Brookfield Property Partners (BPYPP) 6-K 11 Aug 23 2023 Q2 Management’s Discussion and Analysis of Financial Results Financial data

Cover

Cover	6 Months Ended
	Jun. 30, 2023
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, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Non-current assets
Investment properties	$ 83,538	$ 68,585
Equity accounted investments	19,875	19,943
Property, plant and equipment	10,304	9,401
Goodwill	1,457	946
Intangible assets	1,062	966
Other non-current assets	5,635	5,217
Loans and notes receivable	562	372
Total non-current assets	122,433	105,430
Current assets
Loans and notes receivable	379	314
Accounts receivable and other	3,260	2,176
Cash and cash equivalents	2,768	4,020
Total current assets	6,407	6,510
Assets held for sale	1,130	576
Total assets	129,970	112,516
Non-current liabilities
Debt obligations	41,014	38,858
Capital securities	2,379	2,233
Other non-current liabilities	2,443	2,443
Deferred tax liabilities	3,820	3,064
Total non-current liabilities	49,656	46,598
Current liabilities
Debt obligations	25,784	19,704
Capital securities	456	600
Accounts payable and other liabilities	5,926	3,877
Total current liabilities	32,166	24,181
Liabilities associated with assets held for sale	811	0
Total liabilities	82,633	70,779
Equity
Limited partners	8,445	8,217
General partner	4	4
Non-controlling interests attributable to:
Redeemable/exchangeable and special limited partnership units	15,099	14,688
FV LTIP units of the Operating Partnership	22	45
Interests of others in operating subsidiaries and properties	23,068	18,084
Total equity	47,337	41,737
Total liabilities and equity	129,970	112,516
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, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Profit or loss [abstract]
Commercial property revenue	$ 1,416	$ 1,185	$ 2,902	$ 2,440
Hospitality revenue	687	400	1,252	713
Investment and other revenue	224	158	413	644
Total revenue	2,327	1,743	4,567	3,797
Direct commercial property expense	552	452	1,140	922
Direct hospitality expense	525	277	1,033	565
Investment and other expense	7	32	76	271
Interest expense	1,174	623	2,341	1,223
General and administrative expense	352	234	684	466
Total expenses	2,610	1,618	5,274	3,447
Fair value (losses) gains, net	(58)	23	(111)	1,293
Share of net (loss) earnings from equity accounted investments	(198)	419	(174)	799
Income (loss) before income taxes	(539)	567	(992)	2,442
Income tax (benefit) expense	(81)	47	(140)	230
Net (loss) income	(458)	520	(852)	2,212
Net (loss) income attributable to:
Limited partners	(191)	144	(274)	395
General partner	0	0	0	0
Non-controlling interests attributable to:
Redeemable/exchangeable and special limited partnership units	(339)	256	(488)	705
FV LTIP units of the Operating Partnership	(1)	0	(1)	2
Interests of others in operating subsidiaries and properties	73	120	(89)	1,110
Net (loss) income	$ (458)	$ 520	$ (852)	$ 2,212

Condensed Consolidated Statemen

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of comprehensive income [abstract]
Net (loss) income	$ (458)	$ 520	$ (852)	$ 2,212
Items that may be reclassified to net (loss) income:
Foreign currency translation	87	(484)	186	(515)
Cash flow hedges	275	(35)	231	66
Equity accounted investments	18	20	4	73
Items that will not be reclassified to net (loss) income:
Securities - fair value through other comprehensive loss ("FVTOCI")	(2)	(19)	(15)	(20)
Remeasurement of defined benefit obligations	(2)	1	(2)	1
Revaluation surplus (deficit)	(2)	0	2	0
Other comprehensive (loss) income	374	(517)	406	(395)
Total comprehensive (loss) income	(84)	3	(446)	1,817
Limited partners
Net (loss) income	(191)	144	(274)	395
Other comprehensive income (loss)	97	(130)	109	(95)
Comprehensive income attributable to Limited partners	(94)	14	(165)	300
Redeemable/exchangeable and special limited partnership units
Net (loss) income	(339)	256	(488)	705
Other comprehensive income (loss)	174	(232)	195	(170)
Comprehensive (loss) income attributable to Redeemable/exchangeable and special limited partnership units	(165)	24	(293)	535
FV LTIP units of the Operating Partnership
Net (loss) income	(1)	0	(1)	2
Other comprehensive (loss)	0	(1)	0	(1)
Comprehensive (loss) income attributable to FV LTIP Units of the Operating Partnership	(1)	(1)	(1)	1
Interests of others in operating subsidiaries and properties
Net (loss) income	73	120	(89)	1,110
Other comprehensive income (loss)	103	(154)	102	(129)
Comprehensive (loss) income attributable to Interests of others in operating subsidiaries and properties	176	(34)	13	981
Total comprehensive (loss) income	$ (84)	$ 3	$ (446)	$ 1,817

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Changes in Equity - USD ($) $ in Millions	Total	Total preferred equity	Limited partners	Limited partners Capital	Limited partners Retained earnings	Limited partners Ownership Changes	Limited partners Accumulated other comprehensive (loss) income	General partner	General partner Capital	General partner Retained earnings	General partner Ownership Changes	General partner Accumulated other comprehensive (loss) income	REUs Non-controlling interests	FV LTIP units of the Operating Partnership Non-controlling interests	Interests of others in operating subsidiaries and properties Non-controlling interests
Beginning balance at Dec. 31, 2021	$ 45,005	$ 699	$ 8,805	$ 5,861	$ 457	$ 2,598	$ (111)	$ 4	$ 4	$ 2	$ (1)	$ (1)	$ 15,736	$ 55	$ 19,706
Net (loss) income	2,212		395		395								705	2	1,110
Other comprehensive (loss) income	(395)		(95)				(95)						(170)	(1)	(129)
Total comprehensive (loss) income	1,817		300		395		(95)						535	1	981
Distributions	(2,920)		(209)		(209)								(374)	(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	50	18,033
Beginning balance at Dec. 31, 2022	41,737	699	8,217	5,861	(67)	2,526	(103)	4	4	2	(1)	(1)	14,688	45	18,084
Net (loss) income	(852)		(274)		(274)								(488)	(1)	(89)
Other comprehensive (loss) income	406		109				109						195		102
Total comprehensive (loss) income	(446)		(165)		(274)		109						(293)	(1)	13
Distributions	(2,831)		(217)		(217)								(387)	(1)	(2,226)
Preferred distributions	(22)		(8)		(8)								(14)
Issuance (repurchase) of interests in operating subsidiaries	8,899		616	603	24	(11)							1,100	(14)	7,197
Change in relative interests of non-controlling interests	0		2			2							5	(7)
Ending balance at Jun. 30, 2023	$ 47,337	$ 699	$ 8,445	$ 6,464	$ (542)	$ 2,517	$ 6	$ 4	$ 4	$ 2	$ (1)	$ (1)	$ 15,099	$ 22	$ 23,068

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Operating activities
Net (loss) income	$ (852)	$ 2,212
Share of equity accounted earnings, net of distributions	221	(687)
Fair value losses (gains), net	111	(1,293)
Deferred income tax expense	(200)	154
Depreciation and amortization	216	150
Working capital and other	(348)	44
Cash flows from (used in) operating activities	(852)	580
Financing activities
Debt obligations, issuance	8,117	4,239
Debt obligations, repayments	(10,707)	(5,331)
Capital securities issued	0	57
Capital securities redeemed	(7)	0
Non-controlling interests, issued	4,499	436
Non-controlling interests, purchased	(51)	(695)
Settlement of deferred consideration	(29)	0
Repayment of lease liabilities	(12)	(12)
Issuances to limited partnership unitholders	603	0
Issuances to redeemable/exchangeable and special limited partnership unitholders	1,077	0
FV LTIP Units, repurchased	(12)	(2)
Distributions to non-controlling interests in operating subsidiaries	(2,226)	(2,303)
Preferred distributions	(22)	(22)
Distributions to limited partnership unitholders	(217)	(209)
Distributions to redeemable/exchangeable and special limited partnership unitholders	(387)	(374)
Distributions to holders of FV LTIP units of the Operating Partnership	(1)	(1)
Cash flows from (used in) financing activities	625	(4,217)
Acquisitions
Investment properties	(2,696)	(673)
Property, plant and equipment	(209)	(125)
Equity accounted investments	(169)	(33)
Financial assets and other	(655)	(310)
Cash acquired in Acquisition of Foreign Investments	930	26
Dispositions
Investment properties	496	1,054
Property, plant and equipment	201	15
Equity accounted investments	695	634
Financial assets and other	392	802
Disposition of subsidiaries	(5)	1,952
Cash impact of deconsolidation	0	(50)
Restricted cash and deposits	(21)	(43)
Cash flows from (used in) investing activities	(1,041)	3,249
Cash and cash equivalents
Net change in cash and cash equivalents during the period	(1,268)	(388)
Effect of exchange rate fluctuations on cash and cash equivalents held in foreign currencies	20	(42)
Balance, beginning of period	4,020	2,576
Balance, end of period	2,768	2,175
Cash paid for:
Income taxes, net of refunds received	103	56
Interest (excluding dividends on capital securities)	2,228	1,073
Assets held for sale
Cash and cash equivalents
Net change in cash and cash equivalents during the period	$ (4)	$ 29

ORGANIZATION AND NATURE OF THE

ORGANIZATION AND NATURE OF THE BUSINESS	6 Months Ended
	Jun. 30, 2023
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 Corporation, formerly known as Brookfield Asset Management Inc. (“BN,” the “Corporation,” 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 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 MATERIAL ACCOUNTING

SUMMARY OF MATERIAL ACCOUNTING POLICY INFORMATION	6 Months Ended
	Jun. 30, 2023
Disclosure Of Significant Accounting Policies [Abstract]
SUMMARY OF MATERIAL ACCOUNTING POLICY INFORMATION	SUMMARY OF MATERIAL ACCOUNTING POLICY INFORMATION 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, 2023 were approved and authorized for issue by the Board of Directors of the partnership on August 11, 2023. 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, 2022. 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, 2022. Effective January 1, 2023, the partnership adopted the Disclosure of Accounting Policies (amendments to IAS 1 and IFRS Practice Statement 2). The amendments to IAS 1 require that the partnership disclose its material accounting policies instead of its significant accounting policies. As a result of the adoption of these amendments, there were no adjustments to the presentation or amounts recognized in the interim financial statements. Effective January 1, 2023, the partnership adopted International Tax Reform - Pillar Two Model Rules (amendments to IAS 12). The amendments to IAS 12 consist of a mandatory temporary exception to the accounting for deferred taxes arising from the jurisdictional implementation of the Pillar Two model rule, as well as disclosure requirements applicable to annual reporting periods. As a result of these amendments, there were no adjustments to the presentation or amounts recognized in the interim financial statements. 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 in the partnership’s consolidated financial statements for the year ended December 31, 2022 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, 2023. d) Future accounting policies The partnership is currently assessing the impact of Amendments to IAS 1 – Classification of Liabilities as Current or Non-current. The amendments to IAS 1 affect only the presentation of liabilities as current or non-current in the consolidated balance sheets and not the amount or timing of recognition of any asset, liability, income or expenses, or the information disclosed about those items. The amendments clarify that the classification of liabilities as current or non-current is based on rights that are in existence at the end of the reporting period, specify that classification is unaffected by expectations about whether the partnership will exercise its right to defer settlement of a liability, explain that rights are in existence if covenants with which an entity is required to comply on or before the end of the reporting period, and introduce a definition of ‘settlement’ to make clear that settlement refers to the transfer to the counterparty of cash, equity instruments, other assets or

INVESTMENT PROPERTIES

INVESTMENT PROPERTIES	6 Months Ended
	Jun. 30, 2023
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, 2023 and the year ended December 31, 2022: Six months ended Jun. 30, 2023 Year ended December 31, 2022 (US$ Millions) Commercial properties Commercial developments Total Commercial properties Commercial developments Total Balance, beginning of period $ 66,067 $ 2,518 $ 68,585 $ 62,313 $ 2,300 $ 64,613 Changes resulting from: Property acquisitions 1,886 312 2,198 760 — 760 Capital expenditures 377 639 1,016 870 428 1,298 Property dispositions (1) (418) (5) (423) (307) (1) (308) Fair value (losses) gains, net (130) (60) (190) (1,122) 64 (1,058) Foreign currency translation 557 51 608 (1,528) (149) (1,677) Transfer between commercial properties and commercial developments 565 (565) — 387 (387) — Impact of deconsolidation due to loss of control (2) — — — (575) — (575) Manager Reorganization (3) — — — 6,321 758 7,079 Acquisition of Foreign Investments (3) 11,286 1,408 12,694 — — — Reclassifications to assets held for sale and other changes (929) (21) (950) (1,052) (495) (1,547) Balance, end of period (4) $ 79,261 $ 4,277 $ 83,538 $ 66,067 $ 2,518 $ 68,585 (1) Property dispositions represent the fair value on date of sale. (2) The partnership deconsolidated its investment in a subsidiary as a result of the dilution of its interest. Prior to the transaction, the partnership's interest was consolidated and is now reflected as a financial asset. (3) See Note 28, Related Parties for further information on the Manager Reorganization and Acquisition of Foreign Investments. (4) Includes right-of-use commercial properties and commercial developments of $1,125 million and $129 million, respectively, as of June 30, 2023 (December 31, 2022 - $1,045 million and $127 million). Current lease liabilities of $135 million (December 31, 2022 - $122 million) have been included in accounts payable and other liabilities and non-current lease liabilities of $888 million (December 31, 2022 - $810 million) have been included in other non-current liabilities. The partnership determines the fair value of each commercial property based upon, among other things, rental income from current leases and assumptions about rental income from future leases reflecting market conditions at the applicable balance sheet dates, less future cash outflows in respect of such leases. Investment property valuations are generally completed by undertaking one of two accepted income approach methods, which include either: i) discounting the expected future cash flows, generally over a term of 10 years including a terminal value based on the application of a capitalization rate to estimated year 11 cash flows; or ii) undertaking a direct capitalization approach whereby a capitalization rate is applied to estimated current year cash flows. Where there has been a recent market transaction for a specific property, such as an acquisition or sale of a partial interest, the partnership values the property on that basis. In determining the appropriateness of the methodology applied, the partnership considers the relative uncertainty of the timing and amount of expected cash flows and the impact such uncertainty would have in arriving at a reliable estimate of fair value. The partnership prepares these valuations considering asset and market specific factors, as well as observable transactions for similar assets. The determination of fair value requires the use of estimates, which are internally determined and compared with market data, third-party reports and research as well as observable conditions. Except for the impacts of interest rates and inflation, there are currently no known trends, events or uncertainties that the partnership reasonably believes could have a sufficiently pervasive impact across the partnership’s businesses to materially affect the methodologies or assumptions utilized to determine the estimated fair values reflected in these condensed consolidated financial statements. Discount rates and capitalization rates are inherently uncertain and may be impacted by, among other things, movements in interest rates in the geographies and markets in which the assets are located. Changes in estimates of discount and capitalization rates across different geographies and markets are often independent of each other and not necessarily in the same direction or of the same magnitude. Further, impacts to the partnership’s fair values of commercial properties from changes in discount or capitalization rates and cash flows are usually inversely correlated. Decreases (increases) in the discount rate or capitalization rate result in increases (decreases) of fair value. Such decreases (increases) may be mitigated by decreases (increases) in cash flows included in the valuation analysis, as circumstances that typically give rise to increased interest rates (e.g., strong economic growth, inflation) usually give rise to increased cash flows at the asset level. Refer to the table below for further information on valuation methods used by the partnership for its asset classes. Commercial developments are also measured using a discounted cash flow model, net of costs to complete, as of the balance sheet date. Development sites in the planning phases are measured using comparable market values for similar assets. In accordance with its policy, the partnership generally measures and records its commercial properties and developments using valuations prepared by management. However, for certain subsidiaries, the partnership relies on quarterly valuations prepared by external valuation professionals. 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, 2023 Dec. 31, 2022 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 6.8 % 5.4 % 11 6.8 % 5.4 % 11 Core Retail Discounted cash flow 7.2 % 5.3 % 10 7.2 % 5.3 % 10 LP Investments (1)(2) Discounted cash flow 8.1 % 5.8 % 9 9.1 % 6.3 % 8 (1) The valuation method used to value multifamily and manufactured housing properties is the direct capitalization method. At June 30, 2023, the overall implied capitalization rate used for properties using the direct capitalization method was 4.4% (December 31, 2022 - 4.3%). (2) The weighted average valuation metrics at June 30, 2023 include assets acquired as part of the Acquisition of Foreign Investments. See Note 28, Related Parties for further information. 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) in the consolidated financial statements as of December 31, 2022: Jun. 30, 2023 Dec. 31, 2022 Level 3 Level 3 (US$ Millions) Level 1 Level 2 Commercial properties Commercial developments Level 1 Level 2 Commercial properties Commercial developments Core Office $ — $ — $ 21,505 $ 746 $ — $ — $ 22,129 $ 1,355 Core Retail — — 19,485 67 — — 19,438 106 LP Investments — — 38,271 3,464 — — 24,500 1,057 Total $ — $ — $ 79,261 $ 4,277 $ — $ — $ 66,067 $ 2,518 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, 2023, for properties valued using the discounted cash flow or direct capitalization method, respectively: Jun. 30, 2023 (US$ Millions) Impact of +25bps DR Impact of +25bps TCR Impact of +25bps DR and +25bps TCR or +25bps ICR Core Office $ 432 $ 663 $ 1,079 Core Retail 388 648 1,021 LP Investments (1) 557 1,239 1,982 Total $ 1,377 $ 2,550 $ 4,082 (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 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, 2023
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. 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, 2023 Dec. 31, 2022 Jun. 30, 2023 Dec. 31, 2022 Joint Ventures Various Various Various 15% - 75% 15% - 68% $ 19,554 $ 19,404 19,554 19,404 Associates Various Various Various 16% - 50% 16% - 50% 321 539 321 539 Total $ 19,875 $ 19,943 The following table presents the change in the balance of the partnership’s equity accounted investments as of June 30, 2023 and December 31, 2022: Six months ended Year ended (US$ Millions) Jun. 30, 2023 Dec. 31, 2022 Equity accounted investments, beginning of period $ 19,943 $ 20,807 Additions 160 100 Disposals and return of capital distributions (491) (967) Share of net earnings from equity accounted investments (145) 826 Distributions received (76) (263) Foreign currency translation 187 (578) Reclassification (to) from assets held for sale 74 (276) Impact of deconsolidation (1) — (706) Manager Reorganization (2) — 1,061 Acquisition of Foreign Investments (2) 211 — Other comprehensive income and other 12 (61) Equity accounted investments, end of period $ 19,875 $ 19,943 (1) The prior year includes the impact of deconsolidation of assets that were accounted for under the equity method which are now accounted for as financial assets. (2) See Note 28, Related Parties for further information on the Manager Reorganization and Acquisition of Foreign Investments. 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, 2023 Dec. 31, 2022 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 6.7 % 5.0 % 11 6.4 % 4.9 % 11 Core Retail Discounted cash flow 6.6 % 4.9 % 10 6.6 % 4.9 % 10 LP Investments (1) Discounted cash flow 7.7 % 5.9 % 10 7.8 % 5.5 % 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. The terminal capitalization rate and investment horizon are not applicable. Summarized financial information in respect of the partnership’s equity accounted investments is presented below: (US$ Millions) Jun. 30, 2023 Dec. 31, 2022 Non-current assets $ 74,132 $ 76,352 Current assets 3,893 3,822 Total assets 78,025 80,174 Non-current liabilities 28,289 30,777 Current liabilities 8,498 6,888 Total liabilities 36,787 37,665 Net assets 41,238 42,509 Partnership’s share of net assets $ 19,875 $ 19,943 Three months ended Jun. 30, Six months ended Jun. 30, (US$ Millions) 2023 2022 2023 2022 Revenue $ 1,281 $ 1,230 $ 2,640 $ 2,409 Expenses 1,076 777 2,167 1,675 Income (loss) from equity accounted investments (1) (2) 8 9 33 Income before fair value gains, net 203 461 482 767 Fair value (losses) gains, net (661) 367 (1,037) 890 Net (loss) income (458) 828 (555) 1,657 Partnership’s share of net (loss) earnings $ (198) $ 419 $ (174) $ 799 (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, 2023
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 and Watermark Lodging 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 1 to 20 The following table presents the change to the components of the partnership’s hospitality assets for the six months ended June 30, 2023 and for the year ended December 31, 2022: Six months ended Year ended (US$ Millions) Jun. 30, 2023 Dec. 31, 2022 Cost: Balance at the beginning of period $ 9,050 $ 5,723 Additions 211 203 Disposals (165) (47) Foreign currency translation 122 (363) Manager Reorganization (1) — 3,298 Acquisition of Foreign Investments (1) 945 — Impact of deconsolidation due to loss of control and other (2) (9) 236 10,154 9,050 Accumulated fair value changes: Balance at the beginning of period 1,376 763 Revaluation (losses) gains, net — 727 Impact of deconsolidation due to loss of control and other (2) (5) 29 Disposals (38) (1) Provision for impairment — (93) Foreign currency translation 35 (49) 1,368 1,376 Accumulated depreciation: Balance at the beginning of period (1,025) (863) Depreciation (203) (279) Disposals 36 44 Foreign currency translation (31) 76 Impact of deconsolidation due to loss of control and other (2) 5 (3) (1,218) (1,025) Total property, plant and equipment (3) $ 10,304 $ 9,401 (1) See Note 28, Related Parties for further information on the Manager Reorganization and Acquisition of Foreign Investments. (2) The prior year reflects the reclassification of a mixed-use asset out of assets held for sale, and the reclassification of a student housing asset to held for sale. (3) Includes right-of-use assets of $431 million (December 31, 2022 - $393 million).

GOODWILL

GOODWILL	6 Months Ended
	Jun. 30, 2023
Intangible Assets [Abstract]
GOODWILL	GOODWILL Goodwill of $1,457 million at June 30, 2023 (December 31, 2022 - $946 million) is primarily attributable to Center Parcs of $765 million (December 31, 2022 - $728 million), Alstria of $426 million (December 31, 2022 - n/a ) and IFC Seoul of $198 million (December 31, 2022 - $207 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, 2023 and for the year ended December 31, 2022.

INTANGIBLE ASSETS

INTANGIBLE ASSETS	6 Months Ended
	Jun. 30, 2023
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 $903 million as of June 30, 2023 (December 31, 2022 - $859 million). They have been determined to have an indefinite useful life as the partnership has the legal right to operate these trademarks exclusively in certain territories in perpetuity. The business model of Center Parcs is not subject to technological obsolescence or commercial innovations in any material way. Intangible assets by class Useful life (in years) Trademarks Indefinite Other 4 to 88 Intangible assets with indefinite useful lives and intangible assets not yet available for use are tested for impairment at least annually and whenever there is an indication that the asset may be impaired. Intangible assets with finite useful lives are amortized over their respective useful lives as listed above. Amortization expense is recorded as part of depreciation and amortization of non-real estate assets expense. The partnership did not identify any impairment indicators as of June 30, 2023 and for the year ended December 31, 2022. The following table presents the components of the partnership’s intangible assets as of June 30, 2023 and December 31, 2022: (US$ Millions) Jun. 30, 2023 Dec. 31, 2022 Cost $ 1,132 $ 1,017 Accumulated amortization (70) (51) Total intangible assets $ 1,062 $ 966 The following table presents a roll forward of the partnership’s intangible assets for the six months ended June 30, 2023 and the year ended December 31, 2022: Six months ended Year ended (US$ Millions) Jun. 30, 2023 Dec. 31, 2022 Balance, beginning of period $ 966 $ 964 Acquisitions 5 5 Amortization (13) (8) Manager Reorganization (1) — 108 Acquisition of Foreign Investments (1) 60 — Foreign currency translation 45 (103) Impact of deconsolidation due to loss of control and other (1) (1) — Balance, end of period $ 1,062 $ 966 (1) See Note 28, Related Parties for further information on the Manager Reorganization and Acquisition of Foreign Investments.

OTHER NON-CURRENT ASSETS

OTHER NON-CURRENT ASSETS	6 Months Ended
	Jun. 30, 2023
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, 2023 Dec. 31, 2022 Securities - FVTPL $ 2,688 $ 2,523 Derivative assets 495 170 Securities - FVTOCI 65 69 Restricted cash 556 584 Inventory 1,618 1,267 Accounts receivables - non-current 46 464 Other 167 140 Total other non-current assets $ 5,635 $ 5,217 Securities - FVTPL Securities - FVTPL includes the partnership’s investment in the Brookfield Strategic Real Estate Partners (“BSREP”) III fund, with a carrying value of the financial asset at June 30, 2023 of $1,351 million (December 31, 2022 - $1,183 million).

ACCOUNTS RECEIVABLE AND OTHER

ACCOUNTS RECEIVABLE AND OTHER	6 Months Ended
	Jun. 30, 2023
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, 2023 Dec. 31, 2022 Derivative assets $ 302 $ 124 Accounts receivable - net of expected credit loss of $69 million (December 31, 2022 - $63 million) 1,447 787 Restricted cash 339 342 Prepaid expenses 272 405 Inventory 334 176 Other current assets 566 342 Total accounts receivable and other $ 3,260 $ 2,176

HELD FOR SALE

HELD FOR SALE	6 Months Ended
	Jun. 30, 2023
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, 2023 and December 31, 2022: (US$ Millions) Jun. 30, 2023 Dec. 31, 2022 Investment properties $ 1,099 $ 300 Equity accounted investments — 276 Property, plant and equipment 5 — Accounts receivable and other assets 26 — Assets held for sale 1,130 576 Liabilities associated with assets held for sale $ 811 $ — The following table presents the change to the components of the assets held for sale for the six months ended June 30, 2023 and the year ended December 31, 2022: (US$ Millions) Six months ended Jun. 30, 2023 Twelve months ended Dec. 31, 2022 Balance, beginning of period $ 576 $ 10,510 Reclassification to assets held for sale, net 877 1,208 Disposals (326) (11,110) Fair value adjustments (42) 261 Foreign currency translation 1 (290) Acquisition of Foreign Investments (1) 47 — Other (3) (3) Balance, end of period $ 1,130 $ 576 (1) See Note 28, Related Parties for further information on the Acquisition of Foreign Investments. At December 31, 2022, assets held for sale included three malls in the U.S., two hospitality assets in the U.S., and one office asset in the U.S. In the first quarter of 2023, the partnership sold two hospitality assets in the U.S. and one mall in the U.S for net proceeds of approximately $228 million. In the second quarter of 2023, the partnership sold one hospitality asset in the U.S., one mall in the U.S., one office asset in Australia and one office asset in Germany for net proceeds of approximately $55 million. At June 30, 2023, assets held for sale includes six office assets in Ireland, four office assets in the U.S., four malls in the U.S., one hospitality asset in the U.S., one multifamily asset in Brazil 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, 2023
Disclosure of borrowing costs [Abstract]
DEBT OBLIGATIONS	DEBT OBLIGATIONS The partnership’s debt obligations include the following: Jun. 30, 2023 Dec. 31, 2022 (US$ Millions) Weighted-average rate Debt balance Weighted-average rate Debt balance Unsecured facilities: Brookfield Property Partners’ credit facilities 7.09 % $ 2,900 6.19 % $ 3,090 Brookfield Property Partners’ corporate bonds 4.67 % 1,888 4.12 % 1,847 Brookfield Property Retail Holding LLC term debt 7.69 % 1,504 6.90 % 1,514 Brookfield Property Retail Holding LLC senior secured notes 5.20 % 1,695 5.20 % 1,695 Brookfield Property Retail Holding LLC corporate facility 7.94 % 420 7.17 % 320 Brookfield Property Retail Holding LLC junior subordinated notes 6.76 % 192 5.86 % 192 Subsidiary borrowings 6.93 % 105 7.10 % 458 Secured debt obligations: Funds subscription credit facilities (1) 6.90 % 2,498 6.19 % 4,177 Fixed rate 4.19 % 27,707 4.47 % 16,155 Variable rate 7.79 % 29,007 6.99 % 29,416 Deferred financing costs (348) (302) Total debt obligations $ 67,568 $ 58,562 Current 25,784 19,704 Non-current 41,014 38,858 Debt associated with assets held for sale 770 — Total debt obligations $ 67,568 $ 58,562 (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 2023-2024; however, approximately 3% 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, 2023 Dec. 31, 2022 (Millions) U.S. Dollars Local U.S. Dollars Local U.S. Dollars $ 42,868 $ 42,868 $ 44,049 $ 44,049 Euros 7,379 € 6,764 96 € 90 British Pounds 6,105 £ 4,806 5,079 £ 4,203 Canadian Dollars 3,942 C$ 5,221 4,027 C$ 5,455 Brazilian Reais 1,970 R$ 9,495 554 R$ 2,888 Indian Rupee 2,214 Rs 181,461 1,777 Rs 146,860 South Korean Won 1,731 ₩ 2,280,000 1,808 ₩ 2,280,000 Australian Dollars 1,151 A$ 1,727 1,300 A$ 1,908 Chinese Yuan 426 C¥ 3,095 174 C¥ 1,204 Hong Kong Dollar 93 HK$ 726 — HK$ — Swedish Krona 37 SEK 400 — SEK — Deferred financing costs (348) (302) Total debt obligations $ 67,568 $ 58,562 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, 2022 Debt obligation issuance, net of repayments Debt from asset acquisitions Assumed by purchaser Amortization of deferred financing costs and (premium) discount Foreign currency translation Acquisition of Foreign Investments (1) Other Jun. 30, 2023 Debt obligations $ 58,562 (2,590) 394 (88) 101 552 10,674 (37) $ 67,568 (1) See Note 28, Related Parties for further information on the Acquisition of Foreign Investments.

CAPITAL SECURITIES

CAPITAL SECURITIES	6 Months Ended
	Jun. 30, 2023
Share Capital, Reserves And Other Equity Interest [Abstract]
CAPITAL SECURITIES	CAPITAL SECURITIES The partnership has the following capital securities outstanding as of June 30, 2023 and December 31, 2022: (US$ Millions) Shares outstanding Cumulative dividend rate Jun. 30, 2023 Dec. 31, 2022 Operating Partnership Class A Preferred Equity Units: Series 2 24,000,000 6.50 % $ 580 $ 575 Series 3 24,000,000 6.75 % 560 556 New LP Preferred Units (1) 19,273,654 6.75 % 474 474 Brookfield Property Split Corp. (“BOP Split”) Senior Preferred Shares: Series 1 785,432 5.25 % 20 21 Series 2 485,666 5.75 % 9 10 Series 3 479,173 5.00 % 9 12 Series 4 499,393 5.20 % 9 10 Rouse Properties L.P. (“Rouse”) Series A Preferred Shares 5,600,000 5.00 % 142 142 Subsidiary Preferred Shares and Capital - alstria office Prime Portfolio GmbH & Co. KG. (“Alstria Office Prime”) 19,472,214 n/a (2) 135 — Brookfield India Real Estate Trust (“India REIT”) 155,003,656 n/a (3) 458 456 Capital Securities – Fund Subsidiaries 439 577 Total capital securities $ 2,835 $ 2,833 Current 456 600 Non-current 2,379 2,233 Total capital securities $ 2,835 $ 2,833 (1) New LP Preferred Units shares outstanding is presented net of intracompany shares held by the Operating Partnership. (2) The dividend rate pertaining to Alstria Office Prime is declared annually and is neither fixed or mandatory. (3) The dividend rate pertaining to India REIT is equal to a minimum of 90% of net distributable cash flows. During the first quarter of 2021, the Corporation 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 (the “Privatization”) for $18.17 cash per unit, BN shares, or New LP Preferred Units with a liquidation preference of $25.00 per unit, subject to pro-ration. On July 26, 2021, BN completed the Privatization and the acquisition of all BPYU Units, par value $0.01 per share (“BPYU Units”) that it did not previously own. Capital securities includes $474 million (December 31, 2022 - $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 July 31, 2023, BOP Split declared quarterly dividends payable for the BOP Split Senior Preferred Shares. Capital securities also includes $142 million at June 30, 2023 (December 31, 2022 - $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 $135 million at June 30, 2023 (December 31, 2022 - n/a) which represents the equity from minority shareholders who are other limited partners in the subsidiary Alstria Office Prime. The equity of these limited partners is classified as a liability under IAS 32, rather than as non-controlling interest, due to each limited partner being contractually entitled to a severance payment equivalent to the NAV per share of the Alstria Office Prime, on their date of resignation. Capital securities also includes $458 million at June 30, 2023 (December 31, 2022 - $456 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 $409 million at June 30, 2023 (December 31, 2022 - $545 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 $30 million at June 30, 2023 (December 31, 2022 - $32 million) which represents the equity interests held by the partnership’s co-investor in the Brookfield D.C. Office Partners LLC (“D.C. Venture”) which have been classified as a liability, rather than as non-controlling interest, due to the fact that on October 31, 2025, 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, 2023, capital securities includes $27 million (December 31, 2022 - $33 million) repayable in Canadian Dollars of C$36 million (December 31, 2022 - C$45 million). Reconciliation of cash flows from financing activities from capital securities is shown in the table below: Non-cash changes in capital securities (US$ Millions) Dec. 31, 2022 Capital securities redeemed Fair value changes Foreign currency translation and other Acquisition of Foreign Investments Jun. 30, 2023 Capital securities $ 2,833 (7) (147) 24 132 $ 2,835

INCOME TAXES

INCOME TAXES	6 Months Ended
	Jun. 30, 2023
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) 2023 2022 2023 2022 Current income tax $ 39 $ 49 $ 60 $ 76 Deferred income tax (120) (2) (200) 154 Income tax (benefit) expense $ (81) $ 47 $ (140) $ 230 The partnership’s income tax expense decreased for the three and six months ended June 30, 2023 compared to the prior year primarily due to a decrease in pre-tax income, a change in the tax rate of certain subsidiaries, and an increase in the benefit recognized for deferred tax assets.

OTHER NON-CURRENT LIABILITIES

OTHER NON-CURRENT LIABILITIES	6 Months Ended
	Jun. 30, 2023
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, 2023 Dec. 31, 2022 Accounts payable and accrued liabilities $ 747 $ 824 Lease liabilities (1) 1,131 1,049 Derivative liabilities 517 371 Deferred revenue 26 21 Provisions 20 7 Loans and notes payables 2 171 Total other non-current liabilities $ 2,443 $ 2,443 (1) For the three and six months ended June 30, 2023, interest expense relating to total lease liabilities (see Note 15, Accounts Payable And Other Liabilities for the current portion) was $20 million and $41 million, respectively (2022 - $15 million and $29 million).

ACCOUNTS PAYABLE AND OTHER LIAB

ACCOUNTS PAYABLE AND OTHER LIABILITIES	6 Months Ended
	Jun. 30, 2023
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, 2023 Dec. 31, 2022 Accounts payable and accrued liabilities $ 3,828 $ 2,852 Loans and notes payable 669 226 Deferred revenue 561 436 Derivative liabilities 676 167 Lease liabilities (1) 170 163 Other liabilities 22 33 Total accounts payable and other liabilities $ 5,926 $ 3,877 (1) See Note 14, Other Non-Current Liabilities, for further information on the interest expense related to these liabilities.

EQUITY

EQUITY	6 Months Ended
	Jun. 30, 2023
Equity [abstract]
EQUITY	EQUITY The partnership’s capital structure is comprised of five classes of partnership units: GP Units, LP Units, Redeemable/Exchangeable Partnership 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”). 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 REUs that are exchanged for LP Units will only be entitled to a maximum number of votes in respect of the REUs equal to 49% of the total voting power of all outstanding units. General Partnership Units There were 138,875 GP Units outstanding at June 30, 2023 and December 31, 2022. Limited Partnership Units There were 321,046,797 and 298,985,982 LP Units outstanding at June 30, 2023 and December 31, 2022, respectively. b) Units of the operating partnership held by Brookfield Corporation Redeemable/Exchangeable Partnership Units There were 567,854,792 and 529,473,303 REUs outstanding at June 30, 2023 and December 31, 2022, respectively. Special Limited Partnership Units Brookfield Property Special L.P. is entitled to receive equity enhancement distributions and incentive distributions from the operating partnership as a result of its ownership of the Special LP Units. There were 5,797,155 and 4,759,997 Special LP Units outstanding at June 30, 2023 and December 31, 2022, respectively. 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 831,866 and 1,571,709 FV LTIP Units outstanding at June 30, 2023 and December 31, 2022, respectively. d) 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, 2023, preferred equity units had a total carrying value of $699 million (December 31, 2022 - $699 million). e) Distributions Distributions made to each class of partnership units, including units of subsidiaries that were exchangeable into LP Units, are as follows: Three months ended Jun. 30, Six months ended Jun. 30, (US$ Millions, except per unit information) 2023 2022 2023 2022 Limited Partners $ 112 $ 104 $ 217 $ 209 Holders of: REUs 199 187 384 371 Special LP Units 1 — 3 3 FV LTIP Units — — 1 1 Total $ 312 $ 291 $ 605 $ 584 Per unit (1) $ 0.35 $ 0.35 $ 0.70 $ 0.70 (1) Per unit outstanding on the distribution record date.

NON-CONTROLLING INTERESTS

NON-CONTROLLING INTERESTS	6 Months Ended
	Jun. 30, 2023
Non-Controlling Interest 1 [Abstract]
NON-CONTROLLING INTERESTS	NON-CONTROLLING INTERESTS Non-controlling interests consisted of the following: (US$ Millions) Jun. 30, 2023 Dec. 31, 2022 REUs and Special LP Units (1) $ 15,099 $ 14,688 FV LTIP Units (1) 22 45 Interests of others in operating subsidiaries and properties: Preferred shares held by Brookfield Corporation (2) 2,581 2,490 Preferred equity of subsidiaries 2,758 2,772 Non-controlling interests in subsidiaries and properties 17,729 12,822 Total interests of others in operating subsidiaries and properties 23,068 18,084 Total non-controlling interests $ 38,189 $ 32,817 (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 REUs changes as a result of issuances, repurchases and exchanges. Consequently, the partnership adjusted the relative carrying amounts of the interests held by limited partners and non-controlling interests based on their relative share of the equivalent LP Units. The difference between the adjusted value and the previous carrying amounts was attributed to current LP Units as ownership changes in the Consolidated Statements of Changes in Equity (2) See Note 28, Related Parties, for further information on the Manager Reorganization. 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, 2023 Dec. 31, 2022 Jun. 30, 2023 Dec. 31, 2022 BPO (1) Canada — % — % $ 3,149 $ 2,835 Corporate Holding Entities (2) Bermuda/Canada — % — % 4,969 5,033 U.S. Retail (3) United States — % — % 1,285 1,280 U.S. Manufactured Housing (4) United States 76 % 76 % 1,308 1,191 U.K. Student Housing (4) Bermuda 75 % 75 % 1,599 1,594 Korea Mixed-use (4) South Korea 78 % 78 % 938 936 U.K. Short Stay (4) United Kingdom 73 % 73 % 567 756 U.S. Hospitality (4) United States 77 % 77 % 670 724 U.S. Logistics United States 77 % 77 % 883 434 Other Various 33% - 99% 33% - 99% 7,700 3,301 Total $ 23,068 $ 18,084 (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 which vary from 1% - 100%. (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.

COMMERCIAL PROPERTY REVENUE

COMMERCIAL PROPERTY REVENUE	6 Months Ended
	Jun. 30, 2023
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) 2023 2022 2023 2022 Base rent $ 988 $ 768 $ 1,954 $ 1,580 Straight-line rent 4 5 11 7 Lease termination 11 2 21 12 Other lease income (1) 177 152 370 322 Other revenue from tenants (2) 236 258 546 519 Total commercial property revenue $ 1,416 $ 1,185 $ 2,902 $ 2,440 (1) Other lease income includes parking revenue and recovery of property tax and insurance expenses from tenants. (2) Consists of recovery of certain operating expenses from tenants which are accounted for in accordance with IFRS 15, Revenue from Contracts with Customers. The components of investment and other revenue are as follows: Three months ended Jun. 30, Six months ended Jun. 30, (US$ Millions) 2023 2022 2023 2022 Investment income $ 16 $ 48 $ 91 $ 428 Fee revenue 143 62 211 136 Dividend income 20 25 28 33 Interest income and other 32 23 70 47 Other 13 — 13 — Total investment and other revenue $ 224 $ 158 $ 413 $ 644

HOSPITALITY REVENUE

HOSPITALITY REVENUE	6 Months Ended
	Jun. 30, 2023
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) 2023 2022 2023 2022 Room, food and beverage $ 589 $ 343 $ 1,085 $ 613 Gaming and other leisure activities 63 47 102 82 Other hospitality revenue 35 10 65 18 Total hospitality revenue $ 687 $ 400 $ 1,252 $ 713

INVESTMENT AND OTHER REVENUE

INVESTMENT AND OTHER REVENUE	6 Months Ended
	Jun. 30, 2023
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) 2023 2022 2023 2022 Base rent $ 988 $ 768 $ 1,954 $ 1,580 Straight-line rent 4 5 11 7 Lease termination 11 2 21 12 Other lease income (1) 177 152 370 322 Other revenue from tenants (2) 236 258 546 519 Total commercial property revenue $ 1,416 $ 1,185 $ 2,902 $ 2,440 (1) Other lease income includes parking revenue and recovery of property tax and insurance expenses from tenants. (2) Consists of recovery of certain operating expenses from tenants which are accounted for in accordance with IFRS 15, Revenue from Contracts with Customers. The components of investment and other revenue are as follows: Three months ended Jun. 30, Six months ended Jun. 30, (US$ Millions) 2023 2022 2023 2022 Investment income $ 16 $ 48 $ 91 $ 428 Fee revenue 143 62 211 136 Dividend income 20 25 28 33 Interest income and other 32 23 70 47 Other 13 — 13 — Total investment and other revenue $ 224 $ 158 $ 413 $ 644

DIRECT COMMERCIAL PROPERTY EXPE

DIRECT COMMERCIAL PROPERTY EXPENSE	6 Months Ended
	Jun. 30, 2023
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) 2023 2022 2023 2022 Property maintenance $ 211 $ 172 $ 409 $ 352 Real estate taxes 155 140 340 287 Employee compensation and benefits 37 37 93 73 Depreciation and amortization 13 6 25 15 Lease expense (1) 5 3 9 6 Other 131 94 264 189 Total direct commercial property expense $ 552 $ 452 $ 1,140 $ 922 (1) Represents the operating expenses relating to variable lease payments not included in the measurement of the lease liability.

DIRECT HOSPITALITY EXPENSE

DIRECT HOSPITALITY EXPENSE	6 Months Ended
	Jun. 30, 2023
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) 2023 2022 2023 2022 Employee compensation and benefits $ 150 $ 59 $ 285 $ 111 Cost of food, beverage, and retail goods sold 85 61 165 115 Maintenance and utilities 38 25 81 53 Depreciation and amortization 92 62 191 135 Marketing and advertising 22 5 46 14 Other 138 65 265 137 Total direct hospitality expense $ 525 $ 277 $ 1,033 $ 565

GENERAL AND ADMINISTRATIVE EXPE

GENERAL AND ADMINISTRATIVE EXPENSE	6 Months Ended
	Jun. 30, 2023
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) 2023 2022 2023 2022 Employee compensation and benefits $ 172 $ 90 $ 318 $ 181 Management fees 77 72 153 142 Professional fees 40 25 78 46 Facilities and technology 12 10 26 20 Transaction costs 17 11 28 15 Other 34 26 81 62 Total general and administrative expense $ 352 $ 234 $ 684 $ 466

FAIR VALUE GAINS (LOSSES), NET

FAIR VALUE GAINS (LOSSES), NET	6 Months Ended
	Jun. 30, 2023
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) 2023 2022 2023 2022 Commercial properties $ (13) $ 284 $ (130) $ 1,115 Commercial developments (58) 40 (60) 104 Incentive fees (1) — (4) (11) (36) Financial instruments and other 13 (297) 90 110 Total fair values (losses) gains, net $ (58) $ 23 $ (111) $ 1,293 (1) Represents incentive fees the partnership is obligated to pay to the general partner of the partnership’s various fund investments.

OTHER COMPREHENSIVE INCOME (LOS

OTHER COMPREHENSIVE INCOME (LOSS)	6 Months Ended
	Jun. 30, 2023
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) 2023 2022 2023 2022 Items that may be reclassified to net income: Foreign currency translation Net unrealized foreign currency translation gains (losses) in respect of foreign operations $ 208 $ (1,001) $ 386 $ (1,104) Reclassification of realized foreign currency translation gains to net income on dispositions of foreign operations — — — 17 (Losses) gains on hedges of net investments in foreign operations (121) 517 (200) 572 87 (484) 186 (515) Cash flow hedges (Losses) gains on derivatives designated as cash flow hedges, net of income taxes for the three and six months ended Jun. 30, 2023 of $(31) million and $(29) million (2022 – $(1) million and $(7) million) 275 (35) 231 66 275 (35) 231 66 Equity accounted investments Share of unrealized foreign currency translation losses in respect of foreign operations 1 (2) 1 (2) Gains on derivatives designated as cash flow hedges 17 22 3 75 18 20 4 73 Items that will not be reclassified to net income: Unrealized losses on securities - FVTOCI, net of income taxes for the three and six months ended Jun. 30, 2023 of nil and nil (2022 – nil and $(3) million) (2) (19) (15) (20) Net remeasurement (losses) gains on defined benefit obligations (2) 1 (2) 1 Revaluation surplus (deficit), net of income taxes for the three and six months ended Jun. 30, 2023 of $1 million and $(1) million (2022 – nil and nil) (2) — 2 — (6) (18) (15) (19) Total other comprehensive income (loss) $ 374 $ (517) $ 406 $ (395)

OBLIGATIONS, GUARANTEES, CONTIN

OBLIGATIONS, GUARANTEES, CONTINGENCIES AND OTHER	6 Months Ended
	Jun. 30, 2023
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, the Corporation announced the final close on the first BSREP fund, a global private fund focused on making opportunistic investments in commercial property. The partnership, as lead investor, committed approximately $1.3 billion to the fund. As of June 30, 2023, there remained approximately $142 million of uncontributed capital commitments. In April 2016, the Corporation announced the final close on the second BSREP fund to which the partnership had committed $2.3 billion as lead investor. As of June 30, 2023, there remained approximately $645 million of uncontributed capital commitments. In November 2017, the Corporation announced the final close on the fifth Brookfield Real Estate Finance Fund (“BREF”) to which the partnership had committed $400 million. As of June 30, 2023, there remained approximately $159 million of uncontributed capital commitments. In September 2018, the Corporation announced the final close on the third Brookfield Fairfield U.S. Multifamily Value Add Fund to which the partnership had committed $300 million. As of June 30, 2023, there remained approximately $150 million of uncontributed capital commitments. In January 2019, the Corporation announced the final close on the third BSREP fund to which the partnership had committed $1.0 billion. As of June 30, 2023, there remained approximately $192 million of uncontributed capital commitments. In December 2022, the Corporation announced the final close on the fourth BSREP fund to which the partnership had committed $3.5 billion. As of June 30, 2023, there remained approximately $1.8 billion of uncontributed capital commitments. Refer to Note 28, Related Parties for further information. In October of 2020, the Corporation announced the final close on the Brookfield European Real Estate Partnership fund to which the partnership has committed €100 million ($109 million). As of June 30, 2023, there remained approximately nil 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, 2023
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, 2022. Please refer to Note 31, Financial Instruments in the December 31, 2022 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, 2023 and December 31, 2022: (US$ Millions) Hedging item Notional Rates Maturity dates Fair value Jun. 30, 2023 Interest rate caps of US$ LIBOR debt $ 1,780 2.4% - 5.4% Jul 2023 - May. 2024 $ 8 Interest rate caps of US$ SOFR debt 6,935 1.0% - 6.0% Aug. 2023 - Mar. 2025 107 Interest rate swaps of US$ SOFR debt 10,754 3.3% - 4.5% Aug. 2024 - Dec. 2027 160 Interest rate caps of £ SONIA debt 1,516 1.0% - 7.0% Oct. 2023 - Mar. 2025 55 Interest rate swaps of £ SONIA debt 913 2.7% - 4.3% Jan. 2024 - Jan. 2025 29 Interest rate caps of € ESTR debt 576 1.9% - 3.5% Jul. 2023 - Apr. 2030 16 Interest rate swaps of € EURIBOR debt 764 1.8% - 3.2% Sep. 2027 - Mar. 2030 37 Interest rate caps of C$ LIBOR debt 181 4.0% Oct. 2024 3 Interest rate swaps of AUD BBSW/BBSY debt 129 5.3% - 5.8% Apr. 2024 — Other interest rate derivatives 21 0.4% - 6.6% Dec. 2027 1 Dec. 31, 2022 Interest rate caps of US$ LIBOR debt $ 2,042 2.5% - 5.0% May 2023 - Apr. 2027 $ 20 Interest rate caps of US$ SOFR debt 3,989 1.0% -6.0% Aug. 2023 - Nov. 2024 74 Interest rate swaps of US$ SOFR debt 2,500 3.7% Dec. 2027 3 Interest rate caps of £ SONIA debt 1,024 1.0% - 2.5% Jul. 2024 - Mar. 2025 41 Interest rate swaps of £ SONIA debt 804 2.7% Jan. 2023 - Jul. 2024 20 Interest rate caps of € EURIBOR debt 96 1.3% Apr. 2023 — Interest rate caps of C$ LIBOR debt 177 4.0% Oct. 2024 2 Interest rate swaps of AUD BBSW/BBSY debt 132 5.3% - 5.8% Apr. 2024 — For the three and six months ended June 30, 2023, th e amount of hedge ineffectiveness recorded in earnings in connection with the partnership’s interest rate hedging activities was nil (2022 - 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, 2023 and December 31, 2022: (US$ Millions) Hedging item Notional Rates Maturity dates Fair value Jun. 30, 2023 Net investment hedges € $ 2,085 €0.90/$ - €1.19/$ Jul. 2023 - Dec. 2025 $ (278) Net investment hedges £ 1,674 £0.79/$ - £1.27/$ Jul. 2023 (327) Net investment hedges A$ 74 A$0.63/$ - A$1.49/$ Aug. 2023 - Dec. 2023 (6) Net investment hedges C¥ 2,203 C¥6.58/$ - C¥6.99/$ Jun. 2024 - Mar. 2025 — Net investment hedges R$ 6,513 R$5.00/$ - R$7.37/$ Dec. 2023 - Dec. 2024 (155) Net investment hedges ₩ 820,473 ₩1,214.55 /$ - ₩1,410.00/$ Jun. 2024 - Jan. 2025 (16) Net investment hedges Rs 77,803 Rs81.40/$ - Rs89.84/$ Sep. 2023 - Sep. 2024 (25) Net investment hedges HKD 709 HKD7.75/$ - HKD7.84/$ Mar. 2024 - Apr. 2026 — Net investment hedges £ 375 £0.86/€ Jul. 2024 (4) Net investment hedges C$ 49 C$1.28/$ - C$1.34/$ Nov. 2024 — Net investment hedges CNH 1,191 CNH6.54/$ - CNH6.87/$ Sep. 2023 - May. 2026 1 Net investment hedges SEK 1,352 SEK10.15/$ - SEK11.01/$ Dec. 2023 - Mar. 2026 2 Cross currency swaps of C$ LIBOR debt C$ 2,500 C$1.25/$ - C$1.34/$ Mar. 2024 - Feb. 2028 (15) Dec. 31, 2022 Net investment hedges € $ 105 €0.91/$ - €1.02/$ Feb. 2023 - Dec. 2025 $ (7) Net investment hedges £ 1,319 £0.76 /$ - £0.93/$ Jan. 2023 - Jul. 2023 $ (243) Net investment hedges A$ — A$1.49/$ - A$1.55/$ May. 2023 (1) Net investment hedges C¥ 2,703 C¥6.59/$ - C¥6.99/$ Jun. 2023 - Mar. 2025 (9) Net investment hedges R$ 908 R$6.24/$ - R$7.00/$ May. 2023 - Dec. 2024 (22) Net investment hedges ₩ 820,473 ₩1,283.60/$ - ₩1,410.00/$ Jan. 2023 - Nov. 2024 (42) Net investment hedges Rs 84,251 Rs79.40/$ - Rs89.84/$ Mar. 2023 - Jul. 2024 (5) Net investment hedges £ 374 £0.86/€ Jul. 2023 (16) Cross currency swaps of C$ LIBOR debt C$ 2,500 C$1.20 /$ - C$1.38/$ Jul. 2023 - Jan. 2027 (45) For the three and six months ended June 30, 2023 and 2022, 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, 2023 and December 31, 2022: (US$ Millions) Derivative type Notional Rates Maturity dates Fair value Jun. 30, 2023 Interest rate caps $ 19,525 0.3% - 9.9% Aug. 2023 - Nov. 2032 $ 3 Interest rate swaps on forecasted fixed rate debt 75 5.3% Jun. 2028 - Jun. 2030 (22) Interest rate swaps of US$ debt 1,256 3.2% - 4.1% Feb. 2024 - Dec. 2028 37 Dec. 31, 2022 Interest rate caps $ 7,622 2.0% - 6.0% Jan. 2023 - Nov. 2032 $ 30 Interest rate swaps on forecasted fixed rate debt 335 3.6% - 5.3% Jun. 2033 (21) For the three and six months ended June 30, 2023, the partnership recognized fair value gains, net of nil (2022 - nil), 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, 2023 Dec. 31, 2022 (US$ Millions) Classification and measurement basis Carrying value Fair value Carrying value Fair value Financial assets Loans and notes receivable Amortized cost $ 941 $ 941 $ 686 $ 686 Other non-current assets Securities - FVTPL FVTPL 2,688 2,688 2,523 2,523 Derivative assets FVTPL 495 495 170 170 Accounts receivable Amortized cost 46 46 464 464 Securities - FVTOCI FVTOCI 65 65 69 69 Restricted cash Amortized cost 556 556 584 584 Current assets Securities - FVTOCI FVTOCI 27 27 36 36 Derivative assets FVTPL 302 302 124 124 Accounts receivable (1) Amortized cost 1,447 1,447 787 787 Restricted cash Amortized cost 339 339 342 342 Cash and cash equivalents Amortized cost 2,768 2,768 4,020 4,020 Total financial assets $ 9,674 $ 9,674 $ 9,805 $ 9,805 Financial liabilities Debt obligations (2) Amortized cost 67,568 66,867 58,562 57,790 Capital securities Amortized cost 2,396 2,396 2,256 2,256 Capital securities - fund subsidiaries FVTPL 439 439 577 577 Other non-current liabilities Loan payable FVTPL 2 2 171 171 Accounts payable Amortized cost 747 747 824 824 Derivative liabilities FVTPL 517 517 371 371 Accounts payable and other liabilities Accounts payable and other (3) Amortized cost 3,828 3,828 2,852 2,852 Loans and notes payable Amortized cost 669 669 226 226 Derivative liabilities FVTPL 676 676 167 167 Total financial liabilities $ 76,842 $ 76,141 $ 66,006 $ 65,234 (1) Includes other receivables associated with assets classified as held for sale on the condensed consolidated balance sheet in the amount of $26 million and nil as of June 30, 2023 and December 31, 2022, respectively. (2) Includes debt obligations associated with assets classified as held for sale on the condensed consolidated balance sheet in the amount of $770 million and nil as of June 30, 2023 and December 31, 2022, 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 $41 million and nil as of June 30, 2023 and December 31, 2022, respectively. Fair Value Hierarchy Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., an exit price). Fair value measurement establishes a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. Quoted market prices (unadjusted) in active markets represent a Level 1 valuation. When quoted market prices in active markets are not available, the partnership maximizes the use of observable inputs within valuation models. When all significant inputs are observable, either directly or indirectly, the valuation is classified as Level 2. Valuations that require the significant use of unobservable inputs are considered Level 3, which reflect the partnership’s market assumptions and are noted below. This hierarchy requires the use of observable market data when available. The following table outlines financial assets and liabilities measured at fair value in the consolidated financial statements and the level of the inputs used to determine those fair values in the context of the hierarchy as defined above: Jun. 30, 2023 Dec. 31, 2022 (US$ Millions) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Financial assets Securities - FVTPL 14 352 2,322 2,688 10 305 2,208 2,523 Securities - FVTOCI 28 — 65 93 36 — 69 105 Derivative assets — 797 — 797 — 294 — 294 Total financial assets $ 42 $ 1,149 $ 2,387 $ 3,578 $ 46 $ 599 $ 2,277 $ 2,922 Financial liabilities Capital securities - fund subsidiaries — — 439 439 — — 577 577 Derivative liabilities — 1,193 — 1,193 — 538 — 538 Total financial liabilities $ — $ 1,193 $ 439 $ 1,632 $ — $ 538 $ 577 $ 1,115 For the year ended December 31, 2022, 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, 2023 is $28 million (December 31, 2022 - $36 million). The following table presents the change in the balance of financial assets and financial liabilities accounted for at fair value categorized as Level 3 as of June 30, 2023 and December 31, 2022: Jun. 30, 2023 Dec. 31, 2022 (US$ Millions) Financial assets Financial liabilities Financial assets Financial liabilities Balance, beginning of period $ 2,277 $ 577 $ 2,060 $ 859 Acquisitions 157 — 353 — Dispositions (18) 17 (222) — Fair value gains (losses), net and OCI (51) (155) 86 (292) Acquisition of Foreign Investments 22 — — — Other — — — 10 Balance, end of period $ 2,387 $ 439 $ 2,277 $ 577

RELATED PARTIES

RELATED PARTIES	6 Months Ended
	Jun. 30, 2023
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 Corporation. Other related parties of the partnership include the Corporation’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 the Corporation. 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 non-voting common equity of a BPY subsidiary (“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, 2023, the partnership paid a base management fee of $50 million and $99 million (2022 - $57 million and $114 million), respectively. In connection with the issuance of preferred equity units of the operating partnership to a third party in the fourth quarter of 2014, the Corporation contingently agreed to acquire the seven-year and ten-year tranches of preferred equity units from the holder for the initial issuance price plus accrued and unpaid distributions and to exchange such units for preferred equity units with terms and conditions substantially similar to the twelve-year tranche to the extent that the market price of the LP Units is less than 80% of the exchange price at maturity. On December 30, 2021, the Corporation acquired the seven-year tranche of preferred equity units from the holder and exchanged such units for REUs. The seven-year tranche of preferred equity units were subsequently canceled. The following table summarizes transactions with related parties: (US$ Millions) Jun. 30, 2023 Dec. 31, 2022 Balances outstanding with related parties: Net (payables)/receivables within equity accounted investments $ (90) $ (110) Loans and notes receivable 213 273 Deposit payable to Brookfield Corporation (1) (100) — Property-specific debt obligations (2,111) (2,429) Loans and notes payable and other liabilities (1,080) (721) Preferred shares held by Brookfield Corporation (2,581) (2,490) Brookfield Corporation interest in Canholdco (1,620) (1,759) Three months ended Jun. 30, Six months ended Jun. 30, (US$ Millions) 2023 2022 2023 2022 Transactions with related parties: Commercial property revenue (1) $ (4) $ 16 $ 29 $ 24 Management fee income (8) 12 71 33 Interest expense on debt obligations 18 4 41 8 General and administrative expense (2) 95 81 181 162 Construction costs (3) 19 12 35 36 Return of capital distributions on Brookfield Corporation’s interest in Canholdco — — — 118 Distributions on Brookfield Corporation’s interest in Canholdco 8 29 36 57 Capital calls funded by Brookfield Reinsurance (4) 17 — 53 — Incentive fees — 4 11 36 (1) Amounts received from the Corporation and its subsidiaries for the rental of office premises. (2) Includes amounts paid to the Corporation 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 the Corporation and its subsidiaries for construction costs of development properties. (4) Brookfield Reinsurance Ltd., which is accounted for under the equity method by the Corporation, has an additional commitment in BSREP IV. On December 9, 2022, the Corporation completed the distribution of 25% of its asset management business. In advance of the Manager Distribution, a reorganization took place within the Corporation whereby the partnership redeemed $1 billion of preferred units issued by a subsidiary of the partnership and acquired certain LP interests in several real estate funds and other investment interests from an indirect subsidiary of the Corporation (“Manager Reorganization”) for net consideration of $2,475 million through the issuance of Class D junior preferred shares, Series 1 and 2 of a subsidiary of the partnership, Brookfield BPY Holdings Inc. (“CanHoldco Class D Junior Preferred Shares”), to the Corporation. The LP interests and other investment interests acquisitions, including related working capital balances acquired, were accounted for as a business acquisition under common control, as discussed in Note 2 to the partnership’s consolidated financial statements for the year ended December 31, 2022, whereby the partnership records assets and liabilities recognized as a result of transfers of businesses or subsidiaries between entities under common control at carrying value. Differences between the consideration given or received and the carrying amount of the assets and liabilities transferred are recorded within ownership changes in equity. On January 1, 2023, the partnership acquired a 23% LP interest in the foreign investments owned by BSREP IV from an indirect subsidiary of the Corporation (“Acquisition of Foreign Investments”) for consideration of $588 million through the issuance of a non-interest bearing note. In February 2023, there was a $530 million capital call in respect to BSREP IV U.S. and foreign investments. The partnership repaid the non-interest bearing note and funded the capital call through the issuance of LP Units, Special LP Units and REUs to the Corporation. The Corporation retained an identical indirect economic interest in the BSREP IV investment before and after the transaction. In May 2023, there was a $507 million capital call in respect to BSREP IV investments. The partnership funded the capital call through the issuance of LP Units, Special LP Units and REUs to the Corporation.

SEGMENT INFORMATION

SEGMENT INFORMATION	6 Months Ended
	Jun. 30, 2023
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. 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”). 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, 2023 and 2022: (US$ Millions) Total revenue FFO Three months ended Jun. 30, 2023 2022 2023 2022 Core Office $ 503 $ 540 $ 7 $ 95 Core Retail 372 365 76 188 LP Investments 1,392 836 — 80 Corporate 60 2 (191) (157) Total $ 2,327 $ 1,743 $ (108) $ 206 (US$ Millions) Total revenue FFO Six months ended Jun. 30, 2023 2022 2023 2022 Core Office $ 1,000 $ 1,108 $ 24 $ 234 Core Retail 761 759 178 356 LP Investments 2,695 1,928 (30) 145 Corporate 111 2 (379) (331) Total $ 4,567 $ 3,797 $ (207) $ 404 The following summaries present the detail of total revenue from the partnership’s operating segments for the three and six months ended June 30, 2023 and 2022: (US$ Millions) Lease revenue Other revenue from tenants Hospitality revenue Investment and other revenue Total revenue Three months ended Jun. 30, 2023 Core Office $ 337 $ 116 $ 6 $ 44 $ 503 Core Retail 273 65 — 34 372 LP Investments 570 87 681 54 1,392 Corporate — (32) — 92 60 Total $ 1,180 $ 236 $ 687 $ 224 $ 2,327 (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 Six months ended Jun. 30, 2023 Core Office $ 665 $ 228 $ 14 $ 93 $ 1,000 Core Retail 560 134 — 67 761 LP Investments 1,131 184 1,238 142 2,695 Corporate — — — 111 111 Total $ 2,356 $ 546 $ 1,252 $ 413 $ 4,567 (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 The following summaries present 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, 2023 and 2022: (US$ Millions) Share of net earnings from equity accounted investments Interest expense Three months ended Jun. 30, 2023 2022 2023 2022 Core Office $ (249) $ 253 $ (219) $ (171) Core Retail 87 151 (201) (151) LP Investments (36) 15 (658) (233) Corporate — — (96) (68) Total $ (198) $ 419 $ (1,174) $ (623) (US$ Millions) Share of net earnings from equity accounted investments Interest expense Six months ended Jun. 30, 2023 2022 2023 2022 Core Office $ (239) $ 470 $ (431) $ (318) Core Retail 125 315 (394) (295) LP Investments (60) 14 (1,320) (471) Corporate — — (196) (139) Total $ (174) $ 799 $ (2,341) $ (1,223) The following summary presents information about certain consolidated balance sheet items of the partnership, on a segmented basis, as of June 30, 2023 and December 31, 2022: Total assets Total liabilities Equity accounted investments (US$ Millions) Jun. 30, 2023 Dec. 31, 2022 Jun. 30, 2023 Dec. 31, 2022 Jun. 30, 2023 Dec. 31, 2022 Core Office $ 33,203 $ 34,039 $ 16,945 $ 17,581 $ 8,335 $ 8,547 Core Retail 30,468 30,363 13,779 13,850 9,780 9,674 LP Investments 65,320 47,458 44,491 32,146 1,760 1,722 Corporate 979 656 7,418 7,202 — — Total $ 129,970 $ 112,516 $ 82,633 $ 70,779 $ 19,875 $ 19,943 The following summary presents a reconciliation of FFO to net (loss) income for the three and six months ended June 30, 2023 and 2022: Three months ended Jun. 30, Six months ended Jun. 30, (US$ Millions) 2023 2022 2023 2022 FFO (1) $ (108) $ 206 $ (207) $ 404 Depreciation and amortization of real estate assets (78) (46) (159) (98) Fair value (loss) gains, net (58) 23 (111) 1,293 Share of equity accounted (loss) income - non-FFO (291) 177 (423) 369 Income tax expense (benefit) 81 (47) 140 (230) Non-controlling interests of others in operating subsidiaries and properties – non-FFO (77) 87 (3) (636) Net (loss) income attributable to unitholders (2) (531) 400 (763) 1,102 Non-controlling interests of others in operating subsidiaries and properties 73 120 (89) 1,110 Net (loss) income $ (458) $ 520 $ (852) $ 2,212 (1) FFO represents interests attributable to GP Units, LP Units, REUs, Special LP Units and FV LTIP Units. The interests attributable to REUs, Special LP Units and FV LTIP Units are presented as non-controlling interests in the consolidated income statements. (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 income statements.

SUMMARY OF MATERIAL ACCOUNTIN_2

SUMMARY OF MATERIAL ACCOUNTING POLICY INFORMATION (Policies)	6 Months Ended
	Jun. 30, 2023
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, 2023 were approved and authorized for issue by the Board of Directors of the partnership on August 11, 2023. 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, 2022. 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, 2022. Effective January 1, 2023, the partnership adopted the Disclosure of Accounting Policies (amendments to IAS 1 and IFRS Practice Statement 2). The amendments to IAS 1 require that the partnership disclose its material accounting policies instead of its significant accounting policies. As a result of the adoption of these amendments, there were no adjustments to the presentation or amounts recognized in the interim financial statements. Effective January 1, 2023, the partnership adopted International Tax Reform - Pillar Two Model Rules (amendments to IAS 12). The amendments to IAS 12 consist of a mandatory temporary exception to the accounting for deferred taxes arising from the jurisdictional implementation of the Pillar Two model rule, as well as disclosure requirements applicable to annual reporting periods. As a result of these amendments, there were no adjustments to the presentation or amounts recognized in the interim financial statements. 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 in the partnership’s consolidated financial statements for the year ended December 31, 2022 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, 2023.
Future accounting policies	Future accounting policiesThe partnership is currently assessing the impact of Amendments to IAS 1 – Classification of Liabilities as Current or Non-current. The amendments to IAS 1 affect only the presentation of liabilities as current or non-current in the consolidated balance sheets and not the amount or timing of recognition of any asset, liability, income or expenses, or the information disclosed about those items. The amendments clarify that the classification of liabilities as current or non-current is based on rights that are in existence at the end of the reporting period, specify that classification is unaffected by expectations about whether the partnership will exercise its right to defer settlement of a liability, explain that rights are in existence if covenants with which an entity is required to comply on or before the end of the reporting period, and introduce a definition of ‘settlement’ to make clear that settlement refers to the transfer to the counterparty of cash, equity instruments, other assets or services. The amendments are applied retrospectively for annual periods beginning on or after January 1, 2024, with early application permitted. The partnership is in the process of determining the impact of the amendments on its consolidated financial statements.

INVESTMENT PROPERTIES (Tables)

INVESTMENT PROPERTIES (Tables)	6 Months Ended
	Jun. 30, 2023
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, 2023 and the year ended December 31, 2022: Six months ended Jun. 30, 2023 Year ended December 31, 2022 (US$ Millions) Commercial properties Commercial developments Total Commercial properties Commercial developments Total Balance, beginning of period $ 66,067 $ 2,518 $ 68,585 $ 62,313 $ 2,300 $ 64,613 Changes resulting from: Property acquisitions 1,886 312 2,198 760 — 760 Capital expenditures 377 639 1,016 870 428 1,298 Property dispositions (1) (418) (5) (423) (307) (1) (308) Fair value (losses) gains, net (130) (60) (190) (1,122) 64 (1,058) Foreign currency translation 557 51 608 (1,528) (149) (1,677) Transfer between commercial properties and commercial developments 565 (565) — 387 (387) — Impact of deconsolidation due to loss of control (2) — — — (575) — (575) Manager Reorganization (3) — — — 6,321 758 7,079 Acquisition of Foreign Investments (3) 11,286 1,408 12,694 — — — Reclassifications to assets held for sale and other changes (929) (21) (950) (1,052) (495) (1,547) Balance, end of period (4) $ 79,261 $ 4,277 $ 83,538 $ 66,067 $ 2,518 $ 68,585 (1) Property dispositions represent the fair value on date of sale. (2) The partnership deconsolidated its investment in a subsidiary as a result of the dilution of its interest. Prior to the transaction, the partnership's interest was consolidated and is now reflected as a financial asset. (3) See Note 28, Related Parties for further information on the Manager Reorganization and Acquisition of Foreign Investments. (4) Includes right-of-use commercial properties and commercial developments of $1,125 million and $129 million, respectively, as of June 30, 2023 (December 31, 2022 - $1,045 million and $127 million). Current lease liabilities of $135 million (December 31, 2022 - $122 million) have been included in accounts payable and other liabilities and non-current lease liabilities of $888 million (December 31, 2022 - $810 million) have been included in other non-current liabilities.
Schedule of key valuation metrics for investment properties	The key valuation metrics for the partnership’s consolidated commercial properties are set forth in the following tables below on a weighted-average basis: Jun. 30, 2023 Dec. 31, 2022 Consolidated properties Primary valuation method Discount rate Terminal capitalization rate Investment horizon (years) Discount rate Terminal capitalization rate Investment horizon (years) Core Office Discounted cash flow 6.8 % 5.4 % 11 6.8 % 5.4 % 11 Core Retail Discounted cash flow 7.2 % 5.3 % 10 7.2 % 5.3 % 10 LP Investments (1)(2) Discounted cash flow 8.1 % 5.8 % 9 9.1 % 6.3 % 8 (1) The valuation method used to value multifamily and manufactured housing properties is the direct capitalization method. At June 30, 2023, the overall implied capitalization rate used for properties using the direct capitalization method was 4.4% (December 31, 2022 - 4.3%). (2) The weighted average valuation metrics at June 30, 2023 include assets acquired as part of the Acquisition of Foreign Investments. See Note 28, Related Parties for further information.
Schedule of investment properties measured at fair value	The following table presents the partnership’s investment properties measured at fair value in the condensed consolidated financial statements and the level of the inputs used to determine those fair values in the context of the hierarchy as defined in Note 2(i) in the consolidated financial statements as of December 31, 2022: Jun. 30, 2023 Dec. 31, 2022 Level 3 Level 3 (US$ Millions) Level 1 Level 2 Commercial properties Commercial developments Level 1 Level 2 Commercial properties Commercial developments Core Office $ — $ — $ 21,505 $ 746 $ — $ — $ 22,129 $ 1,355 Core Retail — — 19,485 67 — — 19,438 106 LP Investments — — 38,271 3,464 — — 24,500 1,057 Total $ — $ — $ 79,261 $ 4,277 $ — $ — $ 66,067 $ 2,518 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, 2023 and December 31, 2022: Jun. 30, 2023 Dec. 31, 2022 (US$ Millions) Financial assets Financial liabilities Financial assets Financial liabilities Balance, beginning of period $ 2,277 $ 577 $ 2,060 $ 859 Acquisitions 157 — 353 — Dispositions (18) 17 (222) — Fair value gains (losses), net and OCI (51) (155) 86 (292) Acquisition of Foreign Investments 22 — — — Other — — — 10 Balance, end of period $ 2,387 $ 439 $ 2,277 $ 577
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, 2023, for properties valued using the discounted cash flow or direct capitalization method, respectively: Jun. 30, 2023 (US$ Millions) Impact of +25bps DR Impact of +25bps TCR Impact of +25bps DR and +25bps TCR or +25bps ICR Core Office $ 432 $ 663 $ 1,079 Core Retail 388 648 1,021 LP Investments (1) 557 1,239 1,982 Total $ 1,377 $ 2,550 $ 4,082 (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 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, 2023
Interests In Other Entities [Abstract]
Disclosure of joint ventures	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, 2023 Dec. 31, 2022 Jun. 30, 2023 Dec. 31, 2022 Joint Ventures Various Various Various 15% - 75% 15% - 68% $ 19,554 $ 19,404 19,554 19,404 Associates Various Various Various 16% - 50% 16% - 50% 321 539 321 539 Total $ 19,875 $ 19,943
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, 2023 and December 31, 2022: Six months ended Year ended (US$ Millions) Jun. 30, 2023 Dec. 31, 2022 Equity accounted investments, beginning of period $ 19,943 $ 20,807 Additions 160 100 Disposals and return of capital distributions (491) (967) Share of net earnings from equity accounted investments (145) 826 Distributions received (76) (263) Foreign currency translation 187 (578) Reclassification (to) from assets held for sale 74 (276) Impact of deconsolidation (1) — (706) Manager Reorganization (2) — 1,061 Acquisition of Foreign Investments (2) 211 — Other comprehensive income and other 12 (61) Equity accounted investments, end of period $ 19,875 $ 19,943 (1) The prior year includes the impact of deconsolidation of assets that were accounted for under the equity method which are now accounted for as financial assets. (2) See Note 28, Related Parties for further information on the Manager Reorganization and Acquisition of Foreign Investments.
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, 2023 Dec. 31, 2022 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 6.7 % 5.0 % 11 6.4 % 4.9 % 11 Core Retail Discounted cash flow 6.6 % 4.9 % 10 6.6 % 4.9 % 10 LP Investments (1) Discounted cash flow 7.7 % 5.9 % 10 7.8 % 5.5 % 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. The terminal capitalization rate and investment horizon are not applicable.
Disclosure of summarized financial information	Proportion of ownership interests Carrying value (US$ Millions) Principal activity Principal place of business Jun. 30, 2023 Dec. 31, 2022 Jun. 30, 2023 Dec. 31, 2022 Joint Ventures Various Various Various 15% - 75% 15% - 68% $ 19,554 $ 19,404 19,554 19,404 Associates Various Various Various 16% - 50% 16% - 50% 321 539 321 539 Total $ 19,875 $ 19,943 Summarized financial information in respect of the partnership’s equity accounted investments is presented below: (US$ Millions) Jun. 30, 2023 Dec. 31, 2022 Non-current assets $ 74,132 $ 76,352 Current assets 3,893 3,822 Total assets 78,025 80,174 Non-current liabilities 28,289 30,777 Current liabilities 8,498 6,888 Total liabilities 36,787 37,665 Net assets 41,238 42,509 Partnership’s share of net assets $ 19,875 $ 19,943 Three months ended Jun. 30, Six months ended Jun. 30, (US$ Millions) 2023 2022 2023 2022 Revenue $ 1,281 $ 1,230 $ 2,640 $ 2,409 Expenses 1,076 777 2,167 1,675 Income (loss) from equity accounted investments (1) (2) 8 9 33 Income before fair value gains, net 203 461 482 767 Fair value (losses) gains, net (661) 367 (1,037) 890 Net (loss) income (458) 828 (555) 1,657 Partnership’s share of net (loss) earnings $ (198) $ 419 $ (174) $ 799 (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, 2023
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 1 to 20 The following table presents the change to the components of the partnership’s hospitality assets for the six months ended June 30, 2023 and for the year ended December 31, 2022: Six months ended Year ended (US$ Millions) Jun. 30, 2023 Dec. 31, 2022 Cost: Balance at the beginning of period $ 9,050 $ 5,723 Additions 211 203 Disposals (165) (47) Foreign currency translation 122 (363) Manager Reorganization (1) — 3,298 Acquisition of Foreign Investments (1) 945 — Impact of deconsolidation due to loss of control and other (2) (9) 236 10,154 9,050 Accumulated fair value changes: Balance at the beginning of period 1,376 763 Revaluation (losses) gains, net — 727 Impact of deconsolidation due to loss of control and other (2) (5) 29 Disposals (38) (1) Provision for impairment — (93) Foreign currency translation 35 (49) 1,368 1,376 Accumulated depreciation: Balance at the beginning of period (1,025) (863) Depreciation (203) (279) Disposals 36 44 Foreign currency translation (31) 76 Impact of deconsolidation due to loss of control and other (2) 5 (3) (1,218) (1,025) Total property, plant and equipment (3) $ 10,304 $ 9,401 (1) See Note 28, Related Parties for further information on the Manager Reorganization and Acquisition of Foreign Investments. (2) The prior year reflects the reclassification of a mixed-use asset out of assets held for sale, and the reclassification of a student housing asset to held for sale.

INTANGIBLE ASSETS (Tables)

INTANGIBLE ASSETS (Tables)	6 Months Ended
	Jun. 30, 2023
Intangible Assets [Abstract]
Disclosure of detailed information about intangible assets	Intangible assets by class Useful life (in years) Trademarks Indefinite Other 4 to 88 The following table presents the components of the partnership’s intangible assets as of June 30, 2023 and December 31, 2022: (US$ Millions) Jun. 30, 2023 Dec. 31, 2022 Cost $ 1,132 $ 1,017 Accumulated amortization (70) (51) Total intangible assets $ 1,062 $ 966 The following table presents a roll forward of the partnership’s intangible assets for the six months ended June 30, 2023 and the year ended December 31, 2022: Six months ended Year ended (US$ Millions) Jun. 30, 2023 Dec. 31, 2022 Balance, beginning of period $ 966 $ 964 Acquisitions 5 5 Amortization (13) (8) Manager Reorganization (1) — 108 Acquisition of Foreign Investments (1) 60 — Foreign currency translation 45 (103) Impact of deconsolidation due to loss of control and other (1) (1) — Balance, end of period $ 1,062 $ 966 (1) See Note 28, Related Parties for further information on the Manager Reorganization and Acquisition of Foreign Investments.

OTHER NON-CURRENT ASSETS (Table

OTHER NON-CURRENT ASSETS (Tables)	6 Months Ended
	Jun. 30, 2023
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, 2023 Dec. 31, 2022 Securities - FVTPL $ 2,688 $ 2,523 Derivative assets 495 170 Securities - FVTOCI 65 69 Restricted cash 556 584 Inventory 1,618 1,267 Accounts receivables - non-current 46 464 Other 167 140 Total other non-current assets $ 5,635 $ 5,217

ACCOUNTS RECEIVABLE AND OTHER (

ACCOUNTS RECEIVABLE AND OTHER (Tables)	6 Months Ended
	Jun. 30, 2023
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, 2023 Dec. 31, 2022 Derivative assets $ 302 $ 124 Accounts receivable - net of expected credit loss of $69 million (December 31, 2022 - $63 million) 1,447 787 Restricted cash 339 342 Prepaid expenses 272 405 Inventory 334 176 Other current assets 566 342 Total accounts receivable and other $ 3,260 $ 2,176

HELD FOR SALE (Tables)

HELD FOR SALE (Tables)	6 Months Ended
	Jun. 30, 2023
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, 2023 and December 31, 2022: (US$ Millions) Jun. 30, 2023 Dec. 31, 2022 Investment properties $ 1,099 $ 300 Equity accounted investments — 276 Property, plant and equipment 5 — Accounts receivable and other assets 26 — Assets held for sale 1,130 576 Liabilities associated with assets held for sale $ 811 $ —
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, 2023 and the year ended December 31, 2022: (US$ Millions) Six months ended Jun. 30, 2023 Twelve months ended Dec. 31, 2022 Balance, beginning of period $ 576 $ 10,510 Reclassification to assets held for sale, net 877 1,208 Disposals (326) (11,110) Fair value adjustments (42) 261 Foreign currency translation 1 (290) Acquisition of Foreign Investments (1) 47 — Other (3) (3) Balance, end of period $ 1,130 $ 576 (1) See Note 28, Related Parties for further information on the Acquisition of Foreign Investments.

DEBT OBLIGATIONS (Tables)

DEBT OBLIGATIONS (Tables)	6 Months Ended
	Jun. 30, 2023
Disclosure of borrowing costs [Abstract]
Disclosure of detailed information about borrowings	The partnership’s debt obligations include the following: Jun. 30, 2023 Dec. 31, 2022 (US$ Millions) Weighted-average rate Debt balance Weighted-average rate Debt balance Unsecured facilities: Brookfield Property Partners’ credit facilities 7.09 % $ 2,900 6.19 % $ 3,090 Brookfield Property Partners’ corporate bonds 4.67 % 1,888 4.12 % 1,847 Brookfield Property Retail Holding LLC term debt 7.69 % 1,504 6.90 % 1,514 Brookfield Property Retail Holding LLC senior secured notes 5.20 % 1,695 5.20 % 1,695 Brookfield Property Retail Holding LLC corporate facility 7.94 % 420 7.17 % 320 Brookfield Property Retail Holding LLC junior subordinated notes 6.76 % 192 5.86 % 192 Subsidiary borrowings 6.93 % 105 7.10 % 458 Secured debt obligations: Funds subscription credit facilities (1) 6.90 % 2,498 6.19 % 4,177 Fixed rate 4.19 % 27,707 4.47 % 16,155 Variable rate 7.79 % 29,007 6.99 % 29,416 Deferred financing costs (348) (302) Total debt obligations $ 67,568 $ 58,562 Current 25,784 19,704 Non-current 41,014 38,858 Debt associated with assets held for sale 770 — Total debt obligations $ 67,568 $ 58,562 (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, 2023 Dec. 31, 2022 (Millions) U.S. Dollars Local U.S. Dollars Local U.S. Dollars $ 42,868 $ 42,868 $ 44,049 $ 44,049 Euros 7,379 € 6,764 96 € 90 British Pounds 6,105 £ 4,806 5,079 £ 4,203 Canadian Dollars 3,942 C$ 5,221 4,027 C$ 5,455 Brazilian Reais 1,970 R$ 9,495 554 R$ 2,888 Indian Rupee 2,214 Rs 181,461 1,777 Rs 146,860 South Korean Won 1,731 ₩ 2,280,000 1,808 ₩ 2,280,000 Australian Dollars 1,151 A$ 1,727 1,300 A$ 1,908 Chinese Yuan 426 C¥ 3,095 174 C¥ 1,204 Hong Kong Dollar 93 HK$ 726 — HK$ — Swedish Krona 37 SEK 400 — SEK — Deferred financing costs (348) (302) Total debt obligations $ 67,568 $ 58,562
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, 2022 Debt obligation issuance, net of repayments Debt from asset acquisitions Assumed by purchaser Amortization of deferred financing costs and (premium) discount Foreign currency translation Acquisition of Foreign Investments (1) Other Jun. 30, 2023 Debt obligations $ 58,562 (2,590) 394 (88) 101 552 10,674 (37) $ 67,568 (1) See Note 28, Related Parties for further information on the Acquisition of Foreign Investments.

CAPITAL SECURITIES (Tables)

CAPITAL SECURITIES (Tables)	6 Months Ended
	Jun. 30, 2023
Share Capital, Reserves And Other Equity Interest [Abstract]
Disclosure of capital securities	The partnership has the following capital securities outstanding as of June 30, 2023 and December 31, 2022: (US$ Millions) Shares outstanding Cumulative dividend rate Jun. 30, 2023 Dec. 31, 2022 Operating Partnership Class A Preferred Equity Units: Series 2 24,000,000 6.50 % $ 580 $ 575 Series 3 24,000,000 6.75 % 560 556 New LP Preferred Units (1) 19,273,654 6.75 % 474 474 Brookfield Property Split Corp. (“BOP Split”) Senior Preferred Shares: Series 1 785,432 5.25 % 20 21 Series 2 485,666 5.75 % 9 10 Series 3 479,173 5.00 % 9 12 Series 4 499,393 5.20 % 9 10 Rouse Properties L.P. (“Rouse”) Series A Preferred Shares 5,600,000 5.00 % 142 142 Subsidiary Preferred Shares and Capital - alstria office Prime Portfolio GmbH & Co. KG. (“Alstria Office Prime”) 19,472,214 n/a (2) 135 — Brookfield India Real Estate Trust (“India REIT”) 155,003,656 n/a (3) 458 456 Capital Securities – Fund Subsidiaries 439 577 Total capital securities $ 2,835 $ 2,833 Current 456 600 Non-current 2,379 2,233 Total capital securities $ 2,835 $ 2,833 (1) New LP Preferred Units shares outstanding is presented net of intracompany shares held by the Operating Partnership. (2) The dividend rate pertaining to Alstria Office Prime is declared annually and is neither fixed or mandatory. (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, 2022 Capital securities redeemed Fair value changes Foreign currency translation and other Acquisition of Foreign Investments Jun. 30, 2023 Capital securities $ 2,833 (7) (147) 24 132 $ 2,835

INCOME TAXES (Tables)

INCOME TAXES (Tables)	6 Months Ended
	Jun. 30, 2023
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) 2023 2022 2023 2022 Current income tax $ 39 $ 49 $ 60 $ 76 Deferred income tax (120) (2) (200) 154 Income tax (benefit) expense $ (81) $ 47 $ (140) $ 230

OTHER NON-CURRENT LIABILITIES (

OTHER NON-CURRENT LIABILITIES (Tables)	6 Months Ended
	Jun. 30, 2023
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, 2023 Dec. 31, 2022 Accounts payable and accrued liabilities $ 747 $ 824 Lease liabilities (1) 1,131 1,049 Derivative liabilities 517 371 Deferred revenue 26 21 Provisions 20 7 Loans and notes payables 2 171 Total other non-current liabilities $ 2,443 $ 2,443 (1) For the three and six months ended June 30, 2023, interest expense relating to total lease liabilities (see Note 15, Accounts Payable And Other Liabilities for the current portion) was $20 million and $41 million, respectively (2022 - $15 million and $29 million).

ACCOUNTS PAYABLE AND OTHER LI_2

ACCOUNTS PAYABLE AND OTHER LIABILITIES (Tables)	6 Months Ended
	Jun. 30, 2023
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, 2023 Dec. 31, 2022 Accounts payable and accrued liabilities $ 3,828 $ 2,852 Loans and notes payable 669 226 Deferred revenue 561 436 Derivative liabilities 676 167 Lease liabilities (1) 170 163 Other liabilities 22 33 Total accounts payable and other liabilities $ 5,926 $ 3,877

EQUITY (Tables)

EQUITY (Tables)	6 Months Ended
	Jun. 30, 2023
Equity [abstract]
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) 2023 2022 2023 2022 Limited Partners $ 112 $ 104 $ 217 $ 209 Holders of: REUs 199 187 384 371 Special LP Units 1 — 3 3 FV LTIP Units — — 1 1 Total $ 312 $ 291 $ 605 $ 584 Per unit (1) $ 0.35 $ 0.35 $ 0.70 $ 0.70

NON-CONTROLLING INTERESTS (Tabl

NON-CONTROLLING INTERESTS (Tables)	6 Months Ended
	Jun. 30, 2023
Non-Controlling Interest 1 [Abstract]
Disclosure of non-controlling interests	Non-controlling interests consisted of the following: (US$ Millions) Jun. 30, 2023 Dec. 31, 2022 REUs and Special LP Units (1) $ 15,099 $ 14,688 FV LTIP Units (1) 22 45 Interests of others in operating subsidiaries and properties: Preferred shares held by Brookfield Corporation (2) 2,581 2,490 Preferred equity of subsidiaries 2,758 2,772 Non-controlling interests in subsidiaries and properties 17,729 12,822 Total interests of others in operating subsidiaries and properties 23,068 18,084 Total non-controlling interests $ 38,189 $ 32,817 (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 REUs changes as a result of issuances, repurchases and exchanges. Consequently, the partnership adjusted the relative carrying amounts of the interests held by limited partners and non-controlling interests based on their relative share of the equivalent LP Units. The difference between the adjusted value and the previous carrying amounts was attributed to current LP Units as ownership changes in the Consolidated Statements of Changes in Equity (2) See Note 28, Related Parties, for further information on the Manager Reorganization.
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, 2023 Dec. 31, 2022 Jun. 30, 2023 Dec. 31, 2022 BPO (1) Canada — % — % $ 3,149 $ 2,835 Corporate Holding Entities (2) Bermuda/Canada — % — % 4,969 5,033 U.S. Retail (3) United States — % — % 1,285 1,280 U.S. Manufactured Housing (4) United States 76 % 76 % 1,308 1,191 U.K. Student Housing (4) Bermuda 75 % 75 % 1,599 1,594 Korea Mixed-use (4) South Korea 78 % 78 % 938 936 U.K. Short Stay (4) United Kingdom 73 % 73 % 567 756 U.S. Hospitality (4) United States 77 % 77 % 670 724 U.S. Logistics United States 77 % 77 % 883 434 Other Various 33% - 99% 33% - 99% 7,700 3,301 Total $ 23,068 $ 18,084 (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 which vary from 1% - 100%. (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.

COMMERCIAL PROPERTY REVENUE (Ta

COMMERCIAL PROPERTY REVENUE (Tables)	6 Months Ended
	Jun. 30, 2023
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) 2023 2022 2023 2022 Base rent $ 988 $ 768 $ 1,954 $ 1,580 Straight-line rent 4 5 11 7 Lease termination 11 2 21 12 Other lease income (1) 177 152 370 322 Other revenue from tenants (2) 236 258 546 519 Total commercial property revenue $ 1,416 $ 1,185 $ 2,902 $ 2,440 (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, 2023
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) 2023 2022 2023 2022 Room, food and beverage $ 589 $ 343 $ 1,085 $ 613 Gaming and other leisure activities 63 47 102 82 Other hospitality revenue 35 10 65 18 Total hospitality revenue $ 687 $ 400 $ 1,252 $ 713

INVESTMENT AND OTHER REVENUE (T

INVESTMENT AND OTHER REVENUE (Tables)	6 Months Ended
	Jun. 30, 2023
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) 2023 2022 2023 2022 Investment income $ 16 $ 48 $ 91 $ 428 Fee revenue 143 62 211 136 Dividend income 20 25 28 33 Interest income and other 32 23 70 47 Other 13 — 13 — Total investment and other revenue $ 224 $ 158 $ 413 $ 644

DIRECT COMMERCIAL PROPERTY EX_2

DIRECT COMMERCIAL PROPERTY EXPENSE (Tables)	6 Months Ended
	Jun. 30, 2023
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) 2023 2022 2023 2022 Property maintenance $ 211 $ 172 $ 409 $ 352 Real estate taxes 155 140 340 287 Employee compensation and benefits 37 37 93 73 Depreciation and amortization 13 6 25 15 Lease expense (1) 5 3 9 6 Other 131 94 264 189 Total direct commercial property expense $ 552 $ 452 $ 1,140 $ 922 (1) Represents the operating expenses relating to variable lease payments not included in the measurement of the lease liability.

DIRECT HOSPITALITY EXPENSE (Tab

DIRECT HOSPITALITY EXPENSE (Tables)	6 Months Ended
	Jun. 30, 2023
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) 2023 2022 2023 2022 Employee compensation and benefits $ 150 $ 59 $ 285 $ 111 Cost of food, beverage, and retail goods sold 85 61 165 115 Maintenance and utilities 38 25 81 53 Depreciation and amortization 92 62 191 135 Marketing and advertising 22 5 46 14 Other 138 65 265 137 Total direct hospitality expense $ 525 $ 277 $ 1,033 $ 565

GENERAL AND ADMINISTRATIVE EX_2

GENERAL AND ADMINISTRATIVE EXPENSE (Tables)	6 Months Ended
	Jun. 30, 2023
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) 2023 2022 2023 2022 Employee compensation and benefits $ 172 $ 90 $ 318 $ 181 Management fees 77 72 153 142 Professional fees 40 25 78 46 Facilities and technology 12 10 26 20 Transaction costs 17 11 28 15 Other 34 26 81 62 Total general and administrative expense $ 352 $ 234 $ 684 $ 466

FAIR VALUE GAINS (LOSSES), NET

FAIR VALUE GAINS (LOSSES), NET (Tables)	6 Months Ended
	Jun. 30, 2023
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) 2023 2022 2023 2022 Commercial properties $ (13) $ 284 $ (130) $ 1,115 Commercial developments (58) 40 (60) 104 Incentive fees (1) — (4) (11) (36) Financial instruments and other 13 (297) 90 110 Total fair values (losses) gains, net $ (58) $ 23 $ (111) $ 1,293 (1) Represents incentive fees the partnership is obligated to pay to the general partner of the partnership’s various fund investments.

OTHER COMPREHENSIVE INCOME (L_2

OTHER COMPREHENSIVE INCOME (LOSS) (Tables)	6 Months Ended
	Jun. 30, 2023
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) 2023 2022 2023 2022 Items that may be reclassified to net income: Foreign currency translation Net unrealized foreign currency translation gains (losses) in respect of foreign operations $ 208 $ (1,001) $ 386 $ (1,104) Reclassification of realized foreign currency translation gains to net income on dispositions of foreign operations — — — 17 (Losses) gains on hedges of net investments in foreign operations (121) 517 (200) 572 87 (484) 186 (515) Cash flow hedges (Losses) gains on derivatives designated as cash flow hedges, net of income taxes for the three and six months ended Jun. 30, 2023 of $(31) million and $(29) million (2022 – $(1) million and $(7) million) 275 (35) 231 66 275 (35) 231 66 Equity accounted investments Share of unrealized foreign currency translation losses in respect of foreign operations 1 (2) 1 (2) Gains on derivatives designated as cash flow hedges 17 22 3 75 18 20 4 73 Items that will not be reclassified to net income: Unrealized losses on securities - FVTOCI, net of income taxes for the three and six months ended Jun. 30, 2023 of nil and nil (2022 – nil and $(3) million) (2) (19) (15) (20) Net remeasurement (losses) gains on defined benefit obligations (2) 1 (2) 1 Revaluation surplus (deficit), net of income taxes for the three and six months ended Jun. 30, 2023 of $1 million and $(1) million (2022 – nil and nil) (2) — 2 — (6) (18) (15) (19) Total other comprehensive income (loss) $ 374 $ (517) $ 406 $ (395)

FINANCIAL INSTRUMENTS (Tables)

FINANCIAL INSTRUMENTS (Tables)	6 Months Ended
	Jun. 30, 2023
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, 2023 and December 31, 2022: (US$ Millions) Hedging item Notional Rates Maturity dates Fair value Jun. 30, 2023 Interest rate caps of US$ LIBOR debt $ 1,780 2.4% - 5.4% Jul 2023 - May. 2024 $ 8 Interest rate caps of US$ SOFR debt 6,935 1.0% - 6.0% Aug. 2023 - Mar. 2025 107 Interest rate swaps of US$ SOFR debt 10,754 3.3% - 4.5% Aug. 2024 - Dec. 2027 160 Interest rate caps of £ SONIA debt 1,516 1.0% - 7.0% Oct. 2023 - Mar. 2025 55 Interest rate swaps of £ SONIA debt 913 2.7% - 4.3% Jan. 2024 - Jan. 2025 29 Interest rate caps of € ESTR debt 576 1.9% - 3.5% Jul. 2023 - Apr. 2030 16 Interest rate swaps of € EURIBOR debt 764 1.8% - 3.2% Sep. 2027 - Mar. 2030 37 Interest rate caps of C$ LIBOR debt 181 4.0% Oct. 2024 3 Interest rate swaps of AUD BBSW/BBSY debt 129 5.3% - 5.8% Apr. 2024 — Other interest rate derivatives 21 0.4% - 6.6% Dec. 2027 1 Dec. 31, 2022 Interest rate caps of US$ LIBOR debt $ 2,042 2.5% - 5.0% May 2023 - Apr. 2027 $ 20 Interest rate caps of US$ SOFR debt 3,989 1.0% -6.0% Aug. 2023 - Nov. 2024 74 Interest rate swaps of US$ SOFR debt 2,500 3.7% Dec. 2027 3 Interest rate caps of £ SONIA debt 1,024 1.0% - 2.5% Jul. 2024 - Mar. 2025 41 Interest rate swaps of £ SONIA debt 804 2.7% Jan. 2023 - Jul. 2024 20 Interest rate caps of € EURIBOR debt 96 1.3% Apr. 2023 — Interest rate caps of C$ LIBOR debt 177 4.0% Oct. 2024 2 Interest rate swaps of AUD BBSW/BBSY debt 132 5.3% - 5.8% 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, 2023 and December 31, 2022: (US$ Millions) Hedging item Notional Rates Maturity dates Fair value Jun. 30, 2023 Net investment hedges € $ 2,085 €0.90/$ - €1.19/$ Jul. 2023 - Dec. 2025 $ (278) Net investment hedges £ 1,674 £0.79/$ - £1.27/$ Jul. 2023 (327) Net investment hedges A$ 74 A$0.63/$ - A$1.49/$ Aug. 2023 - Dec. 2023 (6) Net investment hedges C¥ 2,203 C¥6.58/$ - C¥6.99/$ Jun. 2024 - Mar. 2025 — Net investment hedges R$ 6,513 R$5.00/$ - R$7.37/$ Dec. 2023 - Dec. 2024 (155) Net investment hedges ₩ 820,473 ₩1,214.55 /$ - ₩1,410.00/$ Jun. 2024 - Jan. 2025 (16) Net investment hedges Rs 77,803 Rs81.40/$ - Rs89.84/$ Sep. 2023 - Sep. 2024 (25) Net investment hedges HKD 709 HKD7.75/$ - HKD7.84/$ Mar. 2024 - Apr. 2026 — Net investment hedges £ 375 £0.86/€ Jul. 2024 (4) Net investment hedges C$ 49 C$1.28/$ - C$1.34/$ Nov. 2024 — Net investment hedges CNH 1,191 CNH6.54/$ - CNH6.87/$ Sep. 2023 - May. 2026 1 Net investment hedges SEK 1,352 SEK10.15/$ - SEK11.01/$ Dec. 2023 - Mar. 2026 2 Cross currency swaps of C$ LIBOR debt C$ 2,500 C$1.25/$ - C$1.34/$ Mar. 2024 - Feb. 2028 (15) Dec. 31, 2022 Net investment hedges € $ 105 €0.91/$ - €1.02/$ Feb. 2023 - Dec. 2025 $ (7) Net investment hedges £ 1,319 £0.76 /$ - £0.93/$ Jan. 2023 - Jul. 2023 $ (243) Net investment hedges A$ — A$1.49/$ - A$1.55/$ May. 2023 (1) Net investment hedges C¥ 2,703 C¥6.59/$ - C¥6.99/$ Jun. 2023 - Mar. 2025 (9) Net investment hedges R$ 908 R$6.24/$ - R$7.00/$ May. 2023 - Dec. 2024 (22) Net investment hedges ₩ 820,473 ₩1,283.60/$ - ₩1,410.00/$ Jan. 2023 - Nov. 2024 (42) Net investment hedges Rs 84,251 Rs79.40/$ - Rs89.84/$ Mar. 2023 - Jul. 2024 (5) Net investment hedges £ 374 £0.86/€ Jul. 2023 (16) Cross currency swaps of C$ LIBOR debt C$ 2,500 C$1.20 /$ - C$1.38/$ Jul. 2023 - Jan. 2027 (45)
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, 2023 and December 31, 2022: (US$ Millions) Derivative type Notional Rates Maturity dates Fair value Jun. 30, 2023 Interest rate caps $ 19,525 0.3% - 9.9% Aug. 2023 - Nov. 2032 $ 3 Interest rate swaps on forecasted fixed rate debt 75 5.3% Jun. 2028 - Jun. 2030 (22) Interest rate swaps of US$ debt 1,256 3.2% - 4.1% Feb. 2024 - Dec. 2028 37 Dec. 31, 2022 Interest rate caps $ 7,622 2.0% - 6.0% Jan. 2023 - Nov. 2032 $ 30 Interest rate swaps on forecasted fixed rate debt 335 3.6% - 5.3% Jun. 2033 (21)
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, 2023 Dec. 31, 2022 (US$ Millions) Classification and measurement basis Carrying value Fair value Carrying value Fair value Financial assets Loans and notes receivable Amortized cost $ 941 $ 941 $ 686 $ 686 Other non-current assets Securities - FVTPL FVTPL 2,688 2,688 2,523 2,523 Derivative assets FVTPL 495 495 170 170 Accounts receivable Amortized cost 46 46 464 464 Securities - FVTOCI FVTOCI 65 65 69 69 Restricted cash Amortized cost 556 556 584 584 Current assets Securities - FVTOCI FVTOCI 27 27 36 36 Derivative assets FVTPL 302 302 124 124 Accounts receivable (1) Amortized cost 1,447 1,447 787 787 Restricted cash Amortized cost 339 339 342 342 Cash and cash equivalents Amortized cost 2,768 2,768 4,020 4,020 Total financial assets $ 9,674 $ 9,674 $ 9,805 $ 9,805 Financial liabilities Debt obligations (2) Amortized cost 67,568 66,867 58,562 57,790 Capital securities Amortized cost 2,396 2,396 2,256 2,256 Capital securities - fund subsidiaries FVTPL 439 439 577 577 Other non-current liabilities Loan payable FVTPL 2 2 171 171 Accounts payable Amortized cost 747 747 824 824 Derivative liabilities FVTPL 517 517 371 371 Accounts payable and other liabilities Accounts payable and other (3) Amortized cost 3,828 3,828 2,852 2,852 Loans and notes payable Amortized cost 669 669 226 226 Derivative liabilities FVTPL 676 676 167 167 Total financial liabilities $ 76,842 $ 76,141 $ 66,006 $ 65,234 (1) Includes other receivables associated with assets classified as held for sale on the condensed consolidated balance sheet in the amount of $26 million and nil as of June 30, 2023 and December 31, 2022, respectively. (2) Includes debt obligations associated with assets classified as held for sale on the condensed consolidated balance sheet in the amount of $770 million and nil as of June 30, 2023 and December 31, 2022, 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 $41 million and nil as of June 30, 2023 and December 31, 2022, respectively. The following table outlines financial assets and liabilities measured at fair value in the consolidated financial statements and the level of the inputs used to determine those fair values in the context of the hierarchy as defined above: Jun. 30, 2023 Dec. 31, 2022 (US$ Millions) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Financial assets Securities - FVTPL 14 352 2,322 2,688 10 305 2,208 2,523 Securities - FVTOCI 28 — 65 93 36 — 69 105 Derivative assets — 797 — 797 — 294 — 294 Total financial assets $ 42 $ 1,149 $ 2,387 $ 3,578 $ 46 $ 599 $ 2,277 $ 2,922 Financial liabilities Capital securities - fund subsidiaries — — 439 439 — — 577 577 Derivative liabilities — 1,193 — 1,193 — 538 — 538 Total financial liabilities $ — $ 1,193 $ 439 $ 1,632 $ — $ 538 $ 577 $ 1,115
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, 2023 Dec. 31, 2022 (US$ Millions) Classification and measurement basis Carrying value Fair value Carrying value Fair value Financial assets Loans and notes receivable Amortized cost $ 941 $ 941 $ 686 $ 686 Other non-current assets Securities - FVTPL FVTPL 2,688 2,688 2,523 2,523 Derivative assets FVTPL 495 495 170 170 Accounts receivable Amortized cost 46 46 464 464 Securities - FVTOCI FVTOCI 65 65 69 69 Restricted cash Amortized cost 556 556 584 584 Current assets Securities - FVTOCI FVTOCI 27 27 36 36 Derivative assets FVTPL 302 302 124 124 Accounts receivable (1) Amortized cost 1,447 1,447 787 787 Restricted cash Amortized cost 339 339 342 342 Cash and cash equivalents Amortized cost 2,768 2,768 4,020 4,020 Total financial assets $ 9,674 $ 9,674 $ 9,805 $ 9,805 Financial liabilities Debt obligations (2) Amortized cost 67,568 66,867 58,562 57,790 Capital securities Amortized cost 2,396 2,396 2,256 2,256 Capital securities - fund subsidiaries FVTPL 439 439 577 577 Other non-current liabilities Loan payable FVTPL 2 2 171 171 Accounts payable Amortized cost 747 747 824 824 Derivative liabilities FVTPL 517 517 371 371 Accounts payable and other liabilities Accounts payable and other (3) Amortized cost 3,828 3,828 2,852 2,852 Loans and notes payable Amortized cost 669 669 226 226 Derivative liabilities FVTPL 676 676 167 167 Total financial liabilities $ 76,842 $ 76,141 $ 66,006 $ 65,234 (1) Includes other receivables associated with assets classified as held for sale on the condensed consolidated balance sheet in the amount of $26 million and nil as of June 30, 2023 and December 31, 2022, respectively. (2) Includes debt obligations associated with assets classified as held for sale on the condensed consolidated balance sheet in the amount of $770 million and nil as of June 30, 2023 and December 31, 2022, 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 $41 million and nil as of June 30, 2023 and December 31, 2022, respectively. The following table outlines financial assets and liabilities measured at fair value in the consolidated financial statements and the level of the inputs used to determine those fair values in the context of the hierarchy as defined above: Jun. 30, 2023 Dec. 31, 2022 (US$ Millions) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Financial assets Securities - FVTPL 14 352 2,322 2,688 10 305 2,208 2,523 Securities - FVTOCI 28 — 65 93 36 — 69 105 Derivative assets — 797 — 797 — 294 — 294 Total financial assets $ 42 $ 1,149 $ 2,387 $ 3,578 $ 46 $ 599 $ 2,277 $ 2,922 Financial liabilities Capital securities - fund subsidiaries — — 439 439 — — 577 577 Derivative liabilities — 1,193 — 1,193 — 538 — 538 Total financial liabilities $ — $ 1,193 $ 439 $ 1,632 $ — $ 538 $ 577 $ 1,115
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) in the consolidated financial statements as of December 31, 2022: Jun. 30, 2023 Dec. 31, 2022 Level 3 Level 3 (US$ Millions) Level 1 Level 2 Commercial properties Commercial developments Level 1 Level 2 Commercial properties Commercial developments Core Office $ — $ — $ 21,505 $ 746 $ — $ — $ 22,129 $ 1,355 Core Retail — — 19,485 67 — — 19,438 106 LP Investments — — 38,271 3,464 — — 24,500 1,057 Total $ — $ — $ 79,261 $ 4,277 $ — $ — $ 66,067 $ 2,518 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, 2023 and December 31, 2022: Jun. 30, 2023 Dec. 31, 2022 (US$ Millions) Financial assets Financial liabilities Financial assets Financial liabilities Balance, beginning of period $ 2,277 $ 577 $ 2,060 $ 859 Acquisitions 157 — 353 — Dispositions (18) 17 (222) — Fair value gains (losses), net and OCI (51) (155) 86 (292) Acquisition of Foreign Investments 22 — — — Other — — — 10 Balance, end of period $ 2,387 $ 439 $ 2,277 $ 577
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, 2023 and December 31, 2022: Jun. 30, 2023 Dec. 31, 2022 (US$ Millions) Financial assets Financial liabilities Financial assets Financial liabilities Balance, beginning of period $ 2,277 $ 577 $ 2,060 $ 859 Acquisitions 157 — 353 — Dispositions (18) 17 (222) — Fair value gains (losses), net and OCI (51) (155) 86 (292) Acquisition of Foreign Investments 22 — — — Other — — — 10 Balance, end of period $ 2,387 $ 439 $ 2,277 $ 577

RELATED PARTIES (Tables)

RELATED PARTIES (Tables)	6 Months Ended
	Jun. 30, 2023
Related Party [Abstract]
Summary of Related Party Transactions	The following table summarizes transactions with related parties: (US$ Millions) Jun. 30, 2023 Dec. 31, 2022 Balances outstanding with related parties: Net (payables)/receivables within equity accounted investments $ (90) $ (110) Loans and notes receivable 213 273 Deposit payable to Brookfield Corporation (1) (100) — Property-specific debt obligations (2,111) (2,429) Loans and notes payable and other liabilities (1,080) (721) Preferred shares held by Brookfield Corporation (2,581) (2,490) Brookfield Corporation interest in Canholdco (1,620) (1,759) Three months ended Jun. 30, Six months ended Jun. 30, (US$ Millions) 2023 2022 2023 2022 Transactions with related parties: Commercial property revenue (1) $ (4) $ 16 $ 29 $ 24 Management fee income (8) 12 71 33 Interest expense on debt obligations 18 4 41 8 General and administrative expense (2) 95 81 181 162 Construction costs (3) 19 12 35 36 Return of capital distributions on Brookfield Corporation’s interest in Canholdco — — — 118 Distributions on Brookfield Corporation’s interest in Canholdco 8 29 36 57 Capital calls funded by Brookfield Reinsurance (4) 17 — 53 — Incentive fees — 4 11 36 (1) Amounts received from the Corporation and its subsidiaries for the rental of office premises. (2) Includes amounts paid to the Corporation 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 the Corporation and its subsidiaries for construction costs of development properties. (4) Brookfield Reinsurance Ltd., which is accounted for under the equity method by the Corporation, has an additional commitment in BSREP IV.

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	6 Months Ended
	Jun. 30, 2023
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, 2023 and 2022: (US$ Millions) Total revenue FFO Three months ended Jun. 30, 2023 2022 2023 2022 Core Office $ 503 $ 540 $ 7 $ 95 Core Retail 372 365 76 188 LP Investments 1,392 836 — 80 Corporate 60 2 (191) (157) Total $ 2,327 $ 1,743 $ (108) $ 206 (US$ Millions) Total revenue FFO Six months ended Jun. 30, 2023 2022 2023 2022 Core Office $ 1,000 $ 1,108 $ 24 $ 234 Core Retail 761 759 178 356 LP Investments 2,695 1,928 (30) 145 Corporate 111 2 (379) (331) Total $ 4,567 $ 3,797 $ (207) $ 404 The following summaries present the detail of total revenue from the partnership’s operating segments for the three and six months ended June 30, 2023 and 2022: (US$ Millions) Lease revenue Other revenue from tenants Hospitality revenue Investment and other revenue Total revenue Three months ended Jun. 30, 2023 Core Office $ 337 $ 116 $ 6 $ 44 $ 503 Core Retail 273 65 — 34 372 LP Investments 570 87 681 54 1,392 Corporate — (32) — 92 60 Total $ 1,180 $ 236 $ 687 $ 224 $ 2,327 (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 Six months ended Jun. 30, 2023 Core Office $ 665 $ 228 $ 14 $ 93 $ 1,000 Core Retail 560 134 — 67 761 LP Investments 1,131 184 1,238 142 2,695 Corporate — — — 111 111 Total $ 2,356 $ 546 $ 1,252 $ 413 $ 4,567 (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 The following summaries present 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, 2023 and 2022: (US$ Millions) Share of net earnings from equity accounted investments Interest expense Three months ended Jun. 30, 2023 2022 2023 2022 Core Office $ (249) $ 253 $ (219) $ (171) Core Retail 87 151 (201) (151) LP Investments (36) 15 (658) (233) Corporate — — (96) (68) Total $ (198) $ 419 $ (1,174) $ (623) (US$ Millions) Share of net earnings from equity accounted investments Interest expense Six months ended Jun. 30, 2023 2022 2023 2022 Core Office $ (239) $ 470 $ (431) $ (318) Core Retail 125 315 (394) (295) LP Investments (60) 14 (1,320) (471) Corporate — — (196) (139) Total $ (174) $ 799 $ (2,341) $ (1,223) The following summary presents information about certain consolidated balance sheet items of the partnership, on a segmented basis, as of June 30, 2023 and December 31, 2022: Total assets Total liabilities Equity accounted investments (US$ Millions) Jun. 30, 2023 Dec. 31, 2022 Jun. 30, 2023 Dec. 31, 2022 Jun. 30, 2023 Dec. 31, 2022 Core Office $ 33,203 $ 34,039 $ 16,945 $ 17,581 $ 8,335 $ 8,547 Core Retail 30,468 30,363 13,779 13,850 9,780 9,674 LP Investments 65,320 47,458 44,491 32,146 1,760 1,722 Corporate 979 656 7,418 7,202 — — Total $ 129,970 $ 112,516 $ 82,633 $ 70,779 $ 19,875 $ 19,943
Summary of reconciliation of FFO to net income	The following summary presents a reconciliation of FFO to net (loss) income for the three and six months ended June 30, 2023 and 2022: Three months ended Jun. 30, Six months ended Jun. 30, (US$ Millions) 2023 2022 2023 2022 FFO (1) $ (108) $ 206 $ (207) $ 404 Depreciation and amortization of real estate assets (78) (46) (159) (98) Fair value (loss) gains, net (58) 23 (111) 1,293 Share of equity accounted (loss) income - non-FFO (291) 177 (423) 369 Income tax expense (benefit) 81 (47) 140 (230) Non-controlling interests of others in operating subsidiaries and properties – non-FFO (77) 87 (3) (636) Net (loss) income attributable to unitholders (2) (531) 400 (763) 1,102 Non-controlling interests of others in operating subsidiaries and properties 73 120 (89) 1,110 Net (loss) income $ (458) $ 520 $ (852) $ 2,212 (1) FFO represents interests attributable to GP Units, LP Units, REUs, Special LP Units and FV LTIP Units. The interests attributable to REUs, Special LP Units and FV LTIP Units are presented as non-controlling interests in the consolidated income statements. (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 income statements.

ORGANIZATION AND NATURE OF TH_2

ORGANIZATION AND NATURE OF THE BUSINESS (Details)	6 Months Ended
	Jun. 30, 2023
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 MATERIAL ACCOUNTIN_3

SUMMARY OF MATERIAL ACCOUNTING POLICY INFORMATION (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Commercial Property
Disclosure of detailed information about investment property [line items]
Depreciation and amortization	$ 13	$ 6	$ 25	$ 15
Hospitality
Disclosure of detailed information about investment property [line items]
Depreciation and amortization	$ 92	$ 62	$ 191	$ 135

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, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Reconciliation of changes in investment property [abstract]
Balance, beginning of period			$ 68,585	$ 64,613	$ 64,613
Changes resulting from:
Property acquisitions			2,198		760
Capital expenditures			1,016		1,298
Property dispositions			(423)		(308)
Fair value (losses) gains, net			(190)		(1,058)
Foreign currency translation			608		(1,677)
Transfer between commercial properties and commercial developments			0		0
Impact of deconsolidation due to loss of control			0		(575)
Reclassifications to assets held for sale and other changes			(950)		(1,547)
Balance, end of period	$ 83,538		83,538		68,585
Right-of-use assets	431		431		393
Current lease liabilities	170		170		163
Non-current lease liabilities	1,131		1,131		1,049
Manager Reorganization
Changes resulting from:
Manager Reorganization and Acquisition of Foreign Investments			0		7,079
Foreign Investments
Changes resulting from:
Manager Reorganization and Acquisition of Foreign Investments			12,694		0
Commercial properties
Reconciliation of changes in investment property [abstract]
Balance, beginning of period			66,067	62,313	62,313
Changes resulting from:
Property acquisitions			1,886		760
Capital expenditures			377		870
Property dispositions			(418)		(307)
Fair value (losses) gains, net	(13)	$ 284	(130)	1,115	(1,122)
Foreign currency translation			557		(1,528)
Transfer between commercial properties and commercial developments			565		387
Impact of deconsolidation due to loss of control			0		(575)
Reclassifications to assets held for sale and other changes			(929)		(1,052)
Balance, end of period	79,261		79,261		66,067
Right-of-use assets	1,125		1,125		1,045
Current lease liabilities	135		135		122
Non-current lease liabilities	888		888		810
Commercial properties | Manager Reorganization
Changes resulting from:
Manager Reorganization and Acquisition of Foreign Investments			0		6,321
Commercial properties | Foreign Investments
Changes resulting from:
Manager Reorganization and Acquisition of Foreign Investments			11,286		0
Commercial developments
Reconciliation of changes in investment property [abstract]
Balance, beginning of period			2,518	2,300	2,300
Changes resulting from:
Property acquisitions			312		0
Capital expenditures			639		428
Property dispositions			(5)		(1)
Fair value (losses) gains, net	(58)	$ 40	(60)	$ 104	64
Foreign currency translation			51		(149)
Transfer between commercial properties and commercial developments			(565)		(387)
Impact of deconsolidation due to loss of control			0		0
Reclassifications to assets held for sale and other changes			(21)		(495)
Balance, end of period	4,277		4,277		2,518
Right-of-use assets	$ 129		129		127
Commercial developments | Manager Reorganization
Changes resulting from:
Manager Reorganization and Acquisition of Foreign Investments			0		758
Commercial developments | Foreign Investments
Changes resulting from:
Manager Reorganization and Acquisition of Foreign Investments			$ 1,408		$ 0

INVESTMENT PROPERTIES - Valuati

INVESTMENT PROPERTIES - Valuation of Investment Properties (Details) - Commercial properties	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Core Office | Discounted cash flow
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Discount rate	6.80%	6.80%
Terminal capitalization rate	5.40%	5.40%
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	7.20%	7.20%
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	8.10%	9.10%
Terminal capitalization rate	5.80%	6.30%
Investment horizon (years)	9 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	4.40%	4.30%

INVESTMENT PROPERTIES - Fair Va

INVESTMENT PROPERTIES - Fair Value of Investment Properties (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Disclosure of fair value measurement of assets [line items]
Total assets	$ 129,970	$ 112,516
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	746
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	3,464
Commercial properties | Level 3
Disclosure of fair value measurement of assets [line items]
Total assets	79,261	66,067
Commercial properties | Core Office | Level 3
Disclosure of fair value measurement of assets [line items]
Total assets	21,505	22,129
Commercial properties | Core Retail | Level 3
Disclosure of fair value measurement of assets [line items]
Total assets	19,485	19,438
Commercial properties | LP Investments - Office | Level 3
Disclosure of fair value measurement of assets [line items]
Total assets	38,271	24,500
Commercial developments | Level 3
Disclosure of fair value measurement of assets [line items]
Total assets	4,277	2,518
Commercial developments | Core Office | Level 3
Disclosure of fair value measurement of assets [line items]
Total assets		1,355
Commercial developments | Core Retail | Level 3
Disclosure of fair value measurement of assets [line items]
Total assets	$ 67	106
Commercial developments | LP Investments - Office | Level 3
Disclosure of fair value measurement of assets [line items]
Total assets		$ 1,057

INVESTMENT PROPERTIES - Impact

INVESTMENT PROPERTIES - Impact on Fair Value from Assumption Changes (Details) $ in Millions	6 Months Ended
	Jun. 30, 2023 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	$ 1,377
Impact of +25bps TCR | Property
Disclosure of fair value measurement of assets [line items]
Total	2,550
Impact of +25bps DR and +25bps TCR or +25bps ICR | Property
Disclosure of fair value measurement of assets [line items]
Total	4,082
Core Office | Impact of +25bps DR
Disclosure of fair value measurement of assets [line items]
Total	432
Core Office | Impact of +25bps TCR
Disclosure of fair value measurement of assets [line items]
Total	663
Core Office | Impact of +25bps DR and +25bps TCR or +25bps ICR
Disclosure of fair value measurement of assets [line items]
Total	1,079
Core Retail | Impact of +25bps DR
Disclosure of fair value measurement of assets [line items]
Total	388
Core Retail | Impact of +25bps TCR
Disclosure of fair value measurement of assets [line items]
Total	648
Core Retail | Impact of +25bps DR and +25bps TCR or +25bps ICR
Disclosure of fair value measurement of assets [line items]
Total	1,021
LP Investments - Office | Impact of +25bps DR
Disclosure of fair value measurement of assets [line items]
Total	557
LP Investments - Office | Impact of +25bps TCR
Disclosure of fair value measurement of assets [line items]
Total	1,239
LP Investments - Office | Impact of +25bps DR and +25bps TCR or +25bps ICR
Disclosure of fair value measurement of assets [line items]
Total	$ 1,982

EQUITY ACCOUNTED INVESTMENTS -

EQUITY ACCOUNTED INVESTMENTS - Details of Investments in Joint Ventures and Associates (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of information about unconsolidated subsidiaries [line items]
Investments in joint ventures accounted for using equity method, Carrying value	$ 19,554	$ 19,404
Investments in associates accounted for using equity method, Carrying value	321	539
Investments in joint ventures and associates	19,875	19,943	$ 20,807
Aggregated individually immaterial associates
Disclosure of information about unconsolidated subsidiaries [line items]
Investments in associates accounted for using equity method, Carrying value	$ 321	$ 539
Aggregated individually immaterial associates | Bottom of range
Disclosure of information about unconsolidated subsidiaries [line items]
Proportion of ownership interests in associates (as a percentage)	16%	16%
Aggregated individually immaterial associates | Top of range
Disclosure of information about unconsolidated subsidiaries [line items]
Proportion of ownership interests in associates (as a percentage)	50%	50%
Aggregated individually immaterial joint ventures | Bottom of range
Disclosure of information about unconsolidated subsidiaries [line items]
Proportion of ownership interests in joint venture (as a percentage)	15%	15%
Investments in joint ventures accounted for using equity method, Carrying value	$ 19,554	$ 19,404
Aggregated individually immaterial joint ventures | Top of range
Disclosure of information about unconsolidated subsidiaries [line items]
Proportion of ownership interests in joint venture (as a percentage)	75%	68%

EQUITY ACCOUNTED INVESTMENTS _2

EQUITY ACCOUNTED INVESTMENTS - Equity Accounted Investments, Reconciliation (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Disclosure of associates [line items]
Equity accounted investments, beginning of period	$ 19,943	$ 20,807
Additions	160	100
Disposals and return of capital distributions	(491)	(967)
Share of net earnings from equity accounted investments	(145)	826
Distributions received	(76)	(263)
Foreign currency translation	187	(578)
Reclassification (to) from assets held for sale	74	(276)
Impact of deconsolidation	0	(706)
Other comprehensive income and other	12	(61)
Equity accounted investments, end of period	19,875	19,943
Manager Reorganization
Disclosure of associates [line items]
Manager Reorganization and Acquisition of Foreign Investments	0	1,061
Foreign Investments
Disclosure of associates [line items]
Manager Reorganization and Acquisition of Foreign Investments	$ 211	$ 0

EQUITY ACCOUNTED INVESTMENTS _3

EQUITY ACCOUNTED INVESTMENTS - Schedule of Investment Properties (Details) - Investments accounted for using equity method - United States - Discounted cash flow	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Core Office
Disclosure of detailed information about investment property [line items]
Discount rate	6.70%	6.40%
Terminal capitalization rate	5%	4.90%
Investment horizon (yrs)	11 years	11 years
Core Retail
Disclosure of detailed information about investment property [line items]
Discount rate	6.60%	6.60%
Terminal capitalization rate	4.90%	4.90%
Investment horizon (yrs)	10 years	10 years
LP Investments - Office
Disclosure of detailed information about investment property [line items]
Discount rate	7.70%	7.80%
Terminal capitalization rate	5.90%	5.50%
Investment horizon (yrs)	10 years	10 years

EQUITY ACCOUNTED INVESTMENTS _4

EQUITY ACCOUNTED INVESTMENTS - Schedule of Assets and Liabilities of Joint Ventures and Associates (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of detailed information about investment property [line items]
Non-current assets	$ 122,433	$ 105,430
Total assets	129,970	112,516
Non-current liabilities	49,656	46,598
Total liabilities	82,633	70,779
Partnership’s share of net assets	19,875	19,943	$ 20,807
Joint ventures | Associates
Disclosure of detailed information about investment property [line items]
Non-current assets	74,132	76,352
Current assets	3,893	3,822
Total assets	78,025	80,174
Non-current liabilities	28,289	30,777
Current liabilities	8,498	6,888
Total liabilities	36,787	37,665
Net assets	$ 41,238	$ 42,509

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
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Disclosure of detailed information about investment property [line items]
Total revenue	$ 2,327	$ 1,743	$ 4,567	$ 3,797
Expenses	2,610	1,618	5,274	3,447
Income (loss) from equity accounted investments	(198)	419	(174)	799
Net (loss) income	(458)	520	(852)	2,212
Joint ventures | Associates
Disclosure of detailed information about investment property [line items]
Total revenue	1,281	1,230	2,640	2,409
Expenses	1,076	777	2,167	1,675
Income (loss) from equity accounted investments	(2)	8	9	33
Income before fair value gains, net	203	461	482	767
Fair value (losses) gains, net	(661)	367	(1,037)	890
Net (loss) income	$ (458)	$ 828	$ (555)	$ 1,657

PROPERTY, PLANT AND EQUIPMENT -

PROPERTY, PLANT AND EQUIPMENT - Useful Life (Details)	6 Months Ended
	Jun. 30, 2023
Building and building improvements | Bottom of range
Disclosure of detailed information about property, plant and equipment [line items]
Useful life (in years)	2 years
Building and building improvements | Top of range
Disclosure of detailed information about property, plant and equipment [line items]
Useful life (in years)	50 years
Land improvements
Disclosure of detailed information about property, plant and equipment [line items]
Useful life (in years)	15 years
Furniture, fixtures and equipment | Bottom of range
Disclosure of detailed information about property, plant and equipment [line items]
Useful life (in years)	1 year
Furniture, fixtures and equipment | Top of range
Disclosure of detailed information about property, plant and equipment [line items]
Useful life (in years)	20 years

PROPERTY, PLANT AND EQUIPMENT_2

PROPERTY, PLANT AND EQUIPMENT - Reconciliation (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Reconciliation of changes in property, plant and equipment [abstract]
Balance at the beginning of period	$ 9,401
Balance at the end of period	10,304	$ 9,401
Right-of-use assets	431	393
Cost:
Reconciliation of changes in property, plant and equipment [abstract]
Balance at the beginning of period	9,050	5,723
Additions	211	203
Disposals	(165)	(47)
Foreign currency translation	122	(363)
Impact of deconsolidation due to loss of control and other	(9)	236
Balance at the end of period	10,154	9,050
Cost: | Manager Reorganization
Reconciliation of changes in property, plant and equipment [abstract]
Manager Reorganization and Acquisition of Foreign Investments	0	3,298
Cost: | Foreign Investments
Reconciliation of changes in property, plant and equipment [abstract]
Manager Reorganization and Acquisition of Foreign Investments	945	0
Accumulated fair value changes:
Reconciliation of changes in property, plant and equipment [abstract]
Balance at the beginning of period	1,376	763
Disposals	(38)	(1)
Foreign currency translation	35	(49)
Impact of deconsolidation due to loss of control and other	(5)	29
Revaluation (losses) gains, net	0	727
Balance at the end of period	1,368	1,376
Accumulated impairment
Reconciliation of changes in property, plant and equipment [abstract]
Provision for impairment	0	(93)
Accumulated depreciation:
Reconciliation of changes in property, plant and equipment [abstract]
Balance at the beginning of period	(1,025)	(863)
Disposals	36	44
Foreign currency translation	(31)	76
Impact of deconsolidation due to loss of control and other	5	(3)
Depreciation	(203)	(279)
Balance at the end of period	$ (1,218)	$ (1,025)

GOODWILL (Details)

GOODWILL (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Goodwill	$ 1,457	$ 946
Center Parcs UK
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Goodwill	765	728
Alstria
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Goodwill	426
IFC Seoul
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Goodwill	$ 198	$ 207

INTANGIBLE ASSETS - Additional

INTANGIBLE ASSETS - Additional Information (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of detailed information about intangible assets [line items]
Intangible assets	$ 1,062	$ 966	$ 964
Trademarks | Center Parcs UK
Disclosure of detailed information about intangible assets [line items]
Intangible assets	$ 903	$ 859

INTANGIBLE ASSETS - Useful Life

INTANGIBLE ASSETS - Useful Life (Details) - Other	6 Months Ended
	Jun. 30, 2023
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)	88 years

INTANGIBLE ASSETS - Components

INTANGIBLE ASSETS - Components Of Partnership Intangible Assets (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of detailed information about intangible assets [line items]
Intangible assets	$ 1,062	$ 966	$ 964
Cost
Disclosure of detailed information about intangible assets [line items]
Intangible assets	1,132	1,017
Accumulated amortization
Disclosure of detailed information about intangible assets [line items]
Intangible assets	$ (70)	$ (51)

INTANGIBLE ASSETS - Reconciliat

INTANGIBLE ASSETS - Reconciliation (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Reconciliation of changes in intangible assets other than goodwill [abstract]
Balance, beginning of period	$ 966	$ 964
Amortization	(13)	(8)
Foreign currency translation	45	(103)
Impact of deconsolidation due to loss of control and other	(1)	0
Balance, end of period	1,062	966
Other Acquisitions
Reconciliation of changes in intangible assets other than goodwill [abstract]
Acquisitions, Manager Reorganization and Acquisition of Foreign Investments	5	5
Manager Reorganization
Reconciliation of changes in intangible assets other than goodwill [abstract]
Acquisitions, Manager Reorganization and Acquisition of Foreign Investments	0	108
Foreign Investments
Reconciliation of changes in intangible assets other than goodwill [abstract]
Acquisitions, Manager Reorganization and Acquisition of Foreign Investments	$ 60	$ 0

OTHER NON-CURRENT ASSETS (Detai

OTHER NON-CURRENT ASSETS (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Subclassifications of assets, liabilities and equities [abstract]
Securities - FVTPL	$ 2,688	$ 2,523
Derivative assets	495	170
Securities - FVTOCI	65	69
Restricted cash	556	584
Inventory	1,618	1,267
Accounts receivables - non-current	46	464
Other	167	140
Total other non-current assets	$ 5,635	$ 5,217

OTHER NON-CURRENT ASSETS - Narr

OTHER NON-CURRENT ASSETS - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Disclosure of detailed information about investment property [line items]
Securities - FVTPL	$ 2,688	$ 2,523
BSREP III
Disclosure of detailed information about investment property [line items]
Securities - FVTPL	$ 1,351	$ 1,183

ACCOUNTS RECEIVABLE AND OTHER_2

ACCOUNTS RECEIVABLE AND OTHER (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Subclassifications of assets, liabilities and equities [abstract]
Derivative assets	$ 302	$ 124
Accounts receivable - net of expected credit loss of $69 million (December 31, 2022 - $63 million)	1,447	787
Restricted cash	339	342
Prepaid expenses	272	405
Inventory	334	176
Other current assets	566	342
Total accounts receivable and other	3,260	2,176
Expected credit loss	$ 69	$ 63

HELD FOR SALE - Summary (Detail

HELD FOR SALE - Summary (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of financial assets [line items]
Investment properties	$ 83,538	$ 68,585	$ 64,613
Equity accounted investments	19,875	19,943	20,807
Property, plant and equipment	10,304	9,401
Accounts receivable and other	3,260	2,176
Total assets	129,970	112,516
Total liabilities	82,633	70,779
Assets held for sale
Disclosure of financial assets [line items]
Investment properties	1,099	300
Equity accounted investments	0	276
Property, plant and equipment	5	0
Accounts receivable and other	26	0
Total assets	1,130	576	$ 10,510
Liabilities associated with assets held for sale
Disclosure of financial assets [line items]
Total liabilities	$ 811	$ 0

HELD FOR SALE - Reconciliation

HELD FOR SALE - Reconciliation (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Disclosure of financial assets [line items]
Balance, beginning of period	$ 112,516
Balance, end of period	129,970	$ 112,516
Assets held for sale
Disclosure of financial assets [line items]
Balance, beginning of period	576	10,510
Reclassification to assets held for sale, net	877	1,208
Disposals	(326)	(11,110)
Fair value adjustments	(42)	261
Foreign currency translation	1	(290)
Acquisition of Foreign Investments	47	0
Other	(3)	(3)
Balance, end of period	$ 1,130	$ 576

HELD FOR SALE - Additional Info

HELD FOR SALE - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2023	Mar. 31, 2023
Non-current Assets Held For Sale And Discontinued Operations [Abstract]
Proceeds from sale of investment property	$ 55	$ 228

DEBT OBLIGATIONS (Details)

DEBT OBLIGATIONS (Details) € in Millions, ₩ in Millions, ₨ in Millions, ¥ in Millions, £ in Millions, kr in Millions, R$ in Millions, $ in Millions, $ in Millions, $ in Millions, $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)	Jun. 30, 2023 EUR (€)	Jun. 30, 2023 GBP (£)	Jun. 30, 2023 CAD ($)	Jun. 30, 2023 BRL (R$)	Jun. 30, 2023 INR (₨)	Jun. 30, 2023 KRW (₩)	Jun. 30, 2023 AUD ($)	Jun. 30, 2023 CNY (¥)	Jun. 30, 2023 HKD ($)	Jun. 30, 2023 SEK (kr)	Dec. 31, 2022 EUR (€)	Dec. 31, 2022 GBP (£)	Dec. 31, 2022 CAD ($)	Dec. 31, 2022 BRL (R$)	Dec. 31, 2022 INR (₨)	Dec. 31, 2022 KRW (₩)	Dec. 31, 2022 AUD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 HKD ($)	Dec. 31, 2022 SEK (kr)
Disclosure of detailed information about borrowings [line items]
Deferred financing costs	$ (348)	$ (302)
Current	25,784	19,704
Non-current	41,014	38,858
Total debt obligations	$ 67,568	58,562
Percentage of debt obligations with suspended contractual payment	3%		3%	3%	3%	3%	3%	3%	3%	3%	3%	3%
U.S. Dollars
Disclosure of detailed information about borrowings [line items]
Total debt obligations	$ 42,868	44,049
Euros
Disclosure of detailed information about borrowings [line items]
Total debt obligations	7,379	96	€ 6,764										€ 90
British Pounds
Disclosure of detailed information about borrowings [line items]
Total debt obligations	6,105	5,079		£ 4,806										£ 4,203
Canadian Dollars
Disclosure of detailed information about borrowings [line items]
Total debt obligations	3,942	4,027			$ 5,221										$ 5,455
Brazilian Reais
Disclosure of detailed information about borrowings [line items]
Total debt obligations	1,970	554				R$ 9495										R$ 2888
Indian Rupee
Disclosure of detailed information about borrowings [line items]
Total debt obligations	2,214	1,777					₨ 181,461										₨ 146,860
South Korean Won
Disclosure of detailed information about borrowings [line items]
Total debt obligations	1,731	1,808						₩ 2,280,000										₩ 2,280,000
Australian Dollars
Disclosure of detailed information about borrowings [line items]
Total debt obligations	1,151	1,300							$ 1,727										$ 1,908
Chinese Yuan
Disclosure of detailed information about borrowings [line items]
Total debt obligations	426	174								¥ 3,095										¥ 1,204
Hong Kong Dollar
Disclosure of detailed information about borrowings [line items]
Total debt obligations	93	0									$ 726										$ 0
Swedish Krona
Disclosure of detailed information about borrowings [line items]
Total debt obligations	37	0										kr 400										kr 0
Liabilities associated with assets held for sale
Disclosure of detailed information about borrowings [line items]
Total debt obligations	770	0
Unsecured Debt | Subsidiary borrowings
Disclosure of detailed information about borrowings [line items]
Total debt obligations	105	458
Secured Debt | Fixed rate
Disclosure of detailed information about borrowings [line items]
Secured debt obligation	27,707	16,155
Secured Debt | Variable rate
Disclosure of detailed information about borrowings [line items]
Secured debt obligation	29,007	29,416
Brookfield Property Partners’ credit facilities | Unsecured Debt
Disclosure of detailed information about borrowings [line items]
Total debt obligations	2,900	3,090
Brookfield Property Partners’ corporate bonds | Unsecured Debt
Disclosure of detailed information about borrowings [line items]
Total debt obligations	1,888	1,847
Brookfield Property Retail Holding LLC term debt | Unsecured Debt
Disclosure of detailed information about borrowings [line items]
Total debt obligations	1,504	1,514
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	420	320
Brookfield Property Retail Holding LLC junior subordinated notes | Unsecured Debt
Disclosure of detailed information about borrowings [line items]
Total debt obligations	192	192
Funds subscription credit facilities | Secured Debt
Disclosure of detailed information about borrowings [line items]
Secured debt obligation	$ 2,498	$ 4,177
Weighted-average rate | Unsecured Debt | Subsidiary borrowings
Disclosure of detailed information about borrowings [line items]
Weighted-average rate	6.93%	7.10%	6.93%	6.93%	6.93%	6.93%	6.93%	6.93%	6.93%	6.93%	6.93%	6.93%	7.10%	7.10%	7.10%	7.10%	7.10%	7.10%	7.10%	7.10%	7.10%	7.10%
Weighted-average rate | Secured Debt | Fixed rate
Disclosure of detailed information about borrowings [line items]
Weighted-average rate	4.19%	4.47%	4.19%	4.19%	4.19%	4.19%	4.19%	4.19%	4.19%	4.19%	4.19%	4.19%	4.47%	4.47%	4.47%	4.47%	4.47%	4.47%	4.47%	4.47%	4.47%	4.47%
Weighted-average rate | Secured Debt | Variable rate
Disclosure of detailed information about borrowings [line items]
Weighted-average rate	7.79%	6.99%	7.79%	7.79%	7.79%	7.79%	7.79%	7.79%	7.79%	7.79%	7.79%	7.79%	6.99%	6.99%	6.99%	6.99%	6.99%	6.99%	6.99%	6.99%	6.99%	6.99%
Weighted-average rate | Brookfield Property Partners’ credit facilities | Unsecured Debt
Disclosure of detailed information about borrowings [line items]
Weighted-average rate	7.09%	6.19%	7.09%	7.09%	7.09%	7.09%	7.09%	7.09%	7.09%	7.09%	7.09%	7.09%	6.19%	6.19%	6.19%	6.19%	6.19%	6.19%	6.19%	6.19%	6.19%	6.19%
Weighted-average rate | Brookfield Property Partners’ corporate bonds | Unsecured Debt
Disclosure of detailed information about borrowings [line items]
Weighted-average rate	4.67%	4.12%	4.67%	4.67%	4.67%	4.67%	4.67%	4.67%	4.67%	4.67%	4.67%	4.67%	4.12%	4.12%	4.12%	4.12%	4.12%	4.12%	4.12%	4.12%	4.12%	4.12%
Weighted-average rate | Brookfield Property Retail Holding LLC term debt | Unsecured Debt
Disclosure of detailed information about borrowings [line items]
Weighted-average rate	7.69%	6.90%	7.69%	7.69%	7.69%	7.69%	7.69%	7.69%	7.69%	7.69%	7.69%	7.69%	6.90%	6.90%	6.90%	6.90%	6.90%	6.90%	6.90%	6.90%	6.90%	6.90%
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%	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	7.94%	7.17%	7.94%	7.94%	7.94%	7.94%	7.94%	7.94%	7.94%	7.94%	7.94%	7.94%	7.17%	7.17%	7.17%	7.17%	7.17%	7.17%	7.17%	7.17%	7.17%	7.17%
Weighted-average rate | Brookfield Property Retail Holding LLC junior subordinated notes | Unsecured Debt
Disclosure of detailed information about borrowings [line items]
Weighted-average rate	6.76%	5.86%	6.76%	6.76%	6.76%	6.76%	6.76%	6.76%	6.76%	6.76%	6.76%	6.76%	5.86%	5.86%	5.86%	5.86%	5.86%	5.86%	5.86%	5.86%	5.86%	5.86%
Weighted-average rate | Funds subscription credit facilities | Secured Debt
Disclosure of detailed information about borrowings [line items]
Weighted-average rate	6.90%	6.19%	6.90%	6.90%	6.90%	6.90%	6.90%	6.90%	6.90%	6.90%	6.90%	6.90%	6.19%	6.19%	6.19%	6.19%	6.19%	6.19%	6.19%	6.19%	6.19%	6.19%

DEBT OBLIGATIONS - Reconciliati

DEBT OBLIGATIONS - Reconciliation of cash flows from financing activities from debt obligations (Details) $ in Millions	6 Months Ended
	Jun. 30, 2023 USD ($)
Borrowing [Roll Forward]
Dec. 31, 2022	$ 58,562
Debt obligation issuance, net of repayments	(2,590)
Non-cash changes in debt obligations
Debt from asset acquisitions	394
Assumed by purchaser	(88)
Amortization of deferred financing costs and (premium) discount	101
Foreign currency translation	552
Acquisition of Foreign Investments	10,674
Other	(37)
Jun. 30, 2023	$ 67,568

CAPITAL SECURITIES (Details)

CAPITAL SECURITIES (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Disclosure of classes of share capital [line items]
Total capital securities	$ 2,835	$ 2,833
Current	456	600
Non-current	$ 2,379	2,233
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	$ 580	575
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	$ 560	556
Brookfield Property Split Corp. | Series 1, Senior Preferred Shares
Disclosure of classes of share capital [line items]
Shares outstanding	785,432
Cumulative dividend rate	5.25%
Total capital securities	$ 20	21
Brookfield Property Split Corp. | Series 2, Senior Preferred Shares
Disclosure of classes of share capital [line items]
Shares outstanding	485,666
Cumulative dividend rate	5.75%
Total capital securities	$ 9	10
Brookfield Property Split Corp. | Series 3, Senior Preferred Shares
Disclosure of classes of share capital [line items]
Shares outstanding	479,173
Cumulative dividend rate	5%
Total capital securities	$ 9	12
Brookfield Property Split Corp. | Series 4, Senior Preferred Shares
Disclosure of classes of share capital [line items]
Shares outstanding	499,393
Cumulative dividend rate	5.20%
Total capital securities	$ 9	10
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
Alstria Prime Portfolio GmbH & Co. (“Alstria Office Prime”) | Preference shares
Disclosure of classes of share capital [line items]
Shares outstanding	19,472,214
Total capital securities	$ 135	0
Brookfield India Real Estate Trust (“India REIT”) | Preference shares
Disclosure of classes of share capital [line items]
Shares outstanding	155,003,656
Total capital securities	$ 458	456
Capital Securities – Fund Subsidiaries
Disclosure of classes of share capital [line items]
Total capital securities	$ 439	$ 577

CAPITAL SECURITIES - Narrative

CAPITAL SECURITIES - Narrative (Details) $ / shares in Units, $ in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2021 $ / shares	Jun. 30, 2023 USD ($) $ / shares	Jun. 30, 2023 CAD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2022 CAD ($)	Jul. 26, 2021 $ / shares
Disclosure of classes of share capital [line items]
Capital securities | $		$ 2,835		$ 2,833
Liquidation preference (in dollars per share) | $ / shares		$ 25
Redemption amount		$ 27	$ 36	33	$ 45
Capital securities | D.C. Fund
Disclosure of classes of share capital [line items]
Capital securities | $		30		32
Limited Partner Units | Brookfield Asset Management
Disclosure of classes of share capital [line items]
Units repurchased (in dollars per share) | $ / shares	$ 18.17
BPYU Preferred Equity
Disclosure of classes of share capital [line items]
Par value per share (in dollars per share) | $ / shares						$ 0.01
BPYU Preferred Equity | Brookfield Asset Management
Disclosure of classes of share capital [line items]
Units repurchased (in dollars per share) | $ / shares	$ 25
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 | $		$ 409		$ 545

CAPITAL SECURITIES - Reconcilia

CAPITAL SECURITIES - Reconciliation of cash flows from financing activities from capital securities (Details) $ in Millions	6 Months Ended
	Jun. 30, 2023 USD ($)
Non-cash changes on capital securities
Capital Securities	$ 2,833
Non-cash changes in capital securities
Capital securities redeemed	(7)
Fair value changes	(147)
Foreign currency translation and other	24
Acquisition of Foreign Investments	132
Capital Securities	$ 2,835

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, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Taxes [Abstract]
Current income tax	$ 39	$ 49	$ 60	$ 76
Deferred income tax	(120)	(2)	(200)	154
Income tax (benefit) expense	$ (81)	$ 47	$ (140)	$ 230

OTHER NON-CURRENT LIABILITIES_2

OTHER NON-CURRENT LIABILITIES (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Subclassifications of assets, liabilities and equities [abstract]
Accounts payable and accrued liabilities	$ 747		$ 747		$ 824
Lease liabilities	1,131		1,131		1,049
Derivative liabilities	517		517		371
Deferred revenue	26		26		21
Provisions	20		20		7
Loans and notes payables	2		2		171
Total other non-current liabilities	2,443		2,443		$ 2,443
Interest expense on lease liabilities	$ 20	$ 15	$ 41	$ 29

ACCOUNTS PAYABLE AND OTHER LI_3

ACCOUNTS PAYABLE AND OTHER LIABILITIES (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Subclassifications of assets, liabilities and equities [abstract]
Accounts payable and accrued liabilities	$ 3,828	$ 2,852
Loans and notes payable	669	226
Deferred revenue	561	436
Derivative liabilities	676	167
Lease liabilities	170	163
Other liabilities	22	33
Total accounts payable and other liabilities	$ 5,926	$ 3,877

EQUITY - Narrative (Details)

EQUITY - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
General partner
Disclosure of classes of share capital [line items]
Proportion of voting rights held by non-controlling interests	1%
Number of shares outstanding (in shares)	138,875	138,875
Limited Partner
Disclosure of classes of share capital [line items]
Number of shares outstanding (in shares)	321,046,797	298,985,982
FV LTIP of the Operating Partnership
Disclosure of classes of share capital [line items]
Award vesting period	5 years
Limited partners
Disclosure of classes of share capital [line items]
Proportion of voting rights held by non-controlling interests	49%
Redeemable and Exchangeable Units
Disclosure of classes of share capital [line items]
Number of shares outstanding (in shares)	567,854,792	529,473,303
Special LP Units
Disclosure of classes of share capital [line items]
Number of shares outstanding (in shares)	5,797,155	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)	831,866	1,571,709

EQUITY - Schedule of Distributi

EQUITY - Schedule of Distributions Made (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Schedule of Partnership Units [Line Items]
Distributions to Limited Partners			$ 2,831	$ 2,920
Distributions to specified holders	$ 312	$ 291	$ 605	$ 584
Distributions per unit (in dollars per share)	$ 0.35	$ 0.35	$ 0.70	$ 0.70
Limited partners
Schedule of Partnership Units [Line Items]
Distributions to Limited Partners	$ 112	$ 104	$ 217	$ 209
Non-controlling interests | REUs
Schedule of Partnership Units [Line Items]
Distributions to Limited Partners			387	374
Distributions to specified holders	199	187	384	371
Non-controlling interests | Special LP Units
Schedule of Partnership Units [Line Items]
Distributions to specified holders	1	0	3	3
Non-controlling interests | FV LTIP Units
Schedule of Partnership Units [Line Items]
Distributions to specified holders	$ 0	$ 0	$ 1	$ 1

NON-CONTROLLING INTERESTS (Deta

NON-CONTROLLING INTERESTS (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Non-Controlling Interest 1 [Abstract]
Redeemable/Exchangeable Partnership Units and Special LP Units	$ 15,099	$ 14,688
FV LTIP units	22	45
Interests of others in operating subsidiaries and properties:
Preferred shares held by Brookfield Corporation	2,581	2,490
Preferred equity of subsidiaries	2,758	2,772
Non-controlling interests in subsidiaries and properties	17,729	12,822
Total interests of others in operating subsidiaries and properties	23,068	18,084
Total non-controlling interests	$ 38,189	$ 32,817

NON-CONTROLLING INTERESTS - Sch

NON-CONTROLLING INTERESTS - Schedule of Non-Wholly Owned Subsidiaries With Material Non-Controlling Interests (Details) - Subsidiaries with material non-controlling interests - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
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	$ 3,149	$ 2,835
Corporate 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	$ 4,969	$ 5,033
U.S. Retail
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	$ 1,285	$ 1,280
U.S. Manufactured Housing
Disclosure of subsidiaries [line items]
Proportion of economic interests held by non-controlling interests	76%	76%
Non-controlling interests: Interests of others in operating subsidiaries and properties	$ 1,308	$ 1,191
U.K. Student Housing
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	$ 1,599	$ 1,594
Korea Mixed-use
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	$ 938	$ 936
U.K. Short Stay
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	$ 567	$ 756
U.S. Hospitality
Disclosure of subsidiaries [line items]
Proportion of economic interests held by non-controlling interests	77%	77%
Non-controlling interests: Interests of others in operating subsidiaries and properties	$ 670	$ 724
U.S. Logistics
Disclosure of subsidiaries [line items]
Proportion of economic interests held by non-controlling interests	77%	77%
Non-controlling interests: Interests of others in operating subsidiaries and properties	$ 883	$ 434
Other
Disclosure of subsidiaries [line items]
Non-controlling interests: Interests of others in operating subsidiaries and properties	$ 7,700	$ 3,301
Bottom of range | BPO
Disclosure of subsidiaries [line items]
Proportion of economic interests held by non-controlling interests	1%
Bottom of range | Other
Disclosure of subsidiaries [line items]
Proportion of economic interests held by non-controlling interests	33%	3,300%
Top of range | BPO
Disclosure of subsidiaries [line items]
Proportion of economic interests held by non-controlling interests	100%
Top of range | Other
Disclosure of subsidiaries [line items]
Proportion of economic interests held by non-controlling interests	9,900%	9,900%

COMMERCIAL PROPERTY REVENUE (De

COMMERCIAL PROPERTY REVENUE (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenue [abstract]
Base rent	$ 988	$ 768	$ 1,954	$ 1,580
Straight-line rent	4	5	11	7
Lease termination	11	2	21	12
Other lease income	177	152	370	322
Other revenue from tenants	236	258	546	519
Total commercial property revenue	$ 1,416	$ 1,185	$ 2,902	$ 2,440

HOSPITALITY REVENUE (Details)

HOSPITALITY REVENUE (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total hospitality revenue	$ 687	$ 400	$ 1,252	$ 713
Room, food and beverage
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total hospitality revenue	589	343	1,085	613
Gaming and other leisure activities
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total hospitality revenue	63	47	102	82
Other hospitality revenue
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total hospitality revenue	$ 35	$ 10	$ 65	$ 18

INVESTMENT AND OTHER REVENUE (D

INVESTMENT AND OTHER REVENUE (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenue [abstract]
Investment income	$ 16	$ 48	$ 91	$ 428
Fee revenue	143	62	211	136
Dividend income	20	25	28	33
Interest income and other	32	23	70	47
Other	13	0	13	0
Investment and other revenue	$ 224	$ 158	$ 413	$ 644

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, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Disclosure of detailed information about investment property [line items]
Employee compensation and benefits	$ 172	$ 90	$ 318	$ 181
Direct commercial property expense	552	452	1,140	922
Commercial Property
Disclosure of detailed information about investment property [line items]
Property maintenance	211	172	409	352
Real estate taxes	155	140	340	287
Employee compensation and benefits	37	37	93	73
Depreciation and amortization	13	6	25	15
Lease expense	5	3	9	6
Other	131	94	264	189
Direct commercial property expense	$ 552	$ 452	$ 1,140	$ 922

DIRECT HOSPITALITY EXPENSE - Co

DIRECT HOSPITALITY EXPENSE - Components of Direct Hospitality Expense (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Disclosure of detailed information about investment property [line items]
Employee compensation and benefits	$ 172	$ 90	$ 318	$ 181
Direct hospitality expense	525	277	1,033	565
Hospitality
Disclosure of detailed information about investment property [line items]
Employee compensation and benefits	150	59	285	111
Cost of food, beverage, and retail goods sold	85	61	165	115
Maintenance and utilities	38	25	81	53
Depreciation and amortization	92	62	191	135
Marketing and advertising	22	5	46	14
Other	138	65	265	137
Direct hospitality expense	$ 525	$ 277	$ 1,033	$ 565

GENERAL AND ADMINISTRATIVE EX_3

GENERAL AND ADMINISTRATIVE EXPENSE (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Disclosure Of General And Administrative Expense [Abstract]
Employee compensation and benefits	$ 172	$ 90	$ 318	$ 181
Management fees	77	72	153	142
Professional fees	40	25	78	46
Facilities and technology	12	10	26	20
Transaction costs	17	11	28	15
Other	34	26	81	62
Total general and administrative expense	$ 352	$ 234	$ 684	$ 466

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, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Disclosure of Fair Value [Line Items]
Commercial properties			$ (190)		$ (1,058)
Incentive fees	$ 0	$ (4)	(11)	$ (36)
Financial instruments and other	13	(297)	90	110
Total fair values (losses) gains, net	(58)	23	(111)	1,293
Commercial properties
Disclosure of Fair Value [Line Items]
Commercial properties	(13)	284	(130)	1,115	(1,122)
Commercial developments
Disclosure of Fair Value [Line Items]
Commercial properties	$ (58)	$ 40	$ (60)	$ 104	$ 64

OTHER COMPREHENSIVE INCOME (L_3

OTHER COMPREHENSIVE INCOME (LOSS) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Foreign currency translation
Net unrealized foreign currency translation gains (losses) in respect of foreign operations	$ 208	$ (1,001)	$ 386	$ (1,104)
Reclassification of realized foreign currency translation gains to net income on dispositions of foreign operations	0	0	0	17
(Losses) gains on hedges of net investments in foreign operations	(121)	517	(200)	572
Foreign currency translation	87	(484)	186	(515)
Cash flow hedges
(Losses) gains on derivatives designated as cash flow hedges, net of income taxes for the three and six months ended Jun. 30, 2023 of $(31) million and $(29) million (2022 – $(1) million and $(7) million)	275	(35)	231	66
Cash flow hedges	275	(35)	231	66
Equity accounted investments
Share of unrealized foreign currency translation losses in respect of foreign operations	1	(2)	1	(2)
Gains on derivatives designated as cash flow hedges	17	22	3	75
Equity accounted investments	18	20	4	73
Items that will not be reclassified to net income:
Unrealized losses on securities - FVTOCI, net of income taxes for the three and six months ended Jun. 30, 2023 of nil and nil (2022 – nil and $(3) million)	(2)	(19)	(15)	(20)
Remeasurement of defined benefit obligations	(2)	1	(2)	1
Revaluation surplus (deficit)	(2)	0	2	0
Items that will not be reclassified to net income:	(6)	(18)	(15)	(19)
Other comprehensive (loss) income	374	(517)	406	(395)
(Losses) gains on derivatives designated as cash flow hedges, income taxes	(31)	(1)	(29)	(7)
Unrealized losses on securities - FVTOCI, income taxes	0	0	0	(3)
Revaluation surplus, income taxes	$ 1	$ 0	$ (1)	$ 0

OBLIGATIONS, GUARANTEES, CONT_2

OBLIGATIONS, GUARANTEES, CONTINGENCIES AND OTHER (Details) € in Millions, $ in Millions	Jun. 30, 2023 USD ($)	Jun. 30, 2023 EUR (€)	Dec. 31, 2022 USD ($)	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 Asset Management | Brookfield Real Estate Partners Fund
Disclosure of contingent liabilities [line items]
Contributed commitments										$ 1,300
Unfulfilled commitments	$ 142
Brookfield Asset Management | Brookfield Strategic Real Estate Partners Fund
Disclosure of contingent liabilities [line items]
Contributed commitments									$ 2,300
Unfulfilled commitments	645
Brookfield Asset Management | BREF
Disclosure of contingent liabilities [line items]
Contributed commitments								$ 400
Unfulfilled commitments	159
Brookfield Asset Management | Brookfield Fairfield U.S. Multifamily Value Add Fund
Disclosure of contingent liabilities [line items]
Contributed commitments							$ 300
Unfulfilled commitments	150
Brookfield Asset Management | BSREP III
Disclosure of contingent liabilities [line items]
Contributed commitments						$ 1,000
Unfulfilled commitments	192
Brookfield Asset Management | Brookfield European Real Estate Partnership Fund
Disclosure of contingent liabilities [line items]
Contributed commitments				$ 109	€ 100
Unfulfilled commitments | €		€ 0
Brookfield Corporation | BSREP IV
Disclosure of contingent liabilities [line items]
Contributed commitments			$ 3,500
Unfulfilled commitments	$ 1,800

FINANCIAL INSTRUMENTS - Interes

FINANCIAL INSTRUMENTS - Interest Rate Hedging (Details) $ in Millions	Jun. 30, 2023 USD ($)	Dec. 31, 2022 USD ($) EUR (€)
Disclosure of detailed information about financial instruments [line items]
Fair value of financial assets	$ 9,674	$ 9,805
Fair value of financial liabilities	$ (76,842)	$ (66,006)
Cash flow hedges | Interest rate caps of US$ LIBOR debt
Disclosure of detailed information about financial instruments [line items]
Notional	1,780	2,042
Fair value of financial assets	$ 8	$ 20
Cash flow hedges | Interest rate caps of US$ LIBOR debt | Bottom of range
Disclosure of detailed information about financial instruments [line items]
Rates	2.40%	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	5.40%	5%
Cash flow hedges | Interest rate caps of US$ SOFR debt
Disclosure of detailed information about financial instruments [line items]
Notional	6,935	3,989
Fair value of financial assets	$ 107	$ 74
Cash flow hedges | Interest rate caps of US$ SOFR debt | Bottom of range
Disclosure of detailed information about financial instruments [line items]
Rates	1%	1%
Cash flow hedges | Interest rate caps of US$ SOFR debt | Top of range
Disclosure of detailed information about financial instruments [line items]
Rates	6%	6%
Cash flow hedges | Interest rate swaps of US$ SOFR debt
Disclosure of detailed information about financial instruments [line items]
Notional	10,754	2,500
Fair value of financial assets	$ 160	$ 3
Cash flow hedges | Interest rate swaps of US$ SOFR debt | Bottom of range
Disclosure of detailed information about financial instruments [line items]
Rates	3.30%
Cash flow hedges | Interest rate swaps of US$ SOFR debt | Top of range
Disclosure of detailed information about financial instruments [line items]
Rates	4.50%	3.70%
Cash flow hedges | Interest rate caps of £ SONIA debt
Disclosure of detailed information about financial instruments [line items]
Notional	1,516	1,024
Fair value of financial assets	$ 55	$ 41
Cash flow hedges | Interest rate caps of £ SONIA debt | Bottom of range
Disclosure of detailed information about financial instruments [line items]
Rates	1%	1%
Cash flow hedges | Interest rate caps of £ SONIA debt | Top of range
Disclosure of detailed information about financial instruments [line items]
Rates	7%	2.50%
Cash flow hedges | Interest rate swaps of £ SONIA debt
Disclosure of detailed information about financial instruments [line items]
Notional	913	804
Rates		2.70%
Fair value of financial assets	$ 29	$ 20
Cash flow hedges | Interest rate swaps of £ SONIA debt | Bottom of range
Disclosure of detailed information about financial instruments [line items]
Rates	2.70%
Cash flow hedges | Interest rate swaps of £ SONIA debt | Top of range
Disclosure of detailed information about financial instruments [line items]
Rates	4.30%
Cash flow hedges | Interest rate caps of € ESTR debt
Disclosure of detailed information about financial instruments [line items]
Notional	576
Fair value of financial assets	$ 16
Cash flow hedges | Interest rate caps of € ESTR debt | Bottom of range
Disclosure of detailed information about financial instruments [line items]
Rates	1.90%
Cash flow hedges | Interest rate caps of € ESTR debt | Top of range
Disclosure of detailed information about financial instruments [line items]
Rates	3.50%
Cash flow hedges | Interest rate swaps of € EURIBOR debt
Disclosure of detailed information about financial instruments [line items]
Notional	764
Fair value of financial assets	$ 37
Cash flow hedges | Interest rate swaps of € EURIBOR debt | Bottom of range
Disclosure of detailed information about financial instruments [line items]
Rates	1.80%
Cash flow hedges | Interest rate swaps of € EURIBOR debt | Top of range
Disclosure of detailed information about financial instruments [line items]
Rates	3.20%
Cash flow hedges | Interest rate caps of C$ LIBOR debt
Disclosure of detailed information about financial instruments [line items]
Notional	181	177
Rates	400%	400%
Fair value of financial assets	$ 3	$ 2
Cash flow hedges | Interest rate swaps of AUD BBSW/BBSY debt
Disclosure of detailed information about financial instruments [line items]
Notional	129	132,000,000
Fair value of financial assets	$ 0	$ 0
Cash flow hedges | Interest rate swaps of AUD BBSW/BBSY debt | Bottom of range
Disclosure of detailed information about financial instruments [line items]
Rates	5.30%	5.30%
Cash flow hedges | Interest rate swaps of AUD BBSW/BBSY debt | Top of range
Disclosure of detailed information about financial instruments [line items]
Rates	5.80%	5.80%
Cash flow hedges | Other interest rate derivatives
Disclosure of detailed information about financial instruments [line items]
Notional	21
Fair value of financial assets	$ 1
Cash flow hedges | Other interest rate derivatives | Bottom of range
Disclosure of detailed information about financial instruments [line items]
Rates	0.40%
Cash flow hedges | Other interest rate derivatives | Top of range
Disclosure of detailed information about financial instruments [line items]
Rates	6.60%
Cash flow hedges | Interest rate caps of € EURIBOR debt
Disclosure of detailed information about financial instruments [line items]
Notional		96
Fair value of financial assets		$ 0
Cash flow hedges | Interest rate caps of € EURIBOR debt | Top of range
Disclosure of detailed information about financial instruments [line items]
Rates		1.30%

FINANCIAL INSTRUMENTS - Narrati

FINANCIAL INSTRUMENTS - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Disclosure of detailed information about financial instruments [line items]
Fair value gains (losses)	$ 13	$ (297)	$ 90	$ 110
Fair value
Disclosure of detailed information about financial instruments [line items]
Securities - FVTPL	2,688		2,688		$ 2,523
Level 1 | Fair value
Disclosure of detailed information about financial instruments [line items]
Securities - FVTPL	$ 14		14		$ 10
Forward starting interest rate swap
Disclosure of detailed information about financial instruments [line items]
Fair value gains (losses)			0	0
Cash flow hedges
Disclosure of detailed information about financial instruments [line items]
Hedge ineffectiveness recorded in earnings			$ 0	$ 0

FINANCIAL INSTRUMENTS - Foreign

FINANCIAL INSTRUMENTS - Foreign Currency Hedging (Details) $ in Millions

Jun. 30, 2023 USD ($)

Jun. 30, 2023 EUR (€)

Jun. 30, 2023 GBP (£)

Jun. 30, 2023 AUD ($)

Jun. 30, 2023 CNY (¥)

Jun. 30, 2023 BRL (R$)

Jun. 30, 2023 KRW (₩)

Jun. 30, 2023 INR (₨)

Jun. 30, 2023 HKD ($)

Jun. 30, 2023 CAD ($)

Jun. 30, 2023 SEK (kr)

Dec. 31, 2022 USD ($)

Dec. 31, 2022 EUR (€)

Dec. 31, 2022 GBP (£)

Dec. 31, 2022 AUD ($)

Dec. 31, 2022 CNY (¥)

Dec. 31, 2022 BRL (R$)

Dec. 31, 2022 KRW (₩)

Dec. 31, 2022 INR (₨)

Dec. 31, 2022 CAD ($)

Disclosure of detailed information about financial instruments [line items]

Financial liabilities

$ (76,842)

$ (66,006)

Financial assets

9,674

9,805

Net investment hedges | Euros

Disclosure of detailed information about financial instruments [line items]

Notional amount | €

€ 2,085,000,000

€ 105,000,000

Financial liabilities

(278)

(7)

Net investment hedges | Australian Dollars

Disclosure of detailed information about financial instruments [line items]

Notional amount

$ 74,000,000

$ 0

Financial liabilities

(6)

(1)

Net investment hedges | Chinese Yuan

Disclosure of detailed information about financial instruments [line items]

Notional amount | ¥

¥ 2,703,000,000

Financial liabilities

(9)

Net investment hedges | Brazilian Reais

Disclosure of detailed information about financial instruments [line items]

Notional amount | R$

R$ 6513000000

R$ 908000000

Financial liabilities

(155)

(22)

Net investment hedges | South Korean Won

Disclosure of detailed information about financial instruments [line items]

Notional amount | ₩

₩ 820,473,000,000

₩ 820,473,000,000

Financial liabilities

(16)

(42)

Net investment hedges | Indian Rupee

Disclosure of detailed information about financial instruments [line items]

Notional amount | ₨

₨ 77,803,000,000

₨ 84,251,000,000

Financial liabilities

(25)

(5)

Net investment hedges | Hong Kong Dollar

Disclosure of detailed information about financial instruments [line items]

Notional amount

$ 709,000,000

Financial liabilities

0

Net investment hedges | Canadian Dollars

Disclosure of detailed information about financial instruments [line items]

Notional amount

$ 49,000,000

Financial liabilities

0

Net investment hedges | Swedish Krona

Disclosure of detailed information about financial instruments [line items]

Notional amount | kr

kr 1,352,000,000

Financial assets

2

Net investment hedges | Bottom of range | Euros

Disclosure of detailed information about financial instruments [line items]

Rates | €

0.90

0.91

Net investment hedges | Bottom of range | Australian Dollars

Disclosure of detailed information about financial instruments [line items]

Rates

0.63

1.49

Net investment hedges | Bottom of range | Chinese Yuan

Disclosure of detailed information about financial instruments [line items]

Rates | ¥

6.59

Net investment hedges | Bottom of range | Brazilian Reais

Disclosure of detailed information about financial instruments [line items]

Rates | R$

5

6.24

Net investment hedges | Bottom of range | South Korean Won

Disclosure of detailed information about financial instruments [line items]

Rates | ₩

1,214.55

1,283.6

Net investment hedges | Bottom of range | Indian Rupee

Disclosure of detailed information about financial instruments [line items]

Rates | ₨

81.40

79.40

Net investment hedges | Bottom of range | Hong Kong Dollar

Disclosure of detailed information about financial instruments [line items]

Rates

7.75

Net investment hedges | Bottom of range | Canadian Dollars

Disclosure of detailed information about financial instruments [line items]

Rates

1.28

Net investment hedges | Bottom of range | Swedish Krona

Disclosure of detailed information about financial instruments [line items]

Rates | kr

10.15

Net investment hedges | Top of range | Euros

Disclosure of detailed information about financial instruments [line items]

Rates | €

1.19

1.02

Net investment hedges | Top of range | Australian Dollars

Disclosure of detailed information about financial instruments [line items]

Rates

1.49

1.55

Net investment hedges | Top of range | Chinese Yuan

Disclosure of detailed information about financial instruments [line items]

Rates | ¥

6.99

Net investment hedges | Top of range | Brazilian Reais

Disclosure of detailed information about financial instruments [line items]

Rates | R$

7.37

7

Net investment hedges | Top of range | South Korean Won

Disclosure of detailed information about financial instruments [line items]

Rates | ₩

1,410

1,410

Net investment hedges | Top of range | Indian Rupee

Disclosure of detailed information about financial instruments [line items]

Rates | ₨

89.84

89.84

Net investment hedges | Top of range | Hong Kong Dollar

Disclosure of detailed information about financial instruments [line items]

Rates

7.84

Net investment hedges | Top of range | Canadian Dollars

Disclosure of detailed information about financial instruments [line items]

Rates

1.34

Net investment hedges | Top of range | Swedish Krona

Disclosure of detailed information about financial instruments [line items]

Rates | kr

11.01

Cross currency swaps | Canadian Dollars

Disclosure of detailed information about financial instruments [line items]

Notional amount

$ 2,500,000,000

$ 2,500,000,000

Financial liabilities

(15)

(45)

Cross currency swaps | Bottom of range | Canadian Dollars

Disclosure of detailed information about financial instruments [line items]

Rates

1.25

1.20

Cross currency swaps | Top of range | Canadian Dollars

Disclosure of detailed information about financial instruments [line items]

Rates

1.34

1.38

Hedging Instrument One | Net investment hedges | British Pounds

Disclosure of detailed information about financial instruments [line items]

Notional amount | £

£ 1,674,000,000

£ 1,319,000,000

Financial liabilities

(327)

(243)

Hedging Instrument One | Net investment hedges | Chinese Yuan

Disclosure of detailed information about financial instruments [line items]

Notional amount | ¥

¥ 2,203,000,000

Financial liabilities

0

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

Disclosure of detailed information about financial instruments [line items]

Rates | £

0.79

0.76

Hedging Instrument One | Net investment hedges | Bottom of range | Chinese Yuan

Disclosure of detailed information about financial instruments [line items]

Rates | ¥

6.58

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

Disclosure of detailed information about financial instruments [line items]

Rates | £

1.27

0.93

Hedging Instrument One | Net investment hedges | Top of range | Chinese Yuan

Disclosure of detailed information about financial instruments [line items]

Rates | ¥

6.99

Hedging Instrument Two | Net investment hedges | British Pounds

Disclosure of detailed information about financial instruments [line items]

Notional amount | £

£ 375,000,000

£ 374,000,000

Rates | £

0.86

0.86

Financial liabilities

(4)

$ (16)

Hedging Instrument Two | Net investment hedges | Chinese Yuan

Disclosure of detailed information about financial instruments [line items]

Notional amount | ¥

¥ 1,191,000,000

Financial assets

$ 1

Hedging Instrument Two | Net investment hedges | Bottom of range | Chinese Yuan

Disclosure of detailed information about financial instruments [line items]

Rates | ¥

6.54

Hedging Instrument Two | Net investment hedges | Top of range | Chinese Yuan

Disclosure of detailed information about financial instruments [line items]

Rates | ¥

6.87

FINANCIAL INSTRUMENTS - Other D

FINANCIAL INSTRUMENTS - Other Derivatives (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Disclosure of detailed information about financial instruments [line items]
Fair value of financial assets	$ 9,674	$ 9,805
Fair value of financial liabilities	(76,842)	(66,006)
Interest rate risk | Interest rate caps
Disclosure of detailed information about financial instruments [line items]
Notional	19,525	7,622
Fair value of financial assets	$ 3	$ 30
Interest rate risk | Interest rate caps | Bottom of range
Disclosure of detailed information about financial instruments [line items]
Rates	0.30%	2%
Interest rate risk | Interest rate caps | Top of range
Disclosure of detailed information about financial instruments [line items]
Rates	9.90%	6%
Interest rate risk | Interest rate swaps on forecasted fixed rate debt
Disclosure of detailed information about financial instruments [line items]
Notional	$ 75	$ 335
Rates	5.30%
Fair value of financial liabilities	$ (22)	$ (21)
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%
Interest rate risk | Interest rate swaps on forecasted fixed rate debt | Top of range
Disclosure of detailed information about financial instruments [line items]
Rates		5.30%
Interest rate risk | Interest rate swaps of US$ debt
Disclosure of detailed information about financial instruments [line items]
Notional	1,256
Fair value of financial assets	$ 37
Interest rate risk | Interest rate swaps of US$ debt | Bottom of range
Disclosure of detailed information about financial instruments [line items]
Rates	3.20%
Interest rate risk | Interest rate swaps of US$ debt | Top of range
Disclosure of detailed information about financial instruments [line items]
Rates	4.10%

FINANCIAL INSTRUMENTS - Classif

FINANCIAL INSTRUMENTS - Classification and Measurement (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Disclosure Of Financial Assets And Liabilities [Line Items]
Carrying value	$ 9,674	$ 9,805
Fair value	9,674	9,805
Financial liabilities	76,842	66,006
Financial liabilities, at fair value	76,141	65,234
Assets held for sale
Disclosure Of Financial Assets And Liabilities [Line Items]
Carrying value	770
Amortized cost | Borrowing
Disclosure Of Financial Assets And Liabilities [Line Items]
Financial liabilities	67,568	58,562
Financial liabilities, at fair value	66,867	57,790
Amortized cost | Borrowing | Assets held for sale
Disclosure Of Financial Assets And Liabilities [Line Items]
Financial liabilities	41	0
Amortized cost | Capital securities
Disclosure Of Financial Assets And Liabilities [Line Items]
Financial liabilities	2,396	2,256
Financial liabilities, at fair value	2,396	2,256
FVTPL | Capital securities - fund subsidiaries
Disclosure Of Financial Assets And Liabilities [Line Items]
Financial liabilities	439	577
Financial liabilities, at fair value	439	577
Derivatives | FVTPL | Other non-current liabilities
Disclosure Of Financial Assets And Liabilities [Line Items]
Financial liabilities	517	371
Financial liabilities, at fair value	517	371
Derivatives | FVTPL | Accounts payable and other liabilities
Disclosure Of Financial Assets And Liabilities [Line Items]
Financial liabilities	676	167
Financial liabilities, at fair value	676	167
Loan payable | FVTPL | Other non-current liabilities
Disclosure Of Financial Assets And Liabilities [Line Items]
Financial liabilities	2	171
Financial liabilities, at fair value	2	171
Accounts payable | Amortized cost | Other non-current liabilities
Disclosure Of Financial Assets And Liabilities [Line Items]
Financial liabilities	747	824
Financial liabilities, at fair value	747	824
Accounts payable | Amortized cost | Accounts payable and other liabilities
Disclosure Of Financial Assets And Liabilities [Line Items]
Financial liabilities	3,828	2,852
Financial liabilities, at fair value	3,828	2,852
Loans and notes payable | Amortized cost | Accounts payable and other liabilities
Disclosure Of Financial Assets And Liabilities [Line Items]
Financial liabilities	669	226
Financial liabilities, at fair value	669	226
Amortized cost | Loans and notes receivable
Disclosure Of Financial Assets And Liabilities [Line Items]
Carrying value	941	686
Fair value	941	686
Amortized cost | Other non-current assets | Accounts receivable
Disclosure Of Financial Assets And Liabilities [Line Items]
Carrying value	65	464
Fair value	65	464
Amortized cost | Other non-current assets | Restricted cash
Disclosure Of Financial Assets And Liabilities [Line Items]
Carrying value	556	584
Fair value	556	584
Amortized cost | Accounts receivable and other assets | Accounts receivable
Disclosure Of Financial Assets And Liabilities [Line Items]
Carrying value	1,447	787
Fair value	1,447	787
Amortized cost | Accounts receivable and other assets | Restricted cash
Disclosure Of Financial Assets And Liabilities [Line Items]
Carrying value	339	342
Fair value	339	342
Amortized cost | Cash and cash equivalents
Disclosure Of Financial Assets And Liabilities [Line Items]
Carrying value	2,768	4,020
Fair value	2,768	4,020
FVTPL | Other non-current assets | Equity investments
Disclosure Of Financial Assets And Liabilities [Line Items]
Carrying value	2,688	2,523
Fair value	2,688	2,523
FVTPL | Other non-current assets | Derivatives
Disclosure Of Financial Assets And Liabilities [Line Items]
Carrying value	495	170
Fair value	495	170
FVTPL | Accounts receivable and other assets | Derivatives
Disclosure Of Financial Assets And Liabilities [Line Items]
Carrying value	302	124
Fair value	302	124
FVTOCI | Other non-current assets | Equity investments
Disclosure Of Financial Assets And Liabilities [Line Items]
Carrying value	46	69
Fair value	46	69
FVTOCI | Accounts receivable and other assets | Equity investments
Disclosure Of Financial Assets And Liabilities [Line Items]
Carrying value	27	36
Fair value	27	36
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	$ 26	$ 0

FINANCIAL INSTRUMENTS - Fair Va

FINANCIAL INSTRUMENTS - Fair Value of Financial Instruments (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022	Dec. 31, 2021
Financial assets
Total financial assets	$ 9,674	$ 9,805
Financial liabilities
Capital securities - fund subsidiaries	2,835	2,833
Total financial liabilities	76,842	66,006
Level 3
Financial assets
Total financial assets	2,387	2,277	$ 2,277	$ 2,060
Financial liabilities
Total financial liabilities	439	577	$ 577	$ 859
Fair value
Financial assets
Securities - FVTPL	2,688	2,523
Securities - FVTOCI	93	105
Derivative assets	797	294
Total financial assets	3,578	2,922
Financial liabilities
Capital securities - fund subsidiaries	439	577
Derivative liabilities	1,193	538
Total financial liabilities	1,632	1,115
Fair value | Level 1
Financial assets
Securities - FVTPL	14	10
Securities - FVTOCI	28	36
Derivative assets	0	0
Total financial assets	42	46
Financial liabilities
Capital securities - fund subsidiaries	0	0
Derivative liabilities	0	0
Total financial liabilities	0	0
Fair value | Level 2
Financial assets
Securities - FVTPL	352	305
Securities - FVTOCI	0	0
Derivative assets	797	294
Total financial assets	1,149	599
Financial liabilities
Capital securities - fund subsidiaries	0	0
Derivative liabilities	1,193	538
Total financial liabilities	1,193	538
Fair value | Level 3
Financial assets
Securities - FVTPL	2,322	2,208
Securities - FVTOCI	65	69
Derivative assets	0	0
Total financial assets	2,387	2,277
Financial liabilities
Capital securities - fund subsidiaries	439	577
Derivative liabilities	0	0
Total financial liabilities	$ 439	$ 577

FINANCIAL INSTRUMENTS - Level 3

FINANCIAL INSTRUMENTS - Level 3 Rollforward Assets (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Financial assets
Balance, beginning of period	$ 9,805
Balance, end of period	9,674
Level 3
Financial assets
Balance, beginning of period	2,277	$ 2,060
Acquisitions	157	353
Dispositions	(18)	(222)
Fair value gains (losses), net and OCI	(51)	86
Acquisition of Foreign Investments	22	0
Other	0	0
Balance, end of period	$ 2,387	$ 2,277

FINANCIAL INSTRUMENTS - Level_2

FINANCIAL INSTRUMENTS - Level 3 Rollforward Liabilities (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Financial liabilities
Balance, beginning of period	$ 66,006
Balance, end of period	76,842
Level 3
Financial liabilities
Balance, beginning of period	577	$ 859
Acquisitions	0	0
Dispositions	17	0
Fair value gains (losses), net and OCI	(155)	(292)
Acquisition of Foreign Investments	0	0
Other	0	10
Balance, end of period	$ 439	$ 577

RELATED PARTIES - Narrative (De

RELATED PARTIES - Narrative (Details) $ in Millions			1 Months Ended				3 Months Ended			6 Months Ended
	Jan. 01, 2023 USD ($)	Dec. 09, 2022 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2023 CAD ($)	May 31, 2023 USD ($)	Feb. 28, 2023 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Dec. 31, 2014	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)
Disclosure of transactions between related parties [line items]
Management fee percent										1.05%
Preferred units redeemed		$ 1,000,000,000
Consideration paid		$ 2,475,000,000			$ 507,000,000	$ 530,000,000
Acquisition of LP interest	23%
Note receivable	$ 588,000,000
Proceeds from sales of investment property										$ 496,000,000	$ 1,054,000,000
Preferred Equity Unit Holders
Disclosure of transactions between related parties [line items]
Conversion condition, limit of market price to exchange price at maturity, percent									80%
Brookfield Corporation
Disclosure of transactions between related parties [line items]
Distribution of business percentage		25%
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							$ 50,000,000	$ 57,000,000		$ 99,000,000	$ 114,000,000
Related parties | United States
Disclosure of transactions between related parties [line items]
Proceeds from sales of investment property			$ 306,000,000
Related parties | Canada
Disclosure of transactions between related parties [line items]
Proceeds from sales of investment property			$ 306,000,000	$ 405

RELATED PARTIES - Assets_Liabil

RELATED PARTIES - Assets/Liabilities (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Disclosure of transactions between related parties [line items]
Preferred shares held by Brookfield Corporation	$ (2,581)	$ (2,490)
Related parties
Disclosure of transactions between related parties [line items]
Net (payables)/receivables within equity accounted investments	(90)	(110)
Loans and notes receivable	213	273
Property-specific debt obligations	(2,111)	(2,429)
Loans and notes payable and other liabilities	(1,080)	(721)
Preferred shares held by Brookfield Corporation	(2,581)	(2,490)
Brookfield Corporation interest in Canholdco	(1,620)	(1,759)
Brookfield Asset Management
Disclosure of transactions between related parties [line items]
Deposit payable to Brookfield Asset Management	$ (100)	$ 0

RELATED PARTIES - Income_Expens

RELATED PARTIES - Income/Expense (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Disclosure of transactions between related parties [line items]
Commercial property revenue	$ 1,416	$ 1,185	$ 2,902	$ 2,440
Interest expense on debt obligations	1,174	623	2,341	1,223
General and administrative expense	352	234	684	466
Related parties
Disclosure of transactions between related parties [line items]
Commercial property revenue	(4)	16	29	24
Management fee income	(8)	12	71	33
Interest expense on debt obligations	18	4	41	8
General and administrative expense	95	81	181	162
Construction costs	19	12	35	36
Return of capital distributions on Brookfield Corporation’s interest in Canholdco	0	0	0	118
Distributions on Brookfield Corporation’s interest in Canholdco	8	29	36	57
Capital calls funded by Brookfield Reinsurance	17	0	53	0
Incentive fees	$ 0	$ 4	$ 11	$ 36

SEGMENT INFORMATION - Financial

SEGMENT INFORMATION - Financial Information by Segment (Details) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) segment	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Disclosure of operating segments [line items]
Number of reportable segments | segment			4
Total revenue	$ 2,327	$ 1,743	$ 4,567	$ 3,797
FFO	(108)	206	(207)	404
Share of net (loss) earnings from equity accounted investments	(198)	419	(174)	799
Interest expense	(1,174)	(623)	(2,341)	(1,223)
Total assets	129,970		129,970		$ 112,516
Total liabilities	82,633		82,633		70,779
Equity accounted investments	19,875		19,875		19,943	$ 20,807
Core Office
Disclosure of operating segments [line items]
Total revenue	503	540	1,000	1,108
FFO	7	95	24	234
Share of net (loss) earnings from equity accounted investments	(249)	253	(239)	470
Interest expense	(219)	(171)	(431)	(318)
Total assets	33,203		33,203		34,039
Total liabilities	16,945		16,945		17,581
Equity accounted investments	8,335		8,335		8,547
Core Retail
Disclosure of operating segments [line items]
Total revenue	372	365	761	759
FFO	76	188	178	356
Share of net (loss) earnings from equity accounted investments	87	151	125	315
Interest expense	(201)	(151)	(394)	(295)
Total assets	30,468		30,468		30,363
Total liabilities	13,779		13,779		13,850
Equity accounted investments	9,780		9,780		9,674
LP Investments
Disclosure of operating segments [line items]
Total revenue	1,392	836	2,695	1,928
FFO	0	80	(30)	145
Share of net (loss) earnings from equity accounted investments	(36)	15	(60)	14
Interest expense	(658)	(233)	(1,320)	(471)
Total assets	65,320		65,320		47,458
Total liabilities	44,491		44,491		32,146
Equity accounted investments	1,760		1,760		1,722
Corporate
Disclosure of operating segments [line items]
Total revenue	60	2	111	2
FFO	(191)	(157)	(379)	(331)
Share of net (loss) earnings from equity accounted investments	0	0	0	0
Interest expense	(96)	$ (68)	(196)	$ (139)
Total assets	979		979		656
Total liabilities	7,418		7,418		7,202
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, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Disclosure of operating segments [line items]
Lease revenue	$ 1,180	$ 927	$ 2,356	$ 1,921
Other revenue from tenants	236	258	546	519
Hospitality revenue	687	400	1,252	713
Investment and other revenue	224	158	413	644
Total revenue	2,327	1,743	4,567	3,797
Core Office
Disclosure of operating segments [line items]
Lease revenue	337	331	665	669
Other revenue from tenants	116	132	228	266
Hospitality revenue	6	6	14	10
Investment and other revenue	44	71	93	163
Total revenue	503	540	1,000	1,108
Core Retail
Disclosure of operating segments [line items]
Lease revenue	273	263	560	547
Other revenue from tenants	65	63	134	130
Hospitality revenue	0	0	0	0
Investment and other revenue	34	39	67	82
Total revenue	372	365	761	759
LP Investments
Disclosure of operating segments [line items]
Lease revenue	570	333	1,131	705
Other revenue from tenants	87	63	184	123
Hospitality revenue	681	394	1,238	703
Investment and other revenue	54	46	142	397
Total revenue	1,392	836	2,695	1,928
Corporate
Disclosure of operating segments [line items]
Lease revenue	0	0	0	0
Other revenue from tenants	(32)	0	0	0
Hospitality revenue	0	0	0	0
Investment and other revenue	92	2	111	2
Total revenue	$ 60	$ 2	$ 111	$ 2

SEGMENT INFORMATION - Reconcili

SEGMENT INFORMATION - Reconciliation of FFO (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Operating Segments [Abstract]
FFO	$ (108)	$ 206	$ (207)	$ 404
Depreciation and amortization of real estate assets	(78)	(46)	(159)	(98)
Fair value (loss) gains, net	(58)	23	(111)	1,293
Share of equity accounted (loss) income - non-FFO	(291)	177	(423)	369
Income tax expense (benefit)	81	(47)	140	(230)
Non-controlling interests of others in operating subsidiaries and properties – non-FFO	(77)	87	(3)	(636)
Net income (loss) attributable to unitholders	(531)	400	(763)	1,102
Non-controlling interests of others in operating subsidiaries and properties	73	120	(89)	1,110
Net (loss) income	$ (458)	$ 520	$ (852)	$ 2,212