XML 87 R74.htm IDEA: XBRL DOCUMENT v3.22.0.1
SEGMENT INFORMATION (Tables)
 12 Months Ended
Dec. 31, 2021
Operating Segments [Abstract]  
Summary of financial information by segment
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 revenueFFO
Years ended Dec. 31,202120202019202120202019
Core Office$2,198 $2,049 $2,149 $539 $495 $582 
Core Retail1,510 1,612 1,589 450 521 707 
LP Investments3,387 2,920 4,452 179 64 268 
Corporate5 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 revenueOther revenue from tenantsHospitality revenueInvestment and other revenue Total revenue
Year ended Dec. 31, 2021
Core Office$1,467 $442 $9 $280 $2,198 
Core Retail1,113 259 — 138 1,510 
LP Investments1,639 243 1,064 441 3,387 
Corporate— — — 5 5 
Total$4,219 $944 $1,073 $864 $7,100 

(US$ Millions)Lease revenueOther revenue from tenantsHospitality revenueInvestment and other revenue Total revenue
Year ended Dec. 31, 2020
Core Office$1,429 $446 $6 $168 $2,049 
Core Retail1,166 284 — 162 1,612 
LP Investments1,805 267 696 152 2,920 
Corporate— — — 12 12 
Total$4,400 $997 $702 $494 $6,593 
(US$ Millions)Lease revenueOther revenue from tenantsHospitality revenueInvestment and other revenue Total revenue
Year ended Dec. 31, 2019
Core Office$1,426 $477 $12 $234 $2,149 
Core Retail1,082 312 — 195 1,589 
LP Investments2,077 317 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 investmentsInterest expense
Years ended Dec. 31,202120202019202120202019
Core Office$644 $150 $716 $(570)$(586)$(606)
Core Retail472 (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 assetsTotal liabilitiesEquity accounted investments
(US$ Millions)Dec. 31, 2021Dec. 31, 2020Dec. 31, 2021Dec. 31, 2020Dec. 31, 2021Dec. 31, 2020
Core Office$37,661 $36,547 $18,172 $17,439 $9,819 $8,866 
Core Retail30,585 31,466 14,316 17,429 9,945 9,685 
LP Investments43,403 39,609 27,516 25,076 1,043 1,168 
Corporate355 329 6,995 6,484 — — 
Total$112,004 $107,951 $66,999 $66,428 $20,807 $19,719 
Summary of reconciliation of FFO to net income
The following summary presents a reconciliation of FFO to net income for the years ended December 31, 2021, 2020, and 2019:
(US$ Millions) Years ended Dec. 31,202120202019
FFO(1)
$578 $707 $1,147 
Depreciation and amortization of real estate assets(203)(249)(283)
Fair value gains (losses), net2,521 (1,322)596 
Share of equity accounted income (losses) - non-FFO404 (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 properties2,223 300 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.
Summary of financial information by geographic regions
The following summary presents financial information by the partnership’s geographic regions in which it operates:
 
 Total revenue
for the years ended Dec. 31,		Total non-current assets
as at Dec. 31,
(US$ Millions)20212020201920212020
United States$4,911 $4,743 $5,926 $64,695 $68,769 
Canada421 424 536 5,446 5,461 
Australia322 182 210 4,081 3,765 
Europe887 592 901 16,956 15,724 
Brazil71 82 117 656 1,396 
China3 94 6 294 91 
India274 287 288 4,191 4,045 
South Korea211 189 219 — 3,518 
United Arab Emirates— — — 250 173 
Total$7,100 $6,593 $8,203 $96,569 $102,942