SEGMENT INFORMATION (Tables)

6 Months Ended

Jun. 30, 2022

Operating Segments [Abstract]

Summary of financial information by segment

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

Summary of reconciliation of FFO to net income

The following summary presents a reconciliation of FFO to net income for the three and six months ended June 30, 2022 and 2021:

	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.