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SEGMENTED INFORMATION (Tables) | 6 Months Ended
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Jun. 30, 2024
Disclosure of operating segments [abstract] |
Disclosure of entity's operating segments | Reportable Segment Measures
AS AT AND FOR THE THREE MONTHS ENDED JUN. 30, 2024 (MILLIONS) | Asset Management |  | Wealth Solutions 2,3 |  | Renewable Power and Transition |  | Infrastructure |  | Private Equity |  | Real Estate |  | Corporate Activities |  | Total |  | Note
External revenues | $ | 2,633 |  |  | n/a |  | $ | 1,549 |  |  | $ | 5,246 |  |  | $ | 12,128 |  |  | $ | 1,393 |  |  | $ | 101 |  |  | $ | 23,050 |  |  |
Inter-segment and other revenues 1 | 1,003 |  |  | n/a |  | — |  |  | (1) |  |  | 24 |  |  | 10 |  |  | (40) |  |  | 996 |  |  | i
Segmented revenues | 3,636 |  |  | n/a |  | 1,549 |  |  | 5,245 |  |  | 12,152 |  |  | 1,403 |  |  | 61 |  |  | 24,046 |  |  |
DE | 696 |  |  | 292 |  |  | n/a |  | n/a |  | n/a |  | n/a |  | n/a |  | n/a |  | ii
FFO 1 | n/a |  | n/a |  | 139 |  |  | 140 |  |  | 189 |  |  | n/a |  | 785 |  |  | n/a |  | ii
NOI | n/a |  | n/a |  | n/a |  | n/a |  | n/a |  | 803 |  |  | n/a |  | n/a |  | ii
Common equity | 18,100 |  |  | 8,990 |  |  | 4,166 |  |  | 2,344 |  |  | 3,236 |  |  | 23,729 |  |  | (19,333) |  |  | 41,232 |  |  |
1.We equity account for our investment in Oaktree and include our share of the FFO at our ownership of 73%. For segment reporting, Oaktree’s revenue is shown on a 100% basis. For the three months ended June 30, 2024, $346 million of Oaktree’s revenue was included in our Asset Management segment revenue. 2.We equity account for our investment in BNRE, and as such do not generate consolidated external or inter-segment revenues. 3.Our common equity in our Wealth Solutions business includes $1.7 billion of distributable operating earnings retained in this business since inception.
AS AT DEC. 31, 2023 AND FOR THE THREE MONTHS ENDED JUN. 30, 2023 (MILLIONS) | Asset Management |  | Wealth Solutions 3 |  | Renewable Power and Transition |  | Infrastructure |  | Private Equity |  | Real Estate |  | Corporate Activities |  | Total |  | Note
External revenues | $ | 2,601 |  |  | n/a |  | $ | 1,540 |  |  | $ | 4,354 |  |  | $ | 13,628 |  |  | $ | 1,495 |  |  | $ | 50 |  |  | $ | 23,668 |  |  |
Inter-segment and other revenues 1 | 1,180 |  |  | n/a |  | — |  |  | 1 |  |  | (5) |  |  | 10 |  |  | 26 |  |  | 1,212 |  |  | i
Segmented revenues | 3,781 |  |  | n/a |  | 1,540 |  |  | 4,355 |  |  | 13,623 |  |  | 1,505 |  |  | 76 |  |  | 24,880 |  |  |
DE | 777 |  |  | 160 |  |  | n/a |  | n/a |  | n/a |  | n/a |  | n/a |  | n/a |  | ii
FFO 1 | n/a |  | n/a |  | 143 |  |  | 243 |  |  | 121 |  |  | n/a |  | (133) |  |  | n/a |  | ii
NOI 2 | n/a |  | n/a |  | n/a |  | n/a |  | n/a |  | 781 |  |  | n/a |  | n/a |  | ii
Common equity | 19,484 |  |  | 6,144 |  |  | 4,887 |  |  | 2,537 |  |  | 3,291 |  |  | 22,413 |  |  | (17,082) |  |  | 41,674 |  |  |
1.We equity account for our investment in Oaktree and include our share of the FFO at our ownership of 68%. For segment reporting, Oaktree’s revenue is shown on a 100% basis. For the three months ended June 30, 2023, $333 million of Oaktree’s revenue was included in our Asset Management segment revenue. 2.For comparability, we have excluded property management and development fees of $44 million for the three months ended June 30, 2023 as they are no longer recognized in NOI. 3.We equity account for our investment in BNRE, and as such do not generate consolidated external or inter-segment revenues.
FOR THE SIX MONTHS ENDED JUN. 30, 2024 (MILLIONS) | Asset Management |  | Wealth Solutions 2 |  | Renewable Power and Transition |  | Infrastructure |  | Private Equity |  | Real Estate |  | Corporate Activities |  | Total |  | Note
External revenues | $ | 5,170 |  |  | n/a |  | $ | 3,084 |  |  | $ | 10,525 |  |  | $ | 24,295 |  |  | $ | 2,721 |  |  | $ | 162 |  |  | $ | 45,957 |  |  |
Inter-segment and other revenues 1 | 2,472 |  |  | n/a |  | — |  |  | 1 |  |  | 38 |  |  | 19 |  |  | (83) |  |  | 2,447 |  |  | i
Segmented revenues | 7,642 |  |  | n/a |  | 3,084 |  |  | 10,526 |  |  | 24,333 |  |  | 2,740 |  |  | 79 |  |  | 48,404 |  |  |
DE | 1,534 |  |  | 565 |  |  | n/a |  | n/a |  | n/a |  | n/a |  | n/a |  | n/a |  | ii
FFO 1 | n/a |  | n/a |  | 230 |  |  | 282 |  |  | 406 |  |  | n/a |  | 572 |  |  | n/a |  | ii
NOI | n/a |  | n/a |  | n/a |  | n/a |  | n/a |  | 1,630 |  |  | n/a |  | n/a |  | ii
1.We equity account for our investment in Oaktree and include our share of the FFO at our ownership of 73%. For segment reporting, Oaktree’s revenue is shown on a 100% basis. For the six months ended June 30, 2024, $1.2 billion of Oaktree’s revenue was included in our Asset Management segment revenue. 2.We equity account for our investment in BNRE, and as such do not generate consolidated external or inter-segment revenues.
FOR THE SIX MONTHS ENDED JUN. 30, 2023 (MILLIONS) | Asset Management |  | Wealth Solutions 3 |  | Renewable Power and Transition |  | Infrastructure |  | Private Equity |  | Real Estate |  | Corporate Activities |  | Total |  | Note
External revenues | $ | 5,072 |  |  | n/a |  | $ | 2,903 |  |  | $ | 8,638 |  |  | $ | 27,364 |  |  | $ | 2,918 |  |  | $ | 70 |  |  | $ | 46,965 |  |  |
Inter-segment and other revenues 1 | 2,597 |  |  | n/a |  | — |  |  | 3 |  |  | 40 |  |  | 18 |  |  | 26 |  |  | 2,684 |  |  | i
Segmented revenues | 7,669 |  |  | n/a |  | 2,903 |  |  | 8,641 |  |  | 27,404 |  |  | 2,936 |  |  | 96 |  |  | 49,649 |  |  |
DE | 1,655 |  |  | 305 |  |  | n/a |  | n/a |  | n/a |  | n/a |  | n/a |  | n/a |  | ii
FFO 1 | n/a |  | n/a |  | 226 |  |  | 375 |  |  | 370 |  |  | n/a |  | (280) |  |  | n/a |  | ii
NOI 2 | n/a |  | n/a |  | n/a |  | n/a |  | n/a |  | 1,591 |  |  | n/a |  | n/a |  | ii
1.We equity account for our investment in Oaktree and include our share of the FFO at our ownership of 68%. For segment reporting, Oaktree’s revenue is shown on a 100% basis. For the six months ended June 30, 2023, $982 million of Oaktree’s revenue was included in our Asset Management segment revenue. 2.For comparability, we have excluded property management and development fees of $111 million for the six months ended June 30, 2023 as they are no longer recognized in NOI. 3.We equity account for our investment in BNRE, and as such do not generate consolidated external or inter-segment revenues.
Summary of reconciliation of FFO to net income | The following table reconciles net income to the total of the segments’ measures of profit or loss.
|  |  | Three Months Ended |  | Six Months Ended
FOR THE PERIODS ENDED JUN. 30 (MILLIONS) | Note |  | 2024 |  | 2023 |  | 2024 |  | 2023
Net income (loss) |  |  | $ | (285) |  |  | $ | 1,512 |  |  | $ | 234 |  |  | $ | 1,936 |
Add/(Deduct): |  |  |  |  |  |  |  |  |
Equity accounted fair value changes and other non-FFO items |  |  | 444 |  |  | 703 |  |  | 1,073 |  |  | 1,507 |
Fair value changes |  |  | 753 |  |  | (62) |  |  | 595 |  |  | (100) |
Depreciation and amortization |  |  | 2,435 |  |  | 2,214 |  |  | 4,910 |  |  | 4,402 |
Deferred income taxes |  |  | (55) |  |  | (151) |  |  | (99) |  |  | (243) |
Realized disposition gains in fair value changes or equity | iii |  | 1,153 |  |  | 283 |  |  | 1,179 |  |  | 399 |
Non-controlling interests on above items |  |  | (2,275) |  |  | (3,127) |  |  | (4,760) |  |  | (5,349) |
Real Estate segment disposition gains |  |  | (173) |  |  | (283) |  |  | (194) |  |  | (345) |
Real Estate segment adjustments and other, net 1 |  |  | 1,047 |  |  | 1,003 |  |  | 2,281 |  |  | 2,035 |
Total segments’ measures of profit or loss 2 |  |  | $ | 3,044 |  |  | $ | 2,092 |  |  | $ | 5,219 |  |  | $ | 4,242 |
1.Primarily comprised of Real Estate segment interest expense and corporate costs, net of investment income and other, net of non-controlling interests, as well as development costs on early stage projects in our Renewable Power and Transition segment. 2.Comprised of DE from our Asset Management and Wealth Solutions segments, FFO from our Renewable Power and Transition, Infrastructure, Private Equity, and Corporate Activities segments, and NOI from our Real Estate segment.
Summary of financial information by geographic regions | The company’s revenues by location are as follows:
| Three Months Ended |  | Six Months Ended
FOR THE PERIODS ENDED JUN. 30 (MILLIONS) | 2024 |  | 2023 |  | 2024 |  | 2023
U.S. | $ | 6,337 |  |  | $ | 6,900 |  |  | $ | 12,720 |  |  | $ | 13,852 |
U.K. | 5,558 |  |  | 5,915 |  |  | 11,076 |  |  | 11,401 |
Canada | 2,475 |  |  | 2,614 |  |  | 4,653 |  |  | 5,232 |
Australia | 1,646 |  |  | 1,483 |  |  | 3,109 |  |  | 2,957 |
Brazil | 1,325 |  |  | 1,385 |  |  | 2,676 |  |  | 2,698 |
India | 860 |  |  | 729 |  |  | 1,769 |  |  | 1,405 |
Colombia | 633 |  |  | 557 |  |  | 1,295 |  |  | 1,087 |
Germany | 543 |  |  | 511 |  |  | 1,131 |  |  | 1,032 |
Other Europe | 2,268 |  |  | 2,297 |  |  | 4,613 |  |  | 4,708 |
Other Asia | 800 |  |  | 682 |  |  | 1,664 |  |  | 1,452 |
Other | 605 |  |  | 595 |  |  | 1,251 |  |  | 1,141 |
| $ | 23,050 |  |  | $ | 23,668 |  |  | $ | 45,957 |  |  | $ | 46,965 |
The company’s consolidated assets by location are as follows:
AS AT JUN. 30, 2024 AND DEC. 31, 2023 (MILLIONS) | 2024 |  | 2023
U.S. | $ | 222,988 |  |  | $ | 211,947 |
Canada | 49,407 |  |  | 50,899 |
U.K. | 36,450 |  |  | 36,289 |
Australia | 26,605 |  |  | 27,599 |
Brazil | 26,466 |  |  | 29,306 |
India | 23,643 |  |  | 23,093 |
Germany | 15,581 |  |  | 15,636 |
Colombia | 12,394 |  |  | 13,344 |
Other Europe | 45,722 |  |  | 45,583 |
Other Asia | 20,441 |  |  | 21,149 |
Other | 17,617 |  |  | 15,250 |
| $ | 497,314 |  |  | $ | 490,095 |

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