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FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 6 Months Ended
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Jun. 30, 2024
Disclosure of detailed information about financial instruments [abstract] |
Disclosure of fair value of financial instruments [text block] | The following tables list the company’s financial instruments by their carrying value and fair value as at June 30, 2024 and December 31, 2023:
| 2024 |  | 2023
AS AT JUN. 30, 2024 AND DEC. 31, 2023 (MILLIONS) | Carrying Value |  | Fair Value |  | Carrying Value |  | Fair Value
Financial assets |  |  |  |  |  |  |
Cash and cash equivalents | $ | 11,249 |  |  | $ | 11,249 |  |  | $ | 11,222 |  |  | $ | 11,222 |
Other financial assets |  |  |  |  |  |  |
Government bonds | 1,416 |  |  | 1,416 |  |  | 1,600 |  |  | 1,600 |
Corporate bonds | 4,593 |  |  | 4,593 |  |  | 2,441 |  |  | 2,441 |
Fixed income securities and other | 9,788 |  |  | 9,788 |  |  | 9,198 |  |  | 9,198 |
Common shares and warrants | 4,488 |  |  | 4,488 |  |  | 5,181 |  |  | 5,181 |
Loans and notes receivable | 10,329 |  |  | 10,329 |  |  | 9,904 |  |  | 9,904 |
| 30,614 |  |  | 30,614 |  |  | 28,324 |  |  | 28,324 |
Accounts receivable and other | 19,539 |  |  | 19,539 |  |  | 19,464 |  |  | 19,464 |
| $ | 61,402 |  |  | $ | 61,402 |  |  | $ | 59,010 |  |  | $ | 59,010 |
Financial liabilities |  |  |  |  |  |  |
Corporate borrowings | $ | 14,823 |  |  | $ | 13,856 |  |  | $ | 12,160 |  |  | $ | 11,350 |
Non-recourse borrowings of managed entities |  |  |  |  |  |  |
Property-specific borrowings | 211,031 |  |  | 210,159 |  |  | 205,336 |  |  | 205,003 |
Subsidiary borrowings | 16,662 |  |  | 16,347 |  |  | 16,214 |  |  | 16,030 |
| 227,693 |  |  | 226,506 |  |  | 221,550 |  |  | 221,033 |
Accounts payable and other | 47,696 |  |  | 47,696 |  |  | 50,009 |  |  | 50,009 |
Subsidiary equity obligations | 5,021 |  |  | 5,021 |  |  | 4,145 |  |  | 4,145 |
| $ | 295,233 |  |  | $ | 293,079 |  |  | $ | 287,864 |  |  | $ | 286,537 |
Disclosure of fair value measurement of assets [text block] | The following table categorizes financial assets and liabilities, which are carried at fair value, based upon the fair value hierarchy levels:
| 2024 |  | 2023
AS AT JUN. 30, 2024 AND DEC. 31, 2023 (MILLIONS) | Level 1 |  | Level 2 |  | Level 3 |  | Level 1 |  | Level 2 |  | Level 3
Financial assets |  |  |  |  |  |  |  |  |  |  |
Other financial assets |  |  |  |  |  |  |  |  |  |  |
Government bonds | $ | 80 |  |  | $ | 1,336 |  |  | $ | — |  |  | $ | 25 |  |  | $ | 1,575 |  |  | $ | — |
Corporate bonds | — |  |  | 1,686 |  |  | 726 |  |  | — |  |  | 1,662 |  |  | 777 |
Fixed income securities and other | 494 |  |  | 969 |  |  | 5,416 |  |  | 455 |  |  | 958 |  |  | 4,903 |
Common shares and warrants | 612 |  |  | 1,367 |  |  | 2,509 |  |  | 857 |  |  | 1,309 |  |  | 3,015 |
Loans and notes receivables | — |  |  | 29 |  |  | 16 |  |  | — |  |  | 46 |  |  | 17 |
| 1,186 |  |  | 5,387 |  |  | 8,667 |  |  | 1,337 |  |  | 5,550 |  |  | 8,712 |
Accounts receivable and other | 4 |  |  | 3,257 |  |  | 66 |  |  | 6 |  |  | 2,520 |  |  | 89 |
| $ | 1,190 |  |  | $ | 8,644 |  |  | $ | 8,733 |  |  | $ | 1,343 |  |  | $ | 8,070 |  |  | $ | 8,801 |
Financial liabilities |  |  |  |  |  |  |  |  |  |  |
Accounts payable and other | $ | 5 |  |  | $ | 4,179 |  |  | $ | 3,086 |  |  | $ | 9 |  |  | $ | 5,119 |  |  | $ | 3,259 |
Subsidiary equity obligations | — |  |  | 2 |  |  | 145 |  |  | 4 |  |  | — |  |  | 259 |
| $ | 5 |  |  | $ | 4,181 |  |  | $ | 3,231 |  |  | $ | 13 |  |  | $ | 5,119 |  |  | $ | 3,518 |
The following table presents our investment properties measured at fair value:
AS AT JUN. 30, 2024 (MILLIONS) |  |  |
Core | $ | 18,620 |  |  |
Transitional and development | 22,461 |  |  |
LP Investments | 81,426 |  |  |
Other investment properties | 4,728 |  |  |
| $ | 127,235 |  |  |
Carrying and fair values of financial liabilities | The following table categorizes financial assets and liabilities, which are carried at fair value, based upon the fair value hierarchy levels:
| 2024 |  | 2023
AS AT JUN. 30, 2024 AND DEC. 31, 2023 (MILLIONS) | Level 1 |  | Level 2 |  | Level 3 |  | Level 1 |  | Level 2 |  | Level 3
Financial assets |  |  |  |  |  |  |  |  |  |  |
Other financial assets |  |  |  |  |  |  |  |  |  |  |
Government bonds | $ | 80 |  |  | $ | 1,336 |  |  | $ | — |  |  | $ | 25 |  |  | $ | 1,575 |  |  | $ | — |
Corporate bonds | — |  |  | 1,686 |  |  | 726 |  |  | — |  |  | 1,662 |  |  | 777 |
Fixed income securities and other | 494 |  |  | 969 |  |  | 5,416 |  |  | 455 |  |  | 958 |  |  | 4,903 |
Common shares and warrants | 612 |  |  | 1,367 |  |  | 2,509 |  |  | 857 |  |  | 1,309 |  |  | 3,015 |
Loans and notes receivables | — |  |  | 29 |  |  | 16 |  |  | — |  |  | 46 |  |  | 17 |
| 1,186 |  |  | 5,387 |  |  | 8,667 |  |  | 1,337 |  |  | 5,550 |  |  | 8,712 |
Accounts receivable and other | 4 |  |  | 3,257 |  |  | 66 |  |  | 6 |  |  | 2,520 |  |  | 89 |
| $ | 1,190 |  |  | $ | 8,644 |  |  | $ | 8,733 |  |  | $ | 1,343 |  |  | $ | 8,070 |  |  | $ | 8,801 |
Financial liabilities |  |  |  |  |  |  |  |  |  |  |
Accounts payable and other | $ | 5 |  |  | $ | 4,179 |  |  | $ | 3,086 |  |  | $ | 9 |  |  | $ | 5,119 |  |  | $ | 3,259 |
Subsidiary equity obligations | — |  |  | 2 |  |  | 145 |  |  | 4 |  |  | — |  |  | 259 |
| $ | 5 |  |  | $ | 4,181 |  |  | $ | 3,231 |  |  | $ | 13 |  |  | $ | 5,119 |  |  | $ | 3,518 |
Description of valuation techniques used in fair value measurement, assets | The following table summarizes the valuation techniques and key inputs used in the fair value measurement of Level 2 financial instruments:
(MILLIONS) Type of Asset/Liability |  | Carrying Value Jun. 30, 2024 |  | Valuation Techniques and Key Inputs
Other financial assets |  | $ | 5,387 |  |  | Valuation models based on observable market data
Derivative assets/Derivative liabilities (accounts receivable/accounts payable) |  | 3,257 / (4,179) |  | Foreign currency forward contracts – discounted cash flow model – forward exchange rates (from observable forward exchange rates at the end of the reporting period) and discounted at credit adjusted rate Interest rate contracts – discounted cash flow model – forward interest rates (from observable yield curves) and applicable credit spreads discounted at a credit adjusted rate Energy derivatives – quoted market prices, or in their absence internal valuation models, corroborated with observable market data
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 Jun. 30, 2024 |  | Valuation Techniques |  | Significant Unobservable Inputs |  | Relationship of Unobservable Inputs to Fair Value
Corporate bonds |  | $ | 726 |  |  | 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 |  | 5,416 |  |  | 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 |  | 2,509 |  |  | 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) |  | 66 / (3,086) |  | 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) |  | (145) |  |  | 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
Significant unobservable inputs (Level 3) are utilized when determining the fair value of investment properties. The significant Level 3 inputs include:
Valuation Technique |  | Significant Unobservable Inputs |  | Relationship of Unobservable Inputs to Fair Value |  | Mitigating Factors
Discounted cash flow analysis 1 |  | • Future cash flows – primarily driven by net operating income |  | • 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
|  | • Discount rate |  | •Increases (decreases) in discount rate decrease (increase) fair value |  | •Increases (decreases) in discount rates tend to be accompanied by increases (decreases) in cash flows that may offset changes in fair value from discount rates
|  | • Terminal capitalization rate |  | •Increases (decreases) in terminal capitalization rate decrease (increase) fair value |  | •Increases (decreases) in terminal capitalization rates tend to be accompanied by increases (decreases) in cash flows that may offset changes in fair value from terminal capitalization rates
|  | • Investment horizon |  | •Increases (decreases) in the investment horizon decrease (increase) fair value |  | •Increases (decreases) in the investment horizon 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
1.Certain investment properties are valued using the direct capitalization method instead of a discounted cash flow model. Under the direct capitalization method, a capitalization rate is applied to estimated current year cash flows.
Disclosure of significant unobservable inputs used in fair value measurement of liabilities [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 Jun. 30, 2024 |  | Valuation Techniques |  | Significant Unobservable Inputs |  | Relationship of Unobservable Inputs to Fair Value
Corporate bonds |  | $ | 726 |  |  | 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 |  | 5,416 |  |  | 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 |  | 2,509 |  |  | 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) |  | 66 / (3,086) |  | 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) |  | (145) |  |  | 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
Disclosure of financial assets | The following table presents the changes in the balance of financial assets and liabilities classified as Level 3 for the periods ended June 30, 2024:
| Three Months Ended |  | Six Months Ended |  |
AS AT AND FOR THE PERIODS ENDED JUN. 30, 2024 (MILLIONS) | Financial Assets |  | Financial Liabilities |  | Financial Assets |  | Financial Liabilities |  |  |  |
Balance, beginning of period | $ | 8,376 |  |  | $ | 3,292 |  |  | $ | 8,801 |  |  | $ | 3,518 |  |  |  |  |
Fair value changes in net income | 74 |  |  | (125) |  |  | 154 |  |  | (399) |  |  |  |  |
Fair value changes in other comprehensive income 1 | 94 |  |  | 134 |  |  | 51 |  |  | 129 |  |  |  |  |
Transfers in | — |  |  | — |  |  | 6 |  |  | — |  |  |  |  |
Transfers out | 4 |  |  | 4 |  |  | (622) |  |  | (48) |  |  |  |  |
Additions, net of disposals | 185 |  |  | (74) |  |  | 343 |  |  | 31 |  |  |  |  |
Balance, end of period | $ | 8,733 |  |  | $ | 3,231 |  |  | $ | 8,733 |  |  | $ | 3,231 |  |  |  |  |
1.Includes foreign currency translation.
Disclosure of financial liabilities | The following table presents the changes in the balance of financial assets and liabilities classified as Level 3 for the periods ended June 30, 2024:
| Three Months Ended |  | Six Months Ended |  |
AS AT AND FOR THE PERIODS ENDED JUN. 30, 2024 (MILLIONS) | Financial Assets |  | Financial Liabilities |  | Financial Assets |  | Financial Liabilities |  |  |  |
Balance, beginning of period | $ | 8,376 |  |  | $ | 3,292 |  |  | $ | 8,801 |  |  | $ | 3,518 |  |  |  |  |
Fair value changes in net income | 74 |  |  | (125) |  |  | 154 |  |  | (399) |  |  |  |  |
Fair value changes in other comprehensive income 1 | 94 |  |  | 134 |  |  | 51 |  |  | 129 |  |  |  |  |
Transfers in | — |  |  | — |  |  | 6 |  |  | — |  |  |  |  |
Transfers out | 4 |  |  | 4 |  |  | (622) |  |  | (48) |  |  |  |  |
Additions, net of disposals | 185 |  |  | (74) |  |  | 343 |  |  | 31 |  |  |  |  |
Balance, end of period | $ | 8,733 |  |  | $ | 3,231 |  |  | $ | 8,733 |  |  | $ | 3,231 |  |  |  |  |
1.Includes foreign currency translation.

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