IFRS 8, Operating Segments, requires operating segments to be determined based on internal reports that are regularly reviewed by the chief operating decision maker (“CODM”) for the purpose of allocating resources to the segment and to assessing its performance. The partnership’s operating segments are organized into four reportable segments: i) Core Office, ii) Core Retail, iii) LP Investments and iv) Corporate. These segments are independently and regularly reviewed and managed by the Chief Executive Officer, who is considered the CODM.

The CODM measures and evaluates the operating performance of the partnership’s operating segments based on funds from operations (“FFO”). This performance metric does not have standardized meanings prescribed by IFRS and therefore may differ from similar metrics used by other companies and organizations. Management believes that while not an IFRS measure, FFO is the most consistent metric to measure the partnership’s financial statements and for the purpose of allocating resources and assessing its performance.

The partnership defines FFO as net income, prior to fair value gains, net, depreciation and amortization of real estate assets, and income taxes less non-controlling interests of others in operating subsidiaries and properties share of these items. When determining FFO, the partnership also includes its proportionate share of the FFO of unconsolidated partnerships and joint ventures and associates.

The following summaries present certain financial information regarding the partnership’s operating segments for the year ended December 31, 2021, 2020, and 2019.


(US$ Millions)	Total revenue						FFO
Years ended Dec. 31,	2021		2020		2019		2021		2020		2019
Core Office	$	2,198	$	2,049	$	2,149	$	539	$	495	$	582
Core Retail	1,510		1,612		1,589		450		521		707
LP Investments	3,387		2,920		4,452		179		64		268
Corporate	5		12		13		(590)		(373)		(410)
Total	$	7,100	$	6,593	$	8,203	$	578	$	707	$	1,147

The following summary presents the detail of total revenue from the partnership’s operating segments for the year ended December 31, 2021, 2020 and 2019:


(US$ Millions)	Lease revenue		Other revenue from tenants		Hospitality revenue		Investment and other revenue		Total revenue
Year ended Dec. 31, 2021
Core Office	$	1,467	$	442	$	9	$	280	$	2,198
Core Retail	1,113		259		—		138		1,510
LP Investments	1,639		243		1,064		441		3,387
Corporate	—		—		—		5		5
Total	$	4,219	$	944	$	1,073	$	864	$	7,100


(US$ Millions)	Lease revenue		Other revenue from tenants		Hospitality revenue		Investment and other revenue		Total revenue
Year ended Dec. 31, 2020
Core Office	$	1,429	$	446	$	6	$	168	$	2,049
Core Retail	1,166		284		—		162		1,612
LP Investments	1,805		267		696		152		2,920
Corporate	—		—		—		12		12
Total	$	4,400	$	997	$	702	$	494	$	6,593


(US$ Millions)	Lease revenue		Other revenue from tenants		Hospitality revenue		Investment and other revenue		Total revenue
Year ended Dec. 31, 2019
Core Office	$	1,426	$	477	$	12	$	234	$	2,149
Core Retail	1,082		312		—		195		1,589
LP Investments	2,077		317		1,897		161		4,452
Corporate	—		—		—		13		13
Total	$	4,585	$	1,106	$	1,909	$	603	$	8,203

The following summaries presents share of net earnings from equity accounted investments and interest expense from the partnership’s operating segments for the year ended December 31, 2021, 2020, and 2019.


(US$ Millions)	Share of net earnings from equity accounted investments						Interest expense
Years ended Dec. 31,	2021		2020		2019		2021		2020		2019
Core Office	$	644	$	150	$	716	$	(570)	$	(586)	$	(606)
Core Retail	472		(743)		1,179		(649)		(647)		(683)
LP Investments	(96)		(156)		74		(1,069)		(1,104)		(1,389)
Corporate	—		—		—		(305)		(255)		(246)
Total	$	1,020	$	(749)	$	1,969	$	(2,593)	$	(2,592)	$	(2,924)

The following summary presents information about certain consolidated balance sheet items of the partnership, on a segmented basis, as of December 31, 2021 and 2020:


	Total assets				Total liabilities				Equity accounted investments
(US$ Millions)	Dec. 31, 2021		Dec. 31, 2020		Dec. 31, 2021		Dec. 31, 2020		Dec. 31, 2021		Dec. 31, 2020
Core Office	$	37,661	$	36,547	$	18,172	$	17,439	$	9,819	$	8,866
Core Retail	30,585		31,466		14,316		17,429		9,945		9,685
LP Investments	43,403		39,609		27,516		25,076		1,043		1,168
Corporate	355		329		6,995		6,484		—		—
Total	$	112,004	$	107,951	$	66,999	$	66,428	$	20,807	$	19,719

The following summary presents a reconciliation of FFO to net income for the years ended December 31, 2021, 2020, and 2019:


(US$ Millions) Years ended Dec. 31,	2021		2020		2019












FFO(1)	$	578	$	707	$	1,147
Depreciation and amortization of real estate assets	(203)		(249)		(283)
Fair value gains (losses), net	2,521		(1,322)		596
Share of equity accounted income (losses) - non-FFO	404		(1,403)		1,055
Income tax (expense)	(490)		(220)		(196)
Non-controlling interests of others in operating subsidiaries and properties - non-FFO	(1,534)		129		(363)
Net income (loss) attributable to unitholders(2)	1,276		(2,358)		1,956
Non-controlling interests of others in operating subsidiaries and properties	2,223		300		1,201
Net income (loss)	$	3,499	$	(2,058)	$	3,157

(1)FFO represents interests attributable to GP Units, LP Units, Exchange LP Units, Redeemable/Exchangeable Partnership Units, Special LP Units, FV LTIP Units and BPYU Units. The interests attributable to Exchange LP Units, Redeemable/Exchangeable Units, Special LP Units, FV LTIP Units and BPYU Units are presented as non-controlling interests in the consolidated statements of income.

(2)Includes net income attributable to general partner, limited partners, Exchange LP Units, Redeemable/Exchangeable Partnership Units, Special LP Units, FV LTIP Units and BPYU Units. The interests attributable to Exchange LP Units, Redeemable/Exchangeable Units, Special LP Units, FV LTIP Units and BPYU Units are presented as non-controlling interests in the consolidated statements of income.


	Total revenue for the years ended Dec. 31,						Total non-current assets as at Dec. 31,
(US$ Millions)	2021		2020		2019		2021		2020
United States	$	4,911	$	4,743	$	5,926	$	64,695	$	68,769
Canada	421		424		536		5,446		5,461
Australia	322		182		210		4,081		3,765
Europe	887		592		901		16,956		15,724
Brazil	71		82		117		656		1,396
China	3		94		6		294		91
India	274		287		288		4,191		4,045
South Korea	211		189		219		—		3,518
United Arab Emirates	—		—		—		250		173
Total	$	7,100	$	6,593	$	8,203	$	96,569	$	102,942