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FINANCIAL INSTRUMENTS (Tables)
 12 Months Ended
Dec. 31, 2021
Financial Instruments [Abstract]  
Disclosure of hedging instruments
The following table provides the partnership’s outstanding derivatives that are designated as cash flow hedges of variability in interest rates associated with forecasted fixed rate financings and existing variable rate debt as of December 31, 2021 and 2020:

(US$ Millions)Hedging itemNotionalRatesMaturity datesFair value
Dec. 31, 2021Interest rate caps of US$ LIBOR debt$9,590 
2.5% - 5.0%
Jan. 2022 - Jun. 2024$— 
 Interest rate swaps of US$ LIBOR debt2,130 
1.0% - 2.6%
Nov. 2022 - Feb. 2024(50)
 Interest rate caps of £ LIBOR debt2,301 
1.0% - 2.5%
Jan. 2022 - Dec. 2023— 
Interest rate caps of £ SONIA debt974 
2.0%
Oct. 2022 - Mar. 20255 
Interest rate caps of € EURIBOR debt102 
1.3%
Apr. 2022— 
 Interest rate caps of C$ LIBOR debt240 
2.0%
Oct. 2022— 
 Interest rate swaps of AUD BBSW/BBSY debt422 
0.8% - 1.6%
Apr. 2023 - Apr. 2024— 
Dec. 31, 2020Interest rate caps of US$ LIBOR debt$8,371 
2.5% - 5.5%
May. 2021 - Sep. 2023$— 
 Interest rate swaps of US$ LIBOR debt2,380 
1.0% - 2.6%
Nov. 2022 - Feb. 2024(112)
 Interest rate caps of £ LIBOR debt3,198 
2.0% - 2.5%
Jan. 2021 - Jan. 2022— 
 Interest rate caps of € EURIBOR debt119 
1.3%
Apr. 2021— 
Interest rate caps of C$ LIBOR debt189 
3.0%
Oct. 2021 - Oct. 2022— 
Cross currency swaps of C$ LIBOR Debt447 
0.8% - 1.6%
Apr. 2023 - Apr. 2024(11)
The following table presents the partnership’s outstanding derivatives that are designated as net investment hedges in foreign subsidiaries or cash flow hedges as of December 31, 2021 and 2020:

(US$ Millions)Hedging itemNet NotionalRatesMaturity datesFair value
Dec. 31, 2021Net investment hedges€389 
€0.81/$ - €0.88/$
Jul. 2022 - Sep. 2024(2)
Net investment hedges£4,395 
£0.71/$ - £0.76/$
Jun. 2022 - Mar. 2023(89)
Net investment hedgesA$974 
A$1.35/$ - A$1.41/$
Mar. 2022 - Mar. 2023(14)
Net investment hedgesC¥1,596 
C¥6.68/$ - C¥6.99/$
Jun. 2022 - Jun. 2023(7)
Net investment hedgesC$185 
C$1.26/$ - C$1.31/$
Mar. 2023 - Mar. 2024(2)
Net investment hedgesR$2,546 
R$5.87/$ - R$6.54/$
Sep. 2022 - Oct. 2022(5)
Net investment hedges₩720,095 
₩1,165.75/$ - ₩1,197.6/$
Jun. 2022 - Jun. 20234 
Net investment hedgesRs75,690 
Rs76.35/$ - Rs87.13/$
Jan. 2022 - Jul. 2024(27)
Net investment hedges£90 
£0.91/€
Apr. 20229 
Cross currency swaps of C$ LIBOR debtC$2,500 
C$1.25/$ - C$1.38/$
Jul. 2023 - Jan. 202756 
Dec. 31, 2020Net investment hedges€— 
€0.87/$ - €0.88/$
Sep. 2021 - Sep. 2021$1 
Net investment hedges£201 
£0.50/$ - £1.08/$
Mar. 2021 - Dec. 20215 
Net investment hedgesA$240 
A$1.34/$ - A$1.52/$
Jun. 2021 - Dec. 20213 
Net investment hedgesC¥813 
C¥4.02/$ - C¥7.43/$
Mar. 2021 - Sep. 2021(11)
Net investment hedgesR$620 
 R$5.20/$
Mar. 2021 - Mar. 2021(3)
Net investment hedges₩720,095 
₩914.84/$ - ₩1,169.58/$
Mar. 2021 - Jun. 2022(54)
Net investment hedgesRs4,703 
 Rs76.28/$
Jun. 2021 - Jun. 2021(2)
Net investment hedges£90 
£0.89/€ - £0.93/€
Apr. 2021 - Apr. 2021— 
Cross currency swaps of C$ LIBOR debtC$2,400 
C$0.81/$ - C$1.70/$
Oct. 2021 - Jan. 202766 
Disclosure of other derivatives
The following tables provide detail of the partnership’s other derivatives, not designated as hedges for accounting purposes, that have been entered into to manage financial risks as of December 31, 2021 and 2020:

(US$ millions)Derivative typeNotionalRatesMaturity datesFair value
Dec. 31, 2021Interest rate caps$5,388 
2.0% - 7.9%
Jan. 2022 - Feb. 2027$— 
Interest rate swaps on forecasted fixed rate debt1,285 
3.2% - 6.4%
Jun. 2022 - Jun. 2033(253)
Interest rate swaps of US$ debt1,696 
0.8% - 5.1%
Nov. 2022 - Mar. 2024(8)
Embedded derivative25 
0.0%
Aug. 2025 - Aug. 2026— 
Dec. 31, 2020Interest rate caps$3,560 
3.0% - 5.0%
Jan. 2021 - Feb. 2027$— 
 Interest rate swaps on forecasted fixed rate debt1,285 
2.7% - 6.4%
Mar. 2021 - Jun. 2030(308)
Interest rate swaps of US$ debt1,746 
0.8% - 5.1%
Jun. 2021 - Mar. 2024(32)
Interest rate swaptions350 
2.0%
Mar. 2031 - Mar. 2031— 
Disclosure of financial assets
The following table outlines the classification and measurement basis, and related fair value for disclosures, of the financial assets and liabilities in the consolidated financial statements:
 
  Dec. 31, 2021Dec. 31, 2020
(US$ Millions)Classification and measurement basisCarrying
value		Fair
value		Carrying
value		Fair
value
Financial assets     
Loans and notes receivableAmortized cost225 225 216 216 
Other non-current assets     
Securities - FVTPLFVTPL2,200 2,200 1,612 1,612 
Derivative assetsFVTPL111 111 72 72 
Securities - FVTOCIFVTOCI108 108 86 86 
Restricted cashAmortized cost356 356 241 241 
Current assets     
Securities - FVTPLFVTPL— — 107 107 
Derivative assetsFVTPL33 33 164 164 
Accounts receivable(1)
Amortized cost1,128 1,128 758 674 
Restricted cashAmortized cost331 331 292 292 
Cash and cash equivalentsAmortized cost2,576 2,576 2,473 2,473 
Total financial assets $7,068 $7,068 $6,021 $5,937 
Financial liabilities     
Debt obligations(2)
Amortized cost$55,327 $55,474 $54,717 $54,897 
Capital securitiesAmortized cost2,226 2,226 2,170 2,170 
Capital securities - fund subsidiariesFVTPL859 859 863 863 
Other non-current liabilities     
Accounts payableAmortized cost500 500 437 437 
Derivative liabilitiesFVTPL277 277 272 272 
Accounts payable and other liabilities
Accounts payable and other(3)
Amortized cost2,097 2,097 2,110 2,110 
Loans and notes payableAmortized cost899 899 1,062 1,062 
Derivative liabilitiesFVTPL221 221 416 416 
Total financial liabilities $62,406 $62,553 $62,047 $62,227 
(1)Includes other receivables associated with assets classified as held for sale on the consolidated balance sheets in the amounts of $276 million and $5 million as of December 31, 2021 and December 31, 2020, respectively.
(2)Includes debt obligations associated with assets classified as held for sale on the consolidated balance sheets in the amount of $3,006 million and $380 million as of December 31, 2021 and December 31, 2020, respectively.
(3)Includes accounts payable and other liabilities associated with assets classified as held for sale on the consolidated balance sheets in the amount of $76 million and $16 million as of December 31, 2021 and December 31, 2020, respectively.
Disclosure of financial liabilities
The following table outlines the classification and measurement basis, and related fair value for disclosures, of the financial assets and liabilities in the consolidated financial statements:
 
  Dec. 31, 2021Dec. 31, 2020
(US$ Millions)Classification and measurement basisCarrying
value		Fair
value		Carrying
value		Fair
value
Financial assets     
Loans and notes receivableAmortized cost225 225 216 216 
Other non-current assets     
Securities - FVTPLFVTPL2,200 2,200 1,612 1,612 
Derivative assetsFVTPL111 111 72 72 
Securities - FVTOCIFVTOCI108 108 86 86 
Restricted cashAmortized cost356 356 241 241 
Current assets     
Securities - FVTPLFVTPL— — 107 107 
Derivative assetsFVTPL33 33 164 164 
Accounts receivable(1)
Amortized cost1,128 1,128 758 674 
Restricted cashAmortized cost331 331 292 292 
Cash and cash equivalentsAmortized cost2,576 2,576 2,473 2,473 
Total financial assets $7,068 $7,068 $6,021 $5,937 
Financial liabilities     
Debt obligations(2)
Amortized cost$55,327 $55,474 $54,717 $54,897 
Capital securitiesAmortized cost2,226 2,226 2,170 2,170 
Capital securities - fund subsidiariesFVTPL859 859 863 863 
Other non-current liabilities     
Accounts payableAmortized cost500 500 437 437 
Derivative liabilitiesFVTPL277 277 272 272 
Accounts payable and other liabilities
Accounts payable and other(3)
Amortized cost2,097 2,097 2,110 2,110 
Loans and notes payableAmortized cost899 899 1,062 1,062 
Derivative liabilitiesFVTPL221 221 416 416 
Total financial liabilities $62,406 $62,553 $62,047 $62,227 
(1)Includes other receivables associated with assets classified as held for sale on the consolidated balance sheets in the amounts of $276 million and $5 million as of December 31, 2021 and December 31, 2020, respectively.
(2)Includes debt obligations associated with assets classified as held for sale on the consolidated balance sheets in the amount of $3,006 million and $380 million as of December 31, 2021 and December 31, 2020, respectively.
(3)Includes accounts payable and other liabilities associated with assets classified as held for sale on the consolidated balance sheets in the amount of $76 million and $16 million as of December 31, 2021 and December 31, 2020, respectively.
Disclosure of fair value measurement of assets
The following table presents the partnership’s investment properties measured at fair value in the consolidated financial statements and the level of the inputs used to determine those fair values in the context of the hierarchy as defined above in Note 2(i), Summary of Significant Accounting Policies, Fair value measurement.
 
Dec. 31, 2021Dec. 31, 2020
Level 3Level 3
(US$ Millions)Level 1Level 2Commercial propertiesCommercial developmentsLevel 1Level 2Commercial propertiesCommercial developments
Core Office
United States$— $— $14,689 $497 $— $— $14,682 $411 
Canada— — 4,678 59 — — 4,721 381 
Australia— — 2,618 146 — — 2,366 365 
Europe— — 2,569 320 — — 2,526 173 
Brazil— — 89 — — — 309 — 
Core Retail— — 18,991 — — — 20,324 — 
LP Investments
LP Investments Office— — 7,880 774 — — 7,946 781 
LP Investments Retail— — 2,001 28 — — 2,538 — 
Hospitality(1)
105 — — — 84 — 
Multifamily— — 1,616 — — — 2,442 — 
Triple Net Lease— — — — — — 3,719 — 
Student Housing— — 3,056 476 — — 2,757 205 
Manufactured Housing— — 3,808 — — — 2,784 — 
Mixed-Use— — 213 — — — 3,096 — 
Total$— $— $62,313 $2,300 $— $— $70,294 $2,316 
The following table outlines financial assets and liabilities measured at fair value in the financial statements and the level of the inputs used to determine those fair values in the context of the hierarchy as defined above:
 
 Dec. 31, 2021Dec. 31, 2020
(US$ Millions)Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Financial assets        
Securities designated as FVTPL17 218 1,965 2,200 — 123 1,596 1,719 
Securities designated as FVTOCI13 — 95 108 — — 86 86 
Derivative assets— 144 — 144 — 236 — 236 
Total financial assets$30 $362 $2,060 $2,452 $— $359 $1,682 $2,041 
Financial liabilities        
Capital securities - fund subsidiaries$— $— $859 $859 $— $— $863 $863 
Derivative liabilities— 498 — 498 — 688 — 688 
Total financial liabilities$— $498 $859 $1,357 $— $688 $863 $1,551 
The following table presents the change in the balance of financial assets and financial liabilities classified as Level 3 as of December 31, 2021 and 2020:
 
 Dec. 31, 2021Dec. 31, 2020
(US$ Millions)Financial
assets		Financial
liabilities		Financial
assets		Financial
liabilities
Balance, beginning of year$1,682 $863 $1,371 $922 
Additions553 — 324 — 
Dispositions(88)— (10)— 
Fair value (losses) gains, net and OCI366 2 (3)(59)
Other(453)(6)— — 
Balance, end of year$2,060 $859 $1,682 $863 
Disclosure of valuation techniques and inputs for fair value liabilities The following table presents the valuation techniques and inputs of the partnership’s Level 2 assets and liabilities:
 
Type of asset/liability Valuation technique
Foreign currency forward contracts Discounted cash flow model - forward exchange rates (from observable forward exchange rates at the end of the reporting period) and discounted at a credit adjusted rate
Interest rate contracts Discounted cash flow model - forward interest rates (from observable yield curves) and applicable credit spreads discounted at a credit adjusted rate
 
The table below presents the valuation techniques and inputs of Level 3 assets:
 
Type of asset/liability Valuation techniques Significant unobservable input(s) Relationship of unobservable input(s) to fair value
Securities - FVTPL/FVTOCI Net asset valuation (a) Forward exchange rates (from observable forward exchange rates at the end of the reporting period)
(b) Discount rate		 (a) Increases (decreases) in the forward exchange rate would increase (decrease) fair value
(b) Decreases (increases) in the discount rate would increase (decrease) fair value
Disclosure of valuation techniques and inputs for fair value assets
The key valuation metrics for the partnership’s consolidated commercial properties are set forth in the following tables below on a weighted-average basis:

  Dec. 31, 2021Dec. 31, 2020
Consolidated propertiesPrimary valuation
method		Discount
rate		Terminal
capitalization
rate		Investment
horizon
(yrs.)		Discount
rate		Terminal
capitalization
rate		Investment
horizon
(yrs.)
Core OfficeDiscounted cash flow
United StatesDiscounted cash flow7.0 %5.6 %126.9 %5.6 %12
CanadaDiscounted cash flow5.9 %5.2 %105.9 %5.2 %10
AustraliaDiscounted cash flow6.1 %5.3 %106.6 %5.7 %10
EuropeDiscounted cash flow4.9 %3.8 %105.2 %3.8 %10
BrazilDiscounted cash flow7.7 %7.3 %107.6 %7.0 %10
Core RetailDiscounted cash flow7.0 %5.3 %107.0 %5.3 %10
LP Investments OfficeDiscounted cash flow9.6 %7.1 %79.7 %7.2 %7
LP Investments RetailDiscounted cash flow8.6 %6.7 %108.7 %7.0 %10
Mixed-useDiscounted cash flow9.1 %6.4 %107.3 %5.2 %10
Multifamily(1)
Direct capitalization4.6 %n/an/a4.9 %n/an/a
Triple Net Lease(1)
Direct capitalizationn/an/an/a6.2 %n/an/a
Student Housing(1)
Direct capitalization4.3 %n/an/a4.9 %n/an/a
Manufactured Housing(1)
Direct capitalization4.3 %n/an/a4.8 %n/an/a
(1) The valuation method used to value hospitality, multifamily, triple net lease, student housing, and manufactured housing properties is the direct capitalization method. At December 31, 2021, the overall implied capitalization rate used for properties using the direct capitalization method was 4.3% (December 31, 2020 - 5.3%).
The following table presents the valuation techniques and inputs of the partnership’s Level 2 assets and liabilities:
 
Type of asset/liability Valuation technique
Foreign currency forward contracts Discounted cash flow model - forward exchange rates (from observable forward exchange rates at the end of the reporting period) and discounted at a credit adjusted rate
Interest rate contracts Discounted cash flow model - forward interest rates (from observable yield curves) and applicable credit spreads discounted at a credit adjusted rate
 
The table below presents the valuation techniques and inputs of Level 3 assets:
 
Type of asset/liability Valuation techniques Significant unobservable input(s) Relationship of unobservable input(s) to fair value
Securities - FVTPL/FVTOCI Net asset valuation (a) Forward exchange rates (from observable forward exchange rates at the end of the reporting period)
(b) Discount rate		 (a) Increases (decreases) in the forward exchange rate would increase (decrease) fair value
(b) Decreases (increases) in the discount rate would increase (decrease) fair value
Disclosure of fair value measurement of liabilities
The following table outlines financial assets and liabilities measured at fair value in the financial statements and the level of the inputs used to determine those fair values in the context of the hierarchy as defined above:
 
 Dec. 31, 2021Dec. 31, 2020
(US$ Millions)Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Financial assets        
Securities designated as FVTPL17 218 1,965 2,200 — 123 1,596 1,719 
Securities designated as FVTOCI13 — 95 108 — — 86 86 
Derivative assets— 144 — 144 — 236 — 236 
Total financial assets$30 $362 $2,060 $2,452 $— $359 $1,682 $2,041 
Financial liabilities        
Capital securities - fund subsidiaries$— $— $859 $859 $— $— $863 $863 
Derivative liabilities— 498 — 498 — 688 — 688 
Total financial liabilities$— $498 $859 $1,357 $— $688 $863 $1,551 
The following table presents the change in the balance of financial assets and financial liabilities classified as Level 3 as of December 31, 2021 and 2020:
 
 Dec. 31, 2021Dec. 31, 2020
(US$ Millions)Financial
assets		Financial
liabilities		Financial
assets		Financial
liabilities
Balance, beginning of year$1,682 $863 $1,371 $922 
Additions553 — 324 — 
Dispositions(88)— (10)— 
Fair value (losses) gains, net and OCI366 2 (3)(59)
Other(453)(6)— — 
Balance, end of year$2,060 $859 $1,682 $863 
Disclosure of interest rate and foreign currency risk
The following table outlines the impact on interest expense of a 100 basis point increase or decrease in interest rates on the partnership’s variable rate liabilities and fixed rate debt maturing within one year:
 
(US$ Millions)Dec. 31, 2021Dec. 31, 2020
Variable rate property debt$255 $236 
Fixed rate property debt due within one year31 30 
Total$286 $266 
Disclosure of sensitivity analysis for types of market risk
The partnership’s exposures to foreign currencies and the sensitivity of net income and other comprehensive income, on a pre-tax basis, to a 10% change in the exchange rates relative to the U.S. dollar is summarized below:

 Dec. 31, 2021
(Millions)Equity attributable to UnitholdersOCINet income
Canadian Dollar(1)
C$339 $(27)$— 
Australian DollarA$1,708 (124)— 
British Pound£6,375 (863)— 
Euro€1,297 (147)— 
Brazilian RealR$745 (13)— 
Indian RupeeRs617 (1)— 
Chinese YuanC¥730 (11)— 
South Korean Won₩289,443 — — 
United Arab Emirates DirhamAED342 (9)— 
Czech KorunaCZK5 — — 
Hungarian ForintHUF5 — — 
Total $(1,195)$— 
(1)Net of Canadian Dollar denominated loans.

 Dec. 31, 2020
(Millions)Equity attributable to UnitholdersOCINet income
Canadian Dollar(1)
C$521 $(41)$— 
Australian DollarA$2,056 (158)— 
British Pound£4,206 (575)— 
Euro€328 (40)— 
Brazilian RealR$3,364 (65)— 
Indian RupeeRs28,281 (39)— 
Chinese YuanC¥1,084 (17)— 
South Korean Won₩204,795 (19)— 
United Arab Emirates DirhamAED708 (19)— 
Czech KorunaCZK8 — — 
Hungarian ForintHUF334 — — 
Poland ZlotyPLN3 — — 
Total $(973)$— 
(1)Net of Canadian Dollar denominated loans.
 Dec. 31, 2019
(Millions)Equity attributable to UnitholdersOCINet income
Canadian Dollar(1)
C$377 $(29)$— 
Australian DollarA$2,154 (151)— 
British Pound£3,275 (434)— 
Euro€339 (38)— 
Brazilian RealR$3,310 (82)— 
Indian RupeeRs26,628 (37)— 
Hong Kong DollarHK$— — — 
Chinese YuanC¥933 (13)— 
South Korean Won₩160,969 (14)— 
United Arab Emirates DirhamAED683 (19)
Czech KorunaCZK10 — 
Hungarian ForintHUF314 — 
Poland ZlotyPLN3 — — 
Total  $(817)$— 
(1)Net of Canadian Dollar denominated loans.