CORPORATE BORROWINGS (Tables)

12 Months Ended

Dec. 31, 2018

Disclosure of financial liabilities [abstract]

Disclosure of corporate borrowings

AS AT DEC. 31 (MILLIONS)	Maturity	Annual Rate		Currency	2018			2017
Term debt
Public – Canadian	Apr. 9, 2019	3.95	%	C$	$	440		$	478
Public – Canadian	Mar. 1, 2021	5.30	%	C$	257			278
Public – Canadian	Mar. 31, 2023	4.54	%	C$	441			479
Public – Canadian	Mar. 8, 2024	5.04	%	C$	367			398
Public – U.S.	Apr. 1, 2024	4.00	%	US$	749			748
Public – U.S.	Jan. 15, 2025	4.00	%	US$	500			500
Public – Canadian	Jan. 28, 2026	4.82	%	C$	633			689
Public – U.S.	Jun. 2, 2026	4.25	%	US$	496			496
Public – Canadian	Mar. 16, 2027	3.80	%	C$	366			397
Public – U.S.	Jan. 25, 2028	3.90	%	US$	648			—
Public – U.S.	Mar. 1, 2033	7.38	%	US$	250			250
Public – Canadian	Jun. 14, 2035	5.95	%	C$	309			335
Private – Japanese	Dec. 1, 2038	1.42	%	JPY	91			—
Public – U.S.	Sep. 20, 2047	4.70	%	US$	903			546
					6,450			5,594
Commercial paper and bank borrowings		—	%	C$	—			103
Deferred financing costs1					(41		)	(38		)
Total					$	6,409		$	5,659

1. Deferred financing costs are amortized to interest expense over the term of the borrowing using the effective interest method.

Principal repayments on property-specific borrowings due over the next five calendar years and thereafter are as follows:

(MILLIONS)	Real Estate		Renewable Power		Infrastructure		Private Equity		Residential Development		Total
2019	$	6,108	$	1,196	$	1,544	$	1,772	$	144	$	10,764
2020	11,895		788		1,112		1,003		105		14,903
2021	13,731		603		834		792		29		15,989
2022	5,742		1,346		839		986		40		8,953
2023	6,721		2,441		3,595		807		10		13,574
Thereafter	19,297		7,859		6,410		5,460		—		39,026
Total – Dec. 31, 2018	$	63,494	$	14,233	$	14,334	$	10,820	$	328	$	103,209
Total – Dec. 31, 2017	$	37,235	$	14,230	$	9,010	$	2,898	$	348	$	63,721

NON-RECOURSE BORROWINGS OF MANAGED ENTITIES

AS AT DEC. 31	Note	2018		2017
Subsidiary borrowings	(a)	$	8,600	$	9,009
Property-specific borrowings	(b)	103,209		63,721
Total		$	111,809	$	72,730

a) Subsidiary Borrowings

Principal repayments on subsidiary borrowings due over the next five calendar years and thereafter are as follows:

(MILLIONS)	Real Estate		Renewable Power		Infrastructure		Private Equity		Residential Development		Total
2019	$	343	$	—	$	—	$	52	$	—	$	395
2020	1		330		275		—		603		1,209
2021	1,868		—		—		—		86		1,954
2022	—		293		330		—		497		1,120
2023	292		—		510		—		184		986
Thereafter	—		1,705		878		—		353		2,936
Total – Dec. 31, 2018	$	2,504	$	2,328	$	1,993	$	52	$	1,723	$	8,600
Total – Dec. 31, 2017	$	3,214	$	1,665	$	2,102	$	380	$	1,648	$	9,009

The weighted-average interest rate on subsidiary borrowings as at December 31, 2018 was 4.5% (2017 – 4.1%).

The current and non-current balances of subsidiary borrowings are as follows:

AS AT DEC. 31 (MILLIONS)	2018		2017
Current	$	395	$	1,956
Non-current	8,205		7,053
Total	$	8,600	$	9,009

Subsidiary borrowings by currency include the following:

AS AT DEC. 31 (MILLIONS)	2018		Local Currency		2017		Local Currency
U.S. dollars	$	6,846	US$	6,846	$	5,305	US$	5,305
Canadian dollars	1,613		C$	2,200	3,547		C$	4,460
Australian dollars	141		A$	200	156		A$	199
British pounds	—		£	—	1		£	1
Total	$	8,600			$	9,009

b) Property-Specific Borrowings

Principal repayments on property-specific borrowings due over the next five calendar years and thereafter are as follows:

(MILLIONS)	Real Estate		Renewable Power		Infrastructure		Private Equity		Residential Development		Total
2019	$	6,108	$	1,196	$	1,544	$	1,772	$	144	$	10,764
2020	11,895		788		1,112		1,003		105		14,903
2021	13,731		603		834		792		29		15,989
2022	5,742		1,346		839		986		40		8,953
2023	6,721		2,441		3,595		807		10		13,574
Thereafter	19,297		7,859		6,410		5,460		—		39,026
Total – Dec. 31, 2018	$	63,494	$	14,233	$	14,334	$	10,820	$	328	$	103,209
Total – Dec. 31, 2017	$	37,235	$	14,230	$	9,010	$	2,898	$	348	$	63,721

The weighted-average interest rate on property-specific borrowings as at December 31, 2018 was 5.0% (2017 – 4.9%).

The current and non-current balances of property-specific borrowings are as follows:

AS AT DEC. 31 (MILLIONS)	2018		2017
Current	$	10,764	$	8,800
Non-current	92,445		54,921
Total	$	103,209	$	63,721

Property-specific borrowings by currency include the following:

AS AT DEC. 31 (MILLIONS)	2018		Local Currency		2017		Local Currency
U.S. dollars	$	72,747	US$	72,747	$	39,164	US$	39,164
British pounds	7,200		£	5,643	6,117		£	4,525
Canadian dollars	6,285		C$	8,573	5,272		C$	6,627
Brazilian reais	3,825		R$	14,820	2,677		R$	8,856
European Union euros	3,264		€$	2,846	766		€$	638
Australian dollars	2,968		A$	4,210	3,518		A$	4,506
Indian rupees	2,026		Rs	140,694	1,346		Rs	85,720
Colombian pesos	1,855		COP$	6,025,270	1,556		COP$	4,645,648
Korean won	1,613		₩	1,797,415	1,682		₩	1,795,518
Chilean unidades de fomento	837		UF	21	976		UF	22
Other currencies	589		n/a	n/a	647		n/a	n/a
Total	$	103,209			$	63,721

The current and non-current balances of property-specific borrowings are as follows:

AS AT DEC. 31 (MILLIONS)	2018		2017
Current	$	10,764	$	8,800
Non-current	92,445		54,921
Total	$	103,209	$	63,721

The current and non-current balances of subsidiary borrowings are as follows:

AS AT DEC. 31 (MILLIONS)	2018		2017
Current	$	395	$	1,956
Non-current	8,205		7,053
Total	$	8,600	$	9,009

AS AT DEC. 31	Note	2018		2017
Subsidiary borrowings	(a)	$	8,600	$	9,009
Property-specific borrowings	(b)	103,209		63,721
Total		$	111,809	$	72,730

Subsidiary borrowings by currency include the following:

AS AT DEC. 31 (MILLIONS)	2018		Local Currency		2017		Local Currency
U.S. dollars	$	6,846	US$	6,846	$	5,305	US$	5,305
Canadian dollars	1,613		C$	2,200	3,547		C$	4,460
Australian dollars	141		A$	200	156		A$	199
British pounds	—		£	—	1		£	1
Total	$	8,600			$	9,009

Property-specific borrowings by currency include the following:

AS AT DEC. 31 (MILLIONS)	2018		Local Currency		2017		Local Currency
U.S. dollars	$	72,747	US$	72,747	$	39,164	US$	39,164
British pounds	7,200		£	5,643	6,117		£	4,525
Canadian dollars	6,285		C$	8,573	5,272		C$	6,627
Brazilian reais	3,825		R$	14,820	2,677		R$	8,856
European Union euros	3,264		€$	2,846	766		€$	638
Australian dollars	2,968		A$	4,210	3,518		A$	4,506
Indian rupees	2,026		Rs	140,694	1,346		Rs	85,720
Colombian pesos	1,855		COP$	6,025,270	1,556		COP$	4,645,648
Korean won	1,613		₩	1,797,415	1,682		₩	1,795,518
Chilean unidades de fomento	837		UF	21	976		UF	22
Other currencies	589		n/a	n/a	647		n/a	n/a
Total	$	103,209			$	63,721

Principal repayments on subsidiary borrowings due over the next five calendar years and thereafter are as follows:

(MILLIONS)	Real Estate		Renewable Power		Infrastructure		Private Equity		Residential Development		Total
2019	$	343	$	—	$	—	$	52	$	—	$	395
2020	1		330		275		—		603		1,209
2021	1,868		—		—		—		86		1,954
2022	—		293		330		—		497		1,120
2023	292		—		510		—		184		986
Thereafter	—		1,705		878		—		353		2,936
Total – Dec. 31, 2018	$	2,504	$	2,328	$	1,993	$	52	$	1,723	$	8,600
Total – Dec. 31, 2017	$	3,214	$	1,665	$	2,102	$	380	$	1,648	$	9,009