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FINANCIAL INSTRUMENTS (Tables)
 6 Months Ended
Jun. 30, 2022
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 June 30, 2022 and December 31, 2021:
(US$ Millions)Hedging itemNotionalRatesMaturity datesFair value
Jun. 30, 2022Interest rate caps of US$ LIBOR debt$6,764 
2.5% - 4.9%
Jul. 2022 - May. 2024$14 
Interest rate swaps of US$ LIBOR debt130 
1.4%
Dec. 20221 
Interest rate caps of US$ SOFR debt373 
 3.8%
Aug. 20222 
Interest rate caps of £ SONIA debt2,352 
1.0% - 2.5%
Jan. 2023 - Mar. 202513 
Interest rate caps of € EURIBOR debt94 
1.3%
Apr. 2023— 
Interest rate caps of C$ LIBOR debt186 
2.0%
Oct. 2022— 
Interest rate swaps of A$ BBSW/BBSY debt401 
0.8% - 1.6%
Apr. 2023 - Apr. 202414 
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 A$ BBSW/BBSY debt422 
0.8% - 1.6%
Apr. 2023 - Apr. 2024— 
The following table provides the partnership’s outstanding derivatives that are designated as net investments of foreign subsidiaries or foreign currency cash flow hedges as of June 30, 2022 and December 31, 2021:
(US$ Millions)Hedging itemNotionalRatesMaturity datesFair value
Jun. 30, 2022Net investment hedges€389 
€0.89/$ - €0.96/$
Jul. 2022 - Sep. 2024$(3)
Net investment hedges£3,604 
£0.71/$ - £0.89/$
Aug. 2022 - Jul. 2023(14)
Net investment hedgesA$349 
A$1.38/$ - A$1.46/$
Jul. 2022 - Mar. 2023(1)
Net investment hedgesC¥4,765 
C¥6.59/$ - C¥6.99/$
Sep. 2022 - Mar. 2025(7)
Net investment hedgesC$196 
C$1.26/$ - C$1.31/$
Mar. 2023 - Feb. 2025(1)
Net investment hedgesR$764 
R$5.29/$ - R$7.00/$
Sep. 2022 - Oct. 2022(67)
Net investment hedges₩911,637 
₩1,232.00/$ - ₩1,287.00/$
Sep. 2022 - Jun. 2023(1)
Net investment hedgesRs72,878 
Rs77.47/$ - Rs87.13/$
Jul. 2022 - Jul. 2024(2)
Net investment hedges£374 
£0.86/€
Jul. 2023— 
Cross currency swaps of C$ LIBOR debtC$2,500 
C$1.25/$ - C$1.38/$
Jul. 2023 - Jan. 202729 
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/$ ₩1,197.60/$
Jun. 2022 - Jun. 20234 
Net investment hedgesRs75,690 
Rs76.35/$ - Rs87.13/$
Jan. 2022 - Jul. 2024(27)
Net investment hedges£90 
£0.91/$
Apr. 2022 - Apr. 20229 
Cross currency swaps of C$ LIBOR debtC$2,500 
C$1.25/$ - C$1.38/$
Jul. 2023 - Jan. 202756 
Disclosure of other derivatives
The following table presents details of the partnership’s other derivatives, not designated as hedges for accounting purposes, that have been entered into to manage financial risks as of June 30, 2022 and December 31, 2021:
(US$ Millions)
Derivative type
Notional

Rates
Maturity
dates
Fair value
Jun. 30, 2022Interest rate caps$4,420 
2.0% - 7.9%
Aug. 2022 - Oct. 2023$4 
Interest rate swaps on forecasted fixed rate debt335 
3.6% - 5.3%
Jun. 2023 - Jun. 2033(38)
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)
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 interim condensed consolidated financial statements:
Jun. 30, 2022Dec. 31, 2021
(US$ Millions)Classification and measurement basisCarrying valueFair valueCarrying valueFair value
Financial assets
Loans and notes receivableAmortized cost$453 $453 $225 $225 
Other non-current assets
Securities - FVTPLFVTPL2,067 2,067 2,200 2,200 
Derivative assetsFVTPL81 81 111 111 
Securities - FVTOCIFVTOCI68 68 108 108 
Restricted cashAmortized cost327 327 356 356 
Current assets
Securities - FVTOCIFVTOCI43 43 — — 
Derivative assetsFVTPL143 143 33 33 
Accounts receivable(1)
Amortized cost1,007 1,007 1,128 1,128 
Restricted cashAmortized cost640 640 331 331 
Cash and cash equivalentsAmortized cost2,175 2,175 2,576 2,576 
Total financial assets$7,004 $7,004 $7,068 $7,068 
Financial liabilities
Debt obligations(2)
Amortized cost$50,534 $49,759 $55,327 $55,474 
Capital securitiesAmortized cost2,275 2,275 2,226 2,226 
Capital securities - fund subsidiariesFVTPL922 922 859 859 
Other non-current liabilities
Loan payableFVTPL3 3 — — 
Accounts payableAmortized cost522 522 500 500 
Derivative liabilitiesFVTPL92 92 277 277 
Accounts payable and other liabilities
Accounts payable and other(3)
Amortized cost3,374 3,374 2,097 2,097 
Loans and notes payableAmortized cost333 333 899 899 
Derivative liabilitiesFVTPL173 173 221 221 
Total financial liabilities$58,228 $57,453 $62,406 $62,553 
(1)Includes other receivables associated with assets classified as held for sale on the condensed consolidated balance sheet in the amount of $489 million and $276 million as of June 30, 2022 and December 31, 2021, respectively.
(2)Includes debt obligations associated with assets classified as held for sale on the condensed consolidated balance sheet in the amount of $1 million and $3,006 million as of June 30, 2022 and December 31, 2021, respectively.
(3)Includes accounts payable and other liabilities associated with assets classified as held for sale on the condensed consolidated balance sheet in the amount of $956 million and $76 million as of June 30, 2022 and December 31, 2021, respectively.
The following table outlines financial assets and liabilities measured at fair value in the consolidated financial statements and the level of the inputs used to determine those fair values in the context of the hierarchy as defined above:
Jun. 30, 2022Dec. 31, 2021
 (US$ Millions)  Level 1Level 2Level 3 Total  Level 1Level 2Level 3 Total
Financial assets
Securities - FVTPL$10 $218 $1,882 $2,110 $17 $218 $1,965 $2,200 
Securities - FVTOCI43 — 25 68 13 — 95 108 
Derivative assets— 213 11 224 — 144 — 144 
Total financial assets$53 $431 $1,918 $2,402 $30 $362 $2,060 $2,452 
Financial liabilities
Capital securities - fund subsidiaries$— $— $922 $922 $— $— $859 $859 
Derivative liabilities— 265 — 265 — 498 — 498 
Total financial liabilities$— $265 $922 $1,187 $— $498 $859 $1,357 
Disclosure of financial liabilities
The following table outlines the classification and measurement basis, and related fair value for disclosures, of the financial assets and liabilities in the interim condensed consolidated financial statements:
Jun. 30, 2022Dec. 31, 2021
(US$ Millions)Classification and measurement basisCarrying valueFair valueCarrying valueFair value
Financial assets
Loans and notes receivableAmortized cost$453 $453 $225 $225 
Other non-current assets
Securities - FVTPLFVTPL2,067 2,067 2,200 2,200 
Derivative assetsFVTPL81 81 111 111 
Securities - FVTOCIFVTOCI68 68 108 108 
Restricted cashAmortized cost327 327 356 356 
Current assets
Securities - FVTOCIFVTOCI43 43 — — 
Derivative assetsFVTPL143 143 33 33 
Accounts receivable(1)
Amortized cost1,007 1,007 1,128 1,128 
Restricted cashAmortized cost640 640 331 331 
Cash and cash equivalentsAmortized cost2,175 2,175 2,576 2,576 
Total financial assets$7,004 $7,004 $7,068 $7,068 
Financial liabilities
Debt obligations(2)
Amortized cost$50,534 $49,759 $55,327 $55,474 
Capital securitiesAmortized cost2,275 2,275 2,226 2,226 
Capital securities - fund subsidiariesFVTPL922 922 859 859 
Other non-current liabilities
Loan payableFVTPL3 3 — — 
Accounts payableAmortized cost522 522 500 500 
Derivative liabilitiesFVTPL92 92 277 277 
Accounts payable and other liabilities
Accounts payable and other(3)
Amortized cost3,374 3,374 2,097 2,097 
Loans and notes payableAmortized cost333 333 899 899 
Derivative liabilitiesFVTPL173 173 221 221 
Total financial liabilities$58,228 $57,453 $62,406 $62,553 
(1)Includes other receivables associated with assets classified as held for sale on the condensed consolidated balance sheet in the amount of $489 million and $276 million as of June 30, 2022 and December 31, 2021, respectively.
(2)Includes debt obligations associated with assets classified as held for sale on the condensed consolidated balance sheet in the amount of $1 million and $3,006 million as of June 30, 2022 and December 31, 2021, respectively.
(3)Includes accounts payable and other liabilities associated with assets classified as held for sale on the condensed consolidated balance sheet in the amount of $956 million and $76 million as of June 30, 2022 and December 31, 2021, respectively.
The following table outlines financial assets and liabilities measured at fair value in the consolidated financial statements and the level of the inputs used to determine those fair values in the context of the hierarchy as defined above:
Jun. 30, 2022Dec. 31, 2021
 (US$ Millions)  Level 1Level 2Level 3 Total  Level 1Level 2Level 3 Total
Financial assets
Securities - FVTPL$10 $218 $1,882 $2,110 $17 $218 $1,965 $2,200 
Securities - FVTOCI43 — 25 68 13 — 95 108 
Derivative assets— 213 11 224 — 144 — 144 
Total financial assets$53 $431 $1,918 $2,402 $30 $362 $2,060 $2,452 
Financial liabilities
Capital securities - fund subsidiaries$— $— $922 $922 $— $— $859 $859 
Derivative liabilities— 265 — 265 — 498 — 498 
Total financial liabilities$— $265 $922 $1,187 $— $498 $859 $1,357 
Disclosure of fair value measurement of assets
The following table presents the partnership’s investment properties measured at fair value in the condensed consolidated financial statements and the level of the inputs used to determine those fair values in the context of the hierarchy as defined in Note 2(i), Summary of Significant Accounting Policies: Fair value measurement, in the consolidated financial statements as of December 31, 2021:
Jun. 30, 2022Dec. 31, 2021
Level 3Level 3
(US$ Millions)Level 1Level 2Commercial propertiesCommercial developmentsLevel 1Level 2Commercial propertiesCommercial developments
Core Office$— $— $24,300 $1,187 $— $— $24,643 $1,022 
Core Retail— — 19,843 101 — — 18,991 — 
LP Investments— — 15,635 688 — — 18,679 1,278 
Total$— $— $59,778 $1,976 $— $— $62,313 $2,300 
The following table presents the change in the balance of financial assets and financial liabilities accounted for at fair value categorized as Level 3 as of June 30, 2022 and December 31, 2021:
Jun. 30, 2022Dec. 31, 2021

(US$ Millions)
Financial
assets
Financial
liabilities
Financial
assets
Financial
liabilities
Balance, beginning of period$2,060 $859 $1,682 $863 
Acquisitions61 — 553 — 
Dispositions(178)— (88)— 
Fair value gains, net and OCI(25)74 366 2 
Other— (11)(453)(6)
Balance, end of period$1,918 $922 $2,060 $859 
Disclosure of fair value measurement of liabilities
The following table presents the change in the balance of financial assets and financial liabilities accounted for at fair value categorized as Level 3 as of June 30, 2022 and December 31, 2021:
Jun. 30, 2022Dec. 31, 2021

(US$ Millions)
Financial
assets
Financial
liabilities
Financial
assets
Financial
liabilities
Balance, beginning of period$2,060 $859 $1,682 $863 
Acquisitions61 — 553 — 
Dispositions(178)— (88)— 
Fair value gains, net and OCI(25)74 366 2 
Other— (11)(453)(6)
Balance, end of period$1,918 $922 $2,060 $859