVTPL FVTPL 1,760 1,760 1,612 1,612 Derivative assets FVTPL 142 142 72 72 Securities - FVTOCI FVTOCI 114 114 86 86 Restricted cash Amortized cost 350 350 241 241 Current assets Securities - FVTPL FVTPL — — 107 107 Derivative assets FVTPL 69 69 164 164 Accounts receivable (1) Amortized cost 577 577 758 674 Restricted cash Amortized cost 322 322 292 292 Cash and cash equivalents Amortized cost 2,302 2,302 2,473 2,473 Total financial assets $ 5,892 $ 5,892 $ 6,021 $ 5,937 Financial liabilities Debt obligations (2) Amortized cost $ 55,281 $ 55,500 $ 54,717 $ 54,897 Capital securities Amortized cost 1,936 1,936 2,170 2,170 Capital securities - fund subsidiaries FVTPL 870 870 863 863 Other non-current liabilities Accounts payable Amortized cost 533 533 437 437 Derivative liabilities FVTPL 304 304 272 272 Accounts payable and other liabilities Accounts payable and other (3) Amortized cost 1,932 1,932 2,110 2,110 Loans and notes payable Amortized cost 3,227 3,227 1,062 1,062 Derivative liabilities FVTPL 155 155 416 416 Total financial liabilities $ 64,238 $ 64,457 $ 62,047 $ 62,227 (1) Includes other receivables associated with assets classified as held for sale on the condensed consolidated balance sheet in the amount of $12 million and $5 million as of June 30, 2021 and December 31, 2020, respectively. (2) Includes debt obligations associated with assets classified as held for sale on the condensed consolidated balance sheet in the amount of nil and $380 million as of June 30, 2021 and December 31, 2020, 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 $4 million and $16 million as of June 30, 2021 and December 31, 2020, respectively. The following table outlines financial assets and liabilities measured at fair value in the consolidated financial statements and the level of the inputs used to determine those fair values in the context of the hierarchy as defined above: Jun. 30, 2021 Dec. 31, 2020 (US$ Millions) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Financial assets Securities - FVTPL $ 20 $ 113 $ 1,627 $ 1,760 $ — $ 123 $ 1,596 $ 1,719 Securities - FVTOCI — — 114 114 — — 86 86 Derivative assets — 211 — 211 — 236 — 236 Total financial assets $ 20 $ 324 $ 1,741 $ 2,085 $ — $ 359 $ 1,682 $ 2,041 Financial liabilities Capital securities - fund subsidiaries $ — $ — $ 870 $ 870 $ — $ — $ 863 $ 863 Derivative liabilities — 459 — 459 — 688 — 688 Total financial liabilities $ — $ 459 $ 870 $ 1,329 $ — $ 688 $ 863 $ 1,551
Disclosure of fair value measurement of assets	The following table presents the partnership’s investment properties measured at fair value in the condensed consolidated financial statements and the level of the inputs used to determine those fair values in the context of the hierarchy as defined in Note 2(i), Summary of Significant Accounting Policies: Fair value measurement , in the consolidated financial statements as of December 31, 2020: Jun. 30, 2021 Dec. 31, 2020 Level 3 Level 3 (US$ Millions) Level 1 Level 2 Commercial properties Commercial developments Level 1 Level 2 Commercial properties Commercial developments Core Office United States $ — $ — $ 14,821 $ 505 $ — $ — $ 14,682 $ 411 Canada — — 4,842 65 — — 4,721 381 Australia — — 2,341 459 — — 2,366 365 Europe — — 2,600 273 — — 2,526 173 Brazil — — 380 — — — 309 — Core Retail — — 20,037 — — — 20,324 — LP Investments LP Investments- Office — — 8,352 743 — — 7,946 781 LP Investments- Retail — — 2,238 — — — 2,538 — Hospitality — — 89 — — — 84 — Mixed-Use — — 3,042 — — — 3,096 — Multifamily — — 2,018 — — — 2,442 Triple Net Lease — — 3,704 — — — 3,719 Student Housing — — 2,911 314 — — 2,757 205 Manufactured Housing — — 3,453 — — — 2,784 — Total $ — $ — $ 70,828 $ 2,359 $ — $ — $ 70,294 $ 2,316 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, 2021 and December 31, 2020: Jun. 30, 2021 Dec. 31, 2020 (US$ Millions) Financial assets Financial liabilities Financial assets Financial liabilities Balance, beginning of period $ 1,682 $ 863 $ 1,371 $ 922 Acquisitions 389 — 324 — Dispositions (43) — (10) — Fair value gains, net and OCI 166 7 (3) (59) Other (1) (453) — — — Balance, end of period $ 1,741 $ 870 $ 1,682 $ 863 (1) Includes the impact of consolidation of Hospitality Investors Trust in the current period. Refer to Note 5, Property, Plant and Equipment for further information.
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, 2021 and December 31, 2020: Jun. 30, 2021 Dec. 31, 2020 (US$ Millions) Financial assets Financial liabilities Financial assets Financial liabilities Balance, beginning of period $ 1,682 $ 863 $ 1,371 $ 922 Acquisitions 389 — 324 — Dispositions (43) — (10) — Fair value gains, net and OCI 166 7 (3) (59) Other (1) (453) — — — Balance, end of period $ 1,741 $ 870 $ 1,682 $ 863 (1) Includes the impact of consolidation of Hospitality Investors Trust in the current period. Refer to Note 5, Property, Plant and Equipment for further information.

RELATED PARTIES (Tables)

RELATED PARTIES (Tables)	6 Months Ended
	Jun. 30, 2021
Related Party [Abstract]
Summary of Related Party Transactions	Three months ended Jun. 30, Six months ended Jun. 30, (US$ Millions) 2021 2020 2021 2020 Base fee amount at 0.125% of current capitalization $ 31 $ 18 $ 61 $ 34 Fee on increased market capitalization (.3125%) 43 9 81 13 Total calculated fees 74 27 142 47 Less credits: Equity enhancement adjustment (17) (4) (33) (6) Creditable operating payments and other adjustments (11) (11) (21) (24) Total fee, subject to minimum adjusted for inflation 46 12 88 17 Total fee, by component: Base fee 31 12 61 17 Equity enhancement adjustment 15 — 27 — Total fee $ 46 $ 12 $ 88 $ 17 The following table summarizes transactions with related parties: (US$ Millions) Jun. 30, 2021 Dec. 31, 2020 Balances outstanding with related parties: Net (payables)/receivables within equity accounted investments (515) (91) Loans and notes receivable 177 50 Receivables and other assets 64 59 Deposit payable to Brookfield Asset Management (1) (2,847) (754) Property-specific debt obligations (101) — Loans and notes payable and other liabilities (448) (313) Preferred shares held by Brookfield Asset Management (15) (15) (1) As of June 30, 2021, a $2,847 million on-demand deposit was payable to Brookfield Asset Management, provided for in the deposit agreement between the partnership and Brookfield Asset Management. The deposit limit was increased to $3.0 billion in the second quarter of 2021. Three months ended Jun. 30, Six months ended Jun. 30, (US$ Millions) 2021 2020 2021 2020 Transactions with related parties: Commercial property revenue (1) $ 9 $ 8 $ 17 $ 15 Management fee income 6 15 13 25 Interest expense on debt obligations 10 2 15 9 General and administrative expense (2) 64 35 129 73 Construction costs (3) 47 110 97 228 Incentive fees 22 1 22 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, 2021
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) For the three months ended Jun. 30, 2021 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 $ — $ 45 $ 191 $ 133 $ 160 $ — $ 21 $ 1,110 $ 1,660 Net income attributable to unitholders (1) 156 145 123 319 129 — (25) (528) 319 For the three months ended Jun. 30, 2020 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) (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) For the six months ended Jun. 30, 2021 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 $ — $ 91 $ 285 $ — $ 41 $ 270 $ 236 $ 2,187 $ 3,110 Net income attributable to unitholders (1) 286 422 394 — (50) 585 237 (1,289) 585 For the six months ended Jun. 30, 2020 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) (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) As of Jun. 30, 2021 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 $ — $ 576 $ 124 $ — $ 1,486 $ 9,332 $ 189 $ (7,636) $ 4,071 Non-current assets 12,888 30,917 24,068 — 450 38,446 2,210 (2,711) 106,268 Assets held for sale — — — — — — — 965 965 Current liabilities — 3,646 1,153 — 353 8,969 1,618 2,917 18,656 Non-current liabilities — 4,656 4,286 — 1,614 12,571 51 27,237 50,415 Liabilities associated with assets held for sale — — — — — — — 4 4 Preferred equity 699 — — — — — — — 699 Equity attributable to interests of others in operating subsidiaries and properties — — 2,839 — — — — 13,152 15,991 Equity attributable to unitholders (1) $ 12,189 $ 23,191 $ 15,914 $ — $ (31) $ 26,238 $ 730 $ (52,692) $ 25,539 (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) As of Dec. 31, 2020 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 $ — $ 545 $ 171 $ — $ 1,457 $ 8,780 $ 196 $ (6,728) $ 4,421 Non-current assets 12,628 30,137 23,542 — 438 38,142 2,227 (4,172) 102,942 Assets held for sale — — — — — — — 588 588 Current liabilities — 3,595 678 — 336 7,587 1,356 4,272 17,824 Non-current liabilities — 4,542 5,270 — 1,571 13,499 531 22,795 48,208 Liabilities associated with assets held for sale — — — — — — — 396 396 Preferred equity 699 — — — — — — — 699 Equity attributable to interests of others in operating subsidiaries and properties — — 2,686 — — — — 13,001 15,687 Equity attributable to unitholders (1) $ 11,929 $ 22,545 $ 15,079 $ — $ (12) $ 25,836 $ 536 $ (50,776) $ 25,137 (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, 2021
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, 2021 and 2020: (US$ Millions) Total revenue FFO Three months ended Jun. 30, 2021 2020 2021 2020 Core Office $ 539 $ 494 $ 131 $ 115 Core Retail 372 370 103 147 LP Investments 747 571 40 (11) Corporate 2 2 (130) (81) Total $ 1,660 $ 1,437 $ 144 $ 170 (US$ Millions) Total revenue FFO Six months ended Jun. 30, 2021 2020 2021 2020 Core Office $ 1,069 $ 1,024 $ 254 $ 236 Core Retail 736 814 198 335 LP Investments 1,302 1,495 34 38 Corporate 3 4 (255) (165) Total $ 3,110 $ 3,337 $ 231 $ 444 The following summaries presents the detail of total revenue from the partnership’s operating segments for the three and six months ended June 30, 2021 and 2020: (US$ Millions) Lease revenue Other revenue from tenants Hospitality revenue Investment and other revenue Total revenue Three months ended Jun. 30, 2021 Core Office $ 356 $ 118 $ 2 $ 63 $ 539 Core Retail 271 67 — 34 372 LP Investments 415 57 194 81 747 Corporate — — — 2 2 Total $ 1,042 $ 242 $ 196 $ 180 $ 1,660 (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 Six months ended Jun. 30, 2021 Core Office $ 733 $ 226 $ 3 $ 107 $ 1,069 Core Retail 538 132 — 66 736 LP Investments 820 120 252 110 1,302 Corporate — — — 3 3 Total $ 2,091 $ 478 $ 255 $ 286 $ 3,110 (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 The following summary presents information about certain consolidated balance sheet items of the partnership, on a segmented basis, as of June 30, 2021 and December 31, 2020: Total assets Total liabilities (US$ Millions) Jun. 30, 2021 Dec. 31, 2020 Jun. 30, 2021 Dec. 31, 2020 Core Office $ 38,147 $ 36,547 $ 17,918 $ 17,439 Core Retail 31,028 31,466 16,768 17,429 LP Investments 41,782 39,609 27,295 25,076 Corporate 347 329 7,094 6,484 Total $ 111,304 $ 107,951 $ 69,075 $ 66,428
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, 2021 and 2020: Three months ended Jun. 30, Six months ended Jun. 30, (US$ Millions) 2021 2020 2021 2020 FFO (1) $ 144 $ 170 $ 231 $ 444 Depreciation and amortization of real estate assets (46) (66) (91) (135) Fair value gains, net 498 (803) 1,138 (1,113) Share of equity accounted income - non-FFO 105 (908) 181 (1,158) Income tax expense (87) 48 (192) (113) Non-controlling interests of others in operating subsidiaries and properties – non-FFO (295) 306 (682) 336 Net income (loss) attributable to unitholders (2) 319 (1,253) 585 (1,739) Non-controlling interests of others in operating subsidiaries and properties 367 (259) 832 (146) Net income (loss) $ 686 $ (1,512) $ 1,417 $ (1,885) (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, 2021
Brookfield Property Partners L.P.
Disclosure of subsidiaries [line items]
Economic interest	49.00%

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, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Reconciliation of changes in investment property [abstract]
Balance, beginning of period			$ 72,610	$ 75,511	$ 75,511
Changes resulting from:
Property acquisitions			349		755
Capital expenditures			779		1,997
Property dispositions			(639)		(2,360)
Fair value gains (losses), net			1,012		(1,388)
Foreign currency translation			(10)		278
Transfer between commercial properties and commercial developments			0		0
Reclassifications to assets held for sale and other changes			(914)		(2,183)
Balance, end of period	$ 73,187		73,187		72,610
Right-of-use assets	177		177		164
Current lease liabilities	43		43		43
Non-current lease liabilities	896		896		875
Commercial properties
Reconciliation of changes in investment property [abstract]
Balance, beginning of period			70,294	71,565	71,565
Changes resulting from:
Property acquisitions			337		647
Capital expenditures			410		1,140
Property dispositions			(295)		(2,339)
Fair value gains (losses), net	439	$ (907)	883	(996)	(1,607)
Foreign currency translation			(7)		322
Transfer between commercial properties and commercial developments			120		2,709
Reclassifications to assets held for sale and other changes			(914)		(2,143)
Balance, end of period	70,828		70,828		70,294
Right-of-use assets	730		730		729
Current lease liabilities	36		36		35
Non-current lease liabilities	722		722		712
Commercial developments
Reconciliation of changes in investment property [abstract]
Balance, beginning of period			2,316	3,946	3,946
Changes resulting from:
Property acquisitions			12		108
Capital expenditures			369		857
Property dispositions			(344)		(21)
Fair value gains (losses), net	100	$ 94	129	$ 182	219
Foreign currency translation			(3)		(44)
Transfer between commercial properties and commercial developments			(120)		(2,709)
Reclassifications to assets held for sale and other changes			0		(40)
Balance, end of period	2,359		2,359		2,316
Right-of-use assets	$ 22		$ 22		$ 10

INVESTMENT PROPERTIES - Valuati

INVESTMENT PROPERTIES - Valuation of Investment Properties (Details) - Commercial properties	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Core Office | United States | Discounted cash flow
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Discount rate	6.90%	6.90%
Terminal capitalization rate	5.60%	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	6.60%	6.60%
Terminal capitalization rate	5.70%	5.70%
Investment horizon (years)	10 years	10 years
Core Office | Europe | Discounted cash flow
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Discount rate	4.60%	5.20%
Terminal capitalization rate	3.80%	3.80%
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	7.60%	7.60%
Terminal capitalization rate	7.00%	7.00%
Investment horizon (years)	10 years	10 years
Core Retail | 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	5.30%	5.30%
Investment horizon (years)	10 years	10 years
LP Investments- Office | Discounted cash flow
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Discount rate	9.60%	9.70%
Terminal capitalization rate	7.10%	7.20%
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%	8.70%
Terminal capitalization rate	7.00%	7.00%
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	7.20%	7.30%
Terminal capitalization rate	5.10%	5.20%
Investment horizon (years)	10 years	10 years
Multifamily | Direct capitalization
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Discount rate	4.70%	4.90%
Triple Net Lease | Direct capitalization
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Discount rate	6.20%	6.20%
Student Housing | Direct capitalization
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Discount rate	4.90%	4.90%
Manufactured Housing | Direct capitalization
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Discount rate	4.60%	4.80%

INVESTMENT PROPERTIES - Fair Va

INVESTMENT PROPERTIES - Fair Value of Investment Properties (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Disclosure of fair value measurement of assets [line items]
Total assets	$ 111,304	$ 107,951
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 | 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 | 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
Core Retail | Level 1
Disclosure of fair value measurement of assets [line items]
Total assets	0	0
Core Retail | Level 2
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
Hospitality | Level 1
Disclosure of fair value measurement of assets [line items]
Total assets	0	0
Hospitality | 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
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
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	70,828	70,294
Commercial properties | Core Office | Level 3 | United States
Disclosure of fair value measurement of assets [line items]
Total assets	14,821	14,682
Commercial properties | Core Office | Level 3 | Canada
Disclosure of fair value measurement of assets [line items]
Total assets	4,842	4,721
Commercial properties | Core Office | Level 3 | Australia
Disclosure of fair value measurement of assets [line items]
Total assets	2,341	2,366
Commercial properties | Core Office | Level 3 | Europe
Disclosure of fair value measurement of assets [line items]
Total assets	2,600	2,526
Commercial properties | Core Office | Level 3 | Brazil
Disclosure of fair value measurement of assets [line items]
Total assets	380	309
Commercial properties | Core Retail | Level 3
Disclosure of fair value measurement of assets [line items]
Total assets	20,037	20,324
Commercial properties | LP Investments- Office | Level 3
Disclosure of fair value measurement of assets [line items]
Total assets	8,352	7,946
Commercial properties | LP Investments- Retail | Level 3
Disclosure of fair value measurement of assets [line items]
Total assets	2,238	2,538
Commercial properties | Hospitality | Level 3
Disclosure of fair value measurement of assets [line items]
Total assets	89	84
Commercial properties | Mixed-use | Level 3
Disclosure of fair value measurement of assets [line items]
Total assets	3,042	3,096
Commercial properties | Multifamily | Level 3
Disclosure of fair value measurement of assets [line items]
Total assets	2,018	2,442
Commercial properties | Triple Net Lease | Level 3
Disclosure of fair value measurement of assets [line items]
Total assets	3,704	3,719
Commercial properties | Student Housing | Level 3
Disclosure of fair value measurement of assets [line items]
Total assets	2,911	2,757
Commercial properties | Manufactured Housing | Level 3
Disclosure of fair value measurement of assets [line items]
Total assets	3,453	2,784
Commercial developments | Level 3
Disclosure of fair value measurement of assets [line items]
Total assets	2,359	2,316
Commercial developments | Core Office | Level 3 | United States
Disclosure of fair value measurement of assets [line items]
Total assets	505	411
Commercial developments | Core Office | Level 3 | Canada
Disclosure of fair value measurement of assets [line items]
Total assets	65	381
Commercial developments | Core Office | Level 3 | Australia
Disclosure of fair value measurement of assets [line items]
Total assets	459	365
Commercial developments | Core Office | Level 3 | Europe
Disclosure of fair value measurement of assets [line items]
Total assets	273	173
Commercial developments | Core Office | Level 3 | Brazil
Disclosure of fair value measurement of assets [line items]
Total assets	0	0
Commercial developments | Core Retail | Level 3
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	743	781
Commercial developments | LP Investments- Retail | Level 3
Disclosure of fair value measurement of assets [line items]
Total assets	0	0
Commercial developments | Hospitality | 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	0	0
Commercial developments | Multifamily | Level 3
Disclosure of fair value measurement of assets [line items]
Total assets	0
Commercial developments | Triple Net Lease | Level 3
Disclosure of fair value measurement of assets [line items]
Total assets	0
Commercial developments | Student Housing | Level 3
Disclosure of fair value measurement of assets [line items]
Total assets	314	205
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, 2021USD ($)
Disclosure of fair value measurement of assets [line items]
Sensitivity analysis for types of market risk, reasonably possible change in risk variable, percent	0.25%
Increase in fair value measurement due to change in multiple unobservable inputs to reflect reasonably possible alternative assumptions, assets	$ 3,600
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	752
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	253
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	161
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	158
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	2
Core 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	1,067
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	399
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	126
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	139
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	97
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	141
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	129
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	$ 176

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, 2021USD ($)jointVenture	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Disclosure of information about unconsolidated subsidiaries [line items]
Investments in joint ventures accounted for using equity method, Carrying value	$ 20,220	$ 19,438
Investments in associates accounted for using equity method, Carrying value	222	281
Investments in joint ventures and associates	20,442	19,719	$ 20,764
Aggregated individually immaterial associates
Disclosure of information about unconsolidated subsidiaries [line items]
Investments in associates accounted for using equity method, Carrying value	$ 222	$ 281
Aggregated individually immaterial associates | Bottom of range
Disclosure of information about unconsolidated subsidiaries [line items]
Proportion of ownership interests in associates (as a percentage)	31.00%	16.00%
Aggregated individually immaterial associates | Top of range
Disclosure of information about unconsolidated subsidiaries [line items]
Proportion of ownership interests in associates (as a percentage)	31.00%	31.00%
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	$ 3,588	$ 3,440
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	$ 2,296	$ 2,122
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	$ 1,907	$ 1,862
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	$ 1,740	$ 1,723
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	$ 1,123	$ 1,121
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	$ 840	$ 835
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	$ 701	$ 676
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	$ 686	$ 692
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	$ 548
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	$ 449	$ 433
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	$ 407	$ 416
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	$ 409	$ 382
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	$ 390	$ 375
Brookfield Place Sydney(2)
Disclosure of information about unconsolidated subsidiaries [line items]
Proportion of ownership interests in joint venture (as a percentage)	50.00%	0.00%
Investments in joint ventures accounted for using equity method, Carrying value	$ 378	$ 0
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	$ 305	$ 298
Brookfield Brazil Retail Fundo de Investimento em Participaçõe (“Brazil Retail”)
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	$ 267	$ 251
Potsdamer Platz, Berlin
Disclosure of information about unconsolidated subsidiaries [line items]
Proportion of ownership interests in joint venture (as a percentage)	25.00%	25.00%
Investments in joint ventures accounted for using equity method, Carrying value	$ 261	$ 255
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	$ 261	$ 251
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	$ 254	$ 257
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	$ 254	$ 251
Shops at La Cantera, Texas
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	$ 252	$ 249
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	$ 236	$ 238
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	$ 219	$ 253
Other
Disclosure of information about unconsolidated subsidiaries [line items]
Investments in joint ventures accounted for using equity method, Carrying value	$ 2,433	$ 2,510
Number of joint ventures | jointVenture	37
Other | Bottom of range
Disclosure of information about unconsolidated subsidiaries [line items]
Proportion of ownership interests in joint venture (as a percentage)	15.00%	14.00%
Other | Top of range
Disclosure of information about unconsolidated subsidiaries [line items]
Proportion of ownership interests in joint venture (as a percentage)	55.00%	55.00%

EQUITY ACCOUNTED INVESTMENTS _2

EQUITY ACCOUNTED INVESTMENTS - Equity Accounted Investments, Reconciliation (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Interests In Other Entities [Abstract]
Equity accounted investments, beginning of period			$ 19,719	$ 20,764	$ 20,764
Additions			584		522
Disposals and return of capital distributions			(149)		(108)
Share of net earnings (losses) from equity accounted investments	$ 253	$ (757)	459	$ (793)	(749)
Distributions received			(92)		(618)
Foreign currency translation			17		107
Reclassification (to) from assets held for sale			(117)		121
Other comprehensive income and other			21		(320)
Equity accounted investments, end of year	$ 20,442		$ 20,442		$ 19,719

EQUITY ACCOUNTED INVESTMENTS _3

EQUITY ACCOUNTED INVESTMENTS - Schedule of Investment Properties (Details) - Investments accounted for using equity method	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Core Office | United States | Discounted cash flow
Disclosure of detailed information about investment property [line items]
Discount rate	6.40%	6.40%
Terminal capitalization rate	4.70%	4.70%
Investment horizon (yrs)	11 years	11 years
Core Office | Australia | Discounted cash flow
Disclosure of detailed information about investment property [line items]
Discount rate	6.30%	6.30%
Terminal capitalization rate	4.90%	5.30%
Investment horizon (yrs)	10 years	10 years
Core Office | Europe | Discounted cash flow
Disclosure of detailed information about investment property [line items]
Discount rate	5.50%	5.60%
Terminal capitalization rate	4.60%	4.70%
Investment horizon (yrs)	10 years	10 years
Core Retail | United States | Discounted cash flow
Disclosure of detailed information about investment property [line items]
Discount rate	6.40%	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	5.90%	6.00%
Terminal capitalization rate	5.00%	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%	6.10%
Investment horizon (yrs)	10 years	10 years
Multifamily | Direct capitalization
Disclosure of detailed information about investment property [line items]
Discount rate	4.30%	4.30%

EQUITY ACCOUNTED INVESTMENTS _4

EQUITY ACCOUNTED INVESTMENTS - Schedule of Assets and Liabilities of Joint Ventures and Associates (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosure of detailed information about investment property [line items]
Non-current assets	$ 106,268	$ 102,942
Total assets	111,304	107,951
Non-current liabilities	50,415	48,208
Total liabilities	69,075	66,428
Partnership’s share of net assets	20,442	19,719	$ 20,764
Joint ventures | Associates
Disclosure of detailed information about investment property [line items]
Non-current assets	77,468	77,818
Current assets	4,824	5,054
Total assets	82,292	82,872
Non-current liabilities	35,052	34,509
Current liabilities	3,847	5,886
Total liabilities	38,899	40,395
Net assets	$ 43,393	$ 42,477

EQUITY ACCOUNTED INVESTMENTS _5

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, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Disclosure of detailed information about investment property [line items]
Total revenue	$ 1,660	$ 1,437	$ 3,110	$ 3,337
Expenses	1,638	1,437	3,098	3,203
Income from equity accounted investments	253	(757)	459	(793)	$ (749)
Net income (loss)	686	(1,512)	1,417	(1,885)
Joint ventures | Associates
Disclosure of detailed information about investment property [line items]
Total revenue	1,086	1,031	2,110	2,274
Expenses	852	724	1,675	1,550
Income from equity accounted investments	253	(757)	459	(793)
Income before fair value gains, net	265	316	474	751
Fair value gains (losses), net	220	(1,791)	430	(2,271)
Net income (loss)	485	(1,475)	904	(1,520)
Joint Ventures And Associates
Disclosure of detailed information about investment property [line items]
Income from equity accounted investments	$ 31	$ 9	$ 39	$ 27

PROPERTY, PLANT AND EQUIPMENT -

PROPERTY, PLANT AND EQUIPMENT - Useful Life (Details)	6 Months Ended
	Jun. 30, 2021
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
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)	3 years
Fixtures and fittings | Top of range
Disclosure of detailed information about property, plant and equipment [line items]
Useful life (in years)	10 years

PROPERTY, PLANT AND EQUIPMENT_2

PROPERTY, PLANT AND EQUIPMENT - Reconciliation (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Reconciliation of changes in property, plant and equipment [abstract]
Balance at the beginning of period	$ 5,235
Balance at the end of period	6,897	$ 5,235
Revaluation (losses) gains - impairment losses		(258)
Revaluation (losses) gains - revaluation gains		128
Right-of-use assets	177	164
Cost:
Reconciliation of changes in property, plant and equipment [abstract]
Balance at the beginning of period	5,575	7,246
Additions	1,786	164
Disposals	(40)	(75)
Foreign currency translation	16	142
Impact of deconsolidation due to loss of control	10	1,902
Balance at the end of period	7,327	5,575
Accumulated fair value changes:
Reconciliation of changes in property, plant and equipment [abstract]
Balance at the beginning of period	488	1,343
Disposals	0	13
Foreign currency translation	4	6
Impact of deconsolidation due to loss of control	0	729
Provision for impairment	0	(15)
Revaluation(losses) gains, net	0	(130)
Balance at the end of period	492	488
Accumulated depreciation:
Reconciliation of changes in property, plant and equipment [abstract]
Balance at the beginning of period	(828)	(1,311)
Disposals	37	28
Foreign currency translation	(5)	(25)
Impact of deconsolidation due to loss of control	(2)	(786)
Depreciation	(128)	(306)
Balance at the end of period	$ (922)	$ (828)

PROPERTY, PLANT AND EQUIPMENT_3

PROPERTY, PLANT AND EQUIPMENT - Narrative (Details) - Hospitality Investors Trust $ in Millions	Jun. 30, 2021USD ($)	Jun. 30, 2021USD ($)
Disclosure of subsidiaries [line items]
Percentage of voting equity interests acquired	100.00%	100.00%
Revenue of acquiree since acquisition date	$ 0
Net income of acquiree since acquisition date	$ 0
Revenue of combined entity as if combination occurred at beginning of period		$ 147
Net income (loss) of combined entity as if combination occurred at beginning of period		$ (104)

PROPERTY, PLANT AND EQUIPMENT_4

PROPERTY, PLANT AND EQUIPMENT - Acquisition (Details) - Hospitality Investors Trust $ in Millions	Jun. 30, 2021USD ($)
Disclosure of detailed information about business combination [line items]
Cash and cash equivalents	$ 49
Accounts receivable and other	75
Equity accounted investments	10
Property, plant and equipment	1,720
Total assets	1,854
Debt obligations	(1,319)
Accounts payable and other	(63)
Net assets acquired	472
Consideration	472
Contingent consideration	$ 8

GOODWILL (Details)

GOODWILL (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Goodwill	$ 1,082	$ 1,080
Center Parcs UK
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Goodwill	833	824
IFC Seoul
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Goodwill	$ 231	$ 240

INTANGIBLE ASSETS - Additional

INTANGIBLE ASSETS - Additional Information (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosure of detailed information about intangible assets [line items]
Intangible assets other than goodwill	$ 991	$ 982	$ 1,162
Trademarks | Center Parcs UK
Disclosure of detailed information about intangible assets [line items]
Intangible assets other than goodwill	$ 990	$ 982

INTANGIBLE ASSETS - Useful Life

INTANGIBLE ASSETS - Useful Life (Details) - Other	6 Months Ended
	Jun. 30, 2021
Bottom of range
Disclosure of detailed information about intangible assets [line items]
Useful life (in years)	4 years
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, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosure of detailed information about intangible assets [line items]
Intangible assets other than goodwill	$ 991	$ 982	$ 1,162
Cost
Disclosure of detailed information about intangible assets [line items]
Intangible assets other than goodwill	1,032	1,016
Accumulated amortization
Disclosure of detailed information about intangible assets [line items]
Intangible assets other than goodwill	$ (41)	$ (34)

INTANGIBLE ASSETS - Reconciliat

INTANGIBLE ASSETS - Reconciliation (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Reconciliation of changes in intangible assets other than goodwill [abstract]
Balance, beginning of period	$ 982	$ 1,162
Acquisitions	5	6
Amortization	(8)	(12)
Impairment losses	0	(18)
Foreign currency translation	12	30
Impact of deconsolidation due to loss of control and other	0	(186)
Balance, end of period	$ 991	$ 982

OTHER NON-CURRENT ASSETS (Detai

OTHER NON-CURRENT ASSETS (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Subclassifications of assets, liabilities and equities [abstract]
Securities - FVTPL	$ 1,760	$ 1,612
Derivative assets	142	72
Securities - FVTOCI	114	86
Restricted cash	350	241
Inventory	787	877
Other	332	289
Total other non-current assets	3,485	3,177
Right-of-use inventory assets	$ 33	$ 33

OTHER NON-CURRENT ASSETS - Narr

OTHER NON-CURRENT ASSETS - Narrative (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Disclosure of detailed information about investment property [line items]
Securities - FVTPL	$ 1,760	$ 1,612
BSREP III
Disclosure of detailed information about investment property [line items]
Securities - FVTPL	883	756
Convertible Preferred Units Of US Hospitality Company
Disclosure of detailed information about investment property [line items]
Securities - FVTPL	$ 0	$ 447
Percent of dividend rate	7.50%
Additional Convertible Preferred Units Of US Hospitality Company
Disclosure of detailed information about investment property [line items]
Percent of dividend rate	5.00%

ACCOUNTS RECEIVABLE AND OTHER_2

ACCOUNTS RECEIVABLE AND OTHER (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Subclassifications of assets, liabilities and equities [abstract]
Derivative assets	$ 69		$ 69		$ 164
Accounts receivable - net of expected credit loss	565		565		753
Restricted cash and deposits	322		322		292
Prepaid expenses	276		276		330
Other current assets	465		465		332
Total accounts receivable and other	1,697		1,697		1,871
Expected credit loss	120		120		$ 114
Loss allowance	$ 12	$ 37	$ 25	$ 37
Office rent collections, percentage	89.00%
COVID-19, rent deferral percentage			1.00%
COVID-19, rent abatement percentage			3.00%

HELD FOR SALE - Summary (Detail

HELD FOR SALE - Summary (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosure of financial assets [line items]
Investment properties	$ 73,187	$ 72,610	$ 75,511
Equity accounted investments	20,442	19,719	20,764
Accounts receivable and other	1,697	1,871
Total assets	111,304	107,951
Debt obligations	55,281	54,717
Accounts payable and other liabilities	6,015	4,101
Total liabilities	69,075	66,428
Assets held for sale
Disclosure of financial assets [line items]
Investment properties	836	481
Equity accounted investments	117	102
Accounts receivable and other	12	5
Total assets	965	588	$ 387
Liabilities associated with assets held for sale
Disclosure of financial assets [line items]
Debt obligations	0	380
Accounts payable and other liabilities	4	16
Total liabilities	$ 4	$ 396

HELD FOR SALE - Reconciliation

HELD FOR SALE - Reconciliation (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Disclosure of financial assets [line items]
Balance, beginning of period	$ 107,951
Balance, end of period	111,304	$ 107,951
Assets held for sale
Disclosure of financial assets [line items]
Balance, beginning of period	588	387
Reclassification to (from) assets held for sale, net	1,045	2,381
Disposals	(671)	(2,222)
Fair value adjustments	3	9
Foreign currency translation	0	20
Other	0	13
Balance, end of period	$ 965	$ 588

HELD FOR SALE - Additional Info

HELD FOR SALE - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2021	Mar. 31, 2021
Non-current Assets Held For Sale And Discontinued Operations [Abstract]
Proceeds from sale of investment property	$ 161	$ 56

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, 2021USD ($)	Dec. 31, 2020USD ($)	Jun. 30, 2021GBP (£)	Jun. 30, 2021CAD ($)	Jun. 30, 2021KRW (₩)	Jun. 30, 2021AUD ($)	Jun. 30, 2021INR (₨)	Jun. 30, 2021BRL (R$)	Jun. 30, 2021CNY (¥)	Jun. 30, 2021EUR (€)	Dec. 31, 2020GBP (£)	Dec. 31, 2020CAD ($)	Dec. 31, 2020KRW (₩)	Dec. 31, 2020AUD ($)	Dec. 31, 2020INR (₨)	Dec. 31, 2020BRL (R$)	Dec. 31, 2020CNY (¥)	Dec. 31, 2020EUR (€)
Disclosure of detailed information about borrowings [line items]
Deferred financing costs	$ (291)	$ (258)
Current	11,986	13,074
Non-current	43,295	41,263
Total debt obligations	$ 55,281	54,717
Percentage of debt obligations with suspended contractual payment	2.40%		2.40%	2.40%	2.40%	2.40%	2.40%	2.40%	2.40%	2.40%
U.S. Dollars
Disclosure of detailed information about borrowings [line items]
Total debt obligations	$ 38,126	37,413
British Pounds
Disclosure of detailed information about borrowings [line items]
Total debt obligations	7,043	6,809	£ 5,092								£ 4,981
Canadian Dollars
Disclosure of detailed information about borrowings [line items]
Total debt obligations	4,431	4,408		$ 5,493								$ 5,613
South Korean Won
Disclosure of detailed information about borrowings [line items]
Total debt obligations	2,018	2,093			₩ 2,280,000								₩ 2,280,000
Australian Dollars
Disclosure of detailed information about borrowings [line items]
Total debt obligations	1,665	1,473				$ 2,220								$ 1,914
Indian Rupee
Disclosure of detailed information about borrowings [line items]
Total debt obligations	1,769	2,257					₨ 131,981								₨ 164,753
Brazilian Reais
Disclosure of detailed information about borrowings [line items]
Total debt obligations	181	180						R$ 903								R$ 936
Chinese Yuan
Disclosure of detailed information about borrowings [line items]
Total debt obligations	37	22							¥ 240								¥ 143
Euros
Disclosure of detailed information about borrowings [line items]
Total debt obligations	302	320								€ 255								€ 262
Liabilities associated with assets held for sale
Disclosure of detailed information about borrowings [line items]
Total debt obligations	0	380
Fixed rate
Disclosure of detailed information about borrowings [line items]
Secured debt obligation	26,603	28,446
Variable rate
Disclosure of detailed information about borrowings [line items]
Secured debt obligation	20,205	16,629
Unsecured Debt | Subsidiary borrowings
Disclosure of detailed information about borrowings [line items]
Total debt obligations	270	196
Brookfield Property Partners’ credit facilities | Unsecured Debt
Disclosure of detailed information about borrowings [line items]
Total debt obligations	0	1,357
Brookfield Property Partners’ corporate bonds | Unsecured Debt
Disclosure of detailed information about borrowings [line items]
Total debt obligations	1,940	1,890
Brookfield Property REIT Inc. term debt | Unsecured Debt
Disclosure of detailed information about borrowings [line items]
Total debt obligations	3,877	3,976
Brookfield Property REIT Inc. senior secured notes | Unsecured Debt
Disclosure of detailed information about borrowings [line items]
Total debt obligations	945	945
Brookfield Property REIT Inc. corporate facility | Unsecured Debt
Disclosure of detailed information about borrowings [line items]
Total debt obligations	1,225	1,015
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	$ 301	$ 315
Weighted-average rate | Unsecured Debt | Subsidiary borrowings
Disclosure of detailed information about borrowings [line items]
Weighted-average rate	1.63%	1.69%	1.63%	1.63%	1.63%	1.63%	1.63%	1.63%	1.63%	1.63%	1.69%	1.69%	1.69%	1.69%	1.69%	1.69%	1.69%	1.69%
Weighted-average rate | Secured Debt | Fixed rate
Disclosure of detailed information about borrowings [line items]
Weighted-average rate	4.27%	4.27%	4.27%	4.27%	4.27%	4.27%	4.27%	4.27%	4.27%	4.27%	4.27%	4.27%	4.27%	4.27%	4.27%	4.27%	4.27%	4.27%
Weighted-average rate | Secured Debt | Variable rate
Disclosure of detailed information about borrowings [line items]
Weighted-average rate	3.23%	3.61%	3.23%	3.23%	3.23%	3.23%	3.23%	3.23%	3.23%	3.23%	3.61%	3.61%	3.61%	3.61%	3.61%	3.61%	3.61%	3.61%
Weighted-average rate | Brookfield Property Partners’ credit facilities | Unsecured Debt
Disclosure of detailed information about borrowings [line items]
Weighted-average rate	0.00%	1.75%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	1.75%	1.75%	1.75%	1.75%	1.75%	1.75%	1.75%	1.75%
Weighted-average rate | Brookfield Property Partners’ corporate bonds | Unsecured Debt
Disclosure of detailed information about borrowings [line items]
Weighted-average rate	4.14%	4.14%	4.14%	4.14%	4.14%	4.14%	4.14%	4.14%	4.14%	4.14%	4.14%	4.14%	4.14%	4.14%	4.14%	4.14%	4.14%	4.14%
Weighted-average rate | Brookfield Property REIT Inc. term debt | Unsecured Debt
Disclosure of detailed information about borrowings [line items]
Weighted-average rate	2.84%	2.90%	2.84%	2.84%	2.84%	2.84%	2.84%	2.84%	2.84%	2.84%	2.90%	2.90%	2.90%	2.90%	2.90%	2.90%	2.90%	2.90%
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	2.39%	2.41%	2.39%	2.39%	2.39%	2.39%	2.39%	2.39%	2.39%	2.39%	2.41%	2.41%	2.41%	2.41%	2.41%	2.41%	2.41%	2.41%
Weighted-average rate | Brookfield Property REIT Inc. junior subordinated notes | Unsecured Debt
Disclosure of detailed information about borrowings [line items]
Weighted-average rate	1.64%	1.66%	1.64%	1.64%	1.64%	1.64%	1.64%	1.64%	1.64%	1.64%	1.66%	1.66%	1.66%	1.66%	1.66%	1.66%	1.66%	1.66%
Weighted-average rate | Funds subscription credit facilities | Secured Debt
Disclosure of detailed information about borrowings [line items]
Weighted-average rate	2.52%	2.51%	2.52%	2.52%	2.52%	2.52%	2.52%	2.52%	2.52%	2.52%	2.51%	2.51%	2.51%	2.51%	2.51%	2.51%	2.51%	2.51%

DEBT OBLIGATIONS - Reconciliati

DEBT OBLIGATIONS - Reconciliation of cash flows from financing activities from debt obligations (Details) $ in Millions	6 Months Ended
	Jun. 30, 2021USD ($)
Borrowing [Roll Forward]
Dec. 31, 2020	$ 54,717
Debt obligation issuance, net of repayments	(159)
Non-cash changes in debt obligations
Assumed from business combinations	1,319
Assumed by purchaser	(454)
Amortization of deferred financing costs and (premium) discount	16
Foreign currency translation	37
Other	(195)
Jun. 30, 2021	$ 55,281

CAPITAL SECURITIES (Details)

CAPITAL SECURITIES (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Disclosure of classes of share capital [line items]
Total capital securities	$ 2,806	$ 3,033
Current	655	649
Non-current	$ 2,151	2,384
Series 1, Class A Preferred Equity Units
Disclosure of classes of share capital [line items]
Cumulative dividend rate	6.50%
Series 2, Class A Preferred Equity Units
Disclosure of classes of share capital [line items]
Cumulative dividend rate	6.375%
Series 3, Class A Preferred Equity Units
Disclosure of classes of share capital [line items]
Cumulative dividend rate	5.75%
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%
Total capital securities	$ 593	586
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%
Total capital securities	$ 559	555
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%
Total capital securities	$ 542	538
BPO
Disclosure of classes of share capital [line items]
Loans receivable, percentage of interest rate	95.00%
BPO | Series 1, Class B Preferred Shares
Disclosure of classes of share capital [line items]
Shares outstanding	3,600,000
Total capital securities	$ 0	0
BPO | Series 2, Class B Preferred Shares
Disclosure of classes of share capital [line items]
Shares outstanding	3,000,000
Total capital securities	$ 0	0
BPO | Prime Rate | Series 1, Class B Preferred Shares
Disclosure of classes of share capital [line items]
Percent of dividend rate	70.00%
BPO | Prime Rate | Series 2, Class B Preferred Shares
Disclosure of classes of share capital [line items]
Percent of dividend rate	70.00%
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%
Total capital securities	$ 21	21
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%
Total capital securities	$ 11	11
Brookfield Property Split Corp. | Series 3, Senior Preferred Shares
Disclosure of classes of share capital [line items]
Shares outstanding	789,092
Cumulative dividend rate	5.00%
Total capital securities	$ 16	16
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%
Total capital securities	$ 12	12
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%
Total capital securities	$ 0	249
Rouse Properties L.P. ("Rouse") | Series A Preferred Shares
Disclosure of classes of share capital [line items]
Shares outstanding	5,600,000
Cumulative dividend rate	5.00%
Total 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%
Total capital securities	$ 40	40
Capital Securities – Fund Subsidiaries
Disclosure of classes of share capital [line items]
Total capital securities	$ 870	$ 863

CAPITAL SECURITIES - Narrative

CAPITAL SECURITIES - Narrative (Details) $ in Millions, $ in Millions	6 Months Ended
	Jun. 30, 2021USD ($)	Jun. 30, 2021CAD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2020CAD ($)
Disclosure of classes of share capital [line items]
Capital securities	$ 2,806		$ 3,033
Redemption amount	39	$ 49	38	$ 49
Capital securities | D.C. Fund
Disclosure of classes of share capital [line items]
Capital securities	56		56
BSREP II RH B LLC | Preference shares
Disclosure of classes of share capital [line items]
Capital securities	$ 0		249
Annual return payable in monthly distributions	9.00%
Rouse Properties L.P. ("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	$ 814		$ 807

CAPITAL SECURITIES - Reconcilia

CAPITAL SECURITIES - Reconciliation of cash flows from financing activities from capital securities (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Non-cash changes on capital securities
Capital Securities	$ 3,033
Non-cash changes on capital securities
Capital securities redeemed	(248)	$ (13)
Fair value changes	21
Capital Securities	$ 2,806

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, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Income Taxes [Abstract]
Current income tax	$ 18	$ 10	$ 44	$ 35
Deferred income tax	69	(58)	148	78
Income tax expense (benefit)	$ 87	$ (48)	$ 192	$ 113

OTHER NON-CURRENT LIABILITIES_2

OTHER NON-CURRENT LIABILITIES (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Subclassifications of assets, liabilities and equities [abstract]
Accounts payable and accrued liabilities	$ 533		$ 533		$ 437
Lease liabilities	896		896		875
Derivative liabilities	304		304		272
Provisions	111		111		105
Deferred revenue	14		14		14
Total other non-current liabilities	1,858		1,858		$ 1,703
Interest expense on lease liabilities	$ 15	$ 15	$ 30	$ 29

ACCOUNTS PAYABLE AND OTHER LI_3

ACCOUNTS PAYABLE AND OTHER LIABILITIES (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Subclassifications of assets, liabilities and equities [abstract]
Accounts payable and accrued liabilities	$ 1,928	$ 2,094
Loans and notes payable	3,227	1,062
Derivative liabilities	155	416
Deferred revenue	642	441
Lease liabilities	43	43
Other liabilities	20	45
Total accounts payable and other liabilities	$ 6,015	$ 4,101

EQUITY - Narrative (Details)

EQUITY - Narrative (Details) $ / shares in Units, $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2021USD ($)shares$ / shares	Dec. 31, 2020USD ($)shares	Dec. 31, 2019shares
Disclosure of classes of share capital [line items]
Stock conversion ratio	1
Period over which price is calculated	20 days
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	441,968,000	435,980,000	439,802,000
Redeemable and Exchangeable Units
Disclosure of classes of share capital [line items]
Number of shares outstanding	451,365,017	451,365,017
Special LP Units
Disclosure of classes of share capital [line items]
Number of shares outstanding	4,759,997	4,759,997
Series 1, Class A Preferred Equity Units
Disclosure of classes of share capital [line items]
Number of shares issued (in shares)	7,360,000
Par value per share (in dollars per share) | $ / shares	$ 25
Cumulative dividend rate	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) | $ / shares	$ 25
Cumulative dividend rate	6.375%
Series 3, Class A Preferred Equity Units
Disclosure of classes of share capital [line items]
Number of shares issued (in shares)	11,500,000
Par value per share (in dollars per share) | $ / shares	$ 25
Cumulative dividend rate	5.75%
Preference shares
Disclosure of classes of share capital [line items]
Preferred equity | $	$ 699	$ 699
Restricted Stock Units (RSUs) | BPY Fair Value LTIP Unit Plan
Disclosure of classes of share capital [line items]
Award vesting period	5 years
Number of other equity instruments granted in share-based payment arrangement (in shares)	1,824,879	1,899,661

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, 2021	Dec. 31, 2020
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)	5,647	11,580
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
LP Units Issued (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)	435,980	439,802
Exchange LP Units exchanged (in shares)	113	169
Distribution Reinvestment Program (in shares)	123	998
Issued under unit-based compensation plan (in shares)	105	0
LP Units Issued (in shares)	0	59,497
Repurchases of LP Units (in shares)	0	(76,066)
Outstanding, end of period (in shares)	441,968	435,980

EQUITY - Schedule of Changes in

EQUITY - Schedule of Changes in LP Units (Details) - Exchange LP Units - shares shares in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Reconciliation of number of shares outstanding [abstract]
Outstanding, beginning of period (in shares)	2,714	2,883
Exchange LP Units exchanged (in shares)	(113)	(169)
Outstanding, end of period (in shares)	2,601	2,714

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, 2021	Dec. 31, 2020
Schedule of Partnership Units [Line Items]
Outstanding, beginning of period (in shares)	39,127,000	64,025,000
BPYU Units exchanged (in shares)	(5,647,000)	(11,580,000)
Repurchases of BPYU Units (in shares)	(842,000)	(13,396,000)
BPYU Units vested (in shares)	377,000	84,000
Forfeitures (in shares)	(6,000)	(6,000)
Outstanding, end of period (in shares)	33,009,000	39,127,000
Treasury shares
Schedule of Partnership Units [Line Items]
Outstanding, end of period (in shares)	1,882,742

EQUITY - Schedule of Distributi

EQUITY - Schedule of Distributions Made (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Schedule of Partnership Units [Line Items]
Distributions to Limited Partners			$ 1,862	$ 999
Distributions to specified holders	$ 0	$ 313	$ 312	$ 624
Distributions per unit (in dollars per share)	$ 0.3325	$ 0.3325	$ 0.3325	$ 0.6650
Limited partnership units
Schedule of Partnership Units [Line Items]
Distributions to Limited Partners	$ 0	$ 145	$ 145	$ 291
Non-controlling interests | Redeemable/Exchangeable Partnership Units
Schedule of Partnership Units [Line Items]
Distributions to Limited Partners			152	290
Distributions to specified holders	0	145	150	287
Non-controlling interests | Special LP Units
Schedule of Partnership Units [Line Items]
Distributions to specified holders	0	1	2	3
Non-controlling interests | Exchange LP Units
Schedule of Partnership Units [Line Items]
Distributions to specified holders	0	1	1	2
Non-controlling interests | FV LTIP Units
Schedule of Partnership Units [Line Items]
Distributions to specified holders	0	1	1	1
Non-controlling interests | BPYU Units
Schedule of Partnership Units [Line Items]
Distributions to Limited Partners			13	40
Distributions to specified holders	$ 0	$ 20	$ 13	$ 40

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, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Equity [abstract]
Limited partners	$ 148	$ (586)	$ 274	$ (814)
Income (loss) reallocation related to mandatorily convertible preferred shares	13	(47)	20	(64)
Less: Preferred unit dividends attributable to limited partners	(6)	(6)	(11)	(10)
Net income (loss) attributable to limited partners – basic	155	(639)	283	(888)
Dilutive effect of conversion of preferred shares and options	0	0	0	0
Net income (loss) attributable to limited partners – diluted	$ 155	$ (639)	$ 283	$ (888)
Weighted average number of LP Units outstanding (in shares)	437.7	437.6	436.9	439.1
Mandatorily convertible preferred shares (in shares)	70.1	70.1	70.1	70.1
Weighted average number of LP Units outstanding - basic (in shares)	507.8	507.7	507	509.2
Dilutive effect of conversion of preferred shares and options (in shares)	0	0	0	0
Weighted average number of LP Units outstanding - diluted (in shares)	507.8	507.7	507	509.2

NON-CONTROLLING INTERESTS (Deta

NON-CONTROLLING INTERESTS (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Non-Controlling Interest 1 [Abstract]
Redeemable/Exchangeable Partnership Units and Special LP Units	$ 12,447	$ 12,249
Exchange LP Units	71	73
FV LTIP Units of the Operating Partnership	50	52
BPR Units	901	1,050
Interests of others in operating subsidiaries and properties:
Preferred shares held by Brookfield Asset Management	15	15
Preferred equity of subsidiaries	2,999	3,000
Non-controlling interests in subsidiaries and properties	12,977	12,672
Total interests of others in operating subsidiaries and properties	15,991	15,687
Total non-controlling interests	$ 29,460	$ 29,111

NON-CONTROLLING INTERESTS - Sch

NON-CONTROLLING INTERESTS - Schedule of Non-Wholly Owned Subsidiaries With Material Non-Controlling Interests (Details) - Subsidiaries with material non-controlling interests - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
India REIT | BSREP I and BSREP II
Disclosure of subsidiaries [line items]
Proportion of economic interests held by non-controlling interests	54.00%
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	$ 5,016	$ 4,758
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	$ 1,522	$ 1,537
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	$ 1,043	$ 961
BSREP CARS Sub-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	$ 836	$ 889
Brookfield India Real Estate Trust
Disclosure of subsidiaries [line items]
Proportion of economic interests held by non-controlling interests	82.00%	0.00%
Non-controlling interests: Interests of others in operating subsidiaries and properties	$ 716	$ 0
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	$ 695	$ 998
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	$ 642	$ 627
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	$ 555	$ 425
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	$ 551	$ 550
Brookfield Fairfield Multifamily Value Add Fund III LP
Disclosure of subsidiaries [line items]
Proportion of economic interests held by non-controlling interests	70.00%	70.00%
Non-controlling interests: Interests of others in operating subsidiaries and properties	$ 444	$ 365
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	$ 379	$ 423
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	$ 147	$ 323
Other
Disclosure of subsidiaries [line items]
Non-controlling interests: Interests of others in operating subsidiaries and properties	$ 3,445	$ 3,831
Bottom of range | BPO
Disclosure of subsidiaries [line items]
Proportion of economic interests held by non-controlling interests	1.00%
Bottom of range | Other
Disclosure of subsidiaries [line items]
Proportion of economic interests held by non-controlling interests	33.00%	33.00%
Top of range | BPO
Disclosure of subsidiaries [line items]
Proportion of economic interests held by non-controlling interests	100.00%
Top of range | Other
Disclosure of subsidiaries [line items]
Proportion of economic interests held by non-controlling interests	74.00%	76.00%

COMMERCIAL PROPERTY REVENUE (De

COMMERCIAL PROPERTY REVENUE (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Revenue [abstract]
Base rent	$ 870	$ 870	$ 1,718	$ 1,789
Straight-line rent	15	22	25	41
Lease termination	12	4	45	11
Other lease income	145	160	304	357
Other revenue from tenants	242	245	477	507
Total commercial property revenue	$ 1,284	$ 1,301	2,569	$ 2,705
Rent abatements			$ 56

HOSPITALITY REVENUE (Details)

HOSPITALITY REVENUE (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total hospitality revenue	$ 196	$ 50	$ 255	$ 416
Room, food and beverage
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total hospitality revenue	165	42	218	318
Gaming, and other leisure activities
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total hospitality revenue	25	1	25	68
Other hospitality revenue
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total hospitality revenue	$ 6	$ 7	$ 12	$ 30

INVESTMENT AND OTHER REVENUE (D

INVESTMENT AND OTHER REVENUE (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Revenue [abstract]
Investment income	$ 49	$ 24	$ 74	$ 47
Fee revenue	59	50	119	113
Dividend income	48	2	59	36
Interest income and other	9	10	19	20
Other	15	0	15	0
Investment and other revenue	$ 180	$ 86	$ 286	$ 216

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, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Disclosure of detailed information about investment property [line items]
Employee compensation and benefits	$ 88	$ 98	$ 175	$ 197
Direct commercial property expense	474	445	960	925
Loss allowance	12	37	25	37
Commercial Property
Disclosure of detailed information about investment property [line items]
Property maintenance	172	162	354	336
Real estate taxes	152	151	309	308
Employee compensation and benefits	40	38	78	80
Lease expense	3	4	6	8
Other	107	90	213	193
Direct commercial property expense	$ 474	$ 445	$ 960	$ 925

DIRECT HOSPITALITY EXPENSE - Co

DIRECT HOSPITALITY EXPENSE - Components of Direct Hospitality Expense (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Disclosure of detailed information about investment property [line items]
Employee compensation and benefits	$ 88	$ 98	$ 175	$ 197
Direct hospitality expense	120	106	193	396
Hospitality
Disclosure of detailed information about investment property [line items]
Employee compensation and benefits	26	44	46	126
Cost of food, beverage, and retail goods sold	38	11	45	80
Maintenance and utilities	20	20	38	57
Marketing and advertising	6	3	12	23
Other	30	28	52	110
Direct hospitality expense	$ 120	$ 106	$ 193	$ 396

DEPRECIATION AND AMORTIZATION_2

DEPRECIATION AND AMORTIZATION (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Disclosure of detailed information about property, plant and equipment [line items]
Depreciation and amortization	$ 68	$ 83	$ 136	$ 170
Depreciation, right-of-use assets	2	3	4	5
Depreciation and amortization of real estate assets
Disclosure of detailed information about property, plant and equipment [line items]
Depreciation and amortization	46	66	91	135
Depreciation and amortization of non-real estate assets
Disclosure of detailed information about property, plant and equipment [line items]
Depreciation and amortization	$ 22	$ 17	$ 45	$ 35

GENERAL AND ADMINISTRATIVE EX_3

GENERAL AND ADMINISTRATIVE EXPENSE (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Disclosure Of General And Administrative Expense [Abstract]
Employee compensation and benefits	$ 88	$ 98	$ 175	$ 197
Management fees	55	24	106	48
Transaction costs	25	4	29	7
Other	75	69	146	139
Total general and administrative expense	$ 243	$ 195	$ 456	$ 391

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, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Disclosure of Fair Value [Line Items]
Commercial properties			$ 1,012		$ (1,388)
Financial instruments and other	$ (34)	$ 11	133	$ (292)
Total fair values gains (losses), net	498	(803)	1,138	(1,113)
Commercial properties
Disclosure of Fair Value [Line Items]
Commercial properties	439	(907)	883	(996)	(1,607)
Commercial developments
Disclosure of Fair Value [Line Items]
Commercial properties	100	94	129	182	$ 219
Incentive fees	$ (7)	$ (1)	$ (7)	$ (7)

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, 2021USD ($)shares$ / shares	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)shares$ / shares	Jun. 30, 2020USD ($)	Dec. 31, 2020shares$ / shares	Jun. 30, 2021shares$ / shares	Dec. 31, 2020shares$ / shares
Disclosure of terms and conditions of share-based payment arrangement [line items]
Expense from share-based payment transactions with employees | $	$ 7	$ 6	$ 9	$ 12
Employee Stock Option | BPY Plan
Disclosure of terms and conditions of share-based payment arrangement [line items]
Award vesting rights, percentage			20.00%
Award vesting period			5 years
Expiration period			10 years
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	448,530		448,530		523,573	448,530	523,573
Weighted average exercise price of other equity instruments outstanding in share-based payment arrangement (in dollars per share) | $ / shares	$ 18.78		$ 18.78		$ 19.87
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	451,275		451,275		482,464	451,275	482,464
Weighted average exercise price of other equity instruments outstanding in share-based payment arrangement (in dollars per share) | $ / shares						$ 24.43	$ 25.38
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)			3,122,804		1,808,765
Weighted average exercise price of other equity instruments granted in share-based payment arrangement (in dollars per share) | $ / shares			$ 18.59		$ 18.82
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)			1,824,879		1,899,661
Weighted average exercise price of other equity instruments granted in share-based payment arrangement (in dollars per share) | $ / shares			$ 19.13		$ 19.12
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	131,872		131,872		136,662	131,872	136,662
Weighted average exercise price of other equity instruments outstanding in share-based payment arrangement (in dollars per share) | $ / shares	$ 26.05		$ 26.05		$ 26.05
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	737,636		737,636		1,079,069	737,636	1,079,069
Weighted average exercise price of other equity instruments outstanding in share-based payment arrangement (in dollars per share) | $ / shares	$ 22.54		$ 22.54		$ 22.54
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	272,562		272,562		267,534	272,562	267,534

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, 2021shares$ / shares	Dec. 31, 2020sharesUSD ($)$ / shares
Number of options
Outstanding, beginning of period (in shares) | shares	18,633,094	19,915,189
Granted (in shares) | shares	0	0
Exercised (in shares) | shares	(1,730,200)	0
Expired/forfeited (in shares) | shares	(367,101)	(1,282,095)
Outstanding, end of period (in shares) | shares	16,535,793	18,633,094
Exercisable, end of period (in shares)	16,517,043	18,614,344
Weighted average exercise price
Outstanding, beginning balance (in usd per share)	$ 20.56	$ 20.58
Granted (in usd per share)	0	0
Exercised (in usd per share)	17.43	0
Forfeited (in usd per share)	21.23	20.87
Outstanding, end of period (in usd per share)	20.87	20.56
Exercisable, end of period (in usd per share)	$ 20.87	$ 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, 2021shares$ / shares	Dec. 31, 2020shares$ / shares	Dec. 31, 2019shares$ / shares
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items]
Number of options | shares	16,535,793	18,633,094	19,915,189
Weighted average exercise price (in usd per share) | $ / shares	$ 20.87	$ 20.56	$ 20.58
2021
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 (in usd per share) | $ / shares	$ 0	$ 0
2022
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items]
Number of options | shares	152,200	987,700
Weighted average exercise price (in usd per share) | $ / shares	$ 17.86	$ 18.09
2023
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items]
Number of options | shares	190,520	1,108,420
Weighted average exercise price (in usd per share) | $ / 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	11,672,690	11,775,394
Weighted average exercise price (in usd per share) | $ / 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	1,823,682	1,923,706
Weighted average exercise price (in usd per share) | $ / 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	2,602,951	2,744,124
Weighted average exercise price (in usd per share) | $ / 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 (in usd per share) | $ / 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	0	0
Weighted average exercise price (in usd per share) | $ / shares	$ 0	$ 0

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, 2021shares$ / shares	Jun. 30, 2021shares$ / shares	Jun. 30, 2021sharesft²$ / shares	Dec. 31, 2020shares$ / shares	Dec. 31, 2020shares$ / shares	Dec. 31, 2020sharesft²$ / shares
Number of options
Outstanding, beginning of period (in shares)	573,690		573,690	603,891
Granted (in shares) | shares	0			0
Exercised (in shares) | shares	0			0
Expired/forfeited (in shares) | shares	0			(30,201)
Outstanding, end of period (in shares)	573,690		573,690	573,690		573,690
Exercisable, end of period (in shares) | shares	573,690	573,690	573,690	573,690	573,690	573,690
Weighted average exercise price
Outstanding, beginning balance (in usd per share)		$ 21.75			$ 21.55
Granted (in usd per share)		0			0
Exercised (in usd per share)		0			0
Forfeited (in usd per share)		0			18.09
Outstanding, end of period (in usd per share)		21.75			21.75
Exercisable, end of period (in usd per share)	$ 21.75	$ 21.75	$ 21.75	$ 21.75	$ 21.75	$ 21.75

UNIT-BASED COMPENSATION - Cas_2

UNIT-BASED COMPENSATION - Cash-settled BPY Awards by Expiry Date (Details) - Cash-Settled Share-Based Payment Arrangement	Jun. 30, 2021shares	Jun. 30, 2021$ / shares	Jun. 30, 2021ft²	Dec. 31, 2020shares	Dec. 31, 2020$ / shares	Dec. 31, 2020ft²	Dec. 31, 2019shares$ / shares
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of options	573,690		573,690	573,690		573,690	603,891
Weighted average exercise price (in usd per share)		$ 21.75			$ 21.75		$ 21.55
2021
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of options | ft²			0			0
Weighted average exercise price (in usd per share)		0			0
2022
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of options | ft²			22,200			22,200
Weighted average exercise price (in usd per share)		17.93			17.93
2023
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of options | ft²			28,800			28,800
Weighted average exercise price (in usd per share)		16.80			16.80
2024
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of options | ft²			175,415			175,415
Weighted average exercise price (in usd per share)		20.59			20.59
2025
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of options | ft²			213,038			213,038
Weighted average exercise price (in usd per share)		25.18			25.18
2026
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of options | ft²			134,237			134,237
Weighted average exercise price (in usd per share)		$ 19.51			$ 19.51

OTHER COMPREHENSIVE INCOME (L_3

OTHER COMPREHENSIVE INCOME (LOSS) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Foreign currency translation
Net unrealized foreign currency translation gains (losses) in respect of foreign operations	$ 93	$ 149	$ 3	$ (1,024)
Reclassification of realized foreign currency translation gains to net income on dispositions of foreign operations	25	0	25	0
Gains on hedges of net investments in foreign operations, net of income taxes for the three and six months ended Jun. 30, 2021 of nil and nil (2020 – nil and nil)	(23)	(48)	(3)	771
Foreign currency translation	95	101	25	(253)
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, 2021 of $(5) million and $(8) million (2020 – $(5) million and $(6) million)	41	77	95	(77)
Cash flow hedges	41	77	95	(77)
Equity accounted investments
Share of unrealized foreign currency translation (losses) gains in respect of foreign operations	0	1	(1)	1
Gains (losses) on derivatives designated as cash flow hedges	4	(10)	28	(79)
Equity accounted investments	4	(9)	27	(78)
Items that will not be reclassified to net income:
Unrealized gains on securities - FVTOCI, net of income taxes for the three and six months ended Jun. 30, 2021 of $(3) million and $(13) million (2020 – $8 million and $30 million)	(2)	3	(2)	25
Share of revaluation (deficit) on equity accounted investments	(1)	(196)	(1)	(217)
Net remeasurement (losses) on defined benefit obligations	0	(1)	0	(1)
Revaluation deficit	(99)	(159)	(99)	(255)
Items that will not be reclassified to net income:	(102)	(353)	(102)	(448)
Other comprehensive income (loss)	38	(184)	45	(856)
Income tax relating to hedges of net investments in foreign operations included in other comprehensive income	0	0	0	0
Income tax relating to cash flow hedges included in other comprehensive income	(5)	(5)	(8)	(6)
Income tag relating to share of unrealized gains (losses) on available for sale securities	(3)	8	(13)	30
Income tax relating to changes in revaluation surplus included in other comprehensive income	$ (99)	$ 1	$ (99)	$ (38)

OBLIGATIONS, GUARANTEES, CONT_2

OBLIGATIONS, GUARANTEES, CONTINGENCIES AND OTHER (Details) - Brookfield Asset Management € in Millions, $ in Millions	Jun. 30, 2021USD ($)	Jun. 30, 2021EUR (€)	Oct. 31, 2020USD ($)	Oct. 31, 2020EUR (€)	Jan. 31, 2019USD ($)	Sep. 30, 2018USD ($)	Nov. 30, 2017USD ($)	Apr. 30, 2016USD ($)	Dec. 31, 2013USD ($)
Brookfield Real Estate Partners Fund
Disclosure of contingent liabilities [line items]
Consideration									$ 4,400
Contributed commitments									$ 1,300
Unfulfilled commitments	$ 160
Brookfield Strategic Real Estate Partners Fund
Disclosure of contingent liabilities [line items]
Consideration								$ 9,000
Contributed commitments								$ 2,300
Unfulfilled commitments	840
BREF
Disclosure of contingent liabilities [line items]
Consideration							$ 2,900
Contributed commitments							$ 400
Unfulfilled commitments	175
Brookfield Fairfield U.S. Multifamily Value Add Fund
Disclosure of contingent liabilities [line items]
Consideration						$ 1,000
Contributed commitments						$ 300
Unfulfilled commitments	140
BSREP III
Disclosure of contingent liabilities [line items]
Consideration					$ 15,000
Contributed commitments					$ 1,000
Unfulfilled commitments	620
Brookfield European Real Estate Partnership Fund
Disclosure of contingent liabilities [line items]
Consideration			$ 734	€ 619
Contributed commitments			$ 119	€ 100
Unfulfilled commitments	$ 52	€ 44

FINANCIAL INSTRUMENTS - Derivat

FINANCIAL INSTRUMENTS - Derivatives (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Disclosure of detailed information about financial instruments [line items]
Fair value	$ 5,892	$ 6,021
Fair value	$ (64,238)	$ (62,047)
Interest rate swaps of AUD BBSW/BBSY debt | Bottom of range
Disclosure of detailed information about financial instruments [line items]
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%
Cash flow hedges | Interest rate caps of US$ LIBOR debt
Disclosure of detailed information about financial instruments [line items]
Notional	9,155	8,371
Fair value	$ 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%	2.50%
Cash flow hedges | Interest rate caps of US$ LIBOR debt | Top of range
Disclosure of detailed information about financial instruments [line items]
Rates	2.50%	550.00%
Cash flow hedges | Interest rate swaps of US$ LIBOR debt
Disclosure of detailed information about financial instruments [line items]
Notional	2,380	2,380
Fair value	$ (84)	$ (112)
Cash flow hedges | Interest rate swaps of US$ LIBOR debt | Bottom of range
Disclosure of detailed information about financial instruments [line items]
Rates	1.00%	1.00%
Cash flow hedges | Interest rate swaps of US$ LIBOR debt | Top of range
Disclosure of detailed information about financial instruments [line items]
Rates	260.00%	260.00%
Cash flow hedges | Interest rate caps of £ LIBOR debt
Disclosure of detailed information about financial instruments [line items]
Notional	3,270	3,198
Fair value	$ 0	$ 0
Cash flow hedges | Interest rate caps of £ LIBOR debt | Bottom of range
Disclosure of detailed information about financial instruments [line items]
Rates	2.00%	2.00%
Cash flow hedges | Interest rate caps of £ LIBOR debt | Top of range
Disclosure of detailed information about financial instruments [line items]
Rates	250.00%	250.00%
Cash flow hedges | Interest rate caps of £ SONIA debt
Disclosure of detailed information about financial instruments [line items]
Notional	471
Rates	1.00%
Fair value	$ 2
Cash flow hedges | Interest rate caps of € EURIBOR debt
Disclosure of detailed information about financial instruments [line items]
Notional	106	119
Rates	1.30%	1.30%
Fair value	$ 0	$ 0
Cash flow hedges | Interest rate caps of C$ LIBOR debt
Disclosure of detailed information about financial instruments [line items]
Notional	240	189
Rates	200.00%	3.00%
Fair value	$ 0	$ 0
Cash flow hedges | Interest rate swaps of AUD BBSW/BBSY debt
Disclosure of detailed information about financial instruments [line items]
Notional	436	447
Fair value	$ (6)	$ (11)
Cash flow hedges | Interest rate swaps of AUD BBSW/BBSY debt | Bottom of range
Disclosure of detailed information about financial instruments [line items]
Rates		0.80%
Cash flow hedges | Interest rate swaps of AUD BBSW/BBSY debt | Top of range
Disclosure of detailed information about financial instruments [line items]
Rates		1.60%

FINANCIAL INSTRUMENTS - Narrati

FINANCIAL INSTRUMENTS - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Disclosure of detailed information about financial instruments [line items]
Fair value gains (losses)	$ (34)	$ 11	$ 133	$ (292)
Fair value
Disclosure of detailed information about financial instruments [line items]
Securities - FVTPL	1,760		1,760		$ 1,719
Level 1 | Fair value
Disclosure of detailed information about financial instruments [line items]
Securities - FVTPL	20		20		$ 0
Forward starting interest rate swap
Disclosure of detailed information about financial instruments [line items]
Fair value gains (losses)	(3)	(2)	(3)	(54)
Cash flow hedges
Disclosure of detailed information about financial instruments [line items]
Hedge ineffectiveness recorded in earnings	$ 0	$ 0	$ 0	$ 0

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, 2021USD ($)

Jun. 30, 2021EUR (€)

Jun. 30, 2021GBP (£)

Jun. 30, 2021AUD ($)

Jun. 30, 2021CNY (¥)

Jun. 30, 2021CAD ($)

Jun. 30, 2021KRW (₩)

Jun. 30, 2021INR (₨)

Dec. 31, 2020USD ($)

Dec. 31, 2020EUR (€)

Dec. 31, 2020GBP (£)

Dec. 31, 2020AUD ($)

Dec. 31, 2020CNY (¥)

Dec. 31, 2020CAD ($)

Dec. 31, 2020KRW (₩)

Dec. 31, 2020INR (₨)

Dec. 31, 2020BRL (R$)

Jun. 30, 2020GBP (£)

Disclosure of detailed information about financial instruments [line items]

Fair value | $

$ 5,892

$ 6,021

Fair value | $

(64,238)

(62,047)

Net investment hedges | Euros

Disclosure of detailed information about financial instruments [line items]

Notional amount

€ 110,000,000

€ 0

Fair value | $

5

1

Net investment hedges | Australian Dollars

Disclosure of detailed information about financial instruments [line items]

Notional amount | $

$ 556

$ 240

Fair value | $

8

3

Net investment hedges | Chinese Yuan

Disclosure of detailed information about financial instruments [line items]

Notional amount | ¥

¥ 853

¥ 813

Fair value | $

0

(11)

Net investment hedges | Brazilian Reais

Disclosure of detailed information about financial instruments [line items]

Notional amount

₩ 1,160

R$ 620

Fair value | $

(9)

(3)

Net investment hedges | Indian Rupee

Disclosure of detailed information about financial instruments [line items]

Notional amount | ₨

₨ 4,703

Fair value | $

(2)

Rates

76.28

Net investment hedges | South Korean Won

Disclosure of detailed information about financial instruments [line items]

Notional amount

₨ 720,095

₩ 720,095

Fair value | $

5

Fair value | $

(54)

Net investment hedges | Bottom of range | Euros

Disclosure of detailed information about financial instruments [line items]

Rates

0.81

0.87

Net investment hedges | Bottom of range | Australian Dollars

Disclosure of detailed information about financial instruments [line items]

Rates

1.29

1.34

Net investment hedges | Bottom of range | Chinese Yuan

Disclosure of detailed information about financial instruments [line items]

Rates

6.63

4.02

Net investment hedges | Bottom of range | Canadian Dollars

Disclosure of detailed information about financial instruments [line items]

Rates

1.29

Net investment hedges | Bottom of range | Brazilian Reais

Disclosure of detailed information about financial instruments [line items]

Rates

4.98

5.20

Net investment hedges | Bottom of range | South Korean Won

Disclosure of detailed information about financial instruments [line items]

Rates

1,095.50

914.84

Net investment hedges | Top of range | Euros

Disclosure of detailed information about financial instruments [line items]

Rates

0.88

0.88

Net investment hedges | Top of range | Australian Dollars

Disclosure of detailed information about financial instruments [line items]

Rates

1.45

1.52

Net investment hedges | Top of range | Chinese Yuan

Disclosure of detailed information about financial instruments [line items]

Rates

6.83

7.43

Net investment hedges | Top of range | Canadian Dollars

Disclosure of detailed information about financial instruments [line items]

Rates

1.38

Net investment hedges | Top of range | Brazilian Reais

Disclosure of detailed information about financial instruments [line items]

Rates

5.95

5.20

Net investment hedges | Top of range | South Korean Won

Disclosure of detailed information about financial instruments [line items]

Rates

1,135.90

1,169.58

Hedging Instrument One | Net investment hedges | British Pounds

Disclosure of detailed information about financial instruments [line items]

Notional amount | £

£ 2,000

£ 201

Fair value | $

5

Fair value | $

(35)

Hedging Instrument One | Net investment hedges | Bottom of range | British Pounds

Disclosure of detailed information about financial instruments [line items]

Rates

0.71

0.50

Hedging Instrument One | Net investment hedges | Top of range | British Pounds

Disclosure of detailed information about financial instruments [line items]

Rates

0.86

1.08

Hedging Instrument Two | Net investment hedges | British Pounds

Disclosure of detailed information about financial instruments [line items]

Notional amount | £

£ 90

£ 90

Fair value | $

0

0

Hedging Instrument Two | Net investment hedges | Canadian Dollars

Disclosure of detailed information about financial instruments [line items]

Notional amount | $

$ 153

Fair value | $

(1)

Hedging Instrument Two | Net investment hedges | Indian Rupee

Disclosure of detailed information about financial instruments [line items]

Notional amount | £

£ 67,701

Fair value | $

(3)

Hedging Instrument Two | Net investment hedges | Bottom of range | British Pounds

Disclosure of detailed information about financial instruments [line items]

Rates

0.91

0.89

Hedging Instrument Two | Net investment hedges | Bottom of range | Canadian Dollars

Disclosure of detailed information about financial instruments [line items]

Rates

1.23

Hedging Instrument Two | Net investment hedges | Bottom of range | Indian Rupee

Disclosure of detailed information about financial instruments [line items]

Rates

76.35

Hedging Instrument Two | Net investment hedges | Top of range | British Pounds

Disclosure of detailed information about financial instruments [line items]

Rates

0.91

0.93

Hedging Instrument Two | Net investment hedges | Top of range | Canadian Dollars

Disclosure of detailed information about financial instruments [line items]

Rates

1.27

Hedging Instrument Two | Net investment hedges | Top of range | Indian Rupee

Disclosure of detailed information about financial instruments [line items]

Rates

86.71

Hedging Instrument Two | Interest rate swaps of AUD BBSW/BBSY debt | Canadian Dollars

Disclosure of detailed information about financial instruments [line items]

Notional amount | $

$ 2,400

$ 2,400

Fair value | $

$ 109

$ 66

Hedging Instrument Two | Interest rate swaps of AUD BBSW/BBSY debt | Bottom of range | Canadian Dollars

Disclosure of detailed information about financial instruments [line items]

Rates

0.81

Hedging Instrument Two | Interest rate swaps of AUD BBSW/BBSY debt | Top of range | Canadian Dollars

Disclosure of detailed information about financial instruments [line items]

Rates

1.70

FINANCIAL INSTRUMENTS - Other D

FINANCIAL INSTRUMENTS - Other Derivatives (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Disclosure of detailed information about financial instruments [line items]
Fair value	$ 5,892	$ 6,021
Fair value	(64,238)	(62,047)
Interest rate risk | Interest rate caps
Disclosure of detailed information about financial instruments [line items]
Notional	3,594	3,560
Fair value	$ 0	$ 0
Interest rate risk | Interest rate caps | Bottom of range
Disclosure of detailed information about financial instruments [line items]
Rates	3.50%	3.00%
Interest rate risk | Interest rate caps | Top of range
Disclosure of detailed information about financial instruments [line items]
Rates	450.00%	500.00%
Interest rate risk | Interest rate swaps on forecasted fixed rate debt
Disclosure of detailed information about financial instruments [line items]
Notional	$ 1,210	$ 1,285
Fair value	$ (253)	$ (308)
Interest rate risk | Interest rate swaps on forecasted fixed rate debt | Bottom of range
Disclosure of detailed information about financial instruments [line items]
Rates	2.80%	2.70%
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	$ 1,447	$ 1,746
Fair value	$ (21)	$ (32)
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%	0.80%
Interest rate risk | Interest rate swaps of US$ LIBOR debt | Top of range
Disclosure of detailed information about financial instruments [line items]
Rates	510.00%	510.00%
Interest rate risk | Embedded derivative
Disclosure of detailed information about financial instruments [line items]
Notional	$ 0
Rates	0.00%
Fair value	$ 28
Interest rate risk | Interest rate swaptions
Disclosure of detailed information about financial instruments [line items]
Notional		$ 350
Rates		2.00%
Fair value		$ 0

FINANCIAL INSTRUMENTS - Classif

FINANCIAL INSTRUMENTS - Classification and Measurement (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Disclosure Of Financial Assets And Liabilities [Line Items]
Carrying value	$ 5,892	$ 6,021
Fair value	5,892	5,937
Financial liabilities	64,238	62,047
Financial liabilities, at fair value	64,457	62,227
Amortized cost | Borrowing
Disclosure Of Financial Assets And Liabilities [Line Items]
Financial liabilities	55,281	54,717
Financial liabilities, at fair value	55,500	54,897
Amortized cost | Borrowing | Assets held for sale
Disclosure Of Financial Assets And Liabilities [Line Items]
Financial liabilities	0	380
Amortized cost | Capital securities
Disclosure Of Financial Assets And Liabilities [Line Items]
Financial liabilities	1,936	2,170
Financial liabilities, at fair value	1,936	2,170
Amortized cost | Accounts payable and other liabilities | Assets held for sale
Disclosure Of Financial Assets And Liabilities [Line Items]
Financial liabilities	4	16
FVTPL | Capital securities - fund subsidiaries
Disclosure Of Financial Assets And Liabilities [Line Items]
Financial liabilities	870	863
Financial liabilities, at fair value	870	863
Derivatives | FVTPL | Other non-current liabilities
Disclosure Of Financial Assets And Liabilities [Line Items]
Financial liabilities	304	272
Financial liabilities, at fair value	304	272
Derivatives | FVTPL | Accounts payable and other liabilities
Disclosure Of Financial Assets And Liabilities [Line Items]
Financial liabilities	155	416
Financial liabilities, at fair value	155	416
Accounts payable | Amortized cost | Other non-current liabilities
Disclosure Of Financial Assets And Liabilities [Line Items]
Financial liabilities	533	437
Financial liabilities, at fair value	533	437
Accounts payable | Amortized cost | Accounts payable and other liabilities
Disclosure Of Financial Assets And Liabilities [Line Items]
Financial liabilities	1,932	2,110
Financial liabilities, at fair value	1,932	2,110
Loans and notes payable | Amortized cost | Accounts payable and other liabilities
Disclosure Of Financial Assets And Liabilities [Line Items]
Financial liabilities	3,227	1,062
Financial liabilities, at fair value	3,227	1,062
Amortized cost | Loans and notes receivable
Disclosure Of Financial Assets And Liabilities [Line Items]
Carrying value	256	216
Fair value	256	216
Amortized cost | Other non-current assets | Restricted cash
Disclosure Of Financial Assets And Liabilities [Line Items]
Carrying value	350	241
Fair value	350	241
Amortized cost | Accounts receivable and other assets | Restricted cash
Disclosure Of Financial Assets And Liabilities [Line Items]
Carrying value	322	292
Fair value	322	292
Amortized cost | Accounts receivable and other assets | Trade receivables
Disclosure Of Financial Assets And Liabilities [Line Items]
Carrying value	577	758
Fair value	577	674
Amortized cost | Cash and cash equivalents
Disclosure Of Financial Assets And Liabilities [Line Items]
Carrying value	2,302	2,473
Fair value	2,302	2,473
FVTPL | Other non-current assets | Equity investments
Disclosure Of Financial Assets And Liabilities [Line Items]
Carrying value	1,760	1,612
Fair value	1,760	1,612
FVTPL | Other non-current assets | Derivatives
Disclosure Of Financial Assets And Liabilities [Line Items]
Carrying value	142	72
Fair value	142	72
FVTPL | Accounts receivable and other assets | Equity investments
Disclosure Of Financial Assets And Liabilities [Line Items]
Carrying value	0	107
Fair value	0	107
FVTPL | Accounts receivable and other assets | Derivatives
Disclosure Of Financial Assets And Liabilities [Line Items]
Carrying value	69	164
Fair value	69	164
FVTOCI | Other non-current assets | Equity investments
Disclosure Of Financial Assets And Liabilities [Line Items]
Carrying value	114	86
Fair value	114	86
Loans and receivables, category | Accounts receivable and other assets | Other Receivables | Assets held for sale
Disclosure Of Financial Assets And Liabilities [Line Items]
Carrying value	$ 12	$ 5

FINANCIAL INSTRUMENTS - Fair Va

FINANCIAL INSTRUMENTS - Fair Value of Financial Instruments (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020	Dec. 31, 2019
Financial assets
Total financial assets	$ 5,892	$ 6,021
Disclosure of financial liabilities [abstract]
Capital securities - fund subsidiaries	2,806	3,033
Total financial liabilities	64,238	62,047
Level 3
Financial assets
Total financial assets	1,741	1,682	$ 1,371
Disclosure of financial liabilities [abstract]
Total financial liabilities	870	863	$ 922
Fair value
Financial assets
Securities - FVTPL	1,760	1,719
Securities - FVTOCI	114	86
Derivative assets	211	236
Total financial assets	2,085	2,041
Disclosure of financial liabilities [abstract]
Capital securities - fund subsidiaries	870	863
Derivative liabilities	459	688
Total financial liabilities	1,329	1,551
Fair value | Level 1
Financial assets
Securities - FVTPL	20	0
Securities - FVTOCI	0	0
Derivative assets	0	0
Total financial assets	20	0
Disclosure of financial liabilities [abstract]
Capital securities - fund subsidiaries	0	0
Derivative liabilities	0	0
Total financial liabilities	0	0
Fair value | Level 2
Financial assets
Securities - FVTPL	113	123
Securities - FVTOCI	0	0
Derivative assets	211	236
Total financial assets	324	359
Disclosure of financial liabilities [abstract]
Capital securities - fund subsidiaries	0	0
Derivative liabilities	459	688
Total financial liabilities	459	688
Fair value | Level 3
Financial assets
Securities - FVTPL	1,627	1,596
Securities - FVTOCI	114	86
Derivative assets	0	0
Total financial assets	1,741	1,682
Disclosure of financial liabilities [abstract]
Capital securities - fund subsidiaries	870	863
Derivative liabilities	0	0
Total financial liabilities	$ 870	$ 863

FINANCIAL INSTRUMENTS - Level 3

FINANCIAL INSTRUMENTS - Level 3 Rollforward Assets (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Financial assets
Balance, beginning of period	$ 6,021
Balance, end of period	5,892	$ 6,021
Level 3
Financial assets
Balance, beginning of period	1,682	1,371
Acquisitions	389	324
Dispositions	(43)	(10)
Fair value gains, net and OCI	166	(3)
Other	(453)	0
Balance, end of period	$ 1,741	$ 1,682

FINANCIAL INSTRUMENTS - Level_2

FINANCIAL INSTRUMENTS - Level 3 Rollforward Liabilities (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Financial liabilities
Balance, beginning of period	$ 62,047
Balance, end of period	64,238	$ 62,047
Level 3
Financial liabilities
Balance, beginning of period	863	922
Acquisitions	0	0
Dispositions	0	0
Fair value gains, net and OCI	7	(59)
Other	0	0
Balance, end of period	$ 870	$ 863

RELATED PARTIES - Narrative (De

RELATED PARTIES - Narrative (Details) - USD ($)	Jun. 29, 2021	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
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
Cash flows used in obtaining control of subsidiaries or other businesses, classified as investing activities	$ 153,000,000	$ 0	$ 18,000,000
Share Issuance Tranche One
Disclosure of transactions between related parties [line items]
LP Units Issued (in shares)				9,416,816
LP Units Issued (in usd per share)				$ 11.36
Share Issuance Tranche Two
Disclosure of transactions between related parties [line items]
LP Units Issued (in shares)				2,696,841
LP Units Issued (in usd per share)				$ 12
Share Issuance Tranche Three
Disclosure of transactions between related parties [line items]
LP Units Issued (in shares)				5,967,063
LP Units Issued (in usd per share)				$ 12.65
Share Issuance Tranche Four
Disclosure of transactions between related parties [line items]
LP Units Issued (in shares)				13,392,277
LP Units Issued (in usd per share)				$ 13.92
Share Issuance Tranche Five
Disclosure of transactions between related parties [line items]
LP Units Issued (in shares)				18,715,912
LP Units Issued (in usd per share)				$ 12
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
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 - Management Fe

RELATED PARTIES - Management Fees (Details) - Brookfield Asset Management - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Disclosure of transactions between related parties [line items]
Base fee amount at 0.125% of current capitalization	$ 31	$ 18	$ 61	$ 34
Fee on increased market capitalization (.3125%)	43	9	81	13
Total calculated fees	74	27	142	47
Equity enhancement adjustment	(17)	(4)	(33)	(6)
Creditable operating payments and other adjustments	(11)	(11)	(21)	(24)
Total fee, subject to minimum adjusted for inflation	46	12	88	17
Base fee	31	12	61	17
Equity enhancement adjustment	$ 15	$ 0	$ 27	$ 0
Current capitalization percentage			12.50%
Increased market capitalization percentage			0.3125%

RELATED PARTIES - Assets_Liabil

RELATED PARTIES - Assets/Liabilities (Details) - USD ($) $ in Millions	Jul. 01, 2021	Jun. 30, 2021	Dec. 31, 2020
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		177	50
Deposit payable to Brookfield Asset Management		(2,847)	(754)
Brookfield Asset Management | Deposit Agreement
Disclosure of transactions between related parties [line items]
Deposit limit	$ 3,000
Affiliated entities
Disclosure of transactions between related parties [line items]
Net (payables)/receivables within equity accounted investments		(515)	(91)
Receivables and other assets		64	59
Property-specific debt obligations		(101)	0
Loans and notes payable and other liabilities		(448)	(313)
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, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Disclosure of transactions between related parties [line items]
Commercial property revenue	$ 1,284	$ 1,301	$ 2,569	$ 2,705
Interest expense on debt obligations	710	599	1,322	1,308
General and administrative expense	243	195	456	391
Affiliated entities
Disclosure of transactions between related parties [line items]
Commercial property revenue	9	8	17	15
Management fee income	6	15	13	25
Interest expense on debt obligations	10	2	15	9
General and administrative expense	64	35	129	73
Construction costs	47	110	97	228
Incentive fees	$ 22	$ 1	$ 22	$ 7

SUBSIDIARY PUBLIC ISSUERS - Con

SUBSIDIARY PUBLIC ISSUERS - Condensed Income Statement (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Disclosure of information about consolidated structured entities [line items]
Total revenue	$ 1,660	$ 1,437	$ 3,110	$ 3,337
Net (loss) income attributable to unitholders	319	(1,253)	585	(1,739)
Brookfield Property Partners L.P.
Disclosure of information about consolidated structured entities [line items]
Total revenue	0	0	0	0
Net (loss) income attributable to unitholders	156	(627)	286	(871)
BOP Split
Disclosure of information about consolidated structured entities [line items]
Total revenue	45	10	91	74
Net (loss) income attributable to unitholders	145	(63)	422	(7)
BPO
Disclosure of information about consolidated structured entities [line items]
Total revenue	191	43	285	82
Net (loss) income attributable to unitholders	123	(117)	394	(90)
Brookfield Property Preferred Equity Inc.
Disclosure of information about consolidated structured entities [line items]
Total revenue	133	0	0	0
Net (loss) income attributable to unitholders	319	0	0	0
Brookfield Property Finance ULC
Disclosure of information about consolidated structured entities [line items]
Total revenue	160	15	41	30
Net (loss) income attributable to unitholders	129	(49)	(50)	63
Holding Entities
Disclosure of information about consolidated structured entities [line items]
Total revenue	0	186	270	386
Net (loss) income attributable to unitholders	0	(1,253)	585	(1,739)
Additional holding entities and eliminations
Disclosure of information about consolidated structured entities [line items]
Total revenue	21	0	236	4
Net (loss) income attributable to unitholders	(25)	57	237	(16)
Consolidating Adjustments
Disclosure of information about consolidated structured entities [line items]
Total revenue	1,110	1,183	2,187	2,761
Net (loss) income attributable to unitholders	$ (528)	$ 799	$ (1,289)	$ 921

SUBSIDIARY PUBLIC ISSUERS - C_2

SUBSIDIARY PUBLIC ISSUERS - Condensed Consolidated Balance Sheets (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Disclosure of information about consolidated structured entities [line items]
Current assets	$ 4,071	$ 4,421
Non-current assets	106,268	102,942
Assets held for sale	965	588
Current liabilities	18,656	17,824
Non-current liabilities	50,415	48,208
Liabilities associated with assets held for sale	4	396
Equity attributable to interests of others in operating subsidiaries and properties	15,991	15,687
Equity attributable to unitholders	25,539	25,137
Brookfield Property Partners L.P.
Disclosure of information about consolidated structured entities [line items]
Current assets	0	0
Non-current assets	12,888	12,628
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	12,189	11,929
BOP Split Corp.
Disclosure of information about consolidated structured entities [line items]
Current assets	576	545
Non-current assets	30,917	30,137
Assets held for sale	0	0
Current liabilities	3,646	3,595
Non-current liabilities	4,656	4,542
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	23,191	22,545
BPO
Disclosure of information about consolidated structured entities [line items]
Current assets	124	171
Non-current assets	24,068	23,542
Assets held for sale	0	0
Current liabilities	1,153	678
Non-current liabilities	4,286	5,270
Liabilities associated with assets held for sale	0	0
Equity attributable to interests of others in operating subsidiaries and properties	2,839	2,686
Equity attributable to unitholders	15,914	15,079
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	1,486	1,457
Non-current assets	450	438
Assets held for sale	0	0
Current liabilities	353	336
Non-current liabilities	1,614	1,571
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	(31)	(12)
Holding Entities
Disclosure of information about consolidated structured entities [line items]
Current assets	9,332	8,780
Non-current assets	38,446	38,142
Assets held for sale	0	0
Current liabilities	8,969	7,587
Non-current liabilities	12,571	13,499
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	26,238	25,836
Additional holding entities and eliminations
Disclosure of information about consolidated structured entities [line items]
Current assets	189	196
Non-current assets	2,210	2,227
Assets held for sale	0	0
Current liabilities	1,618	1,356
Non-current liabilities	51	531
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	730	536
Consolidating Adjustments
Disclosure of information about consolidated structured entities [line items]
Current assets	(7,636)	(6,728)
Non-current assets	(2,711)	(4,172)
Assets held for sale	965	588
Current liabilities	2,917	4,272
Non-current liabilities	27,237	22,795
Liabilities associated with assets held for sale	4	396
Equity attributable to interests of others in operating subsidiaries and properties	13,152	13,001
Equity attributable to unitholders	(52,692)	(50,776)
Preference shares
Disclosure of information about consolidated structured entities [line items]
Preferred equity	699	699
Preference shares | Brookfield Property Partners L.P.
Disclosure of information about consolidated structured entities [line items]
Preferred equity	699	699
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, 2021USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)segment	Jun. 30, 2020USD ($)	Dec. 31, 2020USD ($)
Disclosure of operating segments [line items]
Number of reportable segments | segment			4
Total revenue	$ 1,660	$ 1,437	$ 3,110	$ 3,337
FFO	144	170	231	444
Total assets	111,304		111,304		$ 107,951
Total liabilities	69,075		69,075		66,428
Other revenue from tenants	242	245	477	507
Investment and other revenue	180	86	286	216
Core Office
Disclosure of operating segments [line items]
Total revenue	539	494	1,069	1,024
FFO	131	115	254	236
Total assets	38,147		38,147		36,547
Total liabilities	17,918		17,918		17,439
Lease revenue	356	347	733	715
Other revenue from tenants	118	105	226	221
Hospitality revenue	2	(2)	3	5
Investment and other revenue	63	44	107	83
Core Retail
Disclosure of operating segments [line items]
Total revenue	372	370	736	814
FFO	103	147	198	335
Total assets	31,028		31,028		31,466
Total liabilities	16,768		16,768		17,429
Lease revenue	271	273	538	569
Other revenue from tenants	67	73	132	148
Hospitality revenue	0	0	0	0
Investment and other revenue	34	24	66	97
Opportunistic
Disclosure of operating segments [line items]
Total revenue	747	571	1,302	1,495
FFO	40	(11)	34	38
Total assets	41,782		41,782		39,609
Total liabilities	27,295		27,295		25,076
Lease revenue	415	436	820	914
Other revenue from tenants	57	67	120	138
Hospitality revenue	194	52	252	411
Investment and other revenue	81	16	110	32
Corporate
Disclosure of operating segments [line items]
Total revenue	2	2	3	4
FFO	(130)	(81)	(255)	(165)
Total assets	347		347		329
Total liabilities	7,094		7,094		$ 6,484
Lease revenue	0	0	0	0
Other revenue from tenants	0	0	0	0
Hospitality revenue	0	0	0	0
Investment and other revenue	$ 2	$ 2	$ 3	$ 4

SEGMENT INFORMATION - Details o

SEGMENT INFORMATION - Details of Partnership's Operating Segments (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Disclosure of operating segments [line items]
Other revenue from tenants	$ 242	$ 245	$ 477	$ 507
Investment and other revenue	180	86	286	216
Revenue	1,660	1,437	3,110	3,337
Operating segments
Disclosure of operating segments [line items]
Lease revenue	1,042	1,056	2,091	2,198
Other revenue from tenants	242	245	478	507
Hospitality revenue	196	50	255	416
Investment and other revenue	180	86	286	216
Revenue	1,660	1,437	3,110	3,337
Core Office
Disclosure of operating segments [line items]
Lease revenue	356	347	733	715
Other revenue from tenants	118	105	226	221
Hospitality revenue	2	(2)	3	5
Investment and other revenue	63	44	107	83
Revenue	539	494	1,069	1,024
Core Retail
Disclosure of operating segments [line items]
Lease revenue	271	273	538	569
Other revenue from tenants	67	73	132	148
Hospitality revenue	0	0	0	0
Investment and other revenue	34	24	66	97
Revenue	372	370	736	814
Opportunistic
Disclosure of operating segments [line items]
Lease revenue	415	436	820	914
Other revenue from tenants	57	67	120	138
Hospitality revenue	194	52	252	411
Investment and other revenue	81	16	110	32
Revenue	747	571	1,302	1,495
Corporate
Disclosure of operating segments [line items]
Lease revenue	0	0	0	0
Other revenue from tenants	0	0	0	0
Hospitality revenue	0	0	0	0
Investment and other revenue	2	2	3	4
Revenue	$ 2	$ 2	$ 3	$ 4

SEGMENT INFORMATION - Reconcili

SEGMENT INFORMATION - Reconciliation of FFO (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Operating Segments [Abstract]
FFO	$ 144	$ 170	$ 231	$ 444
Depreciation and amortization of real estate assets	(46)	(66)	(91)	(135)
Fair value gains, net	498	(803)	1,138	(1,113)
Share of equity accounted income - non-FFO	105	(908)	181	(1,158)
Income tax expense	(87)	48	(192)	(113)
Non-controlling interests of others in operating subsidiaries and properties – non-FFO	(295)	306	(682)	336
Net income (loss) attributable to unitholders	319	(1,253)	585	(1,739)
Non-controlling interests of others in operating subsidiaries and properties	367	(259)	832	(146)
Net income (loss)	$ 686	$ (1,512)	$ 1,417	$ (1,885)

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - Major sale of business $ / shares in Units, $ in Billions	Jul. 26, 2021USD ($)$ / sharesshares
Disclosure of non-adjusting events after reporting period [line items]
Number of LP units sold for cash (in shares)	51,971,192
Number of LP units sold for Class A limited voting shares (in shares)	271,358,615
Number of LP units sold for preferred units (in shares)	17,970,971
Liquidation preference (in dollars per share) | $ / shares	$ 25
Percentage of shares elected to received	5453.16%
Percentage received in cash	93.05%
Percentage received in preferred units	6.95%
Cash consideration received | $	$ 3
Consideration - Class A shares (in shares)	59,279,263
Consideration - preferred units (in shares)	19,287,783
Sale Election One
Disclosure of non-adjusting events after reporting period [line items]
Consideration per share (in dollars per share) | $ / shares	$ 18.17
Sale Election Two
Disclosure of non-adjusting events after reporting period [line items]
Consideration per share (in dollars per share) | $ / shares	$ 7.69
Consideration received, number of shares of limited voting shares (in shares)	0.2185
Consideration received, number of shares of preferred units (in shares)	0.0230
Sale Election Three
Disclosure of non-adjusting events after reporting period [line items]
Consideration received, number of shares of preferred units (in shares)	0.7268