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INVESTMENT PROPERTIES (Tables) | 12 Months Ended
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Dec. 31, 2024
Investment property [abstract] |
Disclosure of detailed information about investment property | The following table presents the change in the fair value of the company’s investment properties:
AS AT AND FOR THE YEARS ENDED DEC. 31 (MILLIONS) | 2024 |  | 2023
Fair value, beginning of year | $ | 124,152 |  |  | $ | 115,100 |
Additions | 13,228 |  |  | 9,278 |
Acquisitions through business combinations | 11 |  |  | 3,244 |
Dispositions 1 | (6,538) |  |  | (4,258) |
BSREP IV deconsolidation 2 | (24,862) |  |  | — |
Fair value changes | 556 |  |  | (105) |
Foreign currency translation and other | (2,882) |  |  | 893 |
Fair value, end of year 3 | $ | 103,665 |  |  | $ | 124,152 |
1.Includes amounts reclassified to held for sale. 2.Following the completion of the partial sale of BSREP IV to BWS, our investment in BSREP IV was deconsolidated and recognized within equity accounted investments. BN was issued additional Class C shares in BWS as consideration for the acquisition by BWS. 3.As at December 31, 2024, the ending balance includes $96.5 billion (December 31, 2023 – $114.8 billion) of investment properties leased to third parties and $4.2 billion of ROU investment properties (December 31, 2023 – $4.8 billion).
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 DEC. 31 (MILLIONS) | Level 1 |  | Level 2 |  | Level 3 |  | Level 1 |  | Level 2 |  | Level 3
Financial assets |  |  |  |  |  |  |  |  |  |  |
Other financial assets |  |  |  |  |  |  |  |  |  |  |
Government bonds | $ | 21 |  |  | $ | 1,362 |  |  | $ | — |  |  | $ | 25 |  |  | $ | 1,575 |  |  | $ | — |
Corporate bonds | — |  |  | 1,554 |  |  | 740 |  |  | — |  |  | 1,662 |  |  | 777 |
Fixed income securities and other | 475 |  |  | 878 |  |  | 6,026 |  |  | 455 |  |  | 958 |  |  | 4,903 |
Common shares and warrants | 661 |  |  | 1,319 |  |  | 3,764 |  |  | 857 |  |  | 1,309 |  |  | 3,015 |
Loans and notes receivables | — |  |  | 31 |  |  | 10 |  |  | — |  |  | 46 |  |  | 17 |
| 1,157 |  |  | 5,144 |  |  | 10,540 |  |  | 1,337 |  |  | 5,550 |  |  | 8,712 |
Accounts receivable and other | — |  |  | 4,387 |  |  | 353 |  |  | 6 |  |  | 2,520 |  |  | 89 |
| $ | 1,157 |  |  | $ | 9,531 |  |  | $ | 10,893 |  |  | $ | 1,343 |  |  | $ | 8,070 |  |  | $ | 8,801 |
Financial liabilities |  |  |  |  |  |  |  |  |  |  |
Accounts payable and other | $ | — |  |  | $ | 2,037 |  |  | $ | 3,523 |  |  | $ | 9 |  |  | $ | 5,119 |  |  | $ | 3,259 |
Subsidiary equity obligations | — |  |  | — |  |  | 129 |  |  | 4 |  |  | — |  |  | 259 |
| $ | — |  |  | $ | 2,037 |  |  | $ | 3,652 |  |  | $ | 13 |  |  | $ | 5,119 |  |  | $ | 3,518 |
The following table presents our investment properties measured at fair value:
AS AT DEC. 31 (MILLIONS) | 2024 |  | 2023
Core | $ | 18,501 |  |  | $ | 18,970 |
Transitional and development | 21,495 |  |  | 23,016 |
LP Investments 1 | 58,446 |  |  | 77,627 |
Other investment properties | 5,223 |  |  | 4,539 |
| $ | 103,665 |  |  | $ | 124,152 |
Disclosure of significant unobservable inputs used in fair value measurement of assets [text block] | The following table summarizes the key valuation metrics of the company’s investment properties:
| 2024 |  | 2023
AS AT DEC. 31 | Discount Rate |  | Terminal Capitalization Rate |  | Investment Horizon (years) |  | Discount Rate |  | Terminal Capitalization Rate |  | Investment Horizon (years)
Core | 6.3 | % |  | 4.8 | % |  | 11 |  | 6.2 | % |  | 4.8 | % |  | 11
Transitional and development 1 | 7.9 | % |  | 6.3 | % |  | 10 |  | 7.9 | % |  | 6.2 | % |  | 10
LP Investments 1,2 | 9.1 | % |  | 6.2 | % |  | 14 |  | 8.6 | % |  | 5.8 | % |  | 13
Other investment properties 3 | 7.9 | % |  | n/a |  | n/a |  | 7.4 | % |  | 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.

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