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CORPORATE BORROWINGS | 12 Months Ended
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Dec. 31, 2023
Disclosure of financial liabilities [abstract] |
CORPORATE BORROWINGS | CORPORATE BORROWINGS
AS AT DEC. 31 (MILLIONS) | Maturity |  | Annual Rate |  | Currency |  | 2023 |  | 2022
Term debt |  |  |  |  |  |  |  |  |
Public – Canadian | Mar. 8, 2024 |  | 5.04 | % |  | C$ |  | $ | 377 |  |  | $ | 369 |
Public – U.S. | Apr. 1 , 2024 |  | 4.00 | % |  | US$ |  | 200 |  |  | 749 |
Public – U.S. | Jan. 15, 2025 |  | 4.00 | % |  | US$ |  | 500 |  |  | 500 |
Public – Canadian | Jan. 28, 2026 |  | 4.82 | % |  | C$ |  | 645 |  |  | 632 |
Public – U.S. | Jun. 2, 2026 |  | 4.25 | % |  | US$ |  | 499 |  |  | 497 |
Public – Canadian | Mar. 16, 2027 |  | 3.80 | % |  | C$ |  | 377 |  |  | 369 |
Public – U.S. | Jan. 25, 2028 |  | 3.90 | % |  | US$ |  | 1,067 |  |  | 1,073 |
Public – U.S. | Mar. 29, 2029 |  | 4.85 | % |  | US$ |  | 999 |  |  | 999 |
Public – U.S. | Apr. 15, 2030 |  | 4.35 | % |  | US$ |  | 750 |  |  | 749 |
Public – U.S. | Apr. 15, 2031 |  | 2.72 | % |  | US$ |  | 500 |  |  | 500 |
Public – U.S. | Jan. 30, 2032 |  | 2.34 | % |  | US$ |  | 600 |  |  | 600 |
Public – Canadian | Dec. 14, 2032 |  | 5.43 | % |  | C$ |  | 755 |  |  | 738 |
Public – U.S. | Mar. 1, 2033 |  | 7.38 | % |  | US$ |  | 250 |  |  | 250 |
Public – U.S. | Jun. 14, 2033 |  | 6.09 | % |  | US$ |  | 550 |  |  | — |
Public – U.S. | Jan. 5, 2034 |  | 6.35 | % |  | US$ |  | 700 |  |  | — |
Public – Canadian | Jun. 14, 2035 |  | 5.95 | % |  | C$ |  | 319 |  |  | 312 |
Private – Japanese | Dec. 1, 2038 |  | 1.42 | % |  | JPY |  | 71 |  |  | 76 |
Public – U.S. | Sep. 20, 2047 |  | 4.70 | % |  | US$ |  | 902 |  |  | 902 |
Public – U.S. | Apr. 15, 2050 |  | 3.45 | % |  | US$ |  | 595 |  |  | 594 |
Public – U.S. | Mar. 30, 2051 |  | 3.50 | % |  | US$ |  | 758 |  |  | 758 |
Public – U.S. | Feb. 15, 2052 |  | 3.63 | % |  | US$ |  | 400 |  |  | 400 |
Public – U.S. | Oct. 16, 2080 |  | 4.63 | % |  | US$ |  | 400 |  |  | 400 |
|  |  |  |  |  |  | 12,214 |  |  | 11,467 |
Revolving facilities 1 | 31 |  |  | — |
Deferred financing costs 2 | (85) |  |  | (77) |
Total | $ | 12,160 |  |  | $ | 11,390 |
1.Reflects commercial paper and credit facility draws outstanding as at December 31, 2023. 2.Deferred financing costs are amortized to interest expense over the term of the borrowing using the effective interest method. Corporate borrowings, excluding revolving facilities, have a weighted-average interest rate of 4.5% (2022 – 4.2%). A portion of corporate borrowings are denominated in foreign currencies, which include C$3.3 billion (2022 – C$3.3 billion) payable in Canadian dollars or $2.5 billion (2022 – $2.4 billion) and ¥10 billion (2022 – ¥10 billion) payable in Japanese Yen or $71 million (2022 – $76 million). NON-RECOURSE BORROWINGS OF MANAGED ENTITIES
AS AT DEC. 31 (MILLIONS) | Note |  | 2023 |  | 2022
Subsidiary borrowings | (a) |  | $ | 16,214 |  |  | $ | 15,140 |
Property-specific borrowings | (b) |  | 205,336 |  |  | 187,544 |
Total |  |  | $ | 221,550 |  |  | $ | 202,684 |
a) Subsidiary Borrowings Principal repayments on subsidiary borrowings due over the next five calendar years and thereafter are as follows:
(MILLIONS) | Real Estate |  | Renewable Power and Transition |  | Infrastructure |  | Private Equity |  |  | Total
2024 | $ | 893 |  |  | $ | 183 |  |  | $ | 1,517 |  |  | $ | 3 |  |  |  | $ | 2,596 |
2025 | 377 |  |  | 302 |  |  | — |  |  | 54 |  |  |  | 733 |
2026 | 377 |  |  | — |  |  | — |  |  | 94 |  |  |  | 471 |
2027 | 999 |  |  | 377 |  |  | 340 |  |  | — |  |  |  | 1,716 |
2028 | 3,229 |  |  | — |  |  | 750 |  |  | 1,440 |  |  |  | 5,419 |
Thereafter | 1,039 |  |  | 1,981 |  |  | 2,325 |  |  | — |  |  |  | 5,345 |
Total Principal repayments | 6,914 |  |  | 2,843 |  |  | 4,932 |  |  | 1,591 |  |  |  | 16,280 |
Deferred financing costs and other | (32) |  |  | (11) |  |  | (21) |  |  | (2) |  |  |  | (66) |
Total – Dec. 31, 2023 | $ | 6,882 |  |  | $ | 2,832 |  |  | $ | 4,911 |  |  | $ | 1,589 |  |  |  | $ | 16,214 |
Total – Dec. 31, 2022 | $ | 6,702 |  |  | $ | 2,546 |  |  | $ | 3,666 |  |  | $ | 2,226 |  |  |  | $ | 15,140 |
The weighted-average interest rate on subsidiary borrowings as at December 31, 2023 was 5.7% (2022 – 5.2%). The current and non-current balances of subsidiary borrowings are as follows:
AS AT DEC. 31 (MILLIONS) | 2023 |  | 2022
Current | $ | 2,596 |  |  | $ | 1,469 |
Non-current | 13,618 |  |  | 13,671 |
Total | $ | 16,214 |  |  | $ | 15,140 |
Subsidiary borrowings by currency include the following:
AS AT DEC. 31 (MILLIONS) | 2023 |  | Local Currency |  | 2022 |  | Local Currency
U.S. dollars | $ | 7,915 |  |  | US$ |  | 7,915 |  |  | $ | 7,850 |  |  | US$ |  | 7,850 |
Canadian dollars | 8,208 |  |  | C$ |  | 10,875 |  |  | 7,217 |  |  | C$ |  | 9,776 |
Brazilian reais | 91 |  |  | Rs |  | 443 |  |  | 73 |  |  | Rs |  | 381 |
Total | $ | 16,214 |  |  |  |  |  |  | $ | 15,140 |  |  |  |  |
b) Property-Specific Borrowings Principal repayments on property-specific borrowings due over the next five calendar years and thereafter are as follows:
(MILLIONS) | Real Estate 1,2,3 |  | Renewable Power and Transition |  | Infrastructure |  | Private Equity |  |  | Total
2024 | $ | 37,626 |  |  | $ | 5,582 |  |  | $ | 6,742 |  |  | $ | 5,026 |  |  |  | $ | 54,976 |
2025 | 18,408 |  |  | 2,530 |  |  | 2,819 |  |  | 3,542 |  |  |  | 27,299 |
2026 | 9,775 |  |  | 3,384 |  |  | 7,890 |  |  | 5,502 |  |  |  | 26,551 |
2027 | 8,936 |  |  | 1,942 |  |  | 5,079 |  |  | 5,132 |  |  |  | 21,089 |
2028 | 4,263 |  |  | 2,469 |  |  | 5,847 |  |  | 8,564 |  |  |  | 21,143 |
Thereafter | 8,237 |  |  | 12,900 |  |  | 18,938 |  |  | 16,875 |  |  |  | 56,950 |
Total Principal repayments | 87,245 |  |  | 28,807 |  |  | 47,315 |  |  | 44,641 |  |  |  | 208,008 |
Deferred financing costs and other | (511) |  |  | (172) |  |  | (1,232) |  |  | (757) |  |  |  | (2,672) |
Total – Dec. 31, 2023 | $ | 86,734 |  |  | $ | 28,635 |  |  | $ | 46,083 |  |  | $ | 43,884 |  |  |  | $ | 205,336 |
Total – Dec. 31, 2022 | $ | 86,050 |  |  | $ | 22,826 |  |  | $ | 29,881 |  |  | $ | 48,787 |  |  |  | $ | 187,544 |
1.Includes $59.4 billion of borrowings associated with real estate LP investments from our Asset Management segment and $27.3 million associated with core and transitional and development investments in our Real Estate segment. 2.Real estate property-specific borrowings of $86.7 billion relate to Brookfield Property Partners L.P. (“BPY”) investment properties of $48.4 billion, BPY PP&E of $11.2 billion, and real estate direct investments of $27.1 billion. 3.Real estate property-specific borrowings maturing in 2024 of $37.6 billion include office of $7.7 billion, retail of $4.6 billion, and LP investments and other of $25.3 billion. Real estate property-specific borrowings maturing in 2025 of $18.4 billion include office of $1.5 billion, retail of $4.1 billion, and LP investments and other of $12.8 billion. The real estate property-specific borrowings included in the table above do not consider available extension options. The weighted-average interest rate on property-specific borrowings as at December 31, 2023 was 7.1% (2022 – 6.4%). The current and non-current balances of property-specific borrowings are as follows:
AS AT DEC. 31 (MILLIONS) | 2023 |  | 2022
Current | $ | 54,975 |  |  | $ | 41,828 |
Non-current | 150,361 |  |  | 145,716 |
Total | $ | 205,336 |  |  | $ | 187,544 |
Property-specific borrowings by currency include the following:
AS AT DEC. 31 (MILLIONS) | 2023 |  | Local Currency |  | 2022 |  | Local Currency
U.S. dollars | $ | 112,510 |  |  | US$ |  | 112,510 |  |  | $ | 109,555 |  |  | US$ |  | 109,555 |
British pounds | 13,457 |  |  | £ |  | 10,571 |  |  | 10,660 |  |  | £ |  | 8,823 |
Indian rupees | 9,930 |  |  | Rs |  | 826,265 |  |  | 7,653 |  |  | Rs |  | 632,457 |
Canadian dollars | 17,124 |  |  | C$ |  | 22,690 |  |  | 15,938 |  |  | C$ |  | 21,590 |
Euros | 22,825 |  |  | € |  | 20,670 |  |  | 20,316 |  |  | € |  | 18,986 |
Australian dollars | 10,051 |  |  | A$ |  | 14,755 |  |  | 8,650 |  |  | A$ |  | 12,696 |
Brazilian reais | 10,868 |  |  | R$ |  | 52,606 |  |  | 7,572 |  |  | R$ |  | 39,500 |
Colombian pesos | 3,334 |  |  | COP$ |  | 12,914,945 |  |  | 2,524 |  |  | COP$ |  | 12,157,354 |
Korean won | 2,199 |  |  | ₩ |  | 2,855,358 |  |  | 1,822 |  |  | ₩ |  | 2,296,121 |
Other currencies | 3,038 |  |  | Various |  | n/a |  | 2,854 |  |  | Various |  | n/a
Total | $ | 205,336 |  |  |  |  |  |  | $ | 187,544 |  |  |  |  |

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