XML 151 R116.htm IDEA: XBRL DOCUMENT
v3.22.1

PROPERTY, PLANT AND EQUIPMENT (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2021
Property, plant and equipment [abstract] |
Disclosure of detailed information about property, plant and equipment | The company’s property, plant and equipment relates to the operating segments as shown below:
|  |  |  |  |  |  |  |  |  |  | Renewable Power and Transition (a) |  | Infrastructure (b) |  | Real Estate (c) |  | Private Equity and Other (d) |  | Total |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  | AS AT DEC. 31 (MILLIONS) | 2021 |  | 2020 |  | 2021 |  | 2020 |  | 2021 |  | 2020 |  | 2021 |  | 2020 |  | 2021 |  | 2020 |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  | Costs | $ | 30,588 |  |  | $ | 28,838 |  |  | $ | 39,769 |  |  | $ | 31,212 |  |  | $ | 11,396 |  |  | $ | 9,251 |  |  | $ | 21,255 |  |  | $ | 18,770 |  |  | $ | 103,008 |  |  | $ | 88,071 |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  | Accumulated fair value changes | 28,138 |  |  | 24,238 |  |  | 3,077 |  |  | 4,626 |  |  | 881 |  |  | 393 |  |  | (1,022) |  |  | (873) |  |  | 31,074 |  |  | 28,384 |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  | Accumulated depreciation | (8,409) |  |  | (7,870) |  |  | (4,191) |  |  | (3,671) |  |  | (1,413) |  |  | (1,212) |  |  | (4,580) |  |  | (3,693) |  |  | (18,593) |  |  | (16,446) |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  | Total 1 | $ | 50,317 |  |  | $ | 45,206 |  |  | $ | 38,655 |  |  | $ | 32,167 |  |  | $ | 10,864 |  |  | $ | 8,432 |  |  | $ | 15,653 |  |  | $ | 14,204 |  |  | $ | 115,489 |  |  | $ | 100,009 |  |  |  |  |  |  |  |  |  |  |
1. As at December 31, 2021, the total includes $5.8 billion (2020 – $3.9 billion) of property, plant and equipment leased to third parties as operating leases. Our ROU PP&E assets include $415 million (2020 – $393 million) in our Renewable Power and Transition segment, $4.0 billion (2020 – $4.1 billion) in our Infrastructure segment, $905 million (2020 – $856 million) in our Real Estate segment, and $1.7 billion (2020 – $1.3 billion) in our Private Equity and other segments, totaling $7.0 billion (2020 – $6.7 billion) of ROU assets. Our renewable power and transition property, plant and equipment consists of the following:
| Hydroelectric |  | Wind |  | Solar and Other |  | Total
AS AT AND FOR THE YEARS ENDED DEC. 31 (MILLIONS) | 2021 |  | 2020 |  | 2021 |  | 2020 |  | 2021 |  | 2020 |  | 2021 |  | 2020
Cost, beginning of year | $ | 13,899 |  |  | $ | 14,074 |  |  | $ | 8,398 |  |  | $ | 8,459 |  |  | $ | 6,541 |  |  | $ | 5,287 |  |  | $ | 28,838 |  |  | $ | 27,820 |
Additions, net of disposals and assets reclassified as held for sale | 734 |  |  | 425 |  |  | (907) |  |  | (9) |  |  | 648 |  |  | 284 |  |  | 475 |  |  | 700 |
Acquisitions through business combinations | — |  |  | — |  |  | 1,643 |  |  | — |  |  | 723 |  |  | 661 |  |  | 2,366 |  |  | 661 |
Foreign currency translation | (762) |  |  | (600) |  |  | (101) |  |  | (52) |  |  | (228) |  |  | 309 |  |  | (1,091) |  |  | (343) |
Cost, end of year | 13,871 |  |  | 13,899 |  |  | 9,033 |  |  | 8,398 |  |  | 7,684 |  |  | 6,541 |  |  | 30,588 |  |  | 28,838 |
Accumulated fair value changes, beginning of year | 19,865 |  |  | 16,927 |  |  | 2,908 |  |  | 2,588 |  |  | 1,465 |  |  | 950 |  |  | 24,238 |  |  | 20,465 |
Fair value changes | 4,581 |  |  | 3,221 |  |  | (44) |  |  | 402 |  |  | 282 |  |  | 530 |  |  | 4,819 |  |  | 4,153 |
Dispositions and assets reclassified as held for sale | — |  |  | — |  |  | (354) |  |  | — |  |  | — |  |  | — |  |  | (354) |  |  | — |
Foreign currency translation | (473) |  |  | (283) |  |  | (49) |  |  | (82) |  |  | (43) |  |  | (15) |  |  | (565) |  |  | (380) |
Accumulated fair value changes, end of year | 23,973 |  |  | 19,865 |  |  | 2,461 |  |  | 2,908 |  |  | 1,704 |  |  | 1,465 |  |  | 28,138 |  |  | 24,238 |
Accumulated depreciation, beginning of year | (4,731) |  |  | (4,412) |  |  | (2,293) |  |  | (1,781) |  |  | (846) |  |  | (497) |  |  | (7,870) |  |  | (6,690) |
Depreciation expenses | (556) |  |  | (517) |  |  | (599) |  |  | (546) |  |  | (355) |  |  | (302) |  |  | (1,510) |  |  | (1,365) |
Dispositions and assets reclassified as held for sale | 22 |  |  | 17 |  |  | 792 |  |  | 25 |  |  | 1 |  |  | 9 |  |  | 815 |  |  | 51 |
Foreign currency translation | 114 |  |  | 181 |  |  | 14 |  |  | 9 |  |  | 28 |  |  | (56) |  |  | 156 |  |  | 134 |
Accumulated depreciation, end of year | (5,151) |  |  | (4,731) |  |  | (2,086) |  |  | (2,293) |  |  | (1,172) |  |  | (846) |  |  | (8,409) |  |  | (7,870) |
Balance, end of year | $ | 32,693 |  |  | $ | 29,033 |  |  | $ | 9,408 |  |  | $ | 9,013 |  |  | $ | 8,216 |  |  | $ | 7,160 |  |  | $ | 50,317 |  |  | $ | 45,206 |
Real Estate
| Cost |  | Accumulated Fair Value Changes |  | Accumulated Depreciation |  | Total
AS AT AND FOR THE YEARS ENDED DEC. 31 (MILLIONS) | 2021 |  | 2020 |  | 2021 |  | 2020 |  | 2021 |  | 2020 |  | 2021 |  | 2020
Balance, beginning of year | $ | 9,251 |  |  | $ | 9,890 |  |  | $ | 393 |  |  | $ | 1,366 |  |  | $ | (1,212) |  |  | $ | (1,527) |  |  | $ | 8,432 |  |  | $ | 9,729 |
Changes in basis of accounting | (38) |  |  | (1,895) |  |  | 8 |  |  | (681) |  |  | 1 |  |  | 786 |  |  | (29) |  |  | (1,790) |
Additions/(dispositions)1, net of assets reclassified as held for sale | 203 |  |  | 1,023 |  |  | (631) |  |  | (135) |  |  | 262 |  |  | 27 |  |  | (166) |  |  | 915 |
Acquisitions through business combinations | 2,172 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2,172 |  |  | — |
Foreign currency translation | (192) |  |  | 233 |  |  | (2) |  |  | 2 |  |  | 35 |  |  | (41) |  |  | (159) |  |  | 194 |
Fair value changes | — |  |  | — |  |  | 1,113 |  |  | (159) |  |  | — |  |  | — |  |  | 1,113 |  |  | (159) |
Depreciation expenses | — |  |  | — |  |  | — |  |  | — |  |  | (499) |  |  | (457) |  |  | (499) |  |  | (457) |
Balance, end of year | $ | 11,396 |  |  | $ | 9,251 |  |  | $ | 881 |  |  | $ | 393 |  |  | $ | (1,413) |  |  | $ | (1,212) |  |  | $ | 10,864 |  |  | $ | 8,432 |
1. For accumulated depreciation, (additions)/dispositions.The following table presents the changes to the carrying value of the company’s PP&E assets included in these businesses:
| Cost |  | Accumulated Impairment |  | Accumulated Depreciation |  | Total
AS AT AND FOR THE YEARS ENDED DEC. 31 (MILLIONS) | 2021 |  | 2020 |  | 2021 |  | 2020 |  | 2021 |  | 2020 |  | 2021 |  | 2020
Balance, beginning of year | $ | 18,770 |  |  | $ | 17,269 |  |  | $ | (873) |  |  | $ | (643) |  |  | $ | (3,693) |  |  | $ | (2,458) |  |  | $ | 14,204 |  |  | $ | 14,168 |
Changes in basis of accounting | (820) |  |  | — |  |  | (3) |  |  | — |  |  | 301 |  |  | — |  |  | (522) |  |  | — |
Additions/(dispositions)1, net of assets reclassified as held for sale | 1,124 |  |  | 874 |  |  | 97 |  |  | 57 |  |  | 277 |  |  | 290 |  |  | 1,498 |  |  | 1,221 |
Acquisitions through business combinations | 2,518 |  |  | 84 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2,518 |  |  | 84 |
Foreign currency translation | (337) |  |  | 543 |  |  | (3) |  |  | (3) |  |  | 36 |  |  | (61) |  |  | (304) |  |  | 479 |
Depreciation expenses | — |  |  | — |  |  | — |  |  | — |  |  | (1,501) |  |  | (1,464) |  |  | (1,501) |  |  | (1,464) |
Impairment charges | — |  |  | — |  |  | (240) |  |  | (284) |  |  | — |  |  | — |  |  | (240) |  |  | (284) |
Balance, end of year | $ | 21,255 |  |  | $ | 18,770 |  |  | $ | (1,022) |  |  | $ | (873) |  |  | $ | (4,580) |  |  | $ | (3,693) |  |  | $ | 15,653 |  |  | $ | 14,204 |
1. For accumulated depreciation, (additions)/dispositions.
Disclosure of significant unobservable inputs used in fair value measurement of assets [text block] | The following table summarizes the valuation techniques and significant unobservable inputs used in the fair value measurement of Level 3 financial instruments:
(MILLIONS) Type of Asset/Liability |  | Carrying Value Dec. 31, 2021 |  | Valuation Techniques |  | Significant Unobservable Inputs |  | Relationship of Unobservable Inputs to Fair Value
Corporate bonds |  | $ | 383 |  |  | Discounted cash flows |  | • Future cash flows |  | • Increases (decreases) in future cash flows increase (decrease) fair value
|  |  |  |  |  | • Discount rate |  | • Increases (decreases) in discount rate decrease (increase) fair value
Fixed income securities and other |  | 451 |  |  | Discounted cash flows |  | • Future cash flows |  | • Increases (decreases) in future cash flows increase (decrease) fair value
|  |  |  |  |  | • Discount rate |  | • Increases (decreases) in discount rate decrease (increase) fair value
Common shares and warrants |  | 1,316 |  |  | Discounted cash flows |  | • Future cash flows |  | • Increases (decreases) in future cash flows increase (decrease) fair value
|  |  |  |  |  | • Discount rate |  | • Increases (decreases) in discount rate decrease (increase) fair value
|  |  |  | Black-Scholes model |  | • Volatility |  | • Increases (decreases) in volatility increase (decreases) fair value
|  |  |  |  |  | • Term to maturity |  | • Increases (decreases) in term to maturity increase (decrease) fair value
Derivative assets/Derivative liabilities (accounts receivable/payable) |  | 77 / (1,311) |  | Discounted cash flows |  | • Future cash flows |  | • Increases (decreases) in future cash flows increase (decrease) fair value
|  |  |  |  |  | • Discount rate |  | • Increases (decreases) in discount rate decrease (increase) fair value
Limited-life funds (subsidiary equity obligations) |  | (1,403) |  |  | Discounted cash flows |  | • Future cash flows |  | • Increases (decreases) in future cash flows increase (decrease) fair value
|  |  |  |  |  | • Discount rate |  | • Increases (decreases) in discount rate decrease (increase) fair value
|  |  |  |  |  | • Terminal capitalization rate |  | • Increases (decreases) in terminal capitalization rate decrease (increase) fair value
|  |  |  |  |  | • Investment horizon |  | • Increases (decreases) in the investment horizon decrease (increase) fair value
The significant unobservable inputs (Level 3) included in the discounted cash flow models used when determining the fair value of standing timber and agricultural assets include:
Valuation Techniques |  | Significant Unobservable Inputs |  | Relationship of Unobservable Inputs to Fair Value |  | Mitigating Factors
Discounted cash flow analysis |  | •Future cash flows |  | •Increases (decreases) in future cash flows increase (decrease) fair value |  | •Increases (decreases) in cash flows tend to be accompanied by increases (decreases) in discount rates that may offset changes in fair value from cash flows
|  | •Timber / agricultural prices |  | •Increases (decreases) in price increase (decrease) fair value |  | •Increases (decreases) in price tend to be accompanied by increases (decreases) in discount rates that may offset changes in fair value from price
|  | •Discount rate /terminal capitalization rate |  | •Increases (decreases) in discount rate or terminal capitalization rate decrease (increase) fair value |  | •Decreases (increases) in discount rates or terminal capitalization rates tend to be accompanied by increases (decreases) in cash flows that may offset changes in fair value from rates
|  | •Exit Date |  | •Increases (decreases) in exit date decrease (increase) fair value |  | •Increases (decreases) in the exit date tend to be the result of changing cash flow profiles that may result in higher (lower) growth in cash flows prior to stabilizing in the terminal year
The following table summarizes the key valuation metrics of the company’s investment properties:
| 2021 |  | 2020
AS AT DEC. 31 | Discount Rate |  | Terminal Capitalization Rate |  | Investment Horizon (years) |  | Discount Rate |  | Terminal Capitalization Rate |  | Investment Horizon (years)
Core | 5.9 | % |  | 4.6 | % |  | 11 |  | 6.0 | % |  | 4.6 | % |  | 11
Transitional and Development 1 | 7.3 | % |  | 5.8 | % |  | 10 |  | 7.2 | % |  | 5.9 | % |  | 10
LP investments 1 | 9.1 | % |  | 5.9 | % |  | 13 |  | 9.4 | % |  | 6.0 | % |  | 14
Other investment properties 2 | 8.7% |  | n/a |  | n/a |  | 5.0 – 8.7% |  | n/a |  | n/a
1. The rates presented are for investment properties valued using the discounted cash flow method. These rates exclude multifamily, triple net lease, student housing, manufactured housing and other investment properties valued using the direct capitalization method. 2. Other investment properties include investment properties held in our Infrastructure and Residential Development segments. The following table presents our renewable power and transition property, plant and equipment measured at fair value by geography:
AS AT DEC. 31 (MILLIONS) | 2021 |  | 2020
North America | $ | 32,629 |  |  | $ | 28,044 |
Colombia | 8,497 |  |  | 8,150 |
Europe | 3,935 |  |  | 4,912 |
Brazil | 3,547 |  |  | 3,005 |
Other 1 | 1,709 |  |  | 1,095 |
| $ | 50,317 |  |  | $ | 45,206 |
1. Other refers primarily to China, India and Chile. Key valuation metrics of the company’s hydroelectric, wind and solar generating facilities at the end of 2021 and 2020 are summarized below.
| North America |  | Brazil |  | Colombia |  | Europe
AS AT DEC. 31 | 2021 |  | 2020 |  | 2021 |  | 2020 |  | 2021 |  | 2020 |  | 2021 |  | 2020
Discount rate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Contracted | 4.1 – 4.3% |  | 4.1 – 4.5% |  | 7.2 | % |  | 7.3 | % |  | 7.9 | % |  | 8.1 | % |  | 3.9 | % |  | 3.0 – 3.6%
Uncontracted | 5.4 – 5.6% |  | 5.6 – 6.0% |  | 8.5 | % |  | 8.6 | % |  | 9.2 | % |  | 9.4 | % |  | 3.9 | % |  | 3.6 – 4.7%
Terminal capitalization rate 1 | 4.8 – 5.1% |  | 5.8 – 6.2% |  | n/a |  | n/a |  | 8.0 | % |  | 8.9 | % |  | n/a |  | n/a
Exit date | 2042 |  | 2041 |  | 2048 |  | 2048 |  | 2041 |  | 2040 |  | 2036 |  | 2035
1. Terminal capitalization rate applies only to hydroelectric assets in North America and Colombia. Key valuation metrics of the company’s utilities, transport, midstream and sustainable resources assets at the end of 2021 and 2020 are summarized below.
| Utilities |  | Transport |  | Midstream |  |  |  | Sustainable Resources
AS AT DEC. 31 | 2021 |  | 2020 |  | 2021 |  | 2020 |  | 2021 |  | 2020 |  |  |  |  |  | 2021 |  | 2020
Discount rates | 7 – 11% |  | 7 – 14% |  | 7 – 14% |  | 7 – 13% |  | 15 | % |  | 15 | % |  |  |  |  |  | n/a |  | 6 | %
Terminal capitalization multiples | 20x |  | 7x – 23x |  | 9x – 15x |  | 9x – 14x |  | 10x |  | 10x |  |  |  |  |  | n/a |  | 6x
Investment horizon/Exit date (years) | 10 – 20 |  | 10 |  | 10 |  |  | 10 |  | 5 – 10 |  | 5 – 10 |  |  |  |  |  | n/a |  | 10
Disclosure of Power Generating Assets [Table Text Block] | Key assumptions on contracted generation and future power pricing are summarized below:
AS AT DEC. 31, 2021 | Total Generation Contracted under Power Purchase Agreements |  | Power Prices from Long-Term Power Purchase Agreements (weighted average) |  | Estimates of Future Electricity Prices (weighted average)
1 – 10 years |  | 11 – 20 years |  | 1 – 10 years |  | 11 – 20 years |  | 1 – 10 years |  | 11 – 20 years
North America (prices in US$/MWh) | 48 | % |  | 17 | % |  | 82 |  |  | 71 |  |  | 77 |  |  | 114 |
Brazil (prices in R$/MWh) | 83 | % |  | 61 | % |  | 306 |  |  | 358 |  |  | 282 |  |  | 345 |
Colombia (prices in COP$/MWh) | 30 | % |  | 1 | % |  | 251,000 |  |  | 313,000 |  |  | 290,000 |  |  | 439,000 |
Europe (prices in €/MWh) | 94 | % |  | 66 | % |  | 44 |  |  | 39 |  |  | 34 |  |  | 39 |
Disclosure of detailed information about equity interests classified as liabilities [Table Text Block] | Our infrastructure property, plant and equipment consists of the following:
| Utilities |  | Transport |  | Midstream |  | Data |  | Sustainable Resources and Other |  | Total
AS AT AND FOR THE YEARS ENDED DEC. 31 (MILLIONS) | 2021 |  | 2020 |  | 2021 |  | 2020 |  | 2021 |  | 2020 |  | 2021 |  | 2020 |  | 2021 |  | 2020 |  | 2021 |  | 2020
Cost, beginning of year | $ | 9,306 |  |  | $ | 8,654 |  |  | $ | 8,698 |  |  | $ | 8,309 |  |  | $ | 4,321 |  |  | $ | 3,971 |  |  | $ | 8,593 |  |  | $ | 1,131 |  |  | $ | 294 |  |  | $ | 389 |  |  | $ | 31,212 |  |  | $ | 22,454 |
Additions, net of disposals and assets reclassified as held for sale | (1,788) |  |  | 550 |  |  | 312 |  |  | 146 |  |  | 511 |  |  | 277 |  |  | (103) |  |  | 51 |  |  | (294) |  |  | (16) |  |  | (1,362) |  |  | 1,008 |
Acquisitions through business combinations | 180 |  |  | — |  |  | 134 |  |  | — |  |  | 9,865 |  |  | — |  |  | — |  |  | 7,334 |  |  | — |  |  | — |  |  | 10,179 |  |  | 7,334 |
Foreign currency translation | (116) |  |  | 102 |  |  | (145) |  |  | 243 |  |  | 165 |  |  | 73 |  |  | (166) |  |  | 77 |  |  | 2 |  |  | (79) |  |  | (260) |  |  | 416 |
Cost, end of year | 7,582 |  |  | 9,306 |  |  | 8,999 |  |  | 8,698 |  |  | 14,862 |  |  | 4,321 |  |  | 8,324 |  |  | 8,593 |  |  | 2 |  |  | 294 |  |  | 39,769 |  |  | 31,212 |
Accumulated fair value changes, beginning of year | 2,917 |  |  | 2,187 |  |  | 1,047 |  |  | 857 |  |  | 338 |  |  | 317 |  |  | — |  |  | — |  |  | 324 |  |  | 416 |  |  | 4,626 |  |  | 3,777 |
Disposition and assets reclassified as held for sale | (1,399) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (244) |  |  | — |  |  | (1,643) |  |  | — |
Fair value changes | 134 |  |  | 652 |  |  | 48 |  |  | 113 |  |  | 70 |  |  | 21 |  |  | — |  |  | — |  |  | (80) |  |  | 6 |  |  | 172 |  |  | 792 |
Foreign currency translation | (26) |  |  | 78 |  |  | (50) |  |  | 77 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (2) |  |  | (98) |  |  | (78) |  |  | 57 |
Accumulated fair value changes, end of year | 1,626 |  |  | 2,917 |  |  | 1,045 |  |  | 1,047 |  |  | 408 |  |  | 338 |  |  | — |  |  | — |  |  | (2) |  |  | 324 |  |  | 3,077 |  |  | 4,626 |
Accumulated depreciation, beginning of year | (1,613) |  |  | (1,172) |  |  | (1,404) |  |  | (950) |  |  | (356) |  |  | (208) |  |  | (263) |  |  | (88) |  |  | (35) |  |  | (41) |  |  | (3,671) |  |  | (2,459) |
Depreciation expenses | (352) |  |  | (419) |  |  | (481) |  |  | (498) |  |  | (270) |  |  | (141) |  |  | (419) |  |  | (189) |  |  | (4) |  |  | (10) |  |  | (1,526) |  |  | (1,257) |
Dispositions and assets reclassified as held for sale | 682 |  |  | 12 |  |  | 161 |  |  | 134 |  |  | 20 |  |  | — |  |  | 45 |  |  | 17 |  |  | 38 |  |  | 7 |  |  | 946 |  |  | 170 |
Foreign currency translation | 11 |  |  | (34) |  |  | 56 |  |  | (90) |  |  | (16) |  |  | (7) |  |  | 8 |  |  | (3) |  |  | 1 |  |  | 9 |  |  | 60 |  |  | (125) |
Accumulated depreciation, end of year | (1,272) |  |  | (1,613) |  |  | (1,668) |  |  | (1,404) |  |  | (622) |  |  | (356) |  |  | (629) |  |  | (263) |  |  | — |  |  | (35) |  |  | (4,191) |  |  | (3,671) |
Balance, end of year | $ | 7,936 |  |  | $ | 10,610 |  |  | $ | 8,376 |  |  | $ | 8,341 |  |  | $ | 14,648 |  |  | $ | 4,303 |  |  | $ | 7,695 |  |  | $ | 8,330 |  |  | $ | — |  |  | $ | 583 |  |  | $ | 38,655 |  |  | $ | 32,167 |
Subsidiary equity obligations consist of the following:
AS AT DEC. 31 (MILLIONS) | Note |  | 2021 |  | 2020
Subsidiary preferred equity units | (a) |  | $ | 1,585 |  |  | $ | 1,679 |
Limited-life funds and redeemable fund units | (b) |  | 1,538 |  |  | 1,456 |
Subsidiary preferred shares and capital | (c) |  | 1,185 |  |  | 564 |
Total |  |  | $ | 4,308 |  |  | $ | 3,699 |
AS AT DEC. 31 (MILLIONS, EXCEPT PER SHARE INFORMATION) | Shares Outstanding |  | Cumulative Dividend Rate |  | Local Currency |  | 2021 |  | 2020
Series 1 | — |  |  | 6.25 | % |  | US$ |  | $ | — |  |  | $ | 586 |
Series 2 | 24,000,000 |  |  | 6.50 | % |  | US$ |  | 565 |  |  | 555 |
Series 3 | 24,000,000 |  |  | 6.75 | % |  | US$ |  | 546 |  |  | 538 |
New LP Preferred Units | 19,273,654 |  |  | 6.25 | % |  | US$ |  | 474 |  |  | — |
Total |  | $ | 1,585 |  |  | $ | 1,679 |
As at December 31, 2021 and 2020, the balances consist of the following:
AS AT DEC. 31 (MILLIONS, EXCEPT PER SHARE INFORMATION) | Shares Outstanding |  | Cumulative Dividend Rate |  | Local Currency |  | 2021 |  | 2020
Brookfield Property Split Corp. (“BOP Split”) senior preferred shares |  |  |  |  |  |  |  |  |
Series 1 | 842,534 |  |  | 5.25 | % |  | US$ |  | $ | 21 |  |  | $ | 21 |
Series 2 | 556,746 |  |  | 5.75 | % |  | C$ |  | 11 |  |  | 11 |
Series 3 | 781,592 |  |  | 5.00 | % |  | C$ |  | 15 |  |  | 16 |
Series 4 | 582,894 |  |  | 5.20 | % |  | C$ |  | 12 |  |  | 12 |
BSREP II RH B LLC (“Manufactured Housing”) preferred capital | — |  | 9.00% |  | US$ |  | — |  |  | 249 |
Rouse Series A preferred shares | 5,600,000 |  | 5.00% |  | US$ |  | 142 |  |  | 142 |
Brookfield India Real Estate Trust (“BIRET”) | 138,181,800 |  | See footnote 1 |  | US$ |  | 440 |  |  | — |
India Infrastructure Investment Trusts | 371,800,000 |  | See footnote 1 |  | INR |  | 471 |  |  | — |
BSREP II Vintage Estate Partners LLC (“Vintage Estates”) preferred shares | — |  | 5.00% |  | US$ |  | — |  |  | 40 |
BIP Investment Corporation Series 1 Senior preferred shares | 4,000,000 |  | 5.85% |  | C$ |  | 73 |  |  | 73 |
Total |  | $ | 1,185 |  |  | $ | 564 |
1.The dividend rate pertaining to BIRET and India Infrastructure Investment Trusts is equal to a minimum of 90% of net distributable cash flows.

X
- Definition Disclosure of Power Generating Assets [Table Text Block] + References No definition available. + Details
Name: | bam_DisclosureofPowerGeneratingAssetsTableTextBlock
Namespace Prefix: | bam_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Disclosure of detailed information about equity interests classified as liabilities [Table Text Block] + References No definition available. + Details
Name: | bam_DisclosureofdetailedinformationaboutequityinterestsclassifiedasliabilitiesTableTextBlock
Namespace Prefix: | bam_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition The disclosure of detailed information about property, plant and equipment. [Refer: Property, plant and equipment] + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IAS -Number 16 -IssueDate 2021-01-01 -Paragraph 73 -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=16&code=ifrs-tx-2021-en-r&anchor=para_73&doctype=Standard -URIDate 2021-03-24 + Details
Name: | ifrs-full_DisclosureOfDetailedInformationAboutPropertyPlantAndEquipmentExplanatory
Namespace Prefix: | ifrs-full_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition The disclosure of significant inputs for which market data are not available and that are developed using the best information available about the assumptions that market participants would use when measuring the fair value of assets. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IFRS -Number 13 -IssueDate 2021-01-01 -Paragraph 93 -Subparagraph d -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=13&code=ifrs-tx-2021-en-r&anchor=para_93_d&doctype=Standard -URIDate 2021-03-24 + Details
Name: | ifrs-full_DisclosureOfSignificantUnobservableInputsUsedInFairValueMeasurementOfAssetsExplanatory
Namespace Prefix: | ifrs-full_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | ifrs-full_PropertyPlantAndEquipmentAbstract
Namespace Prefix: | ifrs-full_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration