NON-RECOURSE BORROWINGS

12 Months Ended

Dec. 31, 2019

Disclosure of financial liabilities [abstract]

CORPORATE BORROWINGS



AS AT DEC. 31 (MILLIONS)	Maturity	Annual Rate		Currency	2019			2018
Term debt
Public – Canadian	Apr. 9, 2019	3.95	%	C$	$	—		$	440
Public – Canadian	Mar. 1, 2021	5.30	%	C$	269			257
Public – Canadian	Mar. 31, 2023	4.54	%	C$	463			441
Public – Canadian	Mar. 8, 2024	5.04	%	C$	385			367
Public – U.S.	Apr. 1 , 2024	4.00	%	US$	749			749
Public – U.S.	Jan. 15, 2025	4.00	%	US$	500			500
Public – Canadian	Jan. 28, 2026	4.82	%	C$	664			633
Public – U.S.	Jun. 2, 2026	4.25	%	US$	497			496
Public – Canadian	Mar. 16, 2027	3.80	%	C$	385			366
Public – U.S.	Jan. 25, 2028	3.90	%	US$	649			648
Public – U.S.	Mar. 29, 2029	4.85	%	US$	998			—
Public – U.S.	Mar. 1, 2033	7.38	%	US$	250			250
Public – Canadian	Jun. 14, 2035	5.95	%	C$	325			309
Private – Japanese	Dec. 1, 2038	1.42	%	JPY	92			91
Public – U.S.	Sep. 20, 2047	4.70	%	US$	902			903
					7,128			6,450
Deferred financing costs¹					(45		)	(41		)
Total					$	7,083		$	6,409


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

Corporate borrowings have a weighted-average interest rate of 4.6% (2018 – 4.5%) and include $2.5 billion (2018 – $2.8 billion) repayable in Canadian dollars of C$3.2 billion (2018 – C$3.8 billion) and $92 million (2018 – $91 million) repayable in Japanese Yen of ¥10 billion (2018 – ¥10 billion).

NON-RECOURSE BORROWINGS OF MANAGED ENTITIES



AS AT DEC. 31	Note	2019		2018
Subsidiary borrowings	(a)	$	8,423	$	8,600
Property-specific borrowings	(b)	127,869		103,209
Total		$	136,292	$	111,809


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
2020	$	—		$	—		$	—		$	—	$	17	$	17
2021	443			—			—			—		36		479
2022	—			308			347			—		541		1,196
2023	308			—			—			—		227		535
2024	1,294			299			1,359			—		57		3,009
Thereafter	—			1,501			768			—		949		3,218
Total Principal repayments	2,045			2,108			2,474			—		1,827		8,454
Deferred financing costs and other	(21		)	(10		)	(4		)	—		4		(31		)
Total – Dec. 31, 2019	$	2,024		$	2,098		$	2,470		$	—	$	1,831	$	8,423
Total – Dec. 31, 2018	$	2,504		$	2,328		$	1,993		$	52	$	1,723	$	8,600

The weighted-average interest rate on subsidiary borrowings as at December 31, 2019 was 4.3% (2018 – 4.5%).

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



AS AT DEC. 31 (MILLIONS)	2019		2018
Current	$	17	$	395
Non-current	8,406		8,205
Total	$	8,423	$	8,600

Subsidiary borrowings by currency include the following:



AS AT DEC. 31 (MILLIONS)	2019		Local Currency		2018		Local Currency
U.S. dollars	$	5,162	US$	5,162	$	6,846	US$	6,846
Canadian dollars	3,078		C$	3,998	1,613		C$	2,200
Brazilian reais	183		Rs	737	—		Rs	—
Australian dollars	—		A$	—	141		A$	200
Total	$	8,423			$	8,600


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
2020	$	9,871		$	1,556		$	2,740		$	1,438		$	91		$	15,696
2021	11,796			1,073			1,044			868			38			14,819
2022	7,784			1,168			1,707			1,487			19			12,165
2023	6,876			1,841			3,012			1,524			13			13,266
2024	11,181			797			3,043			2,947			136			18,104
Thereafter	20,945			9,377			9,365			15,363			—			55,050
Total Principal repayments	68,453			15,812			20,911			23,627			297			129,100
Deferred financing costs and other	(544		)	(25		)	(135		)	(522		)	(5		)	(1,231		)
Total – Dec. 31, 2019	$	67,909		$	15,787		$	20,776		$	23,105		$	292		$	127,869
Total – Dec. 31, 2018	$	63,494		$	14,233		$	14,334		$	10,820		$	328		$	103,209

The weighted-average interest rate on property-specific borrowings as at December 31, 2019 was 4.7% (2018 – 5.0%).

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



AS AT DEC. 31 (MILLIONS)	2019		2018
Current	$	15,696	$	10,764
Non-current	112,173		92,445
Total	$	127,869	$	103,209

Property-specific borrowings by currency include the following:



AS AT DEC. 31 (MILLIONS)	2019		Local Currency		2018		Local Currency
U.S. dollars	$	84,203	US$	84,203	$	72,747	US$	72,747
British pounds	9,812		£	7,401	7,200		£	5,643
Canadian dollars	7,955		C$	10,333	6,285		C$	8,573
European Union euros	6,844		€	6,103	3,264		€	2,846
Australian dollars	4,815		A$	6,861	2,968		A$	4,210
Indian rupees	4,143		Rs	295,106	2,026		Rs	140,694
Brazilian reais	3,969		R$	15,998	3,825		R$	14,820
Colombian pesos	2,029		COP$	6,671,818	1,855		COP$	6,025,270
Korean won	1,959		₩	2,264,478	1,613		₩	1,797,415
Chilean unidades de fomento	1,099		UF	29	837		UF	21
Other currencies	1,041		n/a	n/a	589		n/a	n/a
Total	$	127,869			$	103,209