INVESTMENT AND OTHER REVENUE

12 Months Ended

Dec. 31, 2021

COMMERCIAL PROPERTY REVENUE

The components of commercial property revenue are as follows:


(US$ Millions) Years ended Dec. 31,	2021		2020		2019
Base rent	$	3,462	$	3,613	$	3,814
Straight-line rent	25		133		115
Lease termination	68		27		44
Other lease income(1)	662		627		612
Other revenue from tenants(2)	946		997		1,106

Total commercial property revenue	$	5,163	$	5,397	$	5,691

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

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

As a result of the shutdown, certain of the partnership’s tenants, primarily in the Core Retail segment, requested rental assistance, in the form of either a deferral or rent reduction. Lease concessions granted in response to the shutdown are accounted for as a lease modification and are recognized prospectively over the remaining lease term when they become legally enforceable. The partnership granted abatements of $82 million (2020 - $62 million) for the twelve months ended December 31, 2021, primarily related to prior year rents in response to tenants impact by the shutdown.

The partnership leases properties under operating leases generally with lease terms of between 1 and 15 years, with options to extend. Minimum rental commitments under non-cancellable tenant operating leases are as follows:


(US$ Millions)	Dec. 31, 2021		Dec. 31, 2020
Less than 1 year	$	2,776	$	3,332
1-5 years	9,029		10,800
More than 5 years	8,522		11,216
Total	$	20,327	$	25,348

INVESTMENT AND OTHER REVENUE

The components of investment and other revenue are as follows:


(US$ Millions) Years ended Dec. 31,	2021		2020		2019
Investment income	$	476	$	177	$	223
Fee revenue	255		228		259
Dividend income	77		44		6
Interest income and other	37		45		107
Participating loan interests	—		—		8
Other	19		—		—
Total investment and other revenue	$	864	$	494	$	603