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EQUITY ACCOUNTED INVESTMENTS
 6 Months Ended
Jun. 30, 2022
Interests In Other Entities [Abstract]  
EQUITY ACCOUNTED INVESTMENTS EQUITY ACCOUNTED INVESTMENTS
The partnership has investments in joint arrangements that are joint ventures, and also has investments in associates. Joint ventures hold individual commercial properties, hotels, and portfolios of commercial properties and developments that the partnership owns together with co-owners where decisions relating to the relevant activities of the joint venture require the unanimous consent of the co-owners. Details of the partnership’s investments in joint ventures and associates, which have been accounted for in accordance with the equity method of accounting, are as follows:
Proportion of ownership interestsCarrying value
(US$ Millions)Principal activityPrincipal place of businessJun. 30, 2022Dec. 31, 2021Jun. 30, 2022Dec. 31, 2021
Joint Ventures
Canary Wharf Joint Venture(1)
Property holding companyUnited Kingdom50 %50 %$3,410 $3,529 
Manhattan West, New YorkProperty holding companyUnited States56 %56 %2,213 2,396 
BPYU JV Pool AProperty holding companyUnited States50 %50 %1,841 1,810 
Ala Moana Center, HawaiiProperty holding companyUnited States50 %50 %1,735 1,939 
BPYU JV Pool BProperty holding companyUnited States51 %51 %1,178 1,140 
Fashion Show, Las VegasProperty holding companyUnited States50 %50 %876 856 
Grace Building, New YorkProperty holding companyUnited States50 %50 %704 702 
BPYU JV Pool CProperty holding companyUnited States50 %50 %689 679 
BPYU JV Pool DProperty holding companyUnited States48 %48 %627 612 
The Grand Canal Shoppes, Las VegasProperty holding companyUnited States50 %50 %472 455 
Southern Cross East, MelbourneProperty holding companyAustralia50 %50 %457 472 
One Liberty Plaza, New YorkProperty holding companyUnited States51 %51 %413 402 
Brookfield Place SydneyProperty holding companyAustralia25 %25 %382 376 
680 George Street, SydneyProperty holding companyAustralia50 %50 %381 389 
The Mall in Columbia, MarylandProperty holding companyUnited States50 %50 %326 315 
ICD Brookfield Place DubaiProperty holding companyUAE50 %50 %285 250 
Shops at La Cantera, TexasProperty holding companyUnited States50 %50 %274 270 
Baybrook Mall, TexasProperty holding companyUnited States51 %51 %260 254 
Potsdamer Platz, BerlinProperty holding companyGermany25 %25 %256 261 
BPYU JV Pool FProperty holding companyUnited States51 %51 %228 223 
Brookfield D.C. Office Partners LLC (“D.C. Venture”), Washington, D.C.Property holding companyUnited States51 %51 %223 225 
Brookfield Brazil Retail Fundo de Investimento em Participaçõe (“Brazil Retail”)Holding companyBrazil43 %43 %220 228 
Miami Design District, FloridaProperty holding companyUnited States22 %22 %219 212 
BPYU JV Pool GProperty holding companyUnited States— %68 %— 263 
Other(2)
VariousVarious
15% - 55%
15% - 55%
2,244 2,221 
19,913 20,479 
Associates
VariousVariousVarious
13% - 31%
13% - 31%
320 328 
320 328 
Total$20,233 $20,807 
(1) Stork Holdco LP is the joint venture through which the partnership acquired Canary Wharf Group plc in London.
(2)    Other joint ventures consists of 36 joint ventures.
The following table presents the change in the balance of the partnership’s equity accounted investments as of June 30, 2022 and December 31, 2021:
Six months endedYear ended
(US$ Millions)Jun. 30, 2022Dec. 31, 2021
Equity accounted investments, beginning of period$20,807 $19,719 
Additions37 698 
Disposals and return of capital distributions(632)(459)
Share of net earnings (losses) from equity accounted investments799 1,020 
Distributions received(112)(172)
Foreign currency translation(465)(145)
Reclassification (to) from assets held for sale(17)(210)
Other comprehensive income and other(184)356 
Equity accounted investments, end of period$20,233 $20,807 

The key valuation metrics for the partnership’s commercial properties held within the partnership’s equity accounted investments are set forth in the table below on a weighted-average basis:
Jun. 30, 2022Dec. 31, 2021
Equity accounted investmentsPrimary valuation methodDiscount rateTerminal capitalization rateInvestment horizon (yrs)Discount rateTerminal capitalization rateInvestment horizon (yrs)
Core OfficeDiscounted cash flow6.1 %4.7 %116.0 %4.7 %11
Core RetailDiscounted cash flow6.3 %4.8 %106.3 %4.9 %10
LP Investments(1)
Discounted cash flow7.3 %6.1 %106.9 %5.6 %10
(1)The valuation method used to value multifamily investments is the direct capitalization method. The rates used as the discount rate relate to the overall implied capitalization rate. At June 30, 2022, the overall implied capitalization used for multifamily properties was 3.8% (December 31, 2021 - 4.2%).

Summarized financial information in respect of the partnership’s equity accounted investments is presented below:
(US$ Millions)Jun. 30, 2022Dec. 31, 2021
Non-current assets$74,513 $78,149 
Current assets4,499 4,489 
Total assets79,012 82,638 
Non-current liabilities29,701 34,821 
Current liabilities6,399 3,914 
Total liabilities36,100 38,735 
Net assets42,912 43,903 
Partnership’s share of net assets$20,233 $20,807 

Three months ended Jun. 30,Six months ended Jun. 30,
(US$ Millions)2022202120222021
Revenue$1,230 $1,086 $2,409 $2,110 
Expenses777 852 1,675 1,675 
Income from equity accounted investments(1)
8 31 33 39 
Income before fair value gains, net461 265 767 474 
Fair value gains, net367 220 890 430 
Net income828 485 1,657 904 
Partnership’s share of net earnings$419 $253 $799 $459 
(1)Share of net earnings from equity accounted investments recorded by the partnership’s joint ventures and associates.