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NON-RECOURSE BORROWINGS
 12 Months Ended
Dec. 31, 2024
Disclosure of financial liabilities [abstract]  
NON-RECOURSE BORROWINGS CORPORATE BORROWINGS
AS AT DEC. 31
(MILLIONS)
MaturityAnnual RateCurrency20242023
Term debt
Public – CanadianMar. 8, 20245.04 %C$$— $377 
Public – U.S.Apr. 1 , 20244.00 %US$— 200 
Public – U.S1
Jan. 15, 20254.00 %US$500 500 
Public – CanadianJan. 28, 20264.82 %C$592 645 
Public – U.S.Jun. 2, 20264.25 %US$499 499 
Public – CanadianMar. 16, 20273.80 %C$348 377 
Public – U.S.Jan. 25, 20283.90 %US$1,064 1,067 
Public – U.S.Mar. 29, 20294.85 %US$999 999 
Public – U.S.Apr. 15, 20304.35 %US$750 750 
Public – U.S.Apr. 15, 20312.72 %US$500 500 
Public – U.S.Jan. 30, 20322.34 %US$600 600 
Public – CanadianDec. 14 20325.43 %C$695 755 
Public – U.S.Mar. 1, 20337.38 %US$250 250 
Public – U.S.Jun. 14, 20336.09 %US$550 550 
Public – U.S.Jan. 5, 20346.35 %US$700 700 
Public – U.S.Jan. 15, 20355.68 %US$450 — 
Public – CanadianJun. 14, 20355.95 %C$294 319 
Private – JapaneseDec. 1, 20381.42 %JPY64 71 
Public – U.S.Sep. 20, 20474.70 %US$902 902 
Public – U.S.Apr. 15, 20503.45 %US$595 595 
Public – U.S.Mar. 30, 20513.50 %US$757 758 
Public – U.S.Feb 15, 20523.63 %US$400 400 
Public – U.S.Mar. 4, 20545.97 %US$953 — 
Public – U.S.Jan 15, 20556.30 %US$700 — 
Public – U.S.Oct. 16, 20804.63 %US$400 400 
13,562 12,214 
Commercial Paper767 31 
Deferred financing costs2
(97)(85)
Total$14,232 $12,160 
1.Corporate borrowings of $500 million due on January 15, 2025 were repaid subsequent to December 31, 2024.
2.Deferred financing costs are amortized to interest expense over the term of the borrowing using the effective interest method.

Corporate borrowings, excluding revolving facilities, have a weighted-average interest rate of 4.7% (2023 – 4.5%). A portion of corporate borrowings are denominated in foreign currencies, which include C$2.8 billion (2023 – C$3.3 billion) payable in Canadian dollars or $1.9 billion (2023 – $2.5 billion) and ¥10 billion (2023 – ¥10 billion) payable in Japanese Yen or $64 million (2023 – $71 million).
NON-RECOURSE BORROWINGS OF MANAGED ENTITIES
AS AT DEC. 31
(MILLIONS)
Note20242023
Subsidiary borrowings(a)$16,002 $16,214 
Property-specific borrowings(b)204,558 205,336 
Total$220,560 $221,550 
a)    Subsidiary Borrowings
Principal repayments on subsidiary borrowings due over the next five calendar years and thereafter are as follows:
(MILLIONS)
Real Estate
Renewable Power and Transition
Infrastructure
Private Equity
Total
2025$678 $709 $850 $13 $2,250 
2026348 — — 123 471 
2027931 348 313 — 1,592 
2028348 — 487 — 835 
20292,604 570 787 2,150 6,111 
Thereafter499 2,190 2,133 — 4,822 
Total Principal repayments5,408 3,817 4,570 2,286 16,081 
Deferred financing costs and other(26)(16)(29)(8)(79)
Total – Dec. 31, 2024
$5,382 $3,801 $4,541 $2,278 $16,002 
Total – Dec. 31, 2023
$6,882 $2,832 $4,911 $1,589 $16,214 
The weighted-average interest rate on subsidiary borrowings as at December 31, 2024 was 5.6% (2023 – 5.7%).
The current and non-current balances of subsidiary borrowings are as follows:
AS AT DEC. 31
(MILLIONS)
20242023
Current$2,250 $2,596 
Non-current13,752 13,618 
Total$16,002 $16,214 
Subsidiary borrowings by currency include the following:
AS AT DEC. 31
(MILLIONS)
2024Local Currency2023Local Currency
U.S. dollars$8,239 USD8,239 $7,915 USD7,915 
Canadian dollars
7,627 CAD10,970 8,208 CAD10,875 
Brazilian reais
136 BRL839 91 BRL443 
Total
$16,002 $16,214 
b)    Property-Specific Borrowings
Principal repayments on property-specific borrowings due over the next five calendar years and thereafter are as follows:
(MILLIONS)
Real Estate1,2,3
Renewable Power and Transition
Infrastructure
Private Equity and Other
Total
2025$32,428 $9,232 $4,189 $2,405 $48,254 
202613,045 4,936 4,827 4,524 27,332 
20278,517 2,863 4,983 5,356 21,719 
20282,908 3,007 5,077 7,442 18,434 
20298,195 3,799 6,731 11,040 29,765 
Thereafter5,472 14,666 30,634 10,831 61,603 
Total Principal repayments70,565 38,503 56,441 41,598 207,107 
Deferred financing costs and other(389)(354)(1,143)(663)(2,549)
Total – Dec. 31, 2024
$70,176 $38,149 $55,298 $40,935 $204,558 
Total – Dec. 31, 2023
$86,734 $28,635 $46,083 $43,884 $205,336 
1.Real estate property-specific borrowings maturing in 2025 of $32.4 billion include office of $6.7 billion, retail of $5.6 billion, and LP investments and other of $20.1 billion. Real estate property-specific borrowings maturing in 2026 of $13.0 billion include office of $2.8 billion, retail of $1.7 billion, and LP investments and other of $8.5 billion. The real estate property-specific borrowings included in the table above do not consider available extension options on $25.7 billion of debt.
2.Includes $45.8 billion of borrowings associated with real estate LP investments from our Asset Management segment and $24.4 million associated with core and transitional and development investments in our Real Estate segment.
3.Real estate property-specific borrowings of $70.2 billion includes $35.4 billion related to BPY investment properties, $7.9 billion for BPY hospitality assets, and $26.9 billion for real estate direct investments.
The weighted-average interest rate on property-specific borrowings as at December 31, 2024 was 6.8% (2023 – 7.1%).
The current and non-current balances of property-specific borrowings are as follows:
AS AT DEC. 31
(MILLIONS)
20241
2023
Current$48,254 $54,975 
Non-current156,304 150,361 
Total$204,558 $205,336 
1.At December 31, 2024, non-current property-specific borrowings of $156.3 billion had $20.1 billion (December 31, 2023 – $26.6 billion) of debt obligations, which were classified as non-current but are subject to covenants that are required to be complied with during the twelve months following the reporting date.
Property-specific borrowings by currency include the following:
AS AT DEC. 31
(MILLIONS)
2024Local Currency2023Local Currency
U.S. dollars$119,612 USD119,612 $112,510 USD112,510 
British pounds
12,583 GBP10,054 13,457 GBP10,571 
Indian rupees
10,911 INR934,088 9,930 INR826,265 
Canadian dollars
15,830 CAD22,767 17,124 CAD22,690 
Euros17,164 EUR16,578 22,825 EUR20,670 
Australian dollars
9,498 AUD15,350 10,051 AUD14,755 
Brazilian reais
10,634 BRL65,848 10,868 BRL52,606 
Colombian pesos
3,533 COP15,566,206 3,334 COP12,914,945 
Korean won
2,185 KRW3,230,442 2,199 KRW2,855,358 
Other currencies
2,608 Variousn/a3,038 Variousn/a
Total
$204,558 $205,336