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NON-RECOURSE BORROWINGS (Tables) | 12 Months Ended
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Dec. 31, 2024
Disclosure of financial liabilities [abstract] |
Disclosure of corporate borrowings |
AS AT DEC. 31 (MILLIONS) | Maturity |  | Annual Rate |  | Currency |  | 2024 |  | 2023
Term debt |  |  |  |  |  |  |  |  |
Public – Canadian | Mar. 8, 2024 |  | 5.04 | % |  | C$ |  | $ | — |  |  | $ | 377 |
Public – U.S. | Apr. 1 , 2024 |  | 4.00 | % |  | US$ |  | — |  |  | 200 |
Public – U.S 1 | Jan. 15, 2025 |  | 4.00 | % |  | US$ |  | 500 |  |  | 500 |
Public – Canadian | Jan. 28, 2026 |  | 4.82 | % |  | C$ |  | 592 |  |  | 645 |
Public – U.S. | Jun. 2, 2026 |  | 4.25 | % |  | US$ |  | 499 |  |  | 499 |
Public – Canadian | Mar. 16, 2027 |  | 3.80 | % |  | C$ |  | 348 |  |  | 377 |
Public – U.S. | Jan. 25, 2028 |  | 3.90 | % |  | US$ |  | 1,064 |  |  | 1,067 |
Public – U.S. | Mar. 29, 2029 |  | 4.85 | % |  | US$ |  | 999 |  |  | 999 |
Public – U.S. | Apr. 15, 2030 |  | 4.35 | % |  | US$ |  | 750 |  |  | 750 |
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$ |  | 695 |  |  | 755 |
Public – U.S. | Mar. 1, 2033 |  | 7.38 | % |  | US$ |  | 250 |  |  | 250 |
Public – U.S. | Jun. 14, 2033 |  | 6.09 | % |  | US$ |  | 550 |  |  | 550 |
Public – U.S. | Jan. 5, 2034 |  | 6.35 | % |  | US$ |  | 700 |  |  | 700 |
Public – U.S. | Jan. 15, 2035 |  | 5.68 | % |  | US$ |  | 450 |  |  | — |
Public – Canadian | Jun. 14, 2035 |  | 5.95 | % |  | C$ |  | 294 |  |  | 319 |
Private – Japanese | Dec. 1, 2038 |  | 1.42 | % |  | JPY |  | 64 |  |  | 71 |
Public – U.S. | Sep. 20, 2047 |  | 4.70 | % |  | US$ |  | 902 |  |  | 902 |
Public – U.S. | Apr. 15, 2050 |  | 3.45 | % |  | US$ |  | 595 |  |  | 595 |
Public – U.S. | Mar. 30, 2051 |  | 3.50 | % |  | US$ |  | 757 |  |  | 758 |
Public – U.S. | Feb 15, 2052 |  | 3.63 | % |  | US$ |  | 400 |  |  | 400 |
Public – U.S. | Mar. 4, 2054 |  | 5.97 | % |  | US$ |  | 953 |  |  | — |
Public – U.S. | Jan 15, 2055 |  | 6.30 | % |  | US$ |  | 700 |  |  | — |
Public – U.S. | Oct. 16, 2080 |  | 4.63 | % |  | US$ |  | 400 |  |  | 400 |
|  |  |  |  |  |  | 13,562 |  |  | 12,214 |
Commercial Paper | 767 |  |  | 31 |
Deferred financing costs 2 | (97) |  |  | (85) |
Total | $ | 14,232 |  |  | $ | 12,160 |
1.Corporate borrowings of $500 million due on January 15, 2025 were repaid subsequent to December 31, 2024. 2.Deferred financing costs are amortized to interest expense over the term of the borrowing using the effective interest method.
AS AT DEC. 31 (MILLIONS) | Note |  | 2024 |  | 2023
Subsidiary borrowings | (a) |  | $ | 16,002 |  |  | $ | 16,214 |
Property-specific borrowings | (b) |  | 204,558 |  |  | 205,336 |
Total |  |  | $ | 220,560 |  |  | $ | 221,550 |
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
2025 | $ | 678 |  |  | $ | 709 |  |  | $ | 850 |  |  | $ | 13 |  |  |  | $ | 2,250 |
2026 | 348 |  |  | — |  |  | — |  |  | 123 |  |  |  | 471 |
2027 | 931 |  |  | 348 |  |  | 313 |  |  | — |  |  |  | 1,592 |
2028 | 348 |  |  | — |  |  | 487 |  |  | — |  |  |  | 835 |
2029 | 2,604 |  |  | 570 |  |  | 787 |  |  | 2,150 |  |  |  | 6,111 |
Thereafter | 499 |  |  | 2,190 |  |  | 2,133 |  |  | — |  |  |  | 4,822 |
Total Principal repayments | 5,408 |  |  | 3,817 |  |  | 4,570 |  |  | 2,286 |  |  |  | 16,081 |
Deferred financing costs and other | (26) |  |  | (16) |  |  | (29) |  |  | (8) |  |  |  | (79) |
Total – Dec. 31, 2024 | $ | 5,382 |  |  | $ | 3,801 |  |  | $ | 4,541 |  |  | $ | 2,278 |  |  |  | $ | 16,002 |
Total – Dec. 31, 2023 | $ | 6,882 |  |  | $ | 2,832 |  |  | $ | 4,911 |  |  | $ | 1,589 |  |  |  | $ | 16,214 |
The current and non-current balances of subsidiary borrowings are as follows:
AS AT DEC. 31 (MILLIONS) | 2024 |  | 2023
Current | $ | 2,250 |  |  | $ | 2,596 |
Non-current | 13,752 |  |  | 13,618 |
Total | $ | 16,002 |  |  | $ | 16,214 |
Subsidiary borrowings by currency include the following:
AS AT DEC. 31 (MILLIONS) | 2024 |  | Local Currency |  | 2023 |  | Local Currency
U.S. dollars | $ | 8,239 |  |  | USD |  | 8,239 |  |  | $ | 7,915 |  |  | USD |  | 7,915 |
Canadian dollars | 7,627 |  |  | CAD |  | 10,970 |  |  | 8,208 |  |  | CAD |  | 10,875 |
Brazilian reais | 136 |  |  | BRL |  | 839 |  |  | 91 |  |  | BRL |  | 443 |
Total | $ | 16,002 |  |  |  |  |  |  | $ | 16,214 |  |  |  |  |
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 and Other |  |  | Total
2025 | $ | 32,428 |  |  | $ | 9,232 |  |  | $ | 4,189 |  |  | $ | 2,405 |  |  |  | $ | 48,254 |
2026 | 13,045 |  |  | 4,936 |  |  | 4,827 |  |  | 4,524 |  |  |  | 27,332 |
2027 | 8,517 |  |  | 2,863 |  |  | 4,983 |  |  | 5,356 |  |  |  | 21,719 |
2028 | 2,908 |  |  | 3,007 |  |  | 5,077 |  |  | 7,442 |  |  |  | 18,434 |
2029 | 8,195 |  |  | 3,799 |  |  | 6,731 |  |  | 11,040 |  |  |  | 29,765 |
Thereafter | 5,472 |  |  | 14,666 |  |  | 30,634 |  |  | 10,831 |  |  |  | 61,603 |
Total Principal repayments | 70,565 |  |  | 38,503 |  |  | 56,441 |  |  | 41,598 |  |  |  | 207,107 |
Deferred financing costs and other | (389) |  |  | (354) |  |  | (1,143) |  |  | (663) |  |  |  | (2,549) |
Total – Dec. 31, 2024 | $ | 70,176 |  |  | $ | 38,149 |  |  | $ | 55,298 |  |  | $ | 40,935 |  |  |  | $ | 204,558 |
Total – Dec. 31, 2023 | $ | 86,734 |  |  | $ | 28,635 |  |  | $ | 46,083 |  |  | $ | 43,884 |  |  |  | $ | 205,336 |
1.Real estate property-specific borrowings maturing in 2025 of $32.4 billion include office of $6.7 billion, retail of $5.6 billion, and LP investments and other of $20.1 billion. Real estate property-specific borrowings maturing in 2026 of $13.0 billion include office of $2.8 billion, retail of $1.7 billion, and LP investments and other of $8.5 billion. The real estate property-specific borrowings included in the table above do not consider available extension options on $25.7 billion of debt. 2.Includes $45.8 billion of borrowings associated with real estate LP investments from our Asset Management segment and $24.4 million associated with core and transitional and development investments in our Real Estate segment. 3.Real estate property-specific borrowings of $70.2 billion includes $35.4 billion related to BPY investment properties, $7.9 billion for BPY hospitality assets, and $26.9 billion for real estate direct investments. The current and non-current balances of property-specific borrowings are as follows:
AS AT DEC. 31 (MILLIONS) | 2024 1 |  | 2023
Current | $ | 48,254 |  |  | $ | 54,975 |
Non-current | 156,304 |  |  | 150,361 |
Total | $ | 204,558 |  |  | $ | 205,336 |
Property-specific borrowings by currency include the following:
AS AT DEC. 31 (MILLIONS) | 2024 |  | Local Currency |  | 2023 |  | Local Currency
U.S. dollars | $ | 119,612 |  |  | USD |  | 119,612 |  |  | $ | 112,510 |  |  | USD |  | 112,510 |
British pounds | 12,583 |  |  | GBP |  | 10,054 |  |  | 13,457 |  |  | GBP |  | 10,571 |
Indian rupees | 10,911 |  |  | INR |  | 934,088 |  |  | 9,930 |  |  | INR |  | 826,265 |
Canadian dollars | 15,830 |  |  | CAD |  | 22,767 |  |  | 17,124 |  |  | CAD |  | 22,690 |
Euros | 17,164 |  |  | EUR |  | 16,578 |  |  | 22,825 |  |  | EUR |  | 20,670 |
Australian dollars | 9,498 |  |  | AUD |  | 15,350 |  |  | 10,051 |  |  | AUD |  | 14,755 |
Brazilian reais | 10,634 |  |  | BRL |  | 65,848 |  |  | 10,868 |  |  | BRL |  | 52,606 |
Colombian pesos | 3,533 |  |  | COP |  | 15,566,206 |  |  | 3,334 |  |  | COP |  | 12,914,945 |
Korean won | 2,185 |  |  | KRW |  | 3,230,442 |  |  | 2,199 |  |  | KRW |  | 2,855,358 |
Other currencies | 2,608 |  |  | Various |  | n/a |  | 3,038 |  |  | Various |  | n/a
Total | $ | 204,558 |  |  |  |  |  |  | $ | 205,336 |  |  |  |  |

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