CORPORATE BORROWINGS

12 Months Ended

Dec. 31, 2020

Disclosure of financial liabilities [abstract]

CORPORATE BORROWINGS

CORPORATE BORROWINGS

AS AT DEC. 31 (MILLIONS)	Maturity	Annual Rate		Currency	2020		2019
Term debt
Public – Canadian	Mar. 1, 2021	5.30	%	C$	$	—	$	269
Public – Canadian	Mar. 31, 2023	4.54	%	C$	472		463
Public – Canadian	Mar. 8, 2024	5.04	%	C$	393		385
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$	675		664
Public – U.S.	Jun. 2, 2026	4.25	%	US$	497		497
Public – Canadian	Mar. 16, 2027	3.80	%	C$	393		385
Public – U.S.	Jan. 25, 2028	3.90	%	US$	649		649
Public – U.S.	Mar. 29, 2029	4.85	%	US$	999		998
Public – U.S.	Apr. 15, 2030	4.35	%	US$	749		—
Public – U.S.	Mar. 1, 2033	7.38	%	US$	250		250
Public – Canadian	Jun. 14, 2035	5.95	%	C$	331		325
Private – Japanese	Dec. 1, 2038	1.42	%	JPY	97		92
Public – U.S.	Sep. 20, 2047	4.70	%	US$	902		902
Public – U.S.	Apr. 15, 2050	3.45	%	US$	594		—
Public – U.S.	Mar. 30, 2051	3.50	%	US$	497		—
Public – U.S.	Oct. 16, 2080	4.63	%	US$	400		—
					9,147		7,128
Deferred financing costs1					(70)		(45)
Total					$	9,077	$	7,083

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 4.4% (2019 – 4.6%) and include $2.3 billion (2019 – $2.5 billion) repayable in Canadian dollars of C$2.9 billion (2019 – C$3.2 billion) and $97 million (2019 – $92 million) repayable in Japanese Yen of ¥10 billion (2019 – ¥10 billion).

NON-RECOURSE BORROWINGS OF MANAGED ENTITIES

AS AT DEC. 31	Note	2020		2019
Subsidiary borrowings	(a)	$	10,768	$	8,423
Property-specific borrowings	(b)	128,556		127,869
Total		$	139,324	$	136,292

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
2021	$	314	$	3	$	—	$	—	$	—	$	317
2022	—		—		—		—		38		38
2023	393		—		—		—		227		620
2024	1,974		—		1,681		310		26		3,991
2025	393		314		—		—		394		1,101
Thereafter	314		1,826		1,492		—		1,100		4,732
Total Principal repayments	3,388		2,143		3,173		310		1,785		10,799
Deferred financing costs and other	(10)		(11)		(15)		—		5		(31)
Total – Dec. 31, 2020	$	3,378	$	2,132	$	3,158	$	310	$	1,790	$	10,768
Total – Dec. 31, 2019	$	2,024	$	2,098	$	2,470	$	—	$	1,831	$	8,423

The weighted-average interest rate on subsidiary borrowings as at December 31, 2020 was 3.5% (2019 – 4.3%).

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

AS AT DEC. 31 (MILLIONS)	2020		2019
Current	$	317	$	17
Non-current	10,451		8,406
Total	$	10,768	$	8,423

Subsidiary borrowings by currency include the following:

AS AT DEC. 31 (MILLIONS)	2020		Local Currency		2019		Local Currency
U.S. dollars	$	4,376	US$	4,376	$	5,162	US$	5,162
Canadian dollars	6,254		C$	7,963	3,078		C$	3,998
Brazilian reais	138		Rs	715	183		Rs	737
Total	$	10,768			$	8,423

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
2021	$	16,583	$	1,194	$	1,595	$	1,531	$	67	$	20,970
2022	10,654		1,190		894		1,313		25		14,076
2023	7,848		2,063		2,782		2,152		70		14,915
2024	11,279		886		2,583		2,051		325		17,124
2025	8,588		1,179		3,629		4,747		5		18,148
Thereafter	12,525		9,898		9,987		12,018		—		44,428
Total Principal repayments	67,477		16,410		21,470		23,812		492		129,661
Deferred financing costs and other	(404)		(57)		(161)		(479)		(4)		(1,105)
Total – Dec. 31, 2020	$	67,073	$	16,353	$	21,309	$	23,333	$	488	$	128,556
Total – Dec. 31, 2019	$	67,909	$	15,787	$	20,776	$	23,105	$	292	$	127,869

The weighted-average interest rate on property-specific borrowings as at December 31, 2020 was 4.2% (2019 – 4.7%).

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

AS AT DEC. 31 (MILLIONS)	2020		2019
Current	$	20,970	$	15,696
Non-current	107,586		112,173
Total	$	128,556	$	127,869

Property-specific borrowings by currency include the following:

AS AT DEC. 31 (MILLIONS)	2020		Local Currency		2019		Local Currency
U.S. dollars	$	78,223	US$	78,223	$	84,203	US$	84,203
British pounds	10,341		£	7,565	9,812		£	7,401
Indian rupees	8,978		Rs	655,328	4,143		Rs	295,106
Canadian dollars	8,458		C$	10,771	7,955		C$	10,333
Euros	7,816		€	6,398	6,844		€	6,103
Australian dollars	4,799		A$	6,237	4,815		A$	6,861
Brazilian reais	3,487		R$	18,147	3,969		R$	15,998
Colombian pesos	2,141		COP$	7,332,845	2,029		COP$	6,671,818
Korean won	2,082		₩	2,268,301	1,959		₩	2,264,478
Chilean unidades de fomento	1,187		UF	29	1,099		UF	29
Other currencies	1,044		n/a	n/a	1,041		n/a	n/a
Total	$	128,556			$	127,869

Disclosure of corporate borrowings

AS AT DEC. 31 (MILLIONS)	Maturity	Annual Rate		Currency	2020		2019
Term debt
Public – Canadian	Mar. 1, 2021	5.30	%	C$	$	—	$	269
Public – Canadian	Mar. 31, 2023	4.54	%	C$	472		463
Public – Canadian	Mar. 8, 2024	5.04	%	C$	393		385
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$	675		664
Public – U.S.	Jun. 2, 2026	4.25	%	US$	497		497
Public – Canadian	Mar. 16, 2027	3.80	%	C$	393		385
Public – U.S.	Jan. 25, 2028	3.90	%	US$	649		649
Public – U.S.	Mar. 29, 2029	4.85	%	US$	999		998
Public – U.S.	Apr. 15, 2030	4.35	%	US$	749		—
Public – U.S.	Mar. 1, 2033	7.38	%	US$	250		250
Public – Canadian	Jun. 14, 2035	5.95	%	C$	331		325
Private – Japanese	Dec. 1, 2038	1.42	%	JPY	97		92
Public – U.S.	Sep. 20, 2047	4.70	%	US$	902		902
Public – U.S.	Apr. 15, 2050	3.45	%	US$	594		—
Public – U.S.	Mar. 30, 2051	3.50	%	US$	497		—
Public – U.S.	Oct. 16, 2080	4.63	%	US$	400		—
					9,147		7,128
Deferred financing costs1					(70)		(45)
Total					$	9,077	$	7,083

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

AS AT DEC. 31	Note	2020		2019
Subsidiary borrowings	(a)	$	10,768	$	8,423
Property-specific borrowings	(b)	128,556		127,869
Total		$	139,324	$	136,292

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
2021	$	314	$	3	$	—	$	—	$	—	$	317
2022	—		—		—		—		38		38
2023	393		—		—		—		227		620
2024	1,974		—		1,681		310		26		3,991
2025	393		314		—		—		394		1,101
Thereafter	314		1,826		1,492		—		1,100		4,732
Total Principal repayments	3,388		2,143		3,173		310		1,785		10,799
Deferred financing costs and other	(10)		(11)		(15)		—		5		(31)
Total – Dec. 31, 2020	$	3,378	$	2,132	$	3,158	$	310	$	1,790	$	10,768
Total – Dec. 31, 2019	$	2,024	$	2,098	$	2,470	$	—	$	1,831	$	8,423

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

AS AT DEC. 31 (MILLIONS)	2020		2019
Current	$	317	$	17
Non-current	10,451		8,406
Total	$	10,768	$	8,423

Subsidiary borrowings by currency include the following:

AS AT DEC. 31 (MILLIONS)	2020		Local Currency		2019		Local Currency
U.S. dollars	$	4,376	US$	4,376	$	5,162	US$	5,162
Canadian dollars	6,254		C$	7,963	3,078		C$	3,998
Brazilian reais	138		Rs	715	183		Rs	737
Total	$	10,768			$	8,423

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
2021	$	16,583	$	1,194	$	1,595	$	1,531	$	67	$	20,970
2022	10,654		1,190		894		1,313		25		14,076
2023	7,848		2,063		2,782		2,152		70		14,915
2024	11,279		886		2,583		2,051		325		17,124
2025	8,588		1,179		3,629		4,747		5		18,148
Thereafter	12,525		9,898		9,987		12,018		—		44,428
Total Principal repayments	67,477		16,410		21,470		23,812		492		129,661
Deferred financing costs and other	(404)		(57)		(161)		(479)		(4)		(1,105)
Total – Dec. 31, 2020	$	67,073	$	16,353	$	21,309	$	23,333	$	488	$	128,556
Total – Dec. 31, 2019	$	67,909	$	15,787	$	20,776	$	23,105	$	292	$	127,869

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

AS AT DEC. 31 (MILLIONS)	2020		2019
Current	$	20,970	$	15,696
Non-current	107,586		112,173
Total	$	128,556	$	127,869

Property-specific borrowings by currency include the following:

AS AT DEC. 31 (MILLIONS)	2020		Local Currency		2019		Local Currency
U.S. dollars	$	78,223	US$	78,223	$	84,203	US$	84,203
British pounds	10,341		£	7,565	9,812		£	7,401
Indian rupees	8,978		Rs	655,328	4,143		Rs	295,106
Canadian dollars	8,458		C$	10,771	7,955		C$	10,333
Euros	7,816		€	6,398	6,844		€	6,103
Australian dollars	4,799		A$	6,237	4,815		A$	6,861
Brazilian reais	3,487		R$	18,147	3,969		R$	15,998
Colombian pesos	2,141		COP$	7,332,845	2,029		COP$	6,671,818
Korean won	2,082		₩	2,268,301	1,959		₩	2,264,478
Chilean unidades de fomento	1,187		UF	29	1,099		UF	29
Other currencies	1,044		n/a	n/a	1,041		n/a	n/a
Total	$	128,556			$	127,869