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. This is consistent with how the partnership presents financial information to the CODM and investors. 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 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 three and six months ended June 30, 2022 and 2021:


(US$ Millions)	Total revenue				FFO
Three months ended Jun. 30,	2022		2021		2022		2021
Core Office	$	540	$	539	$	95	$	131
Core Retail	365		372		188		103
LP Investments	836		747		80		40
Corporate	2		2		(157)		(130)
Total	$	1,743	$	1,660	$	206	$	144


(US$ Millions)	Total revenue				FFO
Six months ended Jun. 30,	2022		2021		2022		2021
Core Office	$	1,108	$	1,069	$	234	$	254
Core Retail	759		736		356		198
LP Investments	1,928		1,302		145		34
Corporate	2		3		(331)		(255)
Total	$	3,797	$	3,110	$	404	$	231

The following summaries presents the detail of total revenue from the partnership’s operating segments for the three and six months ended June 30, 2022 and 2021:


(US$ Millions)	Lease revenue		Other revenue from tenants		Hospitality revenue		Investment and other revenue		Total revenue
Three months ended Jun. 30, 2022
Core Office	$	331	$	132	$	6	$	71	$	540
Core Retail	263		63		—		39		365
LP Investments	333		63		394		46		836
Corporate	—		—		—		2		2
Total	$	927	$	258	$	400	$	158	$	1,743


(US$ Millions)	Lease revenue		Other revenue from tenants		Hospitality revenue		Investment and other revenue		Total revenue
Three months ended Jun. 30, 2021
Core Office	$	356	$	118	$	2	$	63	$	539
Core Retail	271		67		—		34		372
LP Investments	415		57		194		81		747
Corporate	—		—		—		2		2
Total	$	1,042	$	242	$	196	$	180	$	1,660


(US$ Millions)	Lease revenue		Other revenue from tenants		Hospitality revenue		Investment and other revenue		Total revenue
Six months ended Jun. 30, 2022
Core Office	$	669	$	266	$	10	$	163	$	1,108
Core Retail	547		130		—		82		759
LP Investments	705		123		703		397		1,928
Corporate	—		—		—		2		2
Total	$	1,921	$	519	$	713	$	644	$	3,797


(US$ Millions)	Lease revenue		Other revenue from tenants		Hospitality revenue		Investment and other revenue		Total revenue
Six months ended Jun. 30, 2021
Core Office	$	734	$	225	$	3	$	107	$	1,069
Core Retail	538		132		—		66		736
LP Investments	820		120		252		110		1,302
Corporate	—		—		—		3		3
Total	$	2,092	$	477	$	255	$	286	$	3,110

The following summaries presents share of net earnings from equity accounted investments and interest expense from the partnership’s operating segments for the three and six months ended June 30, 2022 and 2021:


(US$ Millions)	Share of net earnings from equity accounted investments				Interest expense
Three months ended Jun. 30,	2022		2021		2022		2021
Core Office	$	253	$	146	$	(171)	$	(139)
Core Retail	151		148		(151)		(165)
LP Investments	15		(41)		(233)		(334)
Corporate	—		—		(68)		(72)
Total	$	419	$	253	$	(623)	$	(710)


(US$ Millions)	Share of net earnings from equity accounted investments				Interest expense
Six months ended Jun. 30,	2022		2021		2022		2021
Core Office	$	470	$	377	$	(318)	$	(282)
Core Retail	315		167		(295)		(328)
LP Investments	14		(85)		(471)		(570)
Corporate	—		—		(139)		(142)
Total	$	799	$	459	$	(1,223)	$	(1,322)

The following summary presents information about certain consolidated balance sheet items of the partnership, on a segmented basis, as of June 30, 2022 and December 31, 2021:


	Total assets				Total liabilities				Equity accounted investments
(US$ Millions)	Jun. 30, 2022		Dec. 31, 2021		Jun. 30, 2022		Dec. 31, 2021		Jun. 30, 2022		Dec. 31, 2021
Core Office	$	36,864	$	37,661	$	18,331	$	18,172	$	9,555	$	9,819
Core Retail	30,831		30,585		14,012		14,316		9,656		9,945
LP Investments	37,478		43,403		23,021		27,516		1,022		1,043
Corporate	370		355		6,670		6,995		—		—
Total	$	105,543	$	112,004	$	62,034	$	66,999	$	20,233	$	20,807


	Three months ended Jun. 30,				Six months ended Jun. 30,
(US$ Millions)	2022		2021		2022		2021
FFO(1)	$	206	$	144	$	404	$	231
Depreciation and amortization of real estate assets	(46)		(46)		(98)		(91)
Fair value gains, net	23		498		1,293		1,138
Share of equity accounted income - non-FFO	177		105		369		181
Income tax expense	(47)		(87)		(230)		(192)
Non-controlling interests of others in operating subsidiaries and properties – non-FFO	87		(295)		(636)		(682)
Net income (loss) attributable to unitholders(2)	400		319		1,102		585
Non-controlling interests of others in operating subsidiaries and properties	120		367		1,110		832
Net income (loss)	$	520	$	686	$	2,212	$	1,417

(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 Partnership 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 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 Partnership Units, Special LP Units, FV LTIP Units and BPYU Units are presented as non-controlling interests in the consolidated statements of income.