COMMERCIAL PROPERTY REVENUE (Tables)

12 Months Ended

Dec. 31, 2019

Revenue [abstract]

Disclosure of components of commercial property revenue

The components of commercial property revenue are as follows:

(US$ Millions) Years ended Dec. 31,	2019		2018		2017
Base rent(1)	$	3,814	$	3,443	$	3,797
Straight-line rent	115		116		124
Lease termination	44		55		18
Other lease income(1)(2)	612		623		—
Other revenue from tenants(1)(3)	1,106		806		—
Other(1)	—		—		253
Total commercial property revenue	$	5,691	$	5,043	$	4,192

⁽¹⁾  The partnership adopted IFRS 15 in 2018 using the modified retrospective method. The comparative information has not been restated and is reported under the accounting standards effective for those periods.

⁽²⁾  Other lease income includes parking revenue and recovery of property tax and insurance expense from tenants.

⁽³⁾  Consists of recovery of certain operating expenses and other revenue from tenants which are accounted for in accordance with IFRS 15.

Disclosure of maturity analysis of operating lease payments

Lease obligations at December 31, 2018 were as follows, as disclosed in the partnership’s annual report on Form 20-F for the year-ended December 31, 2018:

(US$ Millions)	Dec. 31, 2018
Less than 1 year	$	104
1-5 years	401
More than 5 years	5,631
Total	6,136

Minimum rental commitments under non-cancellable tenant operating leases are as follows:

(US$ Millions)	Dec. 31, 2019		Dec. 31, 2018
Less than 1 year	$	3,191	$	3,282
1-5 years	11,030		11,679
More than 5 years	12,089		11,856
Total	$	26,310	$	26,817