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INVESTMENTS IN SUBSIDIARIES (Tables)
 12 Months Ended
Dec. 31, 2019
Interests In Other Entities [Abstract]  
Schedule of interests in subsidiaries
The table below shows details of non-wholly owned subsidiaries of the partnership that have material non-controlling interests:
 
Jurisdiction of formation
Proportion of economic
interests held by non-
controlling interests
Non-controlling interests: Interests of others in operating subsidiaries and properties
(US$ Millions)
Dec. 31, 2019

Dec. 31, 2018

Dec. 31, 2019

Dec. 31, 2018

BPO(1)
Canada
—
%
—
%
$
4,808

$
4,757

BPR Retail Holdings LLC(2)
United States
—
%
—
%
1,787

1,773

BSREP CARS Sub-Pooling LLC(3)
United States
71
%
71
%
973

957

BSREP II PBSA Ltd.
Bermuda
75
%
75
%
791

687

BSREP II MH Holdings LLC(3)
United States
74
%
74
%
773

700

Center Parcs UK(3)
United Kingdom
73
%
73
%
675

863

BSREP II Aries Pooling LLC(3)
United States
74
%
74
%
554

603

BSREP II Retail Upper Pooling LLC(3)
United States
50
%
50
%
541

552

BSREP II Korea Office Holdings Pte. Ltd.
South Korea
78
%
78
%
484

766

BSREP India Office Holdings Pte. Ltd.
United States
67
%
67
%
403

612

BSREP UA Holdings LLC(3)
Cayman Islands
70
%
70
%
102

507

Forest City(3)(4)
United States
—
%
85
%
—

3,437

Other
Various
18% - 76%

18% - 92%

4,094

2,242

Total
 
 

 

$
15,985

$
18,456

(1) 
Includes non-controlling interests in BPO subsidiaries which vary from 1% - 100%.
(2) 
Includes non-controlling interests in BPR subsidiaries.
(3) 
Includes non-controlling interests representing interests held by other investors in Brookfield-sponsored real estate funds and holding entities through which the partnership participates in such funds. Also includes non-controlling interests in underlying operating entities owned by these funds.
(4) 
The non-controlling interests of Forest City was deconsolidated on January 31, 2019. See Note 5, Investment Properties, for further information.

Summarized financial information in respect of each of the partnership’s subsidiaries that have material non-controlling interests is set out below. The summarized financial information below represents amounts before intercompany eliminations.
 
Dec. 31, 2019
 
 

 

 

 

Equity attributable to
(US$ Millions)
Current
assets

Non-current
assets

Current
liabilities

Non-current
liabilities

Non-
controlling
interests

Owners of the
entity

BPO
$
1,705

$
43,102

$
7,133

$
17,033

$
4,979

$
15,662

BPR Retail Holdings LLC
402

32,526

1,523

15,509

1,787

14,109

BSREP CARS Sub-Pooling LLC
65

4,512

76

3,189

973

339

BSREP II PBSA Ltd.
68

2,633

73

1,566

791

271

BSREP II MH Holdings LLC
45

2,522

47

1,497

773

250

Center Parcs UK
70

4,445

242

3,343

675

255

BSREP II Aries Pooling LLC
158

1,880

487

808

554

189

BSREP II Retail Upper Pooling LLC
109

2,659

315

1,360

541

552

BSREP II Korea Office Holdings Pte. Ltd.
96

3,089

64

2,497

484

140

BSREP India Office Holdings Pte. Ltd.
35

2,252

150

1,539

403

195

BSREP UA Holdings LLC
46

349

6

243

102

44

Forest City(1)
—

—

—

—

—

—

Total
$
2,799

$
99,969

$
10,116

$
48,584

$
12,062

$
32,006

(1) 
The non-controlling interests of Forest City was deconsolidated on January 31, 2019. See Note 5, Investment Properties, for further information.

 
 
Dec. 31, 2018
 
 

 

 

 

Equity attributable to
(US$ Millions)
Current
assets

Non-current
assets

Current
liabilities

Non-current
liabilities

Non-
controlling
interests

Owners of the
entity

BPO
$
1,391

$
38,895

$
5,216

$
16,521

$
4,928

$
13,621

Forest City
1,029

11,246

602

7,741

3,437

495

BPR Retail Holdings LLC
478

29,197

507

13,241

1,773

14,154

BSREP CARS Sub-Pooling LLC
38

5,074

42

3,776

957

337

Center Parcs UK
191

4,110

242

2,869

863

327

BSREP II Korea Office Holdings Pte. Ltd.
87

2,986

56

2,030

766

221

BSREP II MH Holdings LLC
42

2,438

39

1,515

700

226

BSREP II PBSA Ltd.
72

2,196

428

918

687

235

BSREP India Office Holdings Pte. Ltd.
44

2,044

183

996

612

297

BSREP II Aries Pooling LLC
95

2,246

330

1,202

603

206

BSREP II Retail Upper Pooling LLC
88

2,956

970

976

552

546

BSREP UA Holdings LLC
51

1,583

28

880

507

219

Total
$
3,606

$
104,971

$
8,643

$
52,665

$
16,385

$
30,884


 
Year ended Dec. 31, 2019
 
 

Attributable to non-controlling interests
Attributable to owners of the partnership
(US$ Millions)
Revenue

Net
income
(loss)

Total
compre-hensive
income

Distributions

Net
income
(loss)

Total
compre-hensive
income

BPO
$
2,149

$
318

$
306

$
77

$
757

$
808

BPR Retail Holdings LLC
1,592

66

67

122

652

657

BSREP CARS Sub-Pooling LLC
317

67

62

48

23

21

BSREP II PBSA Ltd.
148

144

173

85

49

59

BSREP II MH Holdings LLC
239

62

62

—

20

20

Center Parcs UK
658

47

139

320

17

51

BSREP II Aries Pooling LLC
256

75

74

33

26

26

BSREP II Retail Upper Pooling LLC
298

(121
)
(121
)
2

(116
)
(116
)
BSREP II Korea Office Holdings Pte. Ltd.
219

52

26

131

15

7

BSREP India Office Holdings Pte. Ltd.
187

144

129

181

70

62

BSREP UA Holdings LLC
115

(96
)
(96
)
222

(43
)
(43
)
Forest City(1)
—

—

—

—

—

—

Total
$
6,178

$
758

$
821

$
1,221

$
1,470

$
1,552

(1) 
The non-controlling interests of Forest City was deconsolidated on January 31, 2019. See Note 5, Investment Properties, for further information.


 
Year ended Dec. 31, 2018
 
 

Attributable to non-controlling interests
Attributable to owners of the partnership
(US$ Millions)
Revenue

Net
income
(loss)

Total
compre-hensive
income

Distributions

Net
income
(loss)

Total
compre-hensive
income

BPO
$
2,159

$
245

$
240

$
35

$
147

$
194

Forest City
65

(153
)
(153
)
21

(27
)
(27
)
BPR Retail Holdings LLC
584

34

34

(1
)
457

447

BSREP CARS Sub-Pooling LLC
311

105

99

54

37

34

Center Parcs UK
644

87

50

55

33

19

BSREP II Korea Office Holdings Pte. Ltd.
211

96

69

8

28

20

BSREP II MH Holdings LLC
248

132

132

8

42

42

BSREP II PBSA Ltd.
131

68

20

—

23

7

BSREP India Office Holdings Pte. Ltd.
176

245

209

11

119

102

BSREP II Aries Pooling LLC
190

51

52

69

18

18

BSREP II Retail Upper Pooling LLC
302

(190
)
(191
)
1

(189
)
(190
)
BSREP UA Holdings LLC
128

20

20

—

9

9

Total
$
5,149

$
740

$
581

$
261

$
697

$
675

 
 
Year ended Dec. 31, 2017
 
 

Attributable to non-controlling interests
Attributable to owners of the partnership
(US$ Millions)
Revenue

Net
income
(loss)

Total
compre-hensive
income

Distributions

Net
income
(loss)

Total
compre-hensive
income

BPO
$
2,224

$
120

$
139

$
9

$
(718
)
$
(672
)
BSREP CARS Sub-Pooling LLC
311

87

85

377

30

29

Center Parcs UK
587

13

94

210

5

36

BSREP Industrial Pooling Subsidiary L.P.(1)
143

175

175

163

65

65

BSREP II Korea Office Holdings Pte. Ltd.
194

144

230

119

41

66

BSREP II Aries Pooling LLC
285

53

54

59

18

18

BSREP II Retail Upper Pooling LLC
306

50

50

1

42

42

BSREP II MH Holdings LLC
194

133

133

16

44

44

Brookfield Strategic Real Estate Partners II Storage REIT LLC(2)
168

82

82

8

27

27

BSREP II PBSA Ltd.
74

109

131

—

37

44

BSREP UA Holdings LLC
124

117

117

99

50

50

BREF ONE, LLC(2)
717

(33
)
(8
)
—

(17
)
(5
)
BSREP II Brazil Pooling LLC(2)
70

63

55

17

30

26

BSREP India Office Holdings Pte. Ltd.
156

130

154

47

63

75

BSREP Europe Holdings L.P.(2)
96

782

896

1,289

359

419

Total
$
5,649

$
2,025

$
2,387

$
2,414

$
76

$
264

(1) 
In the fourth quarter of 2018, the partnership sold its U.S. logistics portfolio held through a Brookfield-sponsored real estate fund.
(2) 
In the current year ended December 31, 2019, these entities are presented within Other non-controlling interest as the non-controlling interests are not material.
The following table presents the partnership’s material subsidiaries as of December 31, 2019 and 2018:
 
 
Jurisdiction of formation
Economic interest
Voting interest
 
Dec. 31, 2019

Dec. 31, 2018

Dec. 31, 2019

Dec. 31, 2018

Subsidiary of the partnership
 
 

 

 

 

Brookfield Property L.P.(1)
Bermuda
50
%
49
%
100
%
100
%
Holding entities of the operating partnership
 
 
 
 
 
BPY Bermuda IV Holdings L.P.
Delaware
100
%
100
%
100
%
100
%
Brookfield BPY Retail Holdings II Inc.
Ontario
100
%
100
%
100
%
100
%
BPY Bermuda Holdings Limited
Bermuda
100
%
100
%
100
%
100
%
BPY Bermuda Holdings II Limited
Bermuda
100
%
100
%
100
%
100
%
Brookfield BPY Holdings Inc.
Ontario
100
%
100
%
100
%
100
%
BPY Bermuda Holdings IV Limited
Bermuda
100
%
100
%
100
%
100
%
BPY Bermuda Holdings IA Limited
Bermuda
100
%
100
%
100
%
100
%
BPY Bermuda Holdings V Limited
Bermuda
100
%
100
%
100
%
100
%
BPY Bermuda Holdings VI Limited
Bermuda
100
%
100
%
100
%
100
%
BPY Bermuda Holdings VII Limited
Bermuda
100
%
—
%
100
%
—
%
Real estate subsidiaries of the holding entities
 
 

 

 

 

Brookfield Office Properties Inc. (“BPO”)
Canada
100
%
100
%
100
%
100
%
Brookfield BPY Holdings (Australia) ULC(2)
Canada
100
%
100
%
—
%
—
%
Forest City(4)
United States
—
%
15
%
—
%
—
%
BPR Retail Holdings LLC(5)
United States
100
%
100
%
95
%
91
%
BSREP CARS Sub-Pooling LLC(3)
United States
29
%
29
%
—
%
—
%
Center Parcs UK(3)
United Kingdom
27
%
27
%
—
%
—
%
BSREP II Aries Pooling LLC(3)
United States
26
%
26
%
—
%
—
%
BSREP UA Holdings LLC(3)
Cayman Islands
30
%
30
%
—
%
—
%
BSREP India Office Holdings Pte. Ltd.(3)
United States
33
%
33
%
—
%
—
%
BSREP II Retail Upper Pooling LLC(3)
United States
50
%
50
%
33
%
33
%
BSREP II Korea Office Holdings Pte. Ltd.(3)
South Korea
22
%
22
%
—
%
—
%
BSREP II PBSA Ltd.(3)
Bermuda
25
%
25
%
—
%
—
%
BSREP II MH Holdings LLC(3)
United States
26
%
26
%
—
%
—
%
(1) 
BPY holds all managing general partner units of the operating partnership and therefore has the power to direct the relevant activities and affairs of the operating partnership. The managing general partner units represent 50% and 49% of the total number of the operating partnership’s units at December 31, 2019 and 2018, respectively.
(2) 
This entity holds certain Australian properties not held through BPO.
(3) 
The partnership holds its economic interest in these assets primarily through limited partnership interests in Brookfield-sponsored real estate funds. By their nature, limited partnership interests do not have any voting rights. The partnership has entered into voting agreements to provide the partnership with the ability to contractually direct the relevant activities of the investees.
(4) 
Included non-controlling interests in recently acquired Forest City portfolio in 2018.The partnership deconsolidated Forest City on January 31, 2019. See Note 5, Investment Properties for further information.
(5) 
The partnership obtained control of GGP during the third quarter of 2018 following the acquisition of the common shares not previously held by the partnership. Please see Note 4, Acquisition of GGP Inc., for further information. The partnership controls BPR as it held 95% of the voting stock of BPR through its 100% ownership of the BPR Class B and Class C shares. The balance of the voting rights in respect of BPR are held by the holders of the BPR Units.