DEBT OBLIGATIONS

6 Months Ended

Jun. 30, 2022

Disclosure of borrowing costs [Abstract]

The partnership’s debt obligations include the following:


	Jun. 30, 2022				Dec. 31, 2021
(US$ Millions)	Weighted-average rate		Debt balance		Weighted-average rate		Debt balance
Unsecured facilities:
Brookfield Property Partners’ credit facilities	3.20	%	2,520		2.00	%	2,257
Brookfield Property Partners’ corporate bonds	4.12	%	1,944		4.11	%	1,982
Brookfield Property Retail Holding LLC term debt	4.12	%	1,530		2.61	%	1,869
Brookfield Property Retail Holding LLC senior secured notes	5.20	%	1,695		5.20	%	1,695
Brookfield Property Retail Holding LLC corporate facility	4.11	%	270		3.10	%	70
Brookfield Property Retail Holding LLC junior subordinated notes	2.74	%	192		1.58	%	206
Subsidiary borrowings	5.33	%	336		3.29	%	537

Secured debt obligations:
Funds subscription credit facilities(1)	3.30	%	171		2.44	%	371
Fixed rate	4.47	%	19,906		4.31	%	26,248
Variable rate	4.33	%	22,181		3.29	%	20,341
Deferred financing costs			(211)				(249)
Total debt obligations			$	50,534			$	55,327

Current			16,786				13,742
Non-current			33,747				38,579
Debt associated with assets held for sale			1				3,006
Total debt obligations			$	50,534			$	55,327

(1)Funds subscription credit facilities are secured by co-investors’ capital commitments.

The partnership generally believes that it will be able to either extend the maturity date, repay, or refinance the debt that is scheduled to mature in 2022-2023; however, approximately 1.2% of its debt obligations represent non-recourse mortgages where the partnership has suspended contractual payment. The partnership is currently engaging in modification or restructuring discussions with the respective creditors. These negotiations may, under certain circumstances, result in certain properties securing these loans being transferred to the lenders.

Debt obligations include foreign currency denominated debt in the functional currencies of the borrowing subsidiaries. Debt obligations by currency are as follows:


	Jun. 30, 2022				Dec. 31, 2021
(Millions)	U.S. Dollars			Local currency	U.S. Dollars			Local currency
U.S. Dollars	$	33,806	$	33,806	$	37,559	$	37,559
British Pounds	6,371		£	5,231	7,030		£	5,196
Canadian Dollars	4,250		C$	5,471	4,419		C$	5,585
South Korean Won	1,770		₩	2,280,000	1,918		₩	2,280,000
Australian Dollars	1,973		A$	2,858	2,014		A$	2,773
Indian Rupee	1,837		Rs	144,631	1,801		Rs	134,378
Brazilian Reais	527		R$	2,758	476		R$	2,655
Chinese Yuan	117		C¥	785	69		C¥	437
Euros	94		€	90	290		€	255
Deferred financing costs	(211)				(249)
Total debt obligations	$	50,534			$	55,327

The components of changes in debt obligations, including changes related to cash flows from financing activities, are summarized in the table below:


				Non-cash changes in debt obligations
(US$ Millions)	Dec. 31, 2021		Debt obligation issuance, net of repayments	Debt from asset acquisitions	Assumed by purchaser	Amortization of deferred financing costs and (premium) discount	Foreign currency translation	Other	Jun. 30, 2022
Debt obligations	$	55,327	(1,092)	350	(3,006)	47	(1,102)	10	$	50,534