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INVESTMENT PROPERTIES (Tables)
 12 Months Ended
Dec. 31, 2024
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)
20242023
Fair value, beginning of year$124,152 $115,100 
Additions13,228 9,278 
Acquisitions through business combinations11 3,244 
Dispositions1
(6,538)(4,258)
BSREP IV deconsolidation2
(24,862)— 
Fair value changes 556 (105)
Foreign currency translation and other(2,882)893 
Fair value, end of year3
$103,665 $124,152 
1.Includes amounts reclassified to held for sale.
2.Following the completion of the partial sale of BSREP IV to BWS, our investment in BSREP IV was deconsolidated and recognized within equity accounted investments. BN was issued additional Class C shares in BWS as consideration for the acquisition by BWS.
3.As at December 31, 2024, the ending balance includes $96.5 billion (December 31, 2023 – $114.8 billion) of investment properties leased to third parties and $4.2 billion of ROU investment properties (December 31, 2023 – $4.8 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:
 20242023
AS AT DEC. 31
(MILLIONS)
Level 1
Level 2
Level 3
Level 1Level 2Level 3
Financial assets
Other financial assets
Government bonds$21 $1,362 $— $25 $1,575 $— 
Corporate bonds— 1,554 740 — 1,662 777 
Fixed income securities and other475 878 6,026 455 958 4,903 
Common shares and warrants661 1,319 3,764 857 1,309 3,015 
Loans and notes receivables— 31 10 — 46 17 
1,157 5,144 10,540 1,337 5,550 8,712 
Accounts receivable and other— 4,387 353 6 2,520 89 
$1,157 $9,531 $10,893 $1,343 $8,070 $8,801 
Financial liabilities
Accounts payable and other$— $2,037 $3,523 $9 $5,119 $3,259 
Subsidiary equity obligations— — 129 4 — 259 
$— $2,037 $3,652 $13 $5,119 $3,518 
The following table presents our investment properties measured at fair value:
AS AT DEC. 31
(MILLIONS)
20242023
Core$18,501 $18,970 
Transitional and development21,495 23,016 
LP Investments1
58,446 77,627 
Other investment properties5,223 4,539 
$103,665 $124,152 
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:
20242023
AS AT DEC. 31
Discount
Rate		Terminal
Capitalization
Rate		Investment
Horizon
(years)		Discount
Rate		Terminal Capitalization RateInvestment Horizon (years)
Core6.3 %4.8 %116.2 %4.8 %11
Transitional and development1
7.9 %6.3 %107.9 %6.2 %10
LP Investments1,2
9.1 %6.2 %148.6 %5.8 %13
Other investment properties3
7.9 %n/an/a7.4 %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.