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EQUITY (Tables)
 12 Months Ended
Dec. 31, 2019
Schedule of Partnership Units [Line Items]  
Disclosure of classes of share capital
The partnership had the following capital securities outstanding as of December 31, 2019 and 2018:
 
(US$ Millions, except where noted)
Shares
outstanding

Cumulative
dividend rate

Dec. 31, 2019

Dec. 31, 2018

Operating Partnership Class A Preferred Equity Units:
 

 

 

 

Series 1
24,000,000

6.25
%
$
574

$
562

Series 2
24,000,000

6.50
%
546

537

Series 3
24,000,000

6.75
%
530

523

Brookfield BPY Holdings Inc. Junior Preferred Shares:
 
 
 
 
Class B Junior Preferred Shares(1)
—

7.64
%
—

420

BPO Class B Preferred Shares:
 
 
 
 
Series 1(2)
3,600,000

70% of bank prime

—

—

Series 2(2)
3,000,000

70% of bank prime

—

—

Brookfield Property Split Corp. (“BOP Split”) Senior Preferred Shares:
 

 

 

Series 1
924,390

5.25
%
23

23

Series 2
699,165

5.75
%
13

13

Series 3
909,814

5.00
%
18

17

Series 4
940,486

5.20
%
18

17

BSREP II RH B LLC (“Manufactured Housing”) Preferred Capital
—

9.00
%
249

249

Rouse Series A Preferred Shares
5,600,000

5.00
%
142

142

Forest City Enterprises L.P. Preferred Capital(3)
—

—
%
—

29

BSREP II Vintage Estate Partners LLC (“Vintage Estates”) Preferred Shares
10,000

5.00
%
40

40

Capital Securities – Fund Subsidiaries
 
 
922

813

Total capital securities
 

 

$
3,075

$
3,385

 
 
 
 
 
Current
 

 

$
75

$
520

Non-current
 

 

3,000

2,865

Total capital securities
 

 

$
3,075

$
3,385

(1) 
During the year ended December 31, 2019, approximately $420 million of the Brookfield BPY Holdings Inc. Class B Junior Preferred Shares, held by Brookfield Asset Management, were redeemed.
(2) 
Class B, Series 1 and 2 capital securities - corporate are owned by Brookfield Asset Management. BPO has an offsetting loan receivable against these securities earning interest at 95% of bank prime.
(3) 
Includes the impact of the deconsolidation of BSREP III investments, primarily Forest City. See Note 5, Investment Properties for further information.

The following table presents changes to the Exchange LP Units from the beginning of the year:
 
 
Exchange LP Units
(Thousands of units)
Dec. 31, 2019

Dec. 31, 2018

Dec. 31, 2017

Outstanding, beginning of year
3,308

11,078

11,363

Exchange LP Units exchanged (1)
(425
)
(7,770
)
(285
)
Outstanding, end of year
2,883

3,308

11,078

(1) 
Exchange LP Units issued for the acquisition of incremental BPO common shares that have been exchanged are held by an indirect subsidiary of the partnership. Refer to the Consolidated Statements of Changes in Equity for the impact of such exchanges on the carrying value of Exchange LP Units.
The following table presents changes to the GP Units and LP Units from the beginning of the year:
 
 
GP Units
LP Units
(Thousands of units), Years ended Dec. 31,
2019

2018

2017

2019

2018

2017

Outstanding, beginning of year
139

139

139

424,198

254,989

260,222

Issued on August 28, 2018 for the acquisition of GGP
—

—

—

—

109,702

—

Exchange LP Units exchanged
—

—

—

425

7,770

285

BPR Units exchanged
—

—

—

36,316

56,166

—

Distribution reinvestment program
—

—

—

257

175

181

Issued under unit-based compensation plan
—

—

—

858

57

215

Repurchases of LP Units
—

—

—

(22,252
)
(4,661
)
(5,914
)
Outstanding, end of year
139

139

139

439,802

424,198

254,989
Schedule of distributions made to partners
Distributions made to each class of partnership units, including units of subsidiaries that are exchangeable into LP Units, are as follows:
 
(US$ Millions, except per unit information) Years ended Dec. 31,
2019

2018

2017

Limited partners
$
573

$
410

$
301

Holders of:
 

 

 
Redeemable/exchangeable partnership units
574

545

510

Special LP Units
6

6

6

Exchange LP Units
4

9

13

FV LTIP of the Operating Partnership
1

—

—

BPR Units
108

89

—

Total distributions
$
1,266

$
1,059

$
830

Per unit(1)
$
1.32

$
1.26

$
1.18

(1) 
Per unit outstanding on the record date for each.
Earnings per share
The partnership’s net income per LP Unit and weighted average units outstanding are calculated as follows:
 
(US$ Millions) Years ended Dec. 31,
2019

2018

2017

Net income attributable to limited partners
$
884

$
764

$
136

Income reallocation related to mandatorily convertible preferred shares
80

98

22

Less: Preferred equity dividend
(15
)
—

—

Net income attributable to limited partners - basic
949

862

158

Dilutive effect of conversion of preferred shares and options(1)
8

35

—

Net income attributable to limited partners - diluted
$
957

$
897

$
158

 
 
 
 
(Millions of units/shares)
 
 
 
Weighted average number of LP Units outstanding
431.3

307.7

256.0

Mandatorily convertible preferred shares
70.1

70.0

70.0

Weighted average number of LP Units outstanding - basic
501.4

377.7

326.0

Dilutive effect of conversion of preferred shares and options(1)
6.7

18.5

1.2

Weighted average number of LP Units outstanding - diluted
508.1

396.2

327.2

(1) 
The effect of the conversion of preferred shares is anti-dilutive for the year ended December 31, 2017.
BPR  
Schedule of Partnership Units [Line Items]  
Disclosure of classes of share capital
The following table presents changes to the BPR Units from the beginning of the year:

 
Class A shares of Brookfield Property REIT Inc.
(Thousands of units)
Dec. 31, 2019

Dec. 31, 2018

Dec. 31, 2017

Outstanding, beginning of year
106,090

—

—

Issued on August 28, 2018 for the acquisition of GGP
—

162,324

—

BPR Units exchanged(1)
(36,316
)
(56,166
)
—

Repurchase of BPR Units
(5,724
)
—

—

Forfeitures
(25
)
(68
)
—

Outstanding, end of year
64,025

106,090

—

(1) 
Represents BPR Units that have been exchanged for LP Units. Refer to the Consolidated Statements of Changes in Equity for the impact of such exchanges on the carrying value of BPR Units.