Brookfield Property Partners (BPYPP) 6-K 5 Aug 22 2022 Q2 Management’s Discussion and Analysis of Financial Results Financial data

Cover

Cover	6 Months Ended
	Jun. 30, 2022
Cover [Abstract]
Document Type	6-K
Entity File Number	001-35505
Entity Registrant Name	BROOKFIELD PROPERTY PARTNERS L.P.
Entity Address, Address Line One	73 Front Street
Entity Address, Address Line Two	5th Floor
Entity Address, City or Town	Hamilton
Entity Address, Postal Zip Code	HM 12
Entity Address, Country	BM
Entity Central Index Key	0001545772
Current Fiscal Year End Date	--12-31
Document Period End Date	Jun. 30, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Non-current assets
Investment properties	$ 61,754	$ 64,613
Equity accounted investments	20,233	20,807
Property, plant and equipment	5,266	5,623
Goodwill	745	832
Intangible assets	868	964
Other non-current assets	4,073	3,578
Loans and notes receivable	179	152
Total non-current assets	93,118	96,569
Current assets
Loans and notes receivable	274	73
Accounts receivable and other	2,042	2,276
Cash and cash equivalents	2,175	2,576
Total current assets	4,491	4,925
Assets held for sale	7,934	10,510
Total assets	105,543	112,004
Non-current liabilities
Debt obligations	33,747	38,579
Capital securities	3,137	3,024
Other non-current liabilities	1,291	1,499
Deferred tax liabilities	2,596	3,250
Total non-current liabilities	40,771	46,352
Current liabilities
Debt obligations	16,786	13,742
Capital securities	60	61
Accounts payable and other liabilities	3,460	3,762
Total current liabilities	20,306	17,565
Liabilities associated with assets held for sale	957	3,082
Total liabilities	62,034	66,999
Equity
Limited partners	8,871	8,805
General partner	4	4
Non-controlling interests attributable to:
Redeemable/exchangeable and special limited partnership units	15,852	15,736
FV LTIP units of the Operating Partnership	50	55
Interests of others in operating subsidiaries and properties	18,033	19,706
Total equity	43,509	45,005
Total liabilities and equity	105,543	112,004
Preference shares
Equity
Preferred equity	$ 699	$ 699

Condensed Consolidated Income S

Condensed Consolidated Income Statements - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Profit or loss [abstract]
Commercial property revenue	$ 1,185	$ 1,284	$ 2,440	$ 2,569
Hospitality revenue	400	196	713	255
Investment and other revenue	158	180	644	286
Total revenue	1,743	1,660	3,797	3,110
Direct commercial property expense	452	492	922	998
Direct hospitality expense	277	170	565	291
Investment and other expense	32	23	271	31
Interest expense	623	710	1,223	1,322
General and administrative expense	234	243	466	456
Total expenses	1,618	1,638	3,447	3,098
Fair value gains, net	23	498	1,293	1,138
Share of net earnings from equity accounted investments	419	253	799	459
Income before income taxes	567	773	2,442	1,609
Income tax expense	47	87	230	192
Net income	520	686	2,212	1,417
Net income attributable to:
Limited partners	144	148	395	274
General partner	0	0	0	0
Non-controlling interests attributable to:
Redeemable/exchangeable and special limited partnership units	256	156	705	284
Limited partnership units of Brookfield Office Properties Exchange LP	0	1	0	2
FV LTIP units of the Operating Partnership	0	1	2	1
Class A shares of Brookfield Property Retail Holding LLC	0	13	0	24
Interests of others in operating subsidiaries and properties	120	367	1,110	832
Net income	$ 520	$ 686	$ 2,212	$ 1,417

Condensed Consolidated Statemen

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Statement of comprehensive income [abstract]
Net income	$ 520	$ 686	$ 2,212	$ 1,417
Items that may be reclassified to net income:
Foreign currency translation	(484)	95	(515)	25
Cash flow hedges	(35)	41	66	95
Equity accounted investments	20	4	73	27
Items that will not be reclassified to net income:
Securities - fair value through other comprehensive loss ("FVTOCI")	(19)	(2)	(20)	(2)
Share of revaluation deficit on equity accounted investments	0	(1)	0	(1)
Net remeasurement (losses) on defined benefit obligations	1	0	1	0
Revaluation deficit	0	(99)	0	(99)
Other comprehensive loss	(517)	38	(395)	45
Total comprehensive income	3	724	1,817	1,462
Limited partners
Net income	144	148	395	274
Other comprehensive (loss) income	(130)	52	(95)	69
Comprehensive income attributable to Limited partners	14	200	300	343
Redeemable/exchangeable and special limited partnership units
Net income	256	156	705	284
Other comprehensive (loss) income	(232)	52	(170)	71
Comprehensive income attributable to Redeemable/exchangeable and special limited partnership units	24	208	535	355
Limited partnership units of Brookfield Office Properties Exchange LP
Net income	0	1	0	2
Other comprehensive income	0	0	0	0
Comprehensive income attributable to Limited partnership units of Brookfield Office Properties Exchange LP	0	1	0	2
FV LTIP units of the Operating Partnership
Net income	0	1	2	1
Other comprehensive (loss)	(1)	0	(1)	0
Comprehensive income attributable to FV LTIP Units of the Operating Partnership	(1)	1	1	1
Class A shares of Brookfield Property Retail Holding LLC
Net income	0	13	0	24
Other comprehensive income	0	4	0	6
Comprehensive income attributable to Class A shares of Brookfield Property REIT Inc.	0	17	0	30
Interests of others in operating subsidiaries and properties
Net income	120	367	1,110	832
Other comprehensive (loss)	(154)	(70)	(129)	(101)
Comprehensive Income (Loss), Portion Attributable To Other Noncontrolling Interests	(34)	297	981	731
Total comprehensive income	$ 3	$ 724	$ 1,817	$ 1,462

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Changes in Equity - USD ($) $ in Millions	Total	Total preferred equity	Limited partnership units	Limited partnership units Capital	Limited partnership units Retained earnings	Limited partnership units Ownership Changes	Limited partnership units Accumulated other comprehensive (loss) income	General partnership units	General partnership units Capital	General partnership units Retained earnings	General partnership units Ownership Changes	General partnership units Accumulated other comprehensive (loss) income	Redeemable/Exchangeable Partnership Units Non-controlling interests	Limited partnership units of Brookfield Office Properties Exchange LP Non-controlling interests	FV LTIP units of the Operating Partnership Non-controlling interests	BPYU Units Non-controlling interests	Interests of others in operating subsidiaries and properties Non-controlling interests
Beginning balance at Dec. 31, 2020	$ 41,523	$ 699	$ 11,709	$ 8,562	$ 486	$ 3,010	$ (349)	$ 4	$ 4	$ 2	$ (1)	$ (1)	$ 12,249	$ 73	$ 52	$ 1,050	$ 15,687
Net income	1,417		274		274								284	2	1	24	832
Other comprehensive loss	45		69				69						71	0	0	6	(101)
Total comprehensive income	1,462		343		274		69						355	2	1	30	731
Distributions	(1,862)		(145)		(145)								(152)	(1)	(1)	(13)	(1,550)
Preferred distributions	(23)		(11)		(11)								(11)			(1)
Issuance / repurchase of interests in operating subsidiaries	1,129		11	4	(7)	14							11		1	(17)	1,123
Exchange of exchangeable units	(1)		2	2		1	(1)							(3)
Conversion of Class A shares of Brookfield Property REIT Inc.	0		150	104		46										(150)
Change in relative interests of non-controlling interests	1		7			10	(3)						(5)		(3)	2
Ending balance at Jun. 30, 2021	42,229	699	12,066	8,672	597	3,081	(284)	4	4	2	(1)	(1)	12,447	71	50	901	15,991
Beginning balance at Dec. 31, 2021	45,005	699	8,805	5,861	457	2,598	(111)	4	4	2	(1)	(1)	15,736	0	55	0	19,706
Net income	2,212		395		395								705	0	2		1,110
Other comprehensive loss	(395)		(95)				(95)						(170)		(1)		(129)
Total comprehensive income	1,817		300		395		(95)						535	0	1		981
Distributions	(2,920)		(209)		(209)								(374)	0	(1)		(2,336)
Preferred distributions	(22)		(8)		(8)								(14)
Issuance / repurchase of interests in operating subsidiaries	(371)		(23)		(26)	3							(38)		8		(318)
Change in relative interests of non-controlling interests	0		6			6							7		(13)
Ending balance at Jun. 30, 2022	$ 43,509	$ 699	$ 8,871	$ 5,861	$ 609	$ 2,607	$ (206)	$ 4	$ 4	$ 2	$ (1)	$ (1)	$ 15,852	$ 0	$ 50	$ 0	$ 18,033

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Operating activities
Net income	$ 2,212	$ 1,417
Share of equity accounted earnings, net of distributions	(687)	(367)
Fair value (gains), net	(1,293)	(1,138)
Deferred income tax expense	154	148
Depreciation and amortization	150	136
Working capital and other	44	2,129
Cash flows from (used in) operating activities	580	2,325
Financing activities
Debt obligations, issuance	4,239	6,880
Debt obligations, repayments	(5,331)	(7,039)
Capital securities issued	57	0
Capital securities redeemed	0	(248)
Non-controlling interests, issued	436	1,164
Non-controlling interests, purchased	(695)	0
Repayment of lease liabilities	(12)	(12)
FV LTIP units, repurchased	(2)	0
Class A shares of Brookfield Property Retail Holding LLC, repurchased	0	(18)
Distributions to non-controlling interests in operating subsidiaries	(2,303)	(1,497)
Preferred distributions	(22)	(23)
Distributions to limited partnership unitholders	(209)	(145)
Distributions to redeemable/exchangeable and special limited partnership unitholders	(374)	(152)
Distributions to holders of Brookfield Office Properties Exchange LP units	0	(1)
Distributions to holders of FV LTIP units of the Operating Partnership	(1)	(1)
Distributions to holders of Class A shares of Brookfield Property Retail Holding LLC	0	(13)
Cash flows from (used in) financing activities	(4,217)	(1,105)
Acquisitions
Investment properties	(673)	(1,131)
Property, plant and equipment	(125)	(63)
Equity accounted investments	(33)	(569)
Financial assets and other	(310)	(724)
Cash acquired in business combinations	26	36
Dispositions
Investment properties	1,054	381
Property, plant and equipment	15	0
Equity accounted investments	634	250
Financial assets and other	802	543
Disposition of subsidiaries	1,981	0
Cash impact of deconsolidation and reclassification to assets held for sale	(50)	0
Restricted cash and deposits	(43)	(116)
Cash flows from (used in) investing activities	3,278	(1,393)
Cash and cash equivalents
Net change in cash and cash equivalents during the period	(359)	(173)
Effect of exchange rate fluctuations on cash and cash equivalents held in foreign currencies	(42)	2
Balance, beginning of period	2,576	2,473
Balance, end of period	2,175	2,302
Cash paid for:
Income taxes, net of refunds received	56	19
Interest (excluding dividends on capital securities)	$ 1,073	$ 1,149

ORGANIZATION AND NATURE OF THE

ORGANIZATION AND NATURE OF THE BUSINESS	6 Months Ended
	Jun. 30, 2022
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” or “GP”) 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 6.5% 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”) 6.75% Preferred Units, Series 1 are traded on the Nasdaq under the symbols “BPYPP”, “BPYPO”, “BPYPN”, and “BPYPM” respectively. The New LP 6.75% 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	6 Months Ended
	Jun. 30, 2022
Disclosure Of Significant Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES a) Statement of compliance The interim condensed consolidated financial statements of the partnership and its subsidiaries have been prepared in accordance with International Accounting Standard (“IAS”) 34, Interim Financial Reporting , as issued by the International Accounting Standards Board (“IASB”). Accordingly, certain information and footnote disclosures normally included in the consolidated financial statements prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the IASB, have been omitted or condensed. These condensed consolidated financial statements as of and for the three and six months ended June 30, 2022 were approved and authorized for issue by the Board of Directors of the partnership on August 5, 2022. b) Basis of presentation The interim condensed consolidated financial statements are prepared using the same accounting policies and methods as those used in the consolidated financial statements for the year ended December 31, 2021. Consequently, the information included in these interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and accompanying notes included in the partnership’s annual report on Form 20-F for the year ended December 31, 2021. 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 of $18 million and $38 million to direct commercial property expense and $50 million and $98 million to direct hospitality expense for the three and six months ended June 30, 2021, respectively, with equal and offsetting decreases to depreciation and amortization expense. This reclassification had no impact on revenues or net income. The interim condensed consolidated financial statements are unaudited and reflect all adjustments (consisting of normal recurring adjustments) which are, in the opinion of management, necessary for a fair statement of results for the interim periods presented in accordance with IFRS. The results reported in these interim condensed consolidated financial statements should not necessarily be regarded as indicative of results that may be expected for the entire year. The interim condensed consolidated financial statements are prepared on a going concern basis and have been presented in U.S. Dollars rounded to the nearest million unless otherwise indicated. c) Critical judgements and estimates in applying accounting policies The preparation of the partnership’s interim condensed consolidated financial statements in accordance with IAS 34 requires the use of certain critical accounting estimates and assumptions. It also requires management to exercise judgment in applying the partnership’s accounting policies. The accounting policies and critical estimates and assumptions have been set out in Note 2, Summary of Significant Accounting Policies , to the partnership’s consolidated financial statements for the year ended December 31, 2021 and have been consistently applied in the preparation of the interim condensed consolidated financial statements as of and for the three and six months ended June 30, 2022. The coronavirus pandemic ("COVID-19") has adversely impacted general economic, political and market factors in the countries in which the partnership does business, including the recent global economic shutdown. In 2021 and 2022, the global economy has, with certain setbacks, begun reopening, and wider distribution of vaccines will likely encourage greater economic activity. The partnership has seen recovery across the various geographies in which the partnership owns and operates its investment properties, and property, plant and equipment. There remains a residual risk arising from any emerging or future variants of COVID-19 and any resulting responses from global government authorities. As a result of this residual risk, there remains some uncertainty in the near-term surrounding leasing trends, market rates, and the ability to exit investments in the partnership’s expected timeframe, which the partnership will continue to monitor and mitigate in the determination of the fair value of investment properties as of June 30, 2022.

PRIVATIZATION OF THE PARTNERSHI

PRIVATIZATION OF THE PARTNERSHIP	6 Months Ended
	Jun. 30, 2022
PRIVATIZATION OF THE 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 limited partnership units of Brookfield Office Properties Exchange LP (“Exchange LP Units”) that it did not previously own (“Privatization”) for $18.17 cash per unit, BAM class A limited voting shares (“BAM shares”), or BPY preferred units with a liquidation preference of $25.00 per unit (“New LP Preferred Units”, see Note 13, 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 Brookfield Property Retail Holding LLC (“BPYU”) Class A stock, par value $.01 per share (“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. 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 of non-voting common equity of a BPY subsidiary which is accounted for as non-controlling interests by BPY (“Canholdco Class B 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. See Note 13, Capital Securities for further information on New LP Preferred Units. The impacts of the Privatization are disclosed separately in the Consolidated Statement of Changes in Equity for the year end December 31, 2021. The Privatization was accounted for by the partnership as a redemption of LP Units, Exchange LP Units and BPYU Units for cash and redeemable/exchangeable partnership units of the operating partnership (“Redeemable/Exchangeable Partnership Units” or “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 for 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 in the 2021 annual report 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	6 Months Ended
	Jun. 30, 2022
Investment property [abstract]
INVESTMENT PROPERTIES	INVESTMENT PROPERTIES The following table presents a roll forward of the partnership’s investment property balances, all of which are considered Level 3 within the fair value hierarchy, for the six months ended June 30, 2022 and the year ended December 31, 2021: Six months ended Jun. 30, 2022 Year ended December 31, 2021 (US$ Millions) Commercial properties Commercial developments Total Commercial properties Commercial developments Total Balance, beginning of period $ 62,313 $ 2,300 $ 64,613 $ 70,294 $ 2,316 $ 72,610 Changes resulting from: Property acquisitions 710 — 710 491 80 571 Capital expenditures 368 252 620 796 758 1,554 Property dispositions (1) (34) (1) (35) (1,299) (351) (1,650) Fair value gains (losses), net 1,115 104 1,219 1,791 171 1,962 Foreign currency translation (847) (106) (953) (558) (37) (595) Transfer between commercial properties and commercial developments 126 (126) — 635 (635) — Reclassifications to assets held for sale and other changes (3,973) (447) (4,420) (9,837) (2) (9,839) Balance, end of period (2) $ 59,778 $ 1,976 $ 61,754 $ 62,313 $ 2,300 $ 64,613 (1) Property dispositions represent the fair value on date of sale. (2) Includes right-of-use commercial properties and commercial developments of $547 million and $21 million, respectively, as of June 30, 2022 (December 31, 2021 - $557 million and $24 million). Current lease liabilities of $28 million (December 31, 2021 - $118 million) have been included in accounts payable and other liabilities and non-current lease liabilities of $542 million (December 31, 2021 - $558 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 caused by COVID-19 and the resulting measurement uncertainty discussed in Note 2(c), Summary of Significant Accounting Policies - Critical judgements and estimates in applying accounting policies , there are currently no other known trends, events or uncertainties that the partnership reasonably believes could have a sufficiently pervasive impact across the partnership’s businesses to materially affect the methodologies or assumptions utilized to determine the estimated fair values reflected in this report. In response to the measurement uncertainty caused by COVID-19, the partnership has adjusted cash flow assumptions for its estimate of the near-term disruption to cash flows to reflect collections, vacancy and assumptions with respect to new leasing activity. In addition, the partnership has assessed 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 cost of capital and credit spreads. Discount rates and capitalization rates are inherently uncertain and may be impacted by, among other things, movements in interest rates in the geographies and markets in which the assets are located. Changes in estimates of discount and capitalization rates across different geographies and markets are often independent of each other and not necessarily in the same direction or of the same magnitude. Further, impacts to the partnership’s fair values of commercial properties from changes in discount or capitalization rates and cash flows are usually inversely correlated. Decreases (increases) in the discount rate or capitalization rate result in increases (decreases) of fair value. Such decreases (increases) may be mitigated by decreases (increases) in cash flows included in the valuation analysis, as circumstances that typically give rise to increased interest rates (e.g., strong economic growth, inflation) usually give rise to increased cash flows at the asset level. Refer to the table below for further information on valuation methods used by the partnership for its asset classes. Commercial developments are also measured using a discounted cash flow model, net of costs to complete, as of the balance sheet date. Development sites in the planning phases are measured using comparable market values for similar assets. In accordance with its policy, the partnership generally measures and records its commercial properties and developments using valuations prepared by management. However, for certain subsidiaries, the partnership relies on quarterly valuations prepared by external valuation professionals. Management compares the external valuations to the partnership’s internal valuations to review the work performed by the external valuation professionals. Additionally, a number of properties are externally appraised each year and the results of those appraisals are compared to the partnership’s internally prepared values. Valuation Metrics The key valuation metrics for the partnership’s consolidated commercial properties are set forth in the following tables below on a weighted-average basis: Jun. 30, 2022 Dec. 31, 2021 Consolidated properties Primary valuation method Discount rate Terminal capitalization rate Investment horizon (years) Discount rate Terminal capitalization rate Investment horizon (years) Core Office Discounted cash flow 6.6 % 5.3 % 11 6.5 % 5.3 % 11 Core Retail Discounted cash flow 6.9 % 5.3 % 10 7.0 % 5.3 % 10 LP Investments (1) Discounted cash flow 9.5 % 7.0 % 8 9.4 % 7.0 % 8 (1) The valuation method used to value multifamily, student housing, and manufactured housing properties is the direct capitalization method. At June 30, 2022, the overall implied capitalization rate used for properties using the direct capitalization method was 3.9% ( December 31, 2021 - 4.3% ). Fair Value Measurement The following table presents the partnership’s investment properties measured at fair value in the condensed consolidated financial statements and the level of the inputs used to determine those fair values in the context of the hierarchy as defined in Note 2(i), Summary of Significant Accounting Policies: Fair value measurement , in the consolidated financial statements as of December 31, 2021: Jun. 30, 2022 Dec. 31, 2021 Level 3 Level 3 (US$ Millions) Level 1 Level 2 Commercial properties Commercial developments Level 1 Level 2 Commercial properties Commercial developments Core Office $ — $ — $ 24,300 $ 1,187 $ — $ — $ 24,643 $ 1,022 Core Retail — — 19,843 101 — — 18,991 — LP Investments — — 15,635 688 — — 18,679 1,278 Total $ — $ — $ 59,778 $ 1,976 $ — $ — $ 62,313 $ 2,300 Fair Value Sensitivity The following table presents a sensitivity analysis to the impact of a 25 basis point movement of the discount rate and terminal capitalization or overall implied capitalization rate on fair values of the partnership’s commercial properties as of June 30, 2022, for properties valued using the discounted cash flow or direct capitalization method, respectively: Jun. 30, 2022 (US$ Millions) Impact of +25bps DR Impact of +25bps TCR Impact of +25bps DR and +25bps TCR or +25bps ICR Core Office $ 555 $ 827 $ 1,351 Core Retail 443 698 1,061 LP Investments (1) 497 308 800 Total $ 1,495 $ 1,833 $ 3,212 (1) The valuation method used to value multifamily and manufactured housing properties is the direct capitalization method. The rates presented as the discount rate relate to the overall implied capitalization rate. The terminal capitalization rate and investment horizon are not applicable. The 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.

EQUITY ACCOUNTED INVESTMENTS

EQUITY ACCOUNTED INVESTMENTS	6 Months Ended
	Jun. 30, 2022
Interests In Other Entities [Abstract]
EQUITY ACCOUNTED INVESTMENTS	EQUITY ACCOUNTED INVESTMENTS The partnership has investments in joint arrangements that are joint ventures, and also has investments in associates. Joint ventures hold individual commercial properties, hotels, and portfolios of commercial properties and developments that the partnership owns together with co-owners where decisions relating to the relevant activities of the joint venture require the unanimous consent of the co-owners. Details of the partnership’s investments in joint ventures and associates, which have been accounted for in accordance with the equity method of accounting, are as follows: Proportion of ownership interests Carrying value (US$ Millions) Principal activity Principal place of business Jun. 30, 2022 Dec. 31, 2021 Jun. 30, 2022 Dec. 31, 2021 Joint Ventures Canary Wharf Joint Venture (1) Property holding company United Kingdom 50 % 50 % $ 3,410 $ 3,529 Manhattan West, New York Property holding company United States 56 % 56 % 2,213 2,396 BPYU JV Pool A Property holding company United States 50 % 50 % 1,841 1,810 Ala Moana Center, Hawaii Property holding company United States 50 % 50 % 1,735 1,939 BPYU JV Pool B Property holding company United States 51 % 51 % 1,178 1,140 Fashion Show, Las Vegas Property holding company United States 50 % 50 % 876 856 Grace Building, New York Property holding company United States 50 % 50 % 704 702 BPYU JV Pool C Property holding company United States 50 % 50 % 689 679 BPYU JV Pool D Property holding company United States 48 % 48 % 627 612 The Grand Canal Shoppes, Las Vegas Property holding company United States 50 % 50 % 472 455 Southern Cross East, Melbourne Property holding company Australia 50 % 50 % 457 472 One Liberty Plaza, New York Property holding company United States 51 % 51 % 413 402 Brookfield Place Sydney Property holding company Australia 25 % 25 % 382 376 680 George Street, Sydney Property holding company Australia 50 % 50 % 381 389 The Mall in Columbia, Maryland Property holding company United States 50 % 50 % 326 315 ICD Brookfield Place Dubai Property holding company UAE 50 % 50 % 285 250 Shops at La Cantera, Texas Property holding company United States 50 % 50 % 274 270 Baybrook Mall, Texas Property holding company United States 51 % 51 % 260 254 Potsdamer Platz, Berlin Property holding company Germany 25 % 25 % 256 261 BPYU JV Pool F Property holding company United States 51 % 51 % 228 223 Brookfield D.C. Office Partners LLC (“D.C. Venture”), Washington, D.C. Property holding company United States 51 % 51 % 223 225 Brookfield Brazil Retail Fundo de Investimento em Participaçõe (“Brazil Retail”) Holding company Brazil 43 % 43 % 220 228 Miami Design District, Florida Property holding company United States 22 % 22 % 219 212 BPYU JV Pool G Property holding company United States — % 68 % — 263 Other (2) Various Various 15% - 55% 15% - 55% 2,244 2,221 19,913 20,479 Associates Various Various Various 13% - 31% 13% - 31% 320 328 320 328 Total $ 20,233 $ 20,807 (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 36 joint ventures. The following table presents the change in the balance of the partnership’s equity accounted investments as of June 30, 2022 and December 31, 2021: Six months ended Year ended (US$ Millions) Jun. 30, 2022 Dec. 31, 2021 Equity accounted investments, beginning of period $ 20,807 $ 19,719 Additions 37 698 Disposals and return of capital distributions (632) (459) Share of net earnings (losses) from equity accounted investments 799 1,020 Distributions received (112) (172) Foreign currency translation (465) (145) Reclassification (to) from assets held for sale (17) (210) Other comprehensive income and other (184) 356 Equity accounted investments, end of period $ 20,233 $ 20,807 The key valuation metrics for the partnership’s commercial properties held within the partnership’s equity accounted investments are set forth in the table below on a weighted-average basis: Jun. 30, 2022 Dec. 31, 2021 Equity accounted investments Primary valuation method Discount rate Terminal capitalization rate Investment horizon (yrs) Discount rate Terminal capitalization rate Investment horizon (yrs) Core Office Discounted cash flow 6.1 % 4.7 % 11 6.0 % 4.7 % 11 Core Retail Discounted cash flow 6.3 % 4.8 % 10 6.3 % 4.9 % 10 LP Investments (1) Discounted cash flow 7.3 % 6.1 % 10 6.9 % 5.6 % 10 (1) The valuation method used to value multifamily investments is the direct capitalization method. The rates used as the discount rate relate to the overall implied capitalization rate. At June 30, 2022, the overall implied capitalization used for multifamily properties was 3.8% (December 31, 2021 - 4.2%). Summarized financial information in respect of the partnership’s equity accounted investments is presented below: (US$ Millions) Jun. 30, 2022 Dec. 31, 2021 Non-current assets $ 74,513 $ 78,149 Current assets 4,499 4,489 Total assets 79,012 82,638 Non-current liabilities 29,701 34,821 Current liabilities 6,399 3,914 Total liabilities 36,100 38,735 Net assets 42,912 43,903 Partnership’s share of net assets $ 20,233 $ 20,807 Three months ended Jun. 30, Six months ended Jun. 30, (US$ Millions) 2022 2021 2022 2021 Revenue $ 1,230 $ 1,086 $ 2,409 $ 2,110 Expenses 777 852 1,675 1,675 Income from equity accounted investments (1) 8 31 33 39 Income before fair value gains, net 461 265 767 474 Fair value gains, net 367 220 890 430 Net income 828 485 1,657 904 Partnership’s share of net earnings $ 419 $ 253 $ 799 $ 459 (1) Share of net earnings from equity accounted investments recorded by the partnership’s joint ventures and associates.

PROPERTY, PLANT AND EQUIPMENT

PROPERTY, PLANT AND EQUIPMENT	6 Months Ended
	Jun. 30, 2022
Property, plant and equipment [abstract]
PROPERTY, PLANT AND EQUIPMENT	PROPERTY, PLANT AND EQUIPMENT Property, plant, and equipment primarily consists of hospitality assets including Center Parcs in the United Kingdom and Ireland and Hospitality Investors Trust in the United States. The following table presents the useful lives of each hospitality asset by class: Hospitality assets by class Useful life (in years) Building and building improvements 2 to 50+ Land improvements 15 Furniture, fixtures and equipment 3 to 10 On June 30, 2021, the partnership obtained control over Hospitality Investors Trust, which owns a portfolio of select-service hotels, after converting its preferred equity interest and becoming the 100% common equity holder for consideration of $464 million. The partnership’s investment in the subsidiary was accounted for as a financial asset prior to this date. This transaction was accounted for as a business combination. The purchase price allocation was finalized in 2021. The following table presents the change to the components of the partnership’s hospitality assets for the six months ended June 30, 2022 and for the year ended December 31, 2021: Six months ended Year ended (US$ Millions) Jun. 30, 2022 Dec. 31, 2021 Cost: Balance at the beginning of period $ 5,723 $ 5,575 Additions 125 1,885 Disposals (29) (323) Foreign currency translation (313) (83) Impact of deconsolidation due to loss of control and other (1) (84) (1,331) 5,422 5,723 Accumulated fair value changes: Balance at the beginning of period 763 488 Revaluation (losses) gains, net — 930 Impact of deconsolidation due to loss of control and other (1) — (593) Disposals — (65) Provision for impairment — 7 Foreign currency translation (47) (4) 716 763 Accumulated depreciation: Balance at the beginning of period (863) (828) Depreciation (146) (294) Disposals 34 84 Foreign currency translation 67 13 Impact of deconsolidation due to loss of control and other (1) 36 162 (872) (863) Total property, plant and equipment (2) $ 5,266 $ 5,623 (1) The prior year reflects the reclassification of a hospitality portfolio to assets held for sale. (2) Includes right-of-use assets of $212 million (December 31, 2021 - $204 million).

GOODWILL

GOODWILL	6 Months Ended
	Jun. 30, 2022
Intangible Assets [Abstract]
GOODWILL	GOODWILL Goodwill of $745 million at June 30, 2022 (December 31, 2021 - $832 million) is primarily attributable to Center Parcs of $734 million (December 31, 2021 - $815 million). The partnership performs a goodwill impairment test annually unless there are indicators of impairment identified during the year. The partnership did not identify any impairment indicators as of June 30, 2022 and for the year ended December 31, 2021.

INTANGIBLE ASSETS

INTANGIBLE ASSETS	6 Months Ended
	Jun. 30, 2022
Intangible Assets [Abstract]
INTANGIBLE ASSETS	INTANGIBLE ASSETS The partnership’s intangible assets are presented on a cost basis, net of accumulated amortization and accumulated impairment losses in the condensed consolidated balance sheets. These intangible assets primarily represent the trademark assets related to Center Parcs. The trademark assets of Center Parcs had a carrying amount of $868 million as of June 30, 2022 (December 31, 2021 - $964 million). They have been determined to have an indefinite useful life as the partnership has the legal right to operate these trademarks exclusively in certain territories in perpetuity. The business model of Center Parcs is not subject to technological obsolescence or commercial innovations in any material way. ` Intangible assets by class Useful life (in years) Trademarks Indefinite Other 4 to 7 Intangible assets with indefinite useful lives and intangible assets not yet available for use are tested for impairment at least annually and whenever there is an indication that the asset may be impaired. Intangible assets with finite useful lives are amortized over their respective useful lives as listed above. Amortization expense is recorded as part of depreciation and amortization of non-real estate assets expense. The partnership did not identify any impairment indicators as of June 30, 2022 and for the year ended December 31, 2021. The following table presents the components of the partnership’s intangible assets as of June 30, 2022 and December 31, 2021: (US$ Millions) Jun. 30, 2022 Dec. 31, 2021 Cost $ 906 $ 1,012 Accumulated amortization (38) (48) Total intangible assets $ 868 $ 964 The following table presents a roll forward of the partnership’s intangible assets for the six months ended June 30, 2022 and the year ended December 31, 2021: Six months ended Year ended (US$ Millions) Jun. 30, 2022 Dec. 31, 2021 Balance, beginning of period $ 964 $ 982 Acquisitions 3 6 Amortization (3) (14) Foreign currency translation (96) (10) Balance, end of period $ 868 $ 964

OTHER NON-CURRENT ASSETS

OTHER NON-CURRENT ASSETS	6 Months Ended
	Jun. 30, 2022
Subclassifications of assets, liabilities and equities [abstract]
OTHER NON-CURRENT ASSETS	OTHER NON-CURRENT ASSETS The components of other non-current assets are as follows: (US$ Millions) Jun. 30, 2022 Dec. 31, 2021 Securities - FVTPL $ 2,067 $ 2,200 Derivative assets 81 111 Securities - FVTOCI 68 108 Restricted cash 327 356 Inventory 955 652 Accounts receivables - non-current 428 2 Other 147 149 Total other non-current assets $ 4,073 $ 3,578 Securities - FVTPL Securities - FVTPL includes the partnership’s investment in the Brookfield Strategic Real Estate Partners III (“BSREP III”) fund, with a carrying value of the financial asset at June 30, 2022 of $1,125 million (December 31, 2021 - $1,154 million).

ACCOUNTS RECEIVABLE AND OTHER

ACCOUNTS RECEIVABLE AND OTHER	6 Months Ended
	Jun. 30, 2022
Subclassifications of assets, liabilities and equities [abstract]
ACCOUNTS RECEIVABLE AND OTHER	ACCOUNTS RECEIVABLE AND OTHER The components of accounts receivable and other are as follows: (US$ Millions) Jun. 30, 2022 Dec. 31, 2021 Derivative assets $ 143 $ 33 Accounts receivable (1) - net of expected credit loss of $99 million (December 31, 2021 - $112 million) 518 852 Restricted cash and deposits 640 331 Prepaid expenses 287 367 Inventory 248 574 Other current assets 206 119 Total accounts receivable and other $ 2,042 $ 2,276 (1) See Note 29, Related Parties, for further discussion. With respect to accounts receivable, the partnership did not record a loss allowance in commercial property operating expenses for the six months ended June 30, 2022 (2021 - $25 million). In 2020 and 2021, as a result of the pandemic, the partnership granted 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 a portion of expected abatements that is deemed attributable to the current period, considering the weighted average remaining lease terms. Not all requests

HELD FOR SALE

HELD FOR SALE	6 Months Ended
	Jun. 30, 2022
Non-current Assets Held For Sale And Discontinued Operations [Abstract]
HELD FOR SALE	HELD FOR SALE Non-current assets and groups of assets and liabilities which comprise disposal groups are presented as assets held for sale where the asset or disposal group is available for immediate sale in its present condition, and the sale is highly probable. The following is a summary of the assets and liabilities that were classified as held for sale as of June 30, 2022 and December 31, 2021: (US$ Millions) Jun. 30, 2022 Dec. 31, 2021 Investment properties $ 7,093 $ 8,037 Equity accounted investments 17 — Property, plant and equipment 335 1,749 Accounts receivable and other assets 489 724 Assets held for sale 7,934 10,510 Debt obligations 1 3,006 Accounts payable and other liabilities 956 76 Liabilities associated with assets held for sale $ 957 $ 3,082 The following table presents the change to the components of the assets held for sale for the six months ended June 30, 2022 and the year ended December 31, 2021: (US$ Millions) Jun. 30, 2022 Dec. 31, 2021 Balance, beginning of period $ 10,510 $ 588 Reclassification to assets held for sale, net 4,606 12,561 Disposals (6,796) (2,610) Fair value adjustments 173 — Foreign currency translation (559) (57) Other — 28 Balance, end of period $ 7,934 $ 10,510 At December 31, 2021, assets 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. In the first quarter of 2022, the partnership sold three malls in the U.S, a triple-net lease portfolio in the U.S., a multifamily asset in the U.S, a hospitality asset in the U.S. and a hospitality portfolio in the U.S. for net proceeds of approximately $1,481 million. In the second quarter of 2022, the partnership sold eleven multifamily assets in the U.S., an office asset in the U.K., and one mall in the U.S. for net proceeds of approximately $365 million. At June 30, 2022, assets held for sale included eight malls in the U.S., five hospitality assets in the U.S., four office assets in the U.S., a portfolio of student housing assets in the U.K., a mixed-use asset in South Korea, and a multifamily asset in the U.S., as the partnership intends to sell controlling interests in these assets to third parties in the next 12 months.

DEBT OBLIGATIONS

DEBT OBLIGATIONS	6 Months Ended
	Jun. 30, 2022
Disclosure of borrowing costs [Abstract]
DEBT OBLIGATIONS	DEBT OBLIGATIONS The partnership’s debt obligations include the following: Jun. 30, 2022 Dec. 31, 2021 (US$ Millions) Weighted-average rate Debt balance Weighted-average rate Debt balance Unsecured facilities: Brookfield Property Partners’ credit facilities 3.20 % 2,520 2.00 % 2,257 Brookfield Property Partners’ corporate bonds 4.12 % 1,944 4.11 % 1,982 Brookfield Property Retail Holding LLC term debt 4.12 % 1,530 2.61 % 1,869 Brookfield Property Retail Holding LLC senior secured notes 5.20 % 1,695 5.20 % 1,695 Brookfield Property Retail Holding LLC corporate facility 4.11 % 270 3.10 % 70 Brookfield Property Retail Holding LLC junior subordinated notes 2.74 % 192 1.58 % 206 Subsidiary borrowings 5.33 % 336 3.29 % 537 Secured debt obligations: Funds subscription credit facilities (1) 3.30 % 171 2.44 % 371 Fixed rate 4.47 % 19,906 4.31 % 26,248 Variable rate 4.33 % 22,181 3.29 % 20,341 Deferred financing costs (211) (249) Total debt obligations $ 50,534 $ 55,327 Current 16,786 13,742 Non-current 33,747 38,579 Debt associated with assets held for sale 1 3,006 Total debt obligations $ 50,534 $ 55,327 (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 2022-2023; however, approximately 1.2% of its debt obligations represent non-recourse mortgages where the partnership has suspended contractual payment. The partnership is currently engaging in modification or restructuring discussions with the respective creditors. These negotiations may, under certain circumstances, result in certain properties securing these loans being transferred to the lenders. Debt obligations include foreign currency denominated debt in the functional currencies of the borrowing subsidiaries. Debt obligations by currency are as follows: Jun. 30, 2022 Dec. 31, 2021 (Millions) U.S. Dollars Local U.S. Dollars Local U.S. Dollars $ 33,806 $ 33,806 $ 37,559 $ 37,559 British Pounds 6,371 £ 5,231 7,030 £ 5,196 Canadian Dollars 4,250 C$ 5,471 4,419 C$ 5,585 South Korean Won 1,770 ₩ 2,280,000 1,918 ₩ 2,280,000 Australian Dollars 1,973 A$ 2,858 2,014 A$ 2,773 Indian Rupee 1,837 Rs 144,631 1,801 Rs 134,378 Brazilian Reais 527 R$ 2,758 476 R$ 2,655 Chinese Yuan 117 C¥ 785 69 C¥ 437 Euros 94 € 90 290 € 255 Deferred financing costs (211) (249) Total debt obligations $ 50,534 $ 55,327 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, 2021 Debt obligation issuance, net of repayments Debt from asset acquisitions Assumed by purchaser Amortization of deferred financing costs and (premium) discount Foreign currency translation Other Jun. 30, 2022 Debt obligations $ 55,327 (1,092) 350 (3,006) 47 (1,102) 10 $ 50,534

CAPITAL SECURITIES

CAPITAL SECURITIES	6 Months Ended
	Jun. 30, 2022
Share Capital, Reserves And Other Equity Interest [Abstract]
CAPITAL SECURITIES	CAPITAL SECURITIES The partnership has the following capital securities outstanding as of June 30, 2022 and December 31, 2021: (US$ Millions) Shares outstanding Cumulative dividend rate Jun. 30, 2022 Dec. 31, 2021 Operating Partnership Class A Preferred Equity Units: Series 2 24,000,000 6.50 % $ 570 $ 565 Series 3 24,000,000 6.75 % 550 546 New LP Preferred Units (1) 19,273,654 6.75 % 474 474 Brookfield Office Properties Inc. (“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 3 779,092 5.00 % 15 15 Series 4 582,894 5.20 % 11 12 Rouse Properties L.P. (“Rouse”) Series A Preferred Shares 5,600,000 5.00 % 142 142 Brookfield India Real Estate Trust (“India REIT”) 155,003,656 n/a (3) 481 440 Capital Securities – Fund Subsidiaries 922 859 Total capital securities $ 3,197 $ 3,085 Current 60 61 Non-current 3,137 3,024 Total capital securities $ 3,197 $ 3,085 (1) New LP Preferred Units shares outstanding is presented net of intracompany shares held by the Operating Partnership. (2) BPO Class B Preferred Shares, Series 1 and 2 capital securities are owned indirectly 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. Capital securities includes $474 million (December 31, 2021 - $474 million) 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. Cumulative preferred dividends on the BOP Split Senior Preferred Shares are payable quarterly, as and when declared by BOP Split. On August 5, 2022, BOP Split declared quarterly dividends payable for the BOP Split Senior Preferred Shares. Capital securities also includes $142 million at June 30, 2022 (December 31, 2021 - $142 million) of preferred equity interests held by a third party investor in Rouse which have been classified as a liability, rather than as a non-controlling interest, due to the fact that the interests are mandatorily redeemable on or after November 12, 2025 for a set price per unit plus any accrued but unpaid distributions; distributions are capped and accrue regardless of available cash generated. Capital securities also includes $481 million at June 30, 2022 (December 31, 2021 - $440 million) 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 that India REIT 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 – Fund Subsidiaries includes $874 million at June 30, 2022 (December 31, 2021 - $810 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 $48 million at June 30, 2022 (December 31, 2021 - $49 million) which represents the equity interests held by the partnership’s co-investor in the D.C. Venture which have been classified as a liability, rather than as non-controlling interest, due to the fact that on June 18, 2023, and on every second anniversary thereafter, the holders of these interests can redeem their interests in the D.C. Venture for cash equivalent to the fair value of the interests. At June 30, 2022, capital securities includes $37 million (December 31, 2021 - $38 million) repayable in Canadian Dollars of C$48 million (December 31, 2021 - C$49 million). Reconciliation of cash flows from financing activities from capital securities is shown in the table below: Non-cash changes in capital securities (US$ Millions) Dec. 31, 2021 Capital securities issued Fair value changes Foreign currency translation Other Jun. 30, 2022 Capital securities $ 3,085 $ 57 $ 91 $ (25) $ (11) $ 3,197 The following table presents changes to the GP Units and LP Units from the beginning of the year: General partnership units Limited partnership units (Thousands of units) Jun. 30, 2022 Dec. 31, 2021 Jun. 30, 2022 Dec. 31, 2021 Outstanding, beginning of period 139 139 298,987 435,980 Exchange LP Units exchanged — — — 128 BPYU Units exchanged — — — 8,922 Distribution Reinvestment Program — — — 123 Issued under unit-based compensation plan — — — 112 Privatization — — — (146,278) Outstanding, end of period 139 139 298,987 298,987

INCOME TAXES

INCOME TAXES	6 Months Ended
	Jun. 30, 2022
Income Taxes [Abstract]
INCOME TAXES	INCOME TAXES The partnership is a flow-through entity for tax purposes and as such is not subject to Bermudian taxation. However, income taxes are recognized for the amount of taxes payable by the primary holding subsidiaries of the partnership (“Holding Entities”), any direct or indirect corporate subsidiaries of the Holding Entities and for the impact of deferred tax assets and liabilities related to such entities. The components of income tax expense include the following: Three months ended Jun. 30, Six months ended Jun. 30, (US$ Millions) 2022 2021 2022 2021 Current income tax $ 49 $ 18 $ 76 $ 44 Deferred income tax (2) 69 154 148 Income tax expense $ 47 $ 87 $ 230 $ 192 The partnership’s income tax expense decreased for the three months ended June 30, 2022 as compared to the same period in the prior year is primarily due to a decrease in pre-tax income and a change in the tax rate of certain subsidiaries. These decreases were partially offset by an increase in previously unrecognized deferred tax assets. The partnership’s income tax expense increased for the six months ended June 30, 2022 compared to the prior year primarily due

OTHER NON-CURRENT LIABILITIES

OTHER NON-CURRENT LIABILITIES	6 Months Ended
	Jun. 30, 2022
Subclassifications of assets, liabilities and equities [abstract]
OTHER NON-CURRENT LIABILITIES	OTHER NON-CURRENT LIABILITIES The components of other non-current liabilities are as follows: (US$ Millions) Jun. 30, 2022 Dec. 31, 2021 Accounts payable and accrued liabilities $ 522 $ 499 Lease liabilities (1) 643 690 Derivative liabilities 92 277 Deferred revenue 15 16 Provisions 16 16 Loans and notes payables 3 1 Total other non-current liabilities $ 1,291 $ 1,499 (1) For the three and six months ended June 30, 2022, interest expense relating to total lease liabilities (see Note 16, Accounts Payable And Other Liabilities for the current portion) was $15 million and $29 million (2021 - $15 million and $30 million), respectively.

ACCOUNTS PAYABLE AND OTHER LIAB

ACCOUNTS PAYABLE AND OTHER LIABILITIES	6 Months Ended
	Jun. 30, 2022
Subclassifications of assets, liabilities and equities [abstract]
ACCOUNTS PAYABLE AND OTHER LIABILITIES	ACCOUNTS PAYABLE AND OTHER LIABILITIES The components of accounts payable and other liabilities are as follows: (US$ Millions) Jun. 30, 2022 Dec. 31, 2021 Accounts payable and accrued liabilities $ 2,418 $ 2,021 Loans and notes payable (1) 333 899 Deferred revenue 443 445 Derivative liabilities 173 221 Lease liabilities (2) 70 160 Other liabilities 23 16 Total accounts payable and other liabilities $ 3,460 $ 3,762 (1) See Note 29, Related Parties, for further discussion (2) See Note 15, Other Non-Current Liabilities for further information on the interest expense related to these liabilities.

EQUITY

EQUITY	6 Months Ended
	Jun. 30, 2022
Equity [abstract]
EQUITY	EQUITY The partnership’s capital structure is comprised of five classes of partnership units: GP Units, LP Units, REUs, special limited partnership units of the operating partnership (“Special LP Units”) and FV LTIP units of the operating partnership (“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 public holders of 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 equity GP Units entitle the holder to the right to govern the financial and operating policies of the partnership. The GP Units are entitled to a 1% general partnership interest. LP Units entitle the holder to their proportionate share of distributions. Each LP Unit entitles the holder thereof to one vote for the purposes of any approval at a meeting of limited partners, provided that holders of the Redeemable/Exchangeable Partnership Units that are exchanged for LP Units will only be entitled to a maximum number of votes in respect of the Redeemable/Exchangeable Partnership Units equal to 49% of the total voting power of all outstanding units. The following table presents changes to the GP Units and LP Units from the beginning of the year: General partnership units Limited partnership units (Thousands of units) Jun. 30, 2022 Dec. 31, 2021 Jun. 30, 2022 Dec. 31, 2021 Outstanding, beginning of period 139 139 298,987 435,980 Exchange LP Units exchanged — — — 128 BPYU Units exchanged — — — 8,922 Distribution Reinvestment Program — — — 123 Issued under unit-based compensation plan — — — 112 Privatization — — — (146,278) Outstanding, end of period 139 139 298,987 298,987 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 June 30, 2022 and December 31, 2021. Special limited partnership units Brookfield Property Special L.P. is entitled to receive equity enhancement distributions and incentive distributions from the operating partnership as a result of its ownership of the Special LP Units. There were 4,759,997 Special LP Units outstanding at June 30, 2022 and December 31, 2021. c) FV LTIP Units The operating partnership issued FV LTIP Units under 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 cash payment. There were 1,699,541 and 1,818,717 FV LTIP Units outstanding at June 30, 2022 and December 31, 2021, respectively. d) Class A stock of Brookfield Property Retail Holding LLC In connection with the Privatization discussed in Note 3 , Privatization of the Partnership, all public outstanding BPYU Units were acquired. The partnership indirectly owns all of the remaining outstanding BPYU Units. e) Preferred Equity Units The partnership’s preferred equity consists of 7,360,000 Class A Cumulative Redeemable Perpetual Preferred Units, Series 1 at $25.00 per unit at a coupon rate of 6.5%, 10,000,000 Class A Cumulative Redeemable Perpetual Preferred Units, Series 2 at $25.00 per unit at a coupon rate of 6.375% and 11,500,000 Class A Cumulative Redeemable Perpetual Preferred Units, Series 3 at $25.00 per unit at a coupon rate of 5.75%. At June 30, 2022, Preferred Equity Units had a total carrying value of $699 million (December 31, 2021 - $699 million). f) Distributions Distributions made to each class of partnership units, including units of subsidiaries that were exchangeable into LP Units, are as follows: Three months ended Jun. 30, Six months ended Jun. 30, (US$ Millions, except per unit information) 2022 2021 2022 2021 Limited Partners $ 104 $ — $ 209 $ 145 Holders of: Redeemable/Exchangeable Partnership Units 187 — 371 150 Special LP Units — — 3 2 Exchange LP Units — — — 1 FV LTIP Units — — 1 1 BPYU Units — — — 13 Total $ 291 $ — $ 584 $ 312 Per unit (1) $ 0.3500 $ — $ 0.7000 $ 0.3325 (1) Per unit outstanding on the distribution record date.

NON-CONTROLLING INTERESTS

NON-CONTROLLING INTERESTS	6 Months Ended
	Jun. 30, 2022
Non-Controlling Interest 1 [Abstract]
NON-CONTROLLING INTERESTS	NON-CONTROLLING INTERESTS Non-controlling interests consisted of the following: (US$ Millions) Jun. 30, 2022 Dec. 31, 2021 Redeemable/Exchangeable Partnership Units and Special LP Units (1) $ 15,852 $ 15,736 FV LTIP Units (1) 50 55 Interests of others in operating subsidiaries and properties: Preferred shares held by Brookfield Asset Management 1,015 1,015 Preferred equity of subsidiaries 2,757 2,750 Non-controlling interests in subsidiaries and properties 14,261 15,941 Total interests of others in operating subsidiaries and properties 18,033 19,706 Total non-controlling interests $ 33,935 $ 35,497 (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 Non-controlling interests of others in operating subsidiaries and properties consist of the following: Proportion of economic interests held by non-controlling interests (US$ Millions) Jurisdiction of formation Jun. 30, 2022 Dec. 31, 2021 Jun. 30, 2022 Dec. 31, 2021 BPO (1) Canada — % — % $ 4,423 $ 5,020 BPY Subsidiary Holding Entities (2) Bermuda/Canada — % — % 3,728 3,871 BPR Retail Holdings LLC (3) United States — % — % 1,333 1,274 BSREP II MH Holdings LLC (4) United States 74 % 74 % 1,311 932 BSREP II PBSA Ltd. (4) Bermuda 75 % 75 % 1,200 1,190 BSREP II Korea Office Holdings Pte. Ltd. (4) South Korea 78 % 78 % 891 936 Center Parcs UK (4) United Kingdom 73 % 73 % 734 799 Brookfield Fairfield Multifamily Value Add Fund III LP (4) United States 70 % 70 % 452 383 BSREP II Retail Upper Pooling LLC (4) United States 50 % 50 % 432 383 BSREP II LA Mart Mezz LLC (DE) (4) United States 74 % 74 % 399 352 BSREP II Holdings Pte. Ltd. (4) India 68 % 68 % 364 355 Hospitality Investors Trust Inc. (4) United States 74 % 74 % 350 376 BSREP Citypoint Investments Ltd. (4) United Kingdom 69 % 69 % 311 342 Brookfield India Real Estate Trust (4) India 82 % 82 % 236 280 BSREP CARS Sub-Pooling LLC (4)(5) United States — % 74 % — 588 BSREP II WS Hotel Holding LLC (4)(5) United States — % 74 % — 544 Other Various 33% - 77% 33% - 77% 1,869 2,081 Total $ 18,033 $ 19,706 (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) These subsidiaries were sold in the first quarter of 2022.

COMMERCIAL PROPERTY REVENUE

COMMERCIAL PROPERTY REVENUE	6 Months Ended
	Jun. 30, 2022
Revenue [abstract]
COMMERCIAL PROPERTY REVENUE	COMMERCIAL PROPERTY REVENUE The components of commercial property revenue are as follows: Three months ended Jun. 30, Six months ended Jun. 30, (US$ Millions) 2022 2021 2022 2021 Base rent $ 768 $ 870 $ 1,580 $ 1,718 Straight-line rent 5 15 7 25 Lease termination 2 12 12 45 Other lease income (1) 152 145 322 304 Other revenue from tenants (2) 258 242 519 477 Total commercial property revenue $ 1,185 $ 1,284 $ 2,440 $ 2,569 (1) Other lease income includes parking revenue and recovery of property tax and insurance expenses from tenants. (2) Consists of recovery of certain operating expenses from tenants which are accounted for in accordance with IFRS 15, Revenue from Contracts with Customers. As a result of pandemic-related closures and restrictions, 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 pandemic are accounted for as a lease modification and are recognized prospectively over the remaining lease term when they become legally enforceable. In the current period, the partnership granted abatements of $4 million and $9 million for the three and six months ended June 30, 2022, respectively (2021 - $20 million and $56 million), primarily related to prior year rents in response to tenants impacted by the pandemic. The components of investment and other revenue are as follows: Three months ended Jun. 30, Six months ended Jun. 30, (US$ Millions) 2022 2021 2022 2021 Investment income $ 48 $ 49 $ 428 $ 74 Fee revenue 62 59 136 119 Dividend income 25 48 33 59 Interest income and other 23 9 47 19 Other — 15 — 15 Total investment and other revenue $ 158 $ 180 $ 644 $ 286

HOSPITALITY REVENUE

HOSPITALITY REVENUE	6 Months Ended
	Jun. 30, 2022
Revenue [abstract]
HOSPITALITY REVENUE	HOSPITALITY REVENUE The components of hospitality revenue are as follows: Three months ended Jun. 30, Six months ended Jun. 30, (US$ Millions) 2022 2021 2022 2021 Room, food and beverage $ 343 $ 165 $ 613 $ 218 Gaming and other leisure activities 47 25 82 25 Other hospitality revenue 10 6 18 12 Total hospitality revenue $ 400 $ 196 $ 713 $ 255

INVESTMENT AND OTHER REVENUE

INVESTMENT AND OTHER REVENUE	6 Months Ended
	Jun. 30, 2022
Revenue [abstract]
INVESTMENT AND OTHER REVENUE	COMMERCIAL PROPERTY REVENUE The components of commercial property revenue are as follows: Three months ended Jun. 30, Six months ended Jun. 30, (US$ Millions) 2022 2021 2022 2021 Base rent $ 768 $ 870 $ 1,580 $ 1,718 Straight-line rent 5 15 7 25 Lease termination 2 12 12 45 Other lease income (1) 152 145 322 304 Other revenue from tenants (2) 258 242 519 477 Total commercial property revenue $ 1,185 $ 1,284 $ 2,440 $ 2,569 (1) Other lease income includes parking revenue and recovery of property tax and insurance expenses from tenants. (2) Consists of recovery of certain operating expenses from tenants which are accounted for in accordance with IFRS 15, Revenue from Contracts with Customers. As a result of pandemic-related closures and restrictions, 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 pandemic are accounted for as a lease modification and are recognized prospectively over the remaining lease term when they become legally enforceable. In the current period, the partnership granted abatements of $4 million and $9 million for the three and six months ended June 30, 2022, respectively (2021 - $20 million and $56 million), primarily related to prior year rents in response to tenants impacted by the pandemic. The components of investment and other revenue are as follows: Three months ended Jun. 30, Six months ended Jun. 30, (US$ Millions) 2022 2021 2022 2021 Investment income $ 48 $ 49 $ 428 $ 74 Fee revenue 62 59 136 119 Dividend income 25 48 33 59 Interest income and other 23 9 47 19 Other — 15 — 15 Total investment and other revenue $ 158 $ 180 $ 644 $ 286

DIRECT COMMERCIAL PROPERTY EXPE

DIRECT COMMERCIAL PROPERTY EXPENSE	6 Months Ended
	Jun. 30, 2022
Direct operating expense from investment property [abstract]
DIRECT COMMERCIAL PROPERTY EXPENSE	DIRECT COMMERCIAL PROPERTY EXPENSE The components of direct commercial property expense are as follows: Three months ended Jun. 30, Six months ended Jun. 30, (US$ Millions) 2022 2021 2022 2021 Property maintenance $ 172 $ 172 $ 352 $ 354 Real estate taxes 140 152 287 309 Employee compensation and benefits 37 40 73 78 Depreciation and amortization 6 18 15 38 Lease expense (1) 3 3 6 6 Other (2) 94 107 189 213 Total direct commercial property expense $ 452 $ 492 $ 922 $ 998 (1) Represents the operating expenses relating to variable lease payments not included in the measurement of the lease liability. (2) For the three and six months ended June 30, 2022, the partnership recorded a loss (recovery) allowance in commercial property operating expenses of $(4) million and $(4) million (2021 - $12 million and $25 million).

DIRECT HOSPITALITY EXPENSE

DIRECT HOSPITALITY EXPENSE	6 Months Ended
	Jun. 30, 2022
Disclosure of detailed information about investment property [abstract]
DIRECT HOSPITALITY EXPENSE	DIRECT HOSPITALITY EXPENSE The components of direct hospitality expense are as follows: Three months ended Jun. 30, Six months ended Jun. 30, (US$ Millions) 2022 2021 2022 2021 Employee compensation and benefits $ 59 $ 26 $ 111 $ 46 Cost of food, beverage, and retail goods sold 61 38 115 45 Maintenance and utilities 25 20 53 38 Depreciation and amortization 62 50 135 98 Marketing and advertising 5 6 14 12 Other 65 30 137 52 Total direct hospitality expense $ 277 $ 170 $ 565 $ 291

GENERAL AND ADMINISTRATIVE EXPE

GENERAL AND ADMINISTRATIVE EXPENSE	6 Months Ended
	Jun. 30, 2022
Disclosure Of General And Administrative Expense [Abstract]
GENERAL AND ADMINISTRATIVE EXPENSE	GENERAL AND ADMINISTRATIVE EXPENSE The components of general and administrative expense are as follows: Three months ended Jun. 30, Six months ended Jun. 30, (US$ Millions) 2022 2021 2022 2021 Employee compensation and benefits $ 90 $ 88 $ 181 $ 175 Management fees 72 55 142 106 Transaction costs 11 25 15 29 Other 61 75 128 146 Total general and administrative expense $ 234 $ 243 $ 466 $ 456

FAIR VALUE GAINS (LOSSES), NET

FAIR VALUE GAINS (LOSSES), NET	6 Months Ended
	Jun. 30, 2022
Disclosure of fair value measurement of assets [abstract]
FAIR VALUE GAINS (LOSSES), NET	FAIR VALUE GAINS (LOSSES), NET The components of fair value gains (losses), net, are as follows: Three months ended Jun. 30, Six months ended Jun. 30, (US$ Millions) 2022 2021 2022 2021 Commercial properties $ 284 $ 439 $ 1,115 $ 883 Commercial developments 40 100 104 129 Incentive fees (1) (4) (7) (36) (7) Financial instruments and other (2) (297) (34) 110 133 Total fair values gains, net $ 23 $ 498 $ 1,293 $ 1,138 (1) Represents incentive fees the partnership is obligated to pay to the general partner of the partnership’s various fund investments. (2) For the three and six months ended June 30, 2022, primarily includes a gain on a student housing portfolio in held for sale and fair value gains on financial instruments.

OTHER COMPREHENSIVE INCOME (LOS

OTHER COMPREHENSIVE INCOME (LOSS)	6 Months Ended
	Jun. 30, 2022
Disclosure of analysis of other comprehensive income by item [abstract]
OTHER COMPREHENSIVE INCOME (LOSS)	OTHER COMPREHENSIVE INCOME (LOSS) Other comprehensive income (loss) consists of the following: Three months ended Jun. 30, Six months ended Jun. 30, (US$ Millions) 2022 2021 2022 2021 Items that may be reclassified to net income: Foreign currency translation Net unrealized foreign currency translation gains (losses) in respect of foreign operations $ (1,001) $ 93 $ (1,104) $ 3 Reclassification of realized foreign currency translation gains to net income on dispositions of foreign operations — 25 17 25 Gains on hedges of net investments in foreign operations 517 (23) 572 (3) (484) 95 (515) 25 Cash flow hedges Gains (losses) on derivatives designated as cash flow hedges, net of income taxes for the three and six months ended Jun. 30, 2022 of $(1) million and $(7) million (2021 – $(5) million and $(8) million) (35) 41 66 95 (35) 41 66 95 Equity accounted investments Share of unrealized foreign currency translation losses in respect of foreign operations (2) — (2) (1) Gains (losses) on derivatives designated as cash flow hedges 22 4 75 28 20 4 73 27 Items that will not be reclassified to net income: Unrealized gains on securities - FVTOCI, net of income taxes for the three and six months ended Jun. 30, 2022 of nil and $(3) million (2021 – $(3) million and $(13) million) (19) (2) (20) (2) Share of revaluation (deficit) on equity accounted investments — (1) — (1) Net remeasurement (losses) on defined benefit obligations 1 — 1 — Revaluation (deficit), net of income taxes for the three and six months ended Jun. 30, 2022 of nil and nil (2021 – $(99) million and $(99) million) — (99) — (99) (18) (102) (19) (102) Total other comprehensive income (loss) $ (517) $ 38 $ (395) $ 45

OBLIGATIONS, GUARANTEES, CONTIN

OBLIGATIONS, GUARANTEES, CONTINGENCIES AND OTHER	6 Months Ended
	Jun. 30, 2022
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 dispositions, acquisitions, sales of assets and sales of services. Certain of the partnership’s operating subsidiaries have also agreed to indemnify their directors and certain of their officers and employees. The nature of substantially all of the indemnification undertakings prevent the partnership from making a reasonable estimate of the maximum potential amount that it could be required to pay third parties as the agreements do not specify a maximum amount and the amounts are dependent upon the outcome of future contingent events, the nature and likelihood of which cannot be determined at this time. Historically, neither the partnership nor its consolidated subsidiaries have made significant payments under such indemnification agreements. The partnership and its operating subsidiaries may be contingently liable with respect to litigation and claims that arise from time to time in the normal course of business or otherwise. During 2013, Brookfield Asset Management announced the final close on the $4.4 billion 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 June 30, 2022, there remained approximately $150 million of uncontributed capital commitments. In April 2016, Brookfield Asset Management announced the final close on the $9.0 billion second BSREP fund to which the partnership had committed $2.3 billion as lead investor. As of June 30, 2022, there remained approximately $416 million of uncontributed capital commitments. In November 2017, Brookfield Asset Management announced the final close on the $2.9 billion fifth Brookfield Real Estate Finance Fund (“BREF”) to which the partnership had committed $400 million. As of June 30, 2022, there remained approximately $160 million of uncontributed capital commitments. In September 2018, Brookfield Asset Management announced the final close on the $1.0 billion third Brookfield Fairfield U.S. Multifamily Value Add Fund to which the partnership had committed $300 million. As of June 30, 2022, there remained approximately $150 million of uncontributed capital commitments. In January 2019, Brookfield Asset Management announced the final close on the $15.0 billion third BSREP fund to which the partnership had committed $1.0 billion. As of June 30, 2022, there remained approximately $240 million of uncontributed capital commitments. In October of 2020, Brookfield Asset Management announced the final close on the €619 million ($649 million) Brookfield European Real Estate Partnership fund to which the partnership has committed €100 million ($105 million). As of June 30, 2022, there remained approximately €3 million ($3 million) of uncontributed capital commitments. The partnership maintains insurance on its properties in amounts and with deductibles that it believes are in line with what owners of similar properties carry. The partnership maintains all risk property insurance and rental value coverage (including coverage for the perils of flood, earthquake and named windstorm). The partnership does not conduct its operations, other than those of equity accounted investments, through entities that are not fully or proportionately consolidated in these financial statements, and has not guaranteed or otherwise contractually committed to support any material financial obligations not reflected in these financial statements.

FINANCIAL INSTRUMENTS

FINANCIAL INSTRUMENTS	6 Months Ended
	Jun. 30, 2022
Financial Instruments [Abstract]
FINANCIAL INSTRUMENTS	FINANCIAL INSTRUMENTS a) Derivatives and hedging activities The partnership and its operating entities use derivative and non-derivative instruments to manage financial risks, including interest rate, commodity, equity price and foreign exchange risks. The use of derivative contracts is governed by documented risk management policies and approved limits. The partnership does not use derivatives for speculative purposes. The partnership and its operating entities use the following derivative instruments to manage these risks: • foreign currency forward contracts to hedge exposures to Canadian Dollar, Australian Dollar, British Pound, Euro, Chinese Yuan, Brazilian Real, Indian Rupee and South Korean Won denominated net investments in foreign subsidiaries and foreign currency denominated financial assets; • interest rate swaps to manage interest rate risk associated with planned refinancings and existing variable rate debt; • interest rate caps to hedge interest rate risk on certain variable rate debt; and • cross-currency swaps to manage interest rate and foreign currency exchange rates on existing variable rate debt. There have been no material changes to the partnership’s financial risk exposure or risk management activities since December 31, 2021. Please refer to Note 32, Financial Instruments in the December 31, 2021 annual report on Form 20-F for a detailed description of the partnership’s financial risk exposure and risk management activities. Interest Rate Hedging The following table provides the partnership’s outstanding derivatives that are designated as cash flow hedges of variability in interest rates associated with forecasted fixed rate financings and existing variable rate debt as of June 30, 2022 and December 31, 2021: (US$ Millions) Hedging item Notional Rates Maturity dates Fair value Jun. 30, 2022 Interest rate caps of US$ LIBOR debt $ 6,764 2.5% - 4.9% Jul. 2022 - May. 2024 $ 14 Interest rate swaps of US$ LIBOR debt 130 1.4% Dec. 2022 1 Interest rate caps of US$ SOFR debt 373 3.8% Aug. 2022 2 Interest rate caps of £ SONIA debt 2,352 1.0% - 2.5% Jan. 2023 - Mar. 2025 13 Interest rate caps of € EURIBOR debt 94 1.3% Apr. 2023 — Interest rate caps of C$ LIBOR debt 186 2.0% Oct. 2022 — Interest rate swaps of A$ BBSW/BBSY debt 401 0.8% - 1.6% Apr. 2023 - Apr. 2024 14 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 A$ BBSW/BBSY debt 422 0.8% - 1.6% Apr. 2023 - Apr. 2024 — For the three and six months ended June 30, 2022, th e amount of hedge ineffectiveness recorded in earnings in connection with the partnership’s interest rate hedging activities was nil and nil (2021 - nil and nil). Foreign Currency Hedging The following table provides the partnership’s outstanding derivatives that are designated as net investments of foreign subsidiaries or foreign currency cash flow hedges as of June 30, 2022 and December 31, 2021: (US$ Millions) Hedging item Notional Rates Maturity dates Fair value Jun. 30, 2022 Net investment hedges € 389 €0.89/$ - €0.96/$ Jul. 2022 - Sep. 2024 $ (3) Net investment hedges £ 3,604 £0.71/$ - £0.89/$ Aug. 2022 - Jul. 2023 (14) Net investment hedges A$ 349 A$1.38/$ - A$1.46/$ Jul. 2022 - Mar. 2023 (1) Net investment hedges C¥ 4,765 C¥6.59/$ - C¥6.99/$ Sep. 2022 - Mar. 2025 (7) Net investment hedges C$ 196 C$1.26/$ - C$1.31/$ Mar. 2023 - Feb. 2025 (1) Net investment hedges R$ 764 R$5.29/$ - R$7.00/$ Sep. 2022 - Oct. 2022 (67) Net investment hedges ₩ 911,637 ₩1,232.00/$ - ₩1,287.00/$ Sep. 2022 - Jun. 2023 (1) Net investment hedges Rs 72,878 Rs77.47/$ - Rs87.13/$ Jul. 2022 - Jul. 2024 (2) Net investment hedges £ 374 £0.86/€ Jul. 2023 — Cross currency swaps of C$ LIBOR debt C$ 2,500 C$1.25/$ - C$1.38/$ Jul. 2023 - Jan. 2027 29 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/$ ₩1,197.60/$ 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 - Apr. 2022 9 Cross currency swaps of C$ LIBOR debt C$ 2,500 C$1.25/$ - C$1.38/$ Jul. 2023 - Jan. 2027 56 For the three and six months ended June 30, 2022 and 2021, the amount of hedge ineffectiveness recorded in earnings in connection with the partnership’s foreign currency hedging activities was not significant. Other Derivatives The following table presents details of the partnership’s other derivatives, not designated as hedges for accounting purposes, that have been entered into to manage financial risks as of June 30, 2022 and December 31, 2021: (US$ Millions) Derivative type Notional Rates Maturity dates Fair value Jun. 30, 2022 Interest rate caps $ 4,420 2.0% - 7.9% Aug. 2022 - Oct. 2023 $ 4 Interest rate swaps on forecasted fixed rate debt 335 3.6% - 5.3% Jun. 2023 - Jun. 2033 (38) 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) For the three and six months ended June 30, 2022, the partnership recognized fair value gains, net of nil and nil (2021 - losses of $3 million and $3 million), related to the settlement of certain forward starting interest rate swaps that have not been designated as hedges. b) Measurement and classification of financial instruments Classification and Measurement The following table outlines the classification and measurement basis, and related fair value for disclosures, of the financial assets and liabilities in the interim condensed consolidated financial statements: Jun. 30, 2022 Dec. 31, 2021 (US$ Millions) Classification and measurement basis Carrying value Fair value Carrying value Fair value Financial assets Loans and notes receivable Amortized cost $ 453 $ 453 $ 225 $ 225 Other non-current assets Securities - FVTPL FVTPL 2,067 2,067 2,200 2,200 Derivative assets FVTPL 81 81 111 111 Securities - FVTOCI FVTOCI 68 68 108 108 Restricted cash Amortized cost 327 327 356 356 Current assets Securities - FVTOCI FVTOCI 43 43 — — Derivative assets FVTPL 143 143 33 33 Accounts receivable (1) Amortized cost 1,007 1,007 1,128 1,128 Restricted cash Amortized cost 640 640 331 331 Cash and cash equivalents Amortized cost 2,175 2,175 2,576 2,576 Total financial assets $ 7,004 $ 7,004 $ 7,068 $ 7,068 Financial liabilities Debt obligations (2) Amortized cost $ 50,534 $ 49,759 $ 55,327 $ 55,474 Capital securities Amortized cost 2,275 2,275 2,226 2,226 Capital securities - fund subsidiaries FVTPL 922 922 859 859 Other non-current liabilities Loan payable FVTPL 3 3 — — Accounts payable Amortized cost 522 522 500 500 Derivative liabilities FVTPL 92 92 277 277 Accounts payable and other liabilities Accounts payable and other (3) Amortized cost 3,374 3,374 2,097 2,097 Loans and notes payable Amortized cost 333 333 899 899 Derivative liabilities FVTPL 173 173 221 221 Total financial liabilities $ 58,228 $ 57,453 $ 62,406 $ 62,553 (1) Includes other receivables associated with assets classified as held for sale on the condensed consolidated balance sheet in the amount of $489 million and $276 million as of June 30, 2022 and December 31, 2021, respectively. (2) Includes debt obligations associated with assets classified as held for sale on the condensed consolidated balance sheet in the amount of $1 million and $3,006 million as of June 30, 2022 and December 31, 2021, respectively. (3) Includes accounts payable and other liabilities associated with assets classified as held for sale on the condensed consolidated balance sheet in the amount of $956 million and $76 million as of June 30, 2022 and December 31, 2021, respectively. Fair Value Hierarchy Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., an exit price). Fair value measurement establishes a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. Quoted market prices (unadjusted) in active markets represent a Level 1 valuation. When quoted market prices in active markets are not available, the partnership maximizes the use of observable inputs within valuation models. When all significant inputs are observable, either directly or indirectly, the valuation is classified as Level 2. Valuations that require the significant use of unobservable inputs are considered Level 3, which reflect the partnership’s market assumptions and are noted below. This hierarchy requires the use of observable market data when available. The following table outlines financial assets and liabilities measured at fair value in the consolidated financial statements and the level of the inputs used to determine those fair values in the context of the hierarchy as defined above: Jun. 30, 2022 Dec. 31, 2021 (US$ Millions) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Financial assets Securities - FVTPL $ 10 $ 218 $ 1,882 $ 2,110 $ 17 $ 218 $ 1,965 $ 2,200 Securities - FVTOCI 43 — 25 68 13 — 95 108 Derivative assets — 213 11 224 — 144 — 144 Total financial assets $ 53 $ 431 $ 1,918 $ 2,402 $ 30 $ 362 $ 2,060 $ 2,452 Financial liabilities Capital securities - fund subsidiaries $ — $ — $ 922 $ 922 $ — $ — $ 859 $ 859 Derivative liabilities — 265 — 265 — 498 — 498 Total financial liabilities $ — $ 265 $ 922 $ 1,187 $ — $ 498 $ 859 $ 1,357 For 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 June 30, 2022 is $10 million (December 31, 2021 - $17 million). The following table presents the change in the balance of financial assets and financial liabilities accounted for at fair value categorized as Level 3 as of June 30, 2022 and December 31, 2021: Jun. 30, 2022 Dec. 31, 2021 (US$ Millions) Financial assets Financial liabilities Financial assets Financial liabilities Balance, beginning of period $ 2,060 $ 859 $ 1,682 $ 863 Acquisitions 61 — 553 — Dispositions (178) — (88) — Fair value gains, net and OCI (25) 74 366 2 Other — (11) (453) (6) Balance, end of period $ 1,918 $ 922 $ 2,060 $ 859

RELATED PARTIES

RELATED PARTIES	6 Months Ended
	Jun. 30, 2022
Related Party [Abstract]
RELATED PARTIES	RELATED PARTIES In the normal course of operations, the partnership enters into transactions with related parties. These transactions have been measured at exchange value and are recognized in the consolidated financial statements. The immediate parent of the partnership is Brookfield Property Partners Limited. The ultimate parent of the partnership is Brookfield Asset Management. Other related parties of the partnership include Brookfield Asset Management’s subsidiaries and operating entities, certain joint ventures and associates accounted for under the equity method, as well as officers of such entities and their spouses. The partnership has a management agreement with its service providers, wholly-owned subsidiaries of Brookfield Asset Management. Pursuant to a Master Services Agreement, the partnership pays a base management fee (“base management fee”), to the service providers. The management fee is calculated at an annualized rate of 1.05% of the sum of the following amounts, as of the last day of the immediately preceding quarter: (1) the equity attributable to unitholders for our Core Office, Core Retail and the Corporate segments; and (ii) the carrying value Canholdco Class B Common Shares. 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. For the three and six months ended June 30, 2022, the partnership paid a base management fee of $57 million and $114 million (2021 - $31 million and $61 million). In connection with the issuance of preferred equity units of the operating partnership to a third party in the fourth quarter of 2014, Brookfield Asset Management contingently agreed to acquire the seven-year and ten-year tranches of preferred equity units from the holder for the initial issuance price plus accrued and unpaid distributions and to exchange such units for preferred equity units with terms and conditions substantially similar to the twelve-year tranche to the extent that the market price of the LP Units is less than 80% of the exchange price at maturity. On December 30, 2021, Brookfield Asset Management acquired the seven-year tranche of preferred equity units from the holder and exchanged such units for Redeemable/Exchangeable Partnership Units. The seven-year tranche of preferred equity units were subsequently canceled. The following table summarizes transactions with related parties: (US$ Millions) Jun. 30, 2022 Dec. 31, 2021 Balances outstanding with related parties: Net (payables)/receivables within equity accounted investments (326) (378) Loans and notes receivable 171 170 Receivables and other assets 83 71 Deposit payable to Brookfield Asset Management (1) (180) (680) Property-specific debt obligations (1,650) (250) Loans and notes payable and other liabilities (362) (259) Preferred shares held by Brookfield Asset Management (1,015) (1,015) Brookfield Asset Management interest in Canholdco (1,940) (2,083) (1) As of June 30, 2022, a $180 million on-demand deposit was payable to Brookfield Asset Management, provided for in the deposit agreement between the partnership and Brookfield Asset Management. Three months ended Jun. 30, Six months ended Jun. 30, (US$ Millions) 2022 2021 2022 2021 Transactions with related parties: Commercial property revenue (1) $ 16 $ 9 $ 24 $ 17 Management fee income 12 6 33 13 Interest expense on debt obligations 4 10 8 15 General and administrative expense (2) 81 64 162 129 Construction costs (3) 12 47 36 97 Return of capital distributions on Brookfield Asset Management’s interest in Canholdco — — 118 — Distributions on Brookfield Assets management’s interest in Canholdco 29 — 57 — Incentive fees 4 22 36 22 (1) Amounts received from Brookfield Asset Management and its subsidiaries for the rental of office premises. (2) Includes amounts paid to Brookfield Asset Management and its subsidiaries for management fees, management fees associated with the partnership’s investments in private funds, and administrative services. (3) Includes amounts paid to Brookfield Asset Management and its subsidiaries for construction costs of development properties.

SEGMENT INFORMATION

SEGMENT INFORMATION	6 Months Ended
	Jun. 30, 2022
Operating Segments [Abstract]
SEGMENT INFORMATION	SEGMENT INFORMATION a) Operating segments IFRS 8, Operating Segments , requires operating segments to be determined based on internal reports that are regularly reviewed by the chief operating decision maker (“CODM”) for the purpose of allocating resources to the segment and to assessing its performance. The partnership’s operating segments are organized into four reportable segments: i) Core Office, ii) Core Retail, iii) LP Investments and iv) Corporate. This is consistent with how the partnership presents financial information to the CODM and investors. These segments are independently and regularly reviewed and managed by the Chief Executive Officer, who is considered the CODM. b) Basis of measurement The CODM measures and evaluates the performance of the partnership’s operating segments based on funds from operations (“FFO”). This performance metric does not have standardized meanings prescribed by IFRS and therefore may differ from similar metrics used by other companies and organizations. Management believes that while not an IFRS measure, FFO is the most consistent metric to measure the partnership’s financial statements and for the purpose of allocating resources and assessing its performance. The partnership defines FFO as net income, prior to fair value gains, net, depreciation and amortization of real estate assets, and income taxes less non-controlling interests of others in operating subsidiaries and properties share of these items. When determining FFO, the partnership also includes its proportionate share of the FFO of unconsolidated partnerships and joint ventures and associates. c) Reportable segment measures The following summaries present certain financial information regarding the partnership’s operating segments for the three and six months ended June 30, 2022 and 2021: (US$ Millions) Total revenue FFO Three months ended Jun. 30, 2022 2021 2022 2021 Core Office $ 540 $ 539 $ 95 $ 131 Core Retail 365 372 188 103 LP Investments 836 747 80 40 Corporate 2 2 (157) (130) Total $ 1,743 $ 1,660 $ 206 $ 144 (US$ Millions) Total revenue FFO Six months ended Jun. 30, 2022 2021 2022 2021 Core Office $ 1,108 $ 1,069 $ 234 $ 254 Core Retail 759 736 356 198 LP Investments 1,928 1,302 145 34 Corporate 2 3 (331) (255) Total $ 3,797 $ 3,110 $ 404 $ 231 The following summaries presents the detail of total revenue from the partnership’s operating segments for the three and six months ended June 30, 2022 and 2021: (US$ Millions) Lease revenue Other revenue from tenants Hospitality revenue Investment and other revenue Total revenue Three months ended Jun. 30, 2022 Core Office $ 331 $ 132 $ 6 $ 71 $ 540 Core Retail 263 63 — 39 365 LP Investments 333 63 394 46 836 Corporate — — — 2 2 Total $ 927 $ 258 $ 400 $ 158 $ 1,743 (US$ Millions) Lease revenue Other revenue from tenants Hospitality revenue Investment and other revenue Total revenue Three months ended Jun. 30, 2021 Core Office $ 356 $ 118 $ 2 $ 63 $ 539 Core Retail 271 67 — 34 372 LP Investments 415 57 194 81 747 Corporate — — — 2 2 Total $ 1,042 $ 242 $ 196 $ 180 $ 1,660 (US$ Millions) Lease revenue Other revenue from tenants Hospitality revenue Investment and other revenue Total revenue Six months ended Jun. 30, 2022 Core Office $ 669 $ 266 $ 10 $ 163 $ 1,108 Core Retail 547 130 — 82 759 LP Investments 705 123 703 397 1,928 Corporate — — — 2 2 Total $ 1,921 $ 519 $ 713 $ 644 $ 3,797 (US$ Millions) Lease revenue Other revenue from tenants Hospitality revenue Investment and other revenue Total revenue Six months ended Jun. 30, 2021 Core Office $ 734 $ 225 $ 3 $ 107 $ 1,069 Core Retail 538 132 — 66 736 LP Investments 820 120 252 110 1,302 Corporate — — — 3 3 Total $ 2,092 $ 477 $ 255 $ 286 $ 3,110 The following summaries presents share of net earnings from equity accounted investments and interest expense from the partnership’s operating segments for the three and six months ended June 30, 2022 and 2021: (US$ Millions) Share of net earnings from equity accounted investments Interest expense Three months ended Jun. 30, 2022 2021 2022 2021 Core Office $ 253 $ 146 $ (171) $ (139) Core Retail 151 148 (151) (165) LP Investments 15 (41) (233) (334) Corporate — — (68) (72) Total $ 419 $ 253 $ (623) $ (710) (US$ Millions) Share of net earnings from equity accounted investments Interest expense Six months ended Jun. 30, 2022 2021 2022 2021 Core Office $ 470 $ 377 $ (318) $ (282) Core Retail 315 167 (295) (328) LP Investments 14 (85) (471) (570) Corporate — — (139) (142) Total $ 799 $ 459 $ (1,223) $ (1,322) The following summary presents information about certain consolidated balance sheet items of the partnership, on a segmented basis, as of June 30, 2022 and December 31, 2021: Total assets Total liabilities Equity accounted investments (US$ Millions) Jun. 30, 2022 Dec. 31, 2021 Jun. 30, 2022 Dec. 31, 2021 Jun. 30, 2022 Dec. 31, 2021 Core Office $ 36,864 $ 37,661 $ 18,331 $ 18,172 $ 9,555 $ 9,819 Core Retail 30,831 30,585 14,012 14,316 9,656 9,945 LP Investments 37,478 43,403 23,021 27,516 1,022 1,043 Corporate 370 355 6,670 6,995 — — Total $ 105,543 $ 112,004 $ 62,034 $ 66,999 $ 20,233 $ 20,807 The following summary presents a reconciliation of FFO to net income for the three and six months ended June 30, 2022 and 2021: Three months ended Jun. 30, Six months ended Jun. 30, (US$ Millions) 2022 2021 2022 2021 FFO (1) $ 206 $ 144 $ 404 $ 231 Depreciation and amortization of real estate assets (46) (46) (98) (91) Fair value gains, net 23 498 1,293 1,138 Share of equity accounted income - non-FFO 177 105 369 181 Income tax expense (47) (87) (230) (192) Non-controlling interests of others in operating subsidiaries and properties – non-FFO 87 (295) (636) (682) Net income (loss) attributable to unitholders (2) 400 319 1,102 585 Non-controlling interests of others in operating subsidiaries and properties 120 367 1,110 832 Net income (loss) $ 520 $ 686 $ 2,212 $ 1,417 (1) FFO represents interests attributable to GP Units, LP Units, Exchange LP Units, Redeemable/Exchangeable Partnership Units, Special LP Units, FV LTIP Units and BPYU Units. The interests attributable to Exchange LP Units, Redeemable/Exchangeable Partnership Units, Special LP Units, FV LTIP Units and BPYU Units are presented as non-controlling interests in the consolidated statements of income. (2) Includes net income attributable to GP Units, LP Units, Exchange LP Units, Redeemable/Exchangeable Partnership Units, Special LP Units, FV LTIP Units and BPYU Units. The interests attributable to Exchange LP Units, Redeemable/Exchangeable Partnership Units, Special LP Units, FV LTIP Units and BPYU Units are presented as non-controlling interests in the consolidated statements of income.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2022
Disclosure Of Significant Accounting Policies [Abstract]
Statement of compliance and Basis of presentation	The interim condensed consolidated financial statements of the partnership and its subsidiaries have been prepared in accordance with International Accounting Standard (“IAS”) 34, Interim Financial Reporting , as issued by the International Accounting Standards Board (“IASB”). Accordingly, certain information and footnote disclosures normally included in the consolidated financial statements prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the IASB, have been omitted or condensed. These condensed consolidated financial statements as of and for the three and six months ended June 30, 2022 were approved and authorized for issue by the Board of Directors of the partnership on August 5, 2022. The interim condensed consolidated financial statements are prepared using the same accounting policies and methods as those used in the consolidated financial statements for the year ended December 31, 2021. Consequently, the information included in these interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and accompanying notes included in the partnership’s annual report on Form 20-F for the year ended December 31, 2021. 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 of $18 million and $38 million to direct commercial property expense and $50 million and $98 million to direct hospitality expense for the three and six months ended June 30, 2021, respectively, with equal and offsetting decreases to depreciation and amortization expense. This reclassification had no impact on revenues or net income. The interim condensed consolidated financial statements are unaudited and reflect all adjustments (consisting of normal recurring adjustments) which are, in the opinion of management, necessary for a fair statement of results for the interim periods presented in accordance with IFRS. The results reported in these interim condensed consolidated financial statements should not necessarily be regarded as indicative of results that may be expected for the entire year.
Critical judgements and estimates in applying accounting policies	Critical judgements and estimates in applying accounting policies The preparation of the partnership’s interim condensed consolidated financial statements in accordance with IAS 34 requires the use of certain critical accounting estimates and assumptions. It also requires management to exercise judgment in applying the partnership’s accounting policies. The accounting policies and critical estimates and assumptions have been set out in Note 2, Summary of Significant Accounting Policies , to the partnership’s consolidated financial statements for the year ended December 31, 2021 and have been consistently applied in the preparation of the interim condensed consolidated financial statements as of and for the three and six months ended June 30, 2022. The coronavirus pandemic ("COVID-19") has adversely impacted general economic, political and market factors in the countries in which the partnership does business, including the recent global economic shutdown. In 2021 and 2022, the global economy has, with certain setbacks, begun reopening, and wider distribution of vaccines will likely encourage greater economic activity. The partnership has seen recovery across the various geographies in which the partnership owns and operates its investment properties, and property, plant and equipment. There remains a residual risk arising from any emerging or future variants of COVID-19 and any resulting responses from global government authorities. As a result of this residual risk, there remains some uncertainty in the near-term surrounding leasing trends, market rates, and the ability to exit investments in the partnership’s expected timeframe, which the partnership will continue to monitor and mitigate in the determination of the fair value of investment properties as of June 30, 2022.

INVESTMENT PROPERTIES (Tables)

INVESTMENT PROPERTIES (Tables)	6 Months Ended
	Jun. 30, 2022
Investment property [abstract]
Schedule of roll forward of investment property balances	The following table presents a roll forward of the partnership’s investment property balances, all of which are considered Level 3 within the fair value hierarchy, for the six months ended June 30, 2022 and the year ended December 31, 2021: Six months ended Jun. 30, 2022 Year ended December 31, 2021 (US$ Millions) Commercial properties Commercial developments Total Commercial properties Commercial developments Total Balance, beginning of period $ 62,313 $ 2,300 $ 64,613 $ 70,294 $ 2,316 $ 72,610 Changes resulting from: Property acquisitions 710 — 710 491 80 571 Capital expenditures 368 252 620 796 758 1,554 Property dispositions (1) (34) (1) (35) (1,299) (351) (1,650) Fair value gains (losses), net 1,115 104 1,219 1,791 171 1,962 Foreign currency translation (847) (106) (953) (558) (37) (595) Transfer between commercial properties and commercial developments 126 (126) — 635 (635) — Reclassifications to assets held for sale and other changes (3,973) (447) (4,420) (9,837) (2) (9,839) Balance, end of period (2) $ 59,778 $ 1,976 $ 61,754 $ 62,313 $ 2,300 $ 64,613 (1) Property dispositions represent the fair value on date of sale. (2) Includes right-of-use commercial properties and commercial developments of $547 million and $21 million, respectively, as of June 30, 2022 (December 31, 2021 - $557 million and $24 million). Current lease liabilities of $28 million (December 31, 2021 - $118 million) have been included in accounts payable and other liabilities and non-current lease liabilities of $542 million (December 31, 2021 - $558 million) have been included in other non-current liabilities.
Schedule of key valuation metrics for investment properties	The key valuation metrics for the partnership’s consolidated commercial properties are set forth in the following tables below on a weighted-average basis: Jun. 30, 2022 Dec. 31, 2021 Consolidated properties Primary valuation method Discount rate Terminal capitalization rate Investment horizon (years) Discount rate Terminal capitalization rate Investment horizon (years) Core Office Discounted cash flow 6.6 % 5.3 % 11 6.5 % 5.3 % 11 Core Retail Discounted cash flow 6.9 % 5.3 % 10 7.0 % 5.3 % 10 LP Investments (1) Discounted cash flow 9.5 % 7.0 % 8 9.4 % 7.0 % 8 (1) The valuation method used to value multifamily, student housing, and manufactured housing properties is the direct capitalization method. At June 30, 2022, the overall implied capitalization rate used for properties using the direct capitalization method was 3.9% ( December 31, 2021 - 4.3% ).
Schedule of investment properties measured at fair value	The following table presents the partnership’s investment properties measured at fair value in the condensed consolidated financial statements and the level of the inputs used to determine those fair values in the context of the hierarchy as defined in Note 2(i), Summary of Significant Accounting Policies: Fair value measurement , in the consolidated financial statements as of December 31, 2021: Jun. 30, 2022 Dec. 31, 2021 Level 3 Level 3 (US$ Millions) Level 1 Level 2 Commercial properties Commercial developments Level 1 Level 2 Commercial properties Commercial developments Core Office $ — $ — $ 24,300 $ 1,187 $ — $ — $ 24,643 $ 1,022 Core Retail — — 19,843 101 — — 18,991 — LP Investments — — 15,635 688 — — 18,679 1,278 Total $ — $ — $ 59,778 $ 1,976 $ — $ — $ 62,313 $ 2,300 The following table presents the change in the balance of financial assets and financial liabilities accounted for at fair value categorized as Level 3 as of June 30, 2022 and December 31, 2021: Jun. 30, 2022 Dec. 31, 2021 (US$ Millions) Financial assets Financial liabilities Financial assets Financial liabilities Balance, beginning of period $ 2,060 $ 859 $ 1,682 $ 863 Acquisitions 61 — 553 — Dispositions (178) — (88) — Fair value gains, net and OCI (25) 74 366 2 Other — (11) (453) (6) Balance, end of period $ 1,918 $ 922 $ 2,060 $ 859
Schedule of fair value measurement of assets sensitivity	The following table presents a sensitivity analysis to the impact of a 25 basis point movement of the discount rate and terminal capitalization or overall implied capitalization rate on fair values of the partnership’s commercial properties as of June 30, 2022, for properties valued using the discounted cash flow or direct capitalization method, respectively: Jun. 30, 2022 (US$ Millions) Impact of +25bps DR Impact of +25bps TCR Impact of +25bps DR and +25bps TCR or +25bps ICR Core Office $ 555 $ 827 $ 1,351 Core Retail 443 698 1,061 LP Investments (1) 497 308 800 Total $ 1,495 $ 1,833 $ 3,212 (1) The valuation method used to value multifamily and manufactured housing properties is the direct capitalization method. The rates presented as the discount rate relate to the overall implied capitalization rate. The terminal capitalization rate and investment horizon are not applicable. The 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.

EQUITY ACCOUNTED INVESTMENTS (T

EQUITY ACCOUNTED INVESTMENTS (Tables)	6 Months Ended
	Jun. 30, 2022
Interests In Other Entities [Abstract]
Disclosure of joint ventures	Details of the partnership’s investments in joint ventures and associates, which have been accounted for in accordance with the equity method of accounting, are as follows: Proportion of ownership interests Carrying value (US$ Millions) Principal activity Principal place of business Jun. 30, 2022 Dec. 31, 2021 Jun. 30, 2022 Dec. 31, 2021 Joint Ventures Canary Wharf Joint Venture (1) Property holding company United Kingdom 50 % 50 % $ 3,410 $ 3,529 Manhattan West, New York Property holding company United States 56 % 56 % 2,213 2,396 BPYU JV Pool A Property holding company United States 50 % 50 % 1,841 1,810 Ala Moana Center, Hawaii Property holding company United States 50 % 50 % 1,735 1,939 BPYU JV Pool B Property holding company United States 51 % 51 % 1,178 1,140 Fashion Show, Las Vegas Property holding company United States 50 % 50 % 876 856 Grace Building, New York Property holding company United States 50 % 50 % 704 702 BPYU JV Pool C Property holding company United States 50 % 50 % 689 679 BPYU JV Pool D Property holding company United States 48 % 48 % 627 612 The Grand Canal Shoppes, Las Vegas Property holding company United States 50 % 50 % 472 455 Southern Cross East, Melbourne Property holding company Australia 50 % 50 % 457 472 One Liberty Plaza, New York Property holding company United States 51 % 51 % 413 402 Brookfield Place Sydney Property holding company Australia 25 % 25 % 382 376 680 George Street, Sydney Property holding company Australia 50 % 50 % 381 389 The Mall in Columbia, Maryland Property holding company United States 50 % 50 % 326 315 ICD Brookfield Place Dubai Property holding company UAE 50 % 50 % 285 250 Shops at La Cantera, Texas Property holding company United States 50 % 50 % 274 270 Baybrook Mall, Texas Property holding company United States 51 % 51 % 260 254 Potsdamer Platz, Berlin Property holding company Germany 25 % 25 % 256 261 BPYU JV Pool F Property holding company United States 51 % 51 % 228 223 Brookfield D.C. Office Partners LLC (“D.C. Venture”), Washington, D.C. Property holding company United States 51 % 51 % 223 225 Brookfield Brazil Retail Fundo de Investimento em Participaçõe (“Brazil Retail”) Holding company Brazil 43 % 43 % 220 228 Miami Design District, Florida Property holding company United States 22 % 22 % 219 212 BPYU JV Pool G Property holding company United States — % 68 % — 263 Other (2) Various Various 15% - 55% 15% - 55% 2,244 2,221 19,913 20,479 Associates Various Various Various 13% - 31% 13% - 31% 320 328 320 328 Total $ 20,233 $ 20,807 (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 36 joint ventures.
Schedule of change in equity investments	The following table presents the change in the balance of the partnership’s equity accounted investments as of June 30, 2022 and December 31, 2021: Six months ended Year ended (US$ Millions) Jun. 30, 2022 Dec. 31, 2021 Equity accounted investments, beginning of period $ 20,807 $ 19,719 Additions 37 698 Disposals and return of capital distributions (632) (459) Share of net earnings (losses) from equity accounted investments 799 1,020 Distributions received (112) (172) Foreign currency translation (465) (145) Reclassification (to) from assets held for sale (17) (210) Other comprehensive income and other (184) 356 Equity accounted investments, end of period $ 20,233 $ 20,807
Equity method investments, valuation techniques and assumptions	The key valuation metrics for the partnership’s commercial properties held within the partnership’s equity accounted investments are set forth in the table below on a weighted-average basis: Jun. 30, 2022 Dec. 31, 2021 Equity accounted investments Primary valuation method Discount rate Terminal capitalization rate Investment horizon (yrs) Discount rate Terminal capitalization rate Investment horizon (yrs) Core Office Discounted cash flow 6.1 % 4.7 % 11 6.0 % 4.7 % 11 Core Retail Discounted cash flow 6.3 % 4.8 % 10 6.3 % 4.9 % 10 LP Investments (1) Discounted cash flow 7.3 % 6.1 % 10 6.9 % 5.6 % 10 (1) The valuation method used to value multifamily investments is the direct capitalization method. The rates used as the discount rate relate to the overall implied capitalization rate. At June 30, 2022, the overall implied capitalization used for multifamily properties was 3.8% (December 31, 2021 - 4.2%).
Disclosure of summarized financial information	Proportion of ownership interests Carrying value (US$ Millions) Principal activity Principal place of business Jun. 30, 2022 Dec. 31, 2021 Jun. 30, 2022 Dec. 31, 2021 Joint Ventures Canary Wharf Joint Venture (1) Property holding company United Kingdom 50 % 50 % $ 3,410 $ 3,529 Manhattan West, New York Property holding company United States 56 % 56 % 2,213 2,396 BPYU JV Pool A Property holding company United States 50 % 50 % 1,841 1,810 Ala Moana Center, Hawaii Property holding company United States 50 % 50 % 1,735 1,939 BPYU JV Pool B Property holding company United States 51 % 51 % 1,178 1,140 Fashion Show, Las Vegas Property holding company United States 50 % 50 % 876 856 Grace Building, New York Property holding company United States 50 % 50 % 704 702 BPYU JV Pool C Property holding company United States 50 % 50 % 689 679 BPYU JV Pool D Property holding company United States 48 % 48 % 627 612 The Grand Canal Shoppes, Las Vegas Property holding company United States 50 % 50 % 472 455 Southern Cross East, Melbourne Property holding company Australia 50 % 50 % 457 472 One Liberty Plaza, New York Property holding company United States 51 % 51 % 413 402 Brookfield Place Sydney Property holding company Australia 25 % 25 % 382 376 680 George Street, Sydney Property holding company Australia 50 % 50 % 381 389 The Mall in Columbia, Maryland Property holding company United States 50 % 50 % 326 315 ICD Brookfield Place Dubai Property holding company UAE 50 % 50 % 285 250 Shops at La Cantera, Texas Property holding company United States 50 % 50 % 274 270 Baybrook Mall, Texas Property holding company United States 51 % 51 % 260 254 Potsdamer Platz, Berlin Property holding company Germany 25 % 25 % 256 261 BPYU JV Pool F Property holding company United States 51 % 51 % 228 223 Brookfield D.C. Office Partners LLC (“D.C. Venture”), Washington, D.C. Property holding company United States 51 % 51 % 223 225 Brookfield Brazil Retail Fundo de Investimento em Participaçõe (“Brazil Retail”) Holding company Brazil 43 % 43 % 220 228 Miami Design District, Florida Property holding company United States 22 % 22 % 219 212 BPYU JV Pool G Property holding company United States — % 68 % — 263 Other (2) Various Various 15% - 55% 15% - 55% 2,244 2,221 19,913 20,479 Associates Various Various Various 13% - 31% 13% - 31% 320 328 320 328 Total $ 20,233 $ 20,807 (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 36 joint ventures. Summarized financial information in respect of the partnership’s equity accounted investments is presented below: (US$ Millions) Jun. 30, 2022 Dec. 31, 2021 Non-current assets $ 74,513 $ 78,149 Current assets 4,499 4,489 Total assets 79,012 82,638 Non-current liabilities 29,701 34,821 Current liabilities 6,399 3,914 Total liabilities 36,100 38,735 Net assets 42,912 43,903 Partnership’s share of net assets $ 20,233 $ 20,807 Three months ended Jun. 30, Six months ended Jun. 30, (US$ Millions) 2022 2021 2022 2021 Revenue $ 1,230 $ 1,086 $ 2,409 $ 2,110 Expenses 777 852 1,675 1,675 Income from equity accounted investments (1) 8 31 33 39 Income before fair value gains, net 461 265 767 474 Fair value gains, net 367 220 890 430 Net income 828 485 1,657 904 Partnership’s share of net earnings $ 419 $ 253 $ 799 $ 459 (1) Share of net earnings from equity accounted investments recorded by the partnership’s joint ventures and associates.

PROPERTY, PLANT AND EQUIPMENT (

PROPERTY, PLANT AND EQUIPMENT (Tables)	6 Months Ended
	Jun. 30, 2022
Property, plant and equipment [abstract]
Disclosure of detailed information about property, plant and equipment	The following table presents the useful lives of each hospitality asset by class: Hospitality assets by class Useful life (in years) Building and building improvements 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 for the six months ended June 30, 2022 and for the year ended December 31, 2021: Six months ended Year ended (US$ Millions) Jun. 30, 2022 Dec. 31, 2021 Cost: Balance at the beginning of period $ 5,723 $ 5,575 Additions 125 1,885 Disposals (29) (323) Foreign currency translation (313) (83) Impact of deconsolidation due to loss of control and other (1) (84) (1,331) 5,422 5,723 Accumulated fair value changes: Balance at the beginning of period 763 488 Revaluation (losses) gains, net — 930 Impact of deconsolidation due to loss of control and other (1) — (593) Disposals — (65) Provision for impairment — 7 Foreign currency translation (47) (4) 716 763 Accumulated depreciation: Balance at the beginning of period (863) (828) Depreciation (146) (294) Disposals 34 84 Foreign currency translation 67 13 Impact of deconsolidation due to loss of control and other (1) 36 162 (872) (863) Total property, plant and equipment (2) $ 5,266 $ 5,623 (1) The prior year reflects the reclassification of a hospitality portfolio to assets held for sale.

INTANGIBLE ASSETS (Tables)

INTANGIBLE ASSETS (Tables)	6 Months Ended
	Jun. 30, 2022
Intangible Assets [Abstract]
Disclosure of detailed information about intangible assets	Intangible assets by class Useful life (in years) Trademarks Indefinite Other 4 to 7 The following table presents the components of the partnership’s intangible assets as of June 30, 2022 and December 31, 2021: (US$ Millions) Jun. 30, 2022 Dec. 31, 2021 Cost $ 906 $ 1,012 Accumulated amortization (38) (48) Total intangible assets $ 868 $ 964 The following table presents a roll forward of the partnership’s intangible assets for the six months ended June 30, 2022 and the year ended December 31, 2021: Six months ended Year ended (US$ Millions) Jun. 30, 2022 Dec. 31, 2021 Balance, beginning of period $ 964 $ 982 Acquisitions 3 6 Amortization (3) (14) Foreign currency translation (96) (10) Balance, end of period $ 868 $ 964

OTHER NON-CURRENT ASSETS (Table

OTHER NON-CURRENT ASSETS (Tables)	6 Months Ended
	Jun. 30, 2022
Subclassifications of assets, liabilities and equities [abstract]
Disclosure of other non-current assets	The components of other non-current assets are as follows: (US$ Millions) Jun. 30, 2022 Dec. 31, 2021 Securities - FVTPL $ 2,067 $ 2,200 Derivative assets 81 111 Securities - FVTOCI 68 108 Restricted cash 327 356 Inventory 955 652 Accounts receivables - non-current 428 2 Other 147 149 Total other non-current assets $ 4,073 $ 3,578

ACCOUNTS RECEIVABLE AND OTHER (

ACCOUNTS RECEIVABLE AND OTHER (Tables)	6 Months Ended
	Jun. 30, 2022
Subclassifications of assets, liabilities and equities [abstract]
Disclosure of accounts receivable and other	The components of accounts receivable and other are as follows: (US$ Millions) Jun. 30, 2022 Dec. 31, 2021 Derivative assets $ 143 $ 33 Accounts receivable (1) - net of expected credit loss of $99 million (December 31, 2021 - $112 million) 518 852 Restricted cash and deposits 640 331 Prepaid expenses 287 367 Inventory 248 574 Other current assets 206 119 Total accounts receivable and other $ 2,042 $ 2,276 (1) See Note 29, Related Parties, for further discussion.

HELD FOR SALE (Tables)

HELD FOR SALE (Tables)	6 Months Ended
	Jun. 30, 2022
Non-current Assets Held For Sale And Discontinued Operations [Abstract]
Disclosure of assets and liabilities classified as held for sale	The following is a summary of the assets and liabilities that were classified as held for sale as of June 30, 2022 and December 31, 2021: (US$ Millions) Jun. 30, 2022 Dec. 31, 2021 Investment properties $ 7,093 $ 8,037 Equity accounted investments 17 — Property, plant and equipment 335 1,749 Accounts receivable and other assets 489 724 Assets held for sale 7,934 10,510 Debt obligations 1 3,006 Accounts payable and other liabilities 956 76 Liabilities associated with assets held for sale $ 957 $ 3,082
Disclosure of reconciliation of changes in assets held for sale	The following table presents the change to the components of the assets held for sale for the six months ended June 30, 2022 and the year ended December 31, 2021: (US$ Millions) Jun. 30, 2022 Dec. 31, 2021 Balance, beginning of period $ 10,510 $ 588 Reclassification to assets held for sale, net 4,606 12,561 Disposals (6,796) (2,610) Fair value adjustments 173 — Foreign currency translation (559) (57) Other — 28 Balance, end of period $ 7,934 $ 10,510

DEBT OBLIGATIONS (Tables)

DEBT OBLIGATIONS (Tables)	6 Months Ended
	Jun. 30, 2022
Disclosure of borrowing costs [Abstract]
Disclosure of detailed information about borrowings	The partnership’s debt obligations include the following: Jun. 30, 2022 Dec. 31, 2021 (US$ Millions) Weighted-average rate Debt balance Weighted-average rate Debt balance Unsecured facilities: Brookfield Property Partners’ credit facilities 3.20 % 2,520 2.00 % 2,257 Brookfield Property Partners’ corporate bonds 4.12 % 1,944 4.11 % 1,982 Brookfield Property Retail Holding LLC term debt 4.12 % 1,530 2.61 % 1,869 Brookfield Property Retail Holding LLC senior secured notes 5.20 % 1,695 5.20 % 1,695 Brookfield Property Retail Holding LLC corporate facility 4.11 % 270 3.10 % 70 Brookfield Property Retail Holding LLC junior subordinated notes 2.74 % 192 1.58 % 206 Subsidiary borrowings 5.33 % 336 3.29 % 537 Secured debt obligations: Funds subscription credit facilities (1) 3.30 % 171 2.44 % 371 Fixed rate 4.47 % 19,906 4.31 % 26,248 Variable rate 4.33 % 22,181 3.29 % 20,341 Deferred financing costs (211) (249) Total debt obligations $ 50,534 $ 55,327 Current 16,786 13,742 Non-current 33,747 38,579 Debt associated with assets held for sale 1 3,006 Total debt obligations $ 50,534 $ 55,327 (1) Funds subscription credit facilities are secured by co-investors’ capital commitments. Debt obligations include foreign currency denominated debt in the functional currencies of the borrowing subsidiaries. Debt obligations by currency are as follows: Jun. 30, 2022 Dec. 31, 2021 (Millions) U.S. Dollars Local U.S. Dollars Local U.S. Dollars $ 33,806 $ 33,806 $ 37,559 $ 37,559 British Pounds 6,371 £ 5,231 7,030 £ 5,196 Canadian Dollars 4,250 C$ 5,471 4,419 C$ 5,585 South Korean Won 1,770 ₩ 2,280,000 1,918 ₩ 2,280,000 Australian Dollars 1,973 A$ 2,858 2,014 A$ 2,773 Indian Rupee 1,837 Rs 144,631 1,801 Rs 134,378 Brazilian Reais 527 R$ 2,758 476 R$ 2,655 Chinese Yuan 117 C¥ 785 69 C¥ 437 Euros 94 € 90 290 € 255 Deferred financing costs (211) (249) Total debt obligations $ 50,534 $ 55,327
Schedule of reconciliation of cash flows from financing activities from debt obligations	The components of changes in debt obligations, including changes related to cash flows from financing activities, are summarized in the table below: Non-cash changes in debt obligations (US$ Millions) Dec. 31, 2021 Debt obligation issuance, net of repayments Debt from asset acquisitions Assumed by purchaser Amortization of deferred financing costs and (premium) discount Foreign currency translation Other Jun. 30, 2022 Debt obligations $ 55,327 (1,092) 350 (3,006) 47 (1,102) 10 $ 50,534

CAPITAL SECURITIES (Tables)

CAPITAL SECURITIES (Tables)	6 Months Ended
	Jun. 30, 2022
Share Capital, Reserves And Other Equity Interest [Abstract]
Disclosure Of Capital Securities Classified As Liabilities	The partnership has the following capital securities outstanding as of June 30, 2022 and December 31, 2021: (US$ Millions) Shares outstanding Cumulative dividend rate Jun. 30, 2022 Dec. 31, 2021 Operating Partnership Class A Preferred Equity Units: Series 2 24,000,000 6.50 % $ 570 $ 565 Series 3 24,000,000 6.75 % 550 546 New LP Preferred Units (1) 19,273,654 6.75 % 474 474 Brookfield Office Properties Inc. (“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 3 779,092 5.00 % 15 15 Series 4 582,894 5.20 % 11 12 Rouse Properties L.P. (“Rouse”) Series A Preferred Shares 5,600,000 5.00 % 142 142 Brookfield India Real Estate Trust (“India REIT”) 155,003,656 n/a (3) 481 440 Capital Securities – Fund Subsidiaries 922 859 Total capital securities $ 3,197 $ 3,085 Current 60 61 Non-current 3,137 3,024 Total capital securities $ 3,197 $ 3,085 (1) New LP Preferred Units shares outstanding is presented net of intracompany shares held by the Operating Partnership. (2) BPO Class B Preferred Shares, Series 1 and 2 capital securities are owned indirectly 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.
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 in capital securities (US$ Millions) Dec. 31, 2021 Capital securities issued Fair value changes Foreign currency translation Other Jun. 30, 2022 Capital securities $ 3,085 $ 57 $ 91 $ (25) $ (11) $ 3,197

INCOME TAXES (Tables)

INCOME TAXES (Tables)	6 Months Ended
	Jun. 30, 2022
Income Taxes [Abstract]
Schedule of components of income tax expense benefit	The components of income tax expense include the following: Three months ended Jun. 30, Six months ended Jun. 30, (US$ Millions) 2022 2021 2022 2021 Current income tax $ 49 $ 18 $ 76 $ 44 Deferred income tax (2) 69 154 148 Income tax expense $ 47 $ 87 $ 230 $ 192

OTHER NON-CURRENT LIABILITIES (

OTHER NON-CURRENT LIABILITIES (Tables)	6 Months Ended
	Jun. 30, 2022
Subclassifications of assets, liabilities and equities [abstract]
Schedule of other non-current liabilities	The components of other non-current liabilities are as follows: (US$ Millions) Jun. 30, 2022 Dec. 31, 2021 Accounts payable and accrued liabilities $ 522 $ 499 Lease liabilities (1) 643 690 Derivative liabilities 92 277 Deferred revenue 15 16 Provisions 16 16 Loans and notes payables 3 1 Total other non-current liabilities $ 1,291 $ 1,499 (1) For the three and six months ended June 30, 2022, interest expense relating to total lease liabilities (see Note 16, Accounts Payable And Other Liabilities for the current portion) was $15 million and $29 million (2021 - $15 million and $30 million), respectively.

ACCOUNTS PAYABLE AND OTHER LI_2

ACCOUNTS PAYABLE AND OTHER LIABILITIES (Tables)	6 Months Ended
	Jun. 30, 2022
Subclassifications of assets, liabilities and equities [abstract]
Schedule of accounts payable and other liabilities	The components of accounts payable and other liabilities are as follows: (US$ Millions) Jun. 30, 2022 Dec. 31, 2021 Accounts payable and accrued liabilities $ 2,418 $ 2,021 Loans and notes payable (1) 333 899 Deferred revenue 443 445 Derivative liabilities 173 221 Lease liabilities (2) 70 160 Other liabilities 23 16 Total accounts payable and other liabilities $ 3,460 $ 3,762 (1) See Note 29, Related Parties, for further discussion

EQUITY (Tables)

EQUITY (Tables)	6 Months Ended
	Jun. 30, 2022
Equity [abstract]
Disclosure of classes of share capital	CAPITAL SECURITIES The partnership has the following capital securities outstanding as of June 30, 2022 and December 31, 2021: (US$ Millions) Shares outstanding Cumulative dividend rate Jun. 30, 2022 Dec. 31, 2021 Operating Partnership Class A Preferred Equity Units: Series 2 24,000,000 6.50 % $ 570 $ 565 Series 3 24,000,000 6.75 % 550 546 New LP Preferred Units (1) 19,273,654 6.75 % 474 474 Brookfield Office Properties Inc. (“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 3 779,092 5.00 % 15 15 Series 4 582,894 5.20 % 11 12 Rouse Properties L.P. (“Rouse”) Series A Preferred Shares 5,600,000 5.00 % 142 142 Brookfield India Real Estate Trust (“India REIT”) 155,003,656 n/a (3) 481 440 Capital Securities – Fund Subsidiaries 922 859 Total capital securities $ 3,197 $ 3,085 Current 60 61 Non-current 3,137 3,024 Total capital securities $ 3,197 $ 3,085 (1) New LP Preferred Units shares outstanding is presented net of intracompany shares held by the Operating Partnership. (2) BPO Class B Preferred Shares, Series 1 and 2 capital securities are owned indirectly 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. Capital securities includes $474 million (December 31, 2021 - $474 million) 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. Cumulative preferred dividends on the BOP Split Senior Preferred Shares are payable quarterly, as and when declared by BOP Split. On August 5, 2022, BOP Split declared quarterly dividends payable for the BOP Split Senior Preferred Shares. Capital securities also includes $142 million at June 30, 2022 (December 31, 2021 - $142 million) of preferred equity interests held by a third party investor in Rouse which have been classified as a liability, rather than as a non-controlling interest, due to the fact that the interests are mandatorily redeemable on or after November 12, 2025 for a set price per unit plus any accrued but unpaid distributions; distributions are capped and accrue regardless of available cash generated. Capital securities also includes $481 million at June 30, 2022 (December 31, 2021 - $440 million) 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 that India REIT 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 – Fund Subsidiaries includes $874 million at June 30, 2022 (December 31, 2021 - $810 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 $48 million at June 30, 2022 (December 31, 2021 - $49 million) which represents the equity interests held by the partnership’s co-investor in the D.C. Venture which have been classified as a liability, rather than as non-controlling interest, due to the fact that on June 18, 2023, and on every second anniversary thereafter, the holders of these interests can redeem their interests in the D.C. Venture for cash equivalent to the fair value of the interests. At June 30, 2022, capital securities includes $37 million (December 31, 2021 - $38 million) repayable in Canadian Dollars of C$48 million (December 31, 2021 - C$49 million). Reconciliation of cash flows from financing activities from capital securities is shown in the table below: Non-cash changes in capital securities (US$ Millions) Dec. 31, 2021 Capital securities issued Fair value changes Foreign currency translation Other Jun. 30, 2022 Capital securities $ 3,085 $ 57 $ 91 $ (25) $ (11) $ 3,197 The following table presents changes to the GP Units and LP Units from the beginning of the year: General partnership units Limited partnership units (Thousands of units) Jun. 30, 2022 Dec. 31, 2021 Jun. 30, 2022 Dec. 31, 2021 Outstanding, beginning of period 139 139 298,987 435,980 Exchange LP Units exchanged — — — 128 BPYU Units exchanged — — — 8,922 Distribution Reinvestment Program — — — 123 Issued under unit-based compensation plan — — — 112 Privatization — — — (146,278) Outstanding, end of period 139 139 298,987 298,987
Schedule of distributions made to partners	Distributions made to each class of partnership units, including units of subsidiaries that were exchangeable into LP Units, are as follows: Three months ended Jun. 30, Six months ended Jun. 30, (US$ Millions, except per unit information) 2022 2021 2022 2021 Limited Partners $ 104 $ — $ 209 $ 145 Holders of: Redeemable/Exchangeable Partnership Units 187 — 371 150 Special LP Units — — 3 2 Exchange LP Units — — — 1 FV LTIP Units — — 1 1 BPYU Units — — — 13 Total $ 291 $ — $ 584 $ 312 Per unit (1) $ 0.3500 $ — $ 0.7000 $ 0.3325

NON-CONTROLLING INTERESTS (Tabl

NON-CONTROLLING INTERESTS (Tables)	6 Months Ended
	Jun. 30, 2022
Non-Controlling Interest 1 [Abstract]
Disclosure of non-controlling interests	Non-controlling interests consisted of the following: (US$ Millions) Jun. 30, 2022 Dec. 31, 2021 Redeemable/Exchangeable Partnership Units and Special LP Units (1) $ 15,852 $ 15,736 FV LTIP Units (1) 50 55 Interests of others in operating subsidiaries and properties: Preferred shares held by Brookfield Asset Management 1,015 1,015 Preferred equity of subsidiaries 2,757 2,750 Non-controlling interests in subsidiaries and properties 14,261 15,941 Total interests of others in operating subsidiaries and properties 18,033 19,706 Total non-controlling interests $ 33,935 $ 35,497 (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
Schedule of interests in subsidiaries	Non-controlling interests of others in operating subsidiaries and properties consist of the following: Proportion of economic interests held by non-controlling interests (US$ Millions) Jurisdiction of formation Jun. 30, 2022 Dec. 31, 2021 Jun. 30, 2022 Dec. 31, 2021 BPO (1) Canada — % — % $ 4,423 $ 5,020 BPY Subsidiary Holding Entities (2) Bermuda/Canada — % — % 3,728 3,871 BPR Retail Holdings LLC (3) United States — % — % 1,333 1,274 BSREP II MH Holdings LLC (4) United States 74 % 74 % 1,311 932 BSREP II PBSA Ltd. (4) Bermuda 75 % 75 % 1,200 1,190 BSREP II Korea Office Holdings Pte. Ltd. (4) South Korea 78 % 78 % 891 936 Center Parcs UK (4) United Kingdom 73 % 73 % 734 799 Brookfield Fairfield Multifamily Value Add Fund III LP (4) United States 70 % 70 % 452 383 BSREP II Retail Upper Pooling LLC (4) United States 50 % 50 % 432 383 BSREP II LA Mart Mezz LLC (DE) (4) United States 74 % 74 % 399 352 BSREP II Holdings Pte. Ltd. (4) India 68 % 68 % 364 355 Hospitality Investors Trust Inc. (4) United States 74 % 74 % 350 376 BSREP Citypoint Investments Ltd. (4) United Kingdom 69 % 69 % 311 342 Brookfield India Real Estate Trust (4) India 82 % 82 % 236 280 BSREP CARS Sub-Pooling LLC (4)(5) United States — % 74 % — 588 BSREP II WS Hotel Holding LLC (4)(5) United States — % 74 % — 544 Other Various 33% - 77% 33% - 77% 1,869 2,081 Total $ 18,033 $ 19,706 (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) These subsidiaries were sold in the first quarter of 2022.

COMMERCIAL PROPERTY REVENUE (Ta

COMMERCIAL PROPERTY REVENUE (Tables)	6 Months Ended
	Jun. 30, 2022
Revenue [abstract]
Disclosure of components of commercial property revenue	The components of commercial property revenue are as follows: Three months ended Jun. 30, Six months ended Jun. 30, (US$ Millions) 2022 2021 2022 2021 Base rent $ 768 $ 870 $ 1,580 $ 1,718 Straight-line rent 5 15 7 25 Lease termination 2 12 12 45 Other lease income (1) 152 145 322 304 Other revenue from tenants (2) 258 242 519 477 Total commercial property revenue $ 1,185 $ 1,284 $ 2,440 $ 2,569 (1) Other lease income includes parking revenue and recovery of property tax and insurance expenses from tenants. (2) Consists of recovery of certain operating expenses from tenants which are accounted for in accordance with IFRS 15, Revenue from Contracts with Customers.

HOSPITALITY REVENUE (Tables)

HOSPITALITY REVENUE (Tables)	6 Months Ended
	Jun. 30, 2022
Revenue [abstract]
Disclosure of detailed information of hospitality revenue	The components of hospitality revenue are as follows: Three months ended Jun. 30, Six months ended Jun. 30, (US$ Millions) 2022 2021 2022 2021 Room, food and beverage $ 343 $ 165 $ 613 $ 218 Gaming and other leisure activities 47 25 82 25 Other hospitality revenue 10 6 18 12 Total hospitality revenue $ 400 $ 196 $ 713 $ 255

INVESTMENT AND OTHER REVENUE (T

INVESTMENT AND OTHER REVENUE (Tables)	6 Months Ended
	Jun. 30, 2022
Revenue [abstract]
Disclosure of investment and other revenue	The components of investment and other revenue are as follows: Three months ended Jun. 30, Six months ended Jun. 30, (US$ Millions) 2022 2021 2022 2021 Investment income $ 48 $ 49 $ 428 $ 74 Fee revenue 62 59 136 119 Dividend income 25 48 33 59 Interest income and other 23 9 47 19 Other — 15 — 15 Total investment and other revenue $ 158 $ 180 $ 644 $ 286

DIRECT COMMERCIAL PROPERTY EX_2

DIRECT COMMERCIAL PROPERTY EXPENSE (Tables)	6 Months Ended
	Jun. 30, 2022
Direct operating expense from investment property [abstract]
Disclosure of detailed information about direct commercial property expense	The components of direct commercial property expense are as follows: Three months ended Jun. 30, Six months ended Jun. 30, (US$ Millions) 2022 2021 2022 2021 Property maintenance $ 172 $ 172 $ 352 $ 354 Real estate taxes 140 152 287 309 Employee compensation and benefits 37 40 73 78 Depreciation and amortization 6 18 15 38 Lease expense (1) 3 3 6 6 Other (2) 94 107 189 213 Total direct commercial property expense $ 452 $ 492 $ 922 $ 998 (1) Represents the operating expenses relating to variable lease payments not included in the measurement of the lease liability. (2) For the three and six months ended June 30, 2022, the partnership recorded a loss (recovery) allowance in commercial property operating expenses of $(4) million and $(4) million (2021 - $12 million and $25 million).

DIRECT HOSPITALITY EXPENSE (Tab

DIRECT HOSPITALITY EXPENSE (Tables)	6 Months Ended
	Jun. 30, 2022
Disclosure of detailed information about investment property [abstract]
Disclosure of detailed information on direct hospitality expense	The components of direct hospitality expense are as follows: Three months ended Jun. 30, Six months ended Jun. 30, (US$ Millions) 2022 2021 2022 2021 Employee compensation and benefits $ 59 $ 26 $ 111 $ 46 Cost of food, beverage, and retail goods sold 61 38 115 45 Maintenance and utilities 25 20 53 38 Depreciation and amortization 62 50 135 98 Marketing and advertising 5 6 14 12 Other 65 30 137 52 Total direct hospitality expense $ 277 $ 170 $ 565 $ 291

GENERAL AND ADMINISTRATIVE EX_2

GENERAL AND ADMINISTRATIVE EXPENSE (Tables)	6 Months Ended
	Jun. 30, 2022
Disclosure Of General And Administrative Expense [Abstract]
Disclosure of detailed general and administrative expense	The components of general and administrative expense are as follows: Three months ended Jun. 30, Six months ended Jun. 30, (US$ Millions) 2022 2021 2022 2021 Employee compensation and benefits $ 90 $ 88 $ 181 $ 175 Management fees 72 55 142 106 Transaction costs 11 25 15 29 Other 61 75 128 146 Total general and administrative expense $ 234 $ 243 $ 466 $ 456

FAIR VALUE GAINS (LOSSES), NET

FAIR VALUE GAINS (LOSSES), NET (Tables)	6 Months Ended
	Jun. 30, 2022
Disclosure of fair value measurement of assets [abstract]
Schedule of fair value gains (losses)	The components of fair value gains (losses), net, are as follows: Three months ended Jun. 30, Six months ended Jun. 30, (US$ Millions) 2022 2021 2022 2021 Commercial properties $ 284 $ 439 $ 1,115 $ 883 Commercial developments 40 100 104 129 Incentive fees (1) (4) (7) (36) (7) Financial instruments and other (2) (297) (34) 110 133 Total fair values gains, net $ 23 $ 498 $ 1,293 $ 1,138 (1) Represents incentive fees the partnership is obligated to pay to the general partner of the partnership’s various fund investments. (2) For the three and six months ended June 30, 2022, primarily includes a gain on a student housing portfolio in held for sale and fair value gains on financial instruments.

OTHER COMPREHENSIVE INCOME (L_2

OTHER COMPREHENSIVE INCOME (LOSS) (Tables)	6 Months Ended
	Jun. 30, 2022
Disclosure of analysis of other comprehensive income by item [abstract]
Disclosure of other comprehensive income (loss)	Other comprehensive income (loss) consists of the following: Three months ended Jun. 30, Six months ended Jun. 30, (US$ Millions) 2022 2021 2022 2021 Items that may be reclassified to net income: Foreign currency translation Net unrealized foreign currency translation gains (losses) in respect of foreign operations $ (1,001) $ 93 $ (1,104) $ 3 Reclassification of realized foreign currency translation gains to net income on dispositions of foreign operations — 25 17 25 Gains on hedges of net investments in foreign operations 517 (23) 572 (3) (484) 95 (515) 25 Cash flow hedges Gains (losses) on derivatives designated as cash flow hedges, net of income taxes for the three and six months ended Jun. 30, 2022 of $(1) million and $(7) million (2021 – $(5) million and $(8) million) (35) 41 66 95 (35) 41 66 95 Equity accounted investments Share of unrealized foreign currency translation losses in respect of foreign operations (2) — (2) (1) Gains (losses) on derivatives designated as cash flow hedges 22 4 75 28 20 4 73 27 Items that will not be reclassified to net income: Unrealized gains on securities - FVTOCI, net of income taxes for the three and six months ended Jun. 30, 2022 of nil and $(3) million (2021 – $(3) million and $(13) million) (19) (2) (20) (2) Share of revaluation (deficit) on equity accounted investments — (1) — (1) Net remeasurement (losses) on defined benefit obligations 1 — 1 — Revaluation (deficit), net of income taxes for the three and six months ended Jun. 30, 2022 of nil and nil (2021 – $(99) million and $(99) million) — (99) — (99) (18) (102) (19) (102) Total other comprehensive income (loss) $ (517) $ 38 $ (395) $ 45

FINANCIAL INSTRUMENTS (Tables)

FINANCIAL INSTRUMENTS (Tables)	6 Months Ended
	Jun. 30, 2022
Financial Instruments [Abstract]
Disclosure of hedging instruments	The following table provides the partnership’s outstanding derivatives that are designated as cash flow hedges of variability in interest rates associated with forecasted fixed rate financings and existing variable rate debt as of June 30, 2022 and December 31, 2021: (US$ Millions) Hedging item Notional Rates Maturity dates Fair value Jun. 30, 2022 Interest rate caps of US$ LIBOR debt $ 6,764 2.5% - 4.9% Jul. 2022 - May. 2024 $ 14 Interest rate swaps of US$ LIBOR debt 130 1.4% Dec. 2022 1 Interest rate caps of US$ SOFR debt 373 3.8% Aug. 2022 2 Interest rate caps of £ SONIA debt 2,352 1.0% - 2.5% Jan. 2023 - Mar. 2025 13 Interest rate caps of € EURIBOR debt 94 1.3% Apr. 2023 — Interest rate caps of C$ LIBOR debt 186 2.0% Oct. 2022 — Interest rate swaps of A$ BBSW/BBSY debt 401 0.8% - 1.6% Apr. 2023 - Apr. 2024 14 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 A$ BBSW/BBSY debt 422 0.8% - 1.6% Apr. 2023 - Apr. 2024 — The following table provides the partnership’s outstanding derivatives that are designated as net investments of foreign subsidiaries or foreign currency cash flow hedges as of June 30, 2022 and December 31, 2021: (US$ Millions) Hedging item Notional Rates Maturity dates Fair value Jun. 30, 2022 Net investment hedges € 389 €0.89/$ - €0.96/$ Jul. 2022 - Sep. 2024 $ (3) Net investment hedges £ 3,604 £0.71/$ - £0.89/$ Aug. 2022 - Jul. 2023 (14) Net investment hedges A$ 349 A$1.38/$ - A$1.46/$ Jul. 2022 - Mar. 2023 (1) Net investment hedges C¥ 4,765 C¥6.59/$ - C¥6.99/$ Sep. 2022 - Mar. 2025 (7) Net investment hedges C$ 196 C$1.26/$ - C$1.31/$ Mar. 2023 - Feb. 2025 (1) Net investment hedges R$ 764 R$5.29/$ - R$7.00/$ Sep. 2022 - Oct. 2022 (67) Net investment hedges ₩ 911,637 ₩1,232.00/$ - ₩1,287.00/$ Sep. 2022 - Jun. 2023 (1) Net investment hedges Rs 72,878 Rs77.47/$ - Rs87.13/$ Jul. 2022 - Jul. 2024 (2) Net investment hedges £ 374 £0.86/€ Jul. 2023 — Cross currency swaps of C$ LIBOR debt C$ 2,500 C$1.25/$ - C$1.38/$ Jul. 2023 - Jan. 2027 29 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/$ ₩1,197.60/$ 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 - Apr. 2022 9 Cross currency swaps of C$ LIBOR debt C$ 2,500 C$1.25/$ - C$1.38/$ Jul. 2023 - Jan. 2027 56
Disclosure of other derivatives	The following table presents details of the partnership’s other derivatives, not designated as hedges for accounting purposes, that have been entered into to manage financial risks as of June 30, 2022 and December 31, 2021: (US$ Millions) Derivative type Notional Rates Maturity dates Fair value Jun. 30, 2022 Interest rate caps $ 4,420 2.0% - 7.9% Aug. 2022 - Oct. 2023 $ 4 Interest rate swaps on forecasted fixed rate debt 335 3.6% - 5.3% Jun. 2023 - Jun. 2033 (38) 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)
Disclosure of financial assets	The following table outlines the classification and measurement basis, and related fair value for disclosures, of the financial assets and liabilities in the interim condensed consolidated financial statements: Jun. 30, 2022 Dec. 31, 2021 (US$ Millions) Classification and measurement basis Carrying value Fair value Carrying value Fair value Financial assets Loans and notes receivable Amortized cost $ 453 $ 453 $ 225 $ 225 Other non-current assets Securities - FVTPL FVTPL 2,067 2,067 2,200 2,200 Derivative assets FVTPL 81 81 111 111 Securities - FVTOCI FVTOCI 68 68 108 108 Restricted cash Amortized cost 327 327 356 356 Current assets Securities - FVTOCI FVTOCI 43 43 — — Derivative assets FVTPL 143 143 33 33 Accounts receivable (1) Amortized cost 1,007 1,007 1,128 1,128 Restricted cash Amortized cost 640 640 331 331 Cash and cash equivalents Amortized cost 2,175 2,175 2,576 2,576 Total financial assets $ 7,004 $ 7,004 $ 7,068 $ 7,068 Financial liabilities Debt obligations (2) Amortized cost $ 50,534 $ 49,759 $ 55,327 $ 55,474 Capital securities Amortized cost 2,275 2,275 2,226 2,226 Capital securities - fund subsidiaries FVTPL 922 922 859 859 Other non-current liabilities Loan payable FVTPL 3 3 — — Accounts payable Amortized cost 522 522 500 500 Derivative liabilities FVTPL 92 92 277 277 Accounts payable and other liabilities Accounts payable and other (3) Amortized cost 3,374 3,374 2,097 2,097 Loans and notes payable Amortized cost 333 333 899 899 Derivative liabilities FVTPL 173 173 221 221 Total financial liabilities $ 58,228 $ 57,453 $ 62,406 $ 62,553 (1) Includes other receivables associated with assets classified as held for sale on the condensed consolidated balance sheet in the amount of $489 million and $276 million as of June 30, 2022 and December 31, 2021, respectively. (2) Includes debt obligations associated with assets classified as held for sale on the condensed consolidated balance sheet in the amount of $1 million and $3,006 million as of June 30, 2022 and December 31, 2021, respectively. (3) Includes accounts payable and other liabilities associated with assets classified as held for sale on the condensed consolidated balance sheet in the amount of $956 million and $76 million as of June 30, 2022 and December 31, 2021, respectively. The following table outlines financial assets and liabilities measured at fair value in the consolidated financial statements and the level of the inputs used to determine those fair values in the context of the hierarchy as defined above: Jun. 30, 2022 Dec. 31, 2021 (US$ Millions) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Financial assets Securities - FVTPL $ 10 $ 218 $ 1,882 $ 2,110 $ 17 $ 218 $ 1,965 $ 2,200 Securities - FVTOCI 43 — 25 68 13 — 95 108 Derivative assets — 213 11 224 — 144 — 144 Total financial assets $ 53 $ 431 $ 1,918 $ 2,402 $ 30 $ 362 $ 2,060 $ 2,452 Financial liabilities Capital securities - fund subsidiaries $ — $ — $ 922 $ 922 $ — $ — $ 859 $ 859 Derivative liabilities — 265 — 265 — 498 — 498 Total financial liabilities $ — $ 265 $ 922 $ 1,187 $ — $ 498 $ 859 $ 1,357
Disclosure of financial liabilities	The following table outlines the classification and measurement basis, and related fair value for disclosures, of the financial assets and liabilities in the interim condensed consolidated financial statements: Jun. 30, 2022 Dec. 31, 2021 (US$ Millions) Classification and measurement basis Carrying value Fair value Carrying value Fair value Financial assets Loans and notes receivable Amortized cost $ 453 $ 453 $ 225 $ 225 Other non-current assets Securities - FVTPL FVTPL 2,067 2,067 2,200 2,200 Derivative assets FVTPL 81 81 111 111 Securities - FVTOCI FVTOCI 68 68 108 108 Restricted cash Amortized cost 327 327 356 356 Current assets Securities - FVTOCI FVTOCI 43 43 — — Derivative assets FVTPL 143 143 33 33 Accounts receivable (1) Amortized cost 1,007 1,007 1,128 1,128 Restricted cash Amortized cost 640 640 331 331 Cash and cash equivalents Amortized cost 2,175 2,175 2,576 2,576 Total financial assets $ 7,004 $ 7,004 $ 7,068 $ 7,068 Financial liabilities Debt obligations (2) Amortized cost $ 50,534 $ 49,759 $ 55,327 $ 55,474 Capital securities Amortized cost 2,275 2,275 2,226 2,226 Capital securities - fund subsidiaries FVTPL 922 922 859 859 Other non-current liabilities Loan payable FVTPL 3 3 — — Accounts payable Amortized cost 522 522 500 500 Derivative liabilities FVTPL 92 92 277 277 Accounts payable and other liabilities Accounts payable and other (3) Amortized cost 3,374 3,374 2,097 2,097 Loans and notes payable Amortized cost 333 333 899 899 Derivative liabilities FVTPL 173 173 221 221 Total financial liabilities $ 58,228 $ 57,453 $ 62,406 $ 62,553 (1) Includes other receivables associated with assets classified as held for sale on the condensed consolidated balance sheet in the amount of $489 million and $276 million as of June 30, 2022 and December 31, 2021, respectively. (2) Includes debt obligations associated with assets classified as held for sale on the condensed consolidated balance sheet in the amount of $1 million and $3,006 million as of June 30, 2022 and December 31, 2021, respectively. (3) Includes accounts payable and other liabilities associated with assets classified as held for sale on the condensed consolidated balance sheet in the amount of $956 million and $76 million as of June 30, 2022 and December 31, 2021, respectively. The following table outlines financial assets and liabilities measured at fair value in the consolidated financial statements and the level of the inputs used to determine those fair values in the context of the hierarchy as defined above: Jun. 30, 2022 Dec. 31, 2021 (US$ Millions) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Financial assets Securities - FVTPL $ 10 $ 218 $ 1,882 $ 2,110 $ 17 $ 218 $ 1,965 $ 2,200 Securities - FVTOCI 43 — 25 68 13 — 95 108 Derivative assets — 213 11 224 — 144 — 144 Total financial assets $ 53 $ 431 $ 1,918 $ 2,402 $ 30 $ 362 $ 2,060 $ 2,452 Financial liabilities Capital securities - fund subsidiaries $ — $ — $ 922 $ 922 $ — $ — $ 859 $ 859 Derivative liabilities — 265 — 265 — 498 — 498 Total financial liabilities $ — $ 265 $ 922 $ 1,187 $ — $ 498 $ 859 $ 1,357
Disclosure of fair value measurement of assets	The following table presents the partnership’s investment properties measured at fair value in the condensed consolidated financial statements and the level of the inputs used to determine those fair values in the context of the hierarchy as defined in Note 2(i), Summary of Significant Accounting Policies: Fair value measurement , in the consolidated financial statements as of December 31, 2021: Jun. 30, 2022 Dec. 31, 2021 Level 3 Level 3 (US$ Millions) Level 1 Level 2 Commercial properties Commercial developments Level 1 Level 2 Commercial properties Commercial developments Core Office $ — $ — $ 24,300 $ 1,187 $ — $ — $ 24,643 $ 1,022 Core Retail — — 19,843 101 — — 18,991 — LP Investments — — 15,635 688 — — 18,679 1,278 Total $ — $ — $ 59,778 $ 1,976 $ — $ — $ 62,313 $ 2,300 The following table presents the change in the balance of financial assets and financial liabilities accounted for at fair value categorized as Level 3 as of June 30, 2022 and December 31, 2021: Jun. 30, 2022 Dec. 31, 2021 (US$ Millions) Financial assets Financial liabilities Financial assets Financial liabilities Balance, beginning of period $ 2,060 $ 859 $ 1,682 $ 863 Acquisitions 61 — 553 — Dispositions (178) — (88) — Fair value gains, net and OCI (25) 74 366 2 Other — (11) (453) (6) Balance, end of period $ 1,918 $ 922 $ 2,060 $ 859
Disclosure of fair value measurement of liabilities	The following table presents the change in the balance of financial assets and financial liabilities accounted for at fair value categorized as Level 3 as of June 30, 2022 and December 31, 2021: Jun. 30, 2022 Dec. 31, 2021 (US$ Millions) Financial assets Financial liabilities Financial assets Financial liabilities Balance, beginning of period $ 2,060 $ 859 $ 1,682 $ 863 Acquisitions 61 — 553 — Dispositions (178) — (88) — Fair value gains, net and OCI (25) 74 366 2 Other — (11) (453) (6) Balance, end of period $ 1,918 $ 922 $ 2,060 $ 859

RELATED PARTIES (Tables)

RELATED PARTIES (Tables)	6 Months Ended
	Jun. 30, 2022
Related Party [Abstract]
Summary of Related Party Transactions	The following table summarizes transactions with related parties: (US$ Millions) Jun. 30, 2022 Dec. 31, 2021 Balances outstanding with related parties: Net (payables)/receivables within equity accounted investments (326) (378) Loans and notes receivable 171 170 Receivables and other assets 83 71 Deposit payable to Brookfield Asset Management (1) (180) (680) Property-specific debt obligations (1,650) (250) Loans and notes payable and other liabilities (362) (259) Preferred shares held by Brookfield Asset Management (1,015) (1,015) Brookfield Asset Management interest in Canholdco (1,940) (2,083) (1) As of June 30, 2022, a $180 million on-demand deposit was payable to Brookfield Asset Management, provided for in the deposit agreement between the partnership and Brookfield Asset Management. Three months ended Jun. 30, Six months ended Jun. 30, (US$ Millions) 2022 2021 2022 2021 Transactions with related parties: Commercial property revenue (1) $ 16 $ 9 $ 24 $ 17 Management fee income 12 6 33 13 Interest expense on debt obligations 4 10 8 15 General and administrative expense (2) 81 64 162 129 Construction costs (3) 12 47 36 97 Return of capital distributions on Brookfield Asset Management’s interest in Canholdco — — 118 — Distributions on Brookfield Assets management’s interest in Canholdco 29 — 57 — Incentive fees 4 22 36 22 (1) Amounts received from Brookfield Asset Management and its subsidiaries for the rental of office premises. (2) Includes amounts paid to Brookfield Asset Management and its subsidiaries for management fees, management fees associated with the partnership’s investments in private funds, and administrative services. (3) Includes amounts paid to Brookfield Asset Management and its subsidiaries for construction costs of development properties.

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	6 Months Ended
	Jun. 30, 2022
Operating Segments [Abstract]
Summary of financial information by segment	The following summaries present certain financial information regarding the partnership’s operating segments for the three and six months ended June 30, 2022 and 2021: (US$ Millions) Total revenue FFO Three months ended Jun. 30, 2022 2021 2022 2021 Core Office $ 540 $ 539 $ 95 $ 131 Core Retail 365 372 188 103 LP Investments 836 747 80 40 Corporate 2 2 (157) (130) Total $ 1,743 $ 1,660 $ 206 $ 144 (US$ Millions) Total revenue FFO Six months ended Jun. 30, 2022 2021 2022 2021 Core Office $ 1,108 $ 1,069 $ 234 $ 254 Core Retail 759 736 356 198 LP Investments 1,928 1,302 145 34 Corporate 2 3 (331) (255) Total $ 3,797 $ 3,110 $ 404 $ 231 The following summaries presents the detail of total revenue from the partnership’s operating segments for the three and six months ended June 30, 2022 and 2021: (US$ Millions) Lease revenue Other revenue from tenants Hospitality revenue Investment and other revenue Total revenue Three months ended Jun. 30, 2022 Core Office $ 331 $ 132 $ 6 $ 71 $ 540 Core Retail 263 63 — 39 365 LP Investments 333 63 394 46 836 Corporate — — — 2 2 Total $ 927 $ 258 $ 400 $ 158 $ 1,743 (US$ Millions) Lease revenue Other revenue from tenants Hospitality revenue Investment and other revenue Total revenue Three months ended Jun. 30, 2021 Core Office $ 356 $ 118 $ 2 $ 63 $ 539 Core Retail 271 67 — 34 372 LP Investments 415 57 194 81 747 Corporate — — — 2 2 Total $ 1,042 $ 242 $ 196 $ 180 $ 1,660 (US$ Millions) Lease revenue Other revenue from tenants Hospitality revenue Investment and other revenue Total revenue Six months ended Jun. 30, 2022 Core Office $ 669 $ 266 $ 10 $ 163 $ 1,108 Core Retail 547 130 — 82 759 LP Investments 705 123 703 397 1,928 Corporate — — — 2 2 Total $ 1,921 $ 519 $ 713 $ 644 $ 3,797 (US$ Millions) Lease revenue Other revenue from tenants Hospitality revenue Investment and other revenue Total revenue Six months ended Jun. 30, 2021 Core Office $ 734 $ 225 $ 3 $ 107 $ 1,069 Core Retail 538 132 — 66 736 LP Investments 820 120 252 110 1,302 Corporate — — — 3 3 Total $ 2,092 $ 477 $ 255 $ 286 $ 3,110 The following summaries presents share of net earnings from equity accounted investments and interest expense from the partnership’s operating segments for the three and six months ended June 30, 2022 and 2021: (US$ Millions) Share of net earnings from equity accounted investments Interest expense Three months ended Jun. 30, 2022 2021 2022 2021 Core Office $ 253 $ 146 $ (171) $ (139) Core Retail 151 148 (151) (165) LP Investments 15 (41) (233) (334) Corporate — — (68) (72) Total $ 419 $ 253 $ (623) $ (710) (US$ Millions) Share of net earnings from equity accounted investments Interest expense Six months ended Jun. 30, 2022 2021 2022 2021 Core Office $ 470 $ 377 $ (318) $ (282) Core Retail 315 167 (295) (328) LP Investments 14 (85) (471) (570) Corporate — — (139) (142) Total $ 799 $ 459 $ (1,223) $ (1,322) The following summary presents information about certain consolidated balance sheet items of the partnership, on a segmented basis, as of June 30, 2022 and December 31, 2021: Total assets Total liabilities Equity accounted investments (US$ Millions) Jun. 30, 2022 Dec. 31, 2021 Jun. 30, 2022 Dec. 31, 2021 Jun. 30, 2022 Dec. 31, 2021 Core Office $ 36,864 $ 37,661 $ 18,331 $ 18,172 $ 9,555 $ 9,819 Core Retail 30,831 30,585 14,012 14,316 9,656 9,945 LP Investments 37,478 43,403 23,021 27,516 1,022 1,043 Corporate 370 355 6,670 6,995 — — Total $ 105,543 $ 112,004 $ 62,034 $ 66,999 $ 20,233 $ 20,807
Summary of reconciliation of FFO to net income	The following summary presents a reconciliation of FFO to net income for the three and six months ended June 30, 2022 and 2021: Three months ended Jun. 30, Six months ended Jun. 30, (US$ Millions) 2022 2021 2022 2021 FFO (1) $ 206 $ 144 $ 404 $ 231 Depreciation and amortization of real estate assets (46) (46) (98) (91) Fair value gains, net 23 498 1,293 1,138 Share of equity accounted income - non-FFO 177 105 369 181 Income tax expense (47) (87) (230) (192) Non-controlling interests of others in operating subsidiaries and properties – non-FFO 87 (295) (636) (682) Net income (loss) attributable to unitholders (2) 400 319 1,102 585 Non-controlling interests of others in operating subsidiaries and properties 120 367 1,110 832 Net income (loss) $ 520 $ 686 $ 2,212 $ 1,417 (1) FFO represents interests attributable to GP Units, LP Units, Exchange LP Units, Redeemable/Exchangeable Partnership Units, Special LP Units, FV LTIP Units and BPYU Units. The interests attributable to Exchange LP Units, Redeemable/Exchangeable Partnership Units, Special LP Units, FV LTIP Units and BPYU Units are presented as non-controlling interests in the consolidated statements of income. (2) Includes net income attributable to GP Units, LP Units, Exchange LP Units, Redeemable/Exchangeable Partnership Units, Special LP Units, FV LTIP Units and BPYU Units. The interests attributable to Exchange LP Units, Redeemable/Exchangeable Partnership Units, Special LP Units, FV LTIP Units and BPYU Units are presented as non-controlling interests in the consolidated statements of income.

ORGANIZATION AND NATURE OF TH_2

ORGANIZATION AND NATURE OF THE BUSINESS (Details)	6 Months Ended
	Jun. 30, 2022
Series 1, Class A Preferred Equity Units
Disclosure of subsidiaries [line items]
Cumulative dividend rate	6.50%
Series 2, Class A Preferred Equity Units
Disclosure of subsidiaries [line items]
Cumulative dividend rate	6.375%
Series 3, Class A Preferred Equity Units
Disclosure of subsidiaries [line items]
Cumulative dividend rate	5.75%
Brookfield Property Preferred LP Series 1 Units
Disclosure of subsidiaries [line items]
Cumulative dividend rate	6.75%
Brookfield Property Partners L.P.
Disclosure of subsidiaries [line items]
Economic interest	36%

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Commercial Property
Disclosure of detailed information about investment property [line items]
Depreciation and amortization	$ 6	$ 18	$ 15	$ 38
Hospitality
Disclosure of detailed information about investment property [line items]
Depreciation and amortization	$ 62	$ 50	$ 135	$ 98

PRIVATIZATION OF THE PARTNERS_2

PRIVATIZATION OF THE PARTNERSHIP (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2021	Jul. 26, 2021
Disclosure of classes of share capital [line items]
Units elected for cash (in shares)	51,971,192
Percentage of consideration received in shares	54.5316%
Percentage of consideration received in cash	93.05%
Consideration, cash (In dollars per share)	$ 18.17
Consideration ratio	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
BPYU Preferred Equity
Disclosure of classes of share capital [line items]
Par value per share (in dollars per share)			$ 0.01
Cash consideration		$ 250
BAM shares
Disclosure of classes of share capital [line items]
Units repurchased, units issued (in shares)	271,358,615
Share consideration (in shares)	59,279,263
Common equity of BPY subsidiary
Disclosure of classes of share capital [line items]
Cash consideration	$ 2,500
Brookfield Asset Management | Limited Partner Units
Disclosure of classes of share capital [line items]
Units repurchased (in dollars per share)	$ 18.17
Brookfield Asset Management | BPYU Preferred Equity
Disclosure of classes of share capital [line items]
Units repurchased (in dollars per share)	$ 25

INVESTMENT PROPERTIES - Roll Fo

INVESTMENT PROPERTIES - Roll Forward of Investment Property Balances (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Reconciliation of changes in investment property [abstract]
Balance, beginning of period			$ 64,613	$ 72,610	$ 72,610
Changes resulting from:
Property acquisitions			710		571
Capital expenditures			620		1,554
Property dispositions			(35)		(1,650)
Fair value gains (losses), net			1,219		1,962
Foreign currency translation			(953)		(595)
Transfer between commercial properties and commercial developments			0		0
Reclassifications to assets held for sale and other changes			(4,420)		(9,839)
Balance, end of period	$ 61,754		61,754		64,613
Right-of-use assets	212		212		204
Current lease liabilities	70		70		160
Non-current lease liabilities	643		643		690
Commercial properties
Reconciliation of changes in investment property [abstract]
Balance, beginning of period			62,313	70,294	70,294
Changes resulting from:
Property acquisitions			710		491
Capital expenditures			368		796
Property dispositions			(34)		(1,299)
Fair value gains (losses), net	284	$ 439	1,115	883	1,791
Foreign currency translation			(847)		(558)
Transfer between commercial properties and commercial developments			126		635
Reclassifications to assets held for sale and other changes			(3,973)		(9,837)
Balance, end of period	59,778		59,778		62,313
Right-of-use assets	547		547		557
Current lease liabilities	28		28		118
Non-current lease liabilities	542		542		558
Commercial developments
Reconciliation of changes in investment property [abstract]
Balance, beginning of period			2,300	2,316	2,316
Changes resulting from:
Property acquisitions			0		80
Capital expenditures			252		758
Property dispositions			(1)		(351)
Fair value gains (losses), net	40	$ 100	104	$ 129	171
Foreign currency translation			(106)		(37)
Transfer between commercial properties and commercial developments			(126)		(635)
Reclassifications to assets held for sale and other changes			(447)		(2)
Balance, end of period	1,976		1,976		2,300
Right-of-use assets	$ 21		$ 21		$ 24

INVESTMENT PROPERTIES - Valuati

INVESTMENT PROPERTIES - Valuation of Investment Properties (Details) - Commercial properties	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Core Office | Discounted cash flow
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Discount rate	6.60%	6.50%
Terminal capitalization rate	5.30%	5.30%
Investment horizon (years)	11 years	11 years
Core Retail | Discounted cash flow
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Discount rate	6.90%	7%
Terminal capitalization rate	5.30%	5.30%
Investment horizon (years)	10 years	10 years
LP Investments - Office | Discounted cash flow
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Discount rate	9.50%	9.40%
Terminal capitalization rate	7%	7%
Investment horizon (years)	8 years	8 years
Multifamily, Triple Net Lease, Student Housing, Manufactured Housing | Direct capitalization
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Implied capitalization rate	3.90%	4.30%

INVESTMENT PROPERTIES - Fair Va

INVESTMENT PROPERTIES - Fair Value of Investment Properties (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Disclosure of fair value measurement of assets [line items]
Total assets	$ 105,543	$ 112,004
Level 1
Disclosure of fair value measurement of assets [line items]
Total assets	0	0
Level 2
Disclosure of fair value measurement of assets [line items]
Total assets	0	0
Core Office | Level 1
Disclosure of fair value measurement of assets [line items]
Total assets	0	0
Core Office | Level 2
Disclosure of fair value measurement of assets [line items]
Total assets	0	0
Core Office | Level 3
Disclosure of fair value measurement of assets [line items]
Total assets	1,187
Core Retail | Level 1
Disclosure of fair value measurement of assets [line items]
Total assets	0	0
Core Retail | Level 2
Disclosure of fair value measurement of assets [line items]
Total assets	0	0
LP Investments - Office | Level 1
Disclosure of fair value measurement of assets [line items]
Total assets	0	0
LP Investments - Office | Level 2
Disclosure of fair value measurement of assets [line items]
Total assets	0	0
LP Investments - Office | Level 3
Disclosure of fair value measurement of assets [line items]
Total assets	688
Commercial properties | Level 3
Disclosure of fair value measurement of assets [line items]
Total assets	59,778	62,313
Commercial properties | Core Office | Level 3
Disclosure of fair value measurement of assets [line items]
Total assets	24,300	24,643
Commercial properties | Core Retail | Level 3
Disclosure of fair value measurement of assets [line items]
Total assets	19,843	18,991
Commercial properties | LP Investments - Office | Level 3
Disclosure of fair value measurement of assets [line items]
Total assets	15,635	18,679
Commercial developments | Level 3
Disclosure of fair value measurement of assets [line items]
Total assets	1,976	2,300
Commercial developments | Core Office | Level 3
Disclosure of fair value measurement of assets [line items]
Total assets		1,022
Commercial developments | Core Retail | Level 3
Disclosure of fair value measurement of assets [line items]
Total assets	$ 101	0
Commercial developments | LP Investments - Office | Level 3
Disclosure of fair value measurement of assets [line items]
Total assets		$ 1,278

INVESTMENT PROPERTIES - Impact

INVESTMENT PROPERTIES - Impact on Fair Value from Assumption Changes (Details) $ in Millions	6 Months Ended
	Jun. 30, 2022 USD ($)
Property
Disclosure of fair value measurement of assets [line items]
Sensitivity analysis for types of market risk, reasonably possible change in risk variable, percent	0.25%
Impact of +25bps DR | Property
Disclosure of fair value measurement of assets [line items]
Total	$ 1,495
Impact of +25bps TCR | Property
Disclosure of fair value measurement of assets [line items]
Total	1,833
Impact of +25bps DR and +25bps TCR or +25bps ICR | Property
Disclosure of fair value measurement of assets [line items]
Total	3,212
Core Office | Impact of +25bps DR
Disclosure of fair value measurement of assets [line items]
Total	555
Core Office | Impact of +25bps TCR
Disclosure of fair value measurement of assets [line items]
Total	827
Core Office | Impact of +25bps DR and +25bps TCR or +25bps ICR
Disclosure of fair value measurement of assets [line items]
Total	1,351
Core Retail | Impact of +25bps DR
Disclosure of fair value measurement of assets [line items]
Total	443
Core Retail | Impact of +25bps TCR
Disclosure of fair value measurement of assets [line items]
Total	698
Core Retail | Impact of +25bps DR and +25bps TCR or +25bps ICR
Disclosure of fair value measurement of assets [line items]
Total	1,061
LP Investments - Office | Impact of +25bps DR
Disclosure of fair value measurement of assets [line items]
Total	497
LP Investments - Office | Impact of +25bps TCR
Disclosure of fair value measurement of assets [line items]
Total	308
LP Investments - Office | Impact of +25bps DR and +25bps TCR or +25bps ICR
Disclosure of fair value measurement of assets [line items]
Total	$ 800

EQUITY ACCOUNTED INVESTMENTS -

EQUITY ACCOUNTED INVESTMENTS - Details of Investments in Joint Ventures and Associates (Details) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2022 USD ($) jointVenture	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Disclosure of information about unconsolidated subsidiaries [line items]
Investments in joint ventures accounted for using equity method, Carrying value	$ 19,913	$ 20,479
Investments in associates accounted for using equity method, Carrying value	320	328
Investments in joint ventures and associates	20,233	20,807	$ 19,719
Aggregated individually immaterial associates
Disclosure of information about unconsolidated subsidiaries [line items]
Investments in associates accounted for using equity method, Carrying value	$ 320	$ 328
Aggregated individually immaterial associates | Bottom of range
Disclosure of information about unconsolidated subsidiaries [line items]
Proportion of ownership interests in associates (as a percentage)	13%	13%
Aggregated individually immaterial associates | Top of range
Disclosure of information about unconsolidated subsidiaries [line items]
Proportion of ownership interests in associates (as a percentage)	31%	31%
Canary Wharf Joint Venture
Disclosure of information about unconsolidated subsidiaries [line items]
Proportion of ownership interests in joint venture (as a percentage)	50%	50%
Investments in joint ventures accounted for using equity method, Carrying value	$ 3,410	$ 3,529
Manhattan West, New York
Disclosure of information about unconsolidated subsidiaries [line items]
Proportion of ownership interests in joint venture (as a percentage)	56%	56%
Investments in joint ventures accounted for using equity method, Carrying value	$ 2,213	$ 2,396
Ala Moana Center, Hawaii
Disclosure of information about unconsolidated subsidiaries [line items]
Proportion of ownership interests in joint venture (as a percentage)	50%	50%
Investments in joint ventures accounted for using equity method, Carrying value	$ 1,735	$ 1,939
BPYU JV Pool A
Disclosure of information about unconsolidated subsidiaries [line items]
Proportion of ownership interests in joint venture (as a percentage)	50%	50%
Investments in joint ventures accounted for using equity method, Carrying value	$ 1,841	$ 1,810
BPYU JV Pool B
Disclosure of information about unconsolidated subsidiaries [line items]
Proportion of ownership interests in joint venture (as a percentage)	51%	51%
Investments in joint ventures accounted for using equity method, Carrying value	$ 1,178	$ 1,140
Fashion Show, Las Vegas
Disclosure of information about unconsolidated subsidiaries [line items]
Proportion of ownership interests in joint venture (as a percentage)	50%	50%
Investments in joint ventures accounted for using equity method, Carrying value	$ 876	$ 856
Grace Building, New York
Disclosure of information about unconsolidated subsidiaries [line items]
Proportion of ownership interests in joint venture (as a percentage)	50%	50%
Investments in joint ventures accounted for using equity method, Carrying value	$ 704	$ 702
BPYU JV Pool C
Disclosure of information about unconsolidated subsidiaries [line items]
Proportion of ownership interests in joint venture (as a percentage)	50%	50%
Investments in joint ventures accounted for using equity method, Carrying value	$ 689	$ 679
BPYU JV Pool D
Disclosure of information about unconsolidated subsidiaries [line items]
Proportion of ownership interests in joint venture (as a percentage)	48%	48%
Investments in joint ventures accounted for using equity method, Carrying value	$ 627	$ 612
Southern Cross East, Melbourne
Disclosure of information about unconsolidated subsidiaries [line items]
Proportion of ownership interests in joint venture (as a percentage)	50%	50%
Investments in joint ventures accounted for using equity method, Carrying value	$ 457	$ 472
The Grand Canal Shoppes, Las Vegas
Disclosure of information about unconsolidated subsidiaries [line items]
Proportion of ownership interests in joint venture (as a percentage)	50%	50%
Investments in joint ventures accounted for using equity method, Carrying value	$ 472	$ 455
One Liberty Plaza, New York
Disclosure of information about unconsolidated subsidiaries [line items]
Proportion of ownership interests in joint venture (as a percentage)	51%	51%
Investments in joint ventures accounted for using equity method, Carrying value	$ 413	$ 402
680 George Street, Sydney
Disclosure of information about unconsolidated subsidiaries [line items]
Proportion of ownership interests in joint venture (as a percentage)	50%	50%
Investments in joint ventures accounted for using equity method, Carrying value	$ 381	$ 389
Brookfield Place Sydney
Disclosure of information about unconsolidated subsidiaries [line items]
Proportion of ownership interests in joint venture (as a percentage)	25%	25%
Investments in joint ventures accounted for using equity method, Carrying value	$ 382	$ 376
The Mall in Columbia, Maryland
Disclosure of information about unconsolidated subsidiaries [line items]
Proportion of ownership interests in joint venture (as a percentage)	50%	50%
Investments in joint ventures accounted for using equity method, Carrying value	$ 326	$ 315
Shops at La Cantera, Texas
Disclosure of information about unconsolidated subsidiaries [line items]
Proportion of ownership interests in joint venture (as a percentage)	50%	50%
Investments in joint ventures accounted for using equity method, Carrying value	$ 274	$ 270
ICD Brookfield Place Dubai
Disclosure of information about unconsolidated subsidiaries [line items]
Proportion of ownership interests in joint venture (as a percentage)	50%	50%
Investments in joint ventures accounted for using equity method, Carrying value	$ 285	$ 250
BPYU JV Pool G
Disclosure of information about unconsolidated subsidiaries [line items]
Proportion of ownership interests in joint venture (as a percentage)	0%	68%
Investments in joint ventures accounted for using equity method, Carrying value	$ 0	$ 263
Potsdamer Platz, Berlin
Disclosure of information about unconsolidated subsidiaries [line items]
Proportion of ownership interests in joint venture (as a percentage)	25%	25%
Investments in joint ventures accounted for using equity method, Carrying value	$ 256	$ 261
Baybrook Mall, Texas
Disclosure of information about unconsolidated subsidiaries [line items]
Proportion of ownership interests in joint venture (as a percentage)	51%	51%
Investments in joint ventures accounted for using equity method, Carrying value	$ 260	$ 254
Brookfield Brazil Retail Fundo de Investimento em Participaçõe (“Brazil Retail”)
Disclosure of information about unconsolidated subsidiaries [line items]
Proportion of ownership interests in joint venture (as a percentage)	43%	43%
Investments in joint ventures accounted for using equity method, Carrying value	$ 220	$ 228
BPYU JV Pool F
Disclosure of information about unconsolidated subsidiaries [line items]
Proportion of ownership interests in joint venture (as a percentage)	51%	51%
Investments in joint ventures accounted for using equity method, Carrying value	$ 228	$ 223
Brookfield D.C. Office Partners LLC (“D.C. Venture”), Washington, D.C.
Disclosure of information about unconsolidated subsidiaries [line items]
Proportion of ownership interests in joint venture (as a percentage)	51%	51%
Investments in joint ventures accounted for using equity method, Carrying value	$ 223	$ 225
Miami Design District, Florida
Disclosure of information about unconsolidated subsidiaries [line items]
Proportion of ownership interests in joint venture (as a percentage)	22%	22%
Investments in joint ventures accounted for using equity method, Carrying value	$ 219	$ 212
Other
Disclosure of information about unconsolidated subsidiaries [line items]
Investments in joint ventures accounted for using equity method, Carrying value	$ 2,244	$ 2,221
Number of joint ventures | jointVenture	36
Other | Bottom of range
Disclosure of information about unconsolidated subsidiaries [line items]
Proportion of ownership interests in joint venture (as a percentage)	15%	15%
Other | Top of range
Disclosure of information about unconsolidated subsidiaries [line items]
Proportion of ownership interests in joint venture (as a percentage)	55%	55%

EQUITY ACCOUNTED INVESTMENTS _2

EQUITY ACCOUNTED INVESTMENTS - Equity Accounted Investments, Reconciliation (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Interests In Other Entities [Abstract]
Equity accounted investments, beginning of period			$ 20,807	$ 19,719	$ 19,719
Additions			37		698
Disposals and return of capital distributions			(632)		(459)
Share of net earnings (losses) from equity accounted investments	$ 419	$ 253	799	$ 459	1,020
Distributions received			(112)		(172)
Foreign currency translation			(465)		(145)
Reclassification (to) from assets held for sale			(17)		(210)
Other comprehensive income and other			(184)		356
Equity accounted investments, end of year	$ 20,233		$ 20,233		$ 20,807

EQUITY ACCOUNTED INVESTMENTS _3

EQUITY ACCOUNTED INVESTMENTS - Schedule of Investment Properties (Details) - Investments accounted for using equity method	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Core Office | United States | Discounted cash flow
Disclosure of detailed information about investment property [line items]
Discount rate	6.10%	6%
Terminal capitalization rate	4.70%	4.70%
Investment horizon (yrs)	11 years	11 years
Core Retail | United States | Discounted cash flow
Disclosure of detailed information about investment property [line items]
Discount rate	6.30%	6.30%
Terminal capitalization rate	4.80%	4.90%
Investment horizon (yrs)	10 years	10 years
LP Investments - Office | United States | Discounted cash flow
Disclosure of detailed information about investment property [line items]
Discount rate	7.30%	6.90%
Terminal capitalization rate	6.10%	5.60%
Investment horizon (yrs)	10 years	10 years
Multifamily(1) | Direct capitalization
Disclosure of detailed information about investment property [line items]
Discount rate	3.80%	4.20%

EQUITY ACCOUNTED INVESTMENTS _4

EQUITY ACCOUNTED INVESTMENTS - Schedule of Assets and Liabilities of Joint Ventures and Associates (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of detailed information about investment property [line items]
Non-current assets	$ 93,118	$ 96,569
Total assets	105,543	112,004
Non-current liabilities	40,771	46,352
Total liabilities	62,034	66,999
Partnership’s share of net assets	20,233	20,807	$ 19,719
Joint ventures | Associates
Disclosure of detailed information about investment property [line items]
Non-current assets	74,513	78,149
Current assets	4,499	4,489
Total assets	79,012	82,638
Non-current liabilities	29,701	34,821
Current liabilities	6,399	3,914
Total liabilities	36,100	38,735
Net assets	$ 42,912	$ 43,903

EQUITY ACCOUNTED INVESTMENTS _5

EQUITY ACCOUNTED INVESTMENTS - Schedule of Revenues and Expenses of Joint Ventures and Associates (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Disclosure of detailed information about investment property [line items]
Total revenue	$ 1,743	$ 1,660	$ 3,797	$ 3,110
Expenses	1,618	1,638	3,447	3,098
Income from equity accounted investments	419	253	799	459	$ 1,020
Net income	520	686	2,212	1,417
Joint ventures | Associates
Disclosure of detailed information about investment property [line items]
Total revenue	1,230	1,086	2,409	2,110
Expenses	777	852	1,675	1,675
Income from equity accounted investments	419	253	799	459
Income before fair value gains, net	461	265	767	474
Fair value gains, net	367	220	890	430
Net income	828	485	1,657	904
Joint Ventures And Associates
Disclosure of detailed information about investment property [line items]
Income from equity accounted investments	$ 8	$ 31	$ 33	$ 39

PROPERTY, PLANT AND EQUIPMENT -

PROPERTY, PLANT AND EQUIPMENT - Useful Life (Details)	6 Months Ended
	Jun. 30, 2022
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
Leasehold improvements
Disclosure of detailed information about property, plant and equipment [line items]
Useful life (in years)	15 years
Fixtures and fittings | Bottom of range
Disclosure of detailed information about property, plant and equipment [line items]
Useful life (in years)	3 years
Fixtures and fittings | Top of range
Disclosure of detailed information about property, plant and equipment [line items]
Useful life (in years)	10 years

PROPERTY, PLANT AND EQUIPMENT_2

PROPERTY, PLANT AND EQUIPMENT - Reconciliation (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Reconciliation of changes in property, plant and equipment [abstract]
Balance at the beginning of period	$ 5,623
Balance at the end of period	5,266	$ 5,623
Right-of-use assets	212	204
Cost:
Reconciliation of changes in property, plant and equipment [abstract]
Balance at the beginning of period	5,723	5,575
Additions	125	1,885
Disposals	(29)	(323)
Foreign currency translation	(313)	(83)
Impact of deconsolidation due to loss of control and other	(84)	(1,331)
Balance at the end of period	5,422	5,723
Accumulated fair value changes:
Reconciliation of changes in property, plant and equipment [abstract]
Balance at the beginning of period	763	488
Disposals	0	(65)
Foreign currency translation	(47)	(4)
Impact of deconsolidation due to loss of control and other	0	(593)
Revaluation (losses) gains, net	0	930
Balance at the end of period	716	763
Accumulated impairment
Reconciliation of changes in property, plant and equipment [abstract]
Provision for impairment	0	7
Accumulated depreciation:
Reconciliation of changes in property, plant and equipment [abstract]
Balance at the beginning of period	(863)	(828)
Disposals	34	84
Foreign currency translation	67	13
Impact of deconsolidation due to loss of control and other	36	162
Depreciation	(146)	(294)
Balance at the end of period	$ (872)	$ (863)

PROPERTY, PLANT AND EQUIPMENT_3

PROPERTY, PLANT AND EQUIPMENT - Narrative (Details) - Hospitality Investors Trust $ in Millions	Jun. 30, 2021 USD ($)
Disclosure of subsidiaries [line items]
Percentage of voting equity interests acquired	100%
Consideration paid	$ 464

GOODWILL (Details)

GOODWILL (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Goodwill	$ 745	$ 832
Center Parcs UK
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Goodwill	$ 734	$ 815

INTANGIBLE ASSETS - Additional

INTANGIBLE ASSETS - Additional Information (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of detailed information about intangible assets [line items]
Intangible assets other than goodwill	$ 868	$ 964	$ 982
Trademarks | Center Parcs UK
Disclosure of detailed information about intangible assets [line items]
Intangible assets other than goodwill	$ 868	$ 964

INTANGIBLE ASSETS - Useful Life

INTANGIBLE ASSETS - Useful Life (Details) - Other	6 Months Ended
	Jun. 30, 2022
Bottom of range
Disclosure of detailed information about intangible assets [line items]
Useful life (in years)	4 years
Top of range
Disclosure of detailed information about intangible assets [line items]
Useful life (in years)	7 years

INTANGIBLE ASSETS - Components

INTANGIBLE ASSETS - Components Of Partnership Intangible Assets (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of detailed information about intangible assets [line items]
Intangible assets other than goodwill	$ 868	$ 964	$ 982
Cost
Disclosure of detailed information about intangible assets [line items]
Intangible assets other than goodwill	906	1,012
Accumulated amortization
Disclosure of detailed information about intangible assets [line items]
Intangible assets other than goodwill	$ (38)	$ (48)

INTANGIBLE ASSETS - Reconciliat

INTANGIBLE ASSETS - Reconciliation (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Reconciliation of changes in intangible assets other than goodwill [abstract]
Balance, beginning of period	$ 964	$ 982
Acquisitions	3	6
Amortization	(3)	(14)
Foreign currency translation	(96)	(10)
Balance, end of period	$ 868	$ 964

OTHER NON-CURRENT ASSETS (Detai

OTHER NON-CURRENT ASSETS (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Subclassifications of assets, liabilities and equities [abstract]
Securities - FVTPL	$ 2,067	$ 2,200
Derivative assets	81	111
Securities - FVTOCI	68	108
Restricted cash	327	356
Inventory	955	652
Accounts receivables - non-current	428	2
Other	147	149
Total other non-current assets	$ 4,073	$ 3,578

OTHER NON-CURRENT ASSETS - Narr

OTHER NON-CURRENT ASSETS - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Disclosure of detailed information about investment property [line items]
Securities - FVTPL	$ 2,067	$ 2,200
BSREP III
Disclosure of detailed information about investment property [line items]
Securities - FVTPL	$ 1,125	$ 1,154

ACCOUNTS RECEIVABLE AND OTHER_2

ACCOUNTS RECEIVABLE AND OTHER (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2022	Dec. 31, 2021
Subclassifications of assets, liabilities and equities [abstract]
Derivative assets		$ 143	$ 33
Accounts receivable - net of expected credit loss		518	852
Restricted cash and deposits		640	331
Prepaid expenses		287	367
Inventory		248	574
Other current assets		206	119
Total accounts receivable and other		2,042	2,276
Expected credit loss		$ 99	$ 112
Loss allowance	$ 25

HELD FOR SALE - Summary (Detail

HELD FOR SALE - Summary (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of financial assets [line items]
Investment properties	$ 61,754	$ 64,613	$ 72,610
Equity accounted investments	20,233	20,807	19,719
Property, plant and equipment	5,266	5,623
Accounts receivable and other	2,042	2,276
Total assets	105,543	112,004
Debt obligations	50,534	55,327
Accounts payable and other liabilities	3,460	3,762
Total liabilities	62,034	66,999
Assets held for sale
Disclosure of financial assets [line items]
Investment properties	7,093	8,037
Equity accounted investments	17	0
Property, plant and equipment	335	1,749
Accounts receivable and other	489	724
Total assets	7,934	10,510	$ 588
Liabilities associated with assets held for sale
Disclosure of financial assets [line items]
Debt obligations	1	3,006
Accounts payable and other liabilities	956	76
Total liabilities	$ 957	$ 3,082

HELD FOR SALE - Reconciliation

HELD FOR SALE - Reconciliation (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Disclosure of financial assets [line items]
Balance, beginning of period	$ 112,004
Balance, end of period	105,543	$ 112,004
Assets held for sale
Disclosure of financial assets [line items]
Balance, beginning of period	10,510	588
Reclassification to assets held for sale, net	4,606	12,561
Disposals	(6,796)	(2,610)
Fair value adjustments	173	0
Foreign currency translation	(559)	(57)
Other	0	28
Balance, end of period	$ 7,934	$ 10,510

HELD FOR SALE - Additional Info

HELD FOR SALE - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2022	Mar. 31, 2022
Non-current Assets Held For Sale And Discontinued Operations [Abstract]
Proceeds from sale of investment property	$ 365	$ 1,481

DEBT OBLIGATIONS (Details)

DEBT OBLIGATIONS (Details) € in Millions, ₩ in Millions, ₨ in Millions, ¥ in Millions, £ in Millions, R$ in Millions, $ in Millions, $ in Millions, $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)	Jun. 30, 2022 GBP (£)	Jun. 30, 2022 CAD ($)	Jun. 30, 2022 KRW (₩)	Jun. 30, 2022 AUD ($)	Jun. 30, 2022 INR (₨)	Jun. 30, 2022 BRL (R$)	Jun. 30, 2022 CNY (¥)	Jun. 30, 2022 EUR (€)	Dec. 31, 2021 GBP (£)	Dec. 31, 2021 CAD ($)	Dec. 31, 2021 KRW (₩)	Dec. 31, 2021 AUD ($)	Dec. 31, 2021 INR (₨)	Dec. 31, 2021 BRL (R$)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2021 EUR (€)
Disclosure of detailed information about borrowings [line items]
Deferred financing costs	$ (211)	$ (249)
Current	16,786	13,742
Non-current	33,747	38,579
Total debt obligations	$ 50,534	55,327
Percentage of debt obligations with suspended contractual payment	1.20%		1.20%	1.20%	1.20%	1.20%	1.20%	1.20%	1.20%	1.20%
U.S. Dollars
Disclosure of detailed information about borrowings [line items]
Total debt obligations	$ 33,806	37,559
British Pounds
Disclosure of detailed information about borrowings [line items]
Total debt obligations	6,371	7,030	£ 5,231								£ 5,196
Canadian Dollars
Disclosure of detailed information about borrowings [line items]
Total debt obligations	4,250	4,419		$ 5,471								$ 5,585
South Korean Won
Disclosure of detailed information about borrowings [line items]
Total debt obligations	1,770	1,918			₩ 2,280,000								₩ 2,280,000
Australian Dollars
Disclosure of detailed information about borrowings [line items]
Total debt obligations	1,973	2,014				$ 2,858								$ 2,773
Indian Rupee
Disclosure of detailed information about borrowings [line items]
Total debt obligations	1,837	1,801					₨ 144,631								₨ 134,378
Brazilian Reais
Disclosure of detailed information about borrowings [line items]
Total debt obligations	527	476						R$ 2758								R$ 2655
Chinese Yuan
Disclosure of detailed information about borrowings [line items]
Total debt obligations	117	69							¥ 785								¥ 437
Euros
Disclosure of detailed information about borrowings [line items]
Total debt obligations	94	290								€ 90								€ 255
Liabilities associated with assets held for sale
Disclosure of detailed information about borrowings [line items]
Total debt obligations	1	3,006
Unsecured Debt | Subsidiary borrowings
Disclosure of detailed information about borrowings [line items]
Total debt obligations	336	537
Secured Debt | Fixed rate
Disclosure of detailed information about borrowings [line items]
Secured debt obligation	19,906	26,248
Secured Debt | Variable rate
Disclosure of detailed information about borrowings [line items]
Secured debt obligation	22,181	20,341
Brookfield Property Partners’ credit facilities | Unsecured Debt
Disclosure of detailed information about borrowings [line items]
Total debt obligations	2,520	2,257
Brookfield Property Partners’ corporate bonds | Unsecured Debt
Disclosure of detailed information about borrowings [line items]
Total debt obligations	1,944	1,982
Brookfield Property Retail Holding LLC term debt | Unsecured Debt
Disclosure of detailed information about borrowings [line items]
Total debt obligations	1,530	1,869
Brookfield Property Retail Holding LLC senior secured notes | Unsecured Debt
Disclosure of detailed information about borrowings [line items]
Total debt obligations	1,695	1,695
Brookfield Property Retail Holding LLC corporate facility | Unsecured Debt
Disclosure of detailed information about borrowings [line items]
Total debt obligations	270	70
Brookfield Property Retail Holding LLC junior subordinated notes | Unsecured Debt
Disclosure of detailed information about borrowings [line items]
Total debt obligations	192	206
Funds subscription credit facilities | Secured Debt
Disclosure of detailed information about borrowings [line items]
Secured debt obligation	$ 171	$ 371
Weighted-average rate | Unsecured Debt | Subsidiary borrowings
Disclosure of detailed information about borrowings [line items]
Weighted-average rate	5.33%	3.29%	5.33%	5.33%	5.33%	5.33%	5.33%	5.33%	5.33%	5.33%	3.29%	3.29%	3.29%	3.29%	3.29%	3.29%	3.29%	3.29%
Weighted-average rate | Secured Debt | Fixed rate
Disclosure of detailed information about borrowings [line items]
Weighted-average rate	4.47%	4.31%	4.47%	4.47%	4.47%	4.47%	4.47%	4.47%	4.47%	4.47%	4.31%	4.31%	4.31%	4.31%	4.31%	4.31%	4.31%	4.31%
Weighted-average rate | Secured Debt | Variable rate
Disclosure of detailed information about borrowings [line items]
Weighted-average rate	4.33%	3.29%	4.33%	4.33%	4.33%	4.33%	4.33%	4.33%	4.33%	4.33%	3.29%	3.29%	3.29%	3.29%	3.29%	3.29%	3.29%	3.29%
Weighted-average rate | Brookfield Property Partners’ credit facilities | Unsecured Debt
Disclosure of detailed information about borrowings [line items]
Weighted-average rate	3.20%	2%	3.20%	3.20%	3.20%	3.20%	3.20%	3.20%	3.20%	3.20%	2%	2%	2%	2%	2%	2%	2%	2%
Weighted-average rate | Brookfield Property Partners’ corporate bonds | Unsecured Debt
Disclosure of detailed information about borrowings [line items]
Weighted-average rate	4.12%	4.11%	4.12%	4.12%	4.12%	4.12%	4.12%	4.12%	4.12%	4.12%	4.11%	4.11%	4.11%	4.11%	4.11%	4.11%	4.11%	4.11%
Weighted-average rate | Brookfield Property Retail Holding LLC term debt | Unsecured Debt
Disclosure of detailed information about borrowings [line items]
Weighted-average rate	4.12%	2.61%	4.12%	4.12%	4.12%	4.12%	4.12%	4.12%	4.12%	4.12%	2.61%	2.61%	2.61%	2.61%	2.61%	2.61%	2.61%	2.61%
Weighted-average rate | Brookfield Property Retail Holding LLC senior secured notes | Unsecured Debt
Disclosure of detailed information about borrowings [line items]
Weighted-average rate	5.20%	5.20%	5.20%	5.20%	5.20%	5.20%	5.20%	5.20%	5.20%	5.20%	5.20%	5.20%	5.20%	5.20%	5.20%	5.20%	5.20%	5.20%
Weighted-average rate | Brookfield Property Retail Holding LLC corporate facility | Unsecured Debt
Disclosure of detailed information about borrowings [line items]
Weighted-average rate	4.11%	3.10%	4.11%	4.11%	4.11%	4.11%	4.11%	4.11%	4.11%	4.11%	3.10%	3.10%	3.10%	3.10%	3.10%	3.10%	3.10%	3.10%
Weighted-average rate | Brookfield Property Retail Holding LLC junior subordinated notes | Unsecured Debt
Disclosure of detailed information about borrowings [line items]
Weighted-average rate	2.74%	1.58%	2.74%	2.74%	2.74%	2.74%	2.74%	2.74%	2.74%	2.74%	1.58%	1.58%	1.58%	1.58%	1.58%	1.58%	1.58%	1.58%
Weighted-average rate | Funds subscription credit facilities | Secured Debt
Disclosure of detailed information about borrowings [line items]
Weighted-average rate	3.30%	2.44%	3.30%	3.30%	3.30%	3.30%	3.30%	3.30%	3.30%	3.30%	2.44%	2.44%	2.44%	2.44%	2.44%	2.44%	2.44%	2.44%

DEBT OBLIGATIONS - Reconciliati

DEBT OBLIGATIONS - Reconciliation of cash flows from financing activities from debt obligations (Details) $ in Millions	6 Months Ended
	Jun. 30, 2022 USD ($)
Borrowing [Roll Forward]
Dec. 31, 2021	$ 55,327
Debt obligation issuance, net of repayments	(1,092)
Non-cash changes in debt obligations
Debt from asset acquisitions	350
Assumed by purchaser	(3,006)
Amortization of deferred financing costs and (premium) discount	47
Foreign currency translation	(1,102)
Other	10
Jun. 30, 2022	$ 50,534

CAPITAL SECURITIES (Details)

CAPITAL SECURITIES (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Disclosure of classes of share capital [line items]
Total capital securities	$ 3,197	$ 3,085
Current	60	61
Non-current	$ 3,137	3,024
Series 2, Class A Preferred Equity Units
Disclosure of classes of share capital [line items]
Cumulative dividend rate	6.375%
Series 3, Class A Preferred Equity Units
Disclosure of classes of share capital [line items]
Cumulative dividend rate	5.75%
Brookfield Property Preferred LP Series 1 Units
Disclosure of classes of share capital [line items]
Shares outstanding	19,273,654
Cumulative dividend rate	6.75%
Total capital securities	$ 474	474
Operating Partnership | Series 2, Class A Preferred Equity Units
Disclosure of classes of share capital [line items]
Shares outstanding	24,000,000
Cumulative dividend rate	6.50%
Total capital securities	$ 570	565
Operating Partnership | Series 3, Class A Preferred Equity Units
Disclosure of classes of share capital [line items]
Shares outstanding	24,000,000
Cumulative dividend rate	6.75%
Total capital securities	$ 550	546
BPO
Disclosure of classes of share capital [line items]
Loans receivable, percentage of interest rate	95%
BPO | Series 1, Class B Preferred Shares
Disclosure of classes of share capital [line items]
Shares outstanding	3,600,000
Total capital securities	$ 0	0
BPO | Series 2, Class B Preferred Shares
Disclosure of classes of share capital [line items]
Shares outstanding	3,000,000
Total capital securities	$ 0	0
BPO | Prime Rate | Series 1, Class B Preferred Shares
Disclosure of classes of share capital [line items]
Percent of dividend rate	70%
BPO | Prime Rate | Series 2, Class B Preferred Shares
Disclosure of classes of share capital [line items]
Percent of dividend rate	70%
Brookfield Property Split Corp. | Series 1, Senior Preferred Shares
Disclosure of classes of share capital [line items]
Shares outstanding	842,534
Cumulative dividend rate	5.25%
Total capital securities	$ 21	21
Brookfield Property Split Corp. | Series 2, Senior Preferred Shares
Disclosure of classes of share capital [line items]
Shares outstanding	556,746
Cumulative dividend rate	5.75%
Total capital securities	$ 11	11
Brookfield Property Split Corp. | Series 3, Senior Preferred Shares
Disclosure of classes of share capital [line items]
Shares outstanding	779,092
Cumulative dividend rate	5%
Total capital securities	$ 15	15
Brookfield Property Split Corp. | Series 4, Senior Preferred Shares
Disclosure of classes of share capital [line items]
Shares outstanding	582,894
Cumulative dividend rate	5.20%
Total capital securities	$ 11	12
Rouse Properties L.P. ("Rouse") | Series A Preferred Shares
Disclosure of classes of share capital [line items]
Shares outstanding	5,600,000
Cumulative dividend rate	5%
Total capital securities	$ 142	142
Brookfield India Real Estate Trust (“India REIT”)
Disclosure of classes of share capital [line items]
Shares outstanding	155,003,656
Brookfield India Real Estate Trust (“India REIT”) | Brookfield Property Preferred LP Series 1 Units
Disclosure of classes of share capital [line items]
Total capital securities	$ 481	440
Capital Securities – Fund Subsidiaries
Disclosure of classes of share capital [line items]
Total capital securities	$ 922	$ 859

CAPITAL SECURITIES - Narrative

CAPITAL SECURITIES - Narrative (Details) $ / shares in Units, $ in Millions, $ in Millions	Jun. 30, 2022 USD ($) $ / shares	Jun. 30, 2022 CAD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2021 CAD ($)
Disclosure of classes of share capital [line items]
Capital securities	$ 3,197		$ 3,085
Liquidation preference (in dollars per share) | $ / shares	$ 25
Redemption amount	$ 37	$ 48	38	$ 49
Capital securities | D.C. Fund
Disclosure of classes of share capital [line items]
Capital securities	48		49
Rouse Properties L.P. ("Rouse") | Series A Preferred Shares
Disclosure of classes of share capital [line items]
Capital securities	142		142
Brookfield DTLA Holdings LLC
Disclosure of classes of share capital [line items]
Capital securities	$ 874		$ 810

CAPITAL SECURITIES - Reconcilia

CAPITAL SECURITIES - Reconciliation of cash flows from financing activities from capital securities (Details) $ in Millions	6 Months Ended
	Jun. 30, 2022 USD ($)
Non-cash changes on capital securities
Capital Securities	$ 3,085
Non-cash changes in capital securities
Capital securities issued	57
Fair value changes	91
Foreign currency translation	(25)
Other	(11)
Capital Securities	$ 3,197

INCOME TAXES - Schedule of Comp

INCOME TAXES - Schedule of Components of Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Income Taxes [Abstract]
Current income tax	$ 49	$ 18	$ 76	$ 44
Deferred income tax	(2)	69	154	148
Income tax expense	$ 47	$ 87	$ 230	$ 192

OTHER NON-CURRENT LIABILITIES_2

OTHER NON-CURRENT LIABILITIES (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Subclassifications of assets, liabilities and equities [abstract]
Accounts payable and accrued liabilities	$ 522		$ 522		$ 499
Lease liabilities	643		643		690
Derivative liabilities	92		92		277
Deferred revenue	15		15		16
Provisions	16		16		16
Loans and notes payables	3		3		1
Total other non-current liabilities	1,291		1,291		$ 1,499
Interest expense on lease liabilities	$ 15	$ 15	$ 29	$ 30

ACCOUNTS PAYABLE AND OTHER LI_3

ACCOUNTS PAYABLE AND OTHER LIABILITIES (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Subclassifications of assets, liabilities and equities [abstract]
Accounts payable and accrued liabilities	$ 2,418	$ 2,021
Loans and notes payable	333	899
Deferred revenue	443	445
Derivative liabilities	173	221
Lease liabilities	70	160
Other liabilities	23	16
Total accounts payable and other liabilities	$ 3,460	$ 3,762

EQUITY - Narrative (Details)

EQUITY - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	6 Months Ended
	Jun. 30, 2022	Dec. 31, 2021	Dec. 31, 2020
General partnership units
Disclosure of classes of share capital [line items]
Proportion of voting rights held by non-controlling interests	1%
FV LTIP of the Operating Partnership
Disclosure of classes of share capital [line items]
Award vesting period	5 years
Limited partnership units
Disclosure of classes of share capital [line items]
Proportion of voting rights held by non-controlling interests	49%
Number of shares outstanding	298,987,000	298,987,000	435,980,000
Redeemable and Exchangeable Units
Disclosure of classes of share capital [line items]
Number of shares outstanding	529,473,303
Special LP Units
Disclosure of classes of share capital [line items]
Number of shares outstanding	4,759,997	4,759,997
Series 1, Class A Preferred Equity Units
Disclosure of classes of share capital [line items]
Number of shares issued (in shares)	7,360,000
Par value per share (in dollars per share)	$ 25
Cumulative dividend rate	6.50%
Series 2, Class A Preferred Equity Units
Disclosure of classes of share capital [line items]
Number of shares issued (in shares)	10,000,000
Par value per share (in dollars per share)	$ 25
Cumulative dividend rate	6.375%
Series 3, Class A Preferred Equity Units
Disclosure of classes of share capital [line items]
Number of shares issued (in shares)	11,500,000
Par value per share (in dollars per share)	$ 25
Cumulative dividend rate	5.75%
Preference shares
Disclosure of classes of share capital [line items]
Preferred equity	$ 699	$ 699
Restricted Stock Units (RSUs) | BPY Fair Value LTIP Unit Plan
Disclosure of classes of share capital [line items]
FV LTIP Units of the operating partnership (in shares)	1,699,541	1,818,717

EQUITY - Changes to the GP Unit

EQUITY - Changes to the GP Units and LP Units (Details) - shares shares in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
BPYU Units | General partnership units
Disclosure of classes of share capital [line items]
Exchange LP Units exchanged (in shares)	0	0
BPYU Units | Limited partnership units
Disclosure of classes of share capital [line items]
Exchange LP Units exchanged (in shares)	0	8,922
General partnership units
Disclosure of classes of share capital [line items]
Outstanding, beginning of period (in shares)	139	139
Exchange LP Units exchanged (in shares)	0	0
Distribution Reinvestment Program (in shares)	0	0
Issued under unit-based compensation plan (in shares)	0	0
Privatization (in shares)	0	0
Outstanding, end of period (in shares)	139	139
Limited partnership units
Disclosure of classes of share capital [line items]
Outstanding, beginning of period (in shares)	298,987	435,980
Exchange LP Units exchanged (in shares)	0	128
Distribution Reinvestment Program (in shares)	0	123
Issued under unit-based compensation plan (in shares)	0	112
Privatization (in shares)	0	(146,278)
Outstanding, end of period (in shares)	298,987	298,987

EQUITY - Schedule of Distributi

EQUITY - Schedule of Distributions Made (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Schedule of Partnership Units [Line Items]
Distributions to Limited Partners			$ 2,920	$ 1,862
Distributions to specified holders	$ 291	$ 0	$ 584	$ 312
Distributions per unit (in dollars per share)	$ 0.3500	$ 0	$ 0.7000	$ 0.3325
Limited partnership units
Schedule of Partnership Units [Line Items]
Distributions to Limited Partners	$ 104	$ 0	$ 209	$ 145
Non-controlling interests | Redeemable/Exchangeable Partnership Units
Schedule of Partnership Units [Line Items]
Distributions to Limited Partners			374	152
Distributions to specified holders	187	0	371	150
Non-controlling interests | Special LP Units
Schedule of Partnership Units [Line Items]
Distributions to specified holders	0	0	3	2
Non-controlling interests | Exchange LP Units
Schedule of Partnership Units [Line Items]
Distributions to specified holders	0	0	0	1
Non-controlling interests | FV LTIP Units
Schedule of Partnership Units [Line Items]
Distributions to specified holders	0	0	1	1
Non-controlling interests | BPYU Units
Schedule of Partnership Units [Line Items]
Distributions to Limited Partners				13
Distributions to specified holders	$ 0	$ 0	$ 0	$ 13

EQUITY- Changes to the FV LTIP

EQUITY- Changes to the FV LTIP Units (Details) - shares	Jun. 30, 2022	Dec. 31, 2021
BPY Fair Value LTIP Unit Plan | Restricted Stock Units (RSUs)
Schedule of Partnership Units [Line Items]
FV LTIP Units of the operating partnership (in shares)	1,699,541	1,818,717

NON-CONTROLLING INTERESTS (Deta

NON-CONTROLLING INTERESTS (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Non-Controlling Interest 1 [Abstract]
Redeemable/Exchangeable Partnership Units and Special LP Units	$ 15,852	$ 15,736
FV LTIP units	50	55
Interests of others in operating subsidiaries and properties:
Preferred shares held by Brookfield Asset Management	1,015	1,015
Preferred equity of subsidiaries	2,757	2,750
Non-controlling interests in subsidiaries and properties	14,261	15,941
Total interests of others in operating subsidiaries and properties	18,033	19,706
Total non-controlling interests	$ 33,935	$ 35,497

NON-CONTROLLING INTERESTS - Sch

NON-CONTROLLING INTERESTS - Schedule of Non-Wholly Owned Subsidiaries With Material Non-Controlling Interests (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Subsidiaries with material non-controlling interests | BPO
Disclosure of subsidiaries [line items]
Proportion of economic interests held by non-controlling interests	0%	0%
Non-controlling interests: Interests of others in operating subsidiaries and properties	$ 4,423	$ 5,020
Subsidiaries with material non-controlling interests | BPY Subsidiary Holding Entities
Disclosure of subsidiaries [line items]
Proportion of economic interests held by non-controlling interests	0%	0%
Non-controlling interests: Interests of others in operating subsidiaries and properties	$ 3,728	$ 3,871
Subsidiaries with material non-controlling interests | BRP Retail Holdings LLC.
Disclosure of subsidiaries [line items]
Proportion of economic interests held by non-controlling interests	0%	0%
Non-controlling interests: Interests of others in operating subsidiaries and properties	$ 1,333	$ 1,274
Subsidiaries with material non-controlling interests | BSREP II MH Holdings LLC
Disclosure of subsidiaries [line items]
Proportion of economic interests held by non-controlling interests	74%	74%
Non-controlling interests: Interests of others in operating subsidiaries and properties	$ 1,311	$ 932
Subsidiaries with material non-controlling interests | BSREP II PBSA Ltd.
Disclosure of subsidiaries [line items]
Proportion of economic interests held by non-controlling interests	75%	75%
Non-controlling interests: Interests of others in operating subsidiaries and properties	$ 1,200	$ 1,190
Subsidiaries with material non-controlling interests | BSREP II Korea Office Holdings Pte. Ltd.
Disclosure of subsidiaries [line items]
Proportion of economic interests held by non-controlling interests	78%	78%
Non-controlling interests: Interests of others in operating subsidiaries and properties	$ 891	$ 936
Subsidiaries with material non-controlling interests | Center Parcs UK
Disclosure of subsidiaries [line items]
Proportion of economic interests held by non-controlling interests	73%	73%
Non-controlling interests: Interests of others in operating subsidiaries and properties	$ 734	$ 799
Subsidiaries with material non-controlling interests | Brookfield Fairfield Multifamily Value Add Fund III LP
Disclosure of subsidiaries [line items]
Proportion of economic interests held by non-controlling interests	70%	70%
Non-controlling interests: Interests of others in operating subsidiaries and properties	$ 452	$ 383
Subsidiaries with material non-controlling interests | Brookfield India II Retail Upper Pooling LLC
Disclosure of subsidiaries [line items]
Proportion of economic interests held by non-controlling interests	50%	50%
Non-controlling interests: Interests of others in operating subsidiaries and properties	$ 432	$ 383
Subsidiaries with material non-controlling interests | BSREP II LA Mart Mezz LLC.
Disclosure of subsidiaries [line items]
Proportion of economic interests held by non-controlling interests	74%	74%
Non-controlling interests: Interests of others in operating subsidiaries and properties	$ 399	$ 352
Subsidiaries with material non-controlling interests | BSREP II Holdings Pte. Ltd
Disclosure of subsidiaries [line items]
Proportion of economic interests held by non-controlling interests	68%	68%
Non-controlling interests: Interests of others in operating subsidiaries and properties	$ 364	$ 355
Subsidiaries with material non-controlling interests | Hospitality Investors Trust
Disclosure of subsidiaries [line items]
Proportion of economic interests held by non-controlling interests	74%	74%
Non-controlling interests: Interests of others in operating subsidiaries and properties	$ 350	$ 376
Subsidiaries with material non-controlling interests | BSREP Citypoint Investments Ltd
Disclosure of subsidiaries [line items]
Proportion of economic interests held by non-controlling interests	69%	69%
Non-controlling interests: Interests of others in operating subsidiaries and properties	$ 311	$ 342
Subsidiaries with material non-controlling interests | Brookfield India Real Estate Trust (“India REIT”)
Disclosure of subsidiaries [line items]
Proportion of economic interests held by non-controlling interests	82%	82%
Non-controlling interests: Interests of others in operating subsidiaries and properties	$ 236	$ 280
Subsidiaries with material non-controlling interests | BSREP CARS Sub-Pooling LLC
Disclosure of subsidiaries [line items]
Proportion of economic interests held by non-controlling interests	0%	74%
Non-controlling interests: Interests of others in operating subsidiaries and properties	$ 0	$ 588
Subsidiaries with material non-controlling interests | BSREP II WS Hotel Holding LLC
Disclosure of subsidiaries [line items]
Proportion of economic interests held by non-controlling interests	0%	74%
Non-controlling interests: Interests of others in operating subsidiaries and properties	$ 0	$ 544
Subsidiaries with material non-controlling interests | Other
Disclosure of subsidiaries [line items]
Non-controlling interests: Interests of others in operating subsidiaries and properties	$ 1,869	$ 2,081
Subsidiaries with material non-controlling interests | Bottom of range | BPO
Disclosure of subsidiaries [line items]
Proportion of economic interests held by non-controlling interests	1%
Subsidiaries with material non-controlling interests | Bottom of range | Other
Disclosure of subsidiaries [line items]
Proportion of economic interests held by non-controlling interests	33%	3,300%
Subsidiaries with material non-controlling interests | Top of range | BPO
Disclosure of subsidiaries [line items]
Proportion of economic interests held by non-controlling interests	100%
Subsidiaries with material non-controlling interests | Top of range | Other
Disclosure of subsidiaries [line items]
Proportion of economic interests held by non-controlling interests	7,700%	7,700%
Non-controlling interests: Interests of others in operating subsidiaries and properties	$ 18,033	$ 19,706

COMMERCIAL PROPERTY REVENUE (De

COMMERCIAL PROPERTY REVENUE (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Revenue [abstract]
Base rent	$ 768	$ 870	$ 1,580	$ 1,718
Straight-line rent	5	15	7	25
Lease termination	2	12	12	45
Other lease income	152	145	322	304
Other revenue from tenants	258	242	519	477
Total commercial property revenue	1,185	1,284	2,440	2,569
Rent abatements	$ 4	$ 20	$ 9	$ 56

HOSPITALITY REVENUE (Details)

HOSPITALITY REVENUE (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total hospitality revenue	$ 400	$ 196	$ 713	$ 255
Room, food and beverage
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total hospitality revenue	343	165	613	218
Gaming and other leisure activities
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total hospitality revenue	47	25	82	25
Other hospitality revenue
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total hospitality revenue	$ 10	$ 6	$ 18	$ 12

INVESTMENT AND OTHER REVENUE (D

INVESTMENT AND OTHER REVENUE (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Revenue [abstract]
Investment income	$ 48	$ 49	$ 428	$ 74
Fee revenue	62	59	136	119
Dividend income	25	48	33	59
Interest income and other	23	9	47	19
Other	0	15	0	15
Investment and other revenue	$ 158	$ 180	$ 644	$ 286

DIRECT COMMERCIAL PROPERTY EX_3

DIRECT COMMERCIAL PROPERTY EXPENSE - Components of Direct Commercial Property Expense (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Disclosure of detailed information about investment property [line items]
Employee compensation and benefits	$ 90	$ 88	$ 181	$ 175
Direct commercial property expense	452	492	922	998
Allowance (recovery)	(4)	12	(4)	25
Commercial Property
Disclosure of detailed information about investment property [line items]
Property maintenance	172	172	352	354
Real estate taxes	140	152	287	309
Employee compensation and benefits	37	40	73	78
Depreciation and amortization	6	18	15	38
Lease expense	3	3	6	6
Other	94	107	189	213
Direct commercial property expense	$ 452	$ 492	$ 922	$ 998

DIRECT HOSPITALITY EXPENSE - Co

DIRECT HOSPITALITY EXPENSE - Components of Direct Hospitality Expense (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Disclosure of detailed information about investment property [line items]
Employee compensation and benefits	$ 90	$ 88	$ 181	$ 175
Direct hospitality expense	277	170	565	291
Hospitality
Disclosure of detailed information about investment property [line items]
Employee compensation and benefits	59	26	111	46
Cost of food, beverage, and retail goods sold	61	38	115	45
Maintenance and utilities	25	20	53	38
Depreciation and amortization	62	50	135	98
Marketing and advertising	5	6	14	12
Other	65	30	137	52
Direct hospitality expense	$ 277	$ 170	$ 565	$ 291

GENERAL AND ADMINISTRATIVE EX_3

GENERAL AND ADMINISTRATIVE EXPENSE (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Disclosure Of General And Administrative Expense [Abstract]
Employee compensation and benefits	$ 90	$ 88	$ 181	$ 175
Management fees	72	55	142	106
Transaction costs	11	25	15	29
Other	61	75	128	146
Total general and administrative expense	$ 234	$ 243	$ 466	$ 456

FAIR VALUE GAINS (LOSSES), NE_2

FAIR VALUE GAINS (LOSSES), NET (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Disclosure of Fair Value [Line Items]
Commercial properties			$ 1,219		$ 1,962
Incentive fees	$ (4)	$ (7)	(36)	$ (7)
Financial instruments and other	(297)	(34)	110	133
Total fair values gains, net	23	498	1,293	1,138
Commercial properties
Disclosure of Fair Value [Line Items]
Commercial properties	284	439	1,115	883	1,791
Commercial developments
Disclosure of Fair Value [Line Items]
Commercial properties	$ 40	$ 100	$ 104	$ 129	$ 171

OTHER COMPREHENSIVE INCOME (L_3

OTHER COMPREHENSIVE INCOME (LOSS) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Foreign currency translation
Net unrealized foreign currency translation gains (losses) in respect of foreign operations	$ (1,001)	$ 93	$ (1,104)	$ 3
Reclassification of realized foreign currency translation gains to net income on dispositions of foreign operations	0	25	17	25
Gains on hedges of net investments in foreign operations	517	(23)	572	(3)
Foreign currency translation	(484)	95	(515)	25
Cash flow hedges
Gains (losses) on derivatives designated as cash flow hedges, net of income taxes for the three and six months ended Jun. 30, 2022 of $(1) million and $(7) million (2021 – $(5) million and $(8) million)	(35)	41	66	95
Cash flow hedges	(35)	41	66	95
Equity accounted investments
Share of unrealized foreign currency translation losses in respect of foreign operations	(2)	0	(2)	(1)
Gains (losses) on derivatives designated as cash flow hedges	22	4	75	28
Equity accounted investments	20	4	73	27
Items that will not be reclassified to net income:
Unrealized gains on securities - FVTOCI, net of income taxes for the three and six months ended Jun. 30, 2022 of nil and $(3) million (2021 – $(3) million and $(13) million)	(19)	(2)	(20)	(2)
Share of revaluation (deficit) on equity accounted investments	0	(1)	0	(1)
Revaluation deficit	0	(99)	0	(99)
Items that will not be reclassified to net income:	(18)	(102)	(19)	(102)
Other comprehensive loss	(517)	38	(395)	45
Gains (losses) on derivatives designated as cash flow hedges, net of income taxes for the three and six months ended Jun. 30, 2022 of $(1) million and $(7) million (2021 – $(5) million and $(8) million)	(1)	(5)	(7)	(8)
Unrealized gains on securities - FVTOCI, net of income taxes for the three and six months ended Jun. 30, 2022 of nil and $(3) million (2021 – $(3) million and $(13) million)	0	(3)	(3)	(13)
Revaluation (deficit), net of income taxes for the three and six months ended Jun. 30, 2022 of nil and nil (2021 – $(99) million and $(99) million)	$ 0	$ (99)	$ 0	$ (99)

OBLIGATIONS, GUARANTEES, CONT_2

OBLIGATIONS, GUARANTEES, CONTINGENCIES AND OTHER (Details) - Brookfield Asset Management € in Millions, $ in Millions	Jun. 30, 2022 USD ($)	Jun. 30, 2022 EUR (€)	Oct. 31, 2020 USD ($)	Oct. 31, 2020 EUR (€)	Jan. 31, 2019 USD ($)	Sep. 30, 2018 USD ($)	Nov. 30, 2017 USD ($)	Apr. 30, 2016 USD ($)	Dec. 31, 2013 USD ($)
Brookfield Real Estate Partners Fund
Disclosure of contingent liabilities [line items]
Consideration									$ 4,400
Contributed commitments									$ 1,300
Unfulfilled commitments	$ 150
Brookfield Strategic Real Estate Partners Fund
Disclosure of contingent liabilities [line items]
Consideration								$ 9,000
Contributed commitments								$ 2,300
Unfulfilled commitments	416
BREF
Disclosure of contingent liabilities [line items]
Consideration							$ 2,900
Contributed commitments							$ 400
Unfulfilled commitments	160
Brookfield Fairfield U.S. Multifamily Value Add Fund
Disclosure of contingent liabilities [line items]
Consideration						$ 1,000
Contributed commitments						$ 300
Unfulfilled commitments	150
BSREP III
Disclosure of contingent liabilities [line items]
Consideration					$ 15,000
Contributed commitments					$ 1,000
Unfulfilled commitments	240
Brookfield European Real Estate Partnership Fund
Disclosure of contingent liabilities [line items]
Consideration			$ 649	€ 619
Contributed commitments			$ 105	€ 100
Unfulfilled commitments	$ 3	€ 3

FINANCIAL INSTRUMENTS - Derivat

FINANCIAL INSTRUMENTS - Derivatives (Details) $ in Millions	Jun. 30, 2022 USD ($)	Dec. 31, 2021 USD ($) EUR (€)
Disclosure of detailed information about financial instruments [line items]
Fair value of financial assets	$ 7,004	$ 7,068
Fair value of financial liabilities	$ (58,228)	$ (62,406)
Cash flow hedges | Interest rate caps of US$ LIBOR debt
Disclosure of detailed information about financial instruments [line items]
Notional	6,764	9,590
Fair value of financial assets	$ 14	$ 0
Cash flow 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%
Cash flow hedges | Interest rate caps of US$ LIBOR debt | Top of range
Disclosure of detailed information about financial instruments [line items]
Rates	490%	500%
Cash flow hedges | Interest rate swaps of US$ LIBOR debt
Disclosure of detailed information about financial instruments [line items]
Notional	130	2,130
Fair value of financial assets	$ 1
Fair value of financial liabilities		$ (50)
Cash flow hedges | Interest rate swaps of US$ LIBOR debt | Bottom of range
Disclosure of detailed information about financial instruments [line items]
Rates		1%
Cash flow hedges | Interest rate swaps of US$ LIBOR debt | Top of range
Disclosure of detailed information about financial instruments [line items]
Rates	140%	260%
Cash flow hedges | Interest rate caps of US$ SOFR debt
Disclosure of detailed information about financial instruments [line items]
Notional	373
Fair value of financial assets	$ 2
Cash flow hedges | Interest rate caps of US$ SOFR debt | Top of range
Disclosure of detailed information about financial instruments [line items]
Rates	380%
Cash flow hedges | Interest rate caps of US$ SOFR debt
Disclosure of detailed information about financial instruments [line items]
Notional		2,301
Fair value of financial assets		$ 0
Cash flow hedges | Interest rate caps of US$ SOFR debt | Bottom of range
Disclosure of detailed information about financial instruments [line items]
Rates		1%
Cash flow hedges | Interest rate caps of US$ SOFR debt | Top of range
Disclosure of detailed information about financial instruments [line items]
Rates		250%
Cash flow hedges | Interest rate caps of £ SONIA debt
Disclosure of detailed information about financial instruments [line items]
Notional	2,352	974
Rates		2%
Fair value of financial assets	$ 13	$ 5
Cash flow hedges | Interest rate caps of £ SONIA debt | Bottom of range
Disclosure of detailed information about financial instruments [line items]
Rates	1%
Cash flow hedges | Interest rate caps of £ SONIA debt | Top of range
Disclosure of detailed information about financial instruments [line items]
Rates	2.50%
Cash flow hedges | Interest rate caps of € EURIBOR debt
Disclosure of detailed information about financial instruments [line items]
Notional	94	102
Rates	1.30%	1.30%
Fair value of financial assets	$ 0	$ 0
Cash flow hedges | Interest rate caps of C$ LIBOR debt
Disclosure of detailed information about financial instruments [line items]
Notional	186	240
Rates	2%
Fair value of financial assets	$ 0	$ 0
Cash flow hedges | Interest rate caps of C$ LIBOR debt | Top of range
Disclosure of detailed information about financial instruments [line items]
Rates		2%
Cash flow hedges | Interest rate swaps of A$ BBSW/BBSY debt
Disclosure of detailed information about financial instruments [line items]
Notional	401	422,000,000
Fair value of financial assets	$ 14	$ 0
Cash flow hedges | Interest rate swaps of A$ BBSW/BBSY debt | Bottom of range
Disclosure of detailed information about financial instruments [line items]
Rates	0.80%	0.80%
Cash flow hedges | Interest rate swaps of A$ BBSW/BBSY debt | Top of range
Disclosure of detailed information about financial instruments [line items]
Rates	1.60%	1.60%

FINANCIAL INSTRUMENTS - Narrati

FINANCIAL INSTRUMENTS - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Disclosure of detailed information about financial instruments [line items]
Fair value gains (losses)	$ (297)	$ (34)	$ 110	$ 133
Fair value
Disclosure of detailed information about financial instruments [line items]
Securities - FVTPL	2,110		2,110		$ 2,200
Level 1 | Fair value
Disclosure of detailed information about financial instruments [line items]
Securities - FVTPL	10		10		$ 17
Forward starting interest rate swap
Disclosure of detailed information about financial instruments [line items]
Fair value gains (losses)	0	(3)	0	(3)
Cash flow hedges
Disclosure of detailed information about financial instruments [line items]
Hedge ineffectiveness recorded in earnings	$ 0	$ 0	$ 0	$ 0

FINANCIAL INSTRUMENTS - Deriv_2

FINANCIAL INSTRUMENTS - Derivatives, Net Investment Hedges (Details) € in Millions, ₩ in Millions, ₨ in Millions, ¥ in Millions, £ in Millions, R$ in Millions, $ in Millions, $ in Millions, $ in Millions	Jun. 30, 2022 USD ($)	Jun. 30, 2022 EUR (€)	Jun. 30, 2022 GBP (£)	Jun. 30, 2022 AUD ($)	Jun. 30, 2022 CNY (¥)	Jun. 30, 2022 CAD ($)	Jun. 30, 2022 BRL (R$)	Jun. 30, 2022 KRW (₩)	Jun. 30, 2022 INR (₨)	Dec. 31, 2021 USD ($)	Dec. 31, 2021 EUR (€)	Dec. 31, 2021 GBP (£)	Dec. 31, 2021 AUD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2021 CAD ($)	Dec. 31, 2021 BRL (R$)	Dec. 31, 2021 KRW (₩)	Dec. 31, 2021 INR (₨)	Jun. 30, 2021 GBP (£)
Disclosure of detailed information about financial instruments [line items]
Fair value of financial assets	$ 7,004									$ 7,068
Financial liabilities	(58,228)									(62,406)
Net investment hedges | Euros
Disclosure of detailed information about financial instruments [line items]
Notional amount | €		€ 389									€ 389
Financial liabilities	(3)									(2)
Net investment hedges | British Pounds
Disclosure of detailed information about financial instruments [line items]
Notional amount | £												£ 90							£ 374
Fair value of financial assets	0									9
Net investment hedges | Australian Dollars
Disclosure of detailed information about financial instruments [line items]
Notional amount				$ 349									$ 974
Financial liabilities	(1)									(14)
Net investment hedges | Chinese Yuan
Disclosure of detailed information about financial instruments [line items]
Notional amount | ¥					¥ 4,765									¥ 1,596
Financial liabilities	(7)									(7)
Net investment hedges | Canadian Dollars
Disclosure of detailed information about financial instruments [line items]
Notional amount						$ 196									$ 185
Financial liabilities	(1)									(2)
Net investment hedges | Brazilian Reais
Disclosure of detailed information about financial instruments [line items]
Notional amount | R$							R$ 764									R$ 2546
Financial liabilities	(67)									(5)
Net investment hedges | South Korean Won
Disclosure of detailed information about financial instruments [line items]
Notional amount | ₩								₩ 911,637									₩ 720,095
Fair value of financial assets										4
Financial liabilities	(1)
Net investment hedges | Indian Rupee
Disclosure of detailed information about financial instruments [line items]
Notional amount | ₨									₨ 72,878									₨ 75,690
Financial liabilities	$ (2)									$ (27)
Net investment hedges | Bottom of range | Euros
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	0.89	0.81	0.81	0.81	0.81	0.81	0.81	0.81	0.81	0.81
Net investment hedges | Bottom of range | Australian Dollars
Disclosure of detailed information about financial instruments [line items]
Rates	1.38	1.38	1.38	1.38	1.38	1.38	1.38	1.38	1.38	1.35	1.35	1.35	1.35	1.35	1.35	1.35	1.35	1.35
Net investment hedges | Bottom of range | Chinese Yuan
Disclosure of detailed information about financial instruments [line items]
Rates	6.59	6.59	6.59	6.59	6.59	6.59	6.59	6.59	6.59	6.68	6.68	6.68	6.68	6.68	6.68	6.68	6.68	6.68
Net investment hedges | Bottom of range | Canadian Dollars
Disclosure of detailed information about financial instruments [line items]
Rates	1.26	1.26	1.26	1.26	1.26	1.26	1.26	1.26	1.26
Net investment hedges | Bottom of range | Brazilian Reais
Disclosure of detailed information about financial instruments [line items]
Rates	5.29	5.29	5.29	5.29	5.29	5.29	5.29	5.29	5.29	5.87	5.87	5.87	5.87	5.87	5.87	5.87	5.87	5.87
Net investment hedges | Bottom of range | South Korean Won
Disclosure of detailed information about financial instruments [line items]
Rates	1,232	1,232	1,232	1,232	1,232	1,232	1,232	1,232	1,232	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
Net investment hedges | Bottom of range | Indian Rupee
Disclosure of detailed information about financial instruments [line items]
Rates	77.47	77.47	77.47	77.47	77.47	77.47	77.47	77.47	77.47	76.35	76.35	76.35	76.35	76.35	76.35	76.35	76.35	76.35
Net investment hedges | Top of range | Euros
Disclosure of detailed information about financial instruments [line items]
Rates	0.96	0.96	0.96	0.96	0.96	0.96	0.96	0.96	0.96	0.88	0.88	0.88	0.88	0.88	0.88	0.88	0.88	0.88
Net investment hedges | Top of range | British Pounds
Disclosure of detailed information about financial instruments [line items]
Rates	0.86	0.86	0.86	0.86	0.86	0.86	0.86	0.86	0.86	0.91	0.91	0.91	0.91	0.91	0.91	0.91	0.91	0.91
Net investment hedges | Top of range | Australian Dollars
Disclosure of detailed information about financial instruments [line items]
Rates	1.46	1.46	1.46	1.46	1.46	1.46	1.46	1.46	1.46	1.41	1.41	1.41	1.41	1.41	1.41	1.41	1.41	1.41
Net investment hedges | Top of range | Chinese Yuan
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	6.99	6.99	6.99	6.99	6.99	6.99	6.99	6.99	6.99
Net investment hedges | Top of range | Canadian Dollars
Disclosure of detailed information about financial instruments [line items]
Rates	1.31	1.31	1.31	1.31	1.31	1.31	1.31	1.31	1.31
Net investment hedges | Top of range | Brazilian Reais
Disclosure of detailed information about financial instruments [line items]
Rates	7	7	7	7	7	7	7	7	7	6.54	6.54	6.54	6.54	6.54	6.54	6.54	6.54	6.54
Net investment hedges | Top of range | South Korean Won
Disclosure of detailed information about financial instruments [line items]
Rates	1,287	1,287	1,287	1,287	1,287	1,287	1,287	1,287	1,287	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
Net investment hedges | Top of range | Indian Rupee
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	87.13	87.13	87.13	87.13	87.13	87.13	87.13	87.13	87.13
Cross Currency Swaps Of Canadian Dollar LIBOR Debt | Canadian Dollars
Disclosure of detailed information about financial instruments [line items]
Notional amount						$ 2,500									$ 2,500
Fair value of financial assets	$ 29									$ 56
Cross Currency Swaps Of Canadian Dollar LIBOR Debt | Bottom of range | Canadian Dollars
Disclosure of detailed information about financial instruments [line items]
Rates	1.25	1.25	1.25	1.25	1.25	1.25	1.25	1.25	1.25	1.25	1.25	1.25	1.25	1.25	1.25	1.25	1.25	1.25
Cross Currency Swaps Of Canadian Dollar LIBOR Debt | Top of range | Canadian Dollars
Disclosure of detailed information about financial instruments [line items]
Rates	1.38	1.38	1.38	1.38	1.38	1.38	1.38	1.38	1.38	1.38	1.38	1.38	1.38	1.38	1.38	1.38	1.38	1.38
Hedging Instrument One | Net investment hedges | British Pounds
Disclosure of detailed information about financial instruments [line items]
Notional amount | £			£ 3,604									£ 4,395
Financial liabilities	$ (14)									$ (89)
Hedging Instrument One | Net investment hedges | Bottom of range | British Pounds
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	0.71	0.71	0.71	0.71	0.71	0.71	0.71	0.71	0.71
Hedging Instrument One | Net investment hedges | Top of range | British Pounds
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	0.89	0.76	0.76	0.76	0.76	0.76	0.76	0.76	0.76	0.76

FINANCIAL INSTRUMENTS - Other D

FINANCIAL INSTRUMENTS - Other Derivatives (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Disclosure of detailed information about financial instruments [line items]
Fair value of financial assets	$ 7,004		$ 7,004		$ 7,068
Fair value of financial liabilities	(58,228)		(58,228)		(62,406)
Gains (losses) on change in fair value of derivatives	(297)	$ (34)	110	$ 133
Forward starting interest rate swap
Disclosure of detailed information about financial instruments [line items]
Gains (losses) on change in fair value of derivatives	0	$ (3)	0	$ (3)
Interest rate risk | Interest rate caps
Disclosure of detailed information about financial instruments [line items]
Notional	4,420		4,420		5,388
Fair value of financial assets	$ 4		$ 4		$ 0
Interest rate risk | Interest rate caps | Bottom of range
Disclosure of detailed information about financial instruments [line items]
Rates	2%		2%		2%
Interest rate risk | Interest rate caps | Top of range
Disclosure of detailed information about financial instruments [line items]
Rates	790%		790%		790%
Interest rate risk | Interest rate swaps on forecasted fixed rate debt
Disclosure of detailed information about financial instruments [line items]
Notional	$ 335		$ 335		$ 1,285
Fair value of financial liabilities	$ (38)		$ (38)		$ (253)
Interest rate risk | Interest rate swaps on forecasted fixed rate debt | Bottom of range
Disclosure of detailed information about financial instruments [line items]
Rates	3.60%		3.60%		3.20%
Interest rate risk | Interest rate swaps on forecasted fixed rate debt | Top of range
Disclosure of detailed information about financial instruments [line items]
Rates	530%		530%		640%
Interest rate risk | Interest rate swaps of US$ debt
Disclosure of detailed information about financial instruments [line items]
Notional					$ 1,696
Fair value of financial liabilities					$ (8)
Interest rate risk | Interest rate swaps of US$ debt | Bottom of range
Disclosure of detailed information about financial instruments [line items]
Rates					0.80%
Interest rate risk | Interest rate swaps of US$ debt | Top of range
Disclosure of detailed information about financial instruments [line items]
Rates					510%

FINANCIAL INSTRUMENTS - Classif

FINANCIAL INSTRUMENTS - Classification and Measurement (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Disclosure Of Financial Assets And Liabilities [Line Items]
Carrying value	$ 7,004	$ 7,068
Fair value	7,004	7,068
Financial liabilities	58,228	62,406
Financial liabilities, at fair value	57,453	62,553
FVTPL | Capital securities - fund subsidiaries
Disclosure Of Financial Assets And Liabilities [Line Items]
Financial liabilities	922	859
Financial liabilities, at fair value	922	859
Amortized cost | Borrowing
Disclosure Of Financial Assets And Liabilities [Line Items]
Financial liabilities	50,534	55,327
Financial liabilities, at fair value	49,759	55,474
Amortized cost | Borrowing | Assets held for sale
Disclosure Of Financial Assets And Liabilities [Line Items]
Financial liabilities	1	3,006
Amortized cost | Capital securities
Disclosure Of Financial Assets And Liabilities [Line Items]
Financial liabilities	2,275	2,226
Financial liabilities, at fair value	2,275	2,226
Amortized cost | Accounts payable and other liabilities | Assets held for sale
Disclosure Of Financial Assets And Liabilities [Line Items]
Financial liabilities	956	76
Derivatives | FVTPL | Other non-current liabilities
Disclosure Of Financial Assets And Liabilities [Line Items]
Financial liabilities	92	277
Financial liabilities, at fair value	92	277
Derivatives | FVTPL | Accounts payable and other liabilities
Disclosure Of Financial Assets And Liabilities [Line Items]
Financial liabilities	173	221
Financial liabilities, at fair value	173	221
Loan payable | FVTPL | Other non-current liabilities
Disclosure Of Financial Assets And Liabilities [Line Items]
Financial liabilities	3	0
Financial liabilities, at fair value	3	0
Accounts payable | Amortized cost | Other non-current liabilities
Disclosure Of Financial Assets And Liabilities [Line Items]
Financial liabilities	522	500
Financial liabilities, at fair value	522	500
Accounts payable | Amortized cost | Accounts payable and other liabilities
Disclosure Of Financial Assets And Liabilities [Line Items]
Financial liabilities	3,374	2,097
Financial liabilities, at fair value	3,374	2,097
Loans and notes payable | Amortized cost | Accounts payable and other liabilities
Disclosure Of Financial Assets And Liabilities [Line Items]
Financial liabilities	333	899
Financial liabilities, at fair value	333	899
Amortized cost | Loans and notes receivable
Disclosure Of Financial Assets And Liabilities [Line Items]
Carrying value	453	225
Fair value	453	225
Amortized cost | Other non-current assets | Restricted cash
Disclosure Of Financial Assets And Liabilities [Line Items]
Carrying value	327	356
Fair value	327	356
Amortized cost | Accounts receivable and other assets | Trade receivables
Disclosure Of Financial Assets And Liabilities [Line Items]
Carrying value	1,007	1,128
Fair value	1,007	1,128
Amortized cost | Accounts receivable and other assets | Restricted cash
Disclosure Of Financial Assets And Liabilities [Line Items]
Carrying value	640	331
Fair value	640	331
Amortized cost | Cash and cash equivalents
Disclosure Of Financial Assets And Liabilities [Line Items]
Carrying value	2,175	2,576
Fair value	2,175	2,576
FVTPL | Other non-current assets | Equity investments
Disclosure Of Financial Assets And Liabilities [Line Items]
Carrying value	2,067	2,200
Fair value	2,067	2,200
FVTPL | Other non-current assets | Derivatives
Disclosure Of Financial Assets And Liabilities [Line Items]
Carrying value	81	111
Fair value	81	111
FVTPL | Accounts receivable and other assets | Equity investments
Disclosure Of Financial Assets And Liabilities [Line Items]
Carrying value	43	0
Fair value	43	0
FVTPL | Accounts receivable and other assets | Derivatives
Disclosure Of Financial Assets And Liabilities [Line Items]
Carrying value	143	33
Fair value	143	33
FVTOCI | Other non-current assets | Equity investments
Disclosure Of Financial Assets And Liabilities [Line Items]
Carrying value	68	108
Fair value	68	108
Loans and receivables, category | Accounts receivable and other assets | Other Receivables | Assets held for sale
Disclosure Of Financial Assets And Liabilities [Line Items]
Carrying value	$ 489	$ 276

FINANCIAL INSTRUMENTS - Fair Va

FINANCIAL INSTRUMENTS - Fair Value of Financial Instruments (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021	Dec. 31, 2020
Financial assets
Total financial assets	$ 7,004	$ 7,068
Disclosure of financial liabilities [abstract]
Capital securities - fund subsidiaries	3,197	3,085
Total financial liabilities	58,228	62,406
Level 3
Financial assets
Total financial assets	1,918	2,060	$ 1,682
Disclosure of financial liabilities [abstract]
Total financial liabilities	922	859	$ 863
Fair value
Financial assets
Securities - FVTPL	2,110	2,200
Securities - FVTOCI	68	108
Derivative assets	224	144
Total financial assets	2,402	2,452
Disclosure of financial liabilities [abstract]
Capital securities - fund subsidiaries	922	859
Derivative liabilities	265	498
Total financial liabilities	1,187	1,357
Fair value | Level 1
Financial assets
Securities - FVTPL	10	17
Securities - FVTOCI	43	13
Derivative assets	0	0
Total financial assets	53	30
Disclosure of financial liabilities [abstract]
Capital securities - fund subsidiaries	0	0
Derivative liabilities	0	0
Total financial liabilities	0	0
Fair value | Level 2
Financial assets
Securities - FVTPL	218	218
Securities - FVTOCI	0	0
Derivative assets	213	144
Total financial assets	431	362
Disclosure of financial liabilities [abstract]
Capital securities - fund subsidiaries	0	0
Derivative liabilities	265	498
Total financial liabilities	265	498
Fair value | Level 3
Financial assets
Securities - FVTPL	1,882	1,965
Securities - FVTOCI	25	95
Derivative assets	11	0
Total financial assets	1,918	2,060
Disclosure of financial liabilities [abstract]
Capital securities - fund subsidiaries	922	859
Derivative liabilities	0	0
Total financial liabilities	$ 922	$ 859

FINANCIAL INSTRUMENTS - Level 3

FINANCIAL INSTRUMENTS - Level 3 Rollforward Assets (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Financial assets
Balance, beginning of period	$ 7,068
Balance, end of period	7,004	$ 7,068
Level 3
Financial assets
Balance, beginning of period	2,060	1,682
Acquisitions	61	553
Dispositions	(178)	(88)
Fair value gains, net and OCI	(25)	366
Other	0	(453)
Balance, end of period	$ 1,918	$ 2,060

FINANCIAL INSTRUMENTS - Level_2

FINANCIAL INSTRUMENTS - Level 3 Rollforward Liabilities (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Financial liabilities
Balance, beginning of period	$ 62,406
Balance, end of period	58,228	$ 62,406
Level 3
Financial liabilities
Balance, beginning of period	859	863
Acquisitions	0	0
Dispositions	0	0
Fair value gains, net and OCI	74	2
Other	(11)	(6)
Balance, end of period	$ 922	$ 859

RELATED PARTIES - Narrative (De

RELATED PARTIES - Narrative (Details) - USD ($)	3 Months Ended			6 Months Ended
	Jun. 30, 2022	Dec. 31, 2021	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Disclosure of transactions between related parties [line items]
Management fee percent				1.05%
Conversion condition, limit of market price to exchange price at maturity, percent		80%
Preferred Equity Tranche One
Disclosure of transactions between related parties [line items]
Tranche of preferred equity units		7 years
Preferred Equity, Tranche Two
Disclosure of transactions between related parties [line items]
Tranche of preferred equity units		10 years
Preferred Equity, Tranche Three
Disclosure of transactions between related parties [line items]
Tranche of preferred equity units		12 years
Brookfield Asset Management
Disclosure of transactions between related parties [line items]
Management fee expense, minimum				$ 50,000,000
Management fee expense	$ 57,000,000		$ 31,000,000	$ 114,000,000	$ 61,000,000

RELATED PARTIES - Assets_Liabil

RELATED PARTIES - Assets/Liabilities (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Disclosure of transactions between related parties [line items]
Preferred shares held by Brookfield Asset Management	$ (1,015)	$ (1,015)
Brookfield Asset Management
Disclosure of transactions between related parties [line items]
Loans and notes receivable	171	170
Deposit payable to Brookfield Asset Management	(180)	(680)
Brookfield Asset Management interest in Canholdco	(1,940)	(2,083)
Affiliated entities
Disclosure of transactions between related parties [line items]
Net (payables)/receivables within equity accounted investments	(326)	(378)
Receivables and other assets	83	71
Property-specific debt obligations	(1,650)	(250)
Loans and notes payable and other liabilities	(362)	(259)
Preferred shares held by Brookfield Asset Management	$ (1,015)	$ (1,015)

RELATED PARTIES - Income_Expens

RELATED PARTIES - Income/Expense (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Disclosure of transactions between related parties [line items]
Commercial property revenue	$ 1,185	$ 1,284	$ 2,440	$ 2,569
Interest expense on debt obligations	623	710	1,223	1,322
General and administrative expense	234	243	466	456
Affiliated entities
Disclosure of transactions between related parties [line items]
Commercial property revenue	16	9	24	17
Management fee income	12	6	33	13
Interest expense on debt obligations	4	10	8	15
General and administrative expense	81	64	162	129
Construction costs	12	47	36	97
Return of capital distributions on Brookfield Asset Management’s interest in Canholdco	0	0	118	0
Distributions on Brookfield Assets management’s interest in Canholdco	29	0	57	0
Incentive fees	$ 4	$ 22	$ 36	$ 22

SEGMENT INFORMATION - Financial

SEGMENT INFORMATION - Financial Information by Segment (Details) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($) segment	Jun. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Disclosure of operating segments [line items]
Number of reportable segments | segment			4
Total revenue	$ 1,743	$ 1,660	$ 3,797	$ 3,110
FFO	206	144	404	231
Share of net earnings from equity accounted investments	419	253	799	459	$ 1,020
Interest expense	(623)	(710)	(1,223)	(1,322)
Total assets	105,543		105,543		112,004
Total liabilities	62,034		62,034		66,999
Equity accounted investments	20,233		20,233		20,807	$ 19,719
Core Office
Disclosure of operating segments [line items]
Total revenue	540	539	1,108	1,069
FFO	95	131	234	254
Share of net earnings from equity accounted investments	253	146	470	377
Interest expense	(171)	(139)	(318)	(282)
Total assets	36,864		36,864		37,661
Total liabilities	18,331		18,331		18,172
Equity accounted investments	9,555		9,555		9,819
Core Retail
Disclosure of operating segments [line items]
Total revenue	365	372	759	736
FFO	188	103	356	198
Share of net earnings from equity accounted investments	151	148	315	167
Interest expense	(151)	(165)	(295)	(328)
Total assets	30,831		30,831		30,585
Total liabilities	14,012		14,012		14,316
Equity accounted investments	9,656		9,656		9,945
LP Investments
Disclosure of operating segments [line items]
Total revenue	836	747	1,928	1,302
FFO	80	40	145	34
Share of net earnings from equity accounted investments	15	(41)	14	(85)
Interest expense	(233)	(334)	(471)	(570)
Total assets	37,478		37,478		43,403
Total liabilities	23,021		23,021		27,516
Equity accounted investments	1,022		1,022		1,043
Corporate
Disclosure of operating segments [line items]
Total revenue	2	2	2	3
FFO	(157)	(130)	(331)	(255)
Share of net earnings from equity accounted investments	0	0	0	0
Interest expense	(68)	$ (72)	(139)	$ (142)
Total assets	370		370		355
Total liabilities	6,670		6,670		6,995
Equity accounted investments	$ 0		$ 0		$ 0

SEGMENT INFORMATION - Details o

SEGMENT INFORMATION - Details of Partnership's Operating Segments (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Disclosure of operating segments [line items]
Lease revenue	$ 927	$ 1,042	$ 1,921	$ 2,092
Other revenue from tenants	258	242	519	477
Hospitality revenue	400	196	713	255
Investment and other revenue	158	180	644	286
Total revenue	1,743	1,660	3,797	3,110
Core Office
Disclosure of operating segments [line items]
Lease revenue	331	356	669	734
Other revenue from tenants	132	118	266	225
Hospitality revenue	6	2	10	3
Investment and other revenue	71	63	163	107
Total revenue	540	539	1,108	1,069
Core Retail
Disclosure of operating segments [line items]
Lease revenue	263	271	547	538
Other revenue from tenants	63	67	130	132
Hospitality revenue	0	0	0	0
Investment and other revenue	39	34	82	66
Total revenue	365	372	759	736
LP Investments
Disclosure of operating segments [line items]
Lease revenue	333	415	705	820
Other revenue from tenants	63	57	123	120
Hospitality revenue	394	194	703	252
Investment and other revenue	46	81	397	110
Total revenue	836	747	1,928	1,302
Corporate
Disclosure of operating segments [line items]
Lease revenue	0	0	0	0
Other revenue from tenants	0	0	0	0
Hospitality revenue	0	0	0	0
Investment and other revenue	2	2	2	3
Total revenue	$ 2	$ 2	$ 2	$ 3

SEGMENT INFORMATION - Reconcili

SEGMENT INFORMATION - Reconciliation of FFO (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Operating Segments [Abstract]
FFO	$ 206	$ 144	$ 404	$ 231
Depreciation and amortization of real estate assets	(46)	(46)	(98)	(91)
Fair value gains, net	23	498	1,293	1,138
Share of equity accounted income - non-FFO	177	105	369	181
Income tax expense	(47)	(87)	(230)	(192)
Non-controlling interests of others in operating subsidiaries and properties – non-FFO	87	(295)	(636)	(682)
Net income (loss) attributable to unitholders	400	319	1,102	585
Non-controlling interests of others in operating subsidiaries and properties	120	367	1,110	832
Net income	$ 520	$ 686	$ 2,212	$ 1,417