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FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)
 6 Months Ended
Jun. 30, 2024
Disclosure of detailed information about financial instruments [abstract]  
Disclosure of fair value of financial instruments [text block]
The following tables list the company’s financial instruments by their carrying value and fair value as at June 30, 2024 and December 31, 2023:
20242023
AS AT JUN. 30, 2024 AND DEC. 31, 2023
(MILLIONS)
Carrying
Value		Fair
Value		Carrying
Value		Fair
Value
Financial assets
Cash and cash equivalents$11,249 $11,249 $11,222 $11,222 
Other financial assets
Government bonds1,416 1,416 1,600 1,600 
Corporate bonds4,593 4,593 2,441 2,441 
Fixed income securities and other9,788 9,788 9,198 9,198 
Common shares and warrants4,488 4,488 5,181 5,181 
Loans and notes receivable10,329 10,329 9,904 9,904 
30,614 30,614 28,324 28,324 
Accounts receivable and other19,539 19,539 19,464 19,464 
$61,402 $61,402 $59,010 $59,010 
Financial liabilities
Corporate borrowings$14,823 $13,856 $12,160 $11,350 
Non-recourse borrowings of managed entities
Property-specific borrowings211,031 210,159 205,336 205,003 
Subsidiary borrowings16,662 16,347 16,214 16,030 
227,693 226,506 221,550 221,033 
Accounts payable and other47,696 47,696 50,009 50,009 
Subsidiary equity obligations5,021 5,021 4,145 4,145 
$295,233 $293,079 $287,864 $286,537 
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:
 20242023
AS AT JUN. 30, 2024 AND DEC. 31, 2023
(MILLIONS)
Level 1
Level 2
Level 3
Level 1Level 2Level 3
Financial assets
Other financial assets
Government bonds$80 $1,336 $— $25 $1,575 $— 
Corporate bonds— 1,686 726 — 1,662 777 
Fixed income securities and other494 969 5,416 455 958 4,903 
Common shares and warrants612 1,367 2,509 857 1,309 3,015 
Loans and notes receivables— 29 16 — 46 17 
1,186 5,387 8,667 1,337 5,550 8,712 
Accounts receivable and other4 3,257 66 6 2,520 89 
$1,190 $8,644 $8,733 $1,343 $8,070 $8,801 
Financial liabilities
Accounts payable and other$5 $4,179 $3,086 $9 $5,119 $3,259 
Subsidiary equity obligations— 2 145 4 — 259 
$5 $4,181 $3,231 $13 $5,119 $3,518 
The following table presents our investment properties measured at fair value:
AS AT JUN. 30, 2024
(MILLIONS)
Core$18,620 
Transitional and development22,461 
LP Investments81,426 
Other investment properties4,728 
$127,235 
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:
 20242023
AS AT JUN. 30, 2024 AND DEC. 31, 2023
(MILLIONS)
Level 1
Level 2
Level 3
Level 1Level 2Level 3
Financial assets
Other financial assets
Government bonds$80 $1,336 $— $25 $1,575 $— 
Corporate bonds— 1,686 726 — 1,662 777 
Fixed income securities and other494 969 5,416 455 958 4,903 
Common shares and warrants612 1,367 2,509 857 1,309 3,015 
Loans and notes receivables— 29 16 — 46 17 
1,186 5,387 8,667 1,337 5,550 8,712 
Accounts receivable and other4 3,257 66 6 2,520 89 
$1,190 $8,644 $8,733 $1,343 $8,070 $8,801 
Financial liabilities
Accounts payable and other$5 $4,179 $3,086 $9 $5,119 $3,259 
Subsidiary equity obligations— 2 145 4 — 259 
$5 $4,181 $3,231 $13 $5,119 $3,518 
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, 2024
Valuation Techniques and Key Inputs
Other financial assets$5,387 Valuation models based on observable market data
Derivative assets/Derivative liabilities (accounts receivable/accounts payable)
             3,257 /
(4,179)
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
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, 2024
Valuation
Techniques		Significant
Unobservable Inputs		Relationship of Unobservable
Inputs to Fair Value
Corporate bonds$726 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 other5,416 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 warrants2,509 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)
66 /
(3,086)
  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)(145)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
Significant unobservable inputs (Level 3) are utilized when determining the fair value of investment properties. The significant Level 3 inputs include:
Valuation TechniqueSignificant Unobservable InputsRelationship of Unobservable Inputs to Fair ValueMitigating Factors
Discounted cash flow analysis1
•  Future cash flows – primarily driven by net operating income
•  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
•  Discount rate
•Increases (decreases) in discount rate decrease (increase) fair value
•Increases (decreases) in discount rates tend to be accompanied by increases (decreases) in cash flows that may offset changes in fair value from discount rates
•  Terminal capitalization rate

•Increases (decreases) in terminal capitalization rate decrease (increase) fair value
•Increases (decreases) in terminal capitalization rates tend to be accompanied by increases (decreases) in cash flows that may offset changes in fair value from terminal capitalization rates
•  Investment horizon
•Increases (decreases) in the investment horizon decrease (increase) fair value
•Increases (decreases) in the investment horizon 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
1.Certain investment properties are valued using the direct capitalization method instead of a discounted cash flow model. Under the direct capitalization method, a capitalization rate is applied to estimated current year cash flows.
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
Jun. 30, 2024
Valuation
Techniques		Significant
Unobservable Inputs		Relationship of Unobservable
Inputs to Fair Value
Corporate bonds$726 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 other5,416 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 warrants2,509 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)
66 /
(3,086)
  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)(145)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 table presents the changes in the balance of financial assets and liabilities classified as Level 3 for the periods ended June 30, 2024:
 Three Months EndedSix Months Ended
AS AT AND FOR THE PERIODS ENDED JUN. 30, 2024
(MILLIONS)
Financial
Assets		Financial
Liabilities		Financial
Assets		Financial
Liabilities
Balance, beginning of period$8,376 $3,292 $8,801 $3,518 
Fair value changes in net income74 (125)154 (399)
Fair value changes in other comprehensive income1
94 134 51 129 
Transfers in— — 6 — 
Transfers out4 4 (622)(48)
Additions, net of disposals185 (74)343 31 
Balance, end of period$8,733 $3,231 $8,733 $3,231 
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, 2024:
 Three Months EndedSix Months Ended
AS AT AND FOR THE PERIODS ENDED JUN. 30, 2024
(MILLIONS)
Financial
Assets		Financial
Liabilities		Financial
Assets		Financial
Liabilities
Balance, beginning of period$8,376 $3,292 $8,801 $3,518 
Fair value changes in net income74 (125)154 (399)
Fair value changes in other comprehensive income1
94 134 51 129 
Transfers in— — 6 — 
Transfers out4 4 (622)(48)
Additions, net of disposals185 (74)343 31 
Balance, end of period$8,733 $3,231 $8,733 $3,231 
1.Includes foreign currency translation.