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INVESTMENT PROPERTIES (Tables)
 6 Months Ended
Jun. 30, 2021
Investment property [abstract]  
Disclosure of fair value measurement of assets [text block]
The following table presents our investment properties measured at fair value:
AS AT JUN. 30, 2021 (MILLIONS)
Core office
United States$15,326 
Canada4,907 
Australia2,800 
Europe2,873 
Brazil380 
Core retail20,037 
LP investments and other
LP investments office9,095 
LP investments retail2,238 
Mixed-use3,042 
Multifamily2,018 
Triple net lease3,704 
Student housing3,225 
Manufactured housing3,453 
Directly held real estate properties25,941 
Other investment properties1,971 
$101,010 
Disclosure of significant unobservable inputs used in fair value measurement of assets [text block]
The following table summarizes the valuation techniques and significant unobservable inputs used in the fair value measurement of Level 3 financial instruments:
(MILLIONS)
Type of Asset/Liability
Carrying Value Jun. 30, 2021Valuation
Techniques		Significant
Unobservable Inputs		Relationship of Unobservable
Inputs to Fair Value
Fixed income securities and other$562 Discounted cash flows•  Future cash flows
•  Increases (decreases) in future cash flows increase (decrease) fair value
•  Discount rate
•  Increases (decreases) in discount rate decrease (increase) fair value
Corporate bonds402 Discounted cash flows•  Future cash flows
•  Increases (decreases) in future cash flows increase (decrease) fair value
•  Discount rate
•  Increases (decreases) in discount rate decrease (increase) fair value
Common shares and warrants1,184 Discounted cash flows•  Future cash flows
•  Increases (decreases) in future cash flows increase (decrease) fair value
•  Discount rate
•  Increases (decreases) in discount rate decrease (increase) fair value
Black-Scholes model•  Volatility






•  Increases (decreases) in volatility increase (decreases) fair value
•  Term to maturity
•  Increases (decreases) in term to maturity increase (decrease) fair value
Limited-life funds (subsidiary equity obligations)(1,383)Discounted cash flows•  Future cash flows•  Increases (decreases) in future cash flows increase (decrease) fair value
•  Discount rate•  Increases (decreases) in discount rate decrease (increase) fair value
•  Terminal capitalization rate•  Increases (decreases) in terminal capitalization rate decrease (increase) fair value
•  Investment horizon•  Increases (decreases) in the investment horizon decrease (increase) fair value
Derivative assets/Derivative liabilities (accounts receivable/payable)
89 /
(689)
  Discounted cash flows  •  Future cash flows
  •  Increases (decreases) in future cash flows increase (decrease) fair value
•  Discount rate•  Increases (decreases) in discount rate decrease (increase) fair value
The following table summarizes the key valuation metrics of the company’s investment properties:
AS AT JUN. 30, 2021Discount
Rate		Terminal
Capitalization
Rate		Investment
Horizon
(years)
Core office
United States6.9 %5.6 %12
Canada5.9 %5.2 %10
Australia6.6 %5.7 %10
Europe4.6 %3.8 %10
Brazil7.6 %7.0 %10
Core retail7.0 %5.3 %10
LP investments and other
LP investments office9.6 %7.1 %7
LP investments retail8.6 %7.0 %10
Mixed-use7.2 %5.1 %10
Multifamily1
4.7 %n/a n/a
Triple net lease1
6.2 %n/a n/a
Student housing1
4.9 %n/a n/a
Manufactured housing1
4.6 %n/a n/a
Directly held real estate properties2
7.9 %6.2 %9 
Other investment properties1,3
 5.0 – 8.7%
n/a n/a
1.Multifamily, triple net lease, student housing, manufactured housing and other investment properties are valued using the direct capitalization method. The rates presented as the discount rate represent the overall implied capitalization rate. The terminal capitalization rate and the investment horizon are not applicable.
2.We use either the discounted cash flow or the direct capitalization method when valuing our directly held real estate properties. The rates presented as the discount rate represent the overall implied capitalization rates for investment properties that are valued using the direct capitalization approach.
3.Other investment properties include investment properties held in our Infrastructure and Residential Development segments.
Disclosure of detailed information about investment property
The following table presents the change in the fair value of the company’s investment properties:
AS AT AND FOR THE SIX MONTHS ENDED JUN. 30, 2021 (MILLIONS)
Fair value, beginning of period$96,782 
Additions5,998 
Dispositions1
(3,049)
Fair value changes 1,707 
Foreign currency translation and other(428)
Fair value, end of period2
$101,010 
1.Includes amounts reclassified to held for sale.
2.Includes $3.7 billion of ROU investment properties (December 31, 2020 – $3.3 billion).