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DEBT OBLIGATIONS (Tables) | 12 Months Ended
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Dec. 31, 2022
Financial Instruments [Abstract] |
Disclosure of detailed information about borrowings | The partnership’s debt obligations include the following:
| Dec. 31, 2022 | Dec. 31, 2021
(US$ Millions) | Weighted- average rate | Debt balance | Weighted- average rate | Debt balance
Unsecured facilities: |  |  |  |
Brookfield Property Partners’ credit facilities | 6.19 | % | $ | 3,090 |  | 2.00 | % | $ | 2,257 |
Brookfield Property Partners’ corporate bonds | 4.12 | % | 1,847 |  | 4.11 | % | 1,982 |
Brookfield Properties Retail Holding LLC term debt | 6.90 | % | 1,514 |  | 2.61 | % | 1,869 |
Brookfield Properties Retail Holding LLC senior secured notes | 5.20 | % | 1,695 |  | 5.20 | % | 1,695 |
Brookfield Properties Retail Holding LLC corporate facility | 7.17 | % | 320 |  | 3.10 | % | 70 |
Brookfield Properties Retail Holding LLC junior subordinated notes | 5.86 | % | 192 |  | 1.58 | % | 206 |
Subsidiary borrowings | 7.10 | % | 458 |  | 3.29 | % | 537 |
Secured debt obligations: |  |  |  |
Funds subscription credit facilities(1) | 6.19 | % | 4,177 |  | 2.44 | % | 371 |
Fixed rate | 4.47 | % | 16,155 |  | 4.31 | % | 26,248 |
Variable rate | 6.99 | % | 29,416 |  | 3.29 | % | 20,341 |
Deferred financing costs |  | (302) |  |  | (249) |
Total debt obligations |  | $ | 58,562 |  |  | $ | 55,327 |
Current |  | $ | 19,704 |  |  | $ | 13,742 |
Non-current |  | 38,858 |  |  | 38,579 |
Debt associated with assets held for sale |  | — |  |  | 3,006 |
Total debt obligations |  | $ | 58,562 |  |  | $ | 55,327 |
(1)Funds subscription credit facilities are secured by co-investors’ capital commitments. Debt obligations include foreign currency denominated debt in the functional currencies of the borrowing subsidiaries. Debt obligations by local currency are as follows:
| Dec. 31, 2022 | Dec. 31, 2021
(US$ Millions) | U.S. Dollars | Local currency | U.S. Dollars | Local currency
U.S. dollars | $ | 44,049 |  | $ | 44,049 |  | $ | 37,559 |  | $ | 37,559 |
British pounds | 5,079 |  | £ | 4,203 |  | 7,030 |  | £ | 5,196 |
Canadian dollars | 4,027 |  | C$ | 5,455 |  | 4,419 |  | C$ | 5,585 |
South Korean Won | 1,808 |  | ₩ | 2,280,000 |  | 1,918 |  | ₩ | 2,280,000 |
Australian dollars | 1,300 |  | A$ | 1,908 |  | 2,014 |  | A$ | 2,773 |
Indian Rupee | 1,777 |  | Rs | 146,860 |  | 1,801 |  | Rs | 134,378 |
Brazilian reais | 554 |  | R$ | 2,888 |  | 476 |  | R$ | 2,655 |
Chinese Yuan | 174 |  | C¥ | 1,204 |  | 69 |  | C¥ | 437 |
Euros | 96 |  | € | 90 |  | 290 |  | € | 255 |
Deferred financing costs | (302) |  |  |  | (249) |  |  |
Total debt obligations | $ | 58,562 |  |  |  | $ | 55,327 |  |  |
The components of changes in debt obligations, including changes related to cash flows from financing activities, are summarized in the table below:
|  |  |  |  | Non-cash changes in debt obligations |
(US$ Millions) | Dec. 31, 2021 | Debt obligation issuance, net of repayments |  |  | Debt from asset acquisitions | Assumed by purchaser | Amortization of deferred financing costs and (premium) discount | Foreign currency translation | Manager Reorganization(1) | Impact of deconsolidation due to loss of control | Dec. 31, 2022
Debt obligations | $ | 55,327 |  | (1,656) |  |  |  | 350 |  | (3,836) |  | 94 |  | (1,489) |  | 10,274 |  | (502) |  | $ | 58,562 |
(1)See Note 32, Related Parties for further information on the Manager Reorganization.

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