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INVESTMENT PROPERTIES (Tables)
 12 Months Ended
Dec. 31, 2021
Investment property [abstract]  
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 YEARS ENDED DEC. 31 (MILLIONS)20212020
Fair value, beginning of year$96,782 $96,686 
Additions13,558 8,180 
Acquisitions through business combinations988— 
Changes in basis of accounting599 193 
Dispositions1
(15,017)(9,284)
Fair value changes 5,073 (269)
Foreign currency translation and other(1,118)1,276 
Fair value, end of year2
$100,865 $96,782 
1.Includes amounts reclassified to held for sale.
2.As at December 31, 2021, the ending balance includes $94.9 billion (2020 – $90.4 billion) of investment properties leased to third parties and $4.1 billion of ROU investment properties (December 31, 2020 – $3.3 billion).
Disclosure of fair value measurement of assets [text block]
The following table categorizes financial assets and liabilities, which are carried at fair value, based upon the fair value hierarchy levels:
 20212020
AS AT DEC. 31 (MILLIONS)
Level 1
Level 2
Level 3
Level 1Level 2Level 3
Financial assets
Other financial assets
Government bonds$48 $1,972 $— $7 $2,644 $— 
Corporate bonds85 2,050 383 192 2,764 286 
Fixed income securities and other762 1,908 451 867 912 491 
Common shares and warrants4,063 548 1,316 4,548 577 1,389 
Loans and notes receivables— — 5 — 42 68 
4,958 6,478 2,155 5,614 6,939 2,234 
Accounts receivable and other3 2,265 77 50 1,581 135 
$4,961 $8,743 $2,232 $5,664 $8,520 $2,369 
Financial liabilities
Accounts payable and other$29 $4,150 $1,311 $75 $5,090 $724 
Subsidiary equity obligations— 135 1,403 — 77 1,380 
$29 $4,285 $2,714 $75 $5,167 $2,104 
The following table presents our investment properties measured at fair value:
AS AT DEC. 31 (MILLIONS)20212020
Core$19,384 $19,339 
Transitional and Development27,669 29,764 
LP investments51,620 45,857 
Other investment properties2,192 1,822 
$100,865 $96,782 
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 Dec. 31, 2021Valuation
Techniques		Significant
Unobservable Inputs		Relationship of Unobservable
Inputs to Fair Value
Corporate bonds$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
Fixed income securities and other451 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 warrants1,316 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
Derivative assets/Derivative liabilities (accounts receivable/payable)
77 /
(1,311)
  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
Limited-life funds (subsidiary equity obligations)(1,403)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
The significant unobservable inputs (Level 3) included in the discounted cash flow models used when determining the fair value of standing timber and agricultural assets include:
Valuation TechniquesSignificant Unobservable InputsRelationship of Unobservable Inputs to Fair ValueMitigating Factors
Discounted cash flow analysis
•Future cash flows

•Increases (decreases) in future cash flows increase (decrease) fair value

•Increases (decreases) in cash flows tend to be accompanied by increases (decreases) in discount rates that may offset changes in fair value from cash flows


•Timber / agricultural prices

•Increases (decreases) in price increase (decrease) fair value

•Increases (decreases) in price tend to be accompanied by increases (decreases) in discount rates that may offset changes in fair value from price

•Discount rate /terminal
capitalization rate

•Increases (decreases) in discount rate or terminal capitalization rate decrease (increase) fair value
•Decreases (increases) in discount rates or terminal capitalization rates tend to be accompanied by increases (decreases) in cash flows that may offset changes in fair value from rates
•Exit Date

•Increases (decreases) in exit date decrease (increase) fair value

•Increases (decreases) in the exit date tend to be the result of changing cash flow profiles that may result in higher (lower) growth in cash flows prior to stabilizing in the terminal year

The following table summarizes the key valuation metrics of the company’s investment properties:
20212020
AS AT DEC. 31Discount
Rate		Terminal
Capitalization
Rate		Investment
Horizon
(years)
Discount
Rate
Terminal Capitalization RateInvestment Horizon (years)
Core5.9 %4.6 %116.0 %4.6 %11
Transitional and Development1
7.3 %5.8 %107.2 %5.9 %10
LP investments1
9.1 %5.9 %139.4 %6.0 %14
Other investment properties2
 8.7%
n/a n/a
5.0 – 8.7%
n/an/a
1.The rates presented are for investment properties valued using the discounted cash flow method. These rates exclude multifamily, triple net lease, student housing, manufactured housing and other investment properties valued using the direct capitalization method.
2.Other investment properties include investment properties held in our Infrastructure and Residential Development segments.
The following table presents our renewable power and transition property, plant and equipment measured at fair value by geography:
AS AT DEC. 31 (MILLIONS)20212020
North America$32,629 $28,044 
Colombia8,497 8,150 
Europe3,935 4,912 
Brazil3,547 3,005 
Other1
1,709 1,095 
$50,317 $45,206 
1. Other refers primarily to China, India and Chile.
Key valuation metrics of the company’s hydroelectric, wind and solar generating facilities at the end of 2021 and 2020 are summarized below.
North AmericaBrazilColombiaEurope
AS AT DEC. 3120212020202120202021202020212020
Discount rate
Contracted
4.1 – 4.3%
4.1 – 4.5%
7.2 %7.3 %7.9 %8.1 %3.9 %
3.0 – 3.6%
Uncontracted
5.4 – 5.6%
5.6 – 6.0%
8.5 %8.6 %9.2 %9.4 %3.9 %
3.6 – 4.7%
Terminal capitalization rate1
4.8 – 5.1%
5.8 – 6.2%
n/an/a8.0 %8.9 %n/an/a
Exit date20422041204820482041204020362035
1.    Terminal capitalization rate applies only to hydroelectric assets in North America and Colombia.
Key valuation metrics of the company’s utilities, transport, midstream and sustainable resources assets at the end of 2021 and 2020 are summarized below.
UtilitiesTransportMidstreamSustainable Resources
AS AT DEC. 3120212020202120202021202020212020
Discount rates
7 – 11%
7 – 14%
7 – 14%
7 – 13%
15 %15 %n/a6 %
Terminal capitalization multiples
20x
7x – 23x
9x – 15x
9x – 14x
10x
10x
n/a
6x
Investment horizon/Exit date (years)
10 – 20
1010 10
5 – 10
5 – 10
n/a10