Cover Page
Cover Page | 12 Months Ended |
Dec. 31, 2021shares | |
Entity Listings [Line Items] | |
Document Type | 20-F |
Document Registration Statement | false |
Document Annual Report | true |
Document Transition Report | false |
Document Shell Company Report | false |
Entity File Number | 001-35505 |
Entity Registrant Name | Brookfield Property Partners L.P. |
Entity Incorporation, State or Country Code | D0 |
Entity Address, Address Line One | 73 Front Street |
Entity Address, City or Town | Hamilton |
Entity Address, Postal Zip Code | HM 12 |
Entity Address, Country | BM |
Entity Well-known Seasoned Issuer | No |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Large Accelerated Filer |
Entity Emerging Growth Company | false |
ICFR Auditor Attestation Flag | true |
Entity Shell Company | false |
Document Accounting Standard | International Financial Reporting Standards |
Entity Central Index Key | 0001545772 |
Current Fiscal Year End Date | --12-31 |
Document Period End Date | Dec. 31, 2021 |
Document Fiscal Year Focus | 2021 |
Document Fiscal Period Focus | FY |
Amendment Flag | false |
Entity Common Stock, Shares Outstanding | 0 |
Nasdaq Stock Market | 6.50% Class A Cumulative Redeemable Perpetual Units, Series 1 | |
Entity Listings [Line Items] | |
Title of 12(b) Security | 6.50% Class A Cumulative Redeemable Perpetual Units, Series 1 |
Trading Symbol | BPYPP |
Security Exchange Name | NASDAQ |
Nasdaq Stock Market | 6.375% Class A Cumulative Redeemable Perpetual Units, Series 2 | |
Entity Listings [Line Items] | |
Title of 12(b) Security | 6.375% Class A Cumulative Redeemable Perpetual Units, Series 2 |
Trading Symbol | BPYPO |
Security Exchange Name | NASDAQ |
Nasdaq Stock Market | 5.750% Class A Cumulative Redeemable Perpetual Units, Series 3 | |
Entity Listings [Line Items] | |
Title of 12(b) Security | 5.750% Class A Cumulative Redeemable Perpetual Units, Series 3 |
Trading Symbol | BPYPN |
Security Exchange Name | NASDAQ |
Nasdaq Stock Market | 6.25% Class A Cumulative Redeemable Units, Series 1 | |
Entity Listings [Line Items] | |
Title of 12(b) Security | 6.25% Class A Cumulative Redeemable Units, Series 1 |
Trading Symbol | BPYPM |
Security Exchange Name | NASDAQ |
Business Contact | |
Entity Listings [Line Items] | |
Contact Personnel Name | Bryan K. Davis |
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 |
City Area Code | 441 |
Local Phone Number | 294-3309 |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2021 | |
Auditor [Line Items] | |
Auditor Name | Deloitte LLP |
Auditor Location | Toronto, Canada |
Auditor Firm ID | 1208 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Non-current assets | ||
Investment properties | $ 64,613 | $ 72,610 |
Equity accounted investments | 20,807 | 19,719 |
Property, plant and equipment | 5,623 | 5,235 |
Goodwill | 832 | 1,080 |
Intangible assets | 964 | 982 |
Other non-current assets | 3,578 | 3,177 |
Loans and notes receivable | 152 | 139 |
Total non-current assets | 96,569 | 102,942 |
Current assets | ||
Loans and notes receivable | 73 | 77 |
Accounts receivable and other | 2,276 | 1,871 |
Cash and cash equivalents | 2,576 | 2,473 |
Total current assets | 4,925 | 4,421 |
Assets held for sale | 10,510 | 588 |
Total assets | 112,004 | 107,951 |
Non-current liabilities | ||
Debt obligations | 38,579 | 41,263 |
Capital securities | 3,024 | 2,384 |
Other non-current liabilities | 1,499 | 1,703 |
Deferred tax liabilities | 3,250 | 2,858 |
Total non-current liabilities | 46,352 | 48,208 |
Current liabilities | ||
Debt obligations | 13,742 | 13,074 |
Capital securities | 61 | 649 |
Accounts payable and other liabilities | 3,762 | 4,101 |
Total current liabilities | 17,565 | 17,824 |
Liabilities associated with assets held for sale | 3,082 | 396 |
Total liabilities | 66,999 | 66,428 |
Equity | ||
Limited partners | 8,805 | 11,709 |
General partner | 4 | 4 |
Non-controlling interests attributable to: | ||
Redeemable/exchangeable and special limited partnership units | 15,736 | 12,249 |
Limited partnership units of Brookfield Office Properties Exchange LP | 0 | 73 |
FV LTIP units of the Operating Partnership | 55 | 52 |
Class A shares of Brookfield Properties Retail Holding LLC (“BPYU”) | 0 | 1,050 |
Interests of others in operating subsidiaries and properties | 19,706 | 15,687 |
Total equity | 45,005 | 41,523 |
Total liabilities and equity | 112,004 | 107,951 |
Preferred equity | ||
Equity | ||
Preferred equity | $ 699 | $ 699 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Profit or loss [abstract] | |||
Commercial property revenue | $ 5,163 | $ 5,397 | $ 5,691 |
Hospitality revenue | 1,073 | 702 | 1,909 |
Investment and other revenue | 864 | 494 | 603 |
Total revenue | 7,100 | 6,593 | 8,203 |
Direct commercial property expense | 1,931 | 1,975 | 2,009 |
Direct hospitality expense | 910 | 908 | 1,518 |
Investment and other expense | 294 | 69 | 82 |
Interest expense | 2,593 | 2,592 | 2,924 |
General and administrative expense | 924 | 816 | 882 |
Total expenses | 6,652 | 6,360 | 7,415 |
Total fair value (losses) gains, net | 2,521 | (1,322) | 596 |
Share of net earnings from equity accounted investments | 1,020 | (749) | 1,969 |
Income (loss) before income taxes | 3,989 | (1,838) | 3,353 |
Income tax expense | 490 | 220 | 196 |
Net income (loss) | 3,499 | (2,058) | 3,157 |
Net income (loss) attributable to: | |||
Limited partners | 530 | (1,098) | 884 |
General partner | 0 | 0 | 0 |
Non-controlling interests attributable to: | |||
Redeemable/exchangeable and special limited partnership units | 716 | (1,119) | 896 |
Limited partnership units of Brookfield Office Properties Exchange LP | 2 | (7) | 6 |
FV LTIP units of the Operating Partnership | 3 | (4) | 1 |
Class A shares of Brookfield Properties Retail Holding LLC | 25 | (130) | 169 |
Interests of others in operating subsidiaries and properties | $ 2,223 | $ 300 | $ 1,201 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement of comprehensive income [abstract] | |||
Net income (loss) | $ 3,499 | $ (2,058) | $ 3,157 |
Items that may be reclassified to net income: | |||
Foreign currency translation | (277) | 737 | 63 |
Cash flow hedges | 95 | 116 | 21 |
Equity accounted investments | 54 | (58) | (50) |
Items that will not be reclassified to net income: | |||
Securities - fair value through other comprehensive income (“FVTOCI”) | (33) | 17 | (7) |
Share of revaluation surplus on equity accounted investments | 354 | (206) | 16 |
Remeasurement of defined benefit obligations | 0 | (1) | (1) |
Revaluation surplus | 811 | (191) | 281 |
Total other comprehensive income | 1,004 | 414 | 323 |
Total comprehensive income (loss) | 4,503 | (1,644) | 3,480 |
Limited partners | |||
Net income (loss) | 530 | (1,098) | 884 |
Other comprehensive income (loss) | 116 | 211 | 74 |
Comprehensive income attributable to Limited partners | 646 | (887) | 958 |
General partner | |||
Net income (loss) | 0 | 0 | 0 |
Other comprehensive income (loss) | 0 | 0 | 0 |
Comprehensive income attributable to General Partners | 0 | 0 | 0 |
Redeemable/exchangeable and special limited partnership units | |||
Net income (loss) | 716 | (1,119) | 896 |
Other comprehensive income (loss) | 200 | 215 | 74 |
Comprehensive income attributable to Redeemable/exchangeable and special limited partnership units | 916 | (904) | 970 |
Limited partnership units of Brookfield Office Properties Exchange LP | |||
Net income (loss) | 2 | (7) | 6 |
Other comprehensive income (loss) | 0 | 1 | 1 |
Comprehensive income (loss) attributable to Limited partnership units of Brookfield Office Properties Exchange LP | 2 | (6) | 7 |
FV LTIP units of the Operating Partnership | |||
FV LTIP units of the Operating Partnership | 3 | (4) | 1 |
Other comprehensive income (loss) | 1 | 1 | 0 |
Comprehensive income attributable to FV LTIP units of the Operating Partnership | 4 | (3) | 1 |
Class A shares of Brookfield Properties Retail Holding LLC | |||
Net income (loss) | 25 | (130) | 169 |
Other comprehensive income (loss) | 1 | 25 | 14 |
Comprehensive income attributable to interest in Brookfield Property REIT Inc. | 26 | (105) | 183 |
Interests of others in operating subsidiaries and properties | |||
Net income | 2,223 | 300 | 1,201 |
Other comprehensive income (loss) | 686 | (39) | 160 |
Comprehensive income attributable to Interests of others in operating subsidiaries and properties | 2,909 | 261 | 1,361 |
Total comprehensive income (loss) | $ 4,503 | $ (1,644) | $ 3,480 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - USD ($) $ in Millions | Total | Limited partners | General partner | CapitalPreferred equity | CapitalLimited partners | CapitalGeneral partner | Retained earningsLimited partners | Retained earningsGeneral partner | Ownership changesLimited partners | Ownership changesGeneral partner | Accumulated other compre-hensive (loss) incomeLimited partners | Accumulated other compre-hensive (loss) incomeGeneral partner | Non-controlling interestsRedeemable/ exchangeable and special limited partnership units | Non-controlling interestsLimited partnership units of Brookfield Office Properties Exchange LP | Non-controlling interestsFV LTIP units of the Operating Partnership | Non-controlling interestsClass A shares of Brookfield Properties Retail Holding LLCClass A | Non-controlling interestsInterests of others in operating subsidiaries and properties |
Beginning balance at Dec. 31, 2018 | $ 46,740 | $ 12,353 | $ 4 | $ 0 | $ 8,987 | $ 4 | $ 2,234 | $ 2 | $ 1,657 | $ 0 | $ (525) | $ 0 | $ 12,740 | $ 96 | $ 0 | $ 3,091 | $ 18,456 |
Net income (loss) | 3,157 | 884 | 884 | 896 | 6 | 1 | 169 | 1,201 | |||||||||
Other comprehensive income (loss) | 323 | 74 | 74 | 74 | 1 | 14 | 160 | ||||||||||
Total comprehensive income (loss) | 3,480 | 958 | 884 | 74 | 970 | 7 | 1 | 183 | 1,361 | ||||||||
Distributions | (4,491) | (573) | (573) | (580) | (4) | (1) | (108) | (3,225) | |||||||||
Preferred distributions | (15) | (15) | (15) | ||||||||||||||
Issuances / repurchases of equity interests in operating subsidiaries | (779) | (468) | 420 | (439) | 9 | (38) | (21) | 4 | (107) | (607) | |||||||
Exchange of exchangeable units | 0 | 10 | 8 | 2 | 2 | (12) | |||||||||||
Conversion of Class A shares of Brookfield Properties Retail Holding LLC | 0 | 1,065 | 701 | 364 | (1,065) | ||||||||||||
Change in relative interests of non-controlling interests | 0 | (56) | (25) | 1 | (31) | 89 | 31 | (64) | |||||||||
Ending balance at Dec. 31, 2019 | 44,935 | 13,274 | 4 | 420 | 9,257 | 4 | 2,539 | 2 | 1,960 | (1) | (482) | (1) | 13,200 | 87 | 35 | 1,930 | 15,985 |
Net income (loss) | (2,058) | (1,098) | (1,098) | (1,119) | (7) | (4) | (130) | 300 | |||||||||
Other comprehensive income (loss) | 414 | 211 | 211 | 215 | 1 | 1 | 25 | (39) | |||||||||
Total comprehensive income (loss) | (1,644) | (887) | (1,098) | 211 | (904) | (6) | (3) | (105) | 261 | ||||||||
Distributions | (2,167) | (583) | (583) | (587) | (4) | 2 | (68) | (923) | |||||||||
Preferred distributions | (42) | (20) | (20) | (20) | (2) | ||||||||||||
Issuances / repurchases of equity interests in operating subsidiaries | 441 | (231) | 279 | (857) | (352) | 1,012 | (34) | 198 | 5 | (174) | 364 | ||||||
Exchange of exchangeable units | 0 | 3 | 2 | 1 | 0 | 1 | (4) | ||||||||||
Conversion of Class A shares of Brookfield Properties Retail Holding LLC | 0 | 337 | 160 | 177 | (337) | ||||||||||||
Change in relative interests of non-controlling interests | 0 | (184) | (140) | (44) | 361 | 17 | (194) | ||||||||||
Ending balance at Dec. 31, 2020 | 41,523 | 11,709 | 4 | 699 | 8,562 | 4 | 486 | 2 | 3,010 | (1) | (349) | (1) | 12,249 | 73 | 52 | 1,050 | 15,687 |
Net income (loss) | 3,499 | 530 | 530 | 716 | 2 | 3 | 25 | 2,223 | |||||||||
Other comprehensive income (loss) | 1,004 | 116 | 116 | 200 | 1 | 1 | 686 | ||||||||||
Total comprehensive income (loss) | 4,503 | 646 | 530 | 116 | 916 | 2 | 4 | 26 | 2,909 | ||||||||
Distributions | (4,173) | (358) | (358) | (504) | (1) | (2) | (13) | (3,295) | |||||||||
Preferred distributions | (44) | (19) | (19) | (24) | (1) | ||||||||||||
Issuances / repurchases of equity interests in operating subsidiaries | 3,688 | 23 | 2 | 17 | 4 | 1,630 | (30) | 2,065 | |||||||||
Privatization of the Partnership | (491) | (3,454) | (2,872) | (199) | (483) | 100 | 1,502 | (71) | 3 | (811) | 2,340 | ||||||
Exchange of exchangeable units | (1) | 2 | 2 | 1 | (1) | (3) | |||||||||||
Conversion of Class A shares of Brookfield Properties Retail Holding LLC | 0 | 241 | 167 | 74 | (241) | ||||||||||||
Change in relative interests of non-controlling interests | 0 | 15 | (8) | 23 | (33) | (2) | 20 | ||||||||||
Ending balance at Dec. 31, 2021 | $ 45,005 | $ 8,805 | $ 4 | $ 699 | $ 5,861 | $ 4 | $ 457 | $ 2 | $ 2,598 | $ (1) | $ (111) | $ (1) | $ 15,736 | $ 0 | $ 55 | $ 0 | $ 19,706 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Operating activities | |||
Net income (loss) | $ 3,499 | $ (2,058) | $ 3,157 |
Share of equity accounted earnings, net of distributions | (848) | 1,367 | (1,499) |
Fair value (gains) losses, net | (2,521) | 1,322 | (596) |
Deferred income tax expense (benefit) | 356 | 162 | 32 |
Depreciation and amortization | 308 | 319 | 341 |
Working capital and other | (188) | 220 | (811) |
Cash flows from (used in) operating activities | 606 | 1,332 | 624 |
Financing activities | |||
Debt obligations, issuance | 16,010 | 11,392 | 23,797 |
Debt obligations, repayments | (15,704) | (9,821) | (21,127) |
Capital securities, issued | 932 | 0 | 0 |
Capital securities, redeemed | (301) | (13) | (420) |
Preferred equity, issued | 0 | 278 | 420 |
Non-controlling interests, issued | 4,624 | 350 | 1,432 |
Non-controlling interests, purchased | (263) | (30) | (15) |
Repayment of lease liabilities | (23) | (22) | (17) |
Limited partnership units, issued | 0 | 738 | 13 |
Issuances to redeemable/exchangeable and special limited partnership unitholders | 1,252 | 225 | 0 |
Cash flows from (used in) financing activities | (666) | (215) | (892) |
Acquisitions | |||
Investment properties | (2,107) | (2,306) | (4,549) |
Property, plant and equipment | (156) | (169) | (372) |
Equity accounted investments | (688) | (522) | (684) |
Financial assets and other | (1,290) | (1,169) | (2,120) |
Acquisition of subsidiaries | 35 | 0 | 0 |
Dispositions | |||
Investment properties | 2,431 | 2,252 | 4,200 |
Property, plant and equipment | 373 | 29 | 17 |
Equity accounted investments | 796 | 124 | 1,109 |
Financial assets and other | 1,267 | 1,273 | 1,775 |
Disposition of subsidiaries | (203) | 522 | 43 |
Cash impact of deconsolidation | 0 | (32) | (1,132) |
Restricted cash and deposits | (276) | (101) | 102 |
Cash flows from (used in) investing activities | 182 | (99) | (1,611) |
Cash and cash equivalents | |||
Net change in cash and cash equivalents during the year | 122 | 1,018 | (1,879) |
Effect of exchange rate fluctuations on cash and cash equivalents held in foreign currencies | (19) | 17 | 29 |
Balance, beginning of year | 2,473 | 1,438 | 3,288 |
Balance, end of year | 2,576 | 2,473 | 1,438 |
Cash paid for: | |||
Income taxes, net of refunds received | 67 | 107 | 253 |
Interest (excluding dividends on capital securities) | 2,312 | 2,276 | 2,476 |
Exchange LP Units | |||
Financing activities | |||
Repurchased units | (18) | 0 | 0 |
Limited partners | |||
Operating activities | |||
Net income (loss) | 530 | (1,098) | 884 |
Financing activities | |||
Repurchased units | (2,660) | (935) | (452) |
Distributions | (358) | (583) | (573) |
Class A shares of Brookfield Properties Retail Holding LLC | |||
Financing activities | |||
Repurchased units | (370) | (171) | (102) |
Distributions | (13) | (68) | (108) |
Interests of others in operating subsidiaries and properties | |||
Financing activities | |||
Distributions | (3,223) | (920) | (3,140) |
Preferred distributions | |||
Financing activities | |||
Distributions | (44) | (42) | (15) |
Redeemable/ exchangeable and special limited partnership units | |||
Financing activities | |||
Distributions | (504) | (587) | (580) |
Limited partnership units of Brookfield Office Properties Exchange LP | |||
Financing activities | |||
Distributions | (1) | (4) | (4) |
FV LTIP units of the Operating Partnership | |||
Financing activities | |||
Distributions | $ (2) | $ (2) | $ (1) |
ORGANIZATION AND NATURE OF THE
ORGANIZATION AND NATURE OF THE BUSINESS | 12 Months Ended |
Dec. 31, 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,” “BAM,” 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 investment is a 36% managing general partnership units (“GP Units”) interest in Brookfield Property L.P. (the “Operating Partnership”). 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”) were delisted from the Nasdaq Stock Market (“Nasdaq”) and the Toronto Stock Exchange (“TSX”) on July 26, 2021. See Note 3, Privatization of the Partnership for further information. The partnership’s 6.50% Preferred Units, Series 1, 6.375% Preferred Units, Series 2, 5.75% Preferred Units, Series 3, and Brookfield Property Preferred L.P.’s (“New LP”) 6.25% Preferred Units, Series 1 are traded on the Nasdaq under the symbols “BPYPP”, “BPYPO”, “BPYPN”, and “BPYPM” respectively. The New LP 6.25% Preferred Units, Series 1 are also traded on the TSX under the symbol “BPYP.PR.A”. The registered head office and principal place of business of the partnership is 73 Front Street, 5th Floor, Hamilton HM 12, Bermuda. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Significant Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES a) Statement of compliance These consolidated financial statements of the partnership and its subsidiaries have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). The consolidated financial statements were approved and authorized for issue by the Board of Directors of the partnership on February 25, 2022. b) Basis of presentation These consolidated financial statements have been prepared on a going concern basis and are presented in United States (“U.S.”) Dollars rounded to the nearest million unless otherwise indicated. (i) Subsidiaries The consolidated financial statements include the accounts of the partnership and its subsidiaries over which the partnership has control. Control exists when the partnership has power over its investee, has exposure, or rights, to variable returns from its involvement with the investee and has the ability to use its power over the investee to affect the amount of its returns. The partnership considers all relevant facts and circumstances in assessing whether or not the partnership’s interests in the investee are sufficient to give it power over the investee. Consolidation of a subsidiary begins on the date on which the partnership obtains control over the subsidiary and ceases when the partnership loses control over the subsidiary. Income and expenses of a subsidiary acquired or disposed of during a reporting period are consolidated only for the period when the partnership has control over the subsidiary. Changes in the partnership’s ownership interests in subsidiaries that do not result in loss of control over the subsidiary are accounted for as equity transactions whereby the difference between the amount by which the non-controlling interests are adjusted and the fair value of the consideration paid or received, are recognized directly in equity and attributed to owners of the partnership. All accounts and transactions among the partnership and its subsidiaries are eliminated on consolidation. In cases where a subsidiary reports under a different accounting policy, adjustments are made to the financial statements of the subsidiary to present its financial position and financial performance in accordance with the partnership’s accounting policy. Net income and each component of other comprehensive income are attributed to owners of the partnership and to non-controlling interests. During the third quarter of 2021, Brookfield Asset Management acquired all LP Units and limited partnership units of Brookfield Office Properties Exchange LP (“Exchange LP”) Units that it did not previously own (“Privatization”), in exchange for cash consideration, BAM class A limited voting shares (“BAM shares”) and BPY preferred units (“New LP Preferred Units”). See Note 3, Privatization of the Partnership for further discussion. Non-controlling interests in the partnership’s operating subsidiaries and properties, redeemable/exchangeable partnership units of the Operating Partnership (“Redeemable/Exchangeable Partnership Units” or “REUs”), special limited partnership units of the Operating Partnership (“Special LP Units”), Exchange LP Units, FV LTIP units of the Operating Partnership (“FV LTIP Units”) and Class A stock of Brookfield Properties Retail Holding LLC (“BPYU Units”) are presented separately in equity on the consolidated balance sheets. No Exchange LP Units or BPYU Units are held by public holders following the Privatization. The Redeemable/Exchangeable Partnership Units have the same economic attributes as LP Units and prior to the Privatization, Exchange LP Units and BPYU Units had the same economic attributes as LP Units. Accordingly, the net income and components of other comprehensive income allocated to these units are equivalent to that allocated to the LP Units (on a per unit basis). Net income and the components of comprehensive income of the partnership’s operating subsidiaries and properties are generally allocated between the partnership and non-controlling equity holders based on the relative proportion of equity interests. Certain of the partnership’s subsidiaries are subject to profit sharing arrangements with affiliated entities who hold non-controlling interests that result in allocation of income on an other than proportionate basis if specified targets are met. In these circumstances, net income is allocated between the partnership and non-controlling interests based on proportionate equity interest until the attribution of profits under the agreement is no longer subject to adjustment based on future events. In the period that allocation of the subsidiary’s cumulative earnings under the profit-sharing arrangement is no longer subject to adjustment, it is recognized as a fair value loss attributable to unitholders for the period. (ii) Associates and joint ventures An associate is an entity over which the partnership has significant influence. Significant influence is the power to participate in the financial and operating policy decisions of the investee. The partnership is presumed to have significant influence when it holds 20 percent or more of the voting rights of an investee, unless it can be clearly demonstrated that this is not the case. The partnership does not control its associates. A joint arrangement is an arrangement in which two or more parties have joint control. Joint control is the contractually agreed upon sharing of control where decisions about the relevant activities require the unanimous consent of the parties sharing control. A joint venture is a joint arrangement where the parties that have joint control have rights to the net assets of the arrangement. None of the parties involved have unilateral control of a joint venture. The partnership accounts for its interests in associates and joint ventures using the equity method of accounting. Under the equity method, investment balances in an associate or joint venture are carried on the consolidated balance sheets at initial cost as adjusted for the partnership’s proportionate share of profit or loss and other comprehensive income of the joint venture or associate. When an interest in an associate or joint venture is initially acquired or increases, the partnership determines its share of the net fair value of the identifiable assets and liabilities of the investee that it has acquired, consistent with the procedure performed when acquiring control of a business. Goodwill relating to an associate or joint venture, represented as an excess of the cost of the investment over the net fair value of the partnership’s share of the net fair value of the identifiable assets and liabilities, is included in the carrying amount of the investment. Any excess of the partnership’s share of the net fair value of the associate’s or joint venture’s identifiable assets and liabilities over the cost of the investment results in a gain that is included in the partnership’s share of the associate or joint venture’s profit or loss in the period in which the investment is acquired or increases. The partnership determines at the end of each reporting period whether there exist any indications that an investment may be impaired. If any such indication exists, the partnership estimates the recoverable amount of the asset, which is the higher of (i) fair value less costs to sell and (ii) value in use. Value in use is the present value of the future cash flows expected to be derived from such an investment and may result in a measure which is different from fair value less costs to sell. For equity accounted investments, for which quoted market prices exist, the partnership also considers whether a significant or prolonged decline in the fair value of the equity instrument below its carrying value is also objective evidence of impairment. When the partnership transacts with a joint venture or an associate, any gain or loss is eliminated only to the extent of the partnership’s proportionate share and the remaining amounts are recognized in the partnership’s consolidated financial statements. Outstanding balances between the partnership and jointly controlled entities are not eliminated on the balance sheet. (iii) Joint operations A joint operation is a joint arrangement whereby the parties that have joint control of the arrangement have rights to assets and obligations for liabilities relating to the arrangement. This usually results from direct interests in the assets and liabilities of an investee rather than through the establishment of a separate legal entity. None of the parties involved have unilateral control of a joint operation. The partnership recognizes its assets, its liabilities and its share of revenues and expenses of the joint operations in accordance with the IFRS applicable to the particular assets, liabilities, revenues and expenses. When the partnership sells or contributes assets to a joint operation in which it is a joint operator, the partnership is considered to be conducting transactions with the other parties to the joint operation, and any gain or loss resulting from the transactions is recognized in the partnership’s consolidated financial statements only to the extent of the other parties’ interests in the joint operation. When the partnership purchases an asset from a joint operation in which it is a joint operator, the partnership does not recognize its share of the gain or loss until those assets are resold to a third party. c) Foreign currency translation and transactions The U.S. Dollar is the functional currency and presentation currency of the partnership. The functional currency of each of the partnership’s subsidiaries, associates, joint ventures and joint operations is determined based on their primary economic environment, the currency in which funds from financing activities are generated and the currency in which receipts from operating activities are usually retained. Subsidiaries, associates or joint ventures having a functional currency other than the U.S. Dollar translate the carrying amounts of their assets and liabilities when reporting to the partnership at the rate of exchange prevailing as of the balance sheet date, and their revenues and expenses at average exchange rates during the quarterly reporting period. Any gains or losses on foreign currency translation are recognized by the partnership in other comprehensive income. On disposition or partial disposition resulting in the loss of control of a foreign operation, the accumulated foreign currency translation relating to that foreign operation is reclassified to fair value gain or loss in net income. On partial disposal of a foreign operation in which control is retained, the proportionate share of the accumulated foreign currency translation relating to that foreign operation is reattributed to the non-controlling interests. The partnership’s foreign currency transactions are translated into the functional currency using exchange rates as of the date of the transactions. At the end of each reporting period, foreign currency denominated monetary assets and liabilities are translated to the functional currency using the exchange rate prevailing as of the balance sheet date with any gain or loss recognized in net income, except for those related to monetary liabilities qualified as hedges of the partnership’s investment in foreign operations or intercompany loans with foreign operations for which settlement is neither planned nor likely to occur in the foreseeable future, which are included in other comprehensive income. Non-monetary assets and liabilities measured at fair value are translated at the exchange rate prevailing as of the date when the fair value was determined. Foreign currency denominated non-monetary assets and liabilities, measured at historic cost, are translated at the rate of exchange at the transaction date. d) Cash and cash equivalents Cash and cash equivalents includes cash on hand and all non-restricted highly liquid investments with original maturities of three months or less. e) Investment properties Investment properties consists of commercial properties which are principally held to earn rental income and commercial developments that are being constructed or developed for future use as commercial properties. Investment properties are measured initially at cost, or fair value if acquired in a business combination (see Note 2(p), Business Combinations , for further discussion). The cost of commercial development properties includes direct development costs, realty taxes, borrowing costs directly attributable to the development and administrative costs, e.g., salaries and overhead that are specifically attributable to a development project. The partnership elects the fair value model for all investment properties and measures them at fair value subsequent to initial recognition on the consolidated balance sheet. As a result, it is not necessary to assess the carrying amounts of the investment properties for impairment. Substantially all of the partnership’s investment properties are valued using one of two accepted income approaches, the discounted cash flow approach or the direct capitalization approach. Under the discounted cash flow approach, cash flows for each property are forecast for an assumed holding period, generally, ten years. A capitalization rate is applied to the terminal year net operating income and an appropriate discount rate is applied to those cash flows to determine a value at the reporting date. Under the direct capitalization method, a capitalization rate is applied to estimated stabilized annual net operating income to determine value. In accordance with its policy, the partnership generally measures and records its commercial properties and developments using valuations prepared by management. However, for certain subsidiaries, the partnership relies on quarterly or annual valuations prepared by external valuation professionals. Where an external appraisal is obtained for a property that is valued using a model developed by management, the partnership compares the results of those external appraisals to its internally prepared values and reconciles significant differences when they arise. Discount and terminal capitalization rates are verified by comparing to market data, third party reports, research material and brokers opinions. Where there has been a recent market transaction for a specific property, such as an acquisition or sale of a partial interest, the partnership values the property on that basis. Certain of the partnership’s investment properties are right-of-use assets arising from leases where the partnership is the lessee, which are subsequently measured at fair value (see Note 2(j), Leases , for further discussion). Borrowing costs associated with direct expenditures on properties under development or redevelopment are capitalized. Borrowing costs are also capitalized on those properties acquired specifically for redevelopment in the short-term where activities necessary to prepare them for redevelopment are in progress. The amount of borrowing costs capitalized is determined first by borrowings specific to a property where relevant, and then by applying a weighted average borrowing cost to eligible expenditures after adjusting for borrowings specific to other developments. Where borrowings are associated with specific developments, the amount capitalized is the gross borrowing costs incurred less any incidental investment income. Borrowing costs are capitalized from the commencement of the development until the date of practical completion. The capitalization of borrowing costs is suspended if there are prolonged periods when development activity is interrupted. The partnership considers practical completion to have occurred when the property is capable of operating in the manner intended by management. Generally this occurs upon completion of construction and receipt of all necessary occupancy and other material permits. Where the partnership has pre-leased space as of or prior to the start of the development and the lease requires the partnership to construct tenant improvements which enhance the value of the property, practical completion is considered to occur on completion of such improvements. Initial direct leasing costs incurred by the partnership in negotiating and arranging tenant leases are included in the cost of investment properties. f) Assets held for sale Non-current assets and groups of assets and liabilities which comprise disposal groups are presented as assets held for sale where the asset or disposal group is available for immediate sale in its present condition, and the sale is highly probable. For this purpose, a sale is highly probable if management is committed to a plan to achieve the sale; there is an active program to find a buyer; the non-current asset or disposal group is being actively marketed for sale at a price that is reasonable in relation to its current fair value; the sale is anticipated to be completed within one year from the date of classification; and it is unlikely there will be significant changes to the plan or that the plan will be withdrawn. Non-current assets and disposal groups held for sale that are not investment properties are recorded at the lower of carrying amount and fair value less costs to sell on the consolidated balance sheet. Any gain or loss arising from the change in measurement basis as a result of reclassification is recognized in the profit or loss at the time of reclassification. Investment properties that are held for sale are recorded at fair value determined in accordance with IFRS 13, Fair Value Measurement . Where a component of an entity has been disposed of, or is classified as held for sale, and it represents a separate major line of business or geographical area of operations or is a subsidiary acquired exclusively with a view to resale, the related results of operations and gain or loss on reclassification or disposition are presented in discontinued operations. g) Hospitality assets The partnership accounts for its investments in hospitality properties as property, plant and equipment under the revaluation model. Hospitality properties are recognized initially at cost if acquired in an asset acquisition, or fair value if acquired in a business combination (see Note 2(p), Business Combinations , for further discussion) and subsequently carried at fair value at the revaluation date less any accumulated impairment and subsequent accumulated depreciation. The partnership evaluates the carrying amount of hospitality properties when events or circumstances indicate there may be an impairment. The partnership depreciates these assets on a straight-line basis over their relevant estimated useful lives. Fair values of hospitality properties are determined using a depreciated replacement cost method based on the age, physical condition and the construction costs of the assets. Fair value estimates for hospitality properties represent the estimated fair value of the property, plant and equipment of the hospitality business only and do not include any associated intangible assets. Revaluations of hospitality properties are performed annually at December 31, the end of the fiscal year. Where the carrying amount of an asset is increased as a result of a revaluation, the increase is recognized in other comprehensive income and accumulated in equity within revaluation surplus, unless the increase reverses a previously recognized revaluation loss recorded through prior period net income, in which case that portion of the increase is recognized in net income. Where the carrying amount of an asset is decreased, the decrease is recognized in other comprehensive income to the extent of any balance existing in revaluation surplus in respect of the asset, with the remainder recognized in net income. Revaluation gains are recognized in other comprehensive income, and are not subsequently recycled into profit or loss. The cumulative revaluation surplus is transferred directly to retained earnings when the asset is derecognized. Certain of the partnership’s hospitality assets are right-of-use assets arising from leases where the partnership is the lessee, which are subsequently measured on a depreciated cost basis since they represent a separate class of property, plant and equipment to the partnership’s owned hospitality assets (see Note 2(j), Leases , for further discussion). h) Inventory Develop-for-sale multifamily projects, residential development lots, homes and residential condominium projects are recorded in inventory. Residential development lots are recorded at the lower of cost, including pre-development expenditures and capitalized borrowing costs, and net realizable value, which the partnership determines as the estimated selling price of the inventory in the ordinary course of business in its completed state, less estimated expenses, including holding costs, costs to complete and costs to sell. Certain of the partnership’s inventory are right-of-use assets arising from leases where the partnership is the lessee, which are subsequently measured at cost subject to impairment (see Note 2(j), Leases , for further discussion). i) Fair value measurement Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, regardless of whether that price is directly observable or estimated using another valuation technique. In estimating the fair value of an asset or a liability, the partnership takes into account the characteristics of the asset or liability and how market participants would take those characteristics into account when pricing the asset or liability at the measurement date. Inputs to fair value measurement techniques are disaggregated into three hierarchical levels, which are directly based on the degree to which inputs to fair value measurement techniques are observable by market participants: • Level 1 – Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date. • Level 2 – Inputs (other than quoted prices included in Level 1) are either directly or indirectly observable for the asset or liability through correlation with market data at the measurement date and for the duration of the asset’s or liability’s anticipated life. • Level 3 – Inputs are unobservable and reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs in determining the estimate. Fair value measurements are adopted by the partnership to calculate the carrying amounts of various assets and liabilities. j) Leases The partnership determines at the inception of a contract if the arrangement is, or contains, a lease. A lease conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Lease components and non-lease components are separated on a relative stand-alone selling price basis for the partnership’s leases as lessor. For the partnership’s leases as lessee, the partnership applies the practical expedient which is available by asset class not to allocate contract consideration between lease and non-lease components. The partnership determines whether a contract contains a lease on the basis of whether the customer has the right to control the use of an identified asset for a period of time in exchange for consideration. The partnership recognizes a right-of-use (“ROU”) asset and a corresponding lease liability with respect to all lease agreements in which it is the lessee, except for leases with a lease term of 12 months or less (“short-term leases”) and leases of low value assets (“low-value leases”). For these leases, the partnership recognizes the lease payments as an expense on a straight-line basis over the lease term. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the rate implicit in the lease if that rate can be readily determined. If the rate implicit in the lease cannot be readily determined, the partnership uses the incremental borrowing rate. The incremental borrowing rate is the rate of interest that a lessee would have to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of similar value to the ROU asset in a similar economic environment. This rate is expected to be similar to the interest rate implicit in the lease. Where a lease contains a parental guarantee, the incremental borrowing rate may be determined with reference to the parent rather than the lessee. The partnership uses a single discount rate to account for portfolios of leases with similar characteristics. Lease payments included in the measurement of the lease liability is comprised of i) fixed lease payments, less any lease incentives; ii) variable lease payments that depend on an index or rate, initially measured using the index or rate at the commencement date; iii) the amount expected to be payable by the lessee under residual value guarantees; iv) the exercise price of purchase options, if the lessee is reasonably certain to exercise the options; and v) payments of penalties for terminating the lease, if the lease term reflects the exercise of an option to terminate the lease. Lease liabilities are presented in Accounts payable and other liabilities (current) and Other non-current liabilities (non-current) on the consolidated balance sheets. Lease liabilities are subsequently measured under the effective interest method that is increased by the interest expense on the lease liabilities recognized on the consolidated statements of income and reduced by lease payments made that are recognized in the consolidated statements of cash flows. Lease payments not included in the measurement of lease liabilities continue to be recognized in the direct commercial property expense, direct hospitality expense or general and administrative expense lines on the consolidated statements of income. A ROU asset comprises the initial measurement of the corresponding lease liability, lease payments made at or before the commencement day and any initial direct costs. ROU assets classified as investment properties are subsequently measured at fair value. ROU assets classified as property, plant and equipment are subsequently measured on a depreciated cost basis over the lease term. If such a lease transfers ownership of the underlying asset or the cost of the ROU asset reflects that the partnership expects to exercise a purchase option, the related ROU asset is depreciated over the useful life of the underlying asset. The depreciation starts at the commencement date of the lease. ROU assets classified as inventory are subsequently carried at cost subject to impairment. ROU assets are presented in the respective lines based on their classification on the consolidated balance sheets. Whenever the partnership incurs an obligation for costs to dismantle and remove a leased asset, restore the site on which it is located or restore the underlying asset to the condition required by the terms and conditions of the lease, a provision is recognized and measured under IAS 37 - Provision, Contingent Liabilities, and Contingent Assets. The costs are included in the related ROU asset. The partnership remeasures lease liabilities and makes a corresponding adjustment to the related ROU assets when i) the lease term has changed or there is a change in the assessment of exercise of a purchase option, in which case the lease liability is remeasured by discounting the revised lease payments using a revised discount rate; ii) the lease payments have changed due to changes in an index or rate or a change in expected payment under a guaranteed residual value, in which cases the lease liability is remeasured by discounting the revised lease payments using the initial discount rate (unless the lease payments change is due to a change in a floating interest rate, in which case a revised discount rate is used); or iii) a lease contract is modified and the lease modification is not accounted for as a separate lease, in which case the lease liability is remeasured by discounting the revised lease payments using a revised discount rate. The partnership early adopted COVID-19 Related Rent Concessions, Amendment to IFRS 16 - Leases (“2020 IFRS 16 Amendment”) as of April 1, 2020. The 2020 IFRS 16 Amendment provides the partnership as lessee only with an optional exemption from assessing whether rent concessions related to COVID-19 meeting certain conditions are lease modifications. Such qualifying rent concessions are accounted for as if they are not lease modifications, generally resulting in the effects of rent abatements being recognized as variable lease payments. The partnership has applied the practical expedient to all such qualifying rent concessions. The adoption of the 2020 IFRS 16 Amendment did not have a material impact on the results of the partnership. The partnership adopted COVID-19 Related Rent Concessions beyond June 30 2021, Amendment to IFRS 16 – Leases (“2021 IFRS 16 Amendment”) as of January 1, 2021 in advance of its April 1, 2021 mandatory effective date. The 2021 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 2021 IFRS 16 Amendment did not have a material impact on the results of the partnership. k) Intangible assets Intangible assets acquired in a business combination and recognized separately from goodwill are initially recognized at fair value at the acquisition date. The partnership’s intangible assets are comprised primarily of trademarks and licensing agreements. Subsequent to initial recognition, intangible assets with a finite life are measured at cost less accumulated amortization and impairment losses. Amortization is calculated on a straight-line basis over the estimated useful life of the intangible asset and is recognized in net income for the respective reporting period. Intangible assets with an indefinite life are measured at cost as adjusted for subsequent impairment. Impairment tests for intangible assets with an indefinite life are performed annually. Impairment losses previously taken may be subsequently reversed in net income of future reporting periods. l) Goodwill Goodwill represents the excess of the acquisition price paid for a business combination over the fair value of the net identifiable tangible and intangible assets and liabilities acquired. Upon initial recognition, goodwill is allocated to the cash-generating unit to which it relates. The partnership identifies a cash-generating unit as the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other assets or group of assets. The partnership evaluates the carrying amount of goodwill annually as of December 31 or more often when events or circumstances indicate there may be an impairment. The partnership’s goodwill impairment test is performed at the cash-generating unit level. If assets within a cash-generating unit or the cash-generating unit are impaired, impairments are taken for those assets or the cash-generating unit before any goodwill impairment test is performed. In assessing whether goodwill is impaired, the partnership assesses if the carrying value of a cash-generating unit, including the allocated goodwill, exceeds its recoverable amount determined as the greater of the estimated fair value less costs to sell and the present value of future cash flows expected from the cash-generating unit. Impairment losses recognized first reduce the carrying value of goodwill and any excess is allocated to the carrying amount of assets in the cash-generating unit. Any goodwill impairment is charged to net income in the respective reporting period. Impairment losses on goodwill are not subs |
PRIVATIZATION OF THE PARTNERSHI
PRIVATIZATION OF THE PARTNERSHIP | 12 Months Ended |
Dec. 31, 2021 | |
Privatization of Partnership [Abstract] | |
PRIVATIZATION OF THE PARTNERSHIP | PRIVATIZATION OF THE PARTNERSHIP During the first quarter of 2021, Brookfield Asset Management announced a proposal to acquire all LP Units and Exchange LP Units that it did not previously own for $18.17 cash per unit, BAM shares, or New LP Preferred Units (see Note 15, Capital Securities for further information), subject to pro-ration. On July 16, 2021, the Privatization was approved by the unitholders. On July 26, 2021, BAM completed the Privatization and the acquisition of all BPYU Units that it did not previously own. The LP Units were delisted from the TSX and Nasdaq at market close on July 26, 2021. The BPYU Units were delisted from Nasdaq at market close on the same date. The New LP Preferred Units issued in the privatization began trading on the TSX under the symbol “BPYP.PR.A” and Nasdaq under the symbol “BPYPM” on July 27, 2021. Based on unitholder elections, together with the amounts to be delivered to holders of BPYU Units, an aggregate of 51,971,192 units elected for cash, 271,358,615 units elected for BAM shares and 17,970,971 units elected for New LP Preferred Units. 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 New LP Preferred Units. Unitholders who made an election to receive 100% of their consideration in cash received $18.17 in cash and Unitholders who made an election to receive 100% of their consideration in New LP Preferred Units received 0.7268 New LP Preferred Units per LP Unit. Cash consideration of approximately $3.0 billion was paid by the partnership, whilst BAM distributed 59,279,263 BAM Class A shares and 19,287,783 New LP Preferred Units to holders of LP Units, BPYU Units and Exchange LP Units. The cash consideration was funded to the partnership by BAM in exchange for approximately $2.5 billion non-voting common equity of a BPY subsidiary which is accounted for as non-controlling interests by BPY (“Canholdco Common Shares”) with the remainder for New LP Preferred Units. The New LP Preferred Units were recognized at a fair value of approximately $474 million upon issuance and classified as a financial liability under the amortized cost basis on the balance sheet. The impacts of the Privatization are disclosed separately in the Consolidated Statements of Changes in Equity. The Privatization was accounted for by the partnership as a redemption of LP Units, Exchange LP Units and BPYU Units for cash and REUs. The difference between the carrying value of the redeemed LP Units, Exchange LP Units, and BPYU Units and the fair value of the consideration paid was recognized in Ownership Changes and was attributed pro-rata to the remaining LP Units and the REUs. After the Privatization, all of the outstanding LP Units are owned by BAM. No Exchange LP Units or BPYU Units are held by public holders following the Privatization. In connection with the Privatization, approximately $250 million of preferred equity of BPYU was fully redeemed for cash. See Note 28, Unit-Based Compensation for information on the impact to unit-based compensation resulting from the Privatization. Subsequent to the Privatization, there are no longer publicly traded LP Units. As such, earnings per unit is no longer presented. |
INVESTMENT PROPERTIES
INVESTMENT PROPERTIES | 12 Months Ended |
Dec. 31, 2021 | |
Investment property [abstract] | |
INVESTMENT PROPERTIES | INVESTMENT PROPERTIES The following table presents a roll forward of investment property balances for the years ended December 31, 2021 and 2020: Year ended Dec. 31, 2021 Year ended Dec. 31, 2020 (US$ Millions) Commercial Commercial Total Commercial Commercial Total Balance, beginning of year $ 70,294 $ 2,316 $ 72,610 $ 71,565 $ 3,946 $ 75,511 Changes resulting from: Property acquisitions 491 80 571 647 108 755 Capital expenditures 796 758 1,554 1,140 857 1,997 Property dispositions (1) (1,299) (351) (1,650) (2,339) (21) (2,360) Fair value (losses) gains, net 1,791 171 1,962 (1,607) 219 (1,388) Foreign currency translation (558) (37) (595) 322 (44) 278 Transfers between commercial properties and commercial developments 635 (635) — 2,709 (2,709) — Reclassifications of assets held for sale and other changes (9,837) (2) (9,839) (2,143) (40) (2,183) Balance, end of year (2) $ 62,313 $ 2,300 $ 64,613 $ 70,294 $ 2,316 $ 72,610 (1) Property dispositions represent the carrying value on date of sale. (2) Includes right-of-use commercial properties and commercial developments of $557 million and $24 million, respectively, as of December 31, 2021 (2020 - $729 million and $10 million, respectively). Current lease liabilities of $118 million (2020 - $35 million) has been included in accounts payable and other liabilities and non-current lease liabilities of $558 million (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 these financial statements. 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 to support its internal valuations. 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, as discussed on Note 6, Equity Accounted Investments , 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. The key valuation metrics for the partnership’s consolidated commercial properties are set forth in the following tables below on a weighted-average basis: Dec. 31, 2021 Dec. 31, 2020 Consolidated properties Primary valuation Discount Terminal Investment Discount Terminal Investment Core Office Discounted cash flow United States Discounted cash flow 7.0 % 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 6.1 % 5.3 % 10 6.6 % 5.7 % 10 Europe Discounted cash flow 4.9 % 3.8 % 10 5.2 % 3.8 % 10 Brazil Discounted cash flow 7.7 % 7.3 % 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 % 6.7 % 10 8.7 % 7.0 % 10 Mixed-use Discounted cash flow 9.1 % 6.4 % 10 7.3 % 5.2 % 10 Multifamily (1) Direct capitalization 4.6 % n/a n/a 4.9 % n/a n/a Triple Net Lease (1) Direct capitalization n/a n/a n/a 6.2 % n/a n/a Student Housing (1) Direct capitalization 4.3 % n/a n/a 4.9 % n/a n/a Manufactured Housing (1) Direct capitalization 4.3 % n/a n/a 4.8 % n/a n/a (1) The valuation method used to value hospitality, multifamily, triple net lease, student housing, and manufactured housing properties is the direct capitalization method. At December 31, 2021, the overall implied capitalization rate used for properties using the direct capitalization method was 4.3% (December 31, 2020 - 5.3% ). Operating investment properties with a fair value of approximately $11.3 billion (December 31, 2020 - $13.9 billion) are situated on land held under leases or other agreements largely expiring after the year 2065. Investment properties do not include any buildings held under operating leases. The following table presents the partnership’s investment properties measured at fair value in the consolidated financial statements and the level of the inputs used to determine those fair values in the context of the hierarchy as defined above in Note 2(i), Summary of Significant Accounting Policies, Fair value measurement. Dec. 31, 2021 Dec. 31, 2020 Level 3 Level 3 (US$ Millions) Level 1 Level 2 Commercial properties Commercial developments Level 1 Level 2 Commercial properties Commercial developments Core Office United States $ — $ — $ 14,689 $ 497 $ — $ — $ 14,682 $ 411 Canada — — 4,678 59 — — 4,721 381 Australia — — 2,618 146 — — 2,366 365 Europe — — 2,569 320 — — 2,526 173 Brazil — — 89 — — — 309 — Core Retail — — 18,991 — — — 20,324 — LP Investments LP Investments Office — — 7,880 774 — — 7,946 781 LP Investments Retail — — 2,001 28 — — 2,538 — Hospitality (1) 105 — — — 84 — Multifamily — — 1,616 — — — 2,442 — Triple Net Lease — — — — — — 3,719 — Student Housing — — 3,056 476 — — 2,757 205 Manufactured Housing — — 3,808 — — — 2,784 — Mixed-Use — — 213 — — — 3,096 — Total $ — $ — $ 62,313 $ 2,300 $ — $ — $ 70,294 $ 2,316 There were no transfers between levels within the fair value hierarchy related to investment properties during the years ended December 31, 2021 and 2020. Investment properties with a fair value of $61.9 billion (December 31, 2020 - $70.4 billion) are pledged as security for property debt. Fair value sensitivity The following table presents a sensitivity analysis to the impact of a 25 basis point (“bps”) increase of the discount rate and terminal capitalization or overall implied capitalization rate (“ICR”) on fair values of the partnership’s commercial properties for the year ended December 31, 2021, for properties valued using the discounted cash flow or direct capitalization method, respectively: Dec. 31, 2021 (US$ Millions) Impact of +25bps DR Impact of +25bps TCR Impact of +25bps DR and +25bps TCR or +25bps ICR Core Office United States $ 337 $ 449 $ 774 Canada 91 143 231 Australia 79 139 215 Europe 49 109 156 Brazil 2 2 3 Core Retail 421 682 1,044 LP Investments LP Investments - Office 132 275 403 LP Investments - Retail 58 85 133 Mixed-use 5 6 11 Multifamily (1) — 80 80 Student Housing (1) — 168 168 Manufactured Housing (1) — 209 209 Total $ 1,174 $ 2,347 $ 3,427 (1) The valuation method used to value multifamily, student housing, and manufactured housing properties is the direct capitalization method. The impact of the sensitivity analysis on the discount rate includes properties valued using the DCF method as well as properties valued using an overall implied capitalization rate under the direct capitalization method. During the year ended December 31, 2021, the partnership capitalized a total of $758 million (December 31, 2020 - $857 million) of costs related to development properties. Included in this amount is $730 million (December 31, 2020 - $815 million) of construction and related costs and $28 million (December 31, 2020 - $42 million) of borrowing costs capitalized. The weighted average interest rate used for the capitalization of borrowing costs to development properties for the year ended December 31, 2021 is 1.2% (December 31, 2020 - 1.8%). |
INVESTMENTS IN SUBSIDIARIES
INVESTMENTS IN SUBSIDIARIES | 12 Months Ended |
Dec. 31, 2021 | |
Interests In Other Entities [Abstract] | |
INVESTMENTS IN SUBSIDIARIES | INVESTMENTS IN SUBSIDIARIES The partnership considers all relevant facts and circumstances in determining that its decision making rights over the entities listed below are sufficient to give it power over these subsidiaries. In addition, the partnership has exposure and rights to substantial variable returns from its economic interests in these subsidiaries, even after consideration of material non-controlling interests in certain subsidiaries. The partnership is able to use its power to affect the amount of its returns and consolidates these subsidiaries. The following table presents the partnership’s material subsidiaries as of December 31, 2021 and 2020: Jurisdiction of formation Economic interest Voting interest Dec. 31, 2021 Dec. 31, 2020 Dec. 31, 2021 Dec. 31, 2020 Subsidiary of the partnership Brookfield Property L.P .(1) Bermuda 36 % 49 % 100 % 100 % Holding entities of the Operating Partnership BPY Bermuda IV Holdings L.P. Delaware 100 % 100 % 100 % 100 % Brookfield BPY Retail Holdings II Inc. Ontario 100 % 100 % 100 % 100 % BPY Bermuda Holdings Limited Bermuda 100 % 100 % 100 % 100 % BPY Bermuda Holdings II Limited Bermuda 100 % 100 % 100 % 100 % Brookfield BPY Holdings Inc. Ontario 100 % 100 % 100 % 100 % BPY Bermuda Holdings IV Limited Bermuda 100 % 100 % 100 % 100 % BPY Bermuda Holdings IA Limited Bermuda 100 % 100 % 100 % 100 % BPY Bermuda Holdings V Limited Bermuda 100 % 100 % 100 % 100 % BPY Bermuda Holdings VI Limited Bermuda 100 % 100 % 100 % 100 % BPY Bermuda Holdings VII Limited Bermuda 100 % 100 % 100 % 100 % Real estate subsidiaries of the holding entities Brookfield Office Properties Inc. (“BPO”) Canada 100 % 100 % 100 % 100 % Brookfield BPY Holdings (Australia) ULC (2) Canada 100 % 100 % 100 % 100 % BPR Retail Holdings LLC (3) United States 100 % 100 % 100 % 96 % BSREP CARS Sub-Pooling LLC (4) United States 26 % 26 % — % — % Center Parcs UK (4) United Kingdom 27 % 27 % — % — % BSREP II Aries Pooling LLC (4) United States 26 % 26 % — % — % BSREP India Office Holdings Pte. Ltd. (4) United States 33 % 33 % — % — % BSREP II Retail Upper Pooling LLC (4) United States 50 % 50 % 33 % 33 % BSREP II Korea Office Holdings Pte. Ltd. (4) South Korea 22 % 22 % — % — % BSREP II PBSA Ltd. (4) Bermuda 25 % 25 % — % — % BSREP II MH Holdings LLC (4) United States 26 % 26 % — % — % (1) BPY holds all managing general partner units of the Operating Partnership and therefore has the power to direct the relevant activities and affairs of the Operating Partnership. The managing general partner units represent 36% and 49% of the total number of the Operating Partnership’s units at December 31, 2021 and 2020, respectively. (2) This entity holds certain Australian properties not held through BPO. (3) The partnership controls BPYU as it held 100% of the voting stock of BPYU through its 100% ownership of the BPYU Class B and Class C shares. (4) The partnership holds its economic interest in these assets primarily through limited partnership interests in Brookfield-sponsored real estate funds. By their nature, limited partnership interests do not have any voting rights. The partnership has entered into voting agreements to provide the partnership with the ability to contractually direct the relevant activities of the investees. The table below shows details of non-wholly owned subsidiaries of the partnership that have material non-controlling interests: Jurisdiction of formation Proportion of economic Non-controlling interests: Interests of others in operating subsidiaries and properties (US$ Millions) Dec. 31, 2021 Dec. 31, 2020 Dec. 31, 2021 Dec. 31, 2020 BPO (1) Canada — % — % $ 5,020 $ 4,758 BPY Subsidiary Holding Entities (2) Bermuda/Canada — % — % 3,871 717 BPR Retail Holdings LLC (3) United States — % — % 1,274 1,537 BSREP II PBSA Ltd. (4) Bermuda 75 % 75 % 1,190 961 BSREP II Korea Office Holdings Pte. Ltd. (4) South Korea 78 % 78 % 936 627 BSREP II MH Holdings LLC (4) United States 74 % 74 % 932 998 Center Parcs UK (4) United Kingdom 73 % 73 % 799 550 BSREP CARS Sub-Pooling LLC (4) United States 74 % 74 % 588 889 BSREP II WS Hotel Holding LLC (4) United States 74 % 74 % 544 232 Brookfield Fairfield Multifamily Value Add Fund III (4) United States 70 % 70 % 383 423 BSREP II Retail Upper Pooling LLC (4) United States 50 % 50 % 383 423 BSREP II Aries Pooling LLC (4) United States 74 % 74 % 376 425 Hospitality Investors Trust Inc. (4) United States 74 % 74 % 376 330 Brookfield India Real Estate Trust (4)(5) India 82 % — % 280 — Other Various 33% - 77% 33% - 76% 2,754 2,817 Total $ 19,706 $ 15,687 (1) Includes non-controlling interests in BPO subsidiaries which vary from 1% - 100%. (2) Includes non-controlling interests in various corporate entities of the partnership (3) Includes non-controlling interests in BPYU subsidiaries. (4) 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. (5) In the first quarter of 2021, Brookfield Strategic Real Estate Partners I (“BSREP I”) and Brookfield Strategic Real Estate Partners II (“BSREP II”) co-sponsored the launch of the Brookfield India Real Estate Trust (“India REIT”) initial public offering. The India REIT was seeded with three assets from an investment in BSREP I and an asset from an investment in BSREP II. BSREP I and BSREP II have an approximate 54% controlling interest in the India REIT. The partnership continues to consolidate its investment in the assets seeded into the India REIT, as the partnership retains a controlling interest via its investment in BSREP I and BSREP II. Summarized financial information in respect of each of the partnership’s subsidiaries that have material non-controlling interests is set out below. The summarized financial information below represents amounts before intercompany eliminations. Dec. 31, 2021 Equity attributable to (US$ Millions) Current Non-current Current Non-current Non- Owners of the BPO $ 7,168 $ 40,341 $ 9,664 $ 16,648 $ 5,232 $ 15,965 BPY Subsidiary Holding Entities 3,991 3,120 6,242 13,647 4,249 (17,027) BPR Retail Holdings LLC 1,051 29,534 3,023 11,333 1,274 14,955 BSREP II PBSA Ltd. 62 3,562 1,378 651 1,190 405 BSREP II Korea Office Holdings Pte. Ltd. 3,972 — 83 2,683 936 270 BSREP II MH Holdings LLC 86 3,843 11 2,688 932 298 Center Parcs UK 338 4,701 350 3,586 799 304 BSREP CARS Sub-Pooling LLC 3,857 — 3,064 — 588 205 BSREP II WS Hotel Holding LLC 1,458 — 746 — 544 168 Brookfield Fairfield Multifamily Value Add Fund III 430 1,004 649 240 383 162 BSREP II Retail Upper Pooling LLC 394 1817 552 887 383 389 BSREP II Aries Pooling LLC 229 662 459 — 376 56 Hospitality Investors Trust Inc. 149 1,698 1,333 11 376 127 Brookfield India Real Estate Trust 38 1,482 52 1,072 280 116 Total $ 23,223 $ 91,764 $ 27,606 $ 53,446 $ 17,542 $ 16,393 Dec. 31, 2020 Equity attributable to (US$ Millions) Current Non-current Current Non-current Non- Owners of the BPO $ 1,886 $ 43,269 $ 6,877 $ 17,248 $ 4,929 $ 16,101 BPR Retail Holdings LLC 1,044 30,424 4,738 12,752 1,537 12,441 BSREP II MH Holdings LLC 72 2,797 50 1,502 998 319 BSREP II PBSA Ltd. 60 3,001 1,326 446 961 328 BSREP CARS Sub-Pooling LLC 245 3,774 454 2,363 889 313 BSREP II Korea Office Holdings Pte. Ltd. 100 3,518 56 2,755 627 180 Center Parcs UK 123 4,577 450 3,493 550 207 BSREP II Aries Pooling LLC 162 1,397 405 585 425 144 BSREP II Retail Upper Pooling LLC 216 2,331 684 1,011 423 429 BSREP India Office Holdings Pte. Ltd. 28 2,280 201 1,627 323 157 Total $ 3,936 $ 97,368 $ 15,241 $ 43,782 $ 11,662 $ 30,619 Year ended Dec. 31, 2021 Attributable to non-controlling interests Attributable to owners of the partnership (US$ Millions) Revenue Net Total Distributions Net Total BPO $ 2,151 $ 264 $ 257 $ 79 $ 494 $ 482 BPY Subsidiary Holding Entities 444 (7) (11) 389 (122) (48) BPR Retail Holdings LLC 1,511 (22) (22) 10 (126) (101) BSREP II PBSA Ltd. 160 204 191 — 69 51 BSREP II Korea Office Holdings Pte. Ltd. 211 364 304 — 105 28 BSREP II MH Holdings LLC 266 572 572 675 183 183 Center Parcs UK 546 (52) 26 — (20) 108 BSREP CARS Sub-Pooling LLC 255 63 63 100 21 21 BSREP II WS Hotel Holding LLC 209 20 361 56 7 465 Brookfield Fairfield Multifamily Value Add Fund III 404 246 246 346 107 107 BSREP II Retail Upper Pooling LLC 199 (48) (48) — (50) (50) BSREP II Aries Pooling LLC 95 255 255 142 87 87 Hospitality Investors Trust Inc. 230 (17) 12 10 (6) 32 Brookfield India Real Estate Trust 99 14 8 19 5 (5) Total $ 6,780 $ 1,856 $ 2,214 $ 1,826 $ 754 $ 1,360 Year ended Dec. 31, 2020 Attributable to non-controlling interests Attributable to owners of the partnership (US$ Millions) Revenue Net Total Distributions Net Total BPO $ 2,079 $ 142 $ 152 $ 69 $ (37) $ 7 BPR Retail Holdings LLC 1,612 (211) (214) 16 (1,974) (1,999) BSREP II MH Holdings LLC 252 281 281 11 90 90 BSREP II PBSA Ltd. 129 63 99 8 21 33 BSREP II CARS Sub-Pooling LLC 293 103 101 32 36 35 Center Parcs UK 189 128 174 5 37 50 BSREP II Aries Pooling LLC 284 (137) (112) — (52) (62) BSREP II Retail Upper Pooling LLC 146 75 75 100 26 26 BSREP II Korea Office Holdings Pte. Ltd. 268 (187) (187) — (177) (177) BSREP India Office Holdings Pte. Ltd. 176 (54) (64) 11 (26) (31) Total $ 5,428 $ 203 $ 305 $ 252 $ (2,056) $ (2,028) Year ended Dec. 31, 2019 Attributable to non-controlling interests Attributable to owners of the partnership (US$ Millions) Revenue Net Total Distributions Net Total BPO $ 2,149 $ 318 $ 306 $ 77 $ 757 $ 808 BPR Retail Holdings LLC 1,592 66 67 122 652 657 BSREP CARS Sub-Pooling LLC 317 67 62 48 23 21 BSREP II PBSA Ltd. 148 144 173 85 49 59 BSREP II MH Holdings LLC 239 62 62 — 20 20 Center Parcs UK 658 47 139 320 17 51 BSREP II Aries Pooling LLC 256 75 74 33 26 26 BSREP II Retail Upper Pooling LLC 298 (121) (121) 2 (116) (116) BSREP II Korea Office Holdings Pte. Ltd. 219 52 26 131 15 7 BSREP India Office Holdings Pte. Ltd. 187 144 129 181 70 62 BSREP UA Holdings LLC 115 (96) (96) 222 (43) (43) Total $ 6,178 $ 758 $ 821 $ 1,221 $ 1,470 $ 1,552 Certain of the partnership’s subsidiaries are subject to restrictions over the extent to which they can remit funds to the partnership in the form of cash dividends, or repayment of loans and advances as a result of borrowing arrangements, regulatory restrictions and other contractual requirements. |
EQUITY ACCOUNTED INVESTMENTS
EQUITY ACCOUNTED INVESTMENTS | 12 Months Ended |
Dec. 31, 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 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 Carrying value (US$ Millions) Principal activity Principal place Dec. 31, 2021 Dec. 31, 2020 Dec. 31, 2021 Dec. 31, 2020 Joint ventures Canary Wharf Joint Venture (1) Property holding company United Kingdom 50 % 50 % $ 3,529 $ 3,440 Manhattan West, New York Property holding company United States 56 % 56 % 2,396 2,122 Ala Moana Center, Hawaii Property holding company United States 50 % 50 % 1,939 1,862 BPYU JV Pool A Property holding company United States 50 % 50 % 1,810 1,723 BPYU JV Pool B Property holding company United States 51 % 51 % 1,140 1,121 Fashion Show, Las Vegas Property holding company United States 50 % 50 % 856 835 Grace Building, New York Property holding company United States 50 % 50 % 702 676 BPYU JV Pool C Property holding company United States 50 % 50 % 679 692 BPYU JV Pool D Property holding company United States 48 % 48 % 612 548 Southern Cross East, Melbourne Property holding company Australia 50 % 50 % 472 433 The Grand Canal Shoppes, Las Vegas Property holding company United States 50 % 50 % 455 416 One Liberty Plaza, New York Property holding company United States 51 % 51 % 402 382 680 George Street, Sydney Property holding company Australia 50 % 50 % 389 375 Brookfield Place Sydney Property holding company Australia 25 % — % 376 — The Mall in Columbia, Maryland Property holding company United States 50 % 50 % 315 298 Shops at La Cantera, Texas Property holding company United States 50 % 50 % 270 249 BPYU JV Pool G Property holding company United States 68 % 68 % 263 251 Potsdamer Platz, Berlin Property holding company Germany 25 % 25 % 261 255 Baybrook Mall, Texas Property holding company United States 51 % 51 % 254 251 Brookfield Brazil Retail Fundo de Investimento em Participações (“Brazil Retail”) Holding company Brazil 43 % 46 % 228 251 Brookfield D.C. Office Partners LLC ("D.C. Fund"), Washington, D.C. Property holding company United States 51 % 51 % 225 257 BPYU JV Pool F Property holding company United States 51 % 51 % 223 253 Miami Design District, Florida Property holding company United States 22 % 22 % 212 238 Other (2) Various Various 15% - 55% 14% - 55% 2,471 2,510 20,479 19,438 Associates Other Various Various 13% - 31% 16% - 31% 328 281 328 281 Total $ 20,807 $ 19,719 (1) Stork Holdco LP is the joint venture through which the partnership acquired Canary Wharf Group plc in London. (2) Other joint ventures consists of approximately 36 joint ventures, each of which has a carrying value below $212 million. The following table presents the change in the balance of the partnership’s equity accounted investments as of December 31, 2021 and 2020: (US$ Millions) Years ended Dec. 31, 2021 2020 Equity accounted investments, beginning of year $ 19,719 $ 20,764 Additions 698 522 Disposals and return of capital distributions (459) (108) Share of net (losses) earnings from equity accounted investments 1,020 (749) Distributions received (172) (618) Foreign currency translation (145) 107 Reclassification from (to) assets held for sale (1) (210) 121 Other comprehensive income and other 356 (320) Equity accounted investments, end of year $ 20,807 $ 19,719 (1) The partnership’s interest in the Diplomat Resort and Spa (“Diplomat”) 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: Dec. 31, 2021 Dec. 31, 2020 Equity accounted Primary valuation Discount Terminal Investment Discount Terminal Investment Core Office United States Discounted cash flow 6.4 % 4.7 % 12 6.4 % 4.7 % 11 Australia Discounted cash flow 5.9 % 4.8 % 10 6.3 % 5.3 % 10 Europe Discounted cash flow 5.5 % 4.6 % 10 5.6 % 4.7 % 10 Dubai Discounted cash flow 7.7 % 6.5 % 10 8.6 % 7.0 % 10 Core Retail Discounted cash flow 6.3 % 4.9 % 10 6.3 % 4.9 % 10 LP Investments - Office Discounted cash flow 5.4 % 4.3 % 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 4.2 % 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. The following tables present the gross assets and liabilities of the partnership’s equity accounted investments as of December 31, 2021 and 2020: Dec. 31, 2021 (US$ Millions) Current Non-current Current Non-current Net Joint ventures Canary Wharf Joint Venture $ 1,276 $ 13,213 $ 1,242 $ 6,187 $ 7,060 Manhattan West 229 8,434 153 4,231 4,279 Ala Moana 131 5,695 52 1,895 3,879 BPYU JV Pool A 249 5,763 122 2,269 3,621 BPYU JV Pool B 353 5,508 231 3,396 2,234 Fashion Show 23 2,538 19 829 1,713 Grace Building 73 2,593 20 1,238 1,408 BPYU JV Pool C 52 2,100 44 669 1,439 BPYU JV Pool D 40 1,763 49 471 1,283 Southern Cross East 11 944 11 — 944 The Grand Canal Shoppes 56 1,867 40 974 909 One Liberty Plaza 49 1,625 11 875 788 680 George Street 8 777 8 — 777 Brookfield Place Sydney 10 1,504 13 2 1,499 The Mall in Columbia 44 845 13 248 628 The Shops at La Cantera 11 788 10 249 540 BPYU JV Pool G 16 738 16 351 387 Potsdamer Platz 70 2,383 43 1,366 1,044 Baybrook Mall 15 723 13 227 498 Brazil Retail 74 701 4 69 702 D.C. Fund 24 1,195 201 577 441 BPYU JV Pool F 17 720 12 287 438 Miami Design District 73 1,600 30 689 954 Other 1,405 12,879 1,476 6,926 5,882 4,309 76,896 3,833 34,025 43,347 Associates Other 180 1,253 81 796 556 180 1,253 81 796 556 Total $ 4,489 $ 78,149 $ 3,914 $ 34,821 $ 43,903 Dec. 31, 2020 (US$ Millions) Current Non-current Current Non-current Net Joint ventures Canary Wharf Joint Venture $ 1,608 $ 13,160 $ 2,146 $ 5,742 $ 6,880 Manhattan West 361 7,775 497 3,850 3,789 Ala Moana 156 5,508 50 1,889 3,725 BPYU JV Pool A 256 5,618 108 2,320 3,446 BPYU JV Pool B 301 5,572 161 3,514 2,198 Fashion Show 54 2,461 16 829 1,670 BPYU JV Pool C 67 2,090 37 655 1,465 Grace Building 130 2,495 34 1,237 1,354 BPYU JV Pool D 67 1,619 69 469 1,148 Southern Cross East 8 869 10 — 867 The Grand Canal Shoppes 49 1,794 38 974 831 One Liberty Plaza 40 1,681 118 853 750 680 George Street 9 749 7 — 751 The Mall in Columbia 29 825 13 246 595 D.C. Fund 45 1,241 353 429 504 Potsdamer Platz 69 2,397 42 1,402 1,022 BPYU JV Pool F 21 709 6 227 497 BPYU JV Pool G 19 721 15 355 370 Baybrook Mall 19 718 13 232 492 Brazil Retail 27 764 6 74 711 The Shops at La Cantera 20 736 11 246 499 Miami Design District 68 1,635 50 576 1,077 Other 1,540 13,881 1,088 7,279 7,054 4,963 75,018 4,888 33,398 41,695 Associates Other 91 2,800 998 1,111 782 91 2,800 998 1,111 782 Total $ 5,054 $ 77,818 $ 5,886 $ 34,509 $ 42,477 Summarized financial information in respect of the partnership’s equity accounted investments for the years ended December 31, 2021, 2020 and 2019 is set out below: Year ended December 31, 2021 (US$ Millions) Revenue Expenses Fair value Income from EAI (1) Net Other Partnership’s Distributions Joint ventures Canary Wharf Joint Venture $ 607 $ 453 $ 60 $ 42 $ 256 $ 2 $ 128 $ 2 Manhattan West 350 225 101 — 226 72 127 48 Ala Moana 241 154 121 — 208 — 104 3 BPYU JV Pool A 329 220 92 — 201 — 100 — BPYU JV Pool B 458 347 (46) 4 69 — 35 — Fashion Show 98 54 63 — 107 — 53 8 Grace Building 151 86 47 — 112 — 56 27 BPYU JV Pool C 138 88 (13) — 37 — 19 2 BPYU JV Pool D 80 37 121 — 164 — 78 1 Southern Cross East 47 9 125 — 163 — 81 16 The Grand Canal Shoppes 93 75 61 — 79 — 40 — One Liberty Plaza 131 81 (21) — 29 29 15 7 680 George Street 38 11 75 — 102 — 51 15 Brookfield Place Sydney 27 13 53 — 67 — 17 4 The Mall in Columbia 49 28 14 — 35 — 17 — Shops at La Cantera — 17 43 36 62 — 31 — BPYU JV Pool G 44 33 9 — 20 — 14 — Potsdamer Platz 73 54 83 — 102 — 25 — Baybrook Mall 39 25 1 — 15 — 8 — Brazil Retail 28 16 36 — 48 — 22 9 D.C. Fund 107 76 (68) — (37) 1 (19) 13 BPYU JV Pool F 36 20 5 — 21 — 11 — Miami Design District 84 75 (36) — (27) — (6) — Other 1,122 1,118 105 53 162 271 63 17 4,370 3,315 1,031 135 2,221 375 1,070 172 Associates Other 103 174 (8) 7 (72) 949 (50) — 103 174 (8) 7 (72) 949 (50) — Total $ 4,473 $ 3,489 $ 1,023 $ 142 $ 2,149 $ 1,324 $ 1,020 $ 172 (1) Share of net earnings from equity accounted investments recorded by the partnership’s joint ventures and associates. Year ended December 31, 2020 (US$ Millions) Revenue Expenses Fair value Income from EAI (1) Net Other Partnership’s Distributions Joint ventures Canary Wharf Joint Venture $ 619 $ 377 $ (713) $ 19 $ (452) $ (4) $ (226) $ 4 Ala Moana 269 158 (279) — (168) — (84) 9 Manhattan West 259 179 379 — 459 (75) 257 221 BPYU JV Pool A 353 230 (543) — (420) — (210) — BPYU JV Pool B 483 356 (601) 4 (470) — (240) — Fashion Show 103 56 (46) — 1 — — 8 BPYU JV Pool C 145 80 (222) — (157) — (78) 6 Grace Building 108 95 121 — 134 — 67 123 BPYU JV Pool D 71 36 (203) 17 (151) — (72) 3 Southern Cross East 40 6 6 — 40 — 20 18 The Grand Canal Shoppes 92 84 (18) — (10) — (5) — One Liberty Plaza 149 88 (34) — 27 (35) 14 21 680 George Street 36 9 3 — 30 — 15 12 Brazil Retail 28 12 (22) — (6) — (3) 5 Baybrook Mall 40 26 (134) — (120) — (61) — D.C. Fund 115 80 (89) — (54) (1) (27) — The Mall in Columbia 55 33 (58) — (36) — (18) — Potsdamer Platz 79 61 25 — 43 — 11 — BPYU JV Pool F 37 7 (64) — (34) — (18) — BPYU JV Pool G 48 33 (27) — (12) — (8) — The Shops at La Cantera 11 24 (28) 31 (10) — (5) — Miami Design District 65 88 (51) — (74) — (16) — Other 1,063 832 (7) 13 237 8 28 188 4,268 2,950 (2,605) 84 (1,203) (107) (659) 618 Associates Other 92 186 (39) (2) (135) (939) (90) — 92 186 (39) (2) (135) (939) (90) — Total $ 4,360 $ 3,136 $ (2,644) $ 82 $ (1,338) $ (1,046) $ (749) $ 618 (1) Share of net earnings from equity accounted investments recorded by the partnership’s joint ventures and associates. Year ended December 31, 2019 (US$ Millions) Revenue Expenses Fair value Income of EAI (1) Net Other Partnership’s Distributions Joint ventures Canary Wharf Joint Venture $ 555 $ 320 $ 126 $ 22 $ 383 $ (11) $ 191 $ 9 Ala Moana 300 149 758 — 909 — 455 48 Manhattan West 201 136 155 — 220 (43) 123 42 BPYU JV Pool A 379 214 172 — 337 — 168 6 BPYU JV Pool B 564 350 (50) 65 229 — 116 — Fashion Show 118 57 (112) — (51) — (26) 15 BPYU JV Pool C 158 73 7 — 92 — 46 10 Grace Building 107 84 215 — 238 — 119 — BPYU JV Pool D — — (49) 64 15 — 8 5 Southern Cross East 42 6 110 — 146 — 73 5 The Grand Canal Shoppes 138 73 (44) — 21 — 11 21 One Liberty Plaza 134 84 (25) — 25 (33) 13 9 680 George Street 36 9 47 — 74 — 37 15 Brazil Retail 59 54 157 — 162 — 75 39 Baybrook Mall 45 26 204 — 223 — 114 — D.C. Fund 125 82 (50) — (7) — (4) — The Mall in Columbia 56 29 5 — 32 — 16 — BPYU JV Pool F 39 17 178 — 200 — 102 — BPYU JV Pool G 53 32 50 — 71 — 48 — Miami Design District 72 67 (234) — (229) — (51) — Other 1,746 1,217 349 11 889 (17) 359 142 4,927 3,079 1,969 162 3,979 (104) 1,993 366 Associates Diplomat 172 181 (6) — (15) — (13) 73 BPREP — — — — — — — — Other 216 251 (10) 3 (42) 50 (11) 31 388 432 (16) 3 (57) 50 (24) 104 Total $ 5,315 $ 3,511 $ 1,953 $ 165 $ 3,922 $ (54) $ 1,969 $ 470 (1) Share of net earnings from equity accounted investments recorded by the partnership’s joint ventures and associates. Certain of the partnership’s investment in joint ventures and associates are subject to restrictions over the extent to which they can remit funds to the partnership in the form of the cash dividends or repayments of loans and advances as a result of borrowing arrangements, regulatory restrictions and other contractual requirements. |
INVESTMENTS IN JOINT OPERATIONS
INVESTMENTS IN JOINT OPERATIONS | 12 Months Ended |
Dec. 31, 2021 | |
Interests In Other Entities [Abstract] | |
INVESTMENTS IN JOINT OPERATIONS | INVESTMENTS IN JOINT OPERATIONS The partnership’s interests in the following properties are subject to joint control and, accordingly, the partnership has recorded its share of the assets, liabilities, revenues, and expenses of the properties in these consolidated financial statements: Place of incorporation and Ownership (1) Name of property Principal activity Dec. 31, 2021 Dec. 31, 2020 Brookfield Place - Retail & Parking Property Toronto 56 % 56 % Brookfield Place III Development property Toronto 54 % 54 % Exchange Tower Property Toronto 50 % 50 % First Canadian Place (2) Property Toronto 25 % 25 % 2 Queen Street East Property Toronto 25 % 25 % Bankers Hall Property Calgary 50 % 50 % Bankers Court Property Calgary 50 % 50 % Bankers West Parkade Development property Calgary 50 % 50 % Suncor Energy Centre Property Calgary 50 % 50 % Fifth Avenue Place Property Calgary 50 % 50 % Place de Ville I (3) Property Ottawa — % 25 % Place de Ville II (3) Property Ottawa — % 25 % 300 Queen Street (3) Development property Ottawa — % 25 % 52 Goulburn Street Property Sydney 24 % 24 % 235 St Georges Terrace Property Perth 24 % 24 % 108 St Georges Terrace Property Perth 50 % 50 % Southern Cross West Property Melbourne 50 % 50 % Shopping Patio Higienópolis Property São Paulo 25 % 25 % Shopping Patio Higienópolis - Expansion Development property São Paulo 32 % 32 % Shopping Patio Higienópolis - Co-Invest Property São Paulo 5 % 5 % Shopping Patio Higienópolis Expansion - Co-Invest Development property São Paulo 6 % 6 % G2-Infospace Gurgaon Property NCR-Delhi Region 72 % 72 % (1) Represents ownership in these properties before non-controlling interests in subsidiaries that hold these ownership interests. (2) First Canadian Place in Toronto is subject to a ground lease with respect to 50% of the land on which the property is situated. At the expiry of the ground lease, the other land owner will have the option to acquire, for a nominal amount, an undivided 50% beneficial interest in the property. (3) Place de Ville I, Place de Ville II and 300 Queen Street were sold in the fourth quarter of 2021. |
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT | 12 Months Ended |
Dec. 31, 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 and a portfolio of select-service hotels in the U.S. The following table presents the useful lives of each hospitality asset by class: Hospitality assets by class Useful life Building and building improvements 2 to 50 + Land improvements 15 Furniture, fixtures and equipment 3 to 10 Hospitality properties are accounted for under the revaluation model with revaluation to fair value performed annually at December 31. Significant unobservable inputs (Level 3) in estimating hospitality property values under the revaluation method include estimates of replacement cost and estimates of remaining economic life. Hospitality properties with a fair value of approximately $2.5 billion (December 31, 2020 - $2.9 billion) are situated on land held under leases or other agreements largely expiring after the year 2065. On June 30, 2021, the partnership obtained control over a portfolio of select-service hotels (“Hospitality Investors Trust”) after converting its preferred equity interest and becoming the 100% common equity holder. The partnership’s investment in the subsidiary was accounted for as a financial asset prior to this date. This transaction was accounted for as a business combination. The following table summarizes the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed, in addition to the consideration paid in connection with this business combination: (US$ Millions) Hospitality Investors Trust Cash and cash equivalents $ 50 Accounts receivable and other 74 Equity accounted investments 7 Property, plant and equipment 1,727 Total assets 1,858 Less: Debt obligations (1,319) Accounts payable and other (75) Net assets acquired $ 464 Consideration (1) $ 464 (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 December 31, 2021, the partnership recorded $202 million revenue and $22 million net loss in connection with the business combination. If the transaction had occurred on January 1, 2021, the partnership’s total revenue and net loss from Hospitality Investors Trust would have been $354 million and $48 million, respectively, for the twelve months ended December 31, 2021. There were no impairment indicators for the year ended December 31, 2021. In the first half of 2020, the hospitality sector within the LP Investments segment had the most immediate and acute impact from the shutdown as the majority of the partnership’s hospitality investments were closed or operated at reduced occupancy, either as a result of mandatory closure orders from various government authorities or due to severe travel restrictions. As a result of these closures, the partnership identified impairment indicators and performed impairment tests for each of the partnership’s hospitality investments based on revised cash flows and valuation metrics. For the twelve months ended December 31, 2020, the partnership recognized impairment of its property, plant and equipment of $273 million, of which $179 million relates to the Atlantis prior to deconsolidation of the investment. The recoverable amount of the Atlantis of $1,962 million was determined based on a value-in-use approach, which reflected a reduction in estimated operating cash flows as a result of the closure of Atlantis due to the shutdown, using a terminal capitalization rate of 7% and a discount rate of 9%. The impairment was recorded as a reduction in the revaluation surplus included in other comprehensive income. In the third quarter of 2020, the partnership completed the recapitalization of the Atlantis with a consortium of investors who made a total commitment of $300 million in the form of preferred equity. The partnership committed to 41.5% of the total commitment. An affiliate of Brookfield Asset Management committed to 41.5% and the remaining 17% was committed by third party investors. In connection with the recapitalization, the partnership and the affiliate of Brookfield Asset Management were granted equal approval rights which resulted in a change of control. The partnership deconsolidated its investment in the Atlantis and now accounts for its interest under the equity method. The partnership recognized a gain on loss of control of $62 million in fair value (losses) gains, net. The following table presents the change to the components of the partnership’s hospitality assets from the beginning of the year: (US$ Millions) Dec. 31, 2021 Dec. 31, 2020 Cost: Balance, beginning of year $ 5,575 $ 7,246 Additions 1,885 164 Disposals (323) (75) Foreign currency translation (83) 142 Impact of deconsolidation due to loss of control and other (1) (1,331) (1,902) 5,723 5,575 Accumulated fair value changes: Balance, beginning of year 488 1,343 Revaluation gains (losses) gains, net (2)(3) 930 (130) Impact of deconsolidation due to loss of control and other (1) (593) (729) Disposals (65) 13 Provision for impairment (2) 7 (15) Foreign currency translation (4) 6 763 488 Accumulated depreciation: Balance, beginning of year (828) (1,311) Depreciation (294) (306) Disposals 84 28 Foreign currency translation 13 (25) Impact of deconsolidation due to loss of control and other (1) 162 786 (863) (828) Total property, plant and equipment (4) $ 5,623 $ 5,235 (1) The current year reflects the reclassification of a hospitality portfolio to assets held for sale. 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 test 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 $204 million (December 31, 2020 - $164 million). |
GOODWILL
GOODWILL | 12 Months Ended |
Dec. 31, 2021 | |
Intangible assets and goodwill [abstract] | |
GOODWILL | GOODWILL Goodwill of $832 million at December 31, 2021 (December 31, 2020 - $1,080 million) was primarily attributable to short-break destinations across the United Kingdom and Ireland owned by Center Parcs UK of $815 million (December 31, 2020 - $824 million). The partnership performs a goodwill impairment test annually by assessing if the carrying value of the cash-generating unit, including the allocated goodwill, exceeds its recoverable amount determined as the greater of the estimated fair value less costs to sell or the value in use. The partnership tested the goodwill attributed to Center Parcs UK for impairment and trademark assets as of December 31, 2021 as a result of intermittent closures and occupancy restrictions in place due to the shutdown. The current year analysis uses a 10-year cash flow projection with a 3% long-term growth rate used to extrapolate cash flows after the third year, a discount rate derived from a market-based-weighted-average cost of capital, and a terminal capitalization rate derived from a market-based EBITDA multiple. Based on the impairment test, no impairment was recorded as the recoverable amount of the cash-generating unit of $5,623 million (2020 - $4,701 million) exceeded the carrying value of the cash-generating unit of $4,391 million (2020 - $4,402 million). The recoverable amount was determined based on a value-in-use approach based on a terminal capitalization rate of 6.6% (2020 - 7.8%) and a discount rate of 9.3% (2020 - 9.5%). A discount rate of 12.7% (2020 - 10.4%), a long-term growth rate of (2.7)% (2020 - 1.7%), or a terminal capitalization rate of 9.36% (2020 - 8.7%) used in the impairment analysis would eliminate the headroom between the recoverable amount and carrying value of the cash-generating unit. |
INTANGIBLE ASSETS
INTANGIBLE ASSETS | 12 Months Ended |
Dec. 31, 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 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 $964 million as of December 31, 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. Refer to Note 9, Goodwill for detail on the Center Parcs impairment analysis. 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 is recorded as part of depreciation and amortization of non-real estate assets expense. For the twelve months ended December 31, 2020, the partnership recognized an impairment of its intangible assets related to Atlantis of $18 million, prior to deconsolidation. The impairment was recorded as a charge through the income statement during the first and second quarters of 2020. Refer to Note 8, Property, Plant And Equipment for more detail on the Atlantis impairment analysis. The following table presents the components of the partnership’s intangible assets as of December 31, 2021 and December 31, 2020: (US$ Millions) Dec. 31, 2021 Dec. 31, 2020 Cost $ 1,012 $ 1,016 Accumulated amortization (48) (34) Balance, end of year $ 964 $ 982 The following table presents a roll forward of the partnership’s intangible assets December 31, 2021 and December 31, 2020: (US$ Millions) Dec. 31, 2021 Dec. 31, 2020 Balance, beginning of year $ 982 $ 1,162 Acquisitions 6 6 Amortization (14) (12) Impairment losses — (18) Foreign currency translation (10) 30 Impact of deconsolidation due to loss of control and other (1) — (186) Balance, end of year $ 964 $ 982 (1) The prior year includes the impact of deconsolidation of Atlantis. See Note 8, Property, Plant And Equipment. |
OTHER NON-CURRENT ASSETS
OTHER NON-CURRENT ASSETS | 12 Months Ended |
Dec. 31, 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) Dec. 31, 2021 Dec. 31, 2020 Securities - FVTPL $ 2,200 $ 1,612 Derivative assets 111 72 Securities - FVTOCI 108 86 Restricted cash 356 241 Inventory (1) 652 877 Other 151 289 Total other non-current assets $ 3,578 $ 3,177 (1) Includes right-of-use inventory of nil as of December 31, 2021 (December 31, 2020 - $33 million). Securities - FVTPL Securities - FVTPL primarily consists of the partnership’s investment in the Brookfield Strategic Real Estate Partners III (“BSREP III”) fund, with a carrying value of the financial asset at December 31, 2021 of $1,154 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 cumulative dividend of 7.5% per annum compounding quarterly. Additionally, the partnership received distributions payable in additional convertible preferred units of Hospitality Investors Trust at 5.0% per annum compounding quarterly. The carrying value of these convertible preferred units as of December 31, 2021 was nil (December 31, 2020 - $447 million). During the second quarter of 2021, the partnership gained control over the investment after converting the preferred units into common shares resulting in ownership of 100% of its common equity. Refer to Note 8, Property, Plant And Equipment for further information. |
ACCOUNTS RECEIVABLE AND OTHER
ACCOUNTS RECEIVABLE AND OTHER | 12 Months Ended |
Dec. 31, 2021 | |
Subclassifications of assets, liabilities and equities [abstract] | |
ACCOUNTS RECEIVABLE AND OTHER | ACCOUNTS RECEIVABLE AND OTHER The components of accounts receivable and other are as follows: (US$ Millions) Dec. 31, 2021 Dec. 31, 2020 Derivative assets $ 33 $ 164 Accounts receivable (1) - net of expected credit loss of $112 million (December 31, 2020 - $114 million) 852 753 Restricted cash and deposits 331 292 Prepaid expenses 367 330 Inventory 574 131 Other current assets 119 201 Total accounts receivable and other $ 2,276 $ 1,871 (1) See Note 33, Related Parties, for further discussion. With respect to accounts receivable, the partnership recorded a $49 million loss allowance in commercial property operating expenses for the twelve months ended December 31, 2021 (December 31, 2020 - $99 million). The partnership may grant further rent concessions in the deferral or abatement of lease payments. Such rent concession requests are evaluated on a case-by-case basis. Where tenants are expected to be able to meet their lease obligations after concessions have been granted, the allowance for expected credit losses includes only the portion of expected abatements that is deemed attributable to the current period, considering the weighted average remaining lease terms. Not all requests for rent relief will be granted as the partnership does not intend to forgo its legally enforceable contractual rights that exist under its lease agreements. |
HELD FOR SALE
HELD FOR SALE | 12 Months Ended |
Dec. 31, 2021 | |
Non-current Assets Held For Sale And Discontinued Operations [Abstract] | |
HELD FOR SALE | HELD FOR SALE Non-current assets and groups of assets and liabilities which comprise disposal groups are presented as assets held for sale where the asset or disposal group is available for immediate sale in its present condition, and the sale is highly probable. The following is a summary of the assets and liabilities that were classified as held for sale as of December 31, 2021 and December 31, 2020: (US$ Millions) Dec. 31, 2021 Dec. 31, 2020 Investment properties $ 8,037 $ 481 Property, plant and equipment 1,749 — Equity accounted investments — 102 Accounts receivables and other assets 724 5 Assets held for sale 10,510 588 Debt obligations 3,006 380 Accounts payable and other liabilities 76 16 Liabilities associated with assets held for sale $ 3,082 $ 396 The following table presents the change to the components of the assets held for sale from the beginning of the year: (US$ Millions) Dec. 31, 2021 Dec. 31, 2020 Balance, beginning of year $ 588 $ 387 Reclassification to/(from) assets held for sale, net 12,561 2,381 Disposals (2,610) (2,222) Fair value adjustments — 9 Foreign currency translation (57) 20 Other 28 13 Assets held for sale $ 10,510 $ 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. In the third quarter of 2021, the partnership sold eight malls in the U.S., an office asset in the U.S., three triple-net lease assets in the U.S., and eight multifamily assets in the U.S. for net proceeds of approximately $448 million. In the fourth quarter of 2021, the partnership sold two office assets in Brazil, a mall in the U.S., an office asset in the U.S., an office asset in the U.K., three multifamily assets in the U.S., and a triple net lease asset in the U.S. for net proceeds of approximately $778 million. At December 31, 2021, asset held for sale included a triple net lease portfolio in the U.S, a hospitality portfolio in the U.S., a mixed-use asset in South Korea, ten malls in the U.S., an office asset in the U.S., an office asset in Brazil, a multifamily asset in the U.S. and a hotel in the U.S. |
DEBT OBLIGATIONS
DEBT OBLIGATIONS | 12 Months Ended |
Dec. 31, 2021 | |
Financial Instruments [Abstract] | |
DEBT OBLIGATIONS | DEBT OBLIGATIONS The partnership’s debt obligations include the following: Dec. 31, 2021 Dec. 31, 2020 (US$ Millions) Weighted- Debt balance Weighted- Debt balance Unsecured facilities: Brookfield Property Partners’ credit facilities 2.00 % $ 2,257 1.75 % $ 1,357 Brookfield Property Partners’ corporate bonds 4.11 % 1,982 4.14 % 1,890 Brookfield Properties Retail Holding LLC term debt 2.61 % 1,869 2.90 % 3,976 Brookfield Properties Retail Holding LLC senior secured notes 5.20 % 1,695 5.75 % 945 Brookfield Properties Retail Holding LLC corporate facility 3.10 % 70 2.41 % 1,015 Brookfield Properties Retail Holding LLC junior subordinated notes 1.58 % 206 1.66 % 206 Subsidiary borrowings 3.29 % 537 1.69 % 196 Secured debt obligations: Funds subscription credit facilities (1) 2.44 % 371 2.51 % 315 Fixed rate 4.31 % 26,248 4.27 % 28,446 Variable rate 3.29 % 20,341 3.61 % 16,629 Deferred financing costs (249) (258) Total debt obligations $ 55,327 $ 54,717 Current $ 13,742 $ 13,074 Non-current 38,579 41,263 Debt associated with assets held for sale 3,006 380 Total debt obligations $ 55,327 $ 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 2022 to 2023, however, approximately 2% of its debt obligations represent non-recourse mortgages on retail assets 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 lender. Debt obligations include foreign currency denominated debt in the functional currencies of the borrowing subsidiaries. Debt obligations by local currency are as follows: Dec. 31, 2021 Dec. 31, 2020 (US$ Millions) U.S. Local U.S. Local U.S. dollars $ 37,559 $ 37,559 $ 37,413 $ 37,413 British pounds 7,030 £ 5,196 6,809 £ 4,981 Canadian dollars 4,419 C$ 5,585 4,408 C$ 5,613 South Korean Won 1,918 ₩ 2,280,000 2,093 ₩ 2,280,000 Australian dollars 2,014 A$ 2,773 1,473 A$ 1,914 Indian Rupee 1,801 Rs 134,378 2,257 Rs 164,753 Brazilian reais 476 R$ 2,655 180 R$ 936 China Yuan 69 C¥ 437 22 C¥ 143 Euros 290 € 255 320 € 262 Deferred financing costs (249) (258) Total debt obligations $ 55,327 $ 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 Debt from asset acquisitions Assumed by purchaser Amortization of deferred financing costs and (premium) discount Foreign currency translation Other Dec. 31, 2021 Debt obligations $ 54,717 306 1,319 31 (565) 105 (386) (200) $ 55,327 |
CAPITAL SECURITIES
CAPITAL SECURITIES | 12 Months Ended |
Dec. 31, 2021 | |
Share Capital, Reserves And Other Equity Interest [Abstract] | |
CAPITAL SECURITIES | CAPITAL SECURITIES The partnership had the following capital securities outstanding as of December 31, 2021 and 2020: (US$ Millions, except where noted) Shares Cumulative Dec. 31, 2021 Dec. 31, 2020 Operating Partnership Class A Preferred Equity Units: Series 1 — 6.25 % $ — $ 586 Series 2 24,000,000 6.50 % 565 555 Series 3 24,000,000 6.75 % 546 538 New LP Preferred Units (1) 19,273,654 6.25 % 474 — BPO Class B Preferred Shares: Series 1 (2) 3,600,000 70% of bank prime — — Series 2 (2) 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 3 781,592 5.00 % 15 16 Series 4 582,894 5.20 % 12 12 BSREP II RH B LLC (“Manufactured Housing”) Preferred Capital — 9.00 % — 249 Rouse Series A Preferred Shares 5,600,000 5.00 % 142 142 Brookfield India Real Estate Trust 138,181,800 See footnote (3) 440 — BSREP II Vintage Estate Partners LLC (“Vintage Estates”) Preferred Shares — 5.00 % — 40 Capital Securities – Fund Subsidiaries 859 863 Total capital securities $ 3,085 $ 3,033 Current $ 61 $ 649 Non-current 3,024 2,384 Total capital securities $ 3,085 $ 3,033 (1) New LP Preferred Units shares outstanding is presented net of intracompany shares held by Holding LP. (2) Class B, Series 1 and 2 capital securities - corporate are owned by Brookfield Asset Management. BPO has an offsetting loan receivable against these securities earning interest at 95% of bank prime. (3) The dividend rate pertaining to India REIT is equal to a minimum of 90% of net distributable cash flows. The capital securities presented above represent interests in the partnership or its subsidiaries that are in legal form equity and are accounted for as liabilities in accordance with IAS 32 - Financial Instruments due to the redemption features of these instruments. The Class A Preferred Units were issued on December 4, 2014 in three tranches of $600 million each, with an average dividend yield of 6.5% and maturities of seven ten the Class A Preferred Unitholder at maturity, in each case at a price equal to the issue price for such Class A Preferred Units plus accrued and unpaid distributions. On December 30, 2021, Brookfield acquired the seven-year tranche of Class A Preferred Units, Series 1 units from the holder and exchanged such units for Redemption-Exchange Units. The Class A Preferred Units, Series 1 were subsequently cancelled. The holders of each series of the BOP Split Senior Preferred Shares are each entitled to receive fixed cumulative preferential cash dividends, if, as and when declared by the Board of Directors of BOP Split. Dividends on each series of the BOP Split Senior Preferred Shares are payable quarterly on the last day of March, June, September and December in each year. Capital securities includes $474 million at December 31, 2021 (December 31, 2020 - nil) of preferred equity interests issued in connection with the Privatization which have been classified as a liability, rather than as a non-controlling interest, due to the fact that the holders of such interests can demand cash payment upon maturity of July 26, 2081, for the liquidation preference of $25.00 per unit and any accumulated unpaid dividends. At December 31, 2020, capital securities included $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 were 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 December 31, 2021 (December 31, 2020 - $142 million) of preferred equity interests held by a third party investor in Rouse Properties, L.P. which have been classified as a liability, rather than as a non-controlling interest, due to the fact that the interests are mandatorily redeemable on or after November 12, 2025 for a set price per unit plus any accrued but unpaid distributions; distributions are capped and accrue regardless of available cash generated. Capital securities also includes $440 million at December 31, 2021 (December 31, 2020 - nil) of preferred equity interests held by third party investors in the India REIT, which have been classified as a liability, rather than as a non-controlling interest, due to the fact BIRET has a contractual obligation to make distributions to unitholders every six months at an amount no less than 90% of net distributable cash flows. Capital securities also includes nil at December 31, 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 were redeemed upon disposition of the property in the fourth quarter of 2021. The Capital Securities - Fund Subsidiaries includes $810 million (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 $49 million at December 31, 2021 (December 31, 2020 - $56 million) which represents the equity interests held by the partnership’s co-investor in the D.C. Fund which have been classified as a liability, rather than as non-controlling interest, due to the fact that on June 18, 2023, and on every second anniversary thereafter, the holders of these interests can redeem their interests in the D.C. Fund for cash equivalent to the fair value of the interests. Reconciliation of cash flows from financing activities from capital securities is shown in the table below: Non-cash changes on capital securities (US$ Millions) Dec. 31, 2020 Capital securities issued Capital securities redeemed Equity conversion of capital securities Fair value changes Other Dec. 31, 2021 Capital securities $ 3,033 $ 932 $ (301) $ (600) $ 32 $ (11) $ 3,085 Capital securities includes $38 million (December 31, 2020 - $38 million) repayable in Canadian Dollars of C$49 million (December 31, 2020 - C$49 million). |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2021 | |
Income Taxes [Abstract] | |
INCOME TAXES | INCOME TAXES The partnership is a flow-through entity for tax purposes and as such is not subject to Bermudian taxation. However, income taxes are recognized for the amount of taxes payable by the primary holding subsidiaries of the partnership (“Holding Entities”), any direct or indirect corporate subsidiaries of the Holding Entities and for the impact of deferred tax assets and liabilities related to such entities. The components of net deferred tax liability are presented as follows: (US$ Millions) Dec. 31, 2021 Dec. 31, 2020 Deferred income tax assets: Non-capital losses (Canada) $ 95 $ 64 Capital losses (Canada) 34 33 Net operating losses (United States) 352 465 Non-capital losses (foreign) 118 141 Tax credit carryforwards 77 27 Deferred financing costs 203 — Other 31 42 910 772 Deferred income tax (liabilities): Properties (4,160) (3,630) (4,160) (3,630) Net deferred tax (liability) $ (3,250) $ (2,858) The changes in deferred tax balances are presented as follows: Recognized in (US$ Millions) Dec. 31, 2020 Income Equity Acquisitions and Dispositions OCI Other Balance Sheet Dec. 31, 2021 Deferred tax assets $ 772 $ 164 $ 7 $ — $ (5) $ (28) $ 910 Deferred tax (liabilities) (3,630) (519) — 85 (96) — (4,160) Net deferred tax (liability) $ (2,858) $ (355) $ 7 $ 85 $ (101) $ (28) $ (3,250) Recognized in (US$ Millions) Dec. 31, 2019 Income Equity Acquisitions and Dispositions OCI Other Balance Sheet Dec. 31, 2020 Deferred tax assets $ 631 $ 231 $ (35) $ — $ 8 $ (63) $ 772 Deferred tax (liabilities) (3,146) (393) — — (91) — (3,630) Net deferred tax (liability) $ (2,515) $ (162) $ (35) $ — $ (83) $ (63) $ (2,858) During 2021, the partnership and its subsidiaries have reevaluated certain net operating losses and have reversed $7 million of previously written off NOLs that occurred in the prior year. The partnership and its subsidiaries have disposed of a corporate entity in BSREP II and as a result have written off deferred tax liabilities of $85 million associated with that corporation. The partnership and its subsidiaries reclassed $28 million dollars of deferred tax assets into Assets Held for Sale. During 2020, the partnership and its subsidiaries have reevaluated certain net operating losses in entities that have been previously acquired and determined that the partnership does not expect to utilize those losses. As such, the partnership has written off $35 million of NOLs via equity. The partnership and its subsidiaries utilized certain tax attributes to reduce overall tax liabilities, resulting in a reduction of deferred tax assets in the amount of $63 million. The Holding Entities and their Canadian subsidiaries have deferred tax assets of $95 million (December 31, 2020 - $64 million) related to non-capital losses that will begin to expire in 2032, and $34 million (December 31, 2020 - $33 million) related to capital losses that have no expiry. The Holding Entities and their U.S. subsidiaries have deferred tax assets of $352 million (December 31, 2020 - $465 million) related to net operating losses that will begin to expire in 2026. The Holding Entities and their U.S. subsidiaries have deferred tax assets of $203 million (December 31, 2020 - nil) related to non-capital losses which will begin to expire in 2023. The holding entities and their foreign subsidiaries, mainly in India, South Korea and the United Kingdom, have deferred tax assets of $118 million (December 31, 2020 - $141 million) related to non-capital losses which will begin to expire in 2021. The gross deductible temporary differences, unused tax losses, and unused tax credits for which no deferred tax asset is recognized are as follows: (US$ Millions) Dec. 31, 2021 Dec. 31, 2020 Unused tax losses - gross Net operating losses (United States) $ 34 $ 24 Capital losses (United States) 275 — Net operating losses (foreign) 513 409 Unrecognized deductible temporary differences, unused tax losses, and unused tax credits $ 822 $ 433 The Holding Entities, their U.S. subsidiaries, and foreign subsidiaries have gross deductible temporary differences, unused tax losses, and unused tax credits which have not been recognized of $822 million (December 31, 2020 - $433 million) related to net operating losses and capital losses. Approximately $256 million of the foreign net operating losses will expire by 2031. The remaining foreign net operating losses have no expiry. The majority of the U.S. net operating losses will begin to expire in 2035. The majority of U.S. capital losses will begin to expire in 2026. The aggregate amount of gross temporary differences associated with investments and interests in joint arrangements in subsidiaries for which deferred tax liabilities have not been recognized as of December 31, 2021 is approximately $10 billion (December 31, 2020 - $10 billion). The major components of income tax expense include the following: (US$ Millions) Years ended Dec. 31, 2021 2020 2019 Current income tax expense $ 134 $ 58 $ 164 Deferred income tax expense (benefit) 356 162 32 Income tax expense $ 490 $ 220 $ 196 The increase in income tax expense for the year ended December 31, 2021 compared to the prior year primarily relates to tax rate changes in jurisdictions in which the partnership holds investments. Years ended Dec. 31, 2021 2020 2019 Statutory income tax rate 26 % 26 % 26 % Increase (decrease) in rate resulting from: International operations subject to different tax rates (7) % (35) % (14) % Non-controlling interests in income of flow-through entities (10) % 8 % (4) % Change in tax rates applicable to temporary differences in other jurisdictions 2 % (8) % (3) % Other 1 % (3) % — % Effective income tax rate 12 % (12) % 5 % As the partnership is not subject to tax, the analyses used the applicable Canadian blended Federal and Provincial tax rate as the statutory income tax rate. |
OTHER NON-CURRENT LIABILITIES
OTHER NON-CURRENT LIABILITIES | 12 Months Ended |
Dec. 31, 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) Dec. 31, 2021 Dec. 31, 2020 Accounts payable and accrued liabilities $ 499 $ 437 Lease liabilities (1) 690 875 Derivative liability 277 272 Provisions 16 105 Deferred revenue 16 14 Loans and notes payable 1 — Total other non-current liabilities $ 1,499 $ 1,703 (1) For the year ended December 31, 2021, interest expense relating to total lease liabilities (see Note 18, Accounts Payable And Other Liabilities for the current portion) was $59 million (2020 - $58 million). |
ACCOUNTS PAYABLE AND OTHER LIAB
ACCOUNTS PAYABLE AND OTHER LIABILITIES | 12 Months Ended |
Dec. 31, 2021 | |
Subclassifications of assets, liabilities and equities [abstract] | |
ACCOUNTS PAYABLE AND OTHER LIABILITIES | ACCOUNTS PAYABLE AND OTHER LIABILITIES The components of accounts payable and other liabilities are as follows: (US$ Millions) Dec. 31, 2021 Dec. 31, 2020 Accounts payable and accrued liabilities $ 2,021 $ 2,094 Loans and notes payable (1) 899 1,062 Derivative liabilities 221 416 Deferred revenue 445 441 Lease liabilities (2) 160 43 Other liabilities 16 45 Total accounts payable and other liabilities $ 3,762 $ 4,101 (1) See Note 33, Related Parties, for further discussion. (2) See Note 17, Other Non-Current Liabilities for further information on the interest expense related to these liabilities. |
EQUITY
EQUITY | 12 Months Ended |
Dec. 31, 2021 | |
Equity [abstract] | |
EQUITY | EQUITY The partnership’s capital structure is comprised of five classes of partnership units: GP Units, LP Units, REUs, Special LP Unit and FV LTIP 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”). As part of the Privatization, the partnership fully redeemed two classes of partnership units: Exchange LP Units and BPYU Units. Refer to Note 3, Privatization of the Partnership for discussion of the impacts of the privatization to the partnership’s equity structure. a) General and limited partnership units GP Units entitle the holder to the right to govern the financial and operating policies of the partnership. The GP Units are entitled to a 1% general partnership interest. LP Units entitle the holder to their proportionate share of distributions. Each LP Unit entitles the holder thereof to one vote for the purposes of any approval at a meeting of limited partners, provided that holders of the Redeemable/Exchangeable Partnership Units that are exchanged for LP Units will only be entitled to a maximum number of votes in respect of the Redeemable/Exchangeable Partnership Units equal to 49% of the total voting power of all outstanding units. The following table presents changes to the GP Units and LP Units from the beginning of the year: GP Units LP Units (Thousands of units), Years ended Dec. 31, 2021 2020 2019 2021 2020 2019 Outstanding, beginning of year 139 139 139 435,980 439,802 424,198 Privatization — — (146,278) — — Exchange LP Units exchanged — — — 128 169 425 BPYU Units exchanged 8,922 11,580 36,316 Distribution reinvestment program — — — 123 998 257 Issued under unit-based compensation plan — — — 112 — 858 LP Units issued — — — — 59,497 — Repurchases of LP Units — — — — (76,066) (22,252) Outstanding, end of year 139 139 139 298,987 435,980 439,802 b) Units of the Operating Partnership held by Brookfield Asset Management Redeemable/Exchangeable Partnership Units There were 529,473,303 Redeemable/Exchangeable Partnership Units outstanding at December 31, 2021, 451,365,017 outstanding at 2020, and 432,649,105 outstanding at 2019. Special limited partnership units Brookfield Property Special L.P. (“Special LP”) is entitled to receive equity enhancement distributions and incentive distributions from the Operating Partnership as a result of its ownership of the Special LP Units. There were 4,759,997 Special LP Units outstanding at December 31, 2021, 2020 and 2019. c) Limited partnership units of Brookfield Office Properties Exchange LP The following table presents changes to the Exchange LP Units from the beginning of the year: Exchange LP Units (Thousands of units) Dec. 31, 2021 Dec. 31, 2020 Dec. 31, 2019 Outstanding, beginning of year 2,714 2,883 3,308 Exchange LP Units exchanged (1) (128) (169) (425) Privatization (2,586) — — Outstanding, end of year — 2,714 2,883 (1) Exchange LP Units issued for the acquisition of incremental BPO common shares that have been exchanged are held by an indirect subsidiary of the partnership. Refer to the Consolidated Statements of Changes in Equity for the impact of such exchanges on the carrying value of Exchange LP Units. d) FV LTIP Units The partnership issued FV LTIP units under the Brookfield Property L.P. FV LTIP Unit Plan to certain participants in 2019. Each FV LTIP Unit will vest over a period of five years and is redeemable for LP Units or a cash payment subject to a conversion adjustment. There were 1,818,717, 1,899,661 and 1,156,114 FV LTIP Units outstanding at December 31, 2021, 2020 and 2019, respectively. e) Class A stock of Brookfield Properties Retail Holding LLC During the year ended December 31, 2021, there were 8,922,243 BPYU Units exchanged for LP Units, 841,950 BPYU Units repurchased, 377,209 BPYU Units issued, and 6,091 BPYU Unit forfeitures. In connection with the Privatization discussed in Note 3, Privatization of the Partnership, all 29,734,260 public outstanding BPYU Units were acquired. The partnership indirectly owns all of the remaining outstanding Units. The following table presents changes to the BPYU Units for the years ended December 31, 2020 and 2019: Class A stock of Brookfield Properties Retail Holding LLC (Thousands of units) Dec. 31, 2020 Dec. 31, 2019 Outstanding, beginning of year 64,025 106,090 BPYU Units exchanged (1) (11,580) (36,316) Repurchase of BPYU Units (13,396) (5,724) BPYU Units issued 84 — Forfeitures (6) (25) Outstanding, end of year (2) 39,127 64,025 (1) Represents BPYU Units that have been exchanged for LP Units. Refer to the Consolidated Statements of Changes in Equity for the impact of such exchanges on the carrying value of BPYU Units. (2) In addition, there were 1,418,001 BPYU Units held in treasury as of December 31, 2020. f) Preferred Equity Units During the year ended December 31, 2019, the partnership issued 7,360,000 Class A Cumulative Redeemable Perpetual Preferred Units, Series 1 at $25.00 per unit at a coupon rate of 6.5% and 10,000,000 Class A Cumulative Redeemable Perpetual Preferred Units, Series 2 at $25.00 per unit at a coupon rate of 6.375%. In total $722 million of gross proceeds were raised and $23 million in underwriting and issuance costs were incurred. The Series 1 Units were redeemed in the fourth quarter of 2021. During the year ended December 31, 2020, the partnership issued 11,500,000 Class A Cumulative Redeemable Perpetual Preferred Units, Series 3 at $25.00 per unit at a coupon rate of 5.75%. In total $288 million of gross proceeds were raised and $9 million in underwriting and issuance costs were incurred. At December 31, 2021, Preferred Equity Units had a total carrying value of $699 million (December 31, 2020 - $699 million). g) Distributions Distributions made to each class of partnership units, including units of subsidiaries that are exchangeable into LP Units, are as follows: (US$ Millions, except per unit information) Years ended Dec. 31, 2021 2020 2019 Limited partners $ 358 $ 583 $ 573 Holders of: Redeemable/exchangeable partnership units 499 581 574 Special LP Units 5 6 6 Exchange LP Units 1 4 4 FV LTIP of the Operating Partnership 2 2 1 BPYU Units 13 68 108 Total distributions $ 878 $ 1,244 $ 1,266 Per unit (1) $ 1.05 $ 1.33 $ 1.32 (1) Per unit outstanding on the record date for each. |
NON-CONTROLLING INTERESTS
NON-CONTROLLING INTERESTS | 12 Months Ended |
Dec. 31, 2021 | |
Non-Controlling Interest 1 [Abstract] | |
NON-CONTROLLING INTERESTS | NON-CONTROLLING INTERESTS Non-controlling interests consists of the following: (US$ Millions) Dec. 31, 2021 Dec. 31, 2020 Redeemable/Exchangeable Partnership Units and Special LP Units (1) $ 15,736 $ 12,249 Exchange LP Units (2) — 73 FV LTIP units of the Operating Partnership (1) 55 52 BPYU Units (2) — 1,050 Interest of others in operating subsidiaries and properties: Preferred shares held by Brookfield Asset Management 1,015 15 Preferred equity of subsidiaries 2,750 3,000 Non-controlling interests in subsidiaries and properties 15,941 12,672 Total interests of others in operating subsidiaries and properties 19,706 15,687 Total non-controlling interests $ 35,497 $ 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 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 Consolidated Statements of Changes in Equity. (2) Refer to Note 3, Privatization of the Partnership for further information on the Exchange LP Units and BPYU Units. |
COMMERCIAL PROPERTY REVENUE
COMMERCIAL PROPERTY REVENUE | 12 Months Ended |
Dec. 31, 2021 | |
Revenue [abstract] | |
COMMERCIAL PROPERTY REVENUE | COMMERCIAL PROPERTY REVENUE The components of commercial property revenue are as follows: (US$ Millions) Years ended Dec. 31, 2021 2020 2019 Base rent $ 3,462 $ 3,613 $ 3,814 Straight-line rent 25 133 115 Lease termination 68 27 44 Other lease income (1) 662 627 612 Other revenue from tenants (2) 946 997 1,106 Total commercial property revenue $ 5,163 $ 5,397 $ 5,691 (1) Other lease income includes parking revenue and recovery of property tax and insurance expense from tenants. (2) Consists of recovery of certain operating expenses and other revenue from tenants which are accounted for in accordance with IFRS 15. 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. The partnership granted abatements of $82 million (2020 - $62 million) for the twelve months ended December 31, 2021, primarily related to prior year rents in response to tenants impact by the shutdown. The partnership leases properties under operating leases generally with lease terms of between 1 and 15 years, with options to extend. Minimum rental commitments under non-cancellable tenant operating leases are as follows: (US$ Millions) Dec. 31, 2021 Dec. 31, 2020 Less than 1 year $ 2,776 $ 3,332 1-5 years 9,029 10,800 More than 5 years 8,522 11,216 Total $ 20,327 $ 25,348 The components of investment and other revenue are as follows: (US$ Millions) Years ended Dec. 31, 2021 2020 2019 Investment income $ 476 $ 177 $ 223 Fee revenue 255 228 259 Dividend income 77 44 6 Interest income and other 37 45 107 Participating loan interests — — 8 Other 19 — — Total investment and other revenue $ 864 $ 494 $ 603 |
HOSPITALITY REVENUE
HOSPITALITY REVENUE | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of revenue [Abstract] | |
HOSPITALITY REVENUE | HOSPITALITY REVENUE The components of hospitality revenue are as follows: (US$ Millions) 2021 2020 2019 Room, food and beverage $ 931 $ 562 $ 1,431 Gaming, and other leisure activities 111 106 360 Other hospitality revenue 31 34 118 Total hospitality revenue $ 1,073 $ 702 $ 1,909 |
INVESTMENT AND OTHER REVENUE
INVESTMENT AND OTHER REVENUE | 12 Months Ended |
Dec. 31, 2021 | |
Revenue [abstract] | |
INVESTMENT AND OTHER REVENUE | COMMERCIAL PROPERTY REVENUE The components of commercial property revenue are as follows: (US$ Millions) Years ended Dec. 31, 2021 2020 2019 Base rent $ 3,462 $ 3,613 $ 3,814 Straight-line rent 25 133 115 Lease termination 68 27 44 Other lease income (1) 662 627 612 Other revenue from tenants (2) 946 997 1,106 Total commercial property revenue $ 5,163 $ 5,397 $ 5,691 (1) Other lease income includes parking revenue and recovery of property tax and insurance expense from tenants. (2) Consists of recovery of certain operating expenses and other revenue from tenants which are accounted for in accordance with IFRS 15. 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. The partnership granted abatements of $82 million (2020 - $62 million) for the twelve months ended December 31, 2021, primarily related to prior year rents in response to tenants impact by the shutdown. The partnership leases properties under operating leases generally with lease terms of between 1 and 15 years, with options to extend. Minimum rental commitments under non-cancellable tenant operating leases are as follows: (US$ Millions) Dec. 31, 2021 Dec. 31, 2020 Less than 1 year $ 2,776 $ 3,332 1-5 years 9,029 10,800 More than 5 years 8,522 11,216 Total $ 20,327 $ 25,348 The components of investment and other revenue are as follows: (US$ Millions) Years ended Dec. 31, 2021 2020 2019 Investment income $ 476 $ 177 $ 223 Fee revenue 255 228 259 Dividend income 77 44 6 Interest income and other 37 45 107 Participating loan interests — — 8 Other 19 — — Total investment and other revenue $ 864 $ 494 $ 603 |
DIRECT COMMERCIAL PROPERTY EXPE
DIRECT COMMERCIAL PROPERTY EXPENSE | 12 Months Ended |
Dec. 31, 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: (US$ Millions) Years ended Dec. 31, 2021 2020 2019 Property maintenance $ 713 $ 679 $ 749 Real estate taxes 580 610 619 Employee compensation and benefits 155 158 170 Depreciation and amortization 39 39 42 Lease expense (1) 11 16 16 Other (2) 433 473 413 Total direct commercial property expense $ 1,931 $ 1,975 $ 2,009 (1) Represents the operating expenses relating to variable lease payments not included in the measurement of the lease liability. (2) For the twelve months ended December 31, 2021, the partnership recorded a $49 million (2020 - $99 million, 2019 - $31 million) loss allowance in commercial property operating expenses. |
DIRECT HOSPITALITY EXPENSE
DIRECT HOSPITALITY EXPENSE | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of detailed information about investment property [abstract] | |
DIRECT HOSPITALITY EXPENSE | DIRECT HOSPITALITY EXPENSE The components of direct hospitality expense are as follows: (US$ Millions) Years ended Dec. 31, 2021 2020 2019 Employee compensation and benefits $ 160 $ 180 $ 370 Cost of food, beverage, and retail goods sold 158 142 294 Depreciation and amortization 269 280 299 Maintenance and utilities 99 112 155 Marketing and advertising 23 28 71 Other 201 166 329 Total direct hospitality expense $ 910 $ 908 $ 1,518 |
GENERAL AND ADMINISTRATIVE EXPE
GENERAL AND ADMINISTRATIVE EXPENSE | 12 Months Ended |
Dec. 31, 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: (US$ Millions) Years ended Dec. 31, 2021 2020 2019 Employee compensation and benefits $ 360 $ 385 $ 366 Management fees 241 116 159 Transaction costs 48 24 66 Professional fees 97 98 99 Facilities and technology fees 47 54 60 Other 131 139 132 Total general and administrative expense $ 924 $ 816 $ 882 |
FAIR VALUE GAINS (LOSSES), NET
FAIR VALUE GAINS (LOSSES), NET | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Measurement [Abstract] | |
FAIR VALUE GAINS (LOSSES), NET | FAIR VALUE GAINS (LOSSES), NET The components of fair value (losses) gains, net, are as follows: (US$ Millions) Years ended Dec. 31, 2021 2020 2019 Commercial properties (1) $ 1,791 $ (1,607) $ 301 Commercial developments 171 219 557 Incentive fees (2) (24) (16) (104) Financial instruments and other (3) 583 82 (158) Total fair value (losses) gains, net $ 2,521 $ (1,322) $ 596 (1) For the year ended December 31, 2021, includes fair value loss on right-of-use investment properties of $5 million (2020 - $16 million). (2) Represents incentive fees the partnership is obligated to pay to the general partner of the partnership’s various fund investments. (3) For the year ended December 31, 2021, primarily includes fair value gains on financial instruments. The prior year primarily includes a gain on loss of control of Atlantis of $62 million and a gain on the sale of a self-storage portfolio of $141 million, partially offset by fair value losses on financial instruments. |
UNIT-BASED COMPENSATION
UNIT-BASED COMPENSATION | 12 Months Ended |
Dec. 31, 2021 | |
Share-Based Payment Arrangement [Abstract] | |
UNIT-BASED COMPENSATION | UNIT-BASED COMPENSATION In connection with the Privatization, the partnership settled the BPY Unit Option Plan for cash and replaced certain other unit-based compensation plans with new plans for BAM shares. The cash payment and the incremental fair value granted under the new plans are accounted for as part of the consideration for Privatization, which resulted in $7 million of expense. During the year ended December 31, 2021, the partnership incurred $28 million (2020 - $27 million; 2019 - $25 million) of expense in connection with its unit-based compensation plans. a) BPY Unit Option Plan There were no BPY Awards granted during the year ended December 31, 2021. In connection with the Privatization, the awards provided for under the BPY Unit Option Plan, whether vested or unvested, were exchanged for a cash payment equal to the in-the-money value in accordance with their terms. The cash payment for the cancellation of these awards did not have a material impact to the consolidated financial statements of the partnership. b) Restricted BPY LP Unit Plan In connection with the Privatization, the unvested awards provided for under the Restricted BPY LP Unit Plan were transferred to BAM in exchange for BAM shares at a ratio of 0.4006 BAM share for each BPY Unit. Such new awards are subject to the same terms and conditions as the previous awards. The vested awards received the same consideration for their LP Units as the other unitholders. As of December 31, 2021, the total number of Restricted Units outstanding was nil (December 31, 2020 - 523,573 with a weighted average exercise price of $19.87). c) Restricted BPY LP Unit Plan (Canada) In connection with the Privatization, the unvested awards provided for under the Restricted BPY LP Unit Plan (Canada) were transferred to BAM in exchange for BAM shares at a ratio of 0.4006 BAM share for each BPY Unit. Such new awards are subject to the same terms and conditions as the previous awards. The vested awards received the same consideration for their LP Units as the other unitholders. As of December 31, 2021, the total number of Canadian Restricted Units outstanding was nil (December 31, 2020 - 482,464 with a weighted average exercise price of C$25.38). d) Restricted BPYU Unit Plan In connection with the Privatization, the unvested awards provided for under the Restricted BPYU Unit Plan were transferred to BAM in exchange for BAM shares at a ratio of 0.4006 BAM share for each BPYU Unit. Such new awards are subject to the same terms and conditions as the previous awards. The vested awards received the same consideration for their BPYU Units as the other BPYU unitholders. As of December 31, 2021, the total number of Restricted BPYU Units outstanding was nil (December 31, 2020 - 1,808,765 with a weighted average exercise price of $18.82). e) BPY FV LTIP Unit Plan The Operating Partnership issued units of the Operating Partnership pursuant to the Brookfield Property L.P. FV LTIP Unit Plan to certain participants. Each FV LTIP Unit will vest over a period of five years and is redeemable for a cash payment subject to a conversion adjustment. The BPY FV LTIP Unit Plan was not impacted by the Privatization, other than to remove the ability of a holder to convert to BPYU Units. As of December 31, 2021, the total number of FV LTIP Units outstanding was 1,818,717 (December 31, 2020 - 1,899,661) with a weighted average exercise price of $19.13 (December 31, 2020 - $19.12) to employees. f) Deferred Share Unit Plan At December 31, 2021, BPO had nil deferred share units (December 31, 2020 - 267,534) outstanding and vested. In connection with the Privatization, the awards provided for under the Deferred Share Unit Plan were transferred to BAM in exchange for BAM shares at a ratio of 0.4006 BAM share for each Deferred Share Unit. Such new awards are subject to the same terms and conditions as the previous awards. g) GGP LTIP Plans In connection with the 2018 GGP Inc. 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. In connection with the Privatization, in-the-money options were cashed out and out-of-the-money options were cancelled related to both GGP LTIP plans. As of December 31, 2021, the total number of GGP Options outstanding was nil (December 31, 2020 - 136,662 with a weighted average exercise price of $26.05). As of December 31, 2021, the total number of GGP AO LTIP outstanding was nil (December 31, 2020 - 1,079,069 with a weighted average exercise price of $22.54). |
OTHER COMPREHENSIVE INCOME (LOS
OTHER COMPREHENSIVE INCOME (LOSS) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of analysis of other comprehensive income by item [abstract] | |
OTHER COMPREHENSIVE INCOME (LOSS) | OTHER COMPREHENSIVE INCOME (LOSS) Other comprehensive (loss) income consists of the following: (US$ Millions) Years ended Dec. 31, 2021 2020 2019 Items that may be reclassified to net income: Foreign currency translation Unrealized foreign currency translation (losses) gains in respect of foreign operations $ (467) $ 87 $ 207 Reclassification of realized foreign currency translation gains to net income on disposition of foreign operations 27 — 26 Gains (losses) on hedges of net investments in foreign operations, net of income tax expense (benefit) of nil (2020 - nil; 2019 - $2 million) 163 650 (176) Reclassification of hedges of net investment in foreign operations (losses) to net income on disposition of foreign operations — — 6 (277) 737 63 Cash flow hedges Gains on derivatives designated as cash flow hedges, net of income tax expense (benefit) of $(12) million (2020 - $4 million; 2019 - $4 million) 95 116 21 95 116 21 Equity accounted investments Share of unrealized foreign currency translations (losses) gains in respect of foreign operations (2) 4 — Reclassification gains from hedges of net investment in foreign operation to net income on disposition of foreign operations — — 1 Share of gains (losses) on derivatives designated as cash flow hedges, net of income tax expense (benefit) of nil (2020 - nil; 2019 – nil) 56 (62) (51) 54 (58) (50) Items that will not be reclassified to net income: Unrealized (losses) gains on securities - FVTOCI, net of income tax benefit of $59 million (2020 - $11 million; 2019 - $6 million) (33) 17 (7) Share of revaluation surplus (losses) on equity accounted investments, net of income tax expense (benefit) of nil (2020 - nil; 2019 - nil) 354 (206) 16 Net remeasurement gains (losses) on defined benefit plan, net of income tax expense of nil (2020 – nil; 2019 – nil) — (1) (1) Revaluation surplus (loss), net of income tax expense of $(120) million (2020 –$49 million; 2019 – $22 million) 811 (191) 281 1,132 (381) 289 Total other comprehensive income (loss) $ 1,004 $ 414 $ 323 |
OBLIGATIONS, GUARANTEES, CONTIN
OBLIGATIONS, GUARANTEES, CONTINGENCIES AND OTHER | 12 Months Ended |
Dec. 31, 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. At December 31, 2021, the partnership had commitments totaling: • approximately $815 million for the development of Manhattan West in Midtown New York, 1100 Avenue of the Americas redevelopment in Midtown New York, Greenpoint Landing in Brooklyn, 755 Figueroa in Los Angeles and Halley Rise in Washington, D.C; and • approximately A$259 million ($188 million) primarily for the development of 1 The Esplanade in Sydney and Elizabeth Quay in Perth. During 2013, Brookfield Asset Management announced the final close on the $4.4 billion BSREP I 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 December 31, 2021, there remained approximately $150 million of uncontributed capital commitments. In April 2016, Brookfield Asset Management announced the final close on the $9.0 billion BSREP II fund to which the partnership had committed $2.3 billion as lead investor. As of December 31, 2021, there remained approximately $785 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 to which the partnership had committed $400 million as lead investor. As of December 31, 2021, there remained approximately $160 million of uncontributed capital commitments. In September 2018, Brookfield Asset Management announced the final close of the $1.0 billion third Brookfield Fairfield U.S. Multifamily Value Add Fund to which the partnership had committed $300 million. As of December 31, 2021, there remained approximately $105 million of uncontributed capital commitments. In January 2019, Brookfield Asset Management announced the final close on the $15.0 billion BSREP III fund to which the partnership has committed $1.0 billion. As of December 31, 2021, there remained approximately $220 million of uncontributed capital commitments. In October of 2020, Brookfield Asset Management announced the final close on the €619 million ($704 million) Brookfield European Real Estate Partnership fund to which the partnership has committed €100 million ($114 million). As of December 31, 2021, there remained approximately €20 million ($21 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. |
LIQUIDITY AND CAPITAL MANAGEMEN
LIQUIDITY AND CAPITAL MANAGEMENT | 12 Months Ended |
Dec. 31, 2021 | |
Liquidity and Capital Management [Abstract] | |
LIQUIDITY AND CAPITAL MANAGEMENT | LIQUIDITY AND CAPITAL MANAGEMENT The capital of the partnership’s business consists of debt obligations, capital securities, preferred stock and equity. The partnership’s objective when managing this capital is to maintain an appropriate balance between holding a sufficient amount of equity capital to support its operations and reducing its weighted average cost of capital to improve its return on equity. As at December 31, 2021, capital totaled $100 billion (December 31, 2020 - $99 billion). The partnership attempts to maintain a level of liquidity to ensure it is able to participate in investment opportunities as they arise and to better withstand sudden adverse changes in economic circumstances. The partnership’s primary sources of liquidity include cash, undrawn committed credit facilities, construction facilities, cash flow from operating activities and access to public and private capital markets. In addition, the partnership structures its affairs to facilitate monetization of longer-duration assets through financings and co-investor participations. The partnership seeks to increase income from its existing properties by maintaining quality standards for its properties that promote high occupancy rates and support increases in rental rates while reducing tenant turnover and related costs, and by controlling operating expenses. Consequently, the partnership believes its revenue, along with proceeds from financing activities and divestitures, will continue to provide the necessary funds to cover its short-term liquidity needs. However, material changes in the factors described above may adversely affect the partnership’s net cash flows. The partnership’s principal liquidity needs for the current year and for periods beyond include: • Recurring expenses; • Debt service requirements; • Distributions to unitholders; • Capital expenditures deemed mandatory, including tenant improvements; • Development costs not covered under construction loans; • Investing activities which could include: ◦ Fulfilling the partnership’s capital commitments to various funds; ◦ Discretionary capital expenditures; ◦ Property acquisitions; and ◦ Future development. Most of the partnership’s borrowings are in the form of long-term asset-specific financings with recourse only to the specific assets. Limiting recourse to specific assets ensures that poor performance within one area does not compromise the partnership’s ability to finance the balance of its operations. In addition, the partnership may, from time to time, issue equity instruments, including, but not limited to, LP Units, preferred equity and Redeemable/Exchangeable Partnership Units, to the public in private placements in certain circumstances to provide financing for significant transactions. The partnership’s operating subsidiaries are subject to limited covenants in respect of their corporate debt and are in full compliance with all such covenants at December 31, 2021. The partnership’s operating subsidiaries are also in compliance with all covenants and other capital requirements related to regulatory or contractual obligations of material consequence to the partnership. The partnership generally believes that it will be able to either extend the maturity date, repay, or refinance the debt that is scheduled to mature in 2022 to 2023, however, approximately 2% of its debt obligations represent non-recourse mortgages where the partnership has suspended contractual payment, and is currently engaging in modification or restructuring discussions with the respective creditors. The partnership is generally seeking relief given the circumstances resulting from the current economic slowdown, and may or may not be successful with these negotiations. If the partnership is unsuccessful, it is possible that certain properties securing these loans could be transferred to the lenders. The partnership’s strategy is to satisfy its liquidity needs in respect of the partnership using the partnership’s cash on hand, cash flows generated from operating activities and provided by financing activities, as well as proceeds from asset sales, primarily held in the LP Investments segment. The operating subsidiaries of the partnership also generate liquidity by accessing capital markets on an opportunistic basis. The partnership’s principal liquidity needs for periods beyond the next year are for scheduled debt maturities, distributions, recurring and non-recurring capital expenditures, development costs, potential property acquisitions, capital contributions to operating subsidiaries impacted by the shutdown and the partnership’s capital commitments to various funds. The partnership plans to meet these needs with one or more of: cash flows from operations; construction loans; creation of new funds; proceeds from sales of assets; proceeds from sale of non-controlling interests in subsidiaries and properties; and credit facilities and refinancing opportunities. The table below presents the partnership’s contractual obligations as of December 31, 2021: (US$ Millions) Payments due by period Dec. 31, 2021 Total < 1 Year 1 Year 2 Years 3 Years 4 Years > 5 Years Debt obligations (1) $ 52,570 $ 13,975 $ 8,043 $ 11,573 $ 5,626 $ 6,565 $ 6,788 Capital securities 3,085 61 999 564 — 546 915 Lease obligations 3,414 72 44 44 44 43 3,167 Commitments (2) 1,144 963 166 13 2 — — Interest expense (3) : Debt obligations 6,392 1,751 1,489 1,098 756 494 804 Capital securities 722 162 149 151 112 115 33 Interest rate swaps 60 35 25 — — — — (1) Debt obligations excludes deferred financing costs of $249 million. (2) Primarily consists of construction commitments on commercial developments. (3) Represents aggregate interest expense expected to be paid over the term of the obligations. Variable interest rate payments have been calculated based on current rates. |
FINANCIAL INSTRUMENTS
FINANCIAL INSTRUMENTS | 12 Months Ended |
Dec. 31, 2021 | |
Financial Instruments [Abstract] | |
FINANCIAL INSTRUMENTS | FINANCIAL INSTRUMENTS a) Derivatives and hedging activities The partnership and its operating entities use derivative and non-derivative instruments to manage financial risks, including interest rate, commodity, equity price and foreign exchange risks. The use of derivative contracts is governed by documented risk management policies and approved limits. The partnership does not use derivatives for speculative purposes. The partnership and its operating entities use the following derivative instruments to manage these risks: • foreign currency forward contracts to hedge exposures to Canadian Dollar, Australian Dollar, British Pound, Euro, Chinese Yuan, Brazilian Real, Indian Rupee and South Korean Won denominated net investments in foreign subsidiaries and foreign currency denominated financial assets; • interest rate swaps to manage interest rate risk associated with planned refinancings and existing variable rate debt; • interest rate caps to hedge interest rate risk on certain variable rate debt; and • cross currency swaps to manage interest rate and foreign currency exchange rates on existing variable rate debt. The partnership also designates Canadian Dollar financial liabilities of certain of its operating entities as hedges of its net investments in its Canadian operations. Interest Rate Hedging The following table provides the partnership’s outstanding derivatives that are designated as cash flow hedges of variability in interest rates associated with forecasted fixed rate financings and existing variable rate debt as of December 31, 2021 and 2020: (US$ Millions) Hedging item Notional Rates Maturity dates Fair value Dec. 31, 2021 Interest rate caps of US$ LIBOR debt $ 9,590 2.5% - 5.0% Jan. 2022 - Jun. 2024 $ — Interest rate swaps of US$ LIBOR debt 2,130 1.0% - 2.6% Nov. 2022 - Feb. 2024 (50) Interest rate caps of £ LIBOR debt 2,301 1.0% - 2.5% Jan. 2022 - Dec. 2023 — Interest rate caps of £ SONIA debt 974 2.0% Oct. 2022 - Mar. 2025 5 Interest rate caps of € EURIBOR debt 102 1.3% Apr. 2022 — Interest rate caps of C$ LIBOR debt 240 2.0% Oct. 2022 — Interest rate swaps of AUD BBSW/BBSY debt 422 0.8% - 1.6% Apr. 2023 - Apr. 2024 — 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 — Cross currency swaps of C$ LIBOR Debt 447 0.8% - 1.6% Apr. 2023 - Apr. 2024 (11) For the year ended December 31, 2021, the amount of hedge ineffectiveness recorded in earnings in connection with the partnership’s interest rate hedging activities was nil (December 31, 2020 - nil). Foreign Currency Hedging The following table presents the partnership’s outstanding derivatives that are designated as net investment hedges in foreign subsidiaries or cash flow hedges as of December 31, 2021 and 2020: (US$ Millions) Hedging item Net Notional Rates Maturity dates Fair value Dec. 31, 2021 Net investment hedges € 389 €0.81/$ - €0.88/$ Jul. 2022 - Sep. 2024 (2) Net investment hedges £ 4,395 £0.71/$ - £0.76/$ Jun. 2022 - Mar. 2023 (89) Net investment hedges A$ 974 A$1.35/$ - A$1.41/$ Mar. 2022 - Mar. 2023 (14) Net investment hedges C¥ 1,596 C¥6.68/$ - C¥6.99/$ Jun. 2022 - Jun. 2023 (7) Net investment hedges C$ 185 C$1.26/$ - C$1.31/$ Mar. 2023 - Mar. 2024 (2) Net investment hedges R$ 2,546 R$5.87/$ - R$6.54/$ Sep. 2022 - Oct. 2022 (5) Net investment hedges ₩ 720,095 ₩1,165.75/$ - ₩1,197.6/$ Jun. 2022 - Jun. 2023 4 Net investment hedges Rs 75,690 Rs76.35/$ - Rs87.13/$ Jan. 2022 - Jul. 2024 (27) Net investment hedges £ 90 £0.91/€ Apr. 2022 9 Cross currency swaps of C$ LIBOR debt C$ 2,500 C$1.25/$ - C$1.38/$ Jul. 2023 - Jan. 2027 56 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$5.20/$ 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 - 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 years ended December 31, 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 tables provide detail of the partnership’s other derivatives, not designated as hedges for accounting purposes, that have been entered into to manage financial risks as of December 31, 2021 and 2020: (US$ millions) Derivative type Notional Rates Maturity dates Fair value Dec. 31, 2021 Interest rate caps $ 5,388 2.0% - 7.9% Jan. 2022 - Feb. 2027 $ — Interest rate swaps on forecasted fixed rate debt 1,285 3.2% - 6.4% Jun. 2022 - Jun. 2033 (253) Interest rate swaps of US$ debt 1,696 0.8% - 5.1% Nov. 2022 - Mar. 2024 (8) Embedded derivative 25 0.0% Aug. 2025 - Aug. 2026 — 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 — The partnership recognized fair value losses of approximately $31 million (December 31, 2020 - losses of $45 million) related to the settlement of certain forward starting interest rate swaps that have not been designated as hedges. b) Measurement and classification of financial instruments Fair value is the amount that willing parties would accept to exchange a financial instrument based on the current market for instruments with the same risk, principal and remaining maturity. The fair value of interest bearing financial assets and liabilities is determined by discounting the contractual principal and interest payments at estimated current market interest rates for the instrument. Current market rates are determined by reference to current benchmark rates for a similar term and current credit spreads for debt with similar terms and risk. Classification and Measurement The following table outlines the classification and measurement basis, and related fair value for disclosures, of the financial assets and liabilities in the consolidated financial statements: Dec. 31, 2021 Dec. 31, 2020 (US$ Millions) Classification and measurement basis Carrying Fair Carrying Fair Financial assets Loans and notes receivable Amortized cost 225 225 216 216 Other non-current assets Securities - FVTPL FVTPL 2,200 2,200 1,612 1,612 Derivative assets FVTPL 111 111 72 72 Securities - FVTOCI FVTOCI 108 108 86 86 Restricted cash Amortized cost 356 356 241 241 Current assets Securities - FVTPL FVTPL — — 107 107 Derivative assets FVTPL 33 33 164 164 Accounts receivable (1) Amortized cost 1,128 1,128 758 674 Restricted cash Amortized cost 331 331 292 292 Cash and cash equivalents Amortized cost 2,576 2,576 2,473 2,473 Total financial assets $ 7,068 $ 7,068 $ 6,021 $ 5,937 Financial liabilities Debt obligations (2) Amortized cost $ 55,327 $ 55,474 $ 54,717 $ 54,897 Capital securities Amortized cost 2,226 2,226 2,170 2,170 Capital securities - fund subsidiaries FVTPL 859 859 863 863 Other non-current liabilities Accounts payable Amortized cost 500 500 437 437 Derivative liabilities FVTPL 277 277 272 272 Accounts payable and other liabilities Accounts payable and other (3) Amortized cost 2,097 2,097 2,110 2,110 Loans and notes payable Amortized cost 899 899 1,062 1,062 Derivative liabilities FVTPL 221 221 416 416 Total financial liabilities $ 62,406 $ 62,553 $ 62,047 $ 62,227 (1) Includes other receivables associated with assets classified as held for sale on the consolidated balance sheets in the amounts of $276 million and $5 million as of December 31, 2021 and December 31, 2020, respectively. (2) Includes debt obligations associated with assets classified as held for sale on the consolidated balance sheets in the amount of $3,006 million and $380 million as of December 31, 2021 and December 31, 2020, respectively. (3) Includes accounts payable and other liabilities associated with assets classified as held for sale on the consolidated balance sheets in the amount of $76 million and $16 million as of December 31, 2021 and December 31, 2020, respectively. The following table outlines financial assets and liabilities measured at fair value in the financial statements and the level of the inputs used to determine those fair values in the context of the hierarchy as defined above: Dec. 31, 2021 Dec. 31, 2020 (US$ Millions) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Financial assets Securities designated as FVTPL 17 218 1,965 2,200 — 123 1,596 1,719 Securities designated as FVTOCI 13 — 95 108 — — 86 86 Derivative assets — 144 — 144 — 236 — 236 Total financial assets $ 30 $ 362 $ 2,060 $ 2,452 $ — $ 359 $ 1,682 $ 2,041 Financial liabilities Capital securities - fund subsidiaries $ — $ — $ 859 $ 859 $ — $ — $ 863 $ 863 Derivative liabilities — 498 — 498 — 688 — 688 Total financial liabilities $ — $ 498 $ 859 $ 1,357 $ — $ 688 $ 863 $ 1,551 During the year ended December 31, 2021, 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 December 31, 2021 is 17 million. There were no transfers between levels during the year ended 2020. The following table presents the valuation techniques and inputs of the partnership’s Level 2 assets and liabilities: Type of asset/liability Valuation technique Foreign currency forward contracts Discounted cash flow model - forward exchange rates (from observable forward exchange rates at the end of the reporting period) and discounted at a credit adjusted rate Interest rate contracts Discounted cash flow model - forward interest rates (from observable yield curves) and applicable credit spreads discounted at a credit adjusted rate The table below presents the valuation techniques and inputs of Level 3 assets: Type of asset/liability Valuation techniques Significant unobservable input(s) Relationship of unobservable input(s) to fair value Securities - FVTPL/FVTOCI Net asset valuation (a) Forward exchange rates (from observable forward exchange rates at the end of the reporting period) (a) Increases (decreases) in the forward exchange rate would increase (decrease) fair value The following table presents the change in the balance of financial assets and financial liabilities classified as Level 3 as of December 31, 2021 and 2020: Dec. 31, 2021 Dec. 31, 2020 (US$ Millions) Financial Financial Financial Financial Balance, beginning of year $ 1,682 $ 863 $ 1,371 $ 922 Additions 553 — 324 — Dispositions (88) — (10) — Fair value (losses) gains, net and OCI 366 2 (3) (59) Other (453) (6) — — Balance, end of year $ 2,060 $ 859 $ 1,682 $ 863 c) Market Risk Interest rate risk The partnership faces interest rate risk on its variable rate financial assets and liabilities. In addition, there is interest rate risk associated with the partnership’s fixed rate debt due to the expected requirement to refinance such debt in the year of maturity. The following table outlines the impact on interest expense of a 100 basis point increase or decrease in interest rates on the partnership’s variable rate liabilities and fixed rate debt maturing within one year: (US$ Millions) Dec. 31, 2021 Dec. 31, 2020 Variable rate property debt $ 255 $ 236 Fixed rate property debt due within one year 31 30 Total $ 286 $ 266 The partnership manages interest rate risk by primarily entering into fixed rate operating property debt and staggering the maturities of its mortgage portfolio over a 10-year horizon when the market permits. The partnership also makes use of interest rate derivatives to manage interest rate risk on specific variable rate debts and on anticipated refinancing of fixed rate debt. Foreign currency risk The partnership is structured such that its foreign operations are primarily conducted by entities with a functional currency which is the same as the economic environment in which the operations take place. As a result, the net income impact of currency risk associated with financial instruments is limited as its financial assets and liabilities are generally denominated in the functional currency of the subsidiary that holds the financial instrument. However, the partnership is exposed to foreign currency risk on the net assets of its foreign currency denominated operations. The partnership’s exposures to foreign currencies and the sensitivity of net income and other comprehensive income, on a pre-tax basis, to a 10% change in the exchange rates relative to the U.S. dollar is summarized below: Dec. 31, 2021 (Millions) Equity attributable to Unitholders OCI Net income Canadian Dollar (1) C$ 339 $ (27) $ — Australian Dollar A$ 1,708 (124) — British Pound £ 6,375 (863) — Euro € 1,297 (147) — Brazilian Real R$ 745 (13) — Indian Rupee Rs 617 (1) — Chinese Yuan C¥ 730 (11) — South Korean Won ₩ 289,443 — — United Arab Emirates Dirham AED 342 (9) — Czech Koruna CZK 5 — — Hungarian Forint HUF 5 — — Total $ (1,195) $ — (1) Net of Canadian Dollar denominated loans. Dec. 31, 2020 (Millions) Equity attributable to Unitholders OCI Net income Canadian Dollar (1) C$ 521 $ (41) $ — Australian Dollar A$ 2,056 (158) — British Pound £ 4,206 (575) — Euro € 328 (40) — Brazilian Real R$ 3,364 (65) — Indian Rupee Rs 28,281 (39) — Chinese Yuan C¥ 1,084 (17) — South Korean Won ₩ 204,795 (19) — United Arab Emirates Dirham AED 708 (19) — Czech Koruna CZK 8 — — Hungarian Forint HUF 334 — — Poland Zloty PLN 3 — — Total $ (973) $ — (1) Net of Canadian Dollar denominated loans. Dec. 31, 2019 (Millions) Equity attributable to Unitholders OCI Net income Canadian Dollar (1) C$ 377 $ (29) $ — Australian Dollar A$ 2,154 (151) — British Pound £ 3,275 (434) — Euro € 339 (38) — Brazilian Real R$ 3,310 (82) — Indian Rupee Rs 26,628 (37) — Hong Kong Dollar HK$ — — — Chinese Yuan C¥ 933 (13) — South Korean Won ₩ 160,969 (14) — United Arab Emirates Dirham AED 683 (19) Czech Koruna CZK 10 — Hungarian Forint HUF 314 — Poland Zloty PLN 3 — — Total $ (817) $ — (1) Net of Canadian Dollar denominated loans. d) Credit risk The partnership’s maximum exposure to credit risk associated with financial assets is equivalent to the carrying value of each class of financial asset as separately presented in loans and notes receivable, certain other non-current assets, accounts receivables and other, and cash and cash equivalents. Credit risk arises on loans and notes receivables in the event that borrowers default on the repayment to the partnership. The partnership mitigates this risk by attempting to ensure that adequate security has been provided in support of such loans and notes. Credit risk related to accounts receivable arises from the possibility that tenants may be unable to fulfill their lease commitments. The partnership mitigates this risk through diversification, ensuring that tenants meet minimum credit quality requirements and by ensuring that its tenant mix is diversified and by limiting its exposure to any one tenant. The partnership maintains a portfolio that is diversified by property type so that exposure to a business sector is lessened. The global economic shutdown has increased the risk in the near-term of tenants’ ability to fulfill lease commitments, which has been materially impacted by retail store closures, quarantines and stay-at-home orders. Many of the partnership’s tenants could declare bankruptcy or become insolvent and cease business operations as a result of prolonged mitigation efforts. The retail and hospitality assets are experiencing the most immediate impact. Office asset tenants, while facing hardships from stay-at-home orders, do not presently have as acute difficulty in fulfilling lease commitments in near-term, but they could face increased difficulty if prolonged mitigation efforts material impact their business. Currently no one tenant represents more than 10% of operating property revenue. |
RELATED PARTIES
RELATED PARTIES | 12 Months Ended |
Dec. 31, 2021 | |
Related Party [Abstract] | |
RELATED PARTIES | RELATED PARTIES In the normal course of operations, the partnership enters into transactions with related parties. These transactions are recognized in the consolidated financial statements. These transactions have been measured at exchange value and are recognized in the consolidated financial statements. The immediate parent of the partnership is the BPY General Partner. The ultimate parent of the partnership is Brookfield Asset Management. Other related parties of the partnership include the partnership’s and Brookfield Asset Management’s subsidiaries and operating entities, certain joint ventures and associates accounted for under the equity method, as well as officers of such entities and their spouses. The partnership has a management agreement with its service providers, wholly-owned subsidiaries of Brookfield Asset Management. Pursuant to a Master Services Agreement, which was amended in connection with the Privatization, the partnership pays a management fee (“base management fee”), to the service providers. For the third and fourth quarters of 2021, the management fee was calculated one quarter in arrears based on the equity attributable to Unitholders of the Core Office, Core Retail and Corporate segments. Prior to the Privatization, the partnership paid a base management fee equal to 0.5% of the total capitalization of the partnership, subject to an annual minimum of $50 million, plus annual inflation adjustments. Post-Privatization, The management fee is calculated as 1.05% of the sum of the following amounts, as of the last day of the immediately preceding quarter: (i) the equity attributable to unitholders for the partnership’s Core Office, Core Retail and the Corporate segments; and (ii) the carrying value of the outstanding non-voting common shares of CanHoldco. 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. In connection with the GGP acquisition, the Master Services Agreement was amended so that the base management fee took into account any management fee payable by BPYU under its master services agreement with Brookfield Asset Management and certain of its subsidiaries. For the year ended December 31, 2021, the partnership paid a base management fee of $155 million (2020 - $73 million; 2019 - $107 million). In connection with the issuance of Preferred Equity Units to the Class A Preferred Unitholder in 2014, Brookfield Asset Management contingently agreed to acquire the seven-year and ten-year tranches of Preferred Equity Units from the Class A Preferred Unitholder for the initial issuance price plus accrued and unpaid distributions and to exchange such units for Preferred Equity Units with terms and conditions substantially similar to the twelve-year tranche to the extent that the market price of the LP Units is less than 80% of the exchange price at maturity. On December 30, 2021, BAM acquired the seven-year tranche of Class A Preferred Units, Series 1 units from the holder and exchanged such units for REUs. The Class A Preferred Units, Series 1 were subsequently cancelled. The following table summarizes transactions and balances with related parties: (US$ Millions) Dec. 31, 2021 Dec. 31, 2020 Balances outstanding with related parties: Net (payables)/receivables within equity accounted investments (378) (91) Loans and notes receivable 170 50 Receivables and other assets 71 59 Deposit payable to Brookfield Asset Management (1) (680) (754) Property-specific obligations (250) — Loans and notes payable and other liabilities (259) (313) Preferred shares held by Brookfield Asset Management (1,015) (15) Brookfield Asset Management interest in Canholdco (2,083) — (1) As of December 31, 2021, a $680 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 $3.0 billion in the second quarter of 2021. (US$ Millions) Years ended Dec. 31, 2021 2020 2019 Transactions with related parties: Commercial property revenue (1) $ 35 $ 32 $ 26 Management fee income 42 32 35 Participating loan interests (including fair value gains, net) (2) — — 50 Income from equity accounted investments 26 (11) (12) Interest expense on debt obligations 24 19 48 Interest on capital securities held by Brookfield Asset Management — — 8 General and administrative expense (2) 271 164 198 Construction costs (3) 132 265 411 Return of capital distributions on Brookfield Asset Management’s interest in Canholdco 176 — — Distributions on Brookfield Asset Management’s interest in Canholdco 369 — — Incentive Fees (4) 35 16 104 (1) Amounts received from Brookfield Asset Management and its subsidiaries for the rental of office premises. (2) Includes amounts paid to Brookfield Asset Management and its subsidiaries for management fees, management fees associated with the partnership’s investments in Brookfield-sponsored real estate funds, and administrative services. (3) Includes amounts paid to Brookfield Asset Management and its subsidiaries for construction costs of development properties. (4) Represents incentive fees the partnership is obligated to pay to the general partner of the partnership’s various fund investments. During the fourth quarter of 2021, the partnership sold two multifamily assets in the U.S. for approximately $73 million and a partial interest in an office asset in the U.K. for approximately $101 million to Brookfield Real Estate Income Trust Inc. On September 13, 2021, the partnership issued approximately 34 million Redeemable/Exchangeable Partnership Units and non-voting perpetual preferred shares of two of the partnership’s subsidiary holding entities to affiliates of Brookfield Asset Management for aggregate consideration of $2 billion. 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. Cash consideration was funded to the partnership by BAM in exchange for approximately $2.5 billion of Canholdco Common Shares, which is accounted for as non-controlling interests by BPY, with the remainder for New LP Preferred Units. For the year ended December 31, 2021, distributions of $369 million were paid to BAM related to the Canholdco Common Shares. Refer to Note 3, Privatization of the Partnership , for further detail. On June 29, 2021, Brookfield Premier Real Estate Partners Australia acquired Brookfield Place Sydney from BSREP I for approximately $153 million. During the year ended December 31, 2020, the partnership 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. During the third quarter of 2020, the partnership completed the recapitalization of the Atlantis with an investment from a Brookfield Asset Management affiliate. Refer to Note 6, Equity Accounted Investments and Note 8, Property, Plant And Equipment for further detail. |
PAYROLL EXPENSE
PAYROLL EXPENSE | 12 Months Ended |
Dec. 31, 2021 | |
Analysis of income and expense [abstract] | |
PAYROLL EXPENSE | PAYROLL EXPENSE The partnership has no employees or directors; therefore the partnership does not remunerate key management personnel. Key decision makers of the partnership are all employees of Brookfield Asset Management, the ultimate parent company, who provide management services under the Master Services Agreement. Throughout the year, the partnership’s general partner incurs director fees, a portion of which are charged to the partnership in accordance with the limited partnership agreement. |
SEGMENT INFORMATION
SEGMENT INFORMATION | 12 Months Ended |
Dec. 31, 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. 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 operating performance of the partnership’s operating segments based on funds from operations (“FFO”). This performance metric does not have standardized meanings prescribed by IFRS and therefore may differ from similar metrics used by other companies and organizations. Management believes that while not an IFRS measure, FFO is the most consistent metric to measure the partnership’s financial statements and for the purpose of allocating resources and assessing its performance. The partnership defines FFO as net income, prior to fair value gains, net, depreciation and amortization of real estate assets, and income taxes less non-controlling interests of others in operating subsidiaries and properties share of these items. When determining FFO, the partnership also includes its proportionate share of the FFO of unconsolidated partnerships and joint ventures and associates. b) Reportable segment measures The following summaries present certain financial information regarding the partnership’s operating segments for the year ended December 31, 2021, 2020, and 2019. (US$ Millions) Total revenue FFO Years ended Dec. 31, 2021 2020 2019 2021 2020 2019 Core Office $ 2,198 $ 2,049 $ 2,149 $ 539 $ 495 $ 582 Core Retail 1,510 1,612 1,589 450 521 707 LP Investments 3,387 2,920 4,452 179 64 268 Corporate 5 12 13 (590) (373) (410) Total $ 7,100 $ 6,593 $ 8,203 $ 578 $ 707 $ 1,147 The following summary presents the detail of total revenue from the partnership’s operating segments for the year ended December 31, 2021, 2020 and 2019: (US$ Millions) Lease revenue Other revenue from tenants Hospitality revenue Investment and other revenue Total revenue Year ended Dec. 31, 2021 Core Office $ 1,467 $ 442 $ 9 $ 280 $ 2,198 Core Retail 1,113 259 — 138 1,510 LP Investments 1,639 243 1,064 441 3,387 Corporate — — — 5 5 Total $ 4,219 $ 944 $ 1,073 $ 864 $ 7,100 (US$ Millions) Lease revenue Other revenue from tenants Hospitality revenue Investment and other revenue Total revenue Year ended Dec. 31, 2020 Core Office $ 1,429 $ 446 $ 6 $ 168 $ 2,049 Core Retail 1,166 284 — 162 1,612 LP Investments 1,805 267 696 152 2,920 Corporate — — — 12 12 Total $ 4,400 $ 997 $ 702 $ 494 $ 6,593 (US$ Millions) Lease revenue Other revenue from tenants Hospitality revenue Investment and other revenue Total revenue Year ended Dec. 31, 2019 Core Office $ 1,426 $ 477 $ 12 $ 234 $ 2,149 Core Retail 1,082 312 — 195 1,589 LP Investments 2,077 317 1,897 161 4,452 Corporate — — — 13 13 Total $ 4,585 $ 1,106 $ 1,909 $ 603 $ 8,203 The following summaries presents share of net earnings from equity accounted investments and interest expense from the partnership’s operating segments for the year ended December 31, 2021, 2020, and 2019. (US$ Millions) Share of net earnings from equity accounted investments Interest expense Years ended Dec. 31, 2021 2020 2019 2021 2020 2019 Core Office $ 644 $ 150 $ 716 $ (570) $ (586) $ (606) Core Retail 472 (743) 1,179 (649) (647) (683) LP Investments (96) (156) 74 (1,069) (1,104) (1,389) Corporate — — — (305) (255) (246) Total $ 1,020 $ (749) $ 1,969 $ (2,593) $ (2,592) $ (2,924) The following summary presents information about certain consolidated balance sheet items of the partnership, on a segmented basis, as of December 31, 2021 and 2020: Total assets Total liabilities Equity accounted investments (US$ Millions) Dec. 31, 2021 Dec. 31, 2020 Dec. 31, 2021 Dec. 31, 2020 Dec. 31, 2021 Dec. 31, 2020 Core Office $ 37,661 $ 36,547 $ 18,172 $ 17,439 $ 9,819 $ 8,866 Core Retail 30,585 31,466 14,316 17,429 9,945 9,685 LP Investments 43,403 39,609 27,516 25,076 1,043 1,168 Corporate 355 329 6,995 6,484 — — Total $ 112,004 $ 107,951 $ 66,999 $ 66,428 $ 20,807 $ 19,719 The following summary presents a reconciliation of FFO to net income for the years ended December 31, 2021, 2020, and 2019: (US$ Millions) Years ended Dec. 31, 2021 2020 2019 FFO (1) $ 578 $ 707 $ 1,147 Depreciation and amortization of real estate assets (203) (249) (283) Fair value gains (losses), net 2,521 (1,322) 596 Share of equity accounted income (losses) - non-FFO 404 (1,403) 1,055 Income tax (expense) (490) (220) (196) Non-controlling interests of others in operating subsidiaries and properties - non-FFO (1,534) 129 (363) Net income (loss) attributable to unitholders (2) 1,276 (2,358) 1,956 Non-controlling interests of others in operating subsidiaries and properties 2,223 300 1,201 Net income (loss) $ 3,499 $ (2,058) $ 3,157 (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 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 general partner, limited partners, 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 Units, Special LP Units, FV LTIP Units and BPYU Units are presented as non-controlling interests in the consolidated statements of income. The following summary presents financial information by the partnership’s geographic regions in which it operates: Total revenue Total non-current assets (US$ Millions) 2021 2020 2019 2021 2020 United States $ 4,911 $ 4,743 $ 5,926 $ 64,695 $ 68,769 Canada 421 424 536 5,446 5,461 Australia 322 182 210 4,081 3,765 Europe 887 592 901 16,956 15,724 Brazil 71 82 117 656 1,396 China 3 94 6 294 91 India 274 287 288 4,191 4,045 South Korea 211 189 219 — 3,518 United Arab Emirates — — — 250 173 Total $ 7,100 $ 6,593 $ 8,203 $ 96,569 $ 102,942 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of events after reporting period [Abstract] | |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTS On February 1, 2022, the board of directors declared the following quarterly distribution on the partnership’s: – LP Units of $0.35 per unit ($1.40 on an annualized basis) payable on March 31, 2022 to unitholders of record at the close of business on February 28, 2022; – Class A Cumulative Redeemable Perpetual Units, Series 1, $0.40625 per unit ($1.625 on an annualized basis) payable on March 31, 2022 to unitholders of record on March 1, 2022; – Class A Cumulative Redeemable Perpetual Units, Series 2, $0.3984375 per unit ($1.59375 on an annualized basis) payable on March 31, 2022 to unitholders on March 1, 2022; – Class A Cumulative Redeemable Perpetual Units, Series 3, $0.359375 per unit ($1.4375 on an annualized basis) payable on March 31, 2022 to unitholders of record on March 1, 2022; and – New LP Preferred Units, $0.390625 per unit ($1.5625 on an annualized basis) payable on March 31, 2022 to unitholders of record on March 1, 2022. On February 14, 2022, the partnership sold its investment in a portfolio of triple net lease assets for $3.8 billion, which was presented in assets held for sale as of December 31, 2021. On February 23, 2022, the partnership sold its investment in an extended-stay hospitality portfolio for $1.5 billion, which was presented in assets held for sale as of December 31, 2021. |
SCHEDULE III - SUPPLEMENTAL SCH
SCHEDULE III - SUPPLEMENTAL SCHEDULE OF INVESTMENT PROPERTY INFORMATION | 12 Months Ended |
Dec. 31, 2021 | |
Real Estate And Accumulated Depreciation Disclosure 1 [Abstract] | |
SCHEDULE III - SUPPLEMENTAL SCHEDULE OF INVESTMENT PROPERTY INFORMATION | SCHEDULE III – SUPPLEMENTAL SCHEDULE OF INVESTMENT PROPERTY INFORMATION The table below presents the partnership’s number of commercial properties, the related fair value, debt obligations, weighted average year of acquisition and weighted average year of construction by asset class as of December 31, 2021. Dec. 31, 2021 Number of Fair value (1) Debt (2) Weighted average year of acquisition (3) Weighted average year of construction (3) (US$ millions, except where noted) Core Office United States 36 $ 14,365 $ 8,412 2004 1986 Canada 20 4,601 1,941 2002 1994 Australia 10 2,618 1,994 2011 2008 Europe 3 2,539 1,522 2020 2019 Brazil 1 89 52 2015 2017 70 $ 24,212 $ 13,921 2006 1994 Core Retail 55 18,959 9,627 2018 1975 Opportunistic Office 101 7,877 4,862 2016 1992 Opportunistic Retail 19 1,936 1,275 2015 1978 Multifamily 23 1,526 1,200 2016 1989 Student Housing 55 3,056 1,601 2017 2013 Manufactured Housing 165 3,676 2,557 2017 1974 Mixed-Use 3 213 2,019 2018 1992 Total $ 491 $ 61,455 $ 37,062 2013 1987 (1) Excludes right-of-use assets, development properties and land/parking lots with a fair value of $3,132 million. (2) Excludes debt related to development properties and land in the amount of $979 million, unsecured and corporate facilities of $8,987 million, debt on hospitality assets of $5,542 million and deferred financing costs of $249 million. (3) Weighted against the fair value of the properties at December 31, 2021. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Significant Accounting Policies [Abstract] | |
Statement of compliance and Basis of presentation | Statement of compliance These consolidated financial statements of the partnership and its subsidiaries have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). The consolidated financial statements were approved and authorized for issue by the Board of Directors of the partnership on February 25, 2022. |
Subsidiaries | Subsidiaries The consolidated financial statements include the accounts of the partnership and its subsidiaries over which the partnership has control. Control exists when the partnership has power over its investee, has exposure, or rights, to variable returns from its involvement with the investee and has the ability to use its power over the investee to affect the amount of its returns. The partnership considers all relevant facts and circumstances in assessing whether or not the partnership’s interests in the investee are sufficient to give it power over the investee. Consolidation of a subsidiary begins on the date on which the partnership obtains control over the subsidiary and ceases when the partnership loses control over the subsidiary. Income and expenses of a subsidiary acquired or disposed of during a reporting period are consolidated only for the period when the partnership has control over the subsidiary. Changes in the partnership’s ownership interests in subsidiaries that do not result in loss of control over the subsidiary are accounted for as equity transactions whereby the difference between the amount by which the non-controlling interests are adjusted and the fair value of the consideration paid or received, are recognized directly in equity and attributed to owners of the partnership. All accounts and transactions among the partnership and its subsidiaries are eliminated on consolidation. In cases where a subsidiary reports under a different accounting policy, adjustments are made to the financial statements of the subsidiary to present its financial position and financial performance in accordance with the partnership’s accounting policy. Net income and each component of other comprehensive income are attributed to owners of the partnership and to non-controlling interests. During the third quarter of 2021, Brookfield Asset Management acquired all LP Units and limited partnership units of Brookfield Office Properties Exchange LP (“Exchange LP”) Units that it did not previously own (“Privatization”), in exchange for cash consideration, BAM class A limited voting shares (“BAM shares”) and BPY preferred units (“New LP Preferred Units”). See Note 3, Privatization of the Partnership for further discussion. Non-controlling interests in the partnership’s operating subsidiaries and properties, redeemable/exchangeable partnership units of the Operating Partnership (“Redeemable/Exchangeable Partnership Units” or “REUs”), special limited partnership units of the Operating Partnership (“Special LP Units”), Exchange LP Units, FV LTIP units of the Operating Partnership (“FV LTIP Units”) and Class A stock of Brookfield Properties Retail Holding LLC (“BPYU Units”) are presented separately in equity on the consolidated balance sheets. No Exchange LP Units or BPYU Units are held by public holders following the Privatization. The Redeemable/Exchangeable Partnership Units have the same economic attributes as LP Units and prior to the Privatization, Exchange LP Units and BPYU Units had the same economic attributes as LP Units. Accordingly, the net income and components of other comprehensive income allocated to these units are equivalent to that allocated to the LP Units (on a per unit basis). Net income and the components of comprehensive income of the partnership’s operating subsidiaries and properties are generally allocated between the partnership and non-controlling equity holders based on the relative proportion of equity interests. Certain of the partnership’s subsidiaries are subject to profit sharing arrangements with affiliated entities who hold non-controlling interests that result in allocation of income on an other than proportionate basis if specified targets are met. In these circumstances, net income is allocated between the partnership and non-controlling interests based on proportionate equity interest until the attribution of profits under the agreement is no longer subject to adjustment based on future events. In the period that allocation of the subsidiary’s cumulative earnings under the profit-sharing arrangement is no longer subject to adjustment, it is recognized as a fair value loss attributable to unitholders for the period. |
Associates and joint ventures | Associates and joint ventures An associate is an entity over which the partnership has significant influence. Significant influence is the power to participate in the financial and operating policy decisions of the investee. The partnership is presumed to have significant influence when it holds 20 percent or more of the voting rights of an investee, unless it can be clearly demonstrated that this is not the case. The partnership does not control its associates. A joint arrangement is an arrangement in which two or more parties have joint control. Joint control is the contractually agreed upon sharing of control where decisions about the relevant activities require the unanimous consent of the parties sharing control. A joint venture is a joint arrangement where the parties that have joint control have rights to the net assets of the arrangement. None of the parties involved have unilateral control of a joint venture. The partnership accounts for its interests in associates and joint ventures using the equity method of accounting. Under the equity method, investment balances in an associate or joint venture are carried on the consolidated balance sheets at initial cost as adjusted for the partnership’s proportionate share of profit or loss and other comprehensive income of the joint venture or associate. When an interest in an associate or joint venture is initially acquired or increases, the partnership determines its share of the net fair value of the identifiable assets and liabilities of the investee that it has acquired, consistent with the procedure performed when acquiring control of a business. Goodwill relating to an associate or joint venture, represented as an excess of the cost of the investment over the net fair value of the partnership’s share of the net fair value of the identifiable assets and liabilities, is included in the carrying amount of the investment. Any excess of the partnership’s share of the net fair value of the associate’s or joint venture’s identifiable assets and liabilities over the cost of the investment results in a gain that is included in the partnership’s share of the associate or joint venture’s profit or loss in the period in which the investment is acquired or increases. The partnership determines at the end of each reporting period whether there exist any indications that an investment may be impaired. If any such indication exists, the partnership estimates the recoverable amount of the asset, which is the higher of (i) fair value less costs to sell and (ii) value in use. Value in use is the present value of the future cash flows expected to be derived from such an investment and may result in a measure which is different from fair value less costs to sell. For equity accounted investments, for which quoted market prices exist, the partnership also considers whether a significant or prolonged decline in the fair value of the equity instrument below its carrying value is also objective evidence of impairment. When the partnership transacts with a joint venture or an associate, any gain or loss is eliminated only to the extent of the partnership’s proportionate share and the remaining amounts are recognized in the partnership’s consolidated financial statements. Outstanding balances between the partnership and jointly controlled entities are not eliminated on the balance sheet. |
Joint operations | Joint operations A joint operation is a joint arrangement whereby the parties that have joint control of the arrangement have rights to assets and obligations for liabilities relating to the arrangement. This usually results from direct interests in the assets and liabilities of an investee rather than through the establishment of a separate legal entity. None of the parties involved have unilateral control of a joint operation. The partnership recognizes its assets, its liabilities and its share of revenues and expenses of the joint operations in accordance with the IFRS applicable to the particular assets, liabilities, revenues and expenses. When the partnership sells or contributes assets to a joint operation in which it is a joint operator, the partnership is considered to be conducting transactions with the other parties to the joint operation, and any gain or loss resulting from the transactions is recognized in the partnership’s consolidated financial statements only to the extent of the other parties’ interests in the joint operation. When the partnership purchases an asset from a joint operation in which it is a joint operator, the partnership does not recognize its share of the gain or loss until those assets are resold to a third party. |
Foreign currency translation | Foreign currency translation and transactions The U.S. Dollar is the functional currency and presentation currency of the partnership. The functional currency of each of the partnership’s subsidiaries, associates, joint ventures and joint operations is determined based on their primary economic environment, the currency in which funds from financing activities are generated and the currency in which receipts from operating activities are usually retained. Subsidiaries, associates or joint ventures having a functional currency other than the U.S. Dollar translate the carrying amounts of their assets and liabilities when reporting to the partnership at the rate of exchange prevailing as of the balance sheet date, and their revenues and expenses at average exchange rates during the quarterly reporting period. Any gains or losses on foreign currency translation are recognized by the partnership in other comprehensive income. On disposition or partial disposition resulting in the loss of control of a foreign operation, the accumulated foreign currency translation relating to that foreign operation is reclassified to fair value gain or loss in net income. On partial disposal of a foreign operation in which control is retained, the proportionate share of the accumulated foreign currency translation relating to that foreign operation is reattributed to the non-controlling interests. |
Foreign currency transactions | The partnership’s foreign currency transactions are translated into the functional currency using exchange rates as of the date of the transactions. At the end of each reporting period, foreign currency denominated monetary assets and liabilities are translated to the functional currency using the exchange rate prevailing as of the balance sheet date with any gain or loss recognized in net income, except for those related to monetary liabilities qualified as hedges of the partnership’s investment in foreign operations or intercompany loans with foreign operations for which settlement is neither planned nor likely to occur in the foreseeable future, which are included in other comprehensive income. Non-monetary assets and liabilities measured at fair value are translated at the exchange rate prevailing as of the date when the fair value was determined. Foreign currency denominated non-monetary assets and liabilities, measured at historic cost, are translated at the rate of exchange at the transaction date. |
Cash and cash equivalents | Cash and cash equivalentsCash and cash equivalents includes cash on hand and all non-restricted highly liquid investments with original maturities of three months or less. |
Investment properties | Investment properties Investment properties consists of commercial properties which are principally held to earn rental income and commercial developments that are being constructed or developed for future use as commercial properties. Investment properties are measured initially at cost, or fair value if acquired in a business combination (see Note 2(p), Business Combinations , for further discussion). The cost of commercial development properties includes direct development costs, realty taxes, borrowing costs directly attributable to the development and administrative costs, e.g., salaries and overhead that are specifically attributable to a development project. The partnership elects the fair value model for all investment properties and measures them at fair value subsequent to initial recognition on the consolidated balance sheet. As a result, it is not necessary to assess the carrying amounts of the investment properties for impairment. Substantially all of the partnership’s investment properties are valued using one of two accepted income approaches, the discounted cash flow approach or the direct capitalization approach. Under the discounted cash flow approach, cash flows for each property are forecast for an assumed holding period, generally, ten years. A capitalization rate is applied to the terminal year net operating income and an appropriate discount rate is applied to those cash flows to determine a value at the reporting date. Under the direct capitalization method, a capitalization rate is applied to estimated stabilized annual net operating income to determine value. In accordance with its policy, the partnership generally measures and records its commercial properties and developments using valuations prepared by management. However, for certain subsidiaries, the partnership relies on quarterly or annual valuations prepared by external valuation professionals. Where an external appraisal is obtained for a property that is valued using a model developed by management, the partnership compares the results of those external appraisals to its internally prepared values and reconciles significant differences when they arise. Discount and terminal capitalization rates are verified by comparing to market data, third party reports, research material and brokers opinions. Where there has been a recent market transaction for a specific property, such as an acquisition or sale of a partial interest, the partnership values the property on that basis. Certain of the partnership’s investment properties are right-of-use assets arising from leases where the partnership is the lessee, which are subsequently measured at fair value (see Note 2(j), Leases , for further discussion). Borrowing costs associated with direct expenditures on properties under development or redevelopment are capitalized. Borrowing costs are also capitalized on those properties acquired specifically for redevelopment in the short-term where activities necessary to prepare them for redevelopment are in progress. The amount of borrowing costs capitalized is determined first by borrowings specific to a property where relevant, and then by applying a weighted average borrowing cost to eligible expenditures after adjusting for borrowings specific to other developments. Where borrowings are associated with specific developments, the amount capitalized is the gross borrowing costs incurred less any incidental investment income. Borrowing costs are capitalized from the commencement of the development until the date of practical completion. The capitalization of borrowing costs is suspended if there are prolonged periods when development activity is interrupted. The partnership considers practical completion to have occurred when the property is capable of operating in the manner intended by management. Generally this occurs upon completion of construction and receipt of all necessary occupancy and other material permits. Where the partnership has pre-leased space as of or prior to the start of the development and the lease requires the partnership to construct tenant improvements which enhance the value of the property, practical completion is considered to occur on completion of such improvements. Initial direct leasing costs incurred by the partnership in negotiating and arranging tenant leases are included in the cost of investment properties. |
Assets held for sale | Assets held for sale Non-current assets and groups of assets and liabilities which comprise disposal groups are presented as assets held for sale where the asset or disposal group is available for immediate sale in its present condition, and the sale is highly probable. For this purpose, a sale is highly probable if management is committed to a plan to achieve the sale; there is an active program to find a buyer; the non-current asset or disposal group is being actively marketed for sale at a price that is reasonable in relation to its current fair value; the sale is anticipated to be completed within one year from the date of classification; and it is unlikely there will be significant changes to the plan or that the plan will be withdrawn. Non-current assets and disposal groups held for sale that are not investment properties are recorded at the lower of carrying amount and fair value less costs to sell on the consolidated balance sheet. Any gain or loss arising from the change in measurement basis as a result of reclassification is recognized in the profit or loss at the time of reclassification. Investment properties that are held for sale are recorded at fair value determined in accordance with IFRS 13, Fair Value Measurement . Where a component of an entity has been disposed of, or is classified as held for sale, and it represents a separate major line of business or geographical area of operations or is a subsidiary acquired exclusively with a view to resale, the related results of operations and gain or loss on reclassification or disposition are presented in discontinued operations. |
Hospitality assets | Hospitality assets The partnership accounts for its investments in hospitality properties as property, plant and equipment under the revaluation model. Hospitality properties are recognized initially at cost if acquired in an asset acquisition, or fair value if acquired in a business combination (see Note 2(p), Business Combinations , for further discussion) and subsequently carried at fair value at the revaluation date less any accumulated impairment and subsequent accumulated depreciation. The partnership evaluates the carrying amount of hospitality properties when events or circumstances indicate there may be an impairment. The partnership depreciates these assets on a straight-line basis over their relevant estimated useful lives. Fair values of hospitality properties are determined using a depreciated replacement cost method based on the age, physical condition and the construction costs of the assets. Fair value estimates for hospitality properties represent the estimated fair value of the property, plant and equipment of the hospitality business only and do not include any associated intangible assets. Revaluations of hospitality properties are performed annually at December 31, the end of the fiscal year. Where the carrying amount of an asset is increased as a result of a revaluation, the increase is recognized in other comprehensive income and accumulated in equity within revaluation surplus, unless the increase reverses a previously recognized revaluation loss recorded through prior period net income, in which case that portion of the increase is recognized in net income. Where the carrying amount of an asset is decreased, the decrease is recognized in other comprehensive income to the extent of any balance existing in revaluation surplus in respect of the asset, with the remainder recognized in net income. Revaluation gains are recognized in other comprehensive income, and are not subsequently recycled into profit or loss. The cumulative revaluation surplus is transferred directly to retained earnings when the asset is derecognized. Certain of the partnership’s hospitality assets are right-of-use assets arising from leases where the partnership is the lessee, which are subsequently measured on a depreciated cost basis since they represent a separate class of property, plant and equipment to the partnership’s owned hospitality assets (see Note 2(j), Leases , for further discussion). |
Inventory | Inventory Develop-for-sale multifamily projects, residential development lots, homes and residential condominium projects are recorded in inventory. Residential development lots are recorded at the lower of cost, including pre-development expenditures and capitalized borrowing costs, and net realizable value, which the partnership determines as the estimated selling price of the inventory in the ordinary course of business in its completed state, less estimated expenses, including holding costs, costs to complete and costs to sell. Certain of the partnership’s inventory are right-of-use assets arising from leases where the partnership is the lessee, which are subsequently measured at cost subject to impairment (see Note 2(j), Leases , for further discussion). |
Fair value measurement | Fair value measurement Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, regardless of whether that price is directly observable or estimated using another valuation technique. In estimating the fair value of an asset or a liability, the partnership takes into account the characteristics of the asset or liability and how market participants would take those characteristics into account when pricing the asset or liability at the measurement date. Inputs to fair value measurement techniques are disaggregated into three hierarchical levels, which are directly based on the degree to which inputs to fair value measurement techniques are observable by market participants: • Level 1 – Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date. • Level 2 – Inputs (other than quoted prices included in Level 1) are either directly or indirectly observable for the asset or liability through correlation with market data at the measurement date and for the duration of the asset’s or liability’s anticipated life. • Level 3 – Inputs are unobservable and reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs in determining the estimate. Fair value measurements are adopted by the partnership to calculate the carrying amounts of various assets and liabilities. |
Leases | Leases The partnership determines at the inception of a contract if the arrangement is, or contains, a lease. A lease conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Lease components and non-lease components are separated on a relative stand-alone selling price basis for the partnership’s leases as lessor. For the partnership’s leases as lessee, the partnership applies the practical expedient which is available by asset class not to allocate contract consideration between lease and non-lease components. The partnership determines whether a contract contains a lease on the basis of whether the customer has the right to control the use of an identified asset for a period of time in exchange for consideration. The partnership recognizes a right-of-use (“ROU”) asset and a corresponding lease liability with respect to all lease agreements in which it is the lessee, except for leases with a lease term of 12 months or less (“short-term leases”) and leases of low value assets (“low-value leases”). For these leases, the partnership recognizes the lease payments as an expense on a straight-line basis over the lease term. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the rate implicit in the lease if that rate can be readily determined. If the rate implicit in the lease cannot be readily determined, the partnership uses the incremental borrowing rate. The incremental borrowing rate is the rate of interest that a lessee would have to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of similar value to the ROU asset in a similar economic environment. This rate is expected to be similar to the interest rate implicit in the lease. Where a lease contains a parental guarantee, the incremental borrowing rate may be determined with reference to the parent rather than the lessee. The partnership uses a single discount rate to account for portfolios of leases with similar characteristics. Lease payments included in the measurement of the lease liability is comprised of i) fixed lease payments, less any lease incentives; ii) variable lease payments that depend on an index or rate, initially measured using the index or rate at the commencement date; iii) the amount expected to be payable by the lessee under residual value guarantees; iv) the exercise price of purchase options, if the lessee is reasonably certain to exercise the options; and v) payments of penalties for terminating the lease, if the lease term reflects the exercise of an option to terminate the lease. Lease liabilities are presented in Accounts payable and other liabilities (current) and Other non-current liabilities (non-current) on the consolidated balance sheets. Lease liabilities are subsequently measured under the effective interest method that is increased by the interest expense on the lease liabilities recognized on the consolidated statements of income and reduced by lease payments made that are recognized in the consolidated statements of cash flows. Lease payments not included in the measurement of lease liabilities continue to be recognized in the direct commercial property expense, direct hospitality expense or general and administrative expense lines on the consolidated statements of income. A ROU asset comprises the initial measurement of the corresponding lease liability, lease payments made at or before the commencement day and any initial direct costs. ROU assets classified as investment properties are subsequently measured at fair value. ROU assets classified as property, plant and equipment are subsequently measured on a depreciated cost basis over the lease term. If such a lease transfers ownership of the underlying asset or the cost of the ROU asset reflects that the partnership expects to exercise a purchase option, the related ROU asset is depreciated over the useful life of the underlying asset. The depreciation starts at the commencement date of the lease. ROU assets classified as inventory are subsequently carried at cost subject to impairment. ROU assets are presented in the respective lines based on their classification on the consolidated balance sheets. Whenever the partnership incurs an obligation for costs to dismantle and remove a leased asset, restore the site on which it is located or restore the underlying asset to the condition required by the terms and conditions of the lease, a provision is recognized and measured under IAS 37 - Provision, Contingent Liabilities, and Contingent Assets. The costs are included in the related ROU asset. The partnership remeasures lease liabilities and makes a corresponding adjustment to the related ROU assets when i) the lease term has changed or there is a change in the assessment of exercise of a purchase option, in which case the lease liability is remeasured by discounting the revised lease payments using a revised discount rate; ii) the lease payments have changed due to changes in an index or rate or a change in expected payment under a guaranteed residual value, in which cases the lease liability is remeasured by discounting the revised lease payments using the initial discount rate (unless the lease payments change is due to a change in a floating interest rate, in which case a revised discount rate is used); or iii) a lease contract is modified and the lease modification is not accounted for as a separate lease, in which case the lease liability is remeasured by discounting the revised lease payments using a revised discount rate. The partnership early adopted COVID-19 Related Rent Concessions, Amendment to IFRS 16 - Leases (“2020 IFRS 16 Amendment”) as of April 1, 2020. The 2020 IFRS 16 Amendment provides the partnership as lessee only with an optional exemption from assessing whether rent concessions related to COVID-19 meeting certain conditions are lease modifications. Such qualifying rent concessions are accounted for as if they are not lease modifications, generally resulting in the effects of rent abatements being recognized as variable lease payments. The partnership has applied the practical expedient to all such qualifying rent concessions. The adoption of the 2020 IFRS 16 Amendment did not have a material impact on the results of the partnership. The partnership adopted COVID-19 Related Rent Concessions beyond June 30 2021, Amendment to IFRS 16 – Leases (“2021 IFRS 16 Amendment”) as of January 1, 2021 in advance of its April 1, 2021 mandatory effective date. The 2021 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 2021 IFRS 16 Amendment did not have a material impact on the results of the partnership. |
Intangible assets | Intangible assets Intangible assets acquired in a business combination and recognized separately from goodwill are initially recognized at fair value at the acquisition date. The partnership’s intangible assets are comprised primarily of trademarks and licensing agreements. Subsequent to initial recognition, intangible assets with a finite life are measured at cost less accumulated amortization and impairment losses. Amortization is calculated on a straight-line basis over the estimated useful life of the intangible asset and is recognized in net income for the respective reporting period. Intangible assets with an indefinite life are measured at cost as adjusted for subsequent impairment. Impairment tests for intangible assets with an indefinite life are performed annually. Impairment losses previously taken may be subsequently reversed in net income of future reporting periods. |
Goodwill | Goodwill Goodwill represents the excess of the acquisition price paid for a business combination over the fair value of the net identifiable tangible and intangible assets and liabilities acquired. Upon initial recognition, goodwill is allocated to the cash-generating unit to which it relates. The partnership identifies a cash-generating unit as the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other assets or group of assets. The partnership evaluates the carrying amount of goodwill annually as of December 31 or more often when events or circumstances indicate there may be an impairment. The partnership’s goodwill impairment test is performed at the cash-generating unit level. If assets within a cash-generating unit or the cash-generating unit are impaired, impairments are taken for those assets or the cash-generating unit before any goodwill impairment test is performed. In assessing whether goodwill is impaired, the partnership assesses if the carrying value of a cash-generating unit, including the allocated goodwill, exceeds its recoverable amount determined as the greater of the estimated fair value less costs to sell and the present value of future cash flows expected from the cash-generating unit. Impairment losses recognized first reduce the carrying value of goodwill and any excess is allocated to the carrying amount of assets in the cash-generating unit. Any goodwill impairment is charged to net income in the respective reporting period. Impairment losses on goodwill are not subsequently reversed. |
Financial instruments and hedge accounting, Classification and measurement | Financial instruments and hedge accounting (i) Classification and measurement Financial assets and financial liabilities are recognized in the partnership’s balance sheet when the partnership becomes a party to the contractual provisions of the instrument. Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through profit or loss) are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value through profit or loss are recognized immediately in profit or loss. All recognized financial assets are measured subsequently in their entirety at either amortized cost or fair value, depending on the classification of the financial assets. Debt instruments are subsequently measured at amortized cost where the financial asset is held within a business model whose objective is to hold financial assets in order to collect contractual cash flows and its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. Debt instruments are measured subsequently at fair value through other comprehensive income (“FVTOCI”) where the financial asset is held within a business model whose objective is achieved by both collecting contractual cash flows and selling the financial assets and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. By default, all other financial assets are measured subsequently at fair value through profit or loss (“FVTPL”). Despite the foregoing, the partnership may make an irrevocable election/designation at initial recognition of a financial asset to present subsequent changes in fair value of an equity investment in other comprehensive income or to designate a debt investment that meets the amortized cost or FVTOCI criteria as measured at FVTPL if doing so eliminates or significantly reduces an accounting mismatch. Debt and equity instruments issued by the partnership are classified as either financial liabilities or as equity in accordance with the substance of the contractual arrangements and the definitions of a financial liability and an equity instrument. Equity instruments issued by the partnership that meet the definition of a financial liability are presented within capital securities on the partnership’s consolidated balance sheets. All financial liabilities are measured subsequently at amortized cost using the effective interest method or at FVTPL. Financial liabilities are measured at FVTPL when they are (i) contingent consideration of an acquirer in a business combination, (ii) held‑for‑trading, or (iii) designated as at FVTPL. A financial liability is classified as held for trading if it has been acquired principally for the purpose of repurchasing it in the near term, or on initial recognition it is part of a portfolio of identified financial instruments that is managed together and has a recent actual pattern of short‑term profit‑taking or it is a derivative, except for a derivative that is a financial guarantee contract or a designated and effective hedging instrument. A financial liability other than a financial liability held for trading or contingent consideration of an acquirer in a business combination may be designated as at FVTPL in limited circumstances specified in IFRS 9. Financial liabilities at FVTPL are measured at fair value, with any gains or losses arising on changes in fair value recognized in profit or loss to the extent that they are not part of a designated hedging relationship. The following table presents the types of financial instruments held by the partnership within each financial instrument classification: Classification and measurement basis Financial assets Loans and notes receivable Amortized cost Other non-current assets Securities designated as fair value through profit and loss (“FVTPL”) FVTPL Derivative assets FVTPL Securities designated as fair value through other comprehensive income (“FVTOCI”) FVTOCI Restricted cash Amortized cost Accounts receivable and other Derivative assets FVTPL Other receivables Amortized cost Cash and cash equivalents Amortized cost Financial liabilities Debt obligations Amortized cost Capital securities Amortized cost Capital securities - fund subsidiaries FVTPL Other non-current liabilities Loan payable FVTPL Other non-current financial liabilities Amortized cost Derivative liabilities FVTPL Accounts payable and other liabilities Amortized cost The effective interest method is a method of calculating the amortized cost of a debt instrument and of allocating interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts or payments (including transaction costs and other premiums or discounts) excluding expected credit losses, through the expected life of the instrument to the gross carrying amount of the debt instrument on initial recognition. Amortized cost is the amount at which the financial instrument is measured at initial recognition minus the principal repayments, plus the cumulative amortization using the effective interest method of any difference between that initial amount and the maturity amount, adjusted for any loss allowance (in the case of financial assets). Financial instruments carried at fair value give rise to fair value gains or losses in each reporting period. Fair values of those financial instruments are determined by reference to quoted bid or ask prices or prices within the bid ask spread, as appropriate, and when unavailable, to the closing price of the most recent transaction of that instrument. Fair values of certain financial instruments also incorporate significant use of unobservable inputs which reflect the partnership’s market assumptions. Fair value gains and losses on FVTOCI financial assets are recognized in other comprehensive income. Fair value gains and losses on financial instruments designated as FVTPL are recognized in fair value gains, net. |
Financial instruments and hedge accounting, Impairment of financial instruments | Impairment of financial instruments The partnership recognizes a loss allowance for expected credit losses (“ECL”) on debt instruments that are measured at amortized cost or at FVTOCI and other receivables. The amount of expected credit losses is updated at each reporting date to reflect changes in credit risk since initial recognition of the respective financial instrument. For debt instruments, the partnership recognizes lifetime ECL when there has been a significant increase in credit risk since initial recognition. If the credit risk on the financial instrument has not increased significantly since initial recognition, the loss allowance for that financial instrument is measured at an amount equal to 12‑month ECL. Lifetime ECL represents the expected credit losses that will result from all possible default events over the expected life of a financial instrument. In contrast, 12‑month ECL represents the portion of lifetime ECL that is expected to result from default events on a financial instrument that are possible within 12 months after the reporting date. The partnership always recognizes lifetime ECL for other receivables. Any related loss allowances are recorded through profit or loss. Refer to Note 12, Accounts Receivable And Other for detail on the current year loss allowance. |
Financial instruments and hedge accounting, Derivatives and hedging | Derivatives and hedging The partnership enters into a variety of derivative financial instruments to manage its exposure to interest rate and foreign exchange rate risks, including foreign exchange forward contracts, options, interest rate swaps and interest rate caps. Derivatives are recognized initially at fair value at the date a derivative contract is entered into and are subsequently remeasured to their fair value at each reporting date. The resulting gain or loss is recognized in net income immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship. The partnership designates certain derivatives as hedging instruments in respect of foreign currency risk and interest rate risk in cash flow hedges, fair value hedges, or hedges of net investments in foreign operations. The partnership also applies hedge accounting to certain non-derivative financial instruments designated as hedges of net investments in foreign subsidiaries. Hedge accounting is discontinued prospectively when the hedge relationship is terminated or no longer qualifies as a hedge, or when the hedging item is sold or terminated. In a cash flow hedge, the effective portion of the change in the fair value of the hedging derivative is recognized in other comprehensive income while the ineffective portion is recognized in fair value gains, net. Hedging gains and losses recognized in accumulated other comprehensive income are reclassified to net income in the periods when the hedged item affects net income, or recognized as part of the transaction price when the hedged transaction occurs. The partnership discontinues hedge accounting only when the hedging relationship (or a part thereof) ceases to meet the qualifying criteria. This includes instances when the hedging instrument expires or is sold, terminated or exercised. The discontinuation is accounted for prospectively. Any gain or loss recognized in other comprehensive income and accumulated in the cash flow hedge reserve at that time remains in equity and is reclassified to profit or loss when the forecast transaction occurs. When a forecast transaction is no longer expected to occur, the gain or loss accumulated in cash flow hedge reserve is reclassified immediately to net income. In a fair value hedge relationship, the fair value change on a qualifying hedging instrument is recognized in profit or loss except when the hedging instrument hedges an equity instrument designated at FVTOCI in which case it is recognized in other comprehensive income. The carrying amount of a hedged item not already measured at fair value is adjusted for the fair value change attributable to the hedged risk with a corresponding entry in profit or loss. Where hedging gains or losses are recognized in profit or loss, they are recognized in the same line as the hedged item. The partnership discontinues hedge accounting only when the hedging relationship (or a part thereof) ceases to meet the qualifying criteria. This includes instances when the hedging instrument expires or is sold, terminated or exercised. The discontinuation is accounted for prospectively. The fair value adjustment to the carrying amount of the hedged item arising from the hedged risk is amortized to profit or loss from that date. In a net investment hedging relationship, the effective portion of the fair value of the hedging instruments is recognized in other comprehensive income and the ineffective portion is recognized in net income. The amounts recorded in accumulated other comprehensive income are reclassified to net income, together with the related cumulative translation gain or loss, when there is a disposition or partial disposition that results in the loss of control of foreign operations or the derivatives are not part of any other hedge relationships. The partnership adopted Interest Rate Benchmark Reform - Amendments to IFRS 9, and IFRS 7, issued by the IASB in September 2019, (“Phase 1 IBOR Amendments”) effective October 1, 2019 in advance of its January 1, 2020 mandatory effective date. The Phase 1 IBOR Amendments have been applied retrospectively to hedging relationships existing at the start of the reporting period or designated subsequently, and to the amount accumulated in the cash flow hedge reserve at that date. The Phase 1 IBOR Amendments provide temporary relief from applying specific hedge accounting requirements to the partnership’s hedging relationships that are directly affected by IBOR reform, which primarily include US$ LIBOR, £ LIBOR, and € EURIBOR. The reliefs have the effect that IBOR reform should not generally cause hedge accounting to terminate. In assessing whether a hedge is expected to be highly effective on a forward-looking basis, the partnership assumes the interest rate benchmark on which the cash flows of the derivative which hedges borrowings is not altered by IBOR reform. These reliefs cease to apply to a hedged item or hedging instrument as applicable at the earlier of (i) when the uncertainty arising from IBOR reform is no longer present with respect to the timing and amount of the interest rate benchmark based future cash flows, and (ii) when the hedging relationship is discontinued. There was no impact since these amendments enable the partnership to continue hedge accounting for hedging relationships which have been previously designated. The partnership adopted Interest Rate Benchmark Reform-Phase 2, Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4, and IFRS 16, issued by the IASB in August 2020, (“Phase 2 IBOR Amendments”) as of January 1, 2021, its mandatory effective date. The Phase 2 IBOR Amendments provide additional guidance to address issues that will arise during the transition of benchmark interest rates. The Phase 2 IBOR 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. It is currently expected that Secured Overnight Financing Rate (“SOFR”) will replace US$ LIBOR effective June 30, 2023 for those tenors used by the partnership, but effective December 31, 2021 for certain tenors not used by the partnership. 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 US$ LIBOR referenced floating-rate borrowings, interest rate swaps, interest rate caps, and to update hedge designations. The adoption is not expected to have a significant impact on the partnership’s financial reporting. Sterling Overnight Index Average (“SONIA”) replaced £ LIBOR effective December 31, 2021, and Euro Short-term Rate was published as an alternative to EURIBOR during 2021, though EURIBOR remains available for Euro lending. The partnership has addressed the impact and effected the changes required as a result of amendments to the contractual terms of £ LIBOR 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. Note 32, Financial Instruments |
Income taxes | Income taxes The partnership is a flow-through entity for tax purposes and as such is not subject to Bermudian taxation. However, income tax expenses are recognized for taxes payable by holding entities and their direct or indirect corporate subsidiaries. Current income tax assets and liabilities are measured at the amount expected to be paid to tax authorities by the holding entities in respect of the partnership or directly by the partnership’s taxable subsidiaries, net of recoveries, based on the tax rates and laws enacted or substantively enacted at the balance sheet date. Deferred income tax liabilities are provided for using the liability method on temporary differences between the tax basis used in the computation of taxable income and carrying amounts of assets and liabilities in the consolidated financial statements. Deferred income tax assets are recognized for all deductible temporary differences, carry forward of unused tax credits and unused tax losses, to the extent that it is probable that deductions, tax credits and tax losses will be utilized. The carrying amounts of deferred income tax assets are reviewed at each balance sheet date and reduced to the extent it is no longer probable that the income tax asset will be recovered. Deferred income tax assets and liabilities are measured at the tax rates that are expected to apply to the period when the asset is realized or the liability settled, based on the tax rates and laws that have been enacted or substantively enacted at the balance sheet date. |
Provisions | ProvisionsA provision is a liability of uncertain timing or amount. Provisions are recognized when the partnership has a present obligation (legal or constructive) as a result of a past event, it is probable that the partnership will be required to settle the obligation and the amount can be reliably estimated. Provisions are not recognized for future operating losses. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a discount rate that reflects current market assessments of the time value of money and the risks specific to the obligation. Provisions are re-measured at each balance sheet date using the current discount rate. The increase in the provision due to passage of time is recognized as interest expense. |
Business combinations | Business combinations The partnership adopted the Amendments to IFRS 3, Business Combinations (“IFRS 3 Amendments”) for business combinations or asset acquisitions occurring after January 1, 2019 in advance of its mandatory effective date January 1, 2020. The partnership accounts for business combinations in which control is acquired under the acquisition method. When an acquisition is made, the partnership considers the inputs, processes and outputs of the acquiree in assessing whether it meets the definition of a business. When the acquired set of activities and assets lack a substantive process, the acquisition fails to meet the definition of a business and is accounted for as asset acquisition. The partnership uses the optional concentration test on a transaction by transaction basis, and where used, if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar assets, accounts for the acquisition as an asset acquisition. Assets acquired through asset acquisitions are initially measured at cost, which includes the transaction costs incurred for the acquisitions. For business combinations, consideration is the aggregate of the fair values, at the date of exchange, of assets transferred, liabilities incurred by the partnership to the former owners, and equity instruments issued in exchange for control of the acquiree. Acquisitions-related costs are recognized in net income as incurred. At the acquisition date, the partnership recognizes the identifiable assets acquired and liabilities assumed at their acquisition-date fair values, except for non-current assets classified as held-for-sale, which are recognized at fair value less costs to sell, and deferred tax assets or liabilities, which are measured in accordance with IAS 12, Income Taxes. The partnership also evaluates whether there are intangible assets acquired that have not previously been recognized by the acquiree and recognizes them as identifiable intangible assets. For business combinations, non-controlling shareholders’ interests in the acquiree are initially measured at either fair value or their proportionate share of acquiree’s identifiable assets if the non-controlling interest represents a present ownership interest that entitles its holder to a proportionate share of the acquiree’s net assets. Other components of non-controlling interests in acquirees are recognized at fair value. Goodwill for a business combination is measured as the excess of the sum of the consideration transferred, the amount of any non‑controlling interests in the acquiree, and the fair value of the acquirer’s previously held equity interest in the acquiree (if any) over the acquisition date values of the net assets acquired. If, after reassessment, the value of the net assets acquired exceeds the sum of the consideration transferred, the amount of any non‑controlling interests in the acquiree and the fair value of the acquirer’s previously held interest in the acquiree (if any), the excess is recognized immediately in net income as a bargain purchase gain. Where a business combination is achieved in stages, previously held interests in the acquired entity are re-measured to fair value at the acquisition date, which is the date control is obtained, and the resulting gain or loss (if any), is recognized in net income. Amounts arising from interests in the acquiree prior to the acquisition date that have previously been recognized in other comprehensive income are reclassified to net income. Changes in the partnership’s ownership interest of an investee that do not result in a change of control are accounted for as equity transactions and are recorded as a component of equity. Acquisition costs are recorded as an expense in the reporting period as incurred. Measurement period adjustments for business combinations are adjustments that arise from additional information obtained during the ‘measurement period’ (which cannot exceed one year from the acquisition date) about facts and circumstances that existed at the acquisition date. If the initial accounting for a business combination is incomplete by the end of the reporting period in which the business combination occurs, the partnership reports provisional amounts for items for where the accounting is incomplete. Those provisional amounts are adjusted during the measurement period, or additional assets or liabilities are recognized, to reflect new information obtained about facts and circumstances that existed as of the acquisition date that, if known, would have affected the amounts recognized as of that date. |
Revenue recognition | Revenue recognition The partnership recognizes revenue from the following major sources: (i) Commercial property revenue Revenue from investment properties is presented within commercial property revenue on the consolidated statements of income. The partnership has retained substantially all of the risks and benefits of ownership of its investment properties and therefore accounts for leases with its tenants as operating leases. Revenue recognition under a lease commences when the tenant has a right to use the leased asset. Generally, this occurs on the lease commencement date or, where the partnership is required to make additions to the property in the form of tenant improvements to enhance the value of the property, upon substantial completion of those improvements. The total amount of contractual rents expected from operating leases is recognized on a straight-line basis over the term of the lease, including contractual base rent and subsequent rent increases as a result of rent escalation clauses. A rent receivable, included within the carrying amount of investment properties, is used to record the difference between the rental revenue recorded and the contractual amount received. Rental receivables and related revenue also includes percentage participating rents and recoveries of operating expenses. However, recoveries of operating expenses related to property taxes and insurance are deemed as other rental revenue. Percentage participating rents are recognized when tenants’ specified sales targets have been met. Operating expense recoveries classified as rental income or non-rental income are recognized in the period that recoverable costs are chargeable to tenants. Where a tenant is legally responsible for operating expenses and pays them directly in accordance with the terms of the lease, the partnership does not recognize the expenses or any related recovery revenue. Under IFRS 16, where the partnership is the intermediate lessor, it accounts for the head lease and the sublease as two separate contracts, classifying the sublease as a finance or operating lease with reference to the right-of-use asset arising from the head lease. (ii) Hospitality revenue Revenue from hospitality properties is presented within hospitality revenue on the consolidated statements of income. Room, food and beverage and other revenues are recognized as services are provided. The partnership recognizes room revenue net of taxes and levies. Advance deposits are deferred and included as a liability until services are provided to the customer. The partnership recognizes net wins from casino gaming activities (the difference between gaming wins and losses) as gaming revenue. The partnership recognizes liabilities for funds deposited by patrons before gaming play occurs and for chips in the patrons’ possession, both of which are included in accounts payable and other liabilities. Revenue and expenses from tour operations include the sale of travel and leisure packages and are recognized on the first day the travel package is in use. (iii) Performance and management fee revenue |
Unit-based compensation | Unit-based compensation Prior to the Privatization, the partnership and its subsidiaries issued unit-based awards to certain employees and non-employee directors of certain subsidiaries. The cost of cash-settled unit-based transactions, comprised of unit options, deferred share units and restricted share units, is measured as the fair value at the grant date and expensed on a proportionate basis over the vesting period. The corresponding accrued liability is measured at each reporting date at fair value with changes in fair value recognized in net income. The cost of equity-settled unit-based transactions, comprised of unit options and restricted units, is determined as the fair value of the award on the grant date. The cost of equity-settled unit-based transactions is recognized as each tranche vests and is recorded within equity. See Note 28, Unit-Based Compensation for information on the impact to unit-based compensation resulting from the Privatization. |
Redeemable/Exchangeable Partnership Units | Redeemable/Exchangeable Partnership UnitsThe Redeemable/Exchangeable Partnership Units may, at the request of the holder, be redeemed in whole or in part, for cash in an amount equal to the market value of one of the partnership’s LP Units multiplied by the number of units to be redeemed (subject to certain adjustments). This right is subject to the partnership’s right, at its sole discretion, to elect to acquire any unit presented for redemption in exchange for one of the partnership’s LP Units (subject to certain customary adjustments). If the partnership elects not to exchange the Redeemable/Exchangeable Partnership Units for LP Units, Redeemable/Exchangeable Partnership Units are required to be redeemed for cash. The Redeemable/Exchangeable Partnership Units provide the holder the direct economic benefits and exposures to the underlying performance of the Operating Partnership and accordingly to the variability of the distributions of the Operating Partnership, whereas the partnership’s unitholders have indirect access to the economic benefits and exposures of the Operating Partnership through direct ownership interest in the partnership which owned a direct interest in the managing general partnership interest. Accordingly, the Redeemable/Exchangeable Partnership Units have been presented within non-controlling interests on the consolidated balance sheets. The Redeemable/Exchangeable Partnership Units do not entail a contractual obligation on the part of the partnership to deliver cash and can be settled by the partnership, at its sole discretion, by issuing a fixed number of its own equity instruments. |
BPYU Units | BPYU Units Prior to the Privatization, BPYU Units were, at the request of the holder, able to be redeemed in whole or in part, for cash in an amount equal to the market value of one of the partnership’s LP Units multiplied by the number of units to be redeemed (subject to certain adjustments). This right was subject to the partnership’s right, at its sole discretion, to satisfy the redemption request with its LP Units, rather than cash, on a one-for-one basis. The BPYU Units provided the holder with direct economic benefits and exposures to Brookfield Properties Retail Holding LLC (“BPYU”) and accordingly to the variability of the distributions of BPYU. Accordingly, the BPYU Units were presented within non-controlling interests on the consolidated balance sheets. The BPYU Units did not entail a contractual obligation on the part of the partnership to deliver cash and could be settled by the partnership, at its sole discretion, by issuing a fixed number of its own equity instruments. As a result of the Privatization detailed in Note 3, Privatization of the Partnership , the terms of the BPYU Units were subsequently amended to, among other things, remove the entitlement to be exchanged for LP Units. |
Earnings per limited partnership unit | Earnings per limited partnership unitSubsequent to the Privatization, there are no longer publicly traded LP Units. As such, earnings per limited partnership unit is no longer presented. |
Critical judgments and estimates in applying accounting policies | Critical judgments and estimates in applying accounting policiesThe preparation of the partnership’s consolidated financial statements requires management to make critical judgments, estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses that are not readily apparent from other sources, during the reporting period. These estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. Critical judgments and estimates made by management and utilized in the normal course of preparing the partnership’s consolidated financial statements are outlined below. (i) Control In determining whether the partnership has power over an investee, the partnership makes judgments in identifying relevant activities that would significantly affect the returns of an investee, in assessing the partnership’s voting rights or other contractual rights that would give it power to unilaterally make decisions, and in assessing rights held by other stakeholders which might give them decision-making authority. In assessing if the partnership has exposure or rights to variable returns from its involvement with the investee, the partnership makes judgments concerning the variability of the returns from an investee based on the substance of the arrangement, the absolute and relative size of those returns. In determining if the partnership has the ability to use its power to affect its returns in an investee, the partnership makes judgments in assessing whether it is acting as a principal or an agent in decision-making and whether another entity with decision-making rights is acting as an agent for the partnership. Where other stakeholders have decision making authority, the partnership makes judgments as to whether its decision-making rights provide it with control, joint control or significant influence over the investee. In addition to the above, the partnership makes judgments in respect of joint arrangements that are carried on through a separate vehicle in determining whether the partnership’s interest represents an interest in the assets and liabilities of the arrangement (a joint operation) or in its net assets (a joint venture). (ii) Attribution of net income Certain of the partnership’s subsidiaries are subject to profit sharing arrangements between the partnership and the non-controlling equity holders. In determining whether the attribution of profits is subject to uncertainty, the partnership makes the judgment in considering a variety of factors, including but not limited to uncertainties arising from future events, timing of anticipated acquisition, disposition and financing activities, as well as past events of similar nature. (iii) Common control transactions The purchase and sale of businesses or subsidiaries between entities under common control fall outside the scope of IFRS and accordingly, management uses judgment when determining a policy to account for such transactions taking into consideration other guidance in the IFRS framework and pronouncements of other standard-setting bodies. (iv) Business combinations Judgment is applied in determining whether an acquisition is a business combination or an asset acquisition by considering the nature of the assets acquired and the processes applied to those assets, or if the integrated set of assets and activities is capable of being conducted and managed for the purpose of providing a return to investors or other owners. Judgment is also applied in identifying acquired assets and assumed liabilities and determining their fair values. (v) Investment properties In applying relevant accounting policies, judgment is made in determining whether certain costs are additions to the carrying amount of the property, in identifying the point at which practical completion of the development property occurs, and in identifying borrowing costs directly attributable to the carrying amount of the development property. In certain instances, on a case by case basis, the partnership applies judgment in determining whether a significant amount of development activities undertaken would trigger the reclassification of an operating property to a development property. The key valuation assumptions in determining the fair value of investment properties include discount rates and terminal capitalization rates for properties valued using a discounted cash flow model and capitalization rates for properties valued using a direct capitalization approach. Management also uses assumptions and estimates in determining expected future cash flows in discounted cash flow models and stabilized net operating income used in values determined using the direct capitalization approach. Properties under active development are recorded at fair value using a discounted cash flow model which includes estimates in respect of the timing and cost to complete the development. 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 exit 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 December 31, 2021. (vi) Assets held for sale The partnership’s accounting policies relating to assets held for sale are described in Note 2(f), Assets Held for Sale . In applying this policy, judgment is applied in determining whether sale of certain assets is highly probable, which is a necessary condition for being presented within assets held for sale. (vii) Revaluation of hospitality assets When the partnership determines the carrying amounts under the revaluation method, critical assumptions and estimates include estimates of replacement costs and estimates of remaining economic life. (viii) Income taxes In applying relevant accounting policies, judgments are made in determining the probability of whether deductions, tax credits and tax losses can be utilized. In addition, the consolidated financial statements include estimates and assumptions for determining the future tax rates applicable to subsidiaries and identifying the temporary differences that relate to each subsidiary. Deferred income tax assets and liabilities are measured at the tax rates that are expected to apply during the period when the assets are realized or the liabilities settled, using the tax rates and laws enacted or substantively enacted at the consolidated balance sheet dates. The partnership measures deferred income taxes associated with its investment properties based on its specific intention with respect to each asset at the end of the reporting period. Where the partnership has a specific intention to sell a property in the foreseeable future, deferred taxes on the building portion of the investment property are measured based on the tax consequences following from the disposition of the property. Otherwise, deferred taxes are measured on the basis that the carrying value of the investment property will be recovered substantially through use. Judgment is required in determining the manner in which the carrying amount of each investment property will be recovered. The partnership also makes judgments with respect to the taxation of gains inherent in its investments in foreign subsidiaries and joint ventures. While the partnership believes that the recovery of its original investment in these foreign subsidiaries and joint ventures will not result in additional taxes, certain unremitted gains inherent in those entities could be subject to foreign taxes depending on the manner of realization. (ix) Leases In applying its accounting policy for recognition of lease revenue, the partnership makes judgments with respect to whether tenant improvements provided in connection with a lease enhance the value of the leased property, which in turn is used to determine whether these amounts are treated as additions to operating property and the point in time to recognize revenue under the lease. In addition, where a lease allows a tenant to elect to take all or a portion of any unused tenant improvement allowance as a rent abatement, the partnership must exercise judgment in determining the extent to which the allowance represents an inducement that is amortized as a reduction of lease revenue over the term of the lease. The partnership also makes judgments in determining whether certain leases, in particular those tenant leases with long contractual terms where the lessee is the sole tenant in a property and long-term ground leases where the partnership is lessor, are operating or finance leases. The partnership has determined most of its leases are operating leases, with several finance leases that are not material. Where operating costs are paid directly by tenants, the partnership exercises judgment in determining whether those costs are expenses of the partnership or the tenant which impacts the extent to which operating costs recovery revenue is recognized. The partnership has applied critical judgments in respect of contracts where it is the lessee including identifying whether a contract (or part of a contract) includes a lease, determining whether it is reasonably certain that a lease extension or termination option will be exercised in determining the lease term, determining whether variable payments are in-substance fixed, establishing whether there are multiple leases in an arrangement, and determining the fair value method of ROU assets classified as investment properties. The partnership uses critical estimates in accounting for leases where it is a tenant, including the estimation of lease term and determination of the appropriate rate to discount the lease payments. (x) Financial instruments The critical judgments inherent in the relevant accounting policies relate to the classification of financial assets or financial liabilities, designation of financial instruments as FVTOCI or FVTPL, the assessment of the effectiveness of hedging relationships, the determination of whether the partnership has significant influence over investees with which it has contractual relationships, and the identification of embedded derivatives subject to fair value measurement in certain hybrid instruments. Estimates and assumptions used in determining the fair value of financial instruments are: equity and commodity prices; future interest rates; the credit risk of the partnership and its counterparties; amount and timing of estimated future cash flows; discount rates and volatility utilized in option valuations. The partnership holds other financial instruments that represent equity interests in investment property entities that are measured at fair value as these financial instruments are designated as FVTPL or FVTOCI. Estimation of the fair value of these instruments is also subject to the estimates and assumptions associated with investment properties. The fair value of interest rate caps is determined based on generally accepted pricing models using quoted market interest rates for the appropriate term. Interest rate swaps are valued at the present value of estimated future cash flows and discounted based on applicable yield curves derived from market interest rates. (xi) Indicators of impairment Judgment is applied when determining whether indicators of impairment exist when assessing the carrying values of the partnership’s assets for potential impairment. Consideration is given to a combination of factors, including but not limited to forecasts of revenues and expenses, values derived from publicly traded prices, and projections of market trends and economic environments. Judgment is also applied when quantifying the amount of impairment loss where indicators of impairment exist. (xii) Other critical judgments Other critical judgments utilized in the preparation of the partnership’s consolidated financial statements are: assets’ recoverable amounts; assets’ net realizable values; depreciation and amortization rates and assets’ useful lives; determination of assets held for sale and discontinued operations; impairment of goodwill and intangible assets; the determination of functional currency; the likelihood and timing of anticipated transactions for hedge accounting; and the selection of accounting policies, among others. (xiii) Revision of Comparatives During the fourth quarter of 2021, as a result of a change in accounting policy, the partnership reclassified depreciation and amortization expense, which was previously presented as a separate line item, to direct commercial property expense and direct hospitality expense. Prior period amounts were also adjusted to reflect this change, which resulted in an increase to direct commercial property expense and direct hospitality expense of $319 million and $341 million for years ended December 31, 2020 and 2019, respectively, with equal and offsetting decreases to depreciation and amortization expense. This reclassification had no impact on revenues or net income. (xiv) Future accounting policies The following are accounting policies issued that our partnership expects to adopt in the future: Amendments to IAS 1 – Classification of Liabilities as Current or Non-current The amendments to IAS 1 affect only the presentation of liabilities as current or non-current in the consolidated balance sheets and not the amount or timing of recognition of any asset, liability, income or expenses, or the information disclosed about those items. The amendments clarify that the classification of liabilities as current or non-current is based on rights that are in existence at the end of the reporting period, specify that classification is unaffected by expectations about whether the partnership will exercise its right to defer settlement of a liability, explain that rights are in existence if covenants are complied with at the end of the reporting period, and introduce a definition of ‘settlement’ to make clear that settlement refers to the transfer to the counterparty of cash, equity instruments, other assets or services. The amendments are applied retrospectively for annual periods beginning on or after January 1, 2023, with early application permitted. The partnership is in the process of determining the impact of the amendments on its consolidated financial statements. There are no other accounting policies issued as of December 31, 2021 that the partnership expects to adopt in the future and which the partnership expects will have a material impact. |
Operating segment | Operating segmentsIFRS 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. These segments are independently and regularly reviewed and managed by the Chief Executive Officer, who is considered the CODM. |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Significant Accounting Policies [Abstract] | |
Disclosure of detailed information about financial instruments | The following table presents the types of financial instruments held by the partnership within each financial instrument classification: Classification and measurement basis Financial assets Loans and notes receivable Amortized cost Other non-current assets Securities designated as fair value through profit and loss (“FVTPL”) FVTPL Derivative assets FVTPL Securities designated as fair value through other comprehensive income (“FVTOCI”) FVTOCI Restricted cash Amortized cost Accounts receivable and other Derivative assets FVTPL Other receivables Amortized cost Cash and cash equivalents Amortized cost Financial liabilities Debt obligations Amortized cost Capital securities Amortized cost Capital securities - fund subsidiaries FVTPL Other non-current liabilities Loan payable FVTPL Other non-current financial liabilities Amortized cost Derivative liabilities FVTPL Accounts payable and other liabilities Amortized cost |
INVESTMENT PROPERTIES (Tables)
INVESTMENT PROPERTIES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Investment property [abstract] | |
Schedule of roll forward of investment property balances | The following table presents a roll forward of investment property balances for the years ended December 31, 2021 and 2020: Year ended Dec. 31, 2021 Year ended Dec. 31, 2020 (US$ Millions) Commercial Commercial Total Commercial Commercial Total Balance, beginning of year $ 70,294 $ 2,316 $ 72,610 $ 71,565 $ 3,946 $ 75,511 Changes resulting from: Property acquisitions 491 80 571 647 108 755 Capital expenditures 796 758 1,554 1,140 857 1,997 Property dispositions (1) (1,299) (351) (1,650) (2,339) (21) (2,360) Fair value (losses) gains, net 1,791 171 1,962 (1,607) 219 (1,388) Foreign currency translation (558) (37) (595) 322 (44) 278 Transfers between commercial properties and commercial developments 635 (635) — 2,709 (2,709) — Reclassifications of assets held for sale and other changes (9,837) (2) (9,839) (2,143) (40) (2,183) Balance, end of year (2) $ 62,313 $ 2,300 $ 64,613 $ 70,294 $ 2,316 $ 72,610 (1) Property dispositions represent the carrying value on date of sale. (2) Includes right-of-use commercial properties and commercial developments of $557 million and $24 million, respectively, as of December 31, 2021 (2020 - $729 million and $10 million, respectively). Current lease liabilities of $118 million (2020 - $35 million) has been included in accounts payable and other liabilities and non-current lease liabilities of $558 million (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: Dec. 31, 2021 Dec. 31, 2020 Consolidated properties Primary valuation Discount Terminal Investment Discount Terminal Investment Core Office Discounted cash flow United States Discounted cash flow 7.0 % 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 6.1 % 5.3 % 10 6.6 % 5.7 % 10 Europe Discounted cash flow 4.9 % 3.8 % 10 5.2 % 3.8 % 10 Brazil Discounted cash flow 7.7 % 7.3 % 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 % 6.7 % 10 8.7 % 7.0 % 10 Mixed-use Discounted cash flow 9.1 % 6.4 % 10 7.3 % 5.2 % 10 Multifamily (1) Direct capitalization 4.6 % n/a n/a 4.9 % n/a n/a Triple Net Lease (1) Direct capitalization n/a n/a n/a 6.2 % n/a n/a Student Housing (1) Direct capitalization 4.3 % n/a n/a 4.9 % n/a n/a Manufactured Housing (1) Direct capitalization 4.3 % n/a n/a 4.8 % n/a n/a (1) The valuation method used to value hospitality, multifamily, triple net lease, student housing, and manufactured housing properties is the direct capitalization method. At December 31, 2021, the overall implied capitalization rate used for properties using the direct capitalization method was 4.3% (December 31, 2020 - 5.3% ). Type of asset/liability Valuation technique Foreign currency forward contracts Discounted cash flow model - forward exchange rates (from observable forward exchange rates at the end of the reporting period) and discounted at a credit adjusted rate Interest rate contracts Discounted cash flow model - forward interest rates (from observable yield curves) and applicable credit spreads discounted at a credit adjusted rate The table below presents the valuation techniques and inputs of Level 3 assets: Type of asset/liability Valuation techniques Significant unobservable input(s) Relationship of unobservable input(s) to fair value Securities - FVTPL/FVTOCI Net asset valuation (a) Forward exchange rates (from observable forward exchange rates at the end of the reporting period) (a) Increases (decreases) in the forward exchange rate would increase (decrease) fair value |
Schedule of investment properties measured at fair value | The following table presents the partnership’s investment properties measured at fair value in the consolidated financial statements and the level of the inputs used to determine those fair values in the context of the hierarchy as defined above in Note 2(i), Summary of Significant Accounting Policies, Fair value measurement. Dec. 31, 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 $ — $ — $ 14,689 $ 497 $ — $ — $ 14,682 $ 411 Canada — — 4,678 59 — — 4,721 381 Australia — — 2,618 146 — — 2,366 365 Europe — — 2,569 320 — — 2,526 173 Brazil — — 89 — — — 309 — Core Retail — — 18,991 — — — 20,324 — LP Investments LP Investments Office — — 7,880 774 — — 7,946 781 LP Investments Retail — — 2,001 28 — — 2,538 — Hospitality (1) 105 — — — 84 — Multifamily — — 1,616 — — — 2,442 — Triple Net Lease — — — — — — 3,719 — Student Housing — — 3,056 476 — — 2,757 205 Manufactured Housing — — 3,808 — — — 2,784 — Mixed-Use — — 213 — — — 3,096 — Total $ — $ — $ 62,313 $ 2,300 $ — $ — $ 70,294 $ 2,316 The following table outlines financial assets and liabilities measured at fair value in the financial statements and the level of the inputs used to determine those fair values in the context of the hierarchy as defined above: Dec. 31, 2021 Dec. 31, 2020 (US$ Millions) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Financial assets Securities designated as FVTPL 17 218 1,965 2,200 — 123 1,596 1,719 Securities designated as FVTOCI 13 — 95 108 — — 86 86 Derivative assets — 144 — 144 — 236 — 236 Total financial assets $ 30 $ 362 $ 2,060 $ 2,452 $ — $ 359 $ 1,682 $ 2,041 Financial liabilities Capital securities - fund subsidiaries $ — $ — $ 859 $ 859 $ — $ — $ 863 $ 863 Derivative liabilities — 498 — 498 — 688 — 688 Total financial liabilities $ — $ 498 $ 859 $ 1,357 $ — $ 688 $ 863 $ 1,551 The following table presents the change in the balance of financial assets and financial liabilities classified as Level 3 as of December 31, 2021 and 2020: Dec. 31, 2021 Dec. 31, 2020 (US$ Millions) Financial Financial Financial Financial Balance, beginning of year $ 1,682 $ 863 $ 1,371 $ 922 Additions 553 — 324 — Dispositions (88) — (10) — Fair value (losses) gains, net and OCI 366 2 (3) (59) Other (453) (6) — — Balance, end of year $ 2,060 $ 859 $ 1,682 $ 863 |
Schedule of sensitivity analysis | The following table presents a sensitivity analysis to the impact of a 25 basis point (“bps”) increase of the discount rate and terminal capitalization or overall implied capitalization rate (“ICR”) on fair values of the partnership’s commercial properties for the year ended December 31, 2021, for properties valued using the discounted cash flow or direct capitalization method, respectively: Dec. 31, 2021 (US$ Millions) Impact of +25bps DR Impact of +25bps TCR Impact of +25bps DR and +25bps TCR or +25bps ICR Core Office United States $ 337 $ 449 $ 774 Canada 91 143 231 Australia 79 139 215 Europe 49 109 156 Brazil 2 2 3 Core Retail 421 682 1,044 LP Investments LP Investments - Office 132 275 403 LP Investments - Retail 58 85 133 Mixed-use 5 6 11 Multifamily (1) — 80 80 Student Housing (1) — 168 168 Manufactured Housing (1) — 209 209 Total $ 1,174 $ 2,347 $ 3,427 (1) The valuation method used to value multifamily, student housing, and manufactured housing properties is the direct capitalization method. The impact of the sensitivity analysis on the discount rate includes properties valued using the DCF method as well as properties valued using an overall implied capitalization rate under the direct capitalization method. |
INVESTMENTS IN SUBSIDIARIES (Ta
INVESTMENTS IN SUBSIDIARIES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Interests In Other Entities [Abstract] | |
Schedule of interests in subsidiaries | The following table presents the partnership’s material subsidiaries as of December 31, 2021 and 2020: Jurisdiction of formation Economic interest Voting interest Dec. 31, 2021 Dec. 31, 2020 Dec. 31, 2021 Dec. 31, 2020 Subsidiary of the partnership Brookfield Property L.P .(1) Bermuda 36 % 49 % 100 % 100 % Holding entities of the Operating Partnership BPY Bermuda IV Holdings L.P. Delaware 100 % 100 % 100 % 100 % Brookfield BPY Retail Holdings II Inc. Ontario 100 % 100 % 100 % 100 % BPY Bermuda Holdings Limited Bermuda 100 % 100 % 100 % 100 % BPY Bermuda Holdings II Limited Bermuda 100 % 100 % 100 % 100 % Brookfield BPY Holdings Inc. Ontario 100 % 100 % 100 % 100 % BPY Bermuda Holdings IV Limited Bermuda 100 % 100 % 100 % 100 % BPY Bermuda Holdings IA Limited Bermuda 100 % 100 % 100 % 100 % BPY Bermuda Holdings V Limited Bermuda 100 % 100 % 100 % 100 % BPY Bermuda Holdings VI Limited Bermuda 100 % 100 % 100 % 100 % BPY Bermuda Holdings VII Limited Bermuda 100 % 100 % 100 % 100 % Real estate subsidiaries of the holding entities Brookfield Office Properties Inc. (“BPO”) Canada 100 % 100 % 100 % 100 % Brookfield BPY Holdings (Australia) ULC (2) Canada 100 % 100 % 100 % 100 % BPR Retail Holdings LLC (3) United States 100 % 100 % 100 % 96 % BSREP CARS Sub-Pooling LLC (4) United States 26 % 26 % — % — % Center Parcs UK (4) United Kingdom 27 % 27 % — % — % BSREP II Aries Pooling LLC (4) United States 26 % 26 % — % — % BSREP India Office Holdings Pte. Ltd. (4) United States 33 % 33 % — % — % BSREP II Retail Upper Pooling LLC (4) United States 50 % 50 % 33 % 33 % BSREP II Korea Office Holdings Pte. Ltd. (4) South Korea 22 % 22 % — % — % BSREP II PBSA Ltd. (4) Bermuda 25 % 25 % — % — % BSREP II MH Holdings LLC (4) United States 26 % 26 % — % — % (1) BPY holds all managing general partner units of the Operating Partnership and therefore has the power to direct the relevant activities and affairs of the Operating Partnership. The managing general partner units represent 36% and 49% of the total number of the Operating Partnership’s units at December 31, 2021 and 2020, respectively. (2) This entity holds certain Australian properties not held through BPO. (3) The partnership controls BPYU as it held 100% of the voting stock of BPYU through its 100% ownership of the BPYU Class B and Class C shares. (4) The partnership holds its economic interest in these assets primarily through limited partnership interests in Brookfield-sponsored real estate funds. By their nature, limited partnership interests do not have any voting rights. The partnership has entered into voting agreements to provide the partnership with the ability to contractually direct the relevant activities of the investees. The table below shows details of non-wholly owned subsidiaries of the partnership that have material non-controlling interests: Jurisdiction of formation Proportion of economic Non-controlling interests: Interests of others in operating subsidiaries and properties (US$ Millions) Dec. 31, 2021 Dec. 31, 2020 Dec. 31, 2021 Dec. 31, 2020 BPO (1) Canada — % — % $ 5,020 $ 4,758 BPY Subsidiary Holding Entities (2) Bermuda/Canada — % — % 3,871 717 BPR Retail Holdings LLC (3) United States — % — % 1,274 1,537 BSREP II PBSA Ltd. (4) Bermuda 75 % 75 % 1,190 961 BSREP II Korea Office Holdings Pte. Ltd. (4) South Korea 78 % 78 % 936 627 BSREP II MH Holdings LLC (4) United States 74 % 74 % 932 998 Center Parcs UK (4) United Kingdom 73 % 73 % 799 550 BSREP CARS Sub-Pooling LLC (4) United States 74 % 74 % 588 889 BSREP II WS Hotel Holding LLC (4) United States 74 % 74 % 544 232 Brookfield Fairfield Multifamily Value Add Fund III (4) United States 70 % 70 % 383 423 BSREP II Retail Upper Pooling LLC (4) United States 50 % 50 % 383 423 BSREP II Aries Pooling LLC (4) United States 74 % 74 % 376 425 Hospitality Investors Trust Inc. (4) United States 74 % 74 % 376 330 Brookfield India Real Estate Trust (4)(5) India 82 % — % 280 — Other Various 33% - 77% 33% - 76% 2,754 2,817 Total $ 19,706 $ 15,687 (1) Includes non-controlling interests in BPO subsidiaries which vary from 1% - 100%. (2) Includes non-controlling interests in various corporate entities of the partnership (3) Includes non-controlling interests in BPYU subsidiaries. (4) 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. (5) In the first quarter of 2021, Brookfield Strategic Real Estate Partners I (“BSREP I”) and Brookfield Strategic Real Estate Partners II (“BSREP II”) co-sponsored the launch of the Brookfield India Real Estate Trust (“India REIT”) initial public offering. The India REIT was seeded with three assets from an investment in BSREP I and an asset from an investment in BSREP II. BSREP I and BSREP II have an approximate 54% controlling interest in the India REIT. The partnership continues to consolidate its investment in the assets seeded into the India REIT, as the partnership retains a controlling interest via its investment in BSREP I and BSREP II. Summarized financial information in respect of each of the partnership’s subsidiaries that have material non-controlling interests is set out below. The summarized financial information below represents amounts before intercompany eliminations. Dec. 31, 2021 Equity attributable to (US$ Millions) Current Non-current Current Non-current Non- Owners of the BPO $ 7,168 $ 40,341 $ 9,664 $ 16,648 $ 5,232 $ 15,965 BPY Subsidiary Holding Entities 3,991 3,120 6,242 13,647 4,249 (17,027) BPR Retail Holdings LLC 1,051 29,534 3,023 11,333 1,274 14,955 BSREP II PBSA Ltd. 62 3,562 1,378 651 1,190 405 BSREP II Korea Office Holdings Pte. Ltd. 3,972 — 83 2,683 936 270 BSREP II MH Holdings LLC 86 3,843 11 2,688 932 298 Center Parcs UK 338 4,701 350 3,586 799 304 BSREP CARS Sub-Pooling LLC 3,857 — 3,064 — 588 205 BSREP II WS Hotel Holding LLC 1,458 — 746 — 544 168 Brookfield Fairfield Multifamily Value Add Fund III 430 1,004 649 240 383 162 BSREP II Retail Upper Pooling LLC 394 1817 552 887 383 389 BSREP II Aries Pooling LLC 229 662 459 — 376 56 Hospitality Investors Trust Inc. 149 1,698 1,333 11 376 127 Brookfield India Real Estate Trust 38 1,482 52 1,072 280 116 Total $ 23,223 $ 91,764 $ 27,606 $ 53,446 $ 17,542 $ 16,393 Dec. 31, 2020 Equity attributable to (US$ Millions) Current Non-current Current Non-current Non- Owners of the BPO $ 1,886 $ 43,269 $ 6,877 $ 17,248 $ 4,929 $ 16,101 BPR Retail Holdings LLC 1,044 30,424 4,738 12,752 1,537 12,441 BSREP II MH Holdings LLC 72 2,797 50 1,502 998 319 BSREP II PBSA Ltd. 60 3,001 1,326 446 961 328 BSREP CARS Sub-Pooling LLC 245 3,774 454 2,363 889 313 BSREP II Korea Office Holdings Pte. Ltd. 100 3,518 56 2,755 627 180 Center Parcs UK 123 4,577 450 3,493 550 207 BSREP II Aries Pooling LLC 162 1,397 405 585 425 144 BSREP II Retail Upper Pooling LLC 216 2,331 684 1,011 423 429 BSREP India Office Holdings Pte. Ltd. 28 2,280 201 1,627 323 157 Total $ 3,936 $ 97,368 $ 15,241 $ 43,782 $ 11,662 $ 30,619 Year ended Dec. 31, 2021 Attributable to non-controlling interests Attributable to owners of the partnership (US$ Millions) Revenue Net Total Distributions Net Total BPO $ 2,151 $ 264 $ 257 $ 79 $ 494 $ 482 BPY Subsidiary Holding Entities 444 (7) (11) 389 (122) (48) BPR Retail Holdings LLC 1,511 (22) (22) 10 (126) (101) BSREP II PBSA Ltd. 160 204 191 — 69 51 BSREP II Korea Office Holdings Pte. Ltd. 211 364 304 — 105 28 BSREP II MH Holdings LLC 266 572 572 675 183 183 Center Parcs UK 546 (52) 26 — (20) 108 BSREP CARS Sub-Pooling LLC 255 63 63 100 21 21 BSREP II WS Hotel Holding LLC 209 20 361 56 7 465 Brookfield Fairfield Multifamily Value Add Fund III 404 246 246 346 107 107 BSREP II Retail Upper Pooling LLC 199 (48) (48) — (50) (50) BSREP II Aries Pooling LLC 95 255 255 142 87 87 Hospitality Investors Trust Inc. 230 (17) 12 10 (6) 32 Brookfield India Real Estate Trust 99 14 8 19 5 (5) Total $ 6,780 $ 1,856 $ 2,214 $ 1,826 $ 754 $ 1,360 Year ended Dec. 31, 2020 Attributable to non-controlling interests Attributable to owners of the partnership (US$ Millions) Revenue Net Total Distributions Net Total BPO $ 2,079 $ 142 $ 152 $ 69 $ (37) $ 7 BPR Retail Holdings LLC 1,612 (211) (214) 16 (1,974) (1,999) BSREP II MH Holdings LLC 252 281 281 11 90 90 BSREP II PBSA Ltd. 129 63 99 8 21 33 BSREP II CARS Sub-Pooling LLC 293 103 101 32 36 35 Center Parcs UK 189 128 174 5 37 50 BSREP II Aries Pooling LLC 284 (137) (112) — (52) (62) BSREP II Retail Upper Pooling LLC 146 75 75 100 26 26 BSREP II Korea Office Holdings Pte. Ltd. 268 (187) (187) — (177) (177) BSREP India Office Holdings Pte. Ltd. 176 (54) (64) 11 (26) (31) Total $ 5,428 $ 203 $ 305 $ 252 $ (2,056) $ (2,028) Year ended Dec. 31, 2019 Attributable to non-controlling interests Attributable to owners of the partnership (US$ Millions) Revenue Net Total Distributions Net Total BPO $ 2,149 $ 318 $ 306 $ 77 $ 757 $ 808 BPR Retail Holdings LLC 1,592 66 67 122 652 657 BSREP CARS Sub-Pooling LLC 317 67 62 48 23 21 BSREP II PBSA Ltd. 148 144 173 85 49 59 BSREP II MH Holdings LLC 239 62 62 — 20 20 Center Parcs UK 658 47 139 320 17 51 BSREP II Aries Pooling LLC 256 75 74 33 26 26 BSREP II Retail Upper Pooling LLC 298 (121) (121) 2 (116) (116) BSREP II Korea Office Holdings Pte. Ltd. 219 52 26 131 15 7 BSREP India Office Holdings Pte. Ltd. 187 144 129 181 70 62 BSREP UA Holdings LLC 115 (96) (96) 222 (43) (43) Total $ 6,178 $ 758 $ 821 $ 1,221 $ 1,470 $ 1,552 |
EQUITY ACCOUNTED INVESTMENTS (T
EQUITY ACCOUNTED INVESTMENTS (Tables) | 12 Months Ended |
Dec. 31, 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 Carrying value (US$ Millions) Principal activity Principal place Dec. 31, 2021 Dec. 31, 2020 Dec. 31, 2021 Dec. 31, 2020 Joint ventures Canary Wharf Joint Venture (1) Property holding company United Kingdom 50 % 50 % $ 3,529 $ 3,440 Manhattan West, New York Property holding company United States 56 % 56 % 2,396 2,122 Ala Moana Center, Hawaii Property holding company United States 50 % 50 % 1,939 1,862 BPYU JV Pool A Property holding company United States 50 % 50 % 1,810 1,723 BPYU JV Pool B Property holding company United States 51 % 51 % 1,140 1,121 Fashion Show, Las Vegas Property holding company United States 50 % 50 % 856 835 Grace Building, New York Property holding company United States 50 % 50 % 702 676 BPYU JV Pool C Property holding company United States 50 % 50 % 679 692 BPYU JV Pool D Property holding company United States 48 % 48 % 612 548 Southern Cross East, Melbourne Property holding company Australia 50 % 50 % 472 433 The Grand Canal Shoppes, Las Vegas Property holding company United States 50 % 50 % 455 416 One Liberty Plaza, New York Property holding company United States 51 % 51 % 402 382 680 George Street, Sydney Property holding company Australia 50 % 50 % 389 375 Brookfield Place Sydney Property holding company Australia 25 % — % 376 — The Mall in Columbia, Maryland Property holding company United States 50 % 50 % 315 298 Shops at La Cantera, Texas Property holding company United States 50 % 50 % 270 249 BPYU JV Pool G Property holding company United States 68 % 68 % 263 251 Potsdamer Platz, Berlin Property holding company Germany 25 % 25 % 261 255 Baybrook Mall, Texas Property holding company United States 51 % 51 % 254 251 Brookfield Brazil Retail Fundo de Investimento em Participações (“Brazil Retail”) Holding company Brazil 43 % 46 % 228 251 Brookfield D.C. Office Partners LLC ("D.C. Fund"), Washington, D.C. Property holding company United States 51 % 51 % 225 257 BPYU JV Pool F Property holding company United States 51 % 51 % 223 253 Miami Design District, Florida Property holding company United States 22 % 22 % 212 238 Other (2) Various Various 15% - 55% 14% - 55% 2,471 2,510 20,479 19,438 Associates Other Various Various 13% - 31% 16% - 31% 328 281 328 281 Total $ 20,807 $ 19,719 (1) Stork Holdco LP is the joint venture through which the partnership acquired Canary Wharf Group plc in London. (2) Other joint ventures consists of approximately 36 joint ventures, each of which has a carrying value below $212 million. The following tables present the gross assets and liabilities of the partnership’s equity accounted investments as of December 31, 2021 and 2020: Dec. 31, 2021 (US$ Millions) Current Non-current Current Non-current Net Joint ventures Canary Wharf Joint Venture $ 1,276 $ 13,213 $ 1,242 $ 6,187 $ 7,060 Manhattan West 229 8,434 153 4,231 4,279 Ala Moana 131 5,695 52 1,895 3,879 BPYU JV Pool A 249 5,763 122 2,269 3,621 BPYU JV Pool B 353 5,508 231 3,396 2,234 Fashion Show 23 2,538 19 829 1,713 Grace Building 73 2,593 20 1,238 1,408 BPYU JV Pool C 52 2,100 44 669 1,439 BPYU JV Pool D 40 1,763 49 471 1,283 Southern Cross East 11 944 11 — 944 The Grand Canal Shoppes 56 1,867 40 974 909 One Liberty Plaza 49 1,625 11 875 788 680 George Street 8 777 8 — 777 Brookfield Place Sydney 10 1,504 13 2 1,499 The Mall in Columbia 44 845 13 248 628 The Shops at La Cantera 11 788 10 249 540 BPYU JV Pool G 16 738 16 351 387 Potsdamer Platz 70 2,383 43 1,366 1,044 Baybrook Mall 15 723 13 227 498 Brazil Retail 74 701 4 69 702 D.C. Fund 24 1,195 201 577 441 BPYU JV Pool F 17 720 12 287 438 Miami Design District 73 1,600 30 689 954 Other 1,405 12,879 1,476 6,926 5,882 4,309 76,896 3,833 34,025 43,347 Associates Other 180 1,253 81 796 556 180 1,253 81 796 556 Total $ 4,489 $ 78,149 $ 3,914 $ 34,821 $ 43,903 Dec. 31, 2020 (US$ Millions) Current Non-current Current Non-current Net Joint ventures Canary Wharf Joint Venture $ 1,608 $ 13,160 $ 2,146 $ 5,742 $ 6,880 Manhattan West 361 7,775 497 3,850 3,789 Ala Moana 156 5,508 50 1,889 3,725 BPYU JV Pool A 256 5,618 108 2,320 3,446 BPYU JV Pool B 301 5,572 161 3,514 2,198 Fashion Show 54 2,461 16 829 1,670 BPYU JV Pool C 67 2,090 37 655 1,465 Grace Building 130 2,495 34 1,237 1,354 BPYU JV Pool D 67 1,619 69 469 1,148 Southern Cross East 8 869 10 — 867 The Grand Canal Shoppes 49 1,794 38 974 831 One Liberty Plaza 40 1,681 118 853 750 680 George Street 9 749 7 — 751 The Mall in Columbia 29 825 13 246 595 D.C. Fund 45 1,241 353 429 504 Potsdamer Platz 69 2,397 42 1,402 1,022 BPYU JV Pool F 21 709 6 227 497 BPYU JV Pool G 19 721 15 355 370 Baybrook Mall 19 718 13 232 492 Brazil Retail 27 764 6 74 711 The Shops at La Cantera 20 736 11 246 499 Miami Design District 68 1,635 50 576 1,077 Other 1,540 13,881 1,088 7,279 7,054 4,963 75,018 4,888 33,398 41,695 Associates Other 91 2,800 998 1,111 782 91 2,800 998 1,111 782 Total $ 5,054 $ 77,818 $ 5,886 $ 34,509 $ 42,477 Summarized financial information in respect of the partnership’s equity accounted investments for the years ended December 31, 2021, 2020 and 2019 is set out below: Year ended December 31, 2021 (US$ Millions) Revenue Expenses Fair value Income from EAI (1) Net Other Partnership’s Distributions Joint ventures Canary Wharf Joint Venture $ 607 $ 453 $ 60 $ 42 $ 256 $ 2 $ 128 $ 2 Manhattan West 350 225 101 — 226 72 127 48 Ala Moana 241 154 121 — 208 — 104 3 BPYU JV Pool A 329 220 92 — 201 — 100 — BPYU JV Pool B 458 347 (46) 4 69 — 35 — Fashion Show 98 54 63 — 107 — 53 8 Grace Building 151 86 47 — 112 — 56 27 BPYU JV Pool C 138 88 (13) — 37 — 19 2 BPYU JV Pool D 80 37 121 — 164 — 78 1 Southern Cross East 47 9 125 — 163 — 81 16 The Grand Canal Shoppes 93 75 61 — 79 — 40 — One Liberty Plaza 131 81 (21) — 29 29 15 7 680 George Street 38 11 75 — 102 — 51 15 Brookfield Place Sydney 27 13 53 — 67 — 17 4 The Mall in Columbia 49 28 14 — 35 — 17 — Shops at La Cantera — 17 43 36 62 — 31 — BPYU JV Pool G 44 33 9 — 20 — 14 — Potsdamer Platz 73 54 83 — 102 — 25 — Baybrook Mall 39 25 1 — 15 — 8 — Brazil Retail 28 16 36 — 48 — 22 9 D.C. Fund 107 76 (68) — (37) 1 (19) 13 BPYU JV Pool F 36 20 5 — 21 — 11 — Miami Design District 84 75 (36) — (27) — (6) — Other 1,122 1,118 105 53 162 271 63 17 4,370 3,315 1,031 135 2,221 375 1,070 172 Associates Other 103 174 (8) 7 (72) 949 (50) — 103 174 (8) 7 (72) 949 (50) — Total $ 4,473 $ 3,489 $ 1,023 $ 142 $ 2,149 $ 1,324 $ 1,020 $ 172 (1) Share of net earnings from equity accounted investments recorded by the partnership’s joint ventures and associates. Year ended December 31, 2020 (US$ Millions) Revenue Expenses Fair value Income from EAI (1) Net Other Partnership’s Distributions Joint ventures Canary Wharf Joint Venture $ 619 $ 377 $ (713) $ 19 $ (452) $ (4) $ (226) $ 4 Ala Moana 269 158 (279) — (168) — (84) 9 Manhattan West 259 179 379 — 459 (75) 257 221 BPYU JV Pool A 353 230 (543) — (420) — (210) — BPYU JV Pool B 483 356 (601) 4 (470) — (240) — Fashion Show 103 56 (46) — 1 — — 8 BPYU JV Pool C 145 80 (222) — (157) — (78) 6 Grace Building 108 95 121 — 134 — 67 123 BPYU JV Pool D 71 36 (203) 17 (151) — (72) 3 Southern Cross East 40 6 6 — 40 — 20 18 The Grand Canal Shoppes 92 84 (18) — (10) — (5) — One Liberty Plaza 149 88 (34) — 27 (35) 14 21 680 George Street 36 9 3 — 30 — 15 12 Brazil Retail 28 12 (22) — (6) — (3) 5 Baybrook Mall 40 26 (134) — (120) — (61) — D.C. Fund 115 80 (89) — (54) (1) (27) — The Mall in Columbia 55 33 (58) — (36) — (18) — Potsdamer Platz 79 61 25 — 43 — 11 — BPYU JV Pool F 37 7 (64) — (34) — (18) — BPYU JV Pool G 48 33 (27) — (12) — (8) — The Shops at La Cantera 11 24 (28) 31 (10) — (5) — Miami Design District 65 88 (51) — (74) — (16) — Other 1,063 832 (7) 13 237 8 28 188 4,268 2,950 (2,605) 84 (1,203) (107) (659) 618 Associates Other 92 186 (39) (2) (135) (939) (90) — 92 186 (39) (2) (135) (939) (90) — Total $ 4,360 $ 3,136 $ (2,644) $ 82 $ (1,338) $ (1,046) $ (749) $ 618 (1) Share of net earnings from equity accounted investments recorded by the partnership’s joint ventures and associates. Year ended December 31, 2019 (US$ Millions) Revenue Expenses Fair value Income of EAI (1) Net Other Partnership’s Distributions Joint ventures Canary Wharf Joint Venture $ 555 $ 320 $ 126 $ 22 $ 383 $ (11) $ 191 $ 9 Ala Moana 300 149 758 — 909 — 455 48 Manhattan West 201 136 155 — 220 (43) 123 42 BPYU JV Pool A 379 214 172 — 337 — 168 6 BPYU JV Pool B 564 350 (50) 65 229 — 116 — Fashion Show 118 57 (112) — (51) — (26) 15 BPYU JV Pool C 158 73 7 — 92 — 46 10 Grace Building 107 84 215 — 238 — 119 — BPYU JV Pool D — — (49) 64 15 — 8 5 Southern Cross East 42 6 110 — 146 — 73 5 The Grand Canal Shoppes 138 73 (44) — 21 — 11 21 One Liberty Plaza 134 84 (25) — 25 (33) 13 9 680 George Street 36 9 47 — 74 — 37 15 Brazil Retail 59 54 157 — 162 — 75 39 Baybrook Mall 45 26 204 — 223 — 114 — D.C. Fund 125 82 (50) — (7) — (4) — The Mall in Columbia 56 29 5 — 32 — 16 — BPYU JV Pool F 39 17 178 — 200 — 102 — BPYU JV Pool G 53 32 50 — 71 — 48 — Miami Design District 72 67 (234) — (229) — (51) — Other 1,746 1,217 349 11 889 (17) 359 142 4,927 3,079 1,969 162 3,979 (104) 1,993 366 Associates Diplomat 172 181 (6) — (15) — (13) 73 BPREP — — — — — — — — Other 216 251 (10) 3 (42) 50 (11) 31 388 432 (16) 3 (57) 50 (24) 104 Total $ 5,315 $ 3,511 $ 1,953 $ 165 $ 3,922 $ (54) $ 1,969 $ 470 (1) Share of net earnings from equity accounted investments recorded by the partnership’s joint ventures and associates. |
Disclosure of associates | Details of the partnership’s investments in joint ventures and associates, which have been accounted for in accordance with the equity method of accounting, are as follows: Proportion of ownership Carrying value (US$ Millions) Principal activity Principal place Dec. 31, 2021 Dec. 31, 2020 Dec. 31, 2021 Dec. 31, 2020 Joint ventures Canary Wharf Joint Venture (1) Property holding company United Kingdom 50 % 50 % $ 3,529 $ 3,440 Manhattan West, New York Property holding company United States 56 % 56 % 2,396 2,122 Ala Moana Center, Hawaii Property holding company United States 50 % 50 % 1,939 1,862 BPYU JV Pool A Property holding company United States 50 % 50 % 1,810 1,723 BPYU JV Pool B Property holding company United States 51 % 51 % 1,140 1,121 Fashion Show, Las Vegas Property holding company United States 50 % 50 % 856 835 Grace Building, New York Property holding company United States 50 % 50 % 702 676 BPYU JV Pool C Property holding company United States 50 % 50 % 679 692 BPYU JV Pool D Property holding company United States 48 % 48 % 612 548 Southern Cross East, Melbourne Property holding company Australia 50 % 50 % 472 433 The Grand Canal Shoppes, Las Vegas Property holding company United States 50 % 50 % 455 416 One Liberty Plaza, New York Property holding company United States 51 % 51 % 402 382 680 George Street, Sydney Property holding company Australia 50 % 50 % 389 375 Brookfield Place Sydney Property holding company Australia 25 % — % 376 — The Mall in Columbia, Maryland Property holding company United States 50 % 50 % 315 298 Shops at La Cantera, Texas Property holding company United States 50 % 50 % 270 249 BPYU JV Pool G Property holding company United States 68 % 68 % 263 251 Potsdamer Platz, Berlin Property holding company Germany 25 % 25 % 261 255 Baybrook Mall, Texas Property holding company United States 51 % 51 % 254 251 Brookfield Brazil Retail Fundo de Investimento em Participações (“Brazil Retail”) Holding company Brazil 43 % 46 % 228 251 Brookfield D.C. Office Partners LLC ("D.C. Fund"), Washington, D.C. Property holding company United States 51 % 51 % 225 257 BPYU JV Pool F Property holding company United States 51 % 51 % 223 253 Miami Design District, Florida Property holding company United States 22 % 22 % 212 238 Other (2) Various Various 15% - 55% 14% - 55% 2,471 2,510 20,479 19,438 Associates Other Various Various 13% - 31% 16% - 31% 328 281 328 281 Total $ 20,807 $ 19,719 (1) Stork Holdco LP is the joint venture through which the partnership acquired Canary Wharf Group plc in London. (2) Other joint ventures consists of approximately 36 joint ventures, each of which has a carrying value below $212 million. The following tables present the gross assets and liabilities of the partnership’s equity accounted investments as of December 31, 2021 and 2020: Dec. 31, 2021 (US$ Millions) Current Non-current Current Non-current Net Joint ventures Canary Wharf Joint Venture $ 1,276 $ 13,213 $ 1,242 $ 6,187 $ 7,060 Manhattan West 229 8,434 153 4,231 4,279 Ala Moana 131 5,695 52 1,895 3,879 BPYU JV Pool A 249 5,763 122 2,269 3,621 BPYU JV Pool B 353 5,508 231 3,396 2,234 Fashion Show 23 2,538 19 829 1,713 Grace Building 73 2,593 20 1,238 1,408 BPYU JV Pool C 52 2,100 44 669 1,439 BPYU JV Pool D 40 1,763 49 471 1,283 Southern Cross East 11 944 11 — 944 The Grand Canal Shoppes 56 1,867 40 974 909 One Liberty Plaza 49 1,625 11 875 788 680 George Street 8 777 8 — 777 Brookfield Place Sydney 10 1,504 13 2 1,499 The Mall in Columbia 44 845 13 248 628 The Shops at La Cantera 11 788 10 249 540 BPYU JV Pool G 16 738 16 351 387 Potsdamer Platz 70 2,383 43 1,366 1,044 Baybrook Mall 15 723 13 227 498 Brazil Retail 74 701 4 69 702 D.C. Fund 24 1,195 201 577 441 BPYU JV Pool F 17 720 12 287 438 Miami Design District 73 1,600 30 689 954 Other 1,405 12,879 1,476 6,926 5,882 4,309 76,896 3,833 34,025 43,347 Associates Other 180 1,253 81 796 556 180 1,253 81 796 556 Total $ 4,489 $ 78,149 $ 3,914 $ 34,821 $ 43,903 Dec. 31, 2020 (US$ Millions) Current Non-current Current Non-current Net Joint ventures Canary Wharf Joint Venture $ 1,608 $ 13,160 $ 2,146 $ 5,742 $ 6,880 Manhattan West 361 7,775 497 3,850 3,789 Ala Moana 156 5,508 50 1,889 3,725 BPYU JV Pool A 256 5,618 108 2,320 3,446 BPYU JV Pool B 301 5,572 161 3,514 2,198 Fashion Show 54 2,461 16 829 1,670 BPYU JV Pool C 67 2,090 37 655 1,465 Grace Building 130 2,495 34 1,237 1,354 BPYU JV Pool D 67 1,619 69 469 1,148 Southern Cross East 8 869 10 — 867 The Grand Canal Shoppes 49 1,794 38 974 831 One Liberty Plaza 40 1,681 118 853 750 680 George Street 9 749 7 — 751 The Mall in Columbia 29 825 13 246 595 D.C. Fund 45 1,241 353 429 504 Potsdamer Platz 69 2,397 42 1,402 1,022 BPYU JV Pool F 21 709 6 227 497 BPYU JV Pool G 19 721 15 355 370 Baybrook Mall 19 718 13 232 492 Brazil Retail 27 764 6 74 711 The Shops at La Cantera 20 736 11 246 499 Miami Design District 68 1,635 50 576 1,077 Other 1,540 13,881 1,088 7,279 7,054 4,963 75,018 4,888 33,398 41,695 Associates Other 91 2,800 998 1,111 782 91 2,800 998 1,111 782 Total $ 5,054 $ 77,818 $ 5,886 $ 34,509 $ 42,477 Summarized financial information in respect of the partnership’s equity accounted investments for the years ended December 31, 2021, 2020 and 2019 is set out below: Year ended December 31, 2021 (US$ Millions) Revenue Expenses Fair value Income from EAI (1) Net Other Partnership’s Distributions Joint ventures Canary Wharf Joint Venture $ 607 $ 453 $ 60 $ 42 $ 256 $ 2 $ 128 $ 2 Manhattan West 350 225 101 — 226 72 127 48 Ala Moana 241 154 121 — 208 — 104 3 BPYU JV Pool A 329 220 92 — 201 — 100 — BPYU JV Pool B 458 347 (46) 4 69 — 35 — Fashion Show 98 54 63 — 107 — 53 8 Grace Building 151 86 47 — 112 — 56 27 BPYU JV Pool C 138 88 (13) — 37 — 19 2 BPYU JV Pool D 80 37 121 — 164 — 78 1 Southern Cross East 47 9 125 — 163 — 81 16 The Grand Canal Shoppes 93 75 61 — 79 — 40 — One Liberty Plaza 131 81 (21) — 29 29 15 7 680 George Street 38 11 75 — 102 — 51 15 Brookfield Place Sydney 27 13 53 — 67 — 17 4 The Mall in Columbia 49 28 14 — 35 — 17 — Shops at La Cantera — 17 43 36 62 — 31 — BPYU JV Pool G 44 33 9 — 20 — 14 — Potsdamer Platz 73 54 83 — 102 — 25 — Baybrook Mall 39 25 1 — 15 — 8 — Brazil Retail 28 16 36 — 48 — 22 9 D.C. Fund 107 76 (68) — (37) 1 (19) 13 BPYU JV Pool F 36 20 5 — 21 — 11 — Miami Design District 84 75 (36) — (27) — (6) — Other 1,122 1,118 105 53 162 271 63 17 4,370 3,315 1,031 135 2,221 375 1,070 172 Associates Other 103 174 (8) 7 (72) 949 (50) — 103 174 (8) 7 (72) 949 (50) — Total $ 4,473 $ 3,489 $ 1,023 $ 142 $ 2,149 $ 1,324 $ 1,020 $ 172 (1) Share of net earnings from equity accounted investments recorded by the partnership’s joint ventures and associates. Year ended December 31, 2020 (US$ Millions) Revenue Expenses Fair value Income from EAI (1) Net Other Partnership’s Distributions Joint ventures Canary Wharf Joint Venture $ 619 $ 377 $ (713) $ 19 $ (452) $ (4) $ (226) $ 4 Ala Moana 269 158 (279) — (168) — (84) 9 Manhattan West 259 179 379 — 459 (75) 257 221 BPYU JV Pool A 353 230 (543) — (420) — (210) — BPYU JV Pool B 483 356 (601) 4 (470) — (240) — Fashion Show 103 56 (46) — 1 — — 8 BPYU JV Pool C 145 80 (222) — (157) — (78) 6 Grace Building 108 95 121 — 134 — 67 123 BPYU JV Pool D 71 36 (203) 17 (151) — (72) 3 Southern Cross East 40 6 6 — 40 — 20 18 The Grand Canal Shoppes 92 84 (18) — (10) — (5) — One Liberty Plaza 149 88 (34) — 27 (35) 14 21 680 George Street 36 9 3 — 30 — 15 12 Brazil Retail 28 12 (22) — (6) — (3) 5 Baybrook Mall 40 26 (134) — (120) — (61) — D.C. Fund 115 80 (89) — (54) (1) (27) — The Mall in Columbia 55 33 (58) — (36) — (18) — Potsdamer Platz 79 61 25 — 43 — 11 — BPYU JV Pool F 37 7 (64) — (34) — (18) — BPYU JV Pool G 48 33 (27) — (12) — (8) — The Shops at La Cantera 11 24 (28) 31 (10) — (5) — Miami Design District 65 88 (51) — (74) — (16) — Other 1,063 832 (7) 13 237 8 28 188 4,268 2,950 (2,605) 84 (1,203) (107) (659) 618 Associates Other 92 186 (39) (2) (135) (939) (90) — 92 186 (39) (2) (135) (939) (90) — Total $ 4,360 $ 3,136 $ (2,644) $ 82 $ (1,338) $ (1,046) $ (749) $ 618 (1) Share of net earnings from equity accounted investments recorded by the partnership’s joint ventures and associates. Year ended December 31, 2019 (US$ Millions) Revenue Expenses Fair value Income of EAI (1) Net Other Partnership’s Distributions Joint ventures Canary Wharf Joint Venture $ 555 $ 320 $ 126 $ 22 $ 383 $ (11) $ 191 $ 9 Ala Moana 300 149 758 — 909 — 455 48 Manhattan West 201 136 155 — 220 (43) 123 42 BPYU JV Pool A 379 214 172 — 337 — 168 6 BPYU JV Pool B 564 350 (50) 65 229 — 116 — Fashion Show 118 57 (112) — (51) — (26) 15 BPYU JV Pool C 158 73 7 — 92 — 46 10 Grace Building 107 84 215 — 238 — 119 — BPYU JV Pool D — — (49) 64 15 — 8 5 Southern Cross East 42 6 110 — 146 — 73 5 The Grand Canal Shoppes 138 73 (44) — 21 — 11 21 One Liberty Plaza 134 84 (25) — 25 (33) 13 9 680 George Street 36 9 47 — 74 — 37 15 Brazil Retail 59 54 157 — 162 — 75 39 Baybrook Mall 45 26 204 — 223 — 114 — D.C. Fund 125 82 (50) — (7) — (4) — The Mall in Columbia 56 29 5 — 32 — 16 — BPYU JV Pool F 39 17 178 — 200 — 102 — BPYU JV Pool G 53 32 50 — 71 — 48 — Miami Design District 72 67 (234) — (229) — (51) — Other 1,746 1,217 349 11 889 (17) 359 142 4,927 3,079 1,969 162 3,979 (104) 1,993 366 Associates Diplomat 172 181 (6) — (15) — (13) 73 BPREP — — — — — — — — Other 216 251 (10) 3 (42) 50 (11) 31 388 432 (16) 3 (57) 50 (24) 104 Total $ 5,315 $ 3,511 $ 1,953 $ 165 $ 3,922 $ (54) $ 1,969 $ 470 (1) Share of net earnings from equity accounted investments recorded by the partnership’s joint ventures and associates. Certain of the partnership’s investment in joint ventures and associates are subject to restrictions over the extent to which they can remit funds to the partnership in the form of the cash dividends or repayments of loans and advances as a result of borrowing arrangements, regulatory restrictions and other contractual requirements. |
Schedule of change in equity investments | The following table presents the change in the balance of the partnership’s equity accounted investments as of December 31, 2021 and 2020: (US$ Millions) Years ended Dec. 31, 2021 2020 Equity accounted investments, beginning of year $ 19,719 $ 20,764 Additions 698 522 Disposals and return of capital distributions (459) (108) Share of net (losses) earnings from equity accounted investments 1,020 (749) Distributions received (172) (618) Foreign currency translation (145) 107 Reclassification from (to) assets held for sale (1) (210) 121 Other comprehensive income and other 356 (320) Equity accounted investments, end of year $ 20,807 $ 19,719 (1) The partnership’s interest in the Diplomat Resort and Spa (“Diplomat”) 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: Dec. 31, 2021 Dec. 31, 2020 Equity accounted Primary valuation Discount Terminal Investment Discount Terminal Investment Core Office United States Discounted cash flow 6.4 % 4.7 % 12 6.4 % 4.7 % 11 Australia Discounted cash flow 5.9 % 4.8 % 10 6.3 % 5.3 % 10 Europe Discounted cash flow 5.5 % 4.6 % 10 5.6 % 4.7 % 10 Dubai Discounted cash flow 7.7 % 6.5 % 10 8.6 % 7.0 % 10 Core Retail Discounted cash flow 6.3 % 4.9 % 10 6.3 % 4.9 % 10 LP Investments - Office Discounted cash flow 5.4 % 4.3 % 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 4.2 % 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. |
INVESTMENTS IN JOINT OPERATIO_2
INVESTMENTS IN JOINT OPERATIONS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Interests In Other Entities [Abstract] | |
Schedule of interests in joint operations | The partnership’s interests in the following properties are subject to joint control and, accordingly, the partnership has recorded its share of the assets, liabilities, revenues, and expenses of the properties in these consolidated financial statements: Place of incorporation and Ownership (1) Name of property Principal activity Dec. 31, 2021 Dec. 31, 2020 Brookfield Place - Retail & Parking Property Toronto 56 % 56 % Brookfield Place III Development property Toronto 54 % 54 % Exchange Tower Property Toronto 50 % 50 % First Canadian Place (2) Property Toronto 25 % 25 % 2 Queen Street East Property Toronto 25 % 25 % Bankers Hall Property Calgary 50 % 50 % Bankers Court Property Calgary 50 % 50 % Bankers West Parkade Development property Calgary 50 % 50 % Suncor Energy Centre Property Calgary 50 % 50 % Fifth Avenue Place Property Calgary 50 % 50 % Place de Ville I (3) Property Ottawa — % 25 % Place de Ville II (3) Property Ottawa — % 25 % 300 Queen Street (3) Development property Ottawa — % 25 % 52 Goulburn Street Property Sydney 24 % 24 % 235 St Georges Terrace Property Perth 24 % 24 % 108 St Georges Terrace Property Perth 50 % 50 % Southern Cross West Property Melbourne 50 % 50 % Shopping Patio Higienópolis Property São Paulo 25 % 25 % Shopping Patio Higienópolis - Expansion Development property São Paulo 32 % 32 % Shopping Patio Higienópolis - Co-Invest Property São Paulo 5 % 5 % Shopping Patio Higienópolis Expansion - Co-Invest Development property São Paulo 6 % 6 % G2-Infospace Gurgaon Property NCR-Delhi Region 72 % 72 % (1) Represents ownership in these properties before non-controlling interests in subsidiaries that hold these ownership interests. (2) First Canadian Place in Toronto is subject to a ground lease with respect to 50% of the land on which the property is situated. At the expiry of the ground lease, the other land owner will have the option to acquire, for a nominal amount, an undivided 50% beneficial interest in the property. (3) Place de Ville I, Place de Ville II and 300 Queen Street were sold in the fourth quarter of 2021. |
PROPERTY, PLANT AND EQUIPMENT (
PROPERTY, PLANT AND EQUIPMENT (Tables) | 12 Months Ended |
Dec. 31, 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 Building and building improvements 2 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 from the beginning of the year: (US$ Millions) Dec. 31, 2021 Dec. 31, 2020 Cost: Balance, beginning of year $ 5,575 $ 7,246 Additions 1,885 164 Disposals (323) (75) Foreign currency translation (83) 142 Impact of deconsolidation due to loss of control and other (1) (1,331) (1,902) 5,723 5,575 Accumulated fair value changes: Balance, beginning of year 488 1,343 Revaluation gains (losses) gains, net (2)(3) 930 (130) Impact of deconsolidation due to loss of control and other (1) (593) (729) Disposals (65) 13 Provision for impairment (2) 7 (15) Foreign currency translation (4) 6 763 488 Accumulated depreciation: Balance, beginning of year (828) (1,311) Depreciation (294) (306) Disposals 84 28 Foreign currency translation 13 (25) Impact of deconsolidation due to loss of control and other (1) 162 786 (863) (828) Total property, plant and equipment (4) $ 5,623 $ 5,235 (1) The current year reflects the reclassification of a hospitality portfolio to assets held for sale. 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 test 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 $204 million (December 31, 2020 - $164 million). |
Disclosure of detailed information about business combinations | The following table summarizes the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed, in addition to the consideration paid in connection with this business combination: (US$ Millions) Hospitality Investors Trust Cash and cash equivalents $ 50 Accounts receivable and other 74 Equity accounted investments 7 Property, plant and equipment 1,727 Total assets 1,858 Less: Debt obligations (1,319) Accounts payable and other (75) Net assets acquired $ 464 Consideration (1) $ 464 (1) Consideration includes $8 million of contingent consideration, with the balance related to the fair value of the partnership’s forfeited preferred equity interest. |
INTANGIBLE ASSETS (Tables)
INTANGIBLE ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Intangible Assets [Abstract] | |
Disclosure of detailed information about intangible assets | Intangible assets by class Useful life (in years) Trademarks Indefinite Other 4 to 7 The following table presents the components of the partnership’s intangible assets as of December 31, 2021 and December 31, 2020: (US$ Millions) Dec. 31, 2021 Dec. 31, 2020 Cost $ 1,012 $ 1,016 Accumulated amortization (48) (34) Balance, end of year $ 964 $ 982 The following table presents a roll forward of the partnership’s intangible assets December 31, 2021 and December 31, 2020: (US$ Millions) Dec. 31, 2021 Dec. 31, 2020 Balance, beginning of year $ 982 $ 1,162 Acquisitions 6 6 Amortization (14) (12) Impairment losses — (18) Foreign currency translation (10) 30 Impact of deconsolidation due to loss of control and other (1) — (186) Balance, end of year $ 964 $ 982 (1) The prior year includes the impact of deconsolidation of Atlantis. See Note 8, Property, Plant And Equipment. |
OTHER NON-CURRENT ASSETS (Table
OTHER NON-CURRENT ASSETS (Tables) | 12 Months Ended |
Dec. 31, 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) Dec. 31, 2021 Dec. 31, 2020 Securities - FVTPL $ 2,200 $ 1,612 Derivative assets 111 72 Securities - FVTOCI 108 86 Restricted cash 356 241 Inventory (1) 652 877 Other 151 289 Total other non-current assets $ 3,578 $ 3,177 (1) Includes right-of-use inventory of nil as of December 31, 2021 (December 31, 2020 - $33 million). |
ACCOUNTS RECEIVABLE AND OTHER (
ACCOUNTS RECEIVABLE AND OTHER (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Disclosure of accounts receivable and other | The components of accounts receivable and other are as follows: (US$ Millions) Dec. 31, 2021 Dec. 31, 2020 Derivative assets $ 33 $ 164 Accounts receivable (1) - net of expected credit loss of $112 million (December 31, 2020 - $114 million) 852 753 Restricted cash and deposits 331 292 Prepaid expenses 367 330 Inventory 574 131 Other current assets 119 201 Total accounts receivable and other $ 2,276 $ 1,871 (1) See Note 33, Related Parties, for further discussion. |
HELD FOR SALE (Tables)
HELD FOR SALE (Tables) | 12 Months Ended |
Dec. 31, 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 December 31, 2021 and December 31, 2020: (US$ Millions) Dec. 31, 2021 Dec. 31, 2020 Investment properties $ 8,037 $ 481 Property, plant and equipment 1,749 — Equity accounted investments — 102 Accounts receivables and other assets 724 5 Assets held for sale 10,510 588 Debt obligations 3,006 380 Accounts payable and other liabilities 76 16 Liabilities associated with assets held for sale $ 3,082 $ 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 from the beginning of the year: (US$ Millions) Dec. 31, 2021 Dec. 31, 2020 Balance, beginning of year $ 588 $ 387 Reclassification to/(from) assets held for sale, net 12,561 2,381 Disposals (2,610) (2,222) Fair value adjustments — 9 Foreign currency translation (57) 20 Other 28 13 Assets held for sale $ 10,510 $ 588 |
DEBT OBLIGATIONS (Tables)
DEBT OBLIGATIONS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Financial Instruments [Abstract] | |
Disclosure of detailed information about borrowings | The partnership’s debt obligations include the following: Dec. 31, 2021 Dec. 31, 2020 (US$ Millions) Weighted- Debt balance Weighted- Debt balance Unsecured facilities: Brookfield Property Partners’ credit facilities 2.00 % $ 2,257 1.75 % $ 1,357 Brookfield Property Partners’ corporate bonds 4.11 % 1,982 4.14 % 1,890 Brookfield Properties Retail Holding LLC term debt 2.61 % 1,869 2.90 % 3,976 Brookfield Properties Retail Holding LLC senior secured notes 5.20 % 1,695 5.75 % 945 Brookfield Properties Retail Holding LLC corporate facility 3.10 % 70 2.41 % 1,015 Brookfield Properties Retail Holding LLC junior subordinated notes 1.58 % 206 1.66 % 206 Subsidiary borrowings 3.29 % 537 1.69 % 196 Secured debt obligations: Funds subscription credit facilities (1) 2.44 % 371 2.51 % 315 Fixed rate 4.31 % 26,248 4.27 % 28,446 Variable rate 3.29 % 20,341 3.61 % 16,629 Deferred financing costs (249) (258) Total debt obligations $ 55,327 $ 54,717 Current $ 13,742 $ 13,074 Non-current 38,579 41,263 Debt associated with assets held for sale 3,006 380 Total debt obligations $ 55,327 $ 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 local currency are as follows: Dec. 31, 2021 Dec. 31, 2020 (US$ Millions) U.S. Local U.S. Local U.S. dollars $ 37,559 $ 37,559 $ 37,413 $ 37,413 British pounds 7,030 £ 5,196 6,809 £ 4,981 Canadian dollars 4,419 C$ 5,585 4,408 C$ 5,613 South Korean Won 1,918 ₩ 2,280,000 2,093 ₩ 2,280,000 Australian dollars 2,014 A$ 2,773 1,473 A$ 1,914 Indian Rupee 1,801 Rs 134,378 2,257 Rs 164,753 Brazilian reais 476 R$ 2,655 180 R$ 936 China Yuan 69 C¥ 437 22 C¥ 143 Euros 290 € 255 320 € 262 Deferred financing costs (249) (258) Total debt obligations $ 55,327 $ 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 Debt from asset acquisitions Assumed by purchaser Amortization of deferred financing costs and (premium) discount Foreign currency translation Other Dec. 31, 2021 Debt obligations $ 54,717 306 1,319 31 (565) 105 (386) (200) $ 55,327 |
CAPITAL SECURITIES (Tables)
CAPITAL SECURITIES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Share Capital, Reserves And Other Equity Interest [Abstract] | |
Disclosure of classes of share capital | The partnership had the following capital securities outstanding as of December 31, 2021 and 2020: (US$ Millions, except where noted) Shares Cumulative Dec. 31, 2021 Dec. 31, 2020 Operating Partnership Class A Preferred Equity Units: Series 1 — 6.25 % $ — $ 586 Series 2 24,000,000 6.50 % 565 555 Series 3 24,000,000 6.75 % 546 538 New LP Preferred Units (1) 19,273,654 6.25 % 474 — BPO Class B Preferred Shares: Series 1 (2) 3,600,000 70% of bank prime — — Series 2 (2) 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 3 781,592 5.00 % 15 16 Series 4 582,894 5.20 % 12 12 BSREP II RH B LLC (“Manufactured Housing”) Preferred Capital — 9.00 % — 249 Rouse Series A Preferred Shares 5,600,000 5.00 % 142 142 Brookfield India Real Estate Trust 138,181,800 See footnote (3) 440 — BSREP II Vintage Estate Partners LLC (“Vintage Estates”) Preferred Shares — 5.00 % — 40 Capital Securities – Fund Subsidiaries 859 863 Total capital securities $ 3,085 $ 3,033 Current $ 61 $ 649 Non-current 3,024 2,384 Total capital securities $ 3,085 $ 3,033 (1) New LP Preferred Units shares outstanding is presented net of intracompany shares held by Holding LP. (2) Class B, Series 1 and 2 capital securities - corporate are owned by Brookfield Asset Management. BPO has an offsetting loan receivable against these securities earning interest at 95% of bank prime. (3) The dividend rate pertaining to India REIT is equal to a minimum of 90% of net distributable cash flows. The following table presents changes to the GP Units and LP Units from the beginning of the year: GP Units LP Units (Thousands of units), Years ended Dec. 31, 2021 2020 2019 2021 2020 2019 Outstanding, beginning of year 139 139 139 435,980 439,802 424,198 Privatization — — (146,278) — — Exchange LP Units exchanged — — — 128 169 425 BPYU Units exchanged 8,922 11,580 36,316 Distribution reinvestment program — — — 123 998 257 Issued under unit-based compensation plan — — — 112 — 858 LP Units issued — — — — 59,497 — Repurchases of LP Units — — — — (76,066) (22,252) Outstanding, end of year 139 139 139 298,987 435,980 439,802 The following table presents changes to the Exchange LP Units from the beginning of the year: Exchange LP Units (Thousands of units) Dec. 31, 2021 Dec. 31, 2020 Dec. 31, 2019 Outstanding, beginning of year 2,714 2,883 3,308 Exchange LP Units exchanged (1) (128) (169) (425) Privatization (2,586) — — Outstanding, end of year — 2,714 2,883 (1) Exchange LP Units issued for the acquisition of incremental BPO common shares that have been exchanged are held by an indirect subsidiary of the partnership. Refer to the Consolidated Statements of Changes in Equity for the impact of such exchanges on the carrying value of Exchange LP Units. The following table presents changes to the BPYU Units for the years ended December 31, 2020 and 2019: Class A stock of Brookfield Properties Retail Holding LLC (Thousands of units) Dec. 31, 2020 Dec. 31, 2019 Outstanding, beginning of year 64,025 106,090 BPYU Units exchanged (1) (11,580) (36,316) Repurchase of BPYU Units (13,396) (5,724) BPYU Units issued 84 — Forfeitures (6) (25) Outstanding, end of year (2) 39,127 64,025 (1) Represents BPYU Units that have been exchanged for LP Units. Refer to the Consolidated Statements of Changes in Equity for the impact of such exchanges on the carrying value of BPYU Units. (2) In addition, there were 1,418,001 BPYU Units held in treasury as of December 31, 2020. |
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 issued Capital securities redeemed Equity conversion of capital securities Fair value changes Other Dec. 31, 2021 Capital securities $ 3,033 $ 932 $ (301) $ (600) $ 32 $ (11) $ 3,085 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income Taxes [Abstract] | |
Disclosure of deferred taxes | The components of net deferred tax liability are presented as follows: (US$ Millions) Dec. 31, 2021 Dec. 31, 2020 Deferred income tax assets: Non-capital losses (Canada) $ 95 $ 64 Capital losses (Canada) 34 33 Net operating losses (United States) 352 465 Non-capital losses (foreign) 118 141 Tax credit carryforwards 77 27 Deferred financing costs 203 — Other 31 42 910 772 Deferred income tax (liabilities): Properties (4,160) (3,630) (4,160) (3,630) Net deferred tax (liability) $ (3,250) $ (2,858) The changes in deferred tax balances are presented as follows: Recognized in (US$ Millions) Dec. 31, 2020 Income Equity Acquisitions and Dispositions OCI Other Balance Sheet Dec. 31, 2021 Deferred tax assets $ 772 $ 164 $ 7 $ — $ (5) $ (28) $ 910 Deferred tax (liabilities) (3,630) (519) — 85 (96) — (4,160) Net deferred tax (liability) $ (2,858) $ (355) $ 7 $ 85 $ (101) $ (28) $ (3,250) Recognized in (US$ Millions) Dec. 31, 2019 Income Equity Acquisitions and Dispositions OCI Other Balance Sheet Dec. 31, 2020 Deferred tax assets $ 631 $ 231 $ (35) $ — $ 8 $ (63) $ 772 Deferred tax (liabilities) (3,146) (393) — — (91) — (3,630) Net deferred tax (liability) $ (2,515) $ (162) $ (35) $ — $ (83) $ (63) $ (2,858) |
Disclosure of deferred income taxes and deductible temporary differences | The gross deductible temporary differences, unused tax losses, and unused tax credits for which no deferred tax asset is recognized are as follows: (US$ Millions) Dec. 31, 2021 Dec. 31, 2020 Unused tax losses - gross Net operating losses (United States) $ 34 $ 24 Capital losses (United States) 275 — Net operating losses (foreign) 513 409 Unrecognized deductible temporary differences, unused tax losses, and unused tax credits $ 822 $ 433 |
Schedule of components of income tax expense benefit | The major components of income tax expense include the following: (US$ Millions) Years ended Dec. 31, 2021 2020 2019 Current income tax expense $ 134 $ 58 $ 164 Deferred income tax expense (benefit) 356 162 32 Income tax expense $ 490 $ 220 $ 196 |
Schedule of income tax rates | Years ended Dec. 31, 2021 2020 2019 Statutory income tax rate 26 % 26 % 26 % Increase (decrease) in rate resulting from: International operations subject to different tax rates (7) % (35) % (14) % Non-controlling interests in income of flow-through entities (10) % 8 % (4) % Change in tax rates applicable to temporary differences in other jurisdictions 2 % (8) % (3) % Other 1 % (3) % — % Effective income tax rate 12 % (12) % 5 % |
OTHER NON-CURRENT LIABILITIES (
OTHER NON-CURRENT LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 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) Dec. 31, 2021 Dec. 31, 2020 Accounts payable and accrued liabilities $ 499 $ 437 Lease liabilities (1) 690 875 Derivative liability 277 272 Provisions 16 105 Deferred revenue 16 14 Loans and notes payable 1 — Total other non-current liabilities $ 1,499 $ 1,703 (1) For the year ended December 31, 2021, interest expense relating to total lease liabilities (see Note 18, Accounts Payable And Other Liabilities for the current portion) was $59 million (2020 - $58 million). |
ACCOUNTS PAYABLE AND OTHER LI_2
ACCOUNTS PAYABLE AND OTHER LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Schedule of Accounts Payable and Other Liabilities | The components of accounts payable and other liabilities are as follows: (US$ Millions) Dec. 31, 2021 Dec. 31, 2020 Accounts payable and accrued liabilities $ 2,021 $ 2,094 Loans and notes payable (1) 899 1,062 Derivative liabilities 221 416 Deferred revenue 445 441 Lease liabilities (2) 160 43 Other liabilities 16 45 Total accounts payable and other liabilities $ 3,762 $ 4,101 (1) See Note 33, Related Parties, for further discussion. (2) See Note 17, Other Non-Current Liabilities for further information on the interest expense related to these liabilities. |
EQUITY (Tables)
EQUITY (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Equity [abstract] | |
Disclosure of classes of share capital | The partnership had the following capital securities outstanding as of December 31, 2021 and 2020: (US$ Millions, except where noted) Shares Cumulative Dec. 31, 2021 Dec. 31, 2020 Operating Partnership Class A Preferred Equity Units: Series 1 — 6.25 % $ — $ 586 Series 2 24,000,000 6.50 % 565 555 Series 3 24,000,000 6.75 % 546 538 New LP Preferred Units (1) 19,273,654 6.25 % 474 — BPO Class B Preferred Shares: Series 1 (2) 3,600,000 70% of bank prime — — Series 2 (2) 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 3 781,592 5.00 % 15 16 Series 4 582,894 5.20 % 12 12 BSREP II RH B LLC (“Manufactured Housing”) Preferred Capital — 9.00 % — 249 Rouse Series A Preferred Shares 5,600,000 5.00 % 142 142 Brookfield India Real Estate Trust 138,181,800 See footnote (3) 440 — BSREP II Vintage Estate Partners LLC (“Vintage Estates”) Preferred Shares — 5.00 % — 40 Capital Securities – Fund Subsidiaries 859 863 Total capital securities $ 3,085 $ 3,033 Current $ 61 $ 649 Non-current 3,024 2,384 Total capital securities $ 3,085 $ 3,033 (1) New LP Preferred Units shares outstanding is presented net of intracompany shares held by Holding LP. (2) Class B, Series 1 and 2 capital securities - corporate are owned by Brookfield Asset Management. BPO has an offsetting loan receivable against these securities earning interest at 95% of bank prime. (3) The dividend rate pertaining to India REIT is equal to a minimum of 90% of net distributable cash flows. The following table presents changes to the GP Units and LP Units from the beginning of the year: GP Units LP Units (Thousands of units), Years ended Dec. 31, 2021 2020 2019 2021 2020 2019 Outstanding, beginning of year 139 139 139 435,980 439,802 424,198 Privatization — — (146,278) — — Exchange LP Units exchanged — — — 128 169 425 BPYU Units exchanged 8,922 11,580 36,316 Distribution reinvestment program — — — 123 998 257 Issued under unit-based compensation plan — — — 112 — 858 LP Units issued — — — — 59,497 — Repurchases of LP Units — — — — (76,066) (22,252) Outstanding, end of year 139 139 139 298,987 435,980 439,802 The following table presents changes to the Exchange LP Units from the beginning of the year: Exchange LP Units (Thousands of units) Dec. 31, 2021 Dec. 31, 2020 Dec. 31, 2019 Outstanding, beginning of year 2,714 2,883 3,308 Exchange LP Units exchanged (1) (128) (169) (425) Privatization (2,586) — — Outstanding, end of year — 2,714 2,883 (1) Exchange LP Units issued for the acquisition of incremental BPO common shares that have been exchanged are held by an indirect subsidiary of the partnership. Refer to the Consolidated Statements of Changes in Equity for the impact of such exchanges on the carrying value of Exchange LP Units. The following table presents changes to the BPYU Units for the years ended December 31, 2020 and 2019: Class A stock of Brookfield Properties Retail Holding LLC (Thousands of units) Dec. 31, 2020 Dec. 31, 2019 Outstanding, beginning of year 64,025 106,090 BPYU Units exchanged (1) (11,580) (36,316) Repurchase of BPYU Units (13,396) (5,724) BPYU Units issued 84 — Forfeitures (6) (25) Outstanding, end of year (2) 39,127 64,025 (1) Represents BPYU Units that have been exchanged for LP Units. Refer to the Consolidated Statements of Changes in Equity for the impact of such exchanges on the carrying value of BPYU Units. (2) In addition, there were 1,418,001 BPYU Units held in treasury as of December 31, 2020. |
Schedule of distributions made to partners | Distributions made to each class of partnership units, including units of subsidiaries that are exchangeable into LP Units, are as follows: (US$ Millions, except per unit information) Years ended Dec. 31, 2021 2020 2019 Limited partners $ 358 $ 583 $ 573 Holders of: Redeemable/exchangeable partnership units 499 581 574 Special LP Units 5 6 6 Exchange LP Units 1 4 4 FV LTIP of the Operating Partnership 2 2 1 BPYU Units 13 68 108 Total distributions $ 878 $ 1,244 $ 1,266 Per unit (1) $ 1.05 $ 1.33 $ 1.32 (1) Per unit outstanding on the record date for each. |
NON-CONTROLLING INTERESTS (Tabl
NON-CONTROLLING INTERESTS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Non-Controlling Interest 1 [Abstract] | |
Disclosure of non-controlling interests | Non-controlling interests consists of the following: (US$ Millions) Dec. 31, 2021 Dec. 31, 2020 Redeemable/Exchangeable Partnership Units and Special LP Units (1) $ 15,736 $ 12,249 Exchange LP Units (2) — 73 FV LTIP units of the Operating Partnership (1) 55 52 BPYU Units (2) — 1,050 Interest of others in operating subsidiaries and properties: Preferred shares held by Brookfield Asset Management 1,015 15 Preferred equity of subsidiaries 2,750 3,000 Non-controlling interests in subsidiaries and properties 15,941 12,672 Total interests of others in operating subsidiaries and properties 19,706 15,687 Total non-controlling interests $ 35,497 $ 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 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 Consolidated Statements of Changes in Equity. (2) Refer to Note 3, Privatization of the Partnership for further information on the Exchange LP Units and BPYU Units. |
COMMERCIAL PROPERTY REVENUE (Ta
COMMERCIAL PROPERTY REVENUE (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Revenue [abstract] | |
Disclosure of components of commercial property revenue | The components of commercial property revenue are as follows: (US$ Millions) Years ended Dec. 31, 2021 2020 2019 Base rent $ 3,462 $ 3,613 $ 3,814 Straight-line rent 25 133 115 Lease termination 68 27 44 Other lease income (1) 662 627 612 Other revenue from tenants (2) 946 997 1,106 Total commercial property revenue $ 5,163 $ 5,397 $ 5,691 (1) Other lease income includes parking revenue and recovery of property tax and insurance expense from tenants. (2) Consists of recovery of certain operating expenses and other revenue from tenants which are accounted for in accordance with IFRS 15. |
Disclosure of maturity analysis of operating lease payments | Minimum rental commitments under non-cancellable tenant operating leases are as follows: (US$ Millions) Dec. 31, 2021 Dec. 31, 2020 Less than 1 year $ 2,776 $ 3,332 1-5 years 9,029 10,800 More than 5 years 8,522 11,216 Total $ 20,327 $ 25,348 |
HOSPITALITY REVENUE (Tables)
HOSPITALITY REVENUE (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of revenue [Abstract] | |
Disclosure of detailed information of hospitality revenue | The components of hospitality revenue are as follows: (US$ Millions) 2021 2020 2019 Room, food and beverage $ 931 $ 562 $ 1,431 Gaming, and other leisure activities 111 106 360 Other hospitality revenue 31 34 118 Total hospitality revenue $ 1,073 $ 702 $ 1,909 |
INVESTMENT AND OTHER REVENUE (T
INVESTMENT AND OTHER REVENUE (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Revenue [abstract] | |
Disclosure of investment and other revenue | The components of investment and other revenue are as follows: (US$ Millions) Years ended Dec. 31, 2021 2020 2019 Investment income $ 476 $ 177 $ 223 Fee revenue 255 228 259 Dividend income 77 44 6 Interest income and other 37 45 107 Participating loan interests — — 8 Other 19 — — Total investment and other revenue $ 864 $ 494 $ 603 |
DIRECT COMMERCIAL PROPERTY EX_2
DIRECT COMMERCIAL PROPERTY EXPENSE (Tables) | 12 Months Ended |
Dec. 31, 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: (US$ Millions) Years ended Dec. 31, 2021 2020 2019 Property maintenance $ 713 $ 679 $ 749 Real estate taxes 580 610 619 Employee compensation and benefits 155 158 170 Depreciation and amortization 39 39 42 Lease expense (1) 11 16 16 Other (2) 433 473 413 Total direct commercial property expense $ 1,931 $ 1,975 $ 2,009 (1) Represents the operating expenses relating to variable lease payments not included in the measurement of the lease liability. (2) For the twelve months ended December 31, 2021, the partnership recorded a $49 million (2020 - $99 million, 2019 - $31 million) loss allowance in commercial property operating expenses. |
DIRECT HOSPITALITY EXPENSE (Tab
DIRECT HOSPITALITY EXPENSE (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of detailed information about investment property [abstract] | |
Disclosure of detailed information on direct hospitality expense | The components of direct hospitality expense are as follows: (US$ Millions) Years ended Dec. 31, 2021 2020 2019 Employee compensation and benefits $ 160 $ 180 $ 370 Cost of food, beverage, and retail goods sold 158 142 294 Depreciation and amortization 269 280 299 Maintenance and utilities 99 112 155 Marketing and advertising 23 28 71 Other 201 166 329 Total direct hospitality expense $ 910 $ 908 $ 1,518 |
GENERAL AND ADMINISTRATIVE EX_2
GENERAL AND ADMINISTRATIVE EXPENSE (Tables) | 12 Months Ended |
Dec. 31, 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: (US$ Millions) Years ended Dec. 31, 2021 2020 2019 Employee compensation and benefits $ 360 $ 385 $ 366 Management fees 241 116 159 Transaction costs 48 24 66 Professional fees 97 98 99 Facilities and technology fees 47 54 60 Other 131 139 132 Total general and administrative expense $ 924 $ 816 $ 882 |
FAIR VALUE GAINS (LOSSES), NET
FAIR VALUE GAINS (LOSSES), NET (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Measurement [Abstract] | |
Schedule of fair value gains (losses) | The components of fair value (losses) gains, net, are as follows: (US$ Millions) Years ended Dec. 31, 2021 2020 2019 Commercial properties (1) $ 1,791 $ (1,607) $ 301 Commercial developments 171 219 557 Incentive fees (2) (24) (16) (104) Financial instruments and other (3) 583 82 (158) Total fair value (losses) gains, net $ 2,521 $ (1,322) $ 596 (1) For the year ended December 31, 2021, includes fair value loss on right-of-use investment properties of $5 million (2020 - $16 million). (2) Represents incentive fees the partnership is obligated to pay to the general partner of the partnership’s various fund investments. (3) For the year ended December 31, 2021, primarily includes fair value gains on financial instruments. The prior year primarily includes a gain on loss of control of Atlantis of $62 million and a gain on the sale of a self-storage portfolio of $141 million, partially offset by fair value losses on financial instruments. |
OTHER COMPREHENSIVE INCOME (L_2
OTHER COMPREHENSIVE INCOME (LOSS) (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of analysis of other comprehensive income by item [abstract] | |
Disclosure of other comprehensive income (loss) | Other comprehensive (loss) income consists of the following: (US$ Millions) Years ended Dec. 31, 2021 2020 2019 Items that may be reclassified to net income: Foreign currency translation Unrealized foreign currency translation (losses) gains in respect of foreign operations $ (467) $ 87 $ 207 Reclassification of realized foreign currency translation gains to net income on disposition of foreign operations 27 — 26 Gains (losses) on hedges of net investments in foreign operations, net of income tax expense (benefit) of nil (2020 - nil; 2019 - $2 million) 163 650 (176) Reclassification of hedges of net investment in foreign operations (losses) to net income on disposition of foreign operations — — 6 (277) 737 63 Cash flow hedges Gains on derivatives designated as cash flow hedges, net of income tax expense (benefit) of $(12) million (2020 - $4 million; 2019 - $4 million) 95 116 21 95 116 21 Equity accounted investments Share of unrealized foreign currency translations (losses) gains in respect of foreign operations (2) 4 — Reclassification gains from hedges of net investment in foreign operation to net income on disposition of foreign operations — — 1 Share of gains (losses) on derivatives designated as cash flow hedges, net of income tax expense (benefit) of nil (2020 - nil; 2019 – nil) 56 (62) (51) 54 (58) (50) Items that will not be reclassified to net income: Unrealized (losses) gains on securities - FVTOCI, net of income tax benefit of $59 million (2020 - $11 million; 2019 - $6 million) (33) 17 (7) Share of revaluation surplus (losses) on equity accounted investments, net of income tax expense (benefit) of nil (2020 - nil; 2019 - nil) 354 (206) 16 Net remeasurement gains (losses) on defined benefit plan, net of income tax expense of nil (2020 – nil; 2019 – nil) — (1) (1) Revaluation surplus (loss), net of income tax expense of $(120) million (2020 –$49 million; 2019 – $22 million) 811 (191) 281 1,132 (381) 289 Total other comprehensive income (loss) $ 1,004 $ 414 $ 323 |
LIQUIDITY AND CAPITAL MANAGEM_2
LIQUIDITY AND CAPITAL MANAGEMENT (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Liquidity and Capital Management [Abstract] | |
Disclosure of contractual obligations | The table below presents the partnership’s contractual obligations as of December 31, 2021: (US$ Millions) Payments due by period Dec. 31, 2021 Total < 1 Year 1 Year 2 Years 3 Years 4 Years > 5 Years Debt obligations (1) $ 52,570 $ 13,975 $ 8,043 $ 11,573 $ 5,626 $ 6,565 $ 6,788 Capital securities 3,085 61 999 564 — 546 915 Lease obligations 3,414 72 44 44 44 43 3,167 Commitments (2) 1,144 963 166 13 2 — — Interest expense (3) : Debt obligations 6,392 1,751 1,489 1,098 756 494 804 Capital securities 722 162 149 151 112 115 33 Interest rate swaps 60 35 25 — — — — (1) Debt obligations excludes deferred financing costs of $249 million. (2) Primarily consists of construction commitments on commercial developments. (3) Represents aggregate interest expense expected to be paid over the term of the obligations. Variable interest rate payments have been calculated based on current rates. |
FINANCIAL INSTRUMENTS (Tables)
FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Financial Instruments [Abstract] | |
Disclosure of hedging instruments | The following table provides the partnership’s outstanding derivatives that are designated as cash flow hedges of variability in interest rates associated with forecasted fixed rate financings and existing variable rate debt as of December 31, 2021 and 2020: (US$ Millions) Hedging item Notional Rates Maturity dates Fair value Dec. 31, 2021 Interest rate caps of US$ LIBOR debt $ 9,590 2.5% - 5.0% Jan. 2022 - Jun. 2024 $ — Interest rate swaps of US$ LIBOR debt 2,130 1.0% - 2.6% Nov. 2022 - Feb. 2024 (50) Interest rate caps of £ LIBOR debt 2,301 1.0% - 2.5% Jan. 2022 - Dec. 2023 — Interest rate caps of £ SONIA debt 974 2.0% Oct. 2022 - Mar. 2025 5 Interest rate caps of € EURIBOR debt 102 1.3% Apr. 2022 — Interest rate caps of C$ LIBOR debt 240 2.0% Oct. 2022 — Interest rate swaps of AUD BBSW/BBSY debt 422 0.8% - 1.6% Apr. 2023 - Apr. 2024 — 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 — Cross currency swaps of C$ LIBOR Debt 447 0.8% - 1.6% Apr. 2023 - Apr. 2024 (11) The following table presents the partnership’s outstanding derivatives that are designated as net investment hedges in foreign subsidiaries or cash flow hedges as of December 31, 2021 and 2020: (US$ Millions) Hedging item Net Notional Rates Maturity dates Fair value Dec. 31, 2021 Net investment hedges € 389 €0.81/$ - €0.88/$ Jul. 2022 - Sep. 2024 (2) Net investment hedges £ 4,395 £0.71/$ - £0.76/$ Jun. 2022 - Mar. 2023 (89) Net investment hedges A$ 974 A$1.35/$ - A$1.41/$ Mar. 2022 - Mar. 2023 (14) Net investment hedges C¥ 1,596 C¥6.68/$ - C¥6.99/$ Jun. 2022 - Jun. 2023 (7) Net investment hedges C$ 185 C$1.26/$ - C$1.31/$ Mar. 2023 - Mar. 2024 (2) Net investment hedges R$ 2,546 R$5.87/$ - R$6.54/$ Sep. 2022 - Oct. 2022 (5) Net investment hedges ₩ 720,095 ₩1,165.75/$ - ₩1,197.6/$ Jun. 2022 - Jun. 2023 4 Net investment hedges Rs 75,690 Rs76.35/$ - Rs87.13/$ Jan. 2022 - Jul. 2024 (27) Net investment hedges £ 90 £0.91/€ Apr. 2022 9 Cross currency swaps of C$ LIBOR debt C$ 2,500 C$1.25/$ - C$1.38/$ Jul. 2023 - Jan. 2027 56 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$5.20/$ 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 - 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 tables provide detail of the partnership’s other derivatives, not designated as hedges for accounting purposes, that have been entered into to manage financial risks as of December 31, 2021 and 2020: (US$ millions) Derivative type Notional Rates Maturity dates Fair value Dec. 31, 2021 Interest rate caps $ 5,388 2.0% - 7.9% Jan. 2022 - Feb. 2027 $ — Interest rate swaps on forecasted fixed rate debt 1,285 3.2% - 6.4% Jun. 2022 - Jun. 2033 (253) Interest rate swaps of US$ debt 1,696 0.8% - 5.1% Nov. 2022 - Mar. 2024 (8) Embedded derivative 25 0.0% Aug. 2025 - Aug. 2026 — 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 consolidated financial statements: Dec. 31, 2021 Dec. 31, 2020 (US$ Millions) Classification and measurement basis Carrying Fair Carrying Fair Financial assets Loans and notes receivable Amortized cost 225 225 216 216 Other non-current assets Securities - FVTPL FVTPL 2,200 2,200 1,612 1,612 Derivative assets FVTPL 111 111 72 72 Securities - FVTOCI FVTOCI 108 108 86 86 Restricted cash Amortized cost 356 356 241 241 Current assets Securities - FVTPL FVTPL — — 107 107 Derivative assets FVTPL 33 33 164 164 Accounts receivable (1) Amortized cost 1,128 1,128 758 674 Restricted cash Amortized cost 331 331 292 292 Cash and cash equivalents Amortized cost 2,576 2,576 2,473 2,473 Total financial assets $ 7,068 $ 7,068 $ 6,021 $ 5,937 Financial liabilities Debt obligations (2) Amortized cost $ 55,327 $ 55,474 $ 54,717 $ 54,897 Capital securities Amortized cost 2,226 2,226 2,170 2,170 Capital securities - fund subsidiaries FVTPL 859 859 863 863 Other non-current liabilities Accounts payable Amortized cost 500 500 437 437 Derivative liabilities FVTPL 277 277 272 272 Accounts payable and other liabilities Accounts payable and other (3) Amortized cost 2,097 2,097 2,110 2,110 Loans and notes payable Amortized cost 899 899 1,062 1,062 Derivative liabilities FVTPL 221 221 416 416 Total financial liabilities $ 62,406 $ 62,553 $ 62,047 $ 62,227 (1) Includes other receivables associated with assets classified as held for sale on the consolidated balance sheets in the amounts of $276 million and $5 million as of December 31, 2021 and December 31, 2020, respectively. (2) Includes debt obligations associated with assets classified as held for sale on the consolidated balance sheets in the amount of $3,006 million and $380 million as of December 31, 2021 and December 31, 2020, respectively. (3) Includes accounts payable and other liabilities associated with assets classified as held for sale on the consolidated balance sheets in the amount of $76 million and $16 million as of December 31, 2021 and December 31, 2020, respectively. |
Disclosure of financial liabilities | The following table outlines the classification and measurement basis, and related fair value for disclosures, of the financial assets and liabilities in the consolidated financial statements: Dec. 31, 2021 Dec. 31, 2020 (US$ Millions) Classification and measurement basis Carrying Fair Carrying Fair Financial assets Loans and notes receivable Amortized cost 225 225 216 216 Other non-current assets Securities - FVTPL FVTPL 2,200 2,200 1,612 1,612 Derivative assets FVTPL 111 111 72 72 Securities - FVTOCI FVTOCI 108 108 86 86 Restricted cash Amortized cost 356 356 241 241 Current assets Securities - FVTPL FVTPL — — 107 107 Derivative assets FVTPL 33 33 164 164 Accounts receivable (1) Amortized cost 1,128 1,128 758 674 Restricted cash Amortized cost 331 331 292 292 Cash and cash equivalents Amortized cost 2,576 2,576 2,473 2,473 Total financial assets $ 7,068 $ 7,068 $ 6,021 $ 5,937 Financial liabilities Debt obligations (2) Amortized cost $ 55,327 $ 55,474 $ 54,717 $ 54,897 Capital securities Amortized cost 2,226 2,226 2,170 2,170 Capital securities - fund subsidiaries FVTPL 859 859 863 863 Other non-current liabilities Accounts payable Amortized cost 500 500 437 437 Derivative liabilities FVTPL 277 277 272 272 Accounts payable and other liabilities Accounts payable and other (3) Amortized cost 2,097 2,097 2,110 2,110 Loans and notes payable Amortized cost 899 899 1,062 1,062 Derivative liabilities FVTPL 221 221 416 416 Total financial liabilities $ 62,406 $ 62,553 $ 62,047 $ 62,227 (1) Includes other receivables associated with assets classified as held for sale on the consolidated balance sheets in the amounts of $276 million and $5 million as of December 31, 2021 and December 31, 2020, respectively. (2) Includes debt obligations associated with assets classified as held for sale on the consolidated balance sheets in the amount of $3,006 million and $380 million as of December 31, 2021 and December 31, 2020, respectively. (3) Includes accounts payable and other liabilities associated with assets classified as held for sale on the consolidated balance sheets in the amount of $76 million and $16 million as of December 31, 2021 and December 31, 2020, respectively. |
Disclosure of fair value measurement of assets | The following table presents the partnership’s investment properties measured at fair value in the consolidated financial statements and the level of the inputs used to determine those fair values in the context of the hierarchy as defined above in Note 2(i), Summary of Significant Accounting Policies, Fair value measurement. Dec. 31, 2021 Dec. 31, 2020 Level 3 Level 3 (US$ Millions) Level 1 Level 2 Commercial properties Commercial developments Level 1 Level 2 Commercial properties Commercial developments Core Office United States $ — $ — $ 14,689 $ 497 $ — $ — $ 14,682 $ 411 Canada — — 4,678 59 — — 4,721 381 Australia — — 2,618 146 — — 2,366 365 Europe — — 2,569 320 — — 2,526 173 Brazil — — 89 — — — 309 — Core Retail — — 18,991 — — — 20,324 — LP Investments LP Investments Office — — 7,880 774 — — 7,946 781 LP Investments Retail — — 2,001 28 — — 2,538 — Hospitality (1) 105 — — — 84 — Multifamily — — 1,616 — — — 2,442 — Triple Net Lease — — — — — — 3,719 — Student Housing — — 3,056 476 — — 2,757 205 Manufactured Housing — — 3,808 — — — 2,784 — Mixed-Use — — 213 — — — 3,096 — Total $ — $ — $ 62,313 $ 2,300 $ — $ — $ 70,294 $ 2,316 The following table outlines financial assets and liabilities measured at fair value in the financial statements and the level of the inputs used to determine those fair values in the context of the hierarchy as defined above: Dec. 31, 2021 Dec. 31, 2020 (US$ Millions) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Financial assets Securities designated as FVTPL 17 218 1,965 2,200 — 123 1,596 1,719 Securities designated as FVTOCI 13 — 95 108 — — 86 86 Derivative assets — 144 — 144 — 236 — 236 Total financial assets $ 30 $ 362 $ 2,060 $ 2,452 $ — $ 359 $ 1,682 $ 2,041 Financial liabilities Capital securities - fund subsidiaries $ — $ — $ 859 $ 859 $ — $ — $ 863 $ 863 Derivative liabilities — 498 — 498 — 688 — 688 Total financial liabilities $ — $ 498 $ 859 $ 1,357 $ — $ 688 $ 863 $ 1,551 The following table presents the change in the balance of financial assets and financial liabilities classified as Level 3 as of December 31, 2021 and 2020: Dec. 31, 2021 Dec. 31, 2020 (US$ Millions) Financial Financial Financial Financial Balance, beginning of year $ 1,682 $ 863 $ 1,371 $ 922 Additions 553 — 324 — Dispositions (88) — (10) — Fair value (losses) gains, net and OCI 366 2 (3) (59) Other (453) (6) — — Balance, end of year $ 2,060 $ 859 $ 1,682 $ 863 |
Disclosure of valuation techniques and inputs for fair value liabilities | The following table presents the valuation techniques and inputs of the partnership’s Level 2 assets and liabilities: Type of asset/liability Valuation technique Foreign currency forward contracts Discounted cash flow model - forward exchange rates (from observable forward exchange rates at the end of the reporting period) and discounted at a credit adjusted rate Interest rate contracts Discounted cash flow model - forward interest rates (from observable yield curves) and applicable credit spreads discounted at a credit adjusted rate The table below presents the valuation techniques and inputs of Level 3 assets: Type of asset/liability Valuation techniques Significant unobservable input(s) Relationship of unobservable input(s) to fair value Securities - FVTPL/FVTOCI Net asset valuation (a) Forward exchange rates (from observable forward exchange rates at the end of the reporting period) (a) Increases (decreases) in the forward exchange rate would increase (decrease) fair value |
Disclosure of valuation techniques and inputs for fair value assets | The key valuation metrics for the partnership’s consolidated commercial properties are set forth in the following tables below on a weighted-average basis: Dec. 31, 2021 Dec. 31, 2020 Consolidated properties Primary valuation Discount Terminal Investment Discount Terminal Investment Core Office Discounted cash flow United States Discounted cash flow 7.0 % 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 6.1 % 5.3 % 10 6.6 % 5.7 % 10 Europe Discounted cash flow 4.9 % 3.8 % 10 5.2 % 3.8 % 10 Brazil Discounted cash flow 7.7 % 7.3 % 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 % 6.7 % 10 8.7 % 7.0 % 10 Mixed-use Discounted cash flow 9.1 % 6.4 % 10 7.3 % 5.2 % 10 Multifamily (1) Direct capitalization 4.6 % n/a n/a 4.9 % n/a n/a Triple Net Lease (1) Direct capitalization n/a n/a n/a 6.2 % n/a n/a Student Housing (1) Direct capitalization 4.3 % n/a n/a 4.9 % n/a n/a Manufactured Housing (1) Direct capitalization 4.3 % n/a n/a 4.8 % n/a n/a (1) The valuation method used to value hospitality, multifamily, triple net lease, student housing, and manufactured housing properties is the direct capitalization method. At December 31, 2021, the overall implied capitalization rate used for properties using the direct capitalization method was 4.3% (December 31, 2020 - 5.3% ). Type of asset/liability Valuation technique Foreign currency forward contracts Discounted cash flow model - forward exchange rates (from observable forward exchange rates at the end of the reporting period) and discounted at a credit adjusted rate Interest rate contracts Discounted cash flow model - forward interest rates (from observable yield curves) and applicable credit spreads discounted at a credit adjusted rate The table below presents the valuation techniques and inputs of Level 3 assets: Type of asset/liability Valuation techniques Significant unobservable input(s) Relationship of unobservable input(s) to fair value Securities - FVTPL/FVTOCI Net asset valuation (a) Forward exchange rates (from observable forward exchange rates at the end of the reporting period) (a) Increases (decreases) in the forward exchange rate would increase (decrease) fair value |
Disclosure of fair value measurement of liabilities | The following table outlines financial assets and liabilities measured at fair value in the financial statements and the level of the inputs used to determine those fair values in the context of the hierarchy as defined above: Dec. 31, 2021 Dec. 31, 2020 (US$ Millions) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Financial assets Securities designated as FVTPL 17 218 1,965 2,200 — 123 1,596 1,719 Securities designated as FVTOCI 13 — 95 108 — — 86 86 Derivative assets — 144 — 144 — 236 — 236 Total financial assets $ 30 $ 362 $ 2,060 $ 2,452 $ — $ 359 $ 1,682 $ 2,041 Financial liabilities Capital securities - fund subsidiaries $ — $ — $ 859 $ 859 $ — $ — $ 863 $ 863 Derivative liabilities — 498 — 498 — 688 — 688 Total financial liabilities $ — $ 498 $ 859 $ 1,357 $ — $ 688 $ 863 $ 1,551 The following table presents the change in the balance of financial assets and financial liabilities classified as Level 3 as of December 31, 2021 and 2020: Dec. 31, 2021 Dec. 31, 2020 (US$ Millions) Financial Financial Financial Financial Balance, beginning of year $ 1,682 $ 863 $ 1,371 $ 922 Additions 553 — 324 — Dispositions (88) — (10) — Fair value (losses) gains, net and OCI 366 2 (3) (59) Other (453) (6) — — Balance, end of year $ 2,060 $ 859 $ 1,682 $ 863 |
Disclosure of interest rate and foreign currency risk | The following table outlines the impact on interest expense of a 100 basis point increase or decrease in interest rates on the partnership’s variable rate liabilities and fixed rate debt maturing within one year: (US$ Millions) Dec. 31, 2021 Dec. 31, 2020 Variable rate property debt $ 255 $ 236 Fixed rate property debt due within one year 31 30 Total $ 286 $ 266 |
Disclosure of sensitivity analysis for types of market risk | The partnership’s exposures to foreign currencies and the sensitivity of net income and other comprehensive income, on a pre-tax basis, to a 10% change in the exchange rates relative to the U.S. dollar is summarized below: Dec. 31, 2021 (Millions) Equity attributable to Unitholders OCI Net income Canadian Dollar (1) C$ 339 $ (27) $ — Australian Dollar A$ 1,708 (124) — British Pound £ 6,375 (863) — Euro € 1,297 (147) — Brazilian Real R$ 745 (13) — Indian Rupee Rs 617 (1) — Chinese Yuan C¥ 730 (11) — South Korean Won ₩ 289,443 — — United Arab Emirates Dirham AED 342 (9) — Czech Koruna CZK 5 — — Hungarian Forint HUF 5 — — Total $ (1,195) $ — (1) Net of Canadian Dollar denominated loans. Dec. 31, 2020 (Millions) Equity attributable to Unitholders OCI Net income Canadian Dollar (1) C$ 521 $ (41) $ — Australian Dollar A$ 2,056 (158) — British Pound £ 4,206 (575) — Euro € 328 (40) — Brazilian Real R$ 3,364 (65) — Indian Rupee Rs 28,281 (39) — Chinese Yuan C¥ 1,084 (17) — South Korean Won ₩ 204,795 (19) — United Arab Emirates Dirham AED 708 (19) — Czech Koruna CZK 8 — — Hungarian Forint HUF 334 — — Poland Zloty PLN 3 — — Total $ (973) $ — (1) Net of Canadian Dollar denominated loans. Dec. 31, 2019 (Millions) Equity attributable to Unitholders OCI Net income Canadian Dollar (1) C$ 377 $ (29) $ — Australian Dollar A$ 2,154 (151) — British Pound £ 3,275 (434) — Euro € 339 (38) — Brazilian Real R$ 3,310 (82) — Indian Rupee Rs 26,628 (37) — Hong Kong Dollar HK$ — — — Chinese Yuan C¥ 933 (13) — South Korean Won ₩ 160,969 (14) — United Arab Emirates Dirham AED 683 (19) Czech Koruna CZK 10 — Hungarian Forint HUF 314 — Poland Zloty PLN 3 — — Total $ (817) $ — (1) Net of Canadian Dollar denominated loans. |
RELATED PARTIES (Tables)
RELATED PARTIES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Related Party [Abstract] | |
Summary of Related Party Transactions | The following table summarizes transactions and balances with related parties: (US$ Millions) Dec. 31, 2021 Dec. 31, 2020 Balances outstanding with related parties: Net (payables)/receivables within equity accounted investments (378) (91) Loans and notes receivable 170 50 Receivables and other assets 71 59 Deposit payable to Brookfield Asset Management (1) (680) (754) Property-specific obligations (250) — Loans and notes payable and other liabilities (259) (313) Preferred shares held by Brookfield Asset Management (1,015) (15) Brookfield Asset Management interest in Canholdco (2,083) — (1) As of December 31, 2021, a $680 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 $3.0 billion in the second quarter of 2021. (US$ Millions) Years ended Dec. 31, 2021 2020 2019 Transactions with related parties: Commercial property revenue (1) $ 35 $ 32 $ 26 Management fee income 42 32 35 Participating loan interests (including fair value gains, net) (2) — — 50 Income from equity accounted investments 26 (11) (12) Interest expense on debt obligations 24 19 48 Interest on capital securities held by Brookfield Asset Management — — 8 General and administrative expense (2) 271 164 198 Construction costs (3) 132 265 411 Return of capital distributions on Brookfield Asset Management’s interest in Canholdco 176 — — Distributions on Brookfield Asset Management’s interest in Canholdco 369 — — Incentive Fees (4) 35 16 104 (1) Amounts received from Brookfield Asset Management and its subsidiaries for the rental of office premises. (2) Includes amounts paid to Brookfield Asset Management and its subsidiaries for management fees, management fees associated with the partnership’s investments in Brookfield-sponsored real estate funds, and administrative services. (3) Includes amounts paid to Brookfield Asset Management and its subsidiaries for construction costs of development properties. (4) Represents incentive fees the partnership is obligated to pay to the general partner of the partnership’s various fund investments. |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 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 year ended December 31, 2021, 2020, and 2019. (US$ Millions) Total revenue FFO Years ended Dec. 31, 2021 2020 2019 2021 2020 2019 Core Office $ 2,198 $ 2,049 $ 2,149 $ 539 $ 495 $ 582 Core Retail 1,510 1,612 1,589 450 521 707 LP Investments 3,387 2,920 4,452 179 64 268 Corporate 5 12 13 (590) (373) (410) Total $ 7,100 $ 6,593 $ 8,203 $ 578 $ 707 $ 1,147 The following summary presents the detail of total revenue from the partnership’s operating segments for the year ended December 31, 2021, 2020 and 2019: (US$ Millions) Lease revenue Other revenue from tenants Hospitality revenue Investment and other revenue Total revenue Year ended Dec. 31, 2021 Core Office $ 1,467 $ 442 $ 9 $ 280 $ 2,198 Core Retail 1,113 259 — 138 1,510 LP Investments 1,639 243 1,064 441 3,387 Corporate — — — 5 5 Total $ 4,219 $ 944 $ 1,073 $ 864 $ 7,100 (US$ Millions) Lease revenue Other revenue from tenants Hospitality revenue Investment and other revenue Total revenue Year ended Dec. 31, 2020 Core Office $ 1,429 $ 446 $ 6 $ 168 $ 2,049 Core Retail 1,166 284 — 162 1,612 LP Investments 1,805 267 696 152 2,920 Corporate — — — 12 12 Total $ 4,400 $ 997 $ 702 $ 494 $ 6,593 (US$ Millions) Lease revenue Other revenue from tenants Hospitality revenue Investment and other revenue Total revenue Year ended Dec. 31, 2019 Core Office $ 1,426 $ 477 $ 12 $ 234 $ 2,149 Core Retail 1,082 312 — 195 1,589 LP Investments 2,077 317 1,897 161 4,452 Corporate — — — 13 13 Total $ 4,585 $ 1,106 $ 1,909 $ 603 $ 8,203 The following summaries presents share of net earnings from equity accounted investments and interest expense from the partnership’s operating segments for the year ended December 31, 2021, 2020, and 2019. (US$ Millions) Share of net earnings from equity accounted investments Interest expense Years ended Dec. 31, 2021 2020 2019 2021 2020 2019 Core Office $ 644 $ 150 $ 716 $ (570) $ (586) $ (606) Core Retail 472 (743) 1,179 (649) (647) (683) LP Investments (96) (156) 74 (1,069) (1,104) (1,389) Corporate — — — (305) (255) (246) Total $ 1,020 $ (749) $ 1,969 $ (2,593) $ (2,592) $ (2,924) The following summary presents information about certain consolidated balance sheet items of the partnership, on a segmented basis, as of December 31, 2021 and 2020: Total assets Total liabilities Equity accounted investments (US$ Millions) Dec. 31, 2021 Dec. 31, 2020 Dec. 31, 2021 Dec. 31, 2020 Dec. 31, 2021 Dec. 31, 2020 Core Office $ 37,661 $ 36,547 $ 18,172 $ 17,439 $ 9,819 $ 8,866 Core Retail 30,585 31,466 14,316 17,429 9,945 9,685 LP Investments 43,403 39,609 27,516 25,076 1,043 1,168 Corporate 355 329 6,995 6,484 — — Total $ 112,004 $ 107,951 $ 66,999 $ 66,428 $ 20,807 $ 19,719 |
Summary of reconciliation of FFO to net income | The following summary presents a reconciliation of FFO to net income for the years ended December 31, 2021, 2020, and 2019: (US$ Millions) Years ended Dec. 31, 2021 2020 2019 FFO (1) $ 578 $ 707 $ 1,147 Depreciation and amortization of real estate assets (203) (249) (283) Fair value gains (losses), net 2,521 (1,322) 596 Share of equity accounted income (losses) - non-FFO 404 (1,403) 1,055 Income tax (expense) (490) (220) (196) Non-controlling interests of others in operating subsidiaries and properties - non-FFO (1,534) 129 (363) Net income (loss) attributable to unitholders (2) 1,276 (2,358) 1,956 Non-controlling interests of others in operating subsidiaries and properties 2,223 300 1,201 Net income (loss) $ 3,499 $ (2,058) $ 3,157 (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 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 general partner, limited partners, 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 Units, Special LP Units, FV LTIP Units and BPYU Units are presented as non-controlling interests in the consolidated statements of income. |
Summary of financial information by geographic regions | The following summary presents financial information by the partnership’s geographic regions in which it operates: Total revenue Total non-current assets (US$ Millions) 2021 2020 2019 2021 2020 United States $ 4,911 $ 4,743 $ 5,926 $ 64,695 $ 68,769 Canada 421 424 536 5,446 5,461 Australia 322 182 210 4,081 3,765 Europe 887 592 901 16,956 15,724 Brazil 71 82 117 656 1,396 China 3 94 6 294 91 India 274 287 288 4,191 4,045 South Korea 211 189 219 — 3,518 United Arab Emirates — — — 250 173 Total $ 7,100 $ 6,593 $ 8,203 $ 96,569 $ 102,942 |
ORGANIZATION AND NATURE OF TH_2
ORGANIZATION AND NATURE OF THE BUSINESS (Details) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Series 1, Class A Preferred Equity Units | ||
Disclosure of subsidiaries | ||
Cumulative dividend rate | 6.50% | |
Series 2, Class A Preferred Equity Units | ||
Disclosure of subsidiaries | ||
Cumulative dividend rate | 6.375% | |
5.750% Class A Cumulative Redeemable Perpetual Units, Series 3 | ||
Disclosure of subsidiaries | ||
Cumulative dividend rate | 5.75% | |
6.25% Class A Cumulative Redeemable Units, Series 1 | ||
Disclosure of subsidiaries | ||
Cumulative dividend rate | 6.25% | |
Brookfield Property Partners L.P. | ||
Disclosure of subsidiaries | ||
Economic interest | 36.00% | 49.00% |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narratives (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of reclassifications or changes in presentation [line items] | |||
Depreciation and amortization of real-estate assets | $ 203 | $ 249 | $ 283 |
Revision of Prior Period, Reclassification, Adjustment | |||
Disclosure of reclassifications or changes in presentation [line items] | |||
Depreciation and amortization of real-estate assets | $ 319 | $ 341 |
PRIVATIZATION OF THE PARTNERS_2
PRIVATIZATION OF THE PARTNERSHIP (Details) $ / shares in Units, $ in Millions | 3 Months Ended |
Mar. 31, 2021USD ($)$ / sharesshares | |
Disclosure of classes of share capital [line items] | |
Units elected for cash (in shares) | 51,971,192 |
Percentage of consideration received in cash | 93.05% |
Consideration, cash (in dollars per share) | $ / shares | $ 18.17 |
Consideration, shares (in shares) | 0.7268 |
Cash consideration | $ | $ 3,000 |
Limited Partner Units | |
Disclosure of classes of share capital [line items] | |
Units repurchased, units issued (in shares) | 17,970,971 |
Percentage of consideration received in shares | 6.95% |
Cash consideration | $ | $ 474 |
Share consideration (in shares) | 19,287,783 |
BAM shares | |
Disclosure of classes of share capital [line items] | |
Units repurchased, units issued (in shares) | 271,358,615 |
Percentage of consideration received in shares | 54.5316% |
Share consideration (in shares) | 59,279,263 |
Common equity of BPY subsidiary | |
Disclosure of classes of share capital [line items] | |
Cash consideration | $ | $ 2,500 |
BPYU Preferred Equity | |
Disclosure of classes of share capital [line items] | |
Cash consideration | $ | $ 250 |
Brookfield Asset Management | Limited Partner Units | |
Disclosure of classes of share capital [line items] | |
Units repurchased, price (in dollars per share) | $ / shares | $ 18.17 |
INVESTMENT PROPERTIES - Roll Fo
INVESTMENT PROPERTIES - Roll Forward of Investment Property Balances (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Reconciliation of changes in investment property [abstract] | |||
Balance, beginning of year | $ 72,610 | $ 75,511 | |
Changes resulting from: | |||
Property acquisitions | 571 | 755 | |
Capital expenditures | 1,554 | 1,997 | |
Property dispositions | (1,650) | (2,360) | |
Fair value (losses) gains, net | 1,962 | (1,388) | |
Foreign currency translation | (595) | 278 | |
Transfers between commercial properties and commercial developments | 0 | 0 | |
Reclassifications of assets held for sale and other changes | (9,839) | (2,183) | |
Balance, end of year | 64,613 | 72,610 | $ 75,511 |
Right-of-use assets | 204 | 164 | |
Current lease liabilities | 160 | 43 | |
Non-current lease liabilities | 690 | 875 | |
Accounts payable and other | |||
Changes resulting from: | |||
Current lease liabilities | 118 | 35 | |
Other non-current liabilities | |||
Changes resulting from: | |||
Non-current lease liabilities | 558 | 712 | |
Commercial properties | |||
Reconciliation of changes in investment property [abstract] | |||
Balance, beginning of year | 70,294 | 71,565 | |
Changes resulting from: | |||
Property acquisitions | 491 | 647 | |
Capital expenditures | 796 | 1,140 | |
Property dispositions | (1,299) | (2,339) | |
Fair value (losses) gains, net | 1,791 | (1,607) | 301 |
Foreign currency translation | (558) | 322 | |
Transfers between commercial properties and commercial developments | 635 | 2,709 | |
Reclassifications of assets held for sale and other changes | (9,837) | (2,143) | |
Balance, end of year | 62,313 | 70,294 | 71,565 |
Right-of-use assets | 557 | 729 | |
Commercial developments | |||
Reconciliation of changes in investment property [abstract] | |||
Balance, beginning of year | 2,316 | 3,946 | |
Changes resulting from: | |||
Property acquisitions | 80 | 108 | |
Capital expenditures | 758 | 857 | |
Property dispositions | (351) | (21) | |
Fair value (losses) gains, net | 171 | 219 | 557 |
Foreign currency translation | (37) | (44) | |
Transfers between commercial properties and commercial developments | (635) | (2,709) | |
Reclassifications of assets held for sale and other changes | (2) | (40) | |
Balance, end of year | 2,300 | 2,316 | $ 3,946 |
Right-of-use assets | $ 24 | $ 10 |
INVESTMENT PROPERTIES - Valuati
INVESTMENT PROPERTIES - Valuation of Investment Properties (Details) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||
Terminal capitalization rate (percent) | 7.00% | |
Commercial properties | Discounted cash flow | Core Office | United States | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||
Discount rate (percent) | 7.00% | 6.90% |
Terminal capitalization rate (percent) | 5.60% | 5.60% |
Investment horizon (yrs.) | 12 years | 12 years |
Commercial properties | Discounted cash flow | Core Office | Canada | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||
Discount rate (percent) | 5.90% | 5.90% |
Terminal capitalization rate (percent) | 5.20% | 5.20% |
Investment horizon (yrs.) | 10 years | 10 years |
Commercial properties | Discounted cash flow | Core Office | Australia | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||
Discount rate (percent) | 6.10% | 6.60% |
Terminal capitalization rate (percent) | 5.30% | 5.70% |
Investment horizon (yrs.) | 10 years | 10 years |
Commercial properties | Discounted cash flow | Core Office | Europe | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||
Discount rate (percent) | 4.90% | 5.20% |
Terminal capitalization rate (percent) | 3.80% | 3.80% |
Investment horizon (yrs.) | 10 years | 10 years |
Commercial properties | Discounted cash flow | Core Office | Brazil | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||
Discount rate (percent) | 7.70% | 7.60% |
Terminal capitalization rate (percent) | 7.30% | 7.00% |
Investment horizon (yrs.) | 10 years | 10 years |
Commercial properties | Discounted cash flow | Dubai | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||
Discount rate (percent) | 7.00% | 7.00% |
Terminal capitalization rate (percent) | 5.30% | 5.30% |
Investment horizon (yrs.) | 10 years | 10 years |
Commercial properties | Discounted cash flow | LP Investments - Office | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||
Discount rate (percent) | 9.60% | 9.70% |
Terminal capitalization rate (percent) | 7.10% | 7.20% |
Investment horizon (yrs.) | 7 years | 7 years |
Commercial properties | Discounted cash flow | LP Investments Retail | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||
Discount rate (percent) | 8.60% | 8.70% |
Terminal capitalization rate (percent) | 6.70% | 7.00% |
Investment horizon (yrs.) | 10 years | 10 years |
Commercial properties | Discounted cash flow | Mixed-Use | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||
Discount rate (percent) | 9.10% | 7.30% |
Terminal capitalization rate (percent) | 6.40% | 5.20% |
Investment horizon (yrs.) | 10 years | 10 years |
Commercial properties | Direct capitalization | Multifamily | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||
Discount rate (percent) | 4.60% | 4.90% |
Commercial properties | Direct capitalization | Triple Net Lease | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||
Discount rate (percent) | 6.20% | |
Commercial properties | Direct capitalization | Student Housing | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||
Discount rate (percent) | 4.30% | 4.90% |
Commercial properties | Direct capitalization | Manufactured Housing | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||
Discount rate (percent) | 4.30% | 4.80% |
Commercial properties | Direct capitalization | Multifamily, Triple Net Lease, Student Housing, Manufactured Housing | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||
Implied capitalization rate | 4.30% | 5.30% |
INVESTMENT PROPERTIES - Fair Va
INVESTMENT PROPERTIES - Fair Value of Investment Properties (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of fair value measurement of assets [line items] | ||
Total assets | $ 112,004 | $ 107,951 |
Level 1 | ||
Disclosure of fair value measurement of assets [line items] | ||
Total assets | 0 | 0 |
Level 1 | Core Office | United States | ||
Disclosure of fair value measurement of assets [line items] | ||
Total assets | 0 | 0 |
Level 1 | Core Office | Canada | ||
Disclosure of fair value measurement of assets [line items] | ||
Total assets | 0 | 0 |
Level 1 | Core Office | Australia | ||
Disclosure of fair value measurement of assets [line items] | ||
Total assets | 0 | 0 |
Level 1 | Core Office | Europe | ||
Disclosure of fair value measurement of assets [line items] | ||
Total assets | 0 | 0 |
Level 1 | Core Office | Brazil | ||
Disclosure of fair value measurement of assets [line items] | ||
Total assets | 0 | 0 |
Level 1 | Dubai | ||
Disclosure of fair value measurement of assets [line items] | ||
Total assets | 0 | 0 |
Level 1 | LP Investments - Office | ||
Disclosure of fair value measurement of assets [line items] | ||
Total assets | 0 | 0 |
Level 1 | LP Investments Retail | ||
Disclosure of fair value measurement of assets [line items] | ||
Total assets | 0 | 0 |
Level 1 | Hospitality | ||
Disclosure of fair value measurement of assets [line items] | ||
Total assets | 0 | |
Level 1 | Multifamily | ||
Disclosure of fair value measurement of assets [line items] | ||
Total assets | 0 | 0 |
Level 1 | Triple Net Lease | ||
Disclosure of fair value measurement of assets [line items] | ||
Total assets | 0 | 0 |
Level 1 | Student Housing | ||
Disclosure of fair value measurement of assets [line items] | ||
Total assets | 0 | 0 |
Level 1 | Manufactured Housing | ||
Disclosure of fair value measurement of assets [line items] | ||
Total assets | 0 | 0 |
Level 1 | Mixed-Use | ||
Disclosure of fair value measurement of assets [line items] | ||
Total assets | 0 | 0 |
Level 2 | ||
Disclosure of fair value measurement of assets [line items] | ||
Total assets | 0 | 0 |
Level 2 | Core Office | United States | ||
Disclosure of fair value measurement of assets [line items] | ||
Total assets | 0 | 0 |
Level 2 | Core Office | Canada | ||
Disclosure of fair value measurement of assets [line items] | ||
Total assets | 0 | 0 |
Level 2 | Core Office | Australia | ||
Disclosure of fair value measurement of assets [line items] | ||
Total assets | 0 | 0 |
Level 2 | Core Office | Europe | ||
Disclosure of fair value measurement of assets [line items] | ||
Total assets | 0 | 0 |
Level 2 | Core Office | Brazil | ||
Disclosure of fair value measurement of assets [line items] | ||
Total assets | 0 | 0 |
Level 2 | Dubai | ||
Disclosure of fair value measurement of assets [line items] | ||
Total assets | 0 | 0 |
Level 2 | LP Investments - Office | ||
Disclosure of fair value measurement of assets [line items] | ||
Total assets | 0 | 0 |
Level 2 | LP Investments Retail | ||
Disclosure of fair value measurement of assets [line items] | ||
Total assets | 0 | 0 |
Level 2 | Hospitality | ||
Disclosure of fair value measurement of assets [line items] | ||
Total assets | 0 | |
Level 2 | Multifamily | ||
Disclosure of fair value measurement of assets [line items] | ||
Total assets | 0 | 0 |
Level 2 | Triple Net Lease | ||
Disclosure of fair value measurement of assets [line items] | ||
Total assets | 0 | 0 |
Level 2 | Student Housing | ||
Disclosure of fair value measurement of assets [line items] | ||
Total assets | 0 | 0 |
Level 2 | Manufactured Housing | ||
Disclosure of fair value measurement of assets [line items] | ||
Total assets | 0 | 0 |
Level 2 | Mixed-Use | ||
Disclosure of fair value measurement of assets [line items] | ||
Total assets | 0 | 0 |
Level 3 | Commercial properties | ||
Disclosure of fair value measurement of assets [line items] | ||
Total assets | 62,313 | 70,294 |
Level 3 | Commercial properties | Core Office | United States | ||
Disclosure of fair value measurement of assets [line items] | ||
Total assets | 14,689 | 14,682 |
Level 3 | Commercial properties | Core Office | Canada | ||
Disclosure of fair value measurement of assets [line items] | ||
Total assets | 4,678 | 4,721 |
Level 3 | Commercial properties | Core Office | Australia | ||
Disclosure of fair value measurement of assets [line items] | ||
Total assets | 2,618 | 2,366 |
Level 3 | Commercial properties | Core Office | Europe | ||
Disclosure of fair value measurement of assets [line items] | ||
Total assets | 2,569 | 2,526 |
Level 3 | Commercial properties | Core Office | Brazil | ||
Disclosure of fair value measurement of assets [line items] | ||
Total assets | 89 | 309 |
Level 3 | Commercial properties | Dubai | ||
Disclosure of fair value measurement of assets [line items] | ||
Total assets | 18,991 | 20,324 |
Level 3 | Commercial properties | LP Investments - Office | ||
Disclosure of fair value measurement of assets [line items] | ||
Total assets | 7,880 | 7,946 |
Level 3 | Commercial properties | LP Investments Retail | ||
Disclosure of fair value measurement of assets [line items] | ||
Total assets | 2,001 | 2,538 |
Level 3 | Commercial properties | Hospitality | ||
Disclosure of fair value measurement of assets [line items] | ||
Total assets | 105 | 84 |
Level 3 | Commercial properties | Multifamily | ||
Disclosure of fair value measurement of assets [line items] | ||
Total assets | 1,616 | 2,442 |
Level 3 | Commercial properties | Triple Net Lease | ||
Disclosure of fair value measurement of assets [line items] | ||
Total assets | 0 | 3,719 |
Level 3 | Commercial properties | Student Housing | ||
Disclosure of fair value measurement of assets [line items] | ||
Total assets | 3,056 | 2,757 |
Level 3 | Commercial properties | Manufactured Housing | ||
Disclosure of fair value measurement of assets [line items] | ||
Total assets | 3,808 | 2,784 |
Level 3 | Commercial properties | Mixed-Use | ||
Disclosure of fair value measurement of assets [line items] | ||
Total assets | 213 | 3,096 |
Level 3 | Commercial developments | ||
Disclosure of fair value measurement of assets [line items] | ||
Total assets | 2,300 | 2,316 |
Level 3 | Commercial developments | Core Office | United States | ||
Disclosure of fair value measurement of assets [line items] | ||
Total assets | 497 | 411 |
Level 3 | Commercial developments | Core Office | Canada | ||
Disclosure of fair value measurement of assets [line items] | ||
Total assets | 59 | 381 |
Level 3 | Commercial developments | Core Office | Australia | ||
Disclosure of fair value measurement of assets [line items] | ||
Total assets | 146 | 365 |
Level 3 | Commercial developments | Core Office | Europe | ||
Disclosure of fair value measurement of assets [line items] | ||
Total assets | 320 | 173 |
Level 3 | Commercial developments | Core Office | Brazil | ||
Disclosure of fair value measurement of assets [line items] | ||
Total assets | 0 | 0 |
Level 3 | Commercial developments | Dubai | ||
Disclosure of fair value measurement of assets [line items] | ||
Total assets | 0 | 0 |
Level 3 | Commercial developments | LP Investments - Office | ||
Disclosure of fair value measurement of assets [line items] | ||
Total assets | 774 | 781 |
Level 3 | Commercial developments | LP Investments Retail | ||
Disclosure of fair value measurement of assets [line items] | ||
Total assets | 28 | 0 |
Level 3 | Commercial developments | Hospitality | ||
Disclosure of fair value measurement of assets [line items] | ||
Total assets | 0 | 0 |
Level 3 | Commercial developments | Multifamily | ||
Disclosure of fair value measurement of assets [line items] | ||
Total assets | 0 | 0 |
Level 3 | Commercial developments | Triple Net Lease | ||
Disclosure of fair value measurement of assets [line items] | ||
Total assets | 0 | 0 |
Level 3 | Commercial developments | Student Housing | ||
Disclosure of fair value measurement of assets [line items] | ||
Total assets | 476 | 205 |
Level 3 | Commercial developments | Manufactured Housing | ||
Disclosure of fair value measurement of assets [line items] | ||
Total assets | 0 | 0 |
Level 3 | Commercial developments | Mixed-Use | ||
Disclosure of fair value measurement of assets [line items] | ||
Total assets | $ 0 | $ 0 |
INVESTMENT PROPERTIES - Sensiti
INVESTMENT PROPERTIES - Sensitivity Analysis (Details) - Property $ in Millions | 12 Months Ended |
Dec. 31, 2021USD ($) | |
DR | |
Disclosure of fair value measurement of assets [line items] | |
Impact of +25bps DR or +25bps TCR | $ 1,174 |
TCR | |
Disclosure of fair value measurement of assets [line items] | |
Impact of +25bps DR or +25bps TCR | 2,347 |
DR and TCR, or ICR | |
Disclosure of fair value measurement of assets [line items] | |
Impact of +25bps DR and +25bps TCR or +25bps ICR | 3,427 |
Core Office | DR | United States | |
Disclosure of fair value measurement of assets [line items] | |
Impact of +25bps DR or +25bps TCR | 337 |
Core Office | DR | Canada | |
Disclosure of fair value measurement of assets [line items] | |
Impact of +25bps DR or +25bps TCR | 91 |
Core Office | DR | Australia | |
Disclosure of fair value measurement of assets [line items] | |
Impact of +25bps DR or +25bps TCR | 79 |
Core Office | DR | Europe | |
Disclosure of fair value measurement of assets [line items] | |
Impact of +25bps DR or +25bps TCR | 49 |
Core Office | DR | Brazil | |
Disclosure of fair value measurement of assets [line items] | |
Impact of +25bps DR or +25bps TCR | 2 |
Core Office | TCR | United States | |
Disclosure of fair value measurement of assets [line items] | |
Impact of +25bps DR or +25bps TCR | 449 |
Core Office | TCR | Canada | |
Disclosure of fair value measurement of assets [line items] | |
Impact of +25bps DR or +25bps TCR | 143 |
Core Office | TCR | Australia | |
Disclosure of fair value measurement of assets [line items] | |
Impact of +25bps DR or +25bps TCR | 139 |
Core Office | TCR | Europe | |
Disclosure of fair value measurement of assets [line items] | |
Impact of +25bps DR or +25bps TCR | 109 |
Core Office | TCR | Brazil | |
Disclosure of fair value measurement of assets [line items] | |
Impact of +25bps DR or +25bps TCR | 2 |
Core Office | DR and TCR, or ICR | United States | |
Disclosure of fair value measurement of assets [line items] | |
Impact of +25bps DR and +25bps TCR or +25bps ICR | 774 |
Core Office | DR and TCR, or ICR | Canada | |
Disclosure of fair value measurement of assets [line items] | |
Impact of +25bps DR and +25bps TCR or +25bps ICR | 231 |
Core Office | DR and TCR, or ICR | Australia | |
Disclosure of fair value measurement of assets [line items] | |
Impact of +25bps DR and +25bps TCR or +25bps ICR | 215 |
Core Office | DR and TCR, or ICR | Europe | |
Disclosure of fair value measurement of assets [line items] | |
Impact of +25bps DR and +25bps TCR or +25bps ICR | 156 |
Core Office | DR and TCR, or ICR | Brazil | |
Disclosure of fair value measurement of assets [line items] | |
Impact of +25bps DR and +25bps TCR or +25bps ICR | 3 |
Dubai | DR | |
Disclosure of fair value measurement of assets [line items] | |
Impact of +25bps DR or +25bps TCR | 421 |
Dubai | TCR | |
Disclosure of fair value measurement of assets [line items] | |
Impact of +25bps DR or +25bps TCR | 682 |
Dubai | DR and TCR, or ICR | |
Disclosure of fair value measurement of assets [line items] | |
Impact of +25bps DR and +25bps TCR or +25bps ICR | 1,044 |
LP Investments - Office | DR | |
Disclosure of fair value measurement of assets [line items] | |
Impact of +25bps DR or +25bps TCR | 132 |
LP Investments - Office | TCR | |
Disclosure of fair value measurement of assets [line items] | |
Impact of +25bps DR or +25bps TCR | 275 |
LP Investments - Office | DR and TCR, or ICR | |
Disclosure of fair value measurement of assets [line items] | |
Impact of +25bps DR and +25bps TCR or +25bps ICR | 403 |
LP Investments Retail | DR | |
Disclosure of fair value measurement of assets [line items] | |
Impact of +25bps DR or +25bps TCR | 58 |
LP Investments Retail | TCR | |
Disclosure of fair value measurement of assets [line items] | |
Impact of +25bps DR or +25bps TCR | 85 |
LP Investments Retail | DR and TCR, or ICR | |
Disclosure of fair value measurement of assets [line items] | |
Impact of +25bps DR and +25bps TCR or +25bps ICR | 133 |
Mixed-Use | DR | |
Disclosure of fair value measurement of assets [line items] | |
Impact of +25bps DR or +25bps TCR | 5 |
Mixed-Use | TCR | |
Disclosure of fair value measurement of assets [line items] | |
Impact of +25bps DR or +25bps TCR | 6 |
Mixed-Use | DR and TCR, or ICR | |
Disclosure of fair value measurement of assets [line items] | |
Impact of +25bps DR and +25bps TCR or +25bps ICR | 11 |
Multifamily | DR | |
Disclosure of fair value measurement of assets [line items] | |
Impact of +25bps DR or +25bps TCR | 0 |
Multifamily | TCR | |
Disclosure of fair value measurement of assets [line items] | |
Impact of +25bps DR or +25bps TCR | 80 |
Multifamily | DR and TCR, or ICR | |
Disclosure of fair value measurement of assets [line items] | |
Impact of +25bps DR and +25bps TCR or +25bps ICR | 80 |
Student Housing | DR | |
Disclosure of fair value measurement of assets [line items] | |
Impact of +25bps DR or +25bps TCR | 0 |
Student Housing | TCR | |
Disclosure of fair value measurement of assets [line items] | |
Impact of +25bps DR or +25bps TCR | 168 |
Student Housing | DR and TCR, or ICR | |
Disclosure of fair value measurement of assets [line items] | |
Impact of +25bps DR and +25bps TCR or +25bps ICR | 168 |
Manufactured Housing | DR | |
Disclosure of fair value measurement of assets [line items] | |
Impact of +25bps DR or +25bps TCR | 0 |
Manufactured Housing | TCR | |
Disclosure of fair value measurement of assets [line items] | |
Impact of +25bps DR or +25bps TCR | 209 |
Manufactured Housing | DR and TCR, or ICR | |
Disclosure of fair value measurement of assets [line items] | |
Impact of +25bps DR and +25bps TCR or +25bps ICR | $ 209 |
INVESTMENT PROPERTIES - Narrati
INVESTMENT PROPERTIES - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of detailed information about investment property | ||
Operating investment properties at fair value | $ 11,300 | $ 13,900 |
Investment property pledged as security | 61,900 | 70,400 |
Borrowing costs capitalised | 249 | 258 |
Commercial developments | ||
Disclosure of detailed information about investment property | ||
Construction in progress | 758 | 857 |
Construction and other related costs capitalised | 730 | 815 |
Borrowing costs capitalised | $ 28 | $ 42 |
Capitalisation rate of borrowing costs eligible for capitalisation (percent) | 1.20% | 1.80% |
INVESTMENTS IN SUBSIDIARIES - S
INVESTMENTS IN SUBSIDIARIES - Schedule of Partnership's Material Subsidiaries (Details) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Brookfield Property L.P. | ||
Disclosure of subsidiaries | ||
Economic interest | 36.00% | 49.00% |
Voting interest | 100.00% | 100.00% |
BPY Bermuda IV Holdings L.P. | ||
Disclosure of subsidiaries | ||
Economic interest | 100.00% | 100.00% |
Voting interest | 100.00% | 100.00% |
Brookfield BPY Retail Holdings II Inc. | ||
Disclosure of subsidiaries | ||
Economic interest | 100.00% | 100.00% |
Voting interest | 100.00% | 100.00% |
BPY Bermuda Holdings Limited | ||
Disclosure of subsidiaries | ||
Economic interest | 100.00% | 100.00% |
Voting interest | 100.00% | 100.00% |
BPY Bermuda Holdings II Limited | ||
Disclosure of subsidiaries | ||
Economic interest | 100.00% | 100.00% |
Voting interest | 100.00% | 100.00% |
Brookfield BPY Holdings Inc. | ||
Disclosure of subsidiaries | ||
Economic interest | 100.00% | 100.00% |
Voting interest | 100.00% | 100.00% |
BPY Bermuda Holdings IV Limited | ||
Disclosure of subsidiaries | ||
Economic interest | 100.00% | 100.00% |
Voting interest | 100.00% | 100.00% |
BPY Bermuda Holdings IA Limited | ||
Disclosure of subsidiaries | ||
Economic interest | 100.00% | 100.00% |
Voting interest | 100.00% | 100.00% |
BPY Bermuda Holdings V Limited | ||
Disclosure of subsidiaries | ||
Economic interest | 100.00% | 100.00% |
Voting interest | 100.00% | 100.00% |
BPY Bermuda Holdings VI Limited | ||
Disclosure of subsidiaries | ||
Economic interest | 100.00% | 100.00% |
Voting interest | 100.00% | 100.00% |
BPY Bermuda Holdings VII Limited | ||
Disclosure of subsidiaries | ||
Economic interest | 100.00% | 100.00% |
Voting interest | 100.00% | 100.00% |
BPO | ||
Disclosure of subsidiaries | ||
Economic interest | 100.00% | 100.00% |
Voting interest | 100.00% | 100.00% |
Brookfield BPY Holdings (Australia) ULC(2) | ||
Disclosure of subsidiaries | ||
Economic interest | 100.00% | 100.00% |
Voting interest | 100.00% | 100.00% |
BPR Retail Holdings LLC | ||
Disclosure of subsidiaries | ||
Economic interest | 100.00% | 100.00% |
Voting interest | 100.00% | 96.00% |
BSREP CARS Sub-Pooling LLC | ||
Disclosure of subsidiaries | ||
Economic interest | 26.00% | 26.00% |
Voting interest | 0.00% | 0.00% |
Center Parcs UK | ||
Disclosure of subsidiaries | ||
Economic interest | 27.00% | 27.00% |
Voting interest | 0.00% | 0.00% |
BSREP II Aries Pooling LLC | ||
Disclosure of subsidiaries | ||
Economic interest | 26.00% | 26.00% |
Voting interest | 0.00% | 0.00% |
BSREP India Office Holdings Pte. Ltd. | ||
Disclosure of subsidiaries | ||
Economic interest | 33.00% | 33.00% |
Voting interest | 0.00% | 0.00% |
BSREP II Retail Upper Pooling LLC | ||
Disclosure of subsidiaries | ||
Economic interest | 50.00% | 50.00% |
Voting interest | 33.00% | 33.00% |
BSREP II Korea Office Holdings Pte. Ltd. | ||
Disclosure of subsidiaries | ||
Economic interest | 22.00% | 22.00% |
Voting interest | 0.00% | 0.00% |
BSREP II PBSA Ltd. | ||
Disclosure of subsidiaries | ||
Economic interest | 25.00% | 25.00% |
Voting interest | 0.00% | 0.00% |
BSREP II MH Holdings LLC | ||
Disclosure of subsidiaries | ||
Economic interest | 26.00% | 26.00% |
Voting interest | 0.00% | 0.00% |
INVESTMENTS IN SUBSIDIARIES -_2
INVESTMENTS IN SUBSIDIARIES - Schedule of Non-Wholly Owned Subsidiaries With Material Non-Controlling Interests (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of subsidiaries | ||
Non-controlling interests: Interests of others in operating subsidiaries and properties | $ 19,706 | $ 15,687 |
Subsidiaries with material non-controlling interests | BPO | ||
Disclosure of subsidiaries | ||
Proportion of economic interests held by non- controlling interests | 0.00% | 0.00% |
Non-controlling interests: Interests of others in operating subsidiaries and properties | $ 5,020 | $ 4,758 |
Subsidiaries with material non-controlling interests | BPO | Bottom of range | ||
Disclosure of subsidiaries | ||
Proportion of economic interests held by non- controlling interests | 1.00% | |
Subsidiaries with material non-controlling interests | BPO | Top of range | ||
Disclosure of subsidiaries | ||
Proportion of economic interests held by non- controlling interests | 100.00% | |
Subsidiaries with material non-controlling interests | BPY Subsidiary Holding Entities | ||
Disclosure of subsidiaries | ||
Proportion of economic interests held by non- controlling interests | 0.00% | 0.00% |
Non-controlling interests: Interests of others in operating subsidiaries and properties | $ 3,871 | $ 717 |
Subsidiaries with material non-controlling interests | BPR Retail Holdings LLC | ||
Disclosure of subsidiaries | ||
Proportion of economic interests held by non- controlling interests | 0.00% | 0.00% |
Non-controlling interests: Interests of others in operating subsidiaries and properties | $ 1,274 | $ 1,537 |
Subsidiaries with material non-controlling interests | BSREP II PBSA Ltd. | ||
Disclosure of subsidiaries | ||
Proportion of economic interests held by non- controlling interests | 75.00% | 75.00% |
Non-controlling interests: Interests of others in operating subsidiaries and properties | $ 1,190 | $ 961 |
Subsidiaries with material non-controlling interests | BSREP II Korea Office Holdings Pte. Ltd. | ||
Disclosure of subsidiaries | ||
Proportion of economic interests held by non- controlling interests | 78.00% | 78.00% |
Non-controlling interests: Interests of others in operating subsidiaries and properties | $ 936 | $ 627 |
Subsidiaries with material non-controlling interests | BSREP II MH Holdings LLC | ||
Disclosure of subsidiaries | ||
Proportion of economic interests held by non- controlling interests | 74.00% | 74.00% |
Non-controlling interests: Interests of others in operating subsidiaries and properties | $ 932 | $ 998 |
Subsidiaries with material non-controlling interests | Center Parcs UK | ||
Disclosure of subsidiaries | ||
Proportion of economic interests held by non- controlling interests | 73.00% | 73.00% |
Non-controlling interests: Interests of others in operating subsidiaries and properties | $ 799 | $ 550 |
Subsidiaries with material non-controlling interests | BSREP CARS Sub-Pooling LLC | ||
Disclosure of subsidiaries | ||
Proportion of economic interests held by non- controlling interests | 74.00% | 74.00% |
Non-controlling interests: Interests of others in operating subsidiaries and properties | $ 588 | $ 889 |
Subsidiaries with material non-controlling interests | BSREP II WS Hotel Holding LLC | ||
Disclosure of subsidiaries | ||
Proportion of economic interests held by non- controlling interests | 74.00% | 74.00% |
Non-controlling interests: Interests of others in operating subsidiaries and properties | $ 544 | $ 232 |
Subsidiaries with material non-controlling interests | Brookfield Fairfield Multifamily Value Add Fund II | ||
Disclosure of subsidiaries | ||
Proportion of economic interests held by non- controlling interests | 70.00% | 70.00% |
Non-controlling interests: Interests of others in operating subsidiaries and properties | $ 383 | $ 423 |
Subsidiaries with material non-controlling interests | BSREP II Retail Upper Pooling LLC | ||
Disclosure of subsidiaries | ||
Proportion of economic interests held by non- controlling interests | 50.00% | 50.00% |
Non-controlling interests: Interests of others in operating subsidiaries and properties | $ 383 | $ 423 |
Subsidiaries with material non-controlling interests | BSREP II Aries Pooling LLC | ||
Disclosure of subsidiaries | ||
Proportion of economic interests held by non- controlling interests | 74.00% | 74.00% |
Non-controlling interests: Interests of others in operating subsidiaries and properties | $ 376 | $ 425 |
Subsidiaries with material non-controlling interests | Hospitality Investors Trust | ||
Disclosure of subsidiaries | ||
Proportion of economic interests held by non- controlling interests | 74.00% | 74.00% |
Non-controlling interests: Interests of others in operating subsidiaries and properties | $ 376 | $ 330 |
Subsidiaries with material non-controlling interests | Brookfield India Real Estate Trust | ||
Disclosure of subsidiaries | ||
Proportion of economic interests held by non- controlling interests | 82.00% | 0.00% |
Non-controlling interests: Interests of others in operating subsidiaries and properties | $ 280 | $ 0 |
Subsidiaries with material non-controlling interests | Brookfield India Real Estate Trust | BSREP I and BSREP II | ||
Disclosure of subsidiaries | ||
Proportion of economic interests held by non- controlling interests | 54.00% | |
Subsidiaries with material non-controlling interests | Other | ||
Disclosure of subsidiaries | ||
Non-controlling interests: Interests of others in operating subsidiaries and properties | $ 2,754 | $ 2,817 |
Subsidiaries with material non-controlling interests | Other | Bottom of range | ||
Disclosure of subsidiaries | ||
Proportion of economic interests held by non- controlling interests | 33.00% | 33.00% |
Subsidiaries with material non-controlling interests | Other | Top of range | ||
Disclosure of subsidiaries | ||
Proportion of economic interests held by non- controlling interests | 77.00% | 76.00% |
INVESTMENTS IN SUBSIDIARIES -_3
INVESTMENTS IN SUBSIDIARIES - Summary of Balance Sheet Items Before Intercompany Eliminations (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of subsidiaries | ||
Non-current assets | $ 96,569 | $ 102,942 |
Non-current liabilities | 46,352 | 48,208 |
Equity attributable to Non-controlling interests | 35,497 | 29,111 |
Subsidiaries with material non-controlling interests | ||
Disclosure of subsidiaries | ||
Current assets | 23,223 | 3,936 |
Non-current assets | 91,764 | 97,368 |
Current liabilities | 27,606 | 15,241 |
Non-current liabilities | 53,446 | 43,782 |
Equity attributable to Non-controlling interests | 17,542 | 11,662 |
Equity attributable to owners of entity | 16,393 | 30,619 |
Subsidiaries with material non-controlling interests | BPO | ||
Disclosure of subsidiaries | ||
Current assets | 7,168 | 1,886 |
Non-current assets | 40,341 | 43,269 |
Current liabilities | 9,664 | 6,877 |
Non-current liabilities | 16,648 | 17,248 |
Equity attributable to Non-controlling interests | 5,232 | 4,929 |
Equity attributable to owners of entity | 15,965 | 16,101 |
Subsidiaries with material non-controlling interests | BPY Subsidiary Holding Entities | ||
Disclosure of subsidiaries | ||
Current assets | 3,991 | |
Non-current assets | 3,120 | |
Current liabilities | 6,242 | |
Non-current liabilities | 13,647 | |
Equity attributable to Non-controlling interests | 4,249 | |
Equity attributable to owners of entity | (17,027) | |
Subsidiaries with material non-controlling interests | BPR Retail Holdings LLC | ||
Disclosure of subsidiaries | ||
Current assets | 1,051 | 1,044 |
Non-current assets | 29,534 | 30,424 |
Current liabilities | 3,023 | 4,738 |
Non-current liabilities | 11,333 | 12,752 |
Equity attributable to Non-controlling interests | 1,274 | 1,537 |
Equity attributable to owners of entity | 14,955 | 12,441 |
Subsidiaries with material non-controlling interests | BSREP II PBSA Ltd. | ||
Disclosure of subsidiaries | ||
Current assets | 86 | 60 |
Non-current assets | 3,843 | 3,001 |
Current liabilities | 11 | 1,326 |
Non-current liabilities | 2,688 | 446 |
Equity attributable to Non-controlling interests | 932 | 961 |
Equity attributable to owners of entity | 298 | 328 |
Subsidiaries with material non-controlling interests | BSREP II Korea Office Holdings Pte. Ltd. | ||
Disclosure of subsidiaries | ||
Current assets | 62 | 216 |
Non-current assets | 3,562 | 2,331 |
Current liabilities | 1,378 | 684 |
Non-current liabilities | 651 | 1,011 |
Equity attributable to Non-controlling interests | 1,190 | 423 |
Equity attributable to owners of entity | 405 | 429 |
Subsidiaries with material non-controlling interests | BSREP II MH Holdings LLC | ||
Disclosure of subsidiaries | ||
Current assets | 38 | 245 |
Non-current assets | 1,482 | 3,774 |
Current liabilities | 52 | 454 |
Non-current liabilities | 1,072 | 2,363 |
Equity attributable to Non-controlling interests | 280 | 889 |
Equity attributable to owners of entity | 116 | 313 |
Subsidiaries with material non-controlling interests | Center Parcs UK | ||
Disclosure of subsidiaries | ||
Current assets | 3,857 | 100 |
Non-current assets | 0 | 3,518 |
Current liabilities | 3,064 | 56 |
Non-current liabilities | 0 | 2,755 |
Equity attributable to Non-controlling interests | 588 | 627 |
Equity attributable to owners of entity | 205 | 180 |
Subsidiaries with material non-controlling interests | BSREP CARS Sub-Pooling LLC | ||
Disclosure of subsidiaries | ||
Current assets | 1,458 | 72 |
Non-current assets | 0 | 2,797 |
Current liabilities | 746 | 50 |
Non-current liabilities | 0 | 1,502 |
Equity attributable to Non-controlling interests | 544 | 998 |
Equity attributable to owners of entity | 168 | 319 |
Subsidiaries with material non-controlling interests | BSREP II WS Hotel Holding LLC | ||
Disclosure of subsidiaries | ||
Current assets | 3,972 | |
Non-current assets | 0 | |
Current liabilities | 83 | |
Non-current liabilities | 2,683 | |
Equity attributable to Non-controlling interests | 936 | |
Equity attributable to owners of entity | 270 | |
Subsidiaries with material non-controlling interests | Brookfield Fairfield Multifamily Value Add Fund II | ||
Disclosure of subsidiaries | ||
Current assets | 338 | |
Non-current assets | 4,701 | |
Current liabilities | 350 | |
Non-current liabilities | 3,586 | |
Equity attributable to Non-controlling interests | 799 | |
Equity attributable to owners of entity | 304 | |
Subsidiaries with material non-controlling interests | BSREP II Retail Upper Pooling LLC | ||
Disclosure of subsidiaries | ||
Current assets | 229 | 162 |
Non-current assets | 662 | 1,397 |
Current liabilities | 459 | 405 |
Non-current liabilities | 0 | 585 |
Equity attributable to Non-controlling interests | 376 | 425 |
Equity attributable to owners of entity | 56 | 144 |
Subsidiaries with material non-controlling interests | BSREP II Aries Pooling LLC | ||
Disclosure of subsidiaries | ||
Current assets | 430 | 123 |
Non-current assets | 1,004 | 4,577 |
Current liabilities | 649 | 450 |
Non-current liabilities | 240 | 3,493 |
Equity attributable to Non-controlling interests | 383 | 550 |
Equity attributable to owners of entity | 162 | 207 |
Subsidiaries with material non-controlling interests | Hospitality Investors Trust | ||
Disclosure of subsidiaries | ||
Current assets | 149 | |
Non-current assets | 1,698 | |
Current liabilities | 1,333 | |
Non-current liabilities | 11 | |
Equity attributable to Non-controlling interests | 376 | |
Equity attributable to owners of entity | 127 | |
Subsidiaries with material non-controlling interests | Brookfield India Real Estate Trust | ||
Disclosure of subsidiaries | ||
Current assets | 394 | |
Non-current assets | 1,817 | |
Current liabilities | 552 | |
Non-current liabilities | 887 | |
Equity attributable to Non-controlling interests | 383 | |
Equity attributable to owners of entity | $ 389 | |
Subsidiaries with material non-controlling interests | BSREP India Office Holdings Pte. Ltd. | ||
Disclosure of subsidiaries | ||
Current assets | 28 | |
Non-current assets | 2,280 | |
Current liabilities | 201 | |
Non-current liabilities | 1,627 | |
Equity attributable to Non-controlling interests | 323 | |
Equity attributable to owners of entity | $ 157 |
INVESTMENTS IN SUBSIDIARIES -_4
INVESTMENTS IN SUBSIDIARIES - Summary of Income Statement Items Before Intercompany Eliminations (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Attributable to non-controlling interests | |||
Revenue | $ 7,100 | $ 6,593 | $ 8,203 |
Subsidiaries with material non-controlling interests | |||
Attributable to non-controlling interests | |||
Revenue | 6,780 | 5,428 | 6,178 |
Net income (loss) | 1,856 | 203 | 758 |
Total compre-hensive income | 2,214 | 305 | 821 |
Distributions | 1,826 | 252 | 1,221 |
Attributable to owners of the partnership | |||
Net income (loss) | 754 | (2,056) | 1,470 |
Total compre-hensive income | 1,360 | (2,028) | 1,552 |
Subsidiaries with material non-controlling interests | BPO | |||
Attributable to non-controlling interests | |||
Revenue | 2,151 | 2,079 | 2,149 |
Net income (loss) | 264 | 142 | 318 |
Total compre-hensive income | 257 | 152 | 306 |
Distributions | 79 | 69 | 77 |
Attributable to owners of the partnership | |||
Net income (loss) | 494 | (37) | 757 |
Total compre-hensive income | 482 | 7 | 808 |
Subsidiaries with material non-controlling interests | BPY Subsidiary Holding Entities | |||
Attributable to non-controlling interests | |||
Revenue | 444 | ||
Net income (loss) | (7) | ||
Total compre-hensive income | (11) | ||
Distributions | 389 | ||
Attributable to owners of the partnership | |||
Net income (loss) | (122) | ||
Total compre-hensive income | (48) | ||
Subsidiaries with material non-controlling interests | BPR Retail Holdings LLC | |||
Attributable to non-controlling interests | |||
Revenue | 1,511 | 1,612 | 1,592 |
Net income (loss) | (22) | (211) | 66 |
Total compre-hensive income | (22) | (214) | 67 |
Distributions | 10 | 16 | 122 |
Attributable to owners of the partnership | |||
Net income (loss) | (126) | (1,974) | 652 |
Total compre-hensive income | (101) | (1,999) | 657 |
Subsidiaries with material non-controlling interests | BSREP II PBSA Ltd. | |||
Attributable to non-controlling interests | |||
Revenue | 160 | 129 | 148 |
Net income (loss) | 204 | 63 | 144 |
Total compre-hensive income | 191 | 99 | 173 |
Distributions | 0 | 8 | 85 |
Attributable to owners of the partnership | |||
Net income (loss) | 69 | 21 | 49 |
Total compre-hensive income | 51 | 33 | 59 |
Subsidiaries with material non-controlling interests | BSREP II Korea Office Holdings Pte. Ltd. | |||
Attributable to non-controlling interests | |||
Revenue | 211 | 268 | 219 |
Net income (loss) | 364 | (187) | 52 |
Total compre-hensive income | 304 | (187) | 26 |
Distributions | 0 | 0 | 131 |
Attributable to owners of the partnership | |||
Net income (loss) | 105 | (177) | 15 |
Total compre-hensive income | 28 | (177) | 7 |
Subsidiaries with material non-controlling interests | BSREP II MH Holdings LLC | |||
Attributable to non-controlling interests | |||
Revenue | 266 | 252 | 239 |
Net income (loss) | 572 | 281 | 62 |
Total compre-hensive income | 572 | 281 | 62 |
Distributions | 675 | 11 | 0 |
Attributable to owners of the partnership | |||
Net income (loss) | 183 | 90 | 20 |
Total compre-hensive income | 183 | 90 | 20 |
Subsidiaries with material non-controlling interests | Center Parcs UK | |||
Attributable to non-controlling interests | |||
Revenue | 546 | 189 | 658 |
Net income (loss) | (52) | 128 | 47 |
Total compre-hensive income | 26 | 174 | 139 |
Distributions | 0 | 5 | 320 |
Attributable to owners of the partnership | |||
Net income (loss) | (20) | 37 | 17 |
Total compre-hensive income | 108 | 50 | 51 |
Subsidiaries with material non-controlling interests | BSREP CARS Sub-Pooling LLC | |||
Attributable to non-controlling interests | |||
Revenue | 255 | 293 | 317 |
Net income (loss) | 63 | 103 | 67 |
Total compre-hensive income | 63 | 101 | 62 |
Distributions | 100 | 32 | 48 |
Attributable to owners of the partnership | |||
Net income (loss) | 21 | 36 | 23 |
Total compre-hensive income | 21 | 35 | 21 |
Subsidiaries with material non-controlling interests | BSREP II WS Hotel Holding LLC | |||
Attributable to non-controlling interests | |||
Revenue | 209 | ||
Net income (loss) | 20 | ||
Total compre-hensive income | 361 | ||
Distributions | 56 | ||
Attributable to owners of the partnership | |||
Net income (loss) | 7 | ||
Total compre-hensive income | 465 | ||
Subsidiaries with material non-controlling interests | Brookfield Fairfield Multifamily Value Add Fund II | |||
Attributable to non-controlling interests | |||
Revenue | 404 | ||
Net income (loss) | 246 | ||
Total compre-hensive income | 246 | ||
Distributions | 346 | ||
Attributable to owners of the partnership | |||
Net income (loss) | 107 | ||
Total compre-hensive income | 107 | ||
Subsidiaries with material non-controlling interests | BSREP II Retail Upper Pooling LLC | |||
Attributable to non-controlling interests | |||
Revenue | 199 | 146 | 298 |
Net income (loss) | (48) | 75 | (121) |
Total compre-hensive income | (48) | 75 | (121) |
Distributions | 0 | 100 | 2 |
Attributable to owners of the partnership | |||
Net income (loss) | (50) | 26 | (116) |
Total compre-hensive income | (50) | 26 | (116) |
Subsidiaries with material non-controlling interests | BSREP II Aries Pooling LLC | |||
Attributable to non-controlling interests | |||
Revenue | 95 | 284 | 256 |
Net income (loss) | 255 | (137) | 75 |
Total compre-hensive income | 255 | (112) | 74 |
Distributions | 142 | 0 | 33 |
Attributable to owners of the partnership | |||
Net income (loss) | 87 | (52) | 26 |
Total compre-hensive income | 87 | (62) | 26 |
Subsidiaries with material non-controlling interests | Hospitality Investors Trust | |||
Attributable to non-controlling interests | |||
Revenue | 230 | ||
Net income (loss) | (17) | ||
Total compre-hensive income | 12 | ||
Distributions | 10 | ||
Attributable to owners of the partnership | |||
Net income (loss) | (6) | ||
Total compre-hensive income | 32 | ||
Subsidiaries with material non-controlling interests | Brookfield India Real Estate Trust | |||
Attributable to non-controlling interests | |||
Revenue | 99 | ||
Net income (loss) | 14 | ||
Total compre-hensive income | 8 | ||
Distributions | 19 | ||
Attributable to owners of the partnership | |||
Net income (loss) | 5 | ||
Total compre-hensive income | $ (5) | ||
Subsidiaries with material non-controlling interests | BSREP India Office Holdings Pte. Ltd. | |||
Attributable to non-controlling interests | |||
Revenue | 176 | 187 | |
Net income (loss) | (54) | 144 | |
Total compre-hensive income | (64) | 129 | |
Distributions | 11 | 181 | |
Attributable to owners of the partnership | |||
Net income (loss) | (26) | 70 | |
Total compre-hensive income | $ (31) | 62 | |
Subsidiaries with material non-controlling interests | BSREP UA Holdings LLC | |||
Attributable to non-controlling interests | |||
Revenue | 115 | ||
Net income (loss) | (96) | ||
Total compre-hensive income | (96) | ||
Distributions | 222 | ||
Attributable to owners of the partnership | |||
Net income (loss) | (43) | ||
Total compre-hensive income | $ (43) |
EQUITY ACCOUNTED INVESTMENTS -
EQUITY ACCOUNTED INVESTMENTS - Details of Investments in Joint Ventures and Associates (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021USD ($)jointVenture | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Investments | |||
Carrying value of joint ventures | $ 20,479 | $ 19,438 | |
Carrying value of associates | 328 | 281 | |
Investments in joint ventures and associates | 20,807 | 19,719 | $ 20,764 |
Joint ventures categorized as other threshold | 212 | ||
Other | |||
Investments | |||
Carrying value of associates | $ 328 | $ 281 | |
Other | Bottom of range | |||
Investments | |||
Proportion of ownership interests/voting rights held by the partnership | 13.00% | 16.00% | |
Other | Top of range | |||
Investments | |||
Proportion of ownership interests/voting rights held by the partnership | 31.00% | 31.00% | |
Canary Wharf Joint Venture | |||
Investments | |||
Proportion of ownership interests/voting rights held by the partnership | 50.00% | 50.00% | |
Carrying value of joint ventures | $ 3,529 | $ 3,440 | |
Manhattan West, New York | |||
Investments | |||
Proportion of ownership interests/voting rights held by the partnership | 56.00% | 56.00% | |
Carrying value of joint ventures | $ 2,396 | $ 2,122 | |
Ala Moana Center, Hawaii | |||
Investments | |||
Proportion of ownership interests/voting rights held by the partnership | 50.00% | 50.00% | |
Carrying value of joint ventures | $ 1,939 | $ 1,862 | |
BPYU JV Pool A | |||
Investments | |||
Proportion of ownership interests/voting rights held by the partnership | 50.00% | 50.00% | |
Carrying value of joint ventures | $ 1,810 | $ 1,723 | |
BPYU JV Pool B | |||
Investments | |||
Proportion of ownership interests/voting rights held by the partnership | 51.00% | 51.00% | |
Carrying value of joint ventures | $ 1,140 | $ 1,121 | |
Fashion Show, Las Vegas | |||
Investments | |||
Proportion of ownership interests/voting rights held by the partnership | 50.00% | 50.00% | |
Carrying value of joint ventures | $ 856 | $ 835 | |
BPYU JV Pool C | |||
Investments | |||
Proportion of ownership interests/voting rights held by the partnership | 50.00% | 50.00% | |
Carrying value of joint ventures | $ 679 | $ 692 | |
Grace Building | |||
Investments | |||
Proportion of ownership interests/voting rights held by the partnership | 50.00% | 50.00% | |
Carrying value of joint ventures | $ 702 | $ 676 | |
BPYU JV Pool D | |||
Investments | |||
Proportion of ownership interests/voting rights held by the partnership | 48.00% | 48.00% | |
Carrying value of joint ventures | $ 612 | $ 548 | |
Southern Cross East, Melbourne | |||
Investments | |||
Proportion of ownership interests/voting rights held by the partnership | 50.00% | 50.00% | |
Carrying value of joint ventures | $ 472 | $ 433 | |
The Grand Canal Shoppes, Las Vegas | |||
Investments | |||
Proportion of ownership interests/voting rights held by the partnership | 50.00% | 50.00% | |
Carrying value of joint ventures | $ 455 | $ 416 | |
One Liberty Plaza, New York | |||
Investments | |||
Proportion of ownership interests/voting rights held by the partnership | 51.00% | 51.00% | |
Carrying value of joint ventures | $ 402 | $ 382 | |
680 George Street, Sydney | |||
Investments | |||
Proportion of ownership interests/voting rights held by the partnership | 50.00% | 50.00% | |
Carrying value of joint ventures | $ 389 | $ 375 | |
Brookfield Place Sydney | |||
Investments | |||
Proportion of ownership interests/voting rights held by the partnership | 25.00% | 0.00% | |
Carrying value of joint ventures | $ 376 | $ 0 | |
The Mall in Columbia, Maryland | |||
Investments | |||
Proportion of ownership interests/voting rights held by the partnership | 50.00% | 50.00% | |
Carrying value of joint ventures | $ 315 | $ 298 | |
Shops at La Cantera, Texas | |||
Investments | |||
Proportion of ownership interests/voting rights held by the partnership | 50.00% | 50.00% | |
Carrying value of joint ventures | $ 270 | $ 249 | |
BPYU JV Pool G | |||
Investments | |||
Proportion of ownership interests/voting rights held by the partnership | 68.00% | 68.00% | |
Carrying value of joint ventures | $ 263 | $ 251 | |
Potsdamer Platz, Berlin | |||
Investments | |||
Proportion of ownership interests/voting rights held by the partnership | 25.00% | 25.00% | |
Carrying value of joint ventures | $ 261 | $ 255 | |
Baybrook Mall, Texas | |||
Investments | |||
Proportion of ownership interests/voting rights held by the partnership | 51.00% | 51.00% | |
Carrying value of joint ventures | $ 254 | $ 251 | |
Brookfield Brazil Retail Fundo de Investimento em Participações (“Brazil Retail”) | |||
Investments | |||
Proportion of ownership interests/voting rights held by the partnership | 43.00% | 46.00% | |
Carrying value of joint ventures | $ 228 | $ 251 | |
Brookfield D.C. Office Partners LLC ("D.C. Fund"), Washington, D.C. | |||
Investments | |||
Proportion of ownership interests/voting rights held by the partnership | 51.00% | 51.00% | |
Carrying value of joint ventures | $ 225 | $ 257 | |
BPYU JV Pool F | |||
Investments | |||
Proportion of ownership interests/voting rights held by the partnership | 51.00% | 51.00% | |
Carrying value of joint ventures | $ 223 | $ 253 | |
Miami Design District, Florida | |||
Investments | |||
Proportion of ownership interests/voting rights held by the partnership | 22.00% | 22.00% | |
Carrying value of joint ventures | $ 212 | $ 238 | |
Other | |||
Investments | |||
Carrying value of joint ventures | $ 2,471 | $ 2,510 | |
Number of joint ventures | jointVenture | 36 | ||
Other | Bottom of range | |||
Investments | |||
Proportion of ownership interests/voting rights held by the partnership | 15.00% | 14.00% | |
Other | Top of range | |||
Investments | |||
Proportion of ownership interests/voting rights held by the partnership | 55.00% | 55.00% |
EQUITY ACCOUNTED INVESTMENTS _2
EQUITY ACCOUNTED INVESTMENTS - Equity Accounted Investments, Reconciliation (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Reconciliation Of Changes In Investments | |||
Equity accounted investments, beginning of year | $ 19,719 | $ 20,764 | |
Additions | 698 | 522 | |
Disposals and return of capital distributions | (459) | (108) | |
Share of net (losses) earnings from equity accounted investments | 1,020 | (749) | $ 1,969 |
Distributions received | (172) | (618) | |
Foreign currency translation | (145) | 107 | |
Reclassification to assets held for sale | (210) | 121 | |
Other comprehensive income and other | 356 | (320) | |
Equity accounted investments, end of year | $ 20,807 | $ 19,719 | $ 20,764 |
EQUITY ACCOUNTED INVESTMENTS _3
EQUITY ACCOUNTED INVESTMENTS - Key Valuation Metrics (Details) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Investments | ||
Terminal capitalization rate (percent) | 7.00% | |
Investments accounted for using equity method | Core Office | Discounted cash flow | United States | ||
Investments | ||
Discount rate (percent) | 6.40% | 6.40% |
Terminal capitalization rate (percent) | 4.70% | 4.70% |
Investment horizon (yrs.) | 12 years | 11 years |
Investments accounted for using equity method | Core Office | Discounted cash flow | Australia | ||
Investments | ||
Discount rate (percent) | 5.90% | 6.30% |
Terminal capitalization rate (percent) | 4.80% | 5.30% |
Investment horizon (yrs.) | 10 years | 10 years |
Investments accounted for using equity method | Core Office | Discounted cash flow | Europe | ||
Investments | ||
Discount rate (percent) | 5.50% | 5.60% |
Terminal capitalization rate (percent) | 4.60% | 4.70% |
Investment horizon (yrs.) | 10 years | 10 years |
Investments accounted for using equity method | Core Office | Discounted cash flow | Dubai | ||
Investments | ||
Discount rate (percent) | 7.70% | 8.60% |
Terminal capitalization rate (percent) | 6.50% | 7.00% |
Investment horizon (yrs.) | 10 years | 10 years |
Investments accounted for using equity method | Dubai | Discounted cash flow | ||
Investments | ||
Discount rate (percent) | 6.30% | 6.30% |
Terminal capitalization rate (percent) | 4.90% | 4.90% |
Investment horizon (yrs.) | 10 years | 10 years |
Investments accounted for using equity method | LP Investments - Office | Discounted cash flow | ||
Investments | ||
Discount rate (percent) | 5.40% | 6.00% |
Terminal capitalization rate (percent) | 4.30% | 5.30% |
Investment horizon (yrs.) | 10 years | 10 years |
Investments accounted for using equity method | LP Investments Retail | Discounted cash flow | ||
Investments | ||
Discount rate (percent) | 7.40% | 7.40% |
Terminal capitalization rate (percent) | 6.10% | 6.10% |
Investment horizon (yrs.) | 10 years | 10 years |
Investments accounted for using equity method | Multifamily | Direct capitalization | ||
Investments | ||
Discount rate (percent) | 4.20% | 4.30% |
EQUITY ACCOUNTED INVESTMENTS _4
EQUITY ACCOUNTED INVESTMENTS - Schedule of Assets and Liabilities of Joint Ventures and Associates (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Investments | ||
Non-current assets | $ 96,569 | $ 102,942 |
Non-current liabilities | 46,352 | 48,208 |
Other | ||
Investments | ||
Current assets | 180 | 91 |
Non-current assets | 1,253 | 2,800 |
Current liabilities | 81 | 998 |
Non-current liabilities | 796 | 1,111 |
Net assets | 556 | 782 |
Associates | ||
Investments | ||
Current assets | 180 | 91 |
Non-current assets | 1,253 | 2,800 |
Current liabilities | 81 | 998 |
Non-current liabilities | 796 | 1,111 |
Net assets | 556 | 782 |
Canary Wharf Joint Venture | ||
Investments | ||
Current assets | 1,276 | 1,608 |
Non-current assets | 13,213 | 13,160 |
Current liabilities | 1,242 | 2,146 |
Non-current liabilities | 6,187 | 5,742 |
Net assets | 7,060 | 6,880 |
Manhattan West, New York | ||
Investments | ||
Current assets | 229 | 361 |
Non-current assets | 8,434 | 7,775 |
Current liabilities | 153 | 497 |
Non-current liabilities | 4,231 | 3,850 |
Net assets | 4,279 | 3,789 |
Ala Moana | ||
Investments | ||
Current assets | 131 | 156 |
Non-current assets | 5,695 | 5,508 |
Current liabilities | 52 | 50 |
Non-current liabilities | 1,895 | 1,889 |
Net assets | 3,879 | 3,725 |
BPYU JV Pool A | ||
Investments | ||
Current assets | 249 | 256 |
Non-current assets | 5,763 | 5,618 |
Current liabilities | 122 | 108 |
Non-current liabilities | 2,269 | 2,320 |
Net assets | 3,621 | 3,446 |
BPYU JV Pool B | ||
Investments | ||
Current assets | 353 | 301 |
Non-current assets | 5,508 | 5,572 |
Current liabilities | 231 | 161 |
Non-current liabilities | 3,396 | 3,514 |
Net assets | 2,234 | 2,198 |
Fashion Show, Las Vegas | ||
Investments | ||
Current assets | 23 | 54 |
Non-current assets | 2,538 | 2,461 |
Current liabilities | 19 | 16 |
Non-current liabilities | 829 | 829 |
Net assets | 1,713 | 1,670 |
Grace Building | ||
Investments | ||
Current assets | 73 | 130 |
Non-current assets | 2,593 | 2,495 |
Current liabilities | 20 | 34 |
Non-current liabilities | 1,238 | 1,237 |
Net assets | 1,408 | 1,354 |
BPYU JV Pool C | ||
Investments | ||
Current assets | 52 | 67 |
Non-current assets | 2,100 | 2,090 |
Current liabilities | 44 | 37 |
Non-current liabilities | 669 | 655 |
Net assets | 1,439 | 1,465 |
BPYU JV Pool D | ||
Investments | ||
Current assets | 40 | 67 |
Non-current assets | 1,763 | 1,619 |
Current liabilities | 49 | 69 |
Non-current liabilities | 471 | 469 |
Net assets | 1,283 | 1,148 |
Southern Cross East | ||
Investments | ||
Current assets | 11 | 8 |
Non-current assets | 944 | 869 |
Current liabilities | 11 | 10 |
Non-current liabilities | 0 | 0 |
Net assets | 944 | 867 |
The Grand Canal Shoppes, Las Vegas | ||
Investments | ||
Current assets | 56 | 49 |
Non-current assets | 1,867 | 1,794 |
Current liabilities | 40 | 38 |
Non-current liabilities | 974 | 974 |
Net assets | 909 | 831 |
One Liberty Plaza, New York | ||
Investments | ||
Current assets | 49 | 40 |
Non-current assets | 1,625 | 1,681 |
Current liabilities | 11 | 118 |
Non-current liabilities | 875 | 853 |
Net assets | 788 | 750 |
680 George Street, Sydney | ||
Investments | ||
Current assets | 8 | 9 |
Non-current assets | 777 | 749 |
Current liabilities | 8 | 7 |
Non-current liabilities | 0 | 0 |
Net assets | 777 | 751 |
Brookfield Place Sydney | ||
Investments | ||
Current assets | 10 | |
Non-current assets | 1,504 | |
Current liabilities | 13 | |
Non-current liabilities | 2 | |
Net assets | 1,499 | |
The Mall in Columbia | ||
Investments | ||
Current assets | 44 | 29 |
Non-current assets | 845 | 825 |
Current liabilities | 13 | 13 |
Non-current liabilities | 248 | 246 |
Net assets | 628 | 595 |
Shops at La Cantera, Texas | ||
Investments | ||
Current assets | 11 | 20 |
Non-current assets | 788 | 736 |
Current liabilities | 10 | 11 |
Non-current liabilities | 249 | 246 |
Net assets | 540 | 499 |
BPYU JV Pool G | ||
Investments | ||
Current assets | 16 | 19 |
Non-current assets | 738 | 721 |
Current liabilities | 16 | 15 |
Non-current liabilities | 351 | 355 |
Net assets | 387 | 370 |
Potsdamer Platz | ||
Investments | ||
Current assets | 70 | 69 |
Non-current assets | 2,383 | 2,397 |
Current liabilities | 43 | 42 |
Non-current liabilities | 1,366 | 1,402 |
Net assets | 1,044 | 1,022 |
Baybrook Mall, Texas | ||
Investments | ||
Current assets | 15 | 19 |
Non-current assets | 723 | 718 |
Current liabilities | 13 | 13 |
Non-current liabilities | 227 | 232 |
Net assets | 498 | 492 |
Brazil Retail | ||
Investments | ||
Current assets | 74 | 27 |
Non-current assets | 701 | 764 |
Current liabilities | 4 | 6 |
Non-current liabilities | 69 | 74 |
Net assets | 702 | 711 |
D.C. Fund | ||
Investments | ||
Current assets | 24 | 45 |
Non-current assets | 1,195 | 1,241 |
Current liabilities | 201 | 353 |
Non-current liabilities | 577 | 429 |
Net assets | 441 | 504 |
BPYU JV Pool F | ||
Investments | ||
Current assets | 17 | 21 |
Non-current assets | 720 | 709 |
Current liabilities | 12 | 6 |
Non-current liabilities | 287 | 227 |
Net assets | 438 | 497 |
Miami Design District | ||
Investments | ||
Current assets | 73 | 68 |
Non-current assets | 1,600 | 1,635 |
Current liabilities | 30 | 50 |
Non-current liabilities | 689 | 576 |
Net assets | 954 | 1,077 |
Other | ||
Investments | ||
Current assets | 1,405 | 1,540 |
Non-current assets | 12,879 | 13,881 |
Current liabilities | 1,476 | 1,088 |
Non-current liabilities | 6,926 | 7,279 |
Net assets | 5,882 | 7,054 |
Joint ventures | ||
Investments | ||
Current assets | 4,309 | 4,963 |
Non-current assets | 76,896 | 75,018 |
Current liabilities | 3,833 | 4,888 |
Non-current liabilities | 34,025 | 33,398 |
Net assets | 43,347 | 41,695 |
Joint ventures | Associates | ||
Investments | ||
Current assets | 4,489 | 5,054 |
Non-current assets | 78,149 | 77,818 |
Current liabilities | 3,914 | 5,886 |
Non-current liabilities | 34,821 | 34,509 |
Net assets | $ 43,903 | $ 42,477 |
EQUITY ACCOUNTED INVESTMENTS _5
EQUITY ACCOUNTED INVESTMENTS - Schedule of Revenues and Expenses of Joint Ventures and Associates (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Investments | |||
Revenue | $ 7,100 | $ 6,593 | $ 8,203 |
Expenses | 6,652 | 6,360 | 7,415 |
Share of net earnings from equity accounted investments | 1,020 | (749) | 1,969 |
Net income (loss) | 3,499 | (2,058) | 3,157 |
Other comprehensive income | 1,004 | 414 | 323 |
Diplomat | |||
Investments | |||
Revenue | 172 | ||
Expenses | 181 | ||
Fair value gains (losses) | (6) | ||
Share of net earnings from equity accounted investments | (13) | ||
Net income (loss) | (15) | ||
Other comprehensive income | 0 | ||
Distributions received | 73 | ||
BPREP | |||
Investments | |||
Revenue | 0 | ||
Expenses | 0 | ||
Fair value gains (losses) | 0 | ||
Share of net earnings from equity accounted investments | 0 | ||
Net income (loss) | 0 | ||
Other comprehensive income | 0 | ||
Distributions received | 0 | ||
Other | |||
Investments | |||
Revenue | 103 | 92 | 216 |
Expenses | 174 | 186 | 251 |
Fair value gains (losses) | (8) | (39) | (10) |
Share of net earnings from equity accounted investments | (50) | (90) | (11) |
Net income (loss) | (72) | (135) | (42) |
Other comprehensive income | 949 | (939) | 50 |
Distributions received | 0 | 0 | 31 |
Associates | |||
Investments | |||
Revenue | 103 | 92 | 388 |
Expenses | 174 | 186 | 432 |
Fair value gains (losses) | (8) | (39) | (16) |
Share of net earnings from equity accounted investments | (50) | (90) | (24) |
Net income (loss) | (72) | (135) | (57) |
Other comprehensive income | 949 | (939) | 50 |
Distributions received | 0 | 0 | 104 |
Joint Ventures And Associates | |||
Investments | |||
Share of net earnings from equity accounted investments | 1,020 | (749) | 1,969 |
Associates | Diplomat | |||
Investments | |||
Share of net earnings from equity accounted investments | 0 | ||
Associates | BPREP | |||
Investments | |||
Share of net earnings from equity accounted investments | 0 | ||
Associates | Other | |||
Investments | |||
Share of net earnings from equity accounted investments | 7 | (2) | 3 |
Associates | Associates | |||
Investments | |||
Share of net earnings from equity accounted investments | 7 | (2) | 3 |
Canary Wharf Joint Venture | |||
Investments | |||
Revenue | 607 | 619 | 555 |
Expenses | 453 | 377 | 320 |
Fair value gains (losses) | 60 | (713) | 126 |
Share of net earnings from equity accounted investments | 128 | (226) | 191 |
Net income (loss) | 256 | (452) | 383 |
Other comprehensive income | 2 | (4) | (11) |
Distributions received | 2 | 4 | 9 |
Canary Wharf Joint Venture | Joint ventures where entity is venturer | |||
Investments | |||
Share of net earnings from equity accounted investments | 42 | 19 | 22 |
Manhattan West, New York | |||
Investments | |||
Revenue | 350 | 259 | 201 |
Expenses | 225 | 179 | 136 |
Fair value gains (losses) | 101 | 379 | 155 |
Share of net earnings from equity accounted investments | 127 | 257 | 123 |
Net income (loss) | 226 | 459 | 220 |
Other comprehensive income | 72 | (75) | (43) |
Distributions received | 48 | 221 | 42 |
Manhattan West, New York | Joint ventures where entity is venturer | |||
Investments | |||
Share of net earnings from equity accounted investments | 0 | 0 | 0 |
Ala Moana | |||
Investments | |||
Revenue | 241 | 269 | 300 |
Expenses | 154 | 158 | 149 |
Fair value gains (losses) | 121 | (279) | 758 |
Share of net earnings from equity accounted investments | 104 | (84) | 455 |
Net income (loss) | 208 | (168) | 909 |
Other comprehensive income | 0 | 0 | 0 |
Distributions received | 3 | 9 | 48 |
Ala Moana | Joint ventures where entity is venturer | |||
Investments | |||
Share of net earnings from equity accounted investments | 0 | 0 | 0 |
BPYU JV Pool A | |||
Investments | |||
Revenue | 329 | 353 | 379 |
Expenses | 220 | 230 | 214 |
Fair value gains (losses) | 92 | (543) | 172 |
Share of net earnings from equity accounted investments | 100 | (210) | 168 |
Net income (loss) | 201 | (420) | 337 |
Other comprehensive income | 0 | 0 | 0 |
Distributions received | 0 | 0 | 6 |
BPYU JV Pool A | Joint ventures where entity is venturer | |||
Investments | |||
Share of net earnings from equity accounted investments | 0 | 0 | 0 |
BPYU JV Pool B | |||
Investments | |||
Revenue | 458 | 483 | 564 |
Expenses | 347 | 356 | 350 |
Fair value gains (losses) | (46) | (601) | (50) |
Share of net earnings from equity accounted investments | 35 | (240) | 116 |
Net income (loss) | 69 | (470) | 229 |
Other comprehensive income | 0 | 0 | 0 |
Distributions received | 0 | 0 | 0 |
BPYU JV Pool B | Joint ventures where entity is venturer | |||
Investments | |||
Share of net earnings from equity accounted investments | 4 | 4 | 65 |
Fashion Show, Las Vegas | |||
Investments | |||
Revenue | 98 | 103 | 118 |
Expenses | 54 | 56 | 57 |
Fair value gains (losses) | 63 | (46) | (112) |
Share of net earnings from equity accounted investments | 53 | 0 | (26) |
Net income (loss) | 107 | 1 | (51) |
Other comprehensive income | 0 | 0 | 0 |
Distributions received | 8 | 8 | 15 |
Fashion Show, Las Vegas | Joint ventures where entity is venturer | |||
Investments | |||
Share of net earnings from equity accounted investments | 0 | 0 | 0 |
Grace Building | |||
Investments | |||
Revenue | 151 | 108 | 107 |
Expenses | 86 | 95 | 84 |
Fair value gains (losses) | 47 | 121 | 215 |
Share of net earnings from equity accounted investments | 56 | 67 | 119 |
Net income (loss) | 112 | 134 | 238 |
Other comprehensive income | 0 | 0 | 0 |
Distributions received | 27 | 123 | 0 |
Grace Building | Joint ventures where entity is venturer | |||
Investments | |||
Share of net earnings from equity accounted investments | 0 | 0 | 0 |
BPYU JV Pool C | |||
Investments | |||
Revenue | 138 | 145 | 158 |
Expenses | 88 | 80 | 73 |
Fair value gains (losses) | (13) | (222) | 7 |
Share of net earnings from equity accounted investments | 19 | (78) | 46 |
Net income (loss) | 37 | (157) | 92 |
Other comprehensive income | 0 | 0 | 0 |
Distributions received | 2 | 6 | 10 |
BPYU JV Pool C | Joint ventures where entity is venturer | |||
Investments | |||
Share of net earnings from equity accounted investments | 0 | 0 | 0 |
BPYU JV Pool D | |||
Investments | |||
Revenue | 80 | 71 | 0 |
Expenses | 37 | 36 | 0 |
Fair value gains (losses) | 121 | (203) | (49) |
Share of net earnings from equity accounted investments | 78 | (72) | 8 |
Net income (loss) | 164 | (151) | 15 |
Other comprehensive income | 0 | 0 | 0 |
Distributions received | 1 | 3 | 5 |
BPYU JV Pool D | Joint ventures where entity is venturer | |||
Investments | |||
Share of net earnings from equity accounted investments | 0 | 17 | 64 |
Southern Cross East | |||
Investments | |||
Revenue | 47 | 40 | 42 |
Expenses | 9 | 6 | 6 |
Fair value gains (losses) | 125 | 6 | 110 |
Share of net earnings from equity accounted investments | 81 | 20 | 73 |
Net income (loss) | 163 | 40 | 146 |
Other comprehensive income | 0 | 0 | 0 |
Distributions received | 16 | 18 | 5 |
Southern Cross East | Joint ventures where entity is venturer | |||
Investments | |||
Share of net earnings from equity accounted investments | 0 | 0 | 0 |
The Grand Canal Shoppes, Las Vegas | |||
Investments | |||
Revenue | 93 | 92 | 138 |
Expenses | 75 | 84 | 73 |
Fair value gains (losses) | 61 | (18) | (44) |
Share of net earnings from equity accounted investments | 40 | (5) | 11 |
Net income (loss) | 79 | (10) | 21 |
Other comprehensive income | 0 | 0 | 0 |
Distributions received | 0 | 0 | 21 |
The Grand Canal Shoppes, Las Vegas | Joint ventures where entity is venturer | |||
Investments | |||
Share of net earnings from equity accounted investments | 0 | 0 | 0 |
One Liberty Plaza, New York | |||
Investments | |||
Revenue | 131 | 149 | 134 |
Expenses | 81 | 88 | 84 |
Fair value gains (losses) | (21) | (34) | (25) |
Share of net earnings from equity accounted investments | 15 | 14 | 13 |
Net income (loss) | 29 | 27 | 25 |
Other comprehensive income | 29 | (35) | (33) |
Distributions received | 7 | 21 | 9 |
One Liberty Plaza, New York | Joint ventures where entity is venturer | |||
Investments | |||
Share of net earnings from equity accounted investments | 0 | 0 | 0 |
680 George Street, Sydney | |||
Investments | |||
Revenue | 38 | 36 | 36 |
Expenses | 11 | 9 | 9 |
Fair value gains (losses) | 75 | 3 | 47 |
Share of net earnings from equity accounted investments | 51 | 15 | 37 |
Net income (loss) | 102 | 30 | 74 |
Other comprehensive income | 0 | 0 | 0 |
Distributions received | 15 | 12 | 15 |
680 George Street, Sydney | Joint ventures where entity is venturer | |||
Investments | |||
Share of net earnings from equity accounted investments | 0 | 0 | 0 |
Brookfield Place Sydney | |||
Investments | |||
Revenue | 27 | ||
Expenses | 13 | ||
Fair value gains (losses) | 53 | ||
Share of net earnings from equity accounted investments | 17 | ||
Net income (loss) | 67 | ||
Other comprehensive income | 0 | ||
Distributions received | 4 | ||
Brookfield Place Sydney | Joint ventures where entity is venturer | |||
Investments | |||
Share of net earnings from equity accounted investments | 0 | ||
The Mall in Columbia | |||
Investments | |||
Revenue | 49 | 55 | 56 |
Expenses | 28 | 33 | 29 |
Fair value gains (losses) | 14 | (58) | 5 |
Share of net earnings from equity accounted investments | 17 | (18) | 16 |
Net income (loss) | 35 | (36) | 32 |
Other comprehensive income | 0 | 0 | 0 |
Distributions received | 0 | 0 | 0 |
The Mall in Columbia | Joint ventures where entity is venturer | |||
Investments | |||
Share of net earnings from equity accounted investments | 0 | 0 | 0 |
Shops at La Cantera, Texas | |||
Investments | |||
Revenue | 0 | 11 | |
Expenses | 17 | 24 | |
Fair value gains (losses) | 43 | (28) | |
Share of net earnings from equity accounted investments | 31 | (5) | |
Net income (loss) | 62 | (10) | |
Other comprehensive income | 0 | 0 | |
Distributions received | 0 | 0 | |
Shops at La Cantera, Texas | Joint ventures where entity is venturer | |||
Investments | |||
Share of net earnings from equity accounted investments | 36 | 31 | |
BPYU JV Pool G | |||
Investments | |||
Revenue | 44 | 48 | 53 |
Expenses | 33 | 33 | 32 |
Fair value gains (losses) | 9 | (27) | 50 |
Share of net earnings from equity accounted investments | 14 | (8) | 48 |
Net income (loss) | 20 | (12) | 71 |
Other comprehensive income | 0 | 0 | 0 |
Distributions received | 0 | 0 | 0 |
BPYU JV Pool G | Joint ventures where entity is venturer | |||
Investments | |||
Share of net earnings from equity accounted investments | 0 | 0 | 0 |
Potsdamer Platz | |||
Investments | |||
Revenue | 73 | 79 | |
Expenses | 54 | 61 | |
Fair value gains (losses) | 83 | 25 | |
Share of net earnings from equity accounted investments | 25 | 11 | |
Net income (loss) | 102 | 43 | |
Other comprehensive income | 0 | 0 | |
Distributions received | 0 | 0 | |
Potsdamer Platz | Joint ventures where entity is venturer | |||
Investments | |||
Share of net earnings from equity accounted investments | 0 | 0 | |
Baybrook Mall, Texas | |||
Investments | |||
Revenue | 39 | 40 | 45 |
Expenses | 25 | 26 | 26 |
Fair value gains (losses) | 1 | (134) | 204 |
Share of net earnings from equity accounted investments | 8 | (61) | 114 |
Net income (loss) | 15 | (120) | 223 |
Other comprehensive income | 0 | 0 | 0 |
Distributions received | 0 | 0 | 0 |
Baybrook Mall, Texas | Joint ventures where entity is venturer | |||
Investments | |||
Share of net earnings from equity accounted investments | 0 | 0 | 0 |
Brazil Retail | |||
Investments | |||
Revenue | 28 | 28 | 59 |
Expenses | 16 | 12 | 54 |
Fair value gains (losses) | 36 | (22) | 157 |
Share of net earnings from equity accounted investments | 22 | (3) | 75 |
Net income (loss) | 48 | (6) | 162 |
Other comprehensive income | 0 | 0 | 0 |
Distributions received | 9 | 5 | 39 |
Brazil Retail | Joint ventures where entity is venturer | |||
Investments | |||
Share of net earnings from equity accounted investments | 0 | 0 | 0 |
D.C. Fund | |||
Investments | |||
Revenue | 107 | 115 | 125 |
Expenses | 76 | 80 | 82 |
Fair value gains (losses) | (68) | (89) | (50) |
Share of net earnings from equity accounted investments | (19) | (27) | (4) |
Net income (loss) | (37) | (54) | (7) |
Other comprehensive income | 1 | (1) | 0 |
Distributions received | 13 | 0 | 0 |
D.C. Fund | Joint ventures where entity is venturer | |||
Investments | |||
Share of net earnings from equity accounted investments | 0 | 0 | 0 |
BPYU JV Pool F | |||
Investments | |||
Revenue | 36 | 37 | 39 |
Expenses | 20 | 7 | 17 |
Fair value gains (losses) | 5 | (64) | 178 |
Share of net earnings from equity accounted investments | 11 | (18) | 102 |
Net income (loss) | 21 | (34) | 200 |
Other comprehensive income | 0 | 0 | 0 |
Distributions received | 0 | 0 | 0 |
BPYU JV Pool F | Joint ventures where entity is venturer | |||
Investments | |||
Share of net earnings from equity accounted investments | 0 | 0 | 0 |
Miami Design District | |||
Investments | |||
Revenue | 84 | 65 | 72 |
Expenses | 75 | 88 | 67 |
Fair value gains (losses) | (36) | (51) | (234) |
Share of net earnings from equity accounted investments | (6) | (16) | (51) |
Net income (loss) | (27) | (74) | (229) |
Other comprehensive income | 0 | 0 | 0 |
Distributions received | 0 | 0 | 0 |
Miami Design District | Joint ventures where entity is venturer | |||
Investments | |||
Share of net earnings from equity accounted investments | 0 | 0 | 0 |
Other | |||
Investments | |||
Revenue | 1,122 | 1,063 | 1,746 |
Expenses | 1,118 | 832 | 1,217 |
Fair value gains (losses) | 105 | (7) | 349 |
Share of net earnings from equity accounted investments | 63 | 28 | 359 |
Net income (loss) | 162 | 237 | 889 |
Other comprehensive income | 271 | 8 | (17) |
Distributions received | 17 | 188 | 142 |
Other | Joint ventures where entity is venturer | |||
Investments | |||
Share of net earnings from equity accounted investments | 53 | 13 | 11 |
Joint ventures | |||
Investments | |||
Revenue | 4,370 | 4,268 | 4,927 |
Expenses | 3,315 | 2,950 | 3,079 |
Fair value gains (losses) | 1,031 | (2,605) | 1,969 |
Share of net earnings from equity accounted investments | 1,070 | (659) | 1,993 |
Net income (loss) | 2,221 | (1,203) | 3,979 |
Other comprehensive income | 375 | (107) | (104) |
Distributions received | 172 | 618 | 366 |
Joint ventures | Joint Ventures And Associates | |||
Investments | |||
Revenue | 4,473 | 4,360 | 5,315 |
Expenses | 3,489 | 3,136 | 3,511 |
Fair value gains (losses) | 1,023 | (2,644) | 1,953 |
Share of net earnings from equity accounted investments | 142 | 82 | 165 |
Net income (loss) | 2,149 | (1,338) | 3,922 |
Other comprehensive income | 1,324 | (1,046) | (54) |
Distributions received | 172 | 618 | 470 |
Joint ventures | Joint ventures where entity is venturer | |||
Investments | |||
Share of net earnings from equity accounted investments | $ 135 | $ 84 | $ 162 |
INVESTMENTS IN JOINT OPERATIO_3
INVESTMENTS IN JOINT OPERATIONS - Schedule of Investments in Joint Operations (Details) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Brookfield Place - Retail & Parking | ||
Disclosure of joint operations | ||
Proportion of ownership interest in joint operation | 56.00% | 56.00% |
Brookfield Place III | ||
Disclosure of joint operations | ||
Proportion of ownership interest in joint operation | 54.00% | 54.00% |
Exchange Tower | ||
Disclosure of joint operations | ||
Proportion of ownership interest in joint operation | 50.00% | 50.00% |
First Canadian Place | ||
Disclosure of joint operations | ||
Proportion of ownership interest in joint operation | 25.00% | 25.00% |
Percentage of land subject to ground lease | 50.00% | |
Percentage of beneficial interest in property to be acquired | 50.00% | |
2 Queen Street East | ||
Disclosure of joint operations | ||
Proportion of ownership interest in joint operation | 25.00% | 25.00% |
Bankers Hall | ||
Disclosure of joint operations | ||
Proportion of ownership interest in joint operation | 50.00% | 50.00% |
Bankers Court | ||
Disclosure of joint operations | ||
Proportion of ownership interest in joint operation | 50.00% | 50.00% |
Bankers West Parkade | ||
Disclosure of joint operations | ||
Proportion of ownership interest in joint operation | 50.00% | 50.00% |
Suncor Energy Centre | ||
Disclosure of joint operations | ||
Proportion of ownership interest in joint operation | 50.00% | 50.00% |
Fifth Avenue Place | ||
Disclosure of joint operations | ||
Proportion of ownership interest in joint operation | 50.00% | 50.00% |
Place de Ville I(3) | ||
Disclosure of joint operations | ||
Proportion of ownership interest in joint operation | 0.00% | 25.00% |
Place de Ville II(3) | ||
Disclosure of joint operations | ||
Proportion of ownership interest in joint operation | 0.00% | 25.00% |
300 Queen Street(3) | ||
Disclosure of joint operations | ||
Proportion of ownership interest in joint operation | 0.00% | 25.00% |
52 Goulburn Street | ||
Disclosure of joint operations | ||
Proportion of ownership interest in joint operation | 24.00% | 24.00% |
235 St Georges Terrace | ||
Disclosure of joint operations | ||
Proportion of ownership interest in joint operation | 24.00% | 24.00% |
108 St Georges Terrace | ||
Disclosure of joint operations | ||
Proportion of ownership interest in joint operation | 50.00% | 50.00% |
Southern Cross West | ||
Disclosure of joint operations | ||
Proportion of ownership interest in joint operation | 50.00% | 50.00% |
Shopping Patio Higienópolis | ||
Disclosure of joint operations | ||
Proportion of ownership interest in joint operation | 25.00% | 25.00% |
Shopping Patio Higienópolis - Expansion | ||
Disclosure of joint operations | ||
Proportion of ownership interest in joint operation | 32.00% | 32.00% |
Shopping Patio Higienópolis - Co-Invest | ||
Disclosure of joint operations | ||
Proportion of ownership interest in joint operation | 5.00% | 5.00% |
Shopping Patio Higienópolis Expansion - Co-Invest | ||
Disclosure of joint operations | ||
Proportion of ownership interest in joint operation | 6.00% | 6.00% |
G2-Infospace Gurgaon | ||
Disclosure of joint operations | ||
Proportion of ownership interest in joint operation | 72.00% | 72.00% |
PROPERTY, PLANT AND EQUIPMENT -
PROPERTY, PLANT AND EQUIPMENT - Useful Life (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Building and building improvements | Bottom of range | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful life (in years) | 2 years |
Building and building improvements | Top of range | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful life (in years) | 50 years |
Land improvements | Top of range | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful life (in years) | 15 years |
Furniture, fixtures and equipment | Bottom of range | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful life (in years) | 3 years |
Furniture, fixtures and equipment | 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 - Business Combination (Details) - Hospitality Investors Trust $ in Millions | Jun. 30, 2021USD ($) |
Disclosure of detailed information about business combination [line items] | |
Cash and cash equivalents | $ 50 |
Accounts receivable and other | 74 |
Equity accounted investments | 7 |
Property, plant and equipment | 1,727 |
Total assets | 1,858 |
Debt obligations | (1,319) |
Accounts payable and other | (75) |
Identifiable assets acquired (liabilities assumed) | 464 |
Consideration | 464 |
Contingent consideration | $ 8 |
PROPERTY, PLANT AND EQUIPMENT_3
PROPERTY, PLANT AND EQUIPMENT - Narratives (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2021 | Jun. 30, 2021 | |
Disclosure of detailed information about investment property | |||||
Properties. fair value | $ 2,500 | $ 2,900 | |||
Revenue | 7,100 | 6,593 | $ 8,203 | ||
Net income (loss) | 3,499 | (2,058) | $ 3,157 | ||
Impairment loss recognized | 273 | ||||
Recoverable amount of asset or cash-generating unit | $ 5,623 | 4,701 | |||
Terminal capitalization rate (percent) | 7.00% | ||||
Fair value (losses) gains, net | $ 1,962 | (1,388) | |||
Hospitality Investors Trust | |||||
Disclosure of detailed information about investment property | |||||
Percentage of voting equity interests acquired | 100.00% | ||||
Revenue | 202 | ||||
Net income (loss) | (22) | ||||
Revenue as if transaction had occurred on January 1, 2021 | 354 | ||||
Net income (loss) as if transaction had occurred on January 1, 2021 | (48) | ||||
Atlantis | |||||
Disclosure of detailed information about investment property | |||||
Impairment loss recognized | 179 | ||||
Recoverable amount of asset or cash-generating unit | $ 1,962 | ||||
Discount rate (percent) | 9.00% | ||||
Recapitalization commitment, amount | $ 300 | ||||
Recapitalization commitment, percent | 41.50% | ||||
Fair value (losses) gains, net | $ 62 | $ 62 | |||
Atlantis | Associates | |||||
Disclosure of detailed information about investment property | |||||
Recapitalization commitment, percent | 41.50% | ||||
Atlantis | Third party investors | |||||
Disclosure of detailed information about investment property | |||||
Recapitalization commitment, percent | 17.00% |
PROPERTY, PLANT AND EQUIPMENT_4
PROPERTY, PLANT AND EQUIPMENT - Reconciliation (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Reconciliation of changes in property, plant and equipment [abstract] | ||
Balance, beginning of year | $ 5,235 | |
Impact of deconsolidation due to loss of control and other | 0 | $ 186 |
Balance, end of the year | 5,623 | 5,235 |
Impairment loss | 258 | |
Revaluation gains | 128 | |
Right-of-use assets | 204 | 164 |
Cost: | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Balance, beginning of year | 5,575 | 7,246 |
Additions | 1,885 | 164 |
Disposals | (323) | (75) |
Foreign currency translation | (83) | 142 |
Impact of deconsolidation due to loss of control and other | (1,331) | (1,902) |
Balance, end of the year | 5,723 | 5,575 |
Accumulated fair value changes: | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Balance, beginning of year | 488 | 1,343 |
Revaluation (losses) gains, net | 930 | (130) |
Disposals | (65) | 13 |
Provision for impairment | 7 | (15) |
Foreign currency translation | (4) | 6 |
Impact of deconsolidation due to loss of control and other | (593) | (729) |
Balance, end of the year | 763 | 488 |
Accumulated depreciation: | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Balance, beginning of year | (828) | (1,311) |
Disposals | 84 | 28 |
Depreciation | (294) | (306) |
Foreign currency translation | 13 | (25) |
Impact of deconsolidation due to loss of control and other | 162 | 786 |
Balance, end of the year | $ (863) | $ (828) |
GOODWILL (Details)
GOODWILL (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of reconciliation of changes in goodwill [line items] | ||
Goodwill | $ 832 | $ 1,080 |
Projection period | 10 years | |
Growth rate used to extrapolate cash flow projections | 3.00% | |
Recoverable amount of asset or cash-generating unit | $ 5,623 | 4,701 |
Amount by which unit's recoverable amount exceeds its carrying amount | $ 4,391 | $ 4,402 |
TCR | ||
Disclosure of reconciliation of changes in goodwill [line items] | ||
Discount rate (percent) | 6.60% | 7.80% |
Terminal capitalization rate, percent, assigned to key assumption for unit's recoverable amount to be equal to carrying amount | 9.36% | 8.70% |
DR | ||
Disclosure of reconciliation of changes in goodwill [line items] | ||
Discount rate (percent) | 9.30% | 9.50% |
Discount rate, percent, assigned to key assumption for unit's recoverable amount to be equal to carrying amount | 12.70% | 10.40% |
Long-Term Growth Rate | ||
Disclosure of reconciliation of changes in goodwill [line items] | ||
Long-term growth rate, percent, assigned to key assumption for unit's recoverable amount to be equal to carrying amount | (2.70%) | 1.70% |
Center Parcs UK | ||
Disclosure of reconciliation of changes in goodwill [line items] | ||
Goodwill | $ 815 | $ 824 |
INTANGIBLE ASSETS - Narratives
INTANGIBLE ASSETS - Narratives (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets other than goodwill | $ 964 | $ 982 | $ 1,162 |
Impairment of intangible assets other than goodwill | 0 | 18 | |
Trademark assets | Atlantis | |||
Disclosure of detailed information about intangible assets [line items] | |||
Impairment of intangible assets other than goodwill | 18 | ||
Trademark assets | Center Parcs UK | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets other than goodwill | $ 964 | $ 982 |
INTANGIBLE ASSETS - Useful Life
INTANGIBLE ASSETS - Useful Life (Details) - Other | 12 Months Ended |
Dec. 31, 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 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets other than goodwill | $ 964 | $ 982 | $ 1,162 |
Cost | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets other than goodwill | 1,012 | 1,016 | |
Accumulated amortization | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets other than goodwill | $ (48) | $ (34) |
INTANGIBLE ASSETS - Reconciliat
INTANGIBLE ASSETS - Reconciliation (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Reconciliation of changes in intangible assets other than goodwill | ||
Intangible assets other than goodwill | $ 982 | $ 1,162 |
Acquisitions | 6 | 6 |
Amortization | (14) | (12) |
Impairment losses | 0 | (18) |
Foreign currency translation | (10) | 30 |
Reclassification to assets held for sale and other | 0 | (186) |
Intangible assets other than goodwill | $ 964 | $ 982 |
OTHER NON-CURRENT ASSETS (Detai
OTHER NON-CURRENT ASSETS (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Subclassifications of assets, liabilities and equities [abstract] | ||
Securities - FVTPL | $ 2,200 | $ 1,612 |
Derivative assets | 111 | 72 |
Securities - FVTOCI | 108 | 86 |
Restricted cash | 356 | 241 |
Inventory | 652 | 877 |
Other | 151 | 289 |
Total other non-current assets | 3,578 | 3,177 |
Disclosure of detailed information about property, plant and equipment [line items] | ||
Right-of-use assets | 204 | 164 |
Inventory | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Right-of-use assets | $ 0 | $ 33 |
OTHER NON-CURRENT ASSETS - Narr
OTHER NON-CURRENT ASSETS - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of financial assets [line items] | ||
Securities - FVTPL | $ 2,200 | $ 1,612 |
BSREP III | ||
Disclosure of financial assets [line items] | ||
Securities - FVTPL | 1,154 | 756 |
Convertible Preferred Units Of US Hospitality Company | ||
Disclosure of financial assets [line items] | ||
Securities - FVTPL | $ 0 | $ 447 |
Percent of dividend rate (percent) | 7.50% | |
Additional Convertible Preferred Units Of US Hospitality Company | ||
Disclosure of financial assets [line items] | ||
Percent of dividend rate (percent) | 5.00% |
ACCOUNTS RECEIVABLE AND OTHER -
ACCOUNTS RECEIVABLE AND OTHER - Components (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Subclassifications of assets, liabilities and equities [abstract] | |||
Derivative assets | $ 33 | $ 164 | |
Allowance account for credit losses of financial assets | 112 | 114 | |
Accounts receivable | 852 | 753 | |
Restricted cash and deposits | 331 | 292 | |
Prepaid expenses | 367 | 330 | |
Inventory | 574 | 131 | |
Other current assets | 119 | 201 | |
Total accounts receivable and other | 2,276 | 1,871 | |
Loss allowance in commercial property operating expenses | $ 49 | $ 99 | $ 31 |
HELD FOR SALE - Summary (Detail
HELD FOR SALE - Summary (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of financial assets [line items] | |||
Investment properties | $ 64,613 | $ 72,610 | $ 75,511 |
Property, plant and equipment | 5,623 | 5,235 | |
Equity accounted investments | 20,807 | 19,719 | 20,764 |
Accounts receivable and other | 2,276 | 1,871 | |
Total assets | 112,004 | 107,951 | |
Debt obligations | 55,327 | 54,717 | |
Accounts payable and other liabilities | 3,762 | 4,101 | |
Total liabilities | 66,999 | 66,428 | |
Held for sale | |||
Disclosure of financial assets [line items] | |||
Investment properties | 8,037 | 481 | |
Property, plant and equipment | 1,749 | 0 | |
Equity accounted investments | 0 | 102 | |
Accounts receivable and other | 724 | 5 | |
Total assets | 10,510 | 588 | $ 387 |
Debt obligations | 3,006 | 380 | |
Accounts payable and other liabilities | 76 | 16 | |
Total liabilities | $ 3,082 | $ 396 |
HELD FOR SALE - Reconciliation
HELD FOR SALE - Reconciliation (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of financial assets [line items] | ||
Balance, beginning of year | $ 107,951 | |
Balance, end of year | 112,004 | $ 107,951 |
Held for sale | ||
Disclosure of financial assets [line items] | ||
Balance, beginning of year | 588 | 387 |
Reclassification to/(from) assets held for sale, net | 12,561 | 2,381 |
Disposals | (2,610) | (2,222) |
Fair value adjustments | 0 | 9 |
Foreign currency translation | (57) | 20 |
Other | 28 | 13 |
Balance, end of year | $ 10,510 | $ 588 |
HELD FOR SALE - Narratives (Det
HELD FOR SALE - Narratives (Details) $ in Millions | 3 Months Ended | ||||||||||
Dec. 31, 2021USD ($)mall_property | Dec. 31, 2021multifamily_assetmall_property | Dec. 31, 2021office_propertymall_property | Sep. 30, 2021mall_property | Sep. 30, 2021triple-net-lease_asset | Sep. 30, 2021USD ($) | Sep. 30, 2021multifamily_asset | Jun. 30, 2021USD ($)multifamily_asset | Mar. 31, 2021USD ($)mall_property | Dec. 31, 2020mall_property | Dec. 31, 2020triple-net-lease_asset | |
Disclosure of financial assets [line items] | |||||||||||
Number of real estate properties held for sale | 2 | 4 | |||||||||
Held for sale | |||||||||||
Disclosure of financial assets [line items] | |||||||||||
Number of real estate properties held for sale | mall_property | 10 | 10 | 10 | ||||||||
Number of real estate properties sold | 3 | 2 | 8 | 3 | 8 | 2 | 2 | ||||
Proceeds from sales of investment property | $ | $ 778 | $ 448 | $ 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 | 12 Months Ended | |||||||||||||||||
Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2021GBP (£) | Dec. 31, 2021CAD ($) | Dec. 31, 2021KRW (₩) | Dec. 31, 2021AUD ($) | Dec. 31, 2021INR (₨) | Dec. 31, 2021BRL (R$) | Dec. 31, 2021CNY (¥) | Dec. 31, 2021EUR (€) | Dec. 31, 2020GBP (£) | Dec. 31, 2020CAD ($) | 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] | ||||||||||||||||||
Total debt obligations | $ 55,327 | $ 54,717 | ||||||||||||||||
Deferred financing costs | (249) | (258) | ||||||||||||||||
Current | 13,742 | 13,074 | ||||||||||||||||
Non-current | $ 38,579 | 41,263 | ||||||||||||||||
Percent of debt representing non-recourse mortgages | 2.00% | 2.00% | 2.00% | 2.00% | 2.00% | 2.00% | 2.00% | 2.00% | 2.00% | |||||||||
U.S. dollars | ||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||
Total debt obligations | $ 37,559 | 37,413 | ||||||||||||||||
British pounds | ||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||
Total debt obligations | 7,030 | 6,809 | £ 5,196 | £ 4,981 | ||||||||||||||
Canadian dollars | ||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||
Total debt obligations | 4,419 | 4,408 | $ 5,585 | $ 5,613 | ||||||||||||||
South Korean Won | ||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||
Total debt obligations | 1,918 | 2,093 | ₩ 2,280,000 | ₩ 2,280,000 | ||||||||||||||
Australian dollars | ||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||
Total debt obligations | 2,014 | 1,473 | $ 2,773 | $ 1,914 | ||||||||||||||
Indian Rupee | ||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||
Total debt obligations | 1,801 | 2,257 | ₨ 134,378 | ₨ 164,753 | ||||||||||||||
Brazilian reais | ||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||
Total debt obligations | 476 | 180 | R$ 2655 | R$ 936 | ||||||||||||||
China Yuan | ||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||
Total debt obligations | 69 | 22 | ¥ 437 | ¥ 143 | ||||||||||||||
Euros | ||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||
Total debt obligations | 290 | 320 | € 255 | € 262 | ||||||||||||||
Held for sale | ||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||
Total debt obligations | 3,006 | 380 | ||||||||||||||||
Secured Debt | Fixed interest rate | ||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||
Secured debt obligation | 26,248 | 28,446 | ||||||||||||||||
Secured Debt | Variable rate | ||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||
Secured debt obligation | $ 20,341 | $ 16,629 | ||||||||||||||||
Secured Debt | Weighted average | Fixed interest rate | ||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||
Weighted- average rate | 4.31% | 4.27% | 4.31% | 4.31% | 4.31% | 4.31% | 4.31% | 4.31% | 4.31% | 4.31% | 4.27% | 4.27% | 4.27% | 4.27% | 4.27% | 4.27% | 4.27% | 4.27% |
Secured Debt | Weighted average | Variable rate | ||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||
Weighted- average rate | 3.29% | 3.61% | 3.29% | 3.29% | 3.29% | 3.29% | 3.29% | 3.29% | 3.29% | 3.29% | 3.61% | 3.61% | 3.61% | 3.61% | 3.61% | 3.61% | 3.61% | 3.61% |
Brookfield Property Partners’ credit facilities | Unsecured Debt | ||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||
Total debt obligations | $ 2,257 | $ 1,357 | ||||||||||||||||
Brookfield Property Partners’ credit facilities | Unsecured Debt | Weighted average | ||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||
Weighted- average rate | 2.00% | 1.75% | 2.00% | 2.00% | 2.00% | 2.00% | 2.00% | 2.00% | 2.00% | 2.00% | 1.75% | 1.75% | 1.75% | 1.75% | 1.75% | 1.75% | 1.75% | 1.75% |
Brookfield Property Partners’ corporate bonds | Unsecured Debt | ||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||
Total debt obligations | $ 1,982 | $ 1,890 | ||||||||||||||||
Brookfield Property Partners’ corporate bonds | Unsecured Debt | Weighted average | ||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||
Weighted- average rate | 4.11% | 4.14% | 4.11% | 4.11% | 4.11% | 4.11% | 4.11% | 4.11% | 4.11% | 4.11% | 4.14% | 4.14% | 4.14% | 4.14% | 4.14% | 4.14% | 4.14% | 4.14% |
Brookfield Properties Retail Holding LLC term debt | Unsecured Debt | ||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||
Total debt obligations | $ 1,869 | $ 3,976 | ||||||||||||||||
Brookfield Properties Retail Holding LLC term debt | Unsecured Debt | Weighted average | ||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||
Weighted- average rate | 2.61% | 2.90% | 2.61% | 2.61% | 2.61% | 2.61% | 2.61% | 2.61% | 2.61% | 2.61% | 2.90% | 2.90% | 2.90% | 2.90% | 2.90% | 2.90% | 2.90% | 2.90% |
Brookfield Properties Retail Holding LLC senior secured notes | Unsecured Debt | ||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||
Total debt obligations | $ 1,695 | $ 945 | ||||||||||||||||
Brookfield Properties Retail Holding LLC senior secured notes | Unsecured Debt | Weighted average | ||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||
Weighted- average rate | 5.20% | 5.75% | 5.20% | 5.20% | 5.20% | 5.20% | 5.20% | 5.20% | 5.20% | 5.20% | 5.75% | 5.75% | 5.75% | 5.75% | 5.75% | 5.75% | 5.75% | 5.75% |
Brookfield Properties Retail Holding LLC corporate facility | Unsecured Debt | ||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||
Total debt obligations | $ 70 | $ 1,015 | ||||||||||||||||
Brookfield Properties Retail Holding LLC corporate facility | Unsecured Debt | Weighted average | ||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||
Weighted- average rate | 3.10% | 2.41% | 3.10% | 3.10% | 3.10% | 3.10% | 3.10% | 3.10% | 3.10% | 3.10% | 2.41% | 2.41% | 2.41% | 2.41% | 2.41% | 2.41% | 2.41% | 2.41% |
Brookfield Properties Retail Holding LLC junior subordinated notes | Unsecured Debt | ||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||
Total debt obligations | $ 206 | $ 206 | ||||||||||||||||
Brookfield Properties Retail Holding LLC junior subordinated notes | Unsecured Debt | Weighted average | ||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||
Weighted- average rate | 1.58% | 1.66% | 1.58% | 1.58% | 1.58% | 1.58% | 1.58% | 1.58% | 1.58% | 1.58% | 1.66% | 1.66% | 1.66% | 1.66% | 1.66% | 1.66% | 1.66% | 1.66% |
Subsidiary borrowings | Unsecured Debt | ||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||
Total debt obligations | $ 537 | $ 196 | ||||||||||||||||
Subsidiary borrowings | Unsecured Debt | Weighted average | ||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||
Weighted- average rate | 3.29% | 1.69% | 3.29% | 3.29% | 3.29% | 3.29% | 3.29% | 3.29% | 3.29% | 3.29% | 1.69% | 1.69% | 1.69% | 1.69% | 1.69% | 1.69% | 1.69% | 1.69% |
Funds subscription credit facilities | Secured Debt | ||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||
Secured debt obligation | $ 371 | $ 315 | ||||||||||||||||
Funds subscription credit facilities | Secured Debt | Weighted average | ||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||
Weighted- average rate | 2.44% | 2.51% | 2.44% | 2.44% | 2.44% | 2.44% | 2.44% | 2.44% | 2.44% | 2.44% | 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 | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Borrowing [Roll Forward] | |
Debt obligations, beginning of period | $ 54,717 |
Debt obligation issuance, net of repayments | 306 |
Non-cash changes in debt obligations | |
Assumed from business combinations | 1,319 |
Debt from asset acquisitions | 31 |
Assumed by purchaser | (565) |
Amortization of deferred financing costs and (premium) discount | 105 |
Foreign currency translation | (386) |
Other | (200) |
Debt obligations, end of period | $ 55,327 |
CAPITAL SECURITIES - Schedule o
CAPITAL SECURITIES - Schedule of Capital Securities (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of classes of share capital [line items] | ||
Capital securities | $ 61 | $ 649 |
Capital securities | 3,024 | 2,384 |
Total capital securities | $ 3,085 | $ 3,033 |
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 1, Class B Preferred Shares | Prime Rate | ||
Disclosure of classes of share capital [line items] | ||
Percent of dividend rate (percent) | 7000.00% | |
Series 2, Class B Preferred Shares | Prime Rate | ||
Disclosure of classes of share capital [line items] | ||
Percent of dividend rate (percent) | 7000.00% | |
BPO | Prime Rate | ||
Disclosure of classes of share capital [line items] | ||
Weighted- average rate | 95.00% | |
FV LTIP units of the Operating Partnership | Series 1, Class A Preferred Equity Units | ||
Disclosure of classes of share capital [line items] | ||
Units outstanding (in shares) | 0 | |
Cumulative dividend rate | 6.25% | |
Total capital securities | $ 0 | $ 586 |
FV LTIP units of the Operating Partnership | Series 2, Class A Preferred Equity Units | ||
Disclosure of classes of share capital [line items] | ||
Units outstanding (in shares) | 24,000,000 | |
Cumulative dividend rate | 6.50% | |
Total capital securities | $ 565 | 555 |
FV LTIP units of the Operating Partnership | Series 3, Class A Preferred Equity Units | ||
Disclosure of classes of share capital [line items] | ||
Units outstanding (in shares) | 24,000,000 | |
Cumulative dividend rate | 6.75% | |
Total capital securities | $ 546 | 538 |
FV LTIP units of the Operating Partnership | Limited Partner Units | ||
Disclosure of classes of share capital [line items] | ||
Units outstanding (in shares) | 19,273,654 | |
Cumulative dividend rate | 6.25% | |
Total capital securities | $ 474 | 0 |
BPO | Series 1, Class B Preferred Shares | ||
Disclosure of classes of share capital [line items] | ||
Units outstanding (in shares) | 3,600,000 | |
Total capital securities | $ 0 | 0 |
BPO | Series 2, Class B Preferred Shares | ||
Disclosure of classes of share capital [line items] | ||
Units outstanding (in shares) | 3,000,000 | |
Total capital securities | $ 0 | 0 |
Brookfield Property Split Corp. | Series 1, Senior Preferred Shares | ||
Disclosure of classes of share capital [line items] | ||
Units outstanding (in shares) | 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] | ||
Units outstanding (in shares) | 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] | ||
Units outstanding (in shares) | 781,592 | |
Cumulative dividend rate | 5.00% | |
Total capital securities | $ 15 | 16 |
Brookfield Property Split Corp. | Series 4, Senior Preferred Shares | ||
Disclosure of classes of share capital [line items] | ||
Units outstanding (in shares) | 582,894 | |
Cumulative dividend rate | 5.20% | |
Total capital securities | $ 12 | 12 |
BSREP II RH B LLC (“Manufactured Housing”) Preferred Capital | Preferred equity | ||
Disclosure of classes of share capital [line items] | ||
Units outstanding (in shares) | 0 | |
Cumulative dividend rate | 9.00% | |
Total capital securities | $ 0 | 249 |
Rouse Series A Preferred Shares | Series A Preferred Shares | ||
Disclosure of classes of share capital [line items] | ||
Units outstanding (in shares) | 5,600,000 | |
Cumulative dividend rate | 5.00% | |
Total capital securities | $ 142 | 142 |
Brookfield India Real Estate Trust | Preferred equity | ||
Disclosure of classes of share capital [line items] | ||
Units outstanding (in shares) | 138,181,800 | |
Total capital securities | $ 440 | 0 |
Dividend rate, percent of distributable cash flows | 90.00% | |
BSREP II Vintage Estate Partners LLC (“Vintage Estates”) Preferred Shares | Preferred equity | ||
Disclosure of classes of share capital [line items] | ||
Units outstanding (in shares) | 0 | |
Cumulative dividend rate | 5.00% | |
Total capital securities | $ 0 | 40 |
Capital Securities – Fund Subsidiaries | ||
Disclosure of classes of share capital [line items] | ||
Total capital securities | $ 859 | $ 863 |
CAPITAL SECURITIES - Narrative
CAPITAL SECURITIES - Narrative (Details) $ / shares in Units, $ in Millions, $ in Millions | Dec. 30, 2021 | Dec. 04, 2014USD ($)tranche$ / shares | Dec. 31, 2021USD ($)$ / shares | Dec. 31, 2021CAD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2020CAD ($) |
Disclosure of classes of share capital [line items] | ||||||
Number of tranches of preferred equity | tranche | 3 | |||||
Average dividend yield | 6.50% | |||||
Preferred stock, redemption price per share (in dollars per share) | $ / shares | $ 25.70 | |||||
Total capital securities | $ 3,085 | $ 3,033 | ||||
Dividend payments, interval term | 6 months | |||||
Redemption amount | $ 38 | $ 49 | 38 | $ 49 | ||
Brookfield DTLA Holdings LLC | ||||||
Disclosure of classes of share capital [line items] | ||||||
Total capital securities | 810 | 807 | ||||
Preferred Equity Tranche One | ||||||
Disclosure of classes of share capital [line items] | ||||||
Preferred equity | $ 600 | |||||
Maturity term | 7 years | 7 years | ||||
Preferred Equity, Tranche Two | ||||||
Disclosure of classes of share capital [line items] | ||||||
Preferred equity | $ 600 | |||||
Maturity term | 10 years | |||||
Preferred Equity, Tranche Three | ||||||
Disclosure of classes of share capital [line items] | ||||||
Preferred equity | $ 600 | |||||
Maturity term | 12 years | |||||
Preferred equity | ||||||
Disclosure of classes of share capital [line items] | ||||||
Preferred equity | 699 | 699 | ||||
Preferred equity | BSREP II RH B LLC | ||||||
Disclosure of classes of share capital [line items] | ||||||
Total capital securities | $ 0 | 249 | ||||
Annual return payable in monthly distributions | 9.00% | |||||
Preferred equity | BSREP II Vintage Estate Partners LLC (“Vintage Estates”) Preferred Shares | ||||||
Disclosure of classes of share capital [line items] | ||||||
Total capital securities | $ 0 | 40 | ||||
Series A Preferred Shares | Rouse Series A Preferred Shares | ||||||
Disclosure of classes of share capital [line items] | ||||||
Total capital securities | 142 | 142 | ||||
Capital securities | D.C. Fund | ||||||
Disclosure of classes of share capital [line items] | ||||||
Total capital securities | 49 | 56 | ||||
Limited Partner Units | FV LTIP units of the Operating Partnership | ||||||
Disclosure of classes of share capital [line items] | ||||||
Total capital securities | $ 474 | $ 0 | ||||
Liquidation preference (in dollars per share) | $ / shares | $ 25 |
CAPITAL SECURITIES - Reconcilia
CAPITAL SECURITIES - Reconciliation of cash flows from financing activities from capital securities (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Capital Securities [Roll Forward] | |
Capital Securities, beginning of period | $ 3,033 |
Capital securities issued | 932 |
Capital securities redeemed | (301) |
Non-cash changes on capital securities | |
Equity conversion of capital securities | (600) |
Fair value changes | 32 |
Other | (11) |
Capital Securities, end of period | $ 3,085 |
INCOME TAXES - Schedule of Defe
INCOME TAXES - Schedule of Deferred Tax Asset (Liability) for Holding Entities (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred income tax assets: | $ 910 | $ 772 | |
Deferred income tax (liabilities): | (4,160) | (3,630) | |
Net deferred tax (liability) | (3,250) | (2,858) | $ (2,515) |
Tax credit carryforwards | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred income tax assets: | 77 | 27 | |
Deferred financing costs | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred income tax assets: | 203 | 0 | |
Other | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred income tax assets: | 31 | 42 | |
Properties | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred income tax (liabilities): | (4,160) | (3,630) | |
Canada | Non-capital losses | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred income tax assets: | 95 | 64 | |
Canada | Capital losses | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred income tax assets: | 34 | 33 | |
United States | Non-capital losses | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred income tax assets: | 203 | 0 | |
United States | Net operating losses | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred income tax assets: | 352 | 465 | |
Foreign countries | Non-capital losses | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred income tax assets: | $ 118 | $ 141 |
INCOME TAXES - Schedule of Chan
INCOME TAXES - Schedule of Changes in Deferred Tax Balances (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Reconciliation of changes in deferred tax liability (asset) [abstract] | ||
Deferred tax assets, beginning balance | $ 772 | |
Deferred tax (liabilities), beginning balance | (3,630) | |
Net deferred tax (liability), beginning balance | (2,858) | $ (2,515) |
Income | (355) | (162) |
Equity | 7 | (35) |
Acquisitions and Dispositions | 85 | 0 |
OCI | (101) | (83) |
Other Balance Sheet | (28) | (63) |
Deferred tax assets, ending balance | 910 | 772 |
Deferred tax liabilities, ending balance | (4,160) | (3,630) |
Net deferred tax (liability), ending balance | (3,250) | (2,858) |
Deferred tax assets | ||
Reconciliation of changes in deferred tax liability (asset) [abstract] | ||
Deferred tax assets, beginning balance | 772 | 631 |
Income | 164 | 231 |
Equity | 7 | (35) |
Acquisitions and Dispositions | 0 | 0 |
OCI | (5) | 8 |
Other Balance Sheet | (28) | (63) |
Deferred tax assets, ending balance | 910 | 772 |
Deferred tax (liabilities) | ||
Reconciliation of changes in deferred tax liability (asset) [abstract] | ||
Deferred tax (liabilities), beginning balance | (3,630) | (3,146) |
Income | (519) | (393) |
Equity | 0 | 0 |
Acquisitions and Dispositions | 85 | 0 |
OCI | (96) | (91) |
Other Balance Sheet | 0 | 0 |
Deferred tax liabilities, ending balance | $ (4,160) | $ (3,630) |
INCOME TAXES - Narrative (Detai
INCOME TAXES - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Increase (decrease) in deferred tax liability (asset) | $ 63 | ||
Deferred tax relating to items charged directly to equity | $ (7) | 35 | |
Deferred tax assets | 910 | 772 | |
Unrecognized deductible temporary differences, unused tax losses, and unused tax credits | 822 | 433 | |
Operating loss subject to future amortization | 256 | ||
Deductible temporary differences for which no deferred tax liability is recognised | 10,000 | 10,000 | |
Deferred tax assets | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax relating to items charged directly to equity | (7) | 35 | |
Deferred tax assets | 910 | 772 | $ 631 |
Net operating losses | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Increase (decrease) in deferred tax liability (asset) | (7) | ||
Deferred tax (liabilities) | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Increase (decrease) in deferred tax liability (asset) | (85) | ||
Deferred tax relating to items charged directly to equity | 0 | 0 | |
Assets Held For Sale | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Increase (decrease) in deferred tax liability (asset) | 28 | ||
Canada | Non-capital losses | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | 95 | 64 | |
Canada | Capital losses | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | 34 | 33 | |
United States | Non-capital losses | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | 203 | 0 | |
United States | Capital losses | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Unrecognized deductible temporary differences, unused tax losses, and unused tax credits | 275 | 0 | |
United States | Net operating losses | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | 352 | 465 | |
Unrecognized deductible temporary differences, unused tax losses, and unused tax credits | 34 | 24 | |
Foreign countries | Non-capital losses | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | 118 | 141 | |
Foreign countries | Net operating losses | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Unrecognized deductible temporary differences, unused tax losses, and unused tax credits | $ 513 | $ 409 |
INCOME TAXES - Schedule of Gros
INCOME TAXES - Schedule of Gross Deductible Temporary Differences (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unrecognized deductible temporary differences, unused tax losses, and unused tax credits | $ 822 | $ 433 |
United States | Net operating losses | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unrecognized deductible temporary differences, unused tax losses, and unused tax credits | 34 | 24 |
United States | Capital losses | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unrecognized deductible temporary differences, unused tax losses, and unused tax credits | 275 | 0 |
Foreign countries | Net operating losses | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unrecognized deductible temporary differences, unused tax losses, and unused tax credits | $ 513 | $ 409 |
INCOME TAXES - Schedule of Comp
INCOME TAXES - Schedule of Components of Income Taxes (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Taxes [Abstract] | |||
Current income tax expense | $ 134 | $ 58 | $ 164 |
Deferred income tax expense (benefit) | 356 | 162 | 32 |
Income tax expense | $ 490 | $ 220 | $ 196 |
INCOME TAXES - Schedule of Inco
INCOME TAXES - Schedule of Income Tax Rates (Details) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Taxes [Abstract] | |||
Statutory income tax rate | 26.00% | 26.00% | 26.00% |
International operations subject to different tax rates | (7.00%) | (35.00%) | (14.00%) |
Non-controlling interests in income of flow-through entities | (10.00%) | 8.00% | (4.00%) |
Change in tax rates applicable to temporary differences in other jurisdictions | 2.00% | (8.00%) | (3.00%) |
Other | 1.00% | (3.00%) | 0.00% |
Effective income tax rate | 12.00% | (12.00%) | 5.00% |
OTHER NON-CURRENT LIABILITIES -
OTHER NON-CURRENT LIABILITIES - Summary of Other Non-current Liabilities (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Subclassifications of assets, liabilities and equities [abstract] | ||
Accounts payable and accrued liabilities | $ 499 | $ 437 |
Lease liabilities | 690 | 875 |
Derivative liability | 277 | 272 |
Provisions | 16 | 105 |
Deferred revenue | 16 | 14 |
Loans and notes payable | 1 | 0 |
Total other non-current liabilities | 1,499 | 1,703 |
Interest expense on lease liabilities | $ 59 | $ 58 |
ACCOUNTS PAYABLE AND OTHER LI_3
ACCOUNTS PAYABLE AND OTHER LIABILITIES - Schedule of Accounts Payable and Other Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Subclassifications of assets, liabilities and equities [abstract] | ||
Accounts payable and accrued liabilities | $ 2,021 | $ 2,094 |
Loans and notes payables | 899 | 1,062 |
Derivative liabilities | 221 | 416 |
Deferred revenue | 445 | 441 |
Lease liabilities | 160 | 43 |
Other liabilities | 16 | 45 |
Total accounts payable and other liabilities | $ 3,762 | $ 4,101 |
EQUITY - Narratives (Details)
EQUITY - Narratives (Details) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2021classOfShare | Dec. 31, 2021USD ($)classOfShare$ / sharesshares | Dec. 31, 2020USD ($)$ / sharesshares | Dec. 31, 2019USD ($)shares | Dec. 31, 2018shares | |
Schedule of Partnership Units [Line Items] | |||||
Number of classes of shares | classOfShare | 5 | ||||
Proceeds from issuance of preferred units | $ | $ 0 | $ 738 | $ 13 | ||
Number Of Classes Of Shares Redeemed | classOfShare | 2 | ||||
Preferred equity | |||||
Schedule of Partnership Units [Line Items] | |||||
Proceeds from issuance of preferred units | $ | 288 | 722 | |||
Share issue related cost | $ | 9 | 23 | |||
Issued capital | $ | $ 699 | $ 699 | |||
Series 1, Class A Preferred Equity Units | |||||
Schedule of Partnership Units [Line Items] | |||||
Number of shares/units issued | 11,500,000 | 7,360,000 | |||
Par value per share (in dollars per share) | $ / shares | $ 25 | $ 25 | |||
Coupon rate (as a percentage) | 6.50% | ||||
Series 2, Class A Preferred Equity Units | |||||
Schedule of Partnership Units [Line Items] | |||||
Number of shares/units issued | 10,000,000 | ||||
Par value per share (in dollars per share) | $ / shares | $ 25 | ||||
Coupon rate (as a percentage) | 6.375% | ||||
5.750% Class A Cumulative Redeemable Perpetual Units, Series 3 | |||||
Schedule of Partnership Units [Line Items] | |||||
Coupon rate (as a percentage) | 5.75% | ||||
General partner | |||||
Schedule of Partnership Units [Line Items] | |||||
Proportion of voting rights held by non-controlling interests | 1.00% | ||||
Units outstanding (in shares) | 139,000 | 139,000 | 139,000 | 139,000 | |
Limited partners | |||||
Schedule of Partnership Units [Line Items] | |||||
Proportion of voting rights held by non-controlling interests | 49.00% | ||||
Units outstanding (in shares) | 298,987,000 | 435,980,000 | 439,802,000 | 424,198,000 | |
Redeemable and Exchangeable Units | |||||
Schedule of Partnership Units [Line Items] | |||||
Units outstanding (in shares) | 529,473,303 | 451,365,017 | 432,649,105 | ||
Special LP Units | |||||
Schedule of Partnership Units [Line Items] | |||||
Units outstanding (in shares) | 4,759,997 | 4,759,997 | 4,759,997 | ||
FV LTIP of the Operating Partnership | |||||
Schedule of Partnership Units [Line Items] | |||||
Units outstanding (in shares) | 1,818,717 | 1,899,661 | |||
Award vesting period | 5 years |
EQUITY - Schedule of Changes In
EQUITY - Schedule of Changes In Equity (Details) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
General partner | |||
Reconciliation of number of shares outstanding [abstract] | |||
Beginning of year (in shares) | 139 | 139 | 139 |
Privatization (in shares) | 0 | 0 | |
Exchange LP Units exchanged (in shares) | 0 | 0 | 0 |
Distribution reinvestment program (in shares) | 0 | 0 | 0 |
Issued under unit-based compensation plan (in shares) | 0 | 0 | 0 |
LP units issued (in shares) | 0 | 0 | 0 |
Repurchases of LP Units (in shares) | 0 | 0 | 0 |
End of year (in shares) | 139 | 139 | 139 |
Limited partners | |||
Reconciliation of number of shares outstanding [abstract] | |||
Beginning of year (in shares) | 435,980 | 439,802 | 424,198 |
Privatization (in shares) | (146,278) | 0 | 0 |
Exchange LP Units exchanged (in shares) | 128 | 169 | 425 |
Distribution reinvestment program (in shares) | 123 | 998 | 257 |
Issued under unit-based compensation plan (in shares) | 112 | 0 | 858 |
LP units issued (in shares) | 0 | 59,497 | 0 |
Repurchases of LP Units (in shares) | 0 | (76,066) | (22,252) |
End of year (in shares) | 298,987 | 435,980 | 439,802 |
Limited partners | BPR | |||
Reconciliation of number of shares outstanding [abstract] | |||
Exchange LP Units exchanged (in shares) | 8,922 | 11,580 | 36,316 |
EQUITY - Schedule of Changes _2
EQUITY - Schedule of Changes in LP Units (Details) - Exchange LP Units - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Reconciliation of number of shares outstanding [abstract] | |||
Beginning of year (in shares) | 2,714 | 2,883 | 3,308 |
Exchange LP Units exchanged (in shares) | (128) | (169) | (425) |
Privatization (in shares) | (2,586) | 0 | 0 |
End of year (in shares) | 0 | 2,714 | 2,883 |
EQUITY - Schedule of Changes _3
EQUITY - Schedule of Changes in Equity BPR (Details) - BPR - shares | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Reconciliation of number of shares outstanding [abstract] | ||||
Beginning of year (in shares) | 39,127,000 | 39,127,000 | 64,025,000 | 106,090,000 |
BPYU units exchanged (in shares) | 8,922,243 | (11,580,000) | (36,316,000) | |
Repurchase of BPYU units (in shares) | (29,734,260) | (841,950) | (13,396,000) | (5,724,000) |
BPYU Units issued (in shares) | 377,209 | 84,000 | 0 | |
Forfeitures (in shares) | 6,091 | 6,000 | 25,000 | |
End of year (in shares) | 39,127,000 | 64,025,000 | ||
Treasury | ||||
Reconciliation of number of shares outstanding [abstract] | ||||
Beginning of year (in shares) | 1,418,001 | 1,418,001 | ||
End of year (in shares) | 1,418,001 |
EQUITY - Schedule of Distributi
EQUITY - Schedule of Distributions Made (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule of Partnership Units [Line Items] | |||
Limited partners | $ 4,173 | $ 2,167 | $ 4,491 |
Total distributions | $ 878 | $ 1,244 | $ 1,266 |
Per unit (in dollars per share) | $ 1.05 | $ 1.33 | $ 1.32 |
Limited partners | |||
Schedule of Partnership Units [Line Items] | |||
Limited partners | $ 358 | $ 583 | $ 573 |
Redeemable/ exchangeable and special limited partnership units | Non-controlling interests | |||
Schedule of Partnership Units [Line Items] | |||
Limited partners | 504 | 587 | 580 |
Total distributions | 499 | 581 | 574 |
Special LP Units | Non-controlling interests | |||
Schedule of Partnership Units [Line Items] | |||
Total distributions | 5 | 6 | 6 |
Exchange LP Units | Non-controlling interests | |||
Schedule of Partnership Units [Line Items] | |||
Total distributions | 1 | 4 | 4 |
FV LTIP of the Operating Partnership | Non-controlling interests | |||
Schedule of Partnership Units [Line Items] | |||
Total distributions | 2 | 2 | 1 |
BPR | Non-controlling interests | |||
Schedule of Partnership Units [Line Items] | |||
Total distributions | $ 13 | $ 68 | $ 108 |
NON-CONTROLLING INTERESTS (Deta
NON-CONTROLLING INTERESTS (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Schedule of Partnership Units [Line Items] | ||
Redeemable/exchangeable and special limited partnership units | $ 15,736 | $ 12,249 |
Exchange LP Units | 0 | 73 |
Interest of others in operating subsidiaries and properties: | ||
Preferred shares held by Brookfield Asset Management | 1,015 | 15 |
Preferred equity of subsidiaries | 2,750 | 3,000 |
Non-controlling interests in subsidiaries and properties | 15,941 | 12,672 |
Total interests of others in operating subsidiaries and properties | 19,706 | 15,687 |
Total non-controlling interests | 35,497 | 29,111 |
Limited partners | ||
Schedule of Partnership Units [Line Items] | ||
Exchange LP Units | 0 | 73 |
FV LTIP of the Operating Partnership | ||
Schedule of Partnership Units [Line Items] | ||
Exchange LP Units | 55 | 52 |
BPR | ||
Schedule of Partnership Units [Line Items] | ||
Exchange LP Units | $ 0 | $ 1,050 |
COMMERCIAL PROPERTY REVENUE (De
COMMERCIAL PROPERTY REVENUE (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Revenue [abstract] | |||
Base rent | $ 3,462 | $ 3,613 | $ 3,814 |
Straight-line rent | 25 | 133 | 115 |
Lease termination | 68 | 27 | 44 |
Other lease income | 662 | 627 | 612 |
Other revenue from tenants | 946 | 997 | 1,106 |
Total commercial property revenue | 5,163 | 5,397 | $ 5,691 |
Rent abatements due to shutdown | 82 | 62 | |
Disclosure of maturity analysis of operating lease payments [line items] | |||
Undiscounted operating lease payments to be received | 20,327 | 25,348 | |
Less than 1 year | |||
Disclosure of maturity analysis of operating lease payments [line items] | |||
Undiscounted operating lease payments to be received | 2,776 | 3,332 | |
1-5 years | |||
Disclosure of maturity analysis of operating lease payments [line items] | |||
Undiscounted operating lease payments to be received | 9,029 | 10,800 | |
More than 5 years | |||
Disclosure of maturity analysis of operating lease payments [line items] | |||
Undiscounted operating lease payments to be received | $ 8,522 | $ 11,216 | |
Bottom of range | |||
Disclosure of maturity analysis of operating lease payments [line items] | |||
Operating lease, term | 1 year | ||
Top of range | |||
Disclosure of maturity analysis of operating lease payments [line items] | |||
Operating lease, term | 15 years |
HOSPITALITY REVENUE (Details)
HOSPITALITY REVENUE (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from hotel operations | $ 1,073 | $ 702 | $ 1,909 |
Room, food and beverage | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from hotel operations | 931 | 562 | 1,431 |
Gaming, and other leisure activities | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from hotel operations | 111 | 106 | 360 |
Other hospitality revenue | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from hotel operations | $ 31 | $ 34 | $ 118 |
INVESTMENT AND OTHER REVENUE (D
INVESTMENT AND OTHER REVENUE (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Revenue [abstract] | |||
Investment income | $ 476 | $ 177 | $ 223 |
Fee revenue | 255 | 228 | 259 |
Dividend income | 77 | 44 | 6 |
Interest income and other | 37 | 45 | 107 |
Participating loan interests | 0 | 0 | 8 |
Other | 19 | 0 | 0 |
Total investment and other revenue | $ 864 | $ 494 | $ 603 |
DIRECT COMMERCIAL PROPERTY EX_3
DIRECT COMMERCIAL PROPERTY EXPENSE - Components of Direct Commercial Property Expense (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of detailed information about investment property | |||
Employee compensation and benefits | $ 360 | $ 385 | $ 366 |
Direct commercial property expense | 1,931 | 1,975 | 2,009 |
Loss allowance in commercial property operating expenses | 49 | 99 | 31 |
Commercial Property | |||
Disclosure of detailed information about investment property | |||
Property maintenance | 713 | 679 | 749 |
Real estate taxes | 580 | 610 | 619 |
Employee compensation and benefits | 155 | 158 | 170 |
Depreciation and amortization | 39 | 39 | 42 |
Lease expense | 11 | 16 | 16 |
Other | $ 433 | $ 473 | $ 413 |
DIRECT HOSPITALITY EXPENSE - Co
DIRECT HOSPITALITY EXPENSE - Components of Direct Hospitality Expense (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of detailed information about investment property | |||
Employee compensation and benefits | $ 360 | $ 385 | $ 366 |
Total direct hospitality expense | 910 | 908 | 1,518 |
Hospitality | |||
Disclosure of detailed information about investment property | |||
Employee compensation and benefits | 160 | 180 | 370 |
Cost of food, beverage, and retail goods sold | 158 | 142 | 294 |
Depreciation and amortization | 269 | 280 | 299 |
Maintenance and utilities | 99 | 112 | 155 |
Marketing and advertising | 23 | 28 | 71 |
Other | $ 201 | $ 166 | $ 329 |
GENERAL AND ADMINISTRATIVE EX_3
GENERAL AND ADMINISTRATIVE EXPENSE (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure Of General And Administrative Expense [Abstract] | |||
Employee compensation and benefits | $ 360 | $ 385 | $ 366 |
Management fees | 241 | 116 | 159 |
Transaction costs | 48 | 24 | 66 |
Professional fees | 97 | 98 | 99 |
Facilities and technology fees | 47 | 54 | 60 |
Other | 131 | 139 | 132 |
Total general and administrative expense | $ 924 | $ 816 | $ 882 |
FAIR VALUE GAINS (LOSSES), NE_2
FAIR VALUE GAINS (LOSSES), NET (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of Fair Value [Line Items] | |||
Gains (losses) on fair value adjustment, investment property | $ 1,962 | $ (1,388) | |
Incentive fees | (24) | (16) | $ (104) |
Financial instruments and other | 583 | 82 | (158) |
Total fair value (losses) gains, net | 2,521 | (1,322) | 596 |
Losses on change In fair value of and right-of-use investment properties | (5) | (16) | |
Commercial properties | |||
Disclosure of Fair Value [Line Items] | |||
Gains (losses) on fair value adjustment, investment property | 1,791 | (1,607) | 301 |
Commercial developments | |||
Disclosure of Fair Value [Line Items] | |||
Gains (losses) on fair value adjustment, investment property | 171 | 219 | $ 557 |
Atlantis | |||
Disclosure of Fair Value [Line Items] | |||
Gains (losses) on fair value adjustment, investment property | $ 62 | 62 | |
Self Storage Portfolio | |||
Disclosure of Fair Value [Line Items] | |||
Gains (losses) on fair value adjustment, investment property | $ 141 |
UNIT-BASED COMPENSATION - Narra
UNIT-BASED COMPENSATION - Narrative (Details) $ / shares in Units, $ in Millions | 12 Months Ended | |||
Dec. 31, 2021USD ($)shares$ / shares | Dec. 31, 2020USD ($)shares$ / shares | Dec. 31, 2019USD ($) | Dec. 31, 2020shares$ / shares | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Privatization, expense from share based payment transactions | $ | $ 7 | |||
Expense from share-based payment transactions with employees | $ | $ 28 | $ 27 | $ 25 | |
GGP Option | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Number of other equity instruments outstanding in share-based payment arrangement (in shares) | 0 | 136,662 | 136,662 | |
Weighted average exercise price of other equity instruments outstanding in share-based payment arrangement (in dollars per share) | $ / shares | $ 26.05 | |||
GGP AO LTIP | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Number of other equity instruments outstanding in share-based payment arrangement (in shares) | 0 | 1,079,069 | 1,079,069 | |
Weighted average exercise price of other equity instruments outstanding in share-based payment arrangement (in dollars per share) | $ / shares | $ 22.54 | |||
Restricted Stock Units (RSUs) | Restricted BPY LP 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 (in shares) | 0 | 523,573 | 523,573 | |
Weighted average exercise price of other equity instruments outstanding in share-based payment arrangement (in dollars per share) | $ / shares | $ 19.87 | |||
Exchange ratio | 0.4006 | |||
Restricted Stock Units (RSUs) | Restricted BPY LP Unit Plan (Canada) | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Number of other equity instruments outstanding in share-based payment arrangement (in shares) | 0 | 482,464 | 482,464 | |
Weighted average exercise price of other equity instruments outstanding in share-based payment arrangement (in dollars per share) | $ / shares | $ 25.38 | |||
Exchange ratio | 0.4006 | |||
Restricted Stock Units (RSUs) | Restricted BPR 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 (in shares) | 0 | 1,808,765 | 1,808,765 | |
Weighted average exercise price of other equity instruments outstanding in share-based payment arrangement (in dollars per share) | $ / shares | $ 18.82 | |||
Exchange ratio | 0.4006 | |||
Restricted Stock Units (RSUs) | BPY Fair Value LTIP 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 (in shares) | 1,818,717 | 1,899,661 | 1,899,661 | |
Weighted average exercise price of other equity instruments outstanding in share-based payment arrangement (in dollars per share) | $ / shares | $ 19.13 | $ 19.12 | ||
Award vesting period | 5 years | |||
Deferred Share Units | 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 (in shares) | 0 | 267,534 | 267,534 | |
Exchange ratio | 0.4006 |
OTHER COMPREHENSIVE INCOME (L_3
OTHER COMPREHENSIVE INCOME (LOSS) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Foreign currency translation | |||
Unrealized foreign currency translation (losses) gains in respect of foreign operations | $ (467) | $ 87 | $ 207 |
Reclassification of realized foreign currency translation gains to net income on disposition of foreign operations | 27 | 0 | 26 |
Gains (losses) on hedges of net investments in foreign operations, net of income tax expense (benefit) of nil (2020 - nil; 2019 - $2 million) | 163 | 650 | (176) |
Reclassification of hedges of net investment in foreign operations (losses) to net income on disposition of foreign operations | 0 | 0 | 6 |
Foreign currency translation | (277) | 737 | 63 |
Cash flow hedges | |||
Gains on derivatives designated as cash flow hedges, net of income tax expense (benefit) of $(12) million (2020 - $4 million; 2019 - $4 million) | 95 | 116 | 21 |
Cash flow hedges | 95 | 116 | 21 |
Equity accounted investments | |||
Share of unrealized foreign currency translations (losses) gains in respect of foreign operations | (2) | 4 | 0 |
Reclassification gains from hedges of net investment in foreign operation to net income on disposition of foreign operations | 0 | 0 | 1 |
Share of gains (losses) on derivatives designated as cash flow hedges, net of income tax expense (benefit) of nil (2020 - nil; 2019 – nil) | 56 | (62) | (51) |
Equity accounted investments | 54 | (58) | (50) |
Items that will not be reclassified to net income: | |||
Unrealized (losses) gains on securities - FVTOCI, net of income tax benefit of $59 million (2020 - $11 million; 2019 - $6 million) | (33) | 17 | (7) |
Share of revaluation surplus (losses) on equity accounted investments, net of income tax expense (benefit) of nil (2020 - nil; 2019 - nil) | 354 | (206) | 16 |
Net remeasurement gains (losses) on defined benefit plan, net of income tax expense of nil (2020 – nil; 2019 – nil) | 0 | (1) | (1) |
Revaluation surplus (loss), net of income tax expense of $(120) million (2020 –$49 million; 2019 – $22 million) | 811 | (191) | 281 |
Items that will not be reclassified to net income: | 1,132 | (381) | 289 |
Total other comprehensive income | $ 1,004 | $ 414 | $ 323 |
OTHER COMPREHENSIVE INCOME (L_4
OTHER COMPREHENSIVE INCOME (LOSS) - Taxes (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of analysis of other comprehensive income by item [abstract] | |||
Income tax relating to hedges of net investments in foreign operations included in other comprehensive income | $ 0 | $ 0 | $ 2 |
Income tax relating to cash flow hedges included in other comprehensive income | (12) | 4 | 4 |
Income tax relating to cash flow hedges, equity accounted investments | 0 | 0 | 0 |
Income tax relating to financial assets measured at fair value through other comprehensive income included in other comprehensive income | (59) | 11 | (6) |
Income tax relating to revaluation surplus that will not be reclassified to profit or loss, equity accounted investments | 0 | 0 | 0 |
Income tax relating to remeasurements of defined benefit plans included in other comprehensive income | 0 | 0 | 0 |
Income tax relating revaluation surplus | $ (120) | $ 49 | $ 22 |
OBLIGATIONS, GUARANTEES, CONT_2
OBLIGATIONS, GUARANTEES, CONTINGENCIES AND OTHER (Details) € in Millions, $ in Millions, $ in Millions | Dec. 31, 2021USD ($) | Dec. 31, 2021AUD ($) | Oct. 31, 2020USD ($) | Oct. 31, 2020EUR (€) | Sep. 30, 2019USD ($) | Jan. 31, 2019USD ($) | Nov. 30, 2017USD ($) | Apr. 30, 2016USD ($) | Dec. 31, 2014USD ($) |
Disclosure of contingent liabilities [line items] | |||||||||
Capital commitments | $ 1,144 | ||||||||
New York, Brooklyn, Dallas, Camarillo, Washington DC and Houston | |||||||||
Disclosure of contingent liabilities [line items] | |||||||||
Capital commitments | 815 | ||||||||
Australia | |||||||||
Disclosure of contingent liabilities [line items] | |||||||||
Capital commitments | 188 | $ 259 | |||||||
Brookfield Asset Management | BSREP I | |||||||||
Disclosure of contingent liabilities [line items] | |||||||||
Consideration | $ 4,400 | ||||||||
Contributed commitments | $ 1,300 | ||||||||
Unfulfilled commitments | 150 | ||||||||
Brookfield Asset Management | BSREP II | |||||||||
Disclosure of contingent liabilities [line items] | |||||||||
Consideration | $ 9,000 | ||||||||
Contributed commitments | $ 2,300 | ||||||||
Unfulfilled commitments | 785 | ||||||||
Brookfield Asset Management | BREF | |||||||||
Disclosure of contingent liabilities [line items] | |||||||||
Consideration | $ 2,900 | ||||||||
Contributed commitments | 400 | ||||||||
Unfulfilled commitments | $ 160 | ||||||||
Brookfield Asset Management | VAMF III | |||||||||
Disclosure of contingent liabilities [line items] | |||||||||
Consideration | $ 1,000 | ||||||||
Contributed commitments | $ 300 | ||||||||
Unfulfilled commitments | 105 | ||||||||
Brookfield Asset Management | BSREP III | |||||||||
Disclosure of contingent liabilities [line items] | |||||||||
Consideration | $ 15,000 | ||||||||
Contributed commitments | $ 1,000 | ||||||||
Unfulfilled commitments | $ 220 | ||||||||
Brookfield Asset Management | Brookfield European Real Estate Partnership Fund | |||||||||
Disclosure of contingent liabilities [line items] | |||||||||
Consideration | $ 704 | € 619 | |||||||
Contributed commitments | 114 | 100 | |||||||
Unfulfilled commitments | $ 21 | € 20 |
LIQUIDITY AND CAPITAL MANAGEM_3
LIQUIDITY AND CAPITAL MANAGEMENT - Contractual Obligations (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Liquidity and Capital Management [Abstract] | ||
Capital | $ 100,000 | $ 99,000 |
Percent of debt representing non-recourse mortgages | 2.00% | |
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Debt obligations | $ 52,570 | |
Total capital securities | 3,085 | 3,033 |
Lease obligations | 3,414 | |
Commitments | 1,144 | |
Debt obligations | 6,392 | |
Capital securities | 722 | |
Interest rate swaps | 60 | |
Borrowing costs capitalised | 249 | $ 258 |
Less than 1 year | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Debt obligations | 13,975 | |
Total capital securities | 61 | |
Lease obligations | 72 | |
Commitments | 963 | |
Debt obligations | 1,751 | |
Capital securities | 162 | |
Interest rate swaps | 35 | |
1 Year | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Debt obligations | 8,043 | |
Total capital securities | 999 | |
Lease obligations | 44 | |
Commitments | 166 | |
Debt obligations | 1,489 | |
Capital securities | 149 | |
Interest rate swaps | 25 | |
2 Years | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Debt obligations | 11,573 | |
Total capital securities | 564 | |
Lease obligations | 44 | |
Commitments | 13 | |
Debt obligations | 1,098 | |
Capital securities | 151 | |
Interest rate swaps | 0 | |
3 Years | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Debt obligations | 5,626 | |
Total capital securities | 0 | |
Lease obligations | 44 | |
Commitments | 2 | |
Debt obligations | 756 | |
Capital securities | 112 | |
Interest rate swaps | 0 | |
4 Years | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Debt obligations | 6,565 | |
Total capital securities | 546 | |
Lease obligations | 43 | |
Commitments | 0 | |
Debt obligations | 494 | |
Capital securities | 115 | |
Interest rate swaps | 0 | |
More than 5 years | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Debt obligations | 6,788 | |
Total capital securities | 915 | |
Lease obligations | 3,167 | |
Commitments | 0 | |
Debt obligations | 804 | |
Capital securities | 33 | |
Interest rate swaps | $ 0 |
FINANCIAL INSTRUMENTS - Derivat
FINANCIAL INSTRUMENTS - Derivatives (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of detailed information about financial instruments [line items] | ||
Fair value of financial assets | $ 7,068 | $ 6,021 |
Fair value of financial liabilities | $ (62,406) | $ (62,047) |
Net investment hedges | Interest rate caps of US$ LIBOR debt | ||
Disclosure of detailed information about financial instruments [line items] | ||
Notional | 9,590 | 8,371 |
Fair value of financial assets | $ 0 | $ 0 |
Net investment hedges | Interest rate caps of US$ LIBOR debt | Bottom of range | ||
Disclosure of detailed information about financial instruments [line items] | ||
Rates | 2.50% | 2.50% |
Net investment hedges | Interest rate caps of US$ LIBOR debt | Top of range | ||
Disclosure of detailed information about financial instruments [line items] | ||
Rates | 500.00% | 550.00% |
Net investment hedges | Interest rate swaps of US$ LIBOR debt | ||
Disclosure of detailed information about financial instruments [line items] | ||
Notional | 2,130 | 2,380 |
Fair value of financial liabilities | $ (50) | $ (112) |
Net investment 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% |
Net investment 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% |
Net investment hedges | Interest rate caps of £ LIBOR debt | ||
Disclosure of detailed information about financial instruments [line items] | ||
Notional | 2,301 | 3,198 |
Fair value of financial assets | $ 0 | $ 0 |
Net investment hedges | Interest rate caps of £ LIBOR debt | Bottom of range | ||
Disclosure of detailed information about financial instruments [line items] | ||
Rates | 1.00% | 2.00% |
Net investment hedges | Interest rate caps of £ LIBOR debt | Top of range | ||
Disclosure of detailed information about financial instruments [line items] | ||
Rates | 250.00% | 250.00% |
Net investment hedges | Interest rate caps of £ SONIA debt | ||
Disclosure of detailed information about financial instruments [line items] | ||
Notional | 974 | |
Rates | 2.00% | |
Fair value of financial assets | $ 5 | |
Net investment hedges | Interest rate caps of € EURIBOR debt | ||
Disclosure of detailed information about financial instruments [line items] | ||
Notional | 102 | 119 |
Rates | 1.30% | 1.30% |
Fair value of financial assets | $ 0 | $ 0 |
Net investment hedges | Interest rate caps of C$ LIBOR debt | ||
Disclosure of detailed information about financial instruments [line items] | ||
Notional | 240 | 189 |
Rates | 2.00% | 3.00% |
Fair value of financial assets | $ 0 | $ 0 |
Net investment hedges | Interest rate swaps of AUD BBSW/BBSY debt | ||
Disclosure of detailed information about financial instruments [line items] | ||
Notional | 422 | 447 |
Fair value of financial assets | $ 0 | |
Fair value of financial liabilities | $ (11) | |
Net investment hedges | Interest rate swaps of AUD BBSW/BBSY debt | Bottom of range | ||
Disclosure of detailed information about financial instruments [line items] | ||
Rates | 0.80% | 0.80% |
Net investment hedges | Interest rate swaps of AUD BBSW/BBSY debt | Top of range | ||
Disclosure of detailed information about financial instruments [line items] | ||
Rates | 160.00% | 160.00% |
FINANCIAL INSTRUMENTS - Narrati
FINANCIAL INSTRUMENTS - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of detailed information about financial instruments [line items] | |||
Fair value gains (losses) | $ 583 | $ 82 | $ (158) |
Portfolio investment horizon | 10 years | ||
Net investment hedges | |||
Disclosure of detailed information about financial instruments [line items] | |||
Hedge ineffectiveness recorded in earnings | $ 0 | 0 | |
Forward starting interest rate swap | |||
Disclosure of detailed information about financial instruments [line items] | |||
Fair value gains (losses) | $ (31) | $ (45) |
FINANCIAL INSTRUMENTS - Deriv_2
FINANCIAL INSTRUMENTS - Derivatives, Net Investment Hedges (Details) € in Millions, ₩ in Millions, ₨ in Millions, ¥ in Millions, £ in Millions, R$ in Millions, $ in Millions, $ in Millions, $ in Millions | Dec. 31, 2021USD ($)$ / shares₩ / $£ / $R$ / $$ / $¥ / $€ / $ | Dec. 31, 2021EUR (€)$ / shares₩ / $£ / $R$ / $$ / $¥ / $€ / $ | Dec. 31, 2021GBP (£)$ / shares₩ / $£ / $R$ / $$ / $¥ / $€ / $ | Dec. 31, 2021AUD ($)$ / shares₩ / $£ / $R$ / $$ / $¥ / $€ / $ | Dec. 31, 2021CNY (¥)$ / shares₩ / $£ / $R$ / $$ / $¥ / $€ / $ | Dec. 31, 2021CAD ($)$ / shares₩ / $£ / $R$ / $$ / $¥ / $€ / $ | Dec. 31, 2021BRL (R$)$ / shares₩ / $£ / $R$ / $$ / $¥ / $€ / $ | Dec. 31, 2021KRW (₩)$ / shares₩ / $£ / $R$ / $$ / $¥ / $€ / $ | Dec. 31, 2021INR (₨)$ / shares₩ / $£ / $R$ / $$ / $¥ / $€ / $ | Dec. 31, 2020USD ($)$ / shares¥ / $₩ / $£ / $$ / $€ / $R$ / $ | Dec. 31, 2020EUR (€)$ / shares¥ / $₩ / $£ / $$ / $€ / $R$ / $ | Dec. 31, 2020GBP (£)$ / shares¥ / $₩ / $£ / $$ / $€ / $R$ / $ | Dec. 31, 2020AUD ($)$ / shares¥ / $₩ / $£ / $$ / $€ / $R$ / $ | Dec. 31, 2020CNY (¥)$ / shares¥ / $₩ / $£ / $$ / $€ / $R$ / $ | Dec. 31, 2020CAD ($)$ / shares¥ / $₩ / $£ / $$ / $€ / $R$ / $ | Dec. 31, 2020KRW (₩)$ / shares¥ / $₩ / $£ / $$ / $€ / $R$ / $ | Dec. 31, 2020INR (₨)$ / shares¥ / $₩ / $£ / $$ / $€ / $R$ / $ |
Disclosure of detailed information about financial instruments [line items] | |||||||||||||||||
Fair value of financial assets | $ 7,068 | $ 6,021 | |||||||||||||||
Fair value of financial liabilities | (62,406) | (62,047) | |||||||||||||||
Net investment hedges | Euros | |||||||||||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||||||||||
Notional amount | € | € 389 | € 0 | |||||||||||||||
Fair value of financial assets | $ 1 | ||||||||||||||||
Fair value of financial liabilities | $ (2) | ||||||||||||||||
Net investment hedges | Euros | Bottom of range | |||||||||||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||||||||||
Rates | € / $ | 0.81 | 0.81 | 0.81 | 0.81 | 0.81 | 0.81 | 0.81 | 0.81 | 0.81 | 0.87 | 0.87 | 0.87 | 0.87 | 0.87 | 0.87 | 0.87 | 0.87 |
Net investment hedges | Euros | Top of range | |||||||||||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||||||||||
Rates | € / $ | 0.88 | 0.88 | 0.88 | 0.88 | 0.88 | 0.88 | 0.88 | 0.88 | 0.88 | 0.88 | 0.88 | 0.88 | 0.88 | 0.88 | 0.88 | 0.88 | 0.88 |
Net investment hedges | British pounds | |||||||||||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||||||||||
Notional amount | £ | £ 4,395 | £ 201 | |||||||||||||||
Fair value of financial assets | $ 5 | ||||||||||||||||
Fair value of financial liabilities | $ (89) | ||||||||||||||||
Net investment hedges | British pounds | Hedging Instrument Two | |||||||||||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||||||||||
Notional amount | £ | £ 90 | £ 90 | |||||||||||||||
Rates | £ / $ | 0.91 | 0.91 | 0.91 | 0.91 | 0.91 | 0.91 | 0.91 | 0.91 | 0.91 | ||||||||
Fair value of financial assets | $ 9 | $ 0 | |||||||||||||||
Net investment hedges | British pounds | Bottom of range | |||||||||||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||||||||||
Rates | £ / $ | 0.71 | 0.71 | 0.71 | 0.71 | 0.71 | 0.71 | 0.71 | 0.71 | 0.71 | 0.5 | 0.5 | 0.5 | 0.5 | 0.5 | 0.5 | 0.5 | 0.5 |
Net investment hedges | British pounds | Bottom of range | Hedging Instrument Two | |||||||||||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||||||||||
Rates | £ / $ | 0.89 | 0.89 | 0.89 | 0.89 | 0.89 | 0.89 | 0.89 | 0.89 | |||||||||
Net investment hedges | British pounds | Top of range | |||||||||||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||||||||||
Rates | £ / $ | 0.76 | 0.76 | 0.76 | 0.76 | 0.76 | 0.76 | 0.76 | 0.76 | 0.76 | 1.08 | 1.08 | 1.08 | 1.08 | 1.08 | 1.08 | 1.08 | 1.08 |
Net investment hedges | British pounds | Top of range | Hedging Instrument Two | |||||||||||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||||||||||
Rates | £ / $ | 0.93 | 0.93 | 0.93 | 0.93 | 0.93 | 0.93 | 0.93 | 0.93 | |||||||||
Net investment hedges | Australian dollars | |||||||||||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||||||||||
Notional amount | $ 974 | $ 240 | |||||||||||||||
Fair value of financial assets | $ 3 | ||||||||||||||||
Fair value of financial liabilities | $ (14) | ||||||||||||||||
Net investment hedges | Australian dollars | Bottom of range | |||||||||||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||||||||||
Rates | $ / $ | 1.35 | 1.35 | 1.35 | 1.35 | 1.35 | 1.35 | 1.35 | 1.35 | 1.35 | 1.34 | 1.34 | 1.34 | 1.34 | 1.34 | 1.34 | 1.34 | 1.34 |
Net investment hedges | Australian dollars | Top of range | |||||||||||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||||||||||
Rates | $ / $ | 1.41 | 1.41 | 1.41 | 1.41 | 1.41 | 1.41 | 1.41 | 1.41 | 1.41 | 1.52 | 1.52 | 1.52 | 1.52 | 1.52 | 1.52 | 1.52 | 1.52 |
Net investment hedges | Chinese Yuan | |||||||||||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||||||||||
Notional amount | ¥ | ¥ 1,596 | ¥ 813 | |||||||||||||||
Fair value of financial liabilities | $ (7) | $ (11) | |||||||||||||||
Net investment hedges | Chinese Yuan | Bottom of range | |||||||||||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||||||||||
Rates | ¥ / $ | 6.68 | 6.68 | 6.68 | 6.68 | 6.68 | 6.68 | 6.68 | 6.68 | 6.68 | 4.02 | 4.02 | 4.02 | 4.02 | 4.02 | 4.02 | 4.02 | 4.02 |
Net investment hedges | Chinese Yuan | Top of range | |||||||||||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||||||||||
Rates | ¥ / $ | 6.99 | 6.99 | 6.99 | 6.99 | 6.99 | 6.99 | 6.99 | 6.99 | 6.99 | 7.43 | 7.43 | 7.43 | 7.43 | 7.43 | 7.43 | 7.43 | 7.43 |
Net investment hedges | Brazil Real | |||||||||||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||||||||||
Notional amount | R$ 2546 | $ 620 | |||||||||||||||
Fair value of financial liabilities | $ (5) | $ (3) | |||||||||||||||
Net investment hedges | Brazil Real | Bottom of range | |||||||||||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||||||||||
Rates | R$ / $ | 5.87 | 5.87 | 5.87 | 5.87 | 5.87 | 5.87 | 5.87 | 5.87 | 5.87 | ||||||||
Net investment hedges | Brazil Real | Top of range | |||||||||||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||||||||||
Rates | R$ / $ | 6.54 | 6.54 | 6.54 | 6.54 | 6.54 | 6.54 | 6.54 | 6.54 | 6.54 | 5.2 | 5.2 | 5.2 | 5.2 | 5.2 | 5.2 | 5.2 | 5.2 |
Net investment hedges | South Korean Won | |||||||||||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||||||||||
Notional amount | ₩ | ₩ 720,095 | ₩ 720,095 | |||||||||||||||
Fair value of financial assets | $ (4) | ||||||||||||||||
Fair value of financial liabilities | $ (54) | ||||||||||||||||
Net investment hedges | South Korean Won | Bottom of range | |||||||||||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||||||||||
Rates | ₩ / $ | 1,165.75 | 1,165.75 | 1,165.75 | 1,165.75 | 1,165.75 | 1,165.75 | 1,165.75 | 1,165.75 | 1,165.75 | 914.84 | 914.84 | 914.84 | 914.84 | 914.84 | 914.84 | 914.84 | 914.84 |
Net investment hedges | South Korean Won | Top of range | |||||||||||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||||||||||
Rates | ₩ / $ | 1,197.6 | 1,197.6 | 1,197.6 | 1,197.6 | 1,197.6 | 1,197.6 | 1,197.6 | 1,197.6 | 1,197.6 | 1,169.58 | 1,169.58 | 1,169.58 | 1,169.58 | 1,169.58 | 1,169.58 | 1,169.58 | 1,169.58 |
Net investment hedges | Indian Rupee | |||||||||||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||||||||||
Notional amount | ₨ | ₨ 75,690 | ₨ 4,703 | |||||||||||||||
Fair value of financial liabilities | $ (27) | $ (2) | |||||||||||||||
Net investment hedges | Indian Rupee | Bottom of range | |||||||||||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||||||||||
Rates | ₩ / $ | 76.35 | 76.35 | 76.35 | 76.35 | 76.35 | 76.35 | 76.35 | 76.35 | 76.35 | ||||||||
Net investment hedges | Indian Rupee | Top of range | |||||||||||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||||||||||
Rates | ₩ / $ | 87.13 | 87.13 | 87.13 | 87.13 | 87.13 | 87.13 | 87.13 | 87.13 | 87.13 | 76.28 | 76.28 | 76.28 | 76.28 | 76.28 | 76.28 | 76.28 | 76.28 |
Net investment hedges | Canadian dollars | |||||||||||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||||||||||
Notional amount | $ 185 | ||||||||||||||||
Fair value of financial liabilities | $ (2) | ||||||||||||||||
Net investment hedges | Canadian dollars | Bottom of range | |||||||||||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||||||||||
Rates | $ / shares | 1.26 | 1.26 | 1.26 | 1.26 | 1.26 | 1.26 | 1.26 | 1.26 | 1.26 | ||||||||
Net investment hedges | Canadian dollars | Top of range | |||||||||||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||||||||||
Rates | $ / shares | 1.31 | 1.31 | 1.31 | 1.31 | 1.31 | 1.31 | 1.31 | 1.31 | 1.31 | ||||||||
Cross currency swaps | Canadian dollars | |||||||||||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||||||||||
Notional amount | $ 2,500 | $ 2,400 | |||||||||||||||
Fair value of financial assets | $ 56 | $ 66 | |||||||||||||||
Cross currency swaps | Canadian dollars | Bottom of range | |||||||||||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||||||||||
Rates | $ / shares | 1.25 | 1.25 | 1.25 | 1.25 | 1.25 | 1.25 | 1.25 | 1.25 | 1.25 | 0.81 | 0.81 | 0.81 | 0.81 | 0.81 | 0.81 | 0.81 | 0.81 |
Cross currency swaps | Canadian dollars | Top of range | |||||||||||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||||||||||
Rates | $ / shares | 1.38 | 1.38 | 1.38 | 1.38 | 1.38 | 1.38 | 1.38 | 1.38 | 1.38 | 1.7 | 1.7 | 1.7 | 1.7 | 1.7 | 1.7 | 1.7 | 1.7 |
FINANCIAL INSTRUMENTS - Other D
FINANCIAL INSTRUMENTS - Other Derivatives (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of detailed information about financial instruments [line items] | ||
Fair value of financial assets | $ 7,068 | $ 6,021 |
Fair value of financial liabilities | (62,406) | (62,047) |
Interest rate risk | Interest rate caps | ||
Disclosure of detailed information about financial instruments [line items] | ||
Notional | 5,388 | 3,560 |
Fair value of financial assets | $ 0 | $ 0 |
Interest rate risk | Interest rate caps | Bottom of range | ||
Disclosure of detailed information about financial instruments [line items] | ||
Rates | 2.00% | 3.00% |
Interest rate risk | Interest rate caps | Top of range | ||
Disclosure of detailed information about financial instruments [line items] | ||
Rates | 7.90% | 5.00% |
Interest rate risk | Interest rate swaps on forecasted fixed rate debt | ||
Disclosure of detailed information about financial instruments [line items] | ||
Notional | $ 1,285 | $ 1,285 |
Fair value of financial liabilities | $ (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 | 3.20% | 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 | 6.40% | 6.40% |
Interest rate risk | Interest rate swaps of US$ debt | ||
Disclosure of detailed information about financial instruments [line items] | ||
Notional | $ 1,696 | $ 1,746 |
Fair value of financial liabilities | $ (8) | $ (32) |
Interest rate risk | Interest rate swaps of US$ 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$ debt | Top of range | ||
Disclosure of detailed information about financial instruments [line items] | ||
Rates | 5.10% | 5.10% |
Interest rate risk | Embedded derivative | ||
Disclosure of detailed information about financial instruments [line items] | ||
Notional | $ 25 | $ 350 |
Rates | 0.00% | 2.00% |
Fair value of financial assets | $ 0 | $ 0 |
FINANCIAL INSTRUMENTS - Classif
FINANCIAL INSTRUMENTS - Classification and Measurement (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure Of Financial Assets And Liabilities [Line Items] | ||
Carrying value | $ 7,068 | $ 6,021 |
Fair value | 7,068 | 5,937 |
Carrying value | 62,406 | 62,047 |
Fair value | 62,553 | 62,227 |
Debt obligations | Other liabilities | ||
Disclosure Of Financial Assets And Liabilities [Line Items] | ||
Carrying value | 55,327 | 54,717 |
Fair value | 55,474 | 54,897 |
Capital securities | Other liabilities | ||
Disclosure Of Financial Assets And Liabilities [Line Items] | ||
Carrying value | 2,226 | 2,170 |
Fair value | 2,226 | 2,170 |
Capital securities - fund subsidiaries | FVTPL | ||
Disclosure Of Financial Assets And Liabilities [Line Items] | ||
Carrying value | 859 | 863 |
Fair value | 859 | 863 |
Derivatives | Accounts payable | FVTPL | ||
Disclosure Of Financial Assets And Liabilities [Line Items] | ||
Carrying value | 277 | 272 |
Fair value | 277 | 272 |
Derivatives | Accounts payable and other liabilities | FVTPL | ||
Disclosure Of Financial Assets And Liabilities [Line Items] | ||
Carrying value | 221 | 416 |
Fair value | 221 | 416 |
Accounts payable and other | Accounts payable | Other liabilities | ||
Disclosure Of Financial Assets And Liabilities [Line Items] | ||
Carrying value | 500 | 437 |
Fair value | 500 | 437 |
Accounts payable and other | Accounts payable and other liabilities | Other liabilities | ||
Disclosure Of Financial Assets And Liabilities [Line Items] | ||
Carrying value | 2,097 | 2,110 |
Fair value | 2,097 | 2,110 |
Loans and notes payable | Accounts payable and other liabilities | Other liabilities | ||
Disclosure Of Financial Assets And Liabilities [Line Items] | ||
Carrying value | 899 | 1,062 |
Fair value | 899 | 1,062 |
Held for sale | Debt obligations | Other liabilities | ||
Disclosure Of Financial Assets And Liabilities [Line Items] | ||
Carrying value | 3,006 | 380 |
Held for sale | Accounts payable and other liabilities | Other liabilities | ||
Disclosure Of Financial Assets And Liabilities [Line Items] | ||
Carrying value | 76 | 16 |
Loans and notes receivable | Amortized cost | ||
Disclosure Of Financial Assets And Liabilities [Line Items] | ||
Carrying value | 225 | 216 |
Fair value | 225 | 216 |
Other non-current assets | FVTPL | Equity investments | ||
Disclosure Of Financial Assets And Liabilities [Line Items] | ||
Carrying value | 2,200 | 1,612 |
Fair value | 2,200 | 1,612 |
Other non-current assets | FVTPL | Derivatives | ||
Disclosure Of Financial Assets And Liabilities [Line Items] | ||
Carrying value | 111 | 72 |
Fair value | 111 | 72 |
Other non-current assets | Amortized cost | Restricted cash | ||
Disclosure Of Financial Assets And Liabilities [Line Items] | ||
Carrying value | 356 | 241 |
Fair value | 356 | 241 |
Other non-current assets | FVTOCI | Equity investments | ||
Disclosure Of Financial Assets And Liabilities [Line Items] | ||
Carrying value | 108 | 86 |
Fair value | 108 | 86 |
Accounts receivable and other | FVTPL | Equity investments | ||
Disclosure Of Financial Assets And Liabilities [Line Items] | ||
Carrying value | 0 | 107 |
Fair value | 0 | 107 |
Accounts receivable and other | FVTPL | Derivatives | ||
Disclosure Of Financial Assets And Liabilities [Line Items] | ||
Carrying value | 33 | 164 |
Fair value | 33 | 164 |
Accounts receivable and other | Amortized cost | Accounts receivable | ||
Disclosure Of Financial Assets And Liabilities [Line Items] | ||
Carrying value | 1,128 | 758 |
Fair value | 1,128 | 674 |
Accounts receivable and other | Amortized cost | Restricted cash | ||
Disclosure Of Financial Assets And Liabilities [Line Items] | ||
Carrying value | 331 | 292 |
Fair value | 331 | 292 |
Accounts receivable and other | Amortized cost | Held for sale | Accounts receivable | ||
Disclosure Of Financial Assets And Liabilities [Line Items] | ||
Carrying value | 276 | 5 |
Cash and cash equivalents | Amortized cost | ||
Disclosure Of Financial Assets And Liabilities [Line Items] | ||
Carrying value | 2,576 | 2,473 |
Fair value | $ 2,576 | $ 2,473 |
FINANCIAL INSTRUMENTS - Fair Va
FINANCIAL INSTRUMENTS - Fair Value of Financial Instruments (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |||
Total financial assets | $ 7,068 | $ 6,021 | |
Total capital securities | 3,085 | 3,033 | |
Total financial liabilities | 62,406 | 62,047 | |
Level 3 | |||
Disclosure of maturity analysis for derivative financial liabilities [line items] | |||
Total financial assets | 2,060 | 1,682 | $ 1,371 |
Total financial liabilities | 859 | 863 | $ 922 |
Fair value | |||
Disclosure of maturity analysis for derivative financial liabilities [line items] | |||
Securities designated as FVTPL | 2,200 | 1,719 | |
Securities designated as FVTOCI | 108 | 86 | |
Derivative assets | 144 | 236 | |
Total financial assets | 2,452 | 2,041 | |
Total capital securities | 859 | 863 | |
Derivative financial liabilities | 498 | 688 | |
Total financial liabilities | 1,357 | 1,551 | |
Fair value | Level 1 | |||
Disclosure of maturity analysis for derivative financial liabilities [line items] | |||
Securities designated as FVTPL | 17 | 0 | |
Securities designated as FVTOCI | 13 | 0 | |
Derivative assets | 0 | 0 | |
Total financial assets | 30 | 0 | |
Total capital securities | 0 | 0 | |
Derivative financial liabilities | 0 | 0 | |
Total financial liabilities | 0 | 0 | |
Fair value | Level 2 | |||
Disclosure of maturity analysis for derivative financial liabilities [line items] | |||
Securities designated as FVTPL | 218 | 123 | |
Securities designated as FVTOCI | 0 | 0 | |
Derivative assets | 144 | 236 | |
Total financial assets | 362 | 359 | |
Total capital securities | 0 | 0 | |
Derivative financial liabilities | 498 | 688 | |
Total financial liabilities | 498 | 688 | |
Fair value | Level 3 | |||
Disclosure of maturity analysis for derivative financial liabilities [line items] | |||
Securities designated as FVTPL | 1,965 | 1,596 | |
Securities designated as FVTOCI | 95 | 86 | |
Derivative assets | 0 | 0 | |
Total financial assets | 2,060 | 1,682 | |
Total capital securities | 859 | 863 | |
Derivative financial liabilities | 0 | 0 | |
Total financial liabilities | $ 859 | $ 863 |
FINANCIAL INSTRUMENTS - Level 3
FINANCIAL INSTRUMENTS - Level 3 Rollforward (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Financial assets | ||
Balance, beginning of year | $ 6,021 | |
Changes in fair value measurement, assets [abstract] | ||
Balance, end of year | 7,068 | $ 6,021 |
Financial liabilities | ||
Balance, beginning of year | 62,047 | |
Changes in fair value measurement, liabilities [abstract] | ||
Balance, end of year | 62,406 | 62,047 |
Level 3 | ||
Financial assets | ||
Balance, beginning of year | 1,682 | 1,371 |
Changes in fair value measurement, assets [abstract] | ||
Additions | 553 | 324 |
Dispositions | (88) | (10) |
Fair value (losses) gains, net and OCI | 366 | (3) |
Other | (453) | 0 |
Balance, end of year | 2,060 | 1,682 |
Financial liabilities | ||
Balance, beginning of year | 863 | 922 |
Changes in fair value measurement, liabilities [abstract] | ||
Additions | 0 | 0 |
Dispositions | 0 | 0 |
Fair value (losses) gains, net and OCI | 2 | (59) |
Other | (6) | 0 |
Balance, end of year | $ 859 | $ 863 |
FINANCIAL INSTRUMENTS - Market
FINANCIAL INSTRUMENTS - Market Risk, Interest Rate Risk (Details) - Interest rate risk - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Reasonably possible change in risk variable, impact on pre-tax earnings | $ 286 | $ 266 |
Variable rate | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Reasonably possible change in risk variable, impact on pre-tax earnings | 255 | 236 |
Fixed interest rate | Within one year | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Reasonably possible change in risk variable, impact on pre-tax earnings | $ 31 | $ 30 |
FINANCIAL INSTRUMENTS - Marke_2
FINANCIAL INSTRUMENTS - Market Risk, Foreign Currency Risk (Details) - Currency risk € in Millions, ₩ in Millions, ₨ in Millions, د.إ in Millions, ¥ in Millions, £ in Millions, zł in Millions, R$ in Millions, Kč in Millions, Ft in Millions, $ in Millions, $ in Millions, $ in Millions, $ in Millions | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||
Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2021CAD ($) | Dec. 31, 2021AUD ($) | Dec. 31, 2021GBP (£) | Dec. 31, 2021EUR (€) | Dec. 31, 2021BRL (R$) | Dec. 31, 2021INR (₨) | Dec. 31, 2021CNY (¥) | Dec. 31, 2021KRW (₩) | Dec. 31, 2021AED (د.إ) | Dec. 31, 2021CZK (Kč) | Dec. 31, 2021HUF (Ft) | Dec. 31, 2020CAD ($) | Dec. 31, 2020AUD ($) | Dec. 31, 2020GBP (£) | Dec. 31, 2020EUR (€) | Dec. 31, 2020BRL (R$) | Dec. 31, 2020INR (₨) | Dec. 31, 2020CNY (¥) | Dec. 31, 2020KRW (₩) | Dec. 31, 2020AED (د.إ) | Dec. 31, 2020CZK (Kč) | Dec. 31, 2020HUF (Ft) | Dec. 31, 2020PLN (zł) | Dec. 31, 2019CAD ($) | Dec. 31, 2019AUD ($) | Dec. 31, 2019GBP (£) | Dec. 31, 2019EUR (€) | Dec. 31, 2019BRL (R$) | Dec. 31, 2019INR (₨) | Dec. 31, 2019CNY (¥) | Dec. 31, 2019KRW (₩) | Dec. 31, 2019AED (د.إ) | Dec. 31, 2019CZK (Kč) | Dec. 31, 2019HUF (Ft) | Dec. 31, 2019PLN (zł) | Dec. 31, 2019HKD ($) | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||||||||||||||||||||||||||||||||||
Reasonably possible change in risk variable, percent | 10.00% | ||||||||||||||||||||||||||||||||||||||
OCI | $ (1,195) | $ (973) | $ (817) | ||||||||||||||||||||||||||||||||||||
Net income | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||
Canadian dollars | |||||||||||||||||||||||||||||||||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||||||||||||||||||||||||||||||||||
Equity attributable to Unitholders | $ 339 | $ 521 | $ 377 | ||||||||||||||||||||||||||||||||||||
OCI | (27) | (41) | (29) | ||||||||||||||||||||||||||||||||||||
Net income | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||
Australian dollars | |||||||||||||||||||||||||||||||||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||||||||||||||||||||||||||||||||||
Equity attributable to Unitholders | $ 1,708 | $ 2,056 | $ 2,154 | ||||||||||||||||||||||||||||||||||||
OCI | (124) | (158) | (151) | ||||||||||||||||||||||||||||||||||||
Net income | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||
British pounds | |||||||||||||||||||||||||||||||||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||||||||||||||||||||||||||||||||||
Equity attributable to Unitholders | £ | £ 6,375 | £ 4,206 | £ 3,275 | ||||||||||||||||||||||||||||||||||||
OCI | (863) | (575) | (434) | ||||||||||||||||||||||||||||||||||||
Net income | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||
Euros | |||||||||||||||||||||||||||||||||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||||||||||||||||||||||||||||||||||
Equity attributable to Unitholders | € | € 1,297 | € 328 | € 339 | ||||||||||||||||||||||||||||||||||||
OCI | (147) | (40) | (38) | ||||||||||||||||||||||||||||||||||||
Net income | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||
Brazilian reais | |||||||||||||||||||||||||||||||||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||||||||||||||||||||||||||||||||||
Equity attributable to Unitholders | R$ | R$ 745 | R$ 3364 | R$ 3310 | ||||||||||||||||||||||||||||||||||||
OCI | (13) | (65) | (82) | ||||||||||||||||||||||||||||||||||||
Net income | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||
Indian Rupee | |||||||||||||||||||||||||||||||||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||||||||||||||||||||||||||||||||||
Equity attributable to Unitholders | ₨ | ₨ 617 | ₨ 28,281 | ₨ 26,628 | ||||||||||||||||||||||||||||||||||||
OCI | (1) | (39) | (37) | ||||||||||||||||||||||||||||||||||||
Net income | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||
Hong Kong Dollar | |||||||||||||||||||||||||||||||||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||||||||||||||||||||||||||||||||||
Equity attributable to Unitholders | $ 0 | ||||||||||||||||||||||||||||||||||||||
OCI | 0 | ||||||||||||||||||||||||||||||||||||||
Net income | 0 | ||||||||||||||||||||||||||||||||||||||
Chinese Yuan | |||||||||||||||||||||||||||||||||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||||||||||||||||||||||||||||||||||
Equity attributable to Unitholders | ¥ | ¥ 730 | ¥ 1,084 | ¥ 933 | ||||||||||||||||||||||||||||||||||||
OCI | (11) | (17) | (13) | ||||||||||||||||||||||||||||||||||||
Net income | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||
South Korean Won | |||||||||||||||||||||||||||||||||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||||||||||||||||||||||||||||||||||
Equity attributable to Unitholders | ₩ | ₩ 289,443 | ₩ 204,795 | ₩ 160,969 | ||||||||||||||||||||||||||||||||||||
OCI | 0 | (19) | (14) | ||||||||||||||||||||||||||||||||||||
Net income | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||
United Arab Emirates Dirham | |||||||||||||||||||||||||||||||||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||||||||||||||||||||||||||||||||||
Equity attributable to Unitholders | د.إ | د.إ 342 | د.إ 708 | د.إ 683 | ||||||||||||||||||||||||||||||||||||
OCI | (9) | (19) | (19) | ||||||||||||||||||||||||||||||||||||
Net income | 0 | 0 | |||||||||||||||||||||||||||||||||||||
Czech Koruna | |||||||||||||||||||||||||||||||||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||||||||||||||||||||||||||||||||||
Equity attributable to Unitholders | Kč | Kč 5 | Kč 8 | Kč 10 | ||||||||||||||||||||||||||||||||||||
OCI | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||
Net income | 0 | 0 | |||||||||||||||||||||||||||||||||||||
Hungarian Forint | |||||||||||||||||||||||||||||||||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||||||||||||||||||||||||||||||||||
Equity attributable to Unitholders | Ft | Ft 5 | Ft 334 | Ft 314 | ||||||||||||||||||||||||||||||||||||
OCI | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||
Net income | $ 0 | 0 | |||||||||||||||||||||||||||||||||||||
Poland Zloty | |||||||||||||||||||||||||||||||||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||||||||||||||||||||||||||||||||||
Equity attributable to Unitholders | zł | zł 3 | zł 3 | |||||||||||||||||||||||||||||||||||||
OCI | 0 | 0 | |||||||||||||||||||||||||||||||||||||
Net income | $ 0 | $ 0 |
RELATED PARTIES - Narrative (De
RELATED PARTIES - Narrative (Details) | Dec. 30, 2021 | Sep. 13, 2021USD ($)shares | Jul. 26, 2021USD ($) | Aug. 03, 2017USD ($) | Aug. 03, 2015 | Dec. 04, 2014 | Dec. 31, 2021USD ($)multifamily_asset | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($)$ / sharesshares | Dec. 31, 2019USD ($) | Jun. 29, 2021USD ($) |
Disclosure of transactions between related parties [line items] | |||||||||||
Investment properties | $ 2,431,000,000 | $ 2,252,000,000 | $ 4,200,000,000 | ||||||||
Limited Partner Units, $12.00/unit | |||||||||||
Disclosure of transactions between related parties [line items] | |||||||||||
Number of shares/units issued (in shares) | shares | 2,696,841 | ||||||||||
Share price (in dollars per share) | $ / shares | $ 12 | ||||||||||
Limited Partner Units, $12.65/unit | |||||||||||
Disclosure of transactions between related parties [line items] | |||||||||||
Number of shares/units issued (in shares) | shares | 5,967,063 | ||||||||||
Share price (in dollars per share) | $ / shares | $ 12.65 | ||||||||||
Limited Partner Units, $13.92/unit | |||||||||||
Disclosure of transactions between related parties [line items] | |||||||||||
Number of shares/units issued (in shares) | shares | 13,392,277 | ||||||||||
Share price (in dollars per share) | $ / shares | $ 13.92 | ||||||||||
Redeemable/Exchangeable Partnership Units | |||||||||||
Disclosure of transactions between related parties [line items] | |||||||||||
Number of shares/units issued (in shares) | shares | 18,715,912 | ||||||||||
Share price (in dollars per share) | $ / shares | $ 12 | ||||||||||
Preferred Equity Tranche One | |||||||||||
Disclosure of transactions between related parties [line items] | |||||||||||
Maturity term | 7 years | 7 years | |||||||||
Preferred Equity, Tranche Two | |||||||||||
Disclosure of transactions between related parties [line items] | |||||||||||
Maturity term | 10 years | ||||||||||
Tranche Three | |||||||||||
Disclosure of transactions between related parties [line items] | |||||||||||
Maturity term | 12 years | ||||||||||
Brookfield Asset Management | |||||||||||
Disclosure of transactions between related parties [line items] | |||||||||||
Management fee Inflation adjustment, percent of total capitalization | 0.50% | ||||||||||
Management fee expense, minimum | $ 50,000,000 | ||||||||||
Management fee percent | 1.05% | ||||||||||
Management fee expense | $ 155,000,000 | $ 73,000,000 | 107,000,000 | ||||||||
Brookfield Asset Management | Limited Partner Units, $11.36/unit | |||||||||||
Disclosure of transactions between related parties [line items] | |||||||||||
Number of shares/units issued (in shares) | shares | 9,416,816 | ||||||||||
Share price (in dollars per share) | $ / shares | $ 11.36 | ||||||||||
Subsidiaries | |||||||||||
Disclosure of transactions between related parties [line items] | |||||||||||
Number of real estate properties sold | multifamily_asset | 2 | ||||||||||
Subsidiaries | United States | |||||||||||
Disclosure of transactions between related parties [line items] | |||||||||||
Investment properties | $ 73,000,000 | ||||||||||
Subsidiaries | United Kingdom | |||||||||||
Disclosure of transactions between related parties [line items] | |||||||||||
Investment properties | $ 101,000,000 | ||||||||||
Subsidiaries | Brookfield Place Sydney | |||||||||||
Disclosure of transactions between related parties [line items] | |||||||||||
Consideration | $ 153,000,000 | ||||||||||
Subsidiaries | Limited Partner Units | |||||||||||
Disclosure of transactions between related parties [line items] | |||||||||||
Issuances to redeemable/exchangeable and special limited partnership unitholders | $ 2,500,000,000 | ||||||||||
Subsidiaries | Redeemable/Exchangeable Partnership Units | |||||||||||
Disclosure of transactions between related parties [line items] | |||||||||||
Number of shares/units issued (in shares) | shares | 34,000,000 | ||||||||||
Issuances to redeemable/exchangeable and special limited partnership unitholders | $ 2,000,000,000 | ||||||||||
Affiliated entities | |||||||||||
Disclosure of transactions between related parties [line items] | |||||||||||
Distributions on Brookfield Asset Management’s interest in Canholdco | $ 369,000,000 | $ 0 | $ 0 | ||||||||
Preferred equity unit holders | |||||||||||
Disclosure of transactions between related parties [line items] | |||||||||||
Conversion condition, limit of market price to exchange price at maturity, percent | 80.00% |
RELATED PARTIES - Assets_Liabil
RELATED PARTIES - Assets/Liabilities (Details) - USD ($) | Dec. 31, 2021 | Jun. 30, 2021 | Dec. 31, 2020 |
Disclosure of transactions between related parties [line items] | |||
Preferred shares held by Brookfield Asset Management | $ (1,015,000,000) | $ (15,000,000) | |
Affiliated entities | |||
Disclosure of transactions between related parties [line items] | |||
Net (payables)/receivables within equity accounted investments | (378,000,000) | (91,000,000) | |
Loans and notes receivable | 170,000,000 | 50,000,000 | |
Receivables and other assets | 71,000,000 | 59,000,000 | |
Deposit payable to Brookfield Asset Management | (680,000,000) | (754,000,000) | |
Property-specific obligations | (250,000,000) | 0 | |
Loans and notes payable and other liabilities | (259,000,000) | (313,000,000) | |
Preferred shares held by Brookfield Asset Management | (1,015,000,000) | (15,000,000) | |
Brookfield Asset Management interest in Canholdco | $ (2,083,000,000) | $ 0 | |
Deposit llimit | $ 3,000,000,000 |
RELATED PARTIES - Income_Expens
RELATED PARTIES - Income/Expense (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of transactions between related parties [line items] | |||
Commercial property revenue | $ 5,163 | $ 5,397 | $ 5,691 |
Income from equity accounted investments | 1,020 | (749) | 1,969 |
Interest expense on debt obligations | 2,593 | 2,592 | 2,924 |
General and administrative expense | 924 | 816 | 882 |
Affiliated entities | |||
Disclosure of transactions between related parties [line items] | |||
Commercial property revenue | 35 | 32 | 26 |
Management fee income | 42 | 32 | 35 |
Participating loan interests (including fair value gains, net) | 0 | 0 | 50 |
Income from equity accounted investments | 26 | (11) | (12) |
Interest expense on debt obligations | 24 | 19 | 48 |
Interest on capital securities held by Brookfield Asset Management | 0 | 0 | 8 |
General and administrative expense | 271 | 164 | 198 |
Construction costs | 132 | 265 | 411 |
Return of capital distributions on Brookfield Asset Management’s interest in Canholdco | 176 | 0 | 0 |
Distributions on Brookfield Asset Management’s interest in Canholdco | 369 | 0 | 0 |
Incentive Fees | $ 35 | $ 16 | $ 104 |
SEGMENT INFORMATION - Narrative
SEGMENT INFORMATION - Narrative (Details) | 12 Months Ended |
Dec. 31, 2021segment | |
Operating Segments [Abstract] | |
Number of reportable segments | 4 |
SEGMENT INFORMATION - Revenue a
SEGMENT INFORMATION - Revenue and FFO (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of operating segments [line items] | |||
Revenue | $ 7,100 | $ 6,593 | $ 8,203 |
FFO | 578 | 707 | 1,147 |
Core Office | |||
Disclosure of operating segments [line items] | |||
Revenue | 2,198 | 2,049 | 2,149 |
FFO | 539 | 495 | 582 |
Core Retail | |||
Disclosure of operating segments [line items] | |||
Revenue | 1,510 | 1,612 | 1,589 |
FFO | 450 | 521 | 707 |
LP Investments | |||
Disclosure of operating segments [line items] | |||
Revenue | 3,387 | 2,920 | 4,452 |
FFO | 179 | 64 | 268 |
Corporate | |||
Disclosure of operating segments [line items] | |||
Revenue | 5 | 12 | 13 |
FFO | $ (590) | $ (373) | $ (410) |
SEGMENT INFORMATION - Detail of
SEGMENT INFORMATION - Detail of Total Revenue (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of operating segments [line items] | |||
Other revenue from tenants | $ 946 | $ 997 | $ 1,106 |
Investment and other revenue | 864 | 494 | 603 |
Revenue | 7,100 | 6,593 | 8,203 |
Operating segments | |||
Disclosure of operating segments [line items] | |||
Lease revenue | 4,219 | 4,400 | 4,585 |
Other revenue from tenants | 944 | 997 | 1,106 |
Hospitality revenue | 1,073 | 702 | 1,909 |
Investment and other revenue | 864 | 494 | 603 |
Revenue | 7,100 | 6,593 | 8,203 |
Core Office | Operating segments | |||
Disclosure of operating segments [line items] | |||
Lease revenue | 1,467 | 1,429 | 1,426 |
Other revenue from tenants | 442 | 446 | 477 |
Hospitality revenue | 9 | 6 | 12 |
Investment and other revenue | 280 | 168 | 234 |
Revenue | 2,198 | 2,049 | 2,149 |
Dubai | Operating segments | |||
Disclosure of operating segments [line items] | |||
Lease revenue | 1,113 | 1,166 | 1,082 |
Other revenue from tenants | 259 | 284 | 312 |
Hospitality revenue | 0 | 0 | 0 |
Investment and other revenue | 138 | 162 | 195 |
Revenue | 1,510 | 1,612 | 1,589 |
LP Investments | Operating segments | |||
Disclosure of operating segments [line items] | |||
Lease revenue | 1,639 | 1,805 | 2,077 |
Other revenue from tenants | 243 | 267 | 317 |
Hospitality revenue | 1,064 | 696 | 1,897 |
Investment and other revenue | 441 | 152 | 161 |
Revenue | 3,387 | 2,920 | 4,452 |
Corporate | Operating segments | |||
Disclosure of operating segments [line items] | |||
Lease revenue | 0 | 0 | 0 |
Other revenue from tenants | 0 | 0 | 0 |
Hospitality revenue | 0 | 0 | 0 |
Investment and other revenue | 5 | 12 | 13 |
Revenue | $ 5 | $ 12 | $ 13 |
SEGMENT INFORMATION - Earnings
SEGMENT INFORMATION - Earnings from Equity Accounted Investment and Interest Expense (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of operating segments [line items] | |||
Share of net earnings from equity accounted investments | $ 1,020 | $ (749) | $ 1,969 |
Interest expense | (2,593) | (2,592) | (2,924) |
Core Office | |||
Disclosure of operating segments [line items] | |||
Share of net earnings from equity accounted investments | 644 | 150 | 716 |
Interest expense | (570) | (586) | (606) |
Core Retail | |||
Disclosure of operating segments [line items] | |||
Share of net earnings from equity accounted investments | 472 | (743) | 1,179 |
Interest expense | (649) | (647) | (683) |
LP Investments | |||
Disclosure of operating segments [line items] | |||
Share of net earnings from equity accounted investments | (96) | (156) | 74 |
Interest expense | (1,069) | (1,104) | (1,389) |
Corporate | |||
Disclosure of operating segments [line items] | |||
Share of net earnings from equity accounted investments | 0 | 0 | 0 |
Interest expense | $ (305) | $ (255) | $ (246) |
SEGMENT INFORMATION - Balance S
SEGMENT INFORMATION - Balance Sheet Information (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of operating segments [line items] | |||
Total assets | $ 112,004 | $ 107,951 | |
Total liabilities | 66,999 | 66,428 | |
Equity accounted investments | 20,807 | 19,719 | $ 20,764 |
Core Office | |||
Disclosure of operating segments [line items] | |||
Total assets | 37,661 | 36,547 | |
Total liabilities | 18,172 | 17,439 | |
Equity accounted investments | 9,819 | 8,866 | |
Core Retail | |||
Disclosure of operating segments [line items] | |||
Total assets | 30,585 | 31,466 | |
Total liabilities | 14,316 | 17,429 | |
Equity accounted investments | 9,945 | 9,685 | |
LP Investments | |||
Disclosure of operating segments [line items] | |||
Total assets | 43,403 | 39,609 | |
Total liabilities | 27,516 | 25,076 | |
Equity accounted investments | 1,043 | 1,168 | |
Corporate | |||
Disclosure of operating segments [line items] | |||
Total assets | 355 | 329 | |
Total liabilities | 6,995 | 6,484 | |
Equity accounted investments | $ 0 | $ 0 |
SEGMENT INFORMATION - Reconcili
SEGMENT INFORMATION - Reconciliation of Net income to FFO (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Operating Segments [Abstract] | |||
FFO | $ 578 | $ 707 | $ 1,147 |
Depreciation and amortization of real estate assets | (203) | (249) | (283) |
Fair value gains (losses), net | 2,521 | (1,322) | 596 |
Share of equity accounted income (losses) - non-FFO | 404 | (1,403) | 1,055 |
Income tax (expense) | (490) | (220) | (196) |
Non-controlling interests of others in operating subsidiaries and properties - non-FFO | (1,534) | 129 | (363) |
Net income (loss) attributable to unitholders | 1,276 | (2,358) | 1,956 |
Non-controlling interests of others in operating subsidiaries and properties | 2,223 | 300 | 1,201 |
Net income (loss) | $ 3,499 | $ (2,058) | $ 3,157 |
SEGMENT INFORMATION - Financial
SEGMENT INFORMATION - Financial Information by Geographic Regions (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of geographical areas [line items] | |||
Revenue | $ 7,100 | $ 6,593 | $ 8,203 |
Non-current assets | 96,569 | 102,942 | |
United States | |||
Disclosure of geographical areas [line items] | |||
Revenue | 4,911 | 4,743 | 5,926 |
Non-current assets | 64,695 | 68,769 | |
Canada | |||
Disclosure of geographical areas [line items] | |||
Revenue | 421 | 424 | 536 |
Non-current assets | 5,446 | 5,461 | |
Australia | |||
Disclosure of geographical areas [line items] | |||
Revenue | 322 | 182 | 210 |
Non-current assets | 4,081 | 3,765 | |
Europe | |||
Disclosure of geographical areas [line items] | |||
Revenue | 887 | 592 | 901 |
Non-current assets | 16,956 | 15,724 | |
Brazil | |||
Disclosure of geographical areas [line items] | |||
Revenue | 71 | 82 | 117 |
Non-current assets | 656 | 1,396 | |
China | |||
Disclosure of geographical areas [line items] | |||
Revenue | 3 | 94 | 6 |
Non-current assets | 294 | 91 | |
India | |||
Disclosure of geographical areas [line items] | |||
Revenue | 274 | 287 | 288 |
Non-current assets | 4,191 | 4,045 | |
South Korea | |||
Disclosure of geographical areas [line items] | |||
Revenue | 211 | 189 | 219 |
Non-current assets | 0 | 3,518 | |
United Arab Emirates | |||
Disclosure of geographical areas [line items] | |||
Revenue | 0 | 0 | $ 0 |
Non-current assets | $ 250 | $ 173 |
SUBSEQUENT EVENTS (Details)
SUBSEQUENT EVENTS (Details) - USD ($) $ / shares in Units, $ in Millions | Feb. 23, 2022 | Feb. 14, 2022 | Feb. 01, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of non-adjusting events after reporting period [line items] | ||||||
Proceeds from sale of investment properties | $ 2,431 | $ 2,252 | $ 4,200 | |||
Major ordinary share transactions | LP Units | ||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||
Quarterly dividends, per share, declared | $ 0.35 | |||||
Annual dividends, per share, declared | 1.40 | |||||
Major ordinary share transactions | Class A Cumulative Redeemable Perpetual Unit, Series 1 | ||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||
Quarterly dividends, per share, declared | 0.40625 | |||||
Annual dividends, per share, declared | 1.625 | |||||
Major ordinary share transactions | Class A Cumulative Redeemable Perpetual Unit, Series 2 | ||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||
Quarterly dividends, per share, declared | 0.3984375 | |||||
Annual dividends, per share, declared | 1.59375 | |||||
Major ordinary share transactions | Class A Cumulative Redeemable Perpetual Unit, Series 3 | ||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||
Quarterly dividends, per share, declared | 0.359375 | |||||
Annual dividends, per share, declared | 1.4375 | |||||
Major ordinary share transactions | New LP Preferred Units | ||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||
Quarterly dividends, per share, declared | 0.390625 | |||||
Annual dividends, per share, declared | $ 1.5625 | |||||
Other disposals of assets | Triple Net Lease | ||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||
Proceeds from sale of investment properties | $ 3,800 | |||||
Other disposals of assets | Hospitality | ||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||
Proceeds from sale of investment properties | $ 1,500 |
SCHEDULE III - SUPPLEMENTAL S_2
SCHEDULE III - SUPPLEMENTAL SCHEDULE OF INVESTMENT PROPERTY INFORMATION (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2021USD ($)property | |
Real Estate And Accumulated Depreciation By Property [Line Items] | |
Number of properties | property | 491 |
Fair value | $ 61,455 |
Debt | 37,062 |
Commercial Development properties and land/parking lots | |
Real Estate And Accumulated Depreciation By Property [Line Items] | |
Fair value | 3,132 |
Development properties and land | |
Real Estate And Accumulated Depreciation By Property [Line Items] | |
Debt | 979 |
Corporate facilities | |
Real Estate And Accumulated Depreciation By Property [Line Items] | |
Debt | 8,987 |
Hospitality | |
Real Estate And Accumulated Depreciation By Property [Line Items] | |
Debt | 5,542 |
Deferred finance costs | $ 249 |
Core Office | |
Real Estate And Accumulated Depreciation By Property [Line Items] | |
Number of properties | property | 70 |
Fair value | $ 24,212 |
Debt | $ 13,921 |
Core Office | United States | |
Real Estate And Accumulated Depreciation By Property [Line Items] | |
Number of properties | property | 36 |
Fair value | $ 14,365 |
Debt | $ 8,412 |
Core Office | Canada | |
Real Estate And Accumulated Depreciation By Property [Line Items] | |
Number of properties | property | 20 |
Fair value | $ 4,601 |
Debt | $ 1,941 |
Core Office | Australia | |
Real Estate And Accumulated Depreciation By Property [Line Items] | |
Number of properties | property | 10 |
Fair value | $ 2,618 |
Debt | $ 1,994 |
Core Office | Europe | |
Real Estate And Accumulated Depreciation By Property [Line Items] | |
Number of properties | property | 3 |
Fair value | $ 2,539 |
Debt | $ 1,522 |
Core Office | Brazil | |
Real Estate And Accumulated Depreciation By Property [Line Items] | |
Number of properties | property | 1 |
Fair value | $ 89 |
Debt | $ 52 |
Dubai | |
Real Estate And Accumulated Depreciation By Property [Line Items] | |
Number of properties | property | 55 |
Fair value | $ 18,959 |
Debt | $ 9,627 |
Opportunistic Office | |
Real Estate And Accumulated Depreciation By Property [Line Items] | |
Number of properties | property | 101 |
Fair value | $ 7,877 |
Debt | $ 4,862 |
Opportunistic Retail | |
Real Estate And Accumulated Depreciation By Property [Line Items] | |
Number of properties | property | 19 |
Fair value | $ 1,936 |
Debt | $ 1,275 |
Multifamily | |
Real Estate And Accumulated Depreciation By Property [Line Items] | |
Number of properties | property | 23 |
Fair value | $ 1,526 |
Debt | $ 1,200 |
Student Housing | |
Real Estate And Accumulated Depreciation By Property [Line Items] | |
Number of properties | property | 55 |
Fair value | $ 3,056 |
Debt | $ 1,601 |
Manufactured Housing | |
Real Estate And Accumulated Depreciation By Property [Line Items] | |
Number of properties | property | 165 |
Fair value | $ 3,676 |
Debt | $ 2,557 |
Mixed-Use | |
Real Estate And Accumulated Depreciation By Property [Line Items] | |
Number of properties | property | 3 |
Fair value | $ 213 |
Debt | $ 2,019 |