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COMMERCIAL PROPERTY REVENUE | 12 Months Ended
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Dec. 31, 2022
Revenue [abstract] |
COMMERCIAL PROPERTY REVENUE | COMMERCIAL PROPERTY REVENUE The components of commercial property revenue are as follows:
(US$ Millions) Years ended Dec. 31, | 2022 | 2021 | 2020
Base rent | $ | 3,153 |  | $ | 3,462 |  | $ | 3,613 |
Straight-line rent | 25 |  | 25 |  | 133 |
Lease termination | 27 |  | 68 |  | 27 |
Other lease income(1) | 662 |  | 662 |  | 627 |
Other revenue from tenants(2) | 982 |  | 946 |  | 997 |
Total commercial property revenue | $ | 4,849 |  | $ | 5,163 |  | $ | 5,397 |
(1)Other lease income includes parking revenue and recovery of property tax and insurance expense from tenants. (2)Consists of recovery of certain operating expenses and other revenue from tenants which are accounted for in accordance with IFRS 15. As a result of pandemic-related closures and restrictions, certain of the partnership’s tenants, primarily in the Core Retail segment, requested rental assistance, in the form of either a deferral or rent reduction. Lease concessions granted in response to the pandemic are accounted for as a lease modification and are recognized prospectively over the remaining lease term when they become legally enforceable. In the current period, the partnership granted abatements of $13 million (2021 - $82 million) for the twelve months ended December 31, 2022, primarily related to prior year rents in response to tenants impacted by the pandemic. The partnership leases properties under operating leases generally with lease terms of between 1 and 15 years, with options to extend. Minimum rental commitments under non-cancellable tenant operating leases are as follows:
(US$ Millions) | Dec. 31, 2022 | Dec. 31, 2021
Less than 1 year | $ | 2,933 |  | $ | 2,776 |
1-5 years | 9,266 |  | 9,029 |
More than 5 years | 8,559 |  | 8,522 |
Total | $ | 20,758 |  | $ | 20,327 |
INVESTMENT AND OTHER REVENUE The components of investment and other revenue are as follows:
(US$ Millions) Years ended Dec. 31, | 2022 | 2021 | 2020
Investment income | $ | 518 |  | $ | 476 |  | $ | 177 |
Fee revenue | 285 |  | 255 |  | 228 |
Dividend income | 114 |  | 77 |  | 44 |
Interest income and other | 88 |  | 56 |  | 45 |
Total investment and other revenue | $ | 1,005 |  | $ | 864 |  | $ | 494 |

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