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FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)
 6 Months Ended
Jun. 30, 2021
Disclosure of detailed information about financial instruments [abstract]  
Disclosure of financial assets
The following table presents the changes in the balance of financial assets and liabilities classified as Level 3 for the periods ended June 30, 2021:
 Three Months EndedSix Months Ended
AS AT AND FOR THE PERIODS ENDED JUN. 30, 2021 (MILLIONS) Financial
Assets		Financial
Liabilities		Financial
Assets		Financial
Liabilities
Balance, beginning of period$2,390 $1,994 $2,369 $2,104 
Fair value changes in net income77 32 114 2 
Fair value changes in other comprehensive income1
76 46 (13)19 
Additions, net of disposals(286)— (213)(53)
Balance, end of period$2,257 $2,072 $2,257 $2,072 
1.Includes foreign currency translation.
Disclosure of financial liabilities
The following table presents the changes in the balance of financial assets and liabilities classified as Level 3 for the periods ended June 30, 2021:
 Three Months EndedSix Months Ended
AS AT AND FOR THE PERIODS ENDED JUN. 30, 2021 (MILLIONS) Financial
Assets		Financial
Liabilities		Financial
Assets		Financial
Liabilities
Balance, beginning of period$2,390 $1,994 $2,369 $2,104 
Fair value changes in net income77 32 114 2 
Fair value changes in other comprehensive income1
76 46 (13)19 
Additions, net of disposals(286)— (213)(53)
Balance, end of period$2,257 $2,072 $2,257 $2,072 
1.Includes foreign currency translation.
Disclosure of fair value of financial instruments [text block]
The following table lists the company’s financial instruments by their respective classification as at June 30, 2021 and December 31, 2020:
20212020
AS AT JUN. 30, 2021 AND DEC. 31, 2020 (MILLIONS)Carrying
Value		Fair
Value		Carrying
Value		Fair
Value
Financial assets
Cash and cash equivalents$10,459 $10,459 $9,933 $9,933 
Other financial assets
Government bonds2,308 2,308 2,651 2,651 
Corporate bonds3,179 3,179 3,599 3,599 
Fixed income securities and other2,527 2,527 2,270 2,270 
Common shares and warrants8,442 8,442 6,514 6,514 
Loans and notes receivable2,560 2,560 2,696 2,696 
19,016 19,016 17,730 17,730 
Accounts receivable and other13,793 13,793 13,672 13,672 
$43,268 $43,268 $41,335 $41,335 
Financial liabilities
Corporate borrowings$9,145 $10,180 $9,077 $10,540 
Non-recourse borrowings of managed entities
Property-specific borrowings134,215 136,488 128,556 131,099 
Subsidiary borrowings8,911 9,292 10,768 11,085 
143,126 145,780 139,324 142,184 
Accounts payable and other42,235 42,235 41,117 41,117 
Subsidiary equity obligations3,478 3,478 3,699 3,699 
$197,984 $201,673 $193,217 $197,540 
Carrying and fair values of financial assets
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 
Carrying and fair values of financial liabilities
The following table categorizes financial assets and liabilities, which are carried at fair value, based upon the fair value hierarchy levels:
 20212020
AS AT JUN. 30, 2021 AND DEC. 31, 2020 (MILLIONS)
Level 1
Level 2
Level 3
Level 1Level 2Level 3
Financial assets
Other financial assets
Government bonds$175 $2,133 $— $7 $2,644 $— 
Corporate bonds516 2,042 402 192 2,764 286 
Fixed income securities and other753 1,212 562 867 912 491 
Common shares and warrants6,516 742 1,184 4,548 577 1,389 
Loans and notes receivables— — 20 — 42 68 
Accounts receivable and other49 1,803 89 50 1,581 135 
$8,009 $7,932 $2,257 $5,664 $8,520 $2,369 
Financial liabilities
Accounts payable and other$179 $5,076 $689 $75 $5,090 $724 
Subsidiary equity obligations— 86 1,383 — 77 1,380 
$179 $5,162 $2,072 $75 $5,167 $2,104 
Description of valuation techniques used in fair value measurement, assets
The following table summarizes the valuation techniques and key inputs used in the fair value measurement of Level 2 financial instruments:
(MILLIONS)
Type of Asset/Liability
Carrying Value Jun. 30, 2021Valuation Techniques and Key Inputs
Derivative assets/Derivative liabilities (accounts receivable/accounts payable)
$ 1,803 /
(5,076)
Foreign currency forward contracts – discounted cash flow model – forward exchange rates (from observable forward exchange rates at the end of the reporting period) and discounted at credit adjusted rate
 
Interest rate contracts – discounted cash flow model – forward interest rates (from observable yield curves) and applicable credit spreads discounted at a credit adjusted rate
 
Energy derivatives – quoted market prices, or in their absence internal valuation models, corroborated with observable market data
Other financial assets6,129 Valuation models based on observable market data
Redeemable fund units (subsidiary equity obligations)(86)Aggregated market prices of underlying investments
Schedule of significant unobservable inputs used and change in balance of financial assets
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.
Schedule of significant unobservable inputs used and change in balance of financial liabilities
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