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FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)
 12 Months Ended
Dec. 31, 2022
Disclosure of detailed information about financial instruments [abstract]  
Fair value changes FAIR VALUE CHANGES
Fair value changes recorded in net income represent gains or losses arising from changes in the fair value of assets and liabilities, including derivative financial instruments, accounted for using the fair value method and are comprised of the following:
FOR THE YEARS ENDED DEC. 31 (MILLIONS) 20222021
Investment properties$629 $5,073 
Transaction related (expenses) income(533)714 
Financial contracts(163)984 
Impairment and provisions(293)(654)
Other fair value changes(617)(966)
$(977)$5,151 
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 DEC. 31 (MILLIONS)
Level 1
Level 2
Level 3
Level 1Level 2Level 3
Financial assets
Other financial assets
Government bonds$91 $1,475 $— $48 $1,972 $— 
Corporate bonds65 1,754 324 85 2,050 383 
Fixed income securities and other493 2,099 3,376 762 1,908 451 
Common shares and warrants3,975 377 2,120 4,063 548 1,316 
Loans and notes receivables22 26 5 — — 5 
4,646 5,731 5,825 4,958 6,478 2,155 
Accounts receivable and other12 3,731 6 3 2,265 77 
$4,658 $9,462 $5,831 $4,961 $8,743 $2,232 
Financial liabilities
Accounts payable and other$7 $4,469 $2,419 $29 $4,150 $1,311 
Subsidiary equity obligations— 441 673 — 135 1,403 
$7 $4,910 $3,092 $29 $4,285 $2,714 
The following table presents our investment properties measured at fair value:
AS AT DEC. 31 (MILLIONS)20222021
Core$19,267 $19,384 
Transitional and Development25,434 28,334 
LP Investments69,501 51,620 
Other investment properties898 1,527 
$115,100 $100,865 
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 Dec. 31, 2022Valuation Techniques and Key Inputs
Other financial assets$5,731 Valuation models based on observable market data
Derivative assets/Derivative liabilities (accounts receivable/accounts payable)
             3,731 / (4,469)
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
Redeemable fund units (subsidiary equity obligations)(441)Aggregated market prices of underlying investments
Disclosure of significant unobservable inputs used in fair value measurement of assets [text block]
The following table summarizes the key valuation metrics of the company’s investment properties:
20222021
AS AT DEC. 31Discount
Rate		Terminal
Capitalization
Rate		Investment
Horizon
(years)		Discount
Rate		Terminal Capitalization RateInvestment Horizon (years)
Core6.2 %4.6 %115.9 %4.6 %11
Transitional and Development1
7.6 %5.9 %107.3 %5.8 %10
LP Investments1
8.4 %5.7 %139.1 %5.9 %13
Other investment properties2
7.5 %n/an/a8.7 %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 Private Equity segments.
Disclosure of significant unobservable inputs used in fair value measurement of liabilities [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, 2022Valuation
Techniques		Significant
Unobservable Inputs		Relationship of Unobservable
Inputs to Fair Value
Corporate bonds$324 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 other3,376 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 warrants2,120 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)
6 /
(2,419)
  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)(673)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
Disclosure of financial assets
The following tables list the company’s financial instruments by their respective classification as at December 31, 2022 and 2021:
AS AT DEC. 31, 2022 (MILLIONS)Fair Value Through
Profit or Loss		Fair Value Through OCIAmortized CostTotal
Financial assets1
Cash and cash equivalents$— $— $14,396 $14,396 
Other financial assets
Government bonds— 1,566 — 1,566 
Corporate bonds426 1,717 4 2,147 
Fixed income securities and other4,170 1,798 2,794 8,762 
Common shares and warrants4,953 1,519 — 6,472 
Loans and notes receivable53 — 7,899 7,952 
9,602 6,600 10,697 26,899 
Accounts receivable and other2
3,749 — 16,131 19,880 
$13,351 $6,600 $41,224 $61,175 
Financial liabilities
Corporate borrowings$— $— $11,390 $11,390 
Non-recourse borrowings of managed entities
Property-specific borrowings— — 187,544 187,544 
Subsidiary borrowings— — 15,140 15,140 
— — 202,684 202,684 
Accounts payable and other2
6,895 41,664 48,559 
Subsidiary equity obligations1,114 — 3,074 4,188 
$8,009 $— $258,812 $266,821 
1.Financial assets include $14.0 billion of assets pledged as collateral.
2.Includes derivative instruments which are elected for hedge accounting, totaling $3.0 billion included in accounts receivable and other and $2.1 billion included in accounts payable and other, for which changes in fair value are recorded in other comprehensive income.
AS AT DEC. 31, 2021 (MILLIONS)Fair Value Through
Profit or Loss		Fair Value Through OCIAmortized CostTotal
Financial assets1
Cash and cash equivalents$— $— $12,694 $12,694 
Other financial assets
Government bonds— 2,020 — 2,020 
Corporate bonds514 2,004 3 2,521 
Fixed income securities and other1,484 1,637 120 3,241 
Common shares and warrants3,492 2,435 — 5,927 
Loans and notes receivable5 — 2,832 2,837 
5,495 8,096 2,955 16,546 
Accounts receivable and other2
2,345 — 12,973 15,318 
$7,840 $8,096 $28,622 $44,558 
Financial liabilities
Corporate borrowings$— $— $10,875 $10,875 
Non-recourse borrowings of managed entities
Property-specific borrowings— — 152,181 152,181 
Subsidiary borrowings— — 12,876 12,876 
— — 165,057 165,057 
Accounts payable and other2
5,490 — 38,014 43,504 
Subsidiary equity obligations1,538 — 2,770 4,308 
$7,028 $— $216,716 $223,744 
1.Financial assets include $10.1 billion of assets pledged as collateral.
2.Includes derivative instruments which are elected for hedge accounting, totaling $1.1 billion included in accounts receivable and other and $1.5 billion included in accounts payable and other, for which changes in fair value are recorded in other comprehensive income.
The current and non-current balances of other financial assets are as follows:
AS AT DEC. 31 (MILLIONS) 20222021
Current$7,565 $6,963 
Non-current19,334 9,583 
Total$26,899 $16,546 
Disclosure of financial liabilities
The following tables list the company’s financial instruments by their respective classification as at December 31, 2022 and 2021:
AS AT DEC. 31, 2022 (MILLIONS)Fair Value Through
Profit or Loss		Fair Value Through OCIAmortized CostTotal
Financial assets1
Cash and cash equivalents$— $— $14,396 $14,396 
Other financial assets
Government bonds— 1,566 — 1,566 
Corporate bonds426 1,717 4 2,147 
Fixed income securities and other4,170 1,798 2,794 8,762 
Common shares and warrants4,953 1,519 — 6,472 
Loans and notes receivable53 — 7,899 7,952 
9,602 6,600 10,697 26,899 
Accounts receivable and other2
3,749 — 16,131 19,880 
$13,351 $6,600 $41,224 $61,175 
Financial liabilities
Corporate borrowings$— $— $11,390 $11,390 
Non-recourse borrowings of managed entities
Property-specific borrowings— — 187,544 187,544 
Subsidiary borrowings— — 15,140 15,140 
— — 202,684 202,684 
Accounts payable and other2
6,895 41,664 48,559 
Subsidiary equity obligations1,114 — 3,074 4,188 
$8,009 $— $258,812 $266,821 
1.Financial assets include $14.0 billion of assets pledged as collateral.
2.Includes derivative instruments which are elected for hedge accounting, totaling $3.0 billion included in accounts receivable and other and $2.1 billion included in accounts payable and other, for which changes in fair value are recorded in other comprehensive income.
AS AT DEC. 31, 2021 (MILLIONS)Fair Value Through
Profit or Loss		Fair Value Through OCIAmortized CostTotal
Financial assets1
Cash and cash equivalents$— $— $12,694 $12,694 
Other financial assets
Government bonds— 2,020 — 2,020 
Corporate bonds514 2,004 3 2,521 
Fixed income securities and other1,484 1,637 120 3,241 
Common shares and warrants3,492 2,435 — 5,927 
Loans and notes receivable5 — 2,832 2,837 
5,495 8,096 2,955 16,546 
Accounts receivable and other2
2,345 — 12,973 15,318 
$7,840 $8,096 $28,622 $44,558 
Financial liabilities
Corporate borrowings$— $— $10,875 $10,875 
Non-recourse borrowings of managed entities
Property-specific borrowings— — 152,181 152,181 
Subsidiary borrowings— — 12,876 12,876 
— — 165,057 165,057 
Accounts payable and other2
5,490 — 38,014 43,504 
Subsidiary equity obligations1,538 — 2,770 4,308 
$7,028 $— $216,716 $223,744 
1.Financial assets include $10.1 billion of assets pledged as collateral.
2.Includes derivative instruments which are elected for hedge accounting, totaling $1.1 billion included in accounts receivable and other and $1.5 billion included in accounts payable and other, for which changes in fair value are recorded in other comprehensive income.
The following table presents the changes in the balance of financial assets and liabilities classified as Level 3 for the years ended December 31, 2022 and 2021:
 20222021
AS AT AND FOR THE YEARS ENDED DEC. 31 (MILLIONS) Financial
Assets		Financial
Liabilities		Financial 
Assets 		Financial 
Liabilities 
Balance, beginning of year$2,232 $2,714 $2,369 $2,104 
Fair value changes in net income95 (394)160 96 
Fair value changes in other comprehensive income1
(13)(3)(8)94 
Additions, net of disposals3,517 775 (289)420 
Balance, end of year$5,831 $3,092 $2,232 $2,714 
1.Includes foreign currency translation.
The following table categorizes financial liabilities measured at amortized cost, but for which fair values are disclosed based upon the fair value hierarchy levels:
 20222021
AS AT DEC. 31 (MILLIONS)Level 1Level 2Level 3Level 1Level 2Level 3
Corporate borrowings$9,524 $75 $— $11,906 $87 $— 
Property-specific borrowings6,742 87,764 89,748 12,163 65,234 76,620 
Subsidiary borrowings7,547 2,100 5,061 6,831 — 6,411 
Subsidiary equity obligations— 689 2,385 — 544 2,226 
Disclosure of fair value of financial instruments [text block]
The following table lists the company’s financial instruments by their respective classification as at December 31, 2022 and 2021:
20222021
AS AT DEC. 31 (MILLIONS)Carrying
Value		Fair
Value		Carrying
Value		Fair
Value
Financial assets
Cash and cash equivalents$14,396 $14,396 $12,694 $12,694 
Other financial assets
Government bonds1,566 1,566 2,020 2,020 
Corporate bonds2,147 2,147 2,521 2,521 
Fixed income securities and other8,762 8,762 3,241 3,241 
Common shares and warrants6,472 6,472 5,927 5,927 
Loans and notes receivable7,952 7,952 2,837 2,837 
26,899 26,899 16,546 16,546 
Accounts receivable and other19,880 19,880 15,318 15,318 
$61,175 $61,175 $44,558 $44,558 
Financial liabilities
Corporate borrowings$11,390 $9,599 $10,875 $11,993 
Non-recourse borrowings of managed entities
Property-specific borrowings187,544 184,254 152,181 153,844 
Subsidiary borrowings15,140 14,708 12,876 13,415 
202,684 198,962 165,057 167,259 
Accounts payable and other48,559 48,559 43,504 43,504 
Subsidiary equity obligations4,188 4,188 4,308 4,308 
$266,821 $261,308 $223,744 $227,064 
Disclosure of offsetting of financial assets and financial liabilities The agreements provide the company with the legal and enforceable right to offset these amounts and accordingly the following balances are presented net in the consolidated financial statements:
 
Accounts Receivable
and Other
Accounts Payable
and Other
AS AT DEC. 31 (MILLIONS)2022202120222021
Gross amounts of financial instruments before netting$4,638 $4,814 $4,703 $5,037 
Gross amounts of financial instruments set-off in the Consolidated Balance Sheets(889)(2,469)(861)(2,452)
Net amounts of financial instruments in the Consolidated Balance Sheets$3,749 $2,345 $3,842 $2,585