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INVESTMENT PROPERTIES (Tables)
 6 Months Ended
Jun. 30, 2022
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 SIX MONTHS ENDED JUN. 30, 2022 (MILLIONS)
Fair value, beginning of period$100,865 
Additions5,881 
Acquisitions through business combinations6,788 
Dispositions1
(6,551)
Fair value changes 2,413 
Foreign currency translation and other(2,444)
Fair value, end of period2
$106,952 
1.Includes amounts reclassified to held for sale.
2.Includes $4.1 billion of right-of-use (“ROU”) investment properties (December 31, 2021 – $4.1 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:
 20222021
AS AT JUN. 30, 2022 AND DEC. 31, 2021 (MILLIONS)
Level 1
Level 2
Level 3
Level 1Level 2Level 3
Financial assets
Other financial assets
Government bonds$16 $1,639 $— $48 $1,972 $— 
Corporate bonds129 1,653 348 85 2,050 383 
Fixed income securities and other570 2,267 437 762 1,908 451 
Common shares and warrants1,777 2,490 1,634 4,063 548 1,316 
Loans and notes receivables6 — 5 — — 5 
2,498 8,049 2,424 4,958 6,478 2,155 
Accounts receivable and other31 2,703 28 3 2,265 77 
$2,529 $10,752 $2,452 $4,961 $8,743 $2,232 
Financial liabilities
Accounts payable and other$63 $3,367 $1,322 $29 $4,150 $1,311 
Subsidiary equity obligations— 447 1,244 — 135 1,403 
$63 $3,814 $2,566 $29 $4,285 $2,714 
The following table presents our investment properties measured at fair value:
AS AT JUN. 30, 2022 (MILLIONS)
Core$19,365 
Transitional and Development28,823 
LP Investments57,353 
Other investment properties1,411 
$106,952 
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, 2022Valuation
Techniques		Significant
Unobservable Inputs		Relationship of Unobservable
Inputs to Fair Value
Corporate bonds$348 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 other437 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 warrants1,634 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)
28 /
(1,322)
  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)(1,244)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 following table summarizes the key valuation metrics of the company’s investment properties:
AS AT JUN. 30, 2022Discount
Rate		Terminal
Capitalization
Rate		Investment
Horizon
(years)
Core5.9 %4.6 %11
Transitional and Development1
7.4 %5.9 %10
LP Investments1
9.0 %6.1 %14
Other investment properties2
7.3 %n/a n/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.