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EQUITY ACCOUNTED INVESTMENTS (Tables) | 12 Months Ended
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Dec. 31, 2022
Interests In Other Entities [Abstract] |
Disclosure of joint ventures | Details of the partnership’s investments in joint ventures and associates, which have been accounted for in accordance with the equity method of accounting, are as follows:
|  |  | Proportion of ownership interests/voting rights held by the partnership | Carrying value
(US$ Millions) | Principal activity | Principal place of business | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021
Joint ventures |  |  |  |  |  |
London Mixed-use District | Property holding company | United Kingdom | 50 | % | 50 | % | $ | 3,192 |  | $ | 3,529 |
Midtown New York Mixed-use Complex | Property holding company | United States | 56 | % | 56 | % | 2,518 |  | 2,396 |
U.S. Retail JV Pool A | Property holding company | United States | 50 | % | 50 | % | 1,848 |  | 1,810 |
Honolulu Shopping Center | Property holding company | United States | 50 | % | 50 | % | 1,507 |  | 1,939 |
U.S. Retail JV Pool B | Property holding company | United States | 51 | % | 51 | % | 1,132 |  | 1,140 |
U.S. Retail JV Pool C | Property holding company | United States | 50 | % | 50 | % | 737 |  | 679 |
Bryant Park Office Tower | Property holding company | United States | 50 | % | 50 | % | 719 |  | 702 |
Las Vegas Mall A | Property holding company | United States | 50 | % | 50 | % | 702 |  | 856 |
U.S. Retail JV Pool D | Property holding company | United States | 48 | % | 48 | % | 646 |  | 612 |
Las Vegas Mall B | Property holding company | United States | 50 | % | 50 | % | 625 |  | 455 |
Other(1) | Various | Various | 15% - 68% | 15% - 68% | 5,778 |  | 6,361 |
|  |  |  |  | 19,404 |  | 20,479 |
Associates |  |  |  |  |  |
Other | Various | Various | 16% - 50% | 13% - 50% | 539 |  | 328 |
|  |  |  |  | 539 |  | 328 |
Total |  |  |  |  | $ | 19,943 |  | $ | 20,807 |
(1)Other joint ventures consists of approximately 50 joint ventures, each of which has a carrying value below $500 million.
Disclosure of associates | Details of the partnership’s investments in joint ventures and associates, which have been accounted for in accordance with the equity method of accounting, are as follows:
|  |  | Proportion of ownership interests/voting rights held by the partnership | Carrying value
(US$ Millions) | Principal activity | Principal place of business | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021
Joint ventures |  |  |  |  |  |
London Mixed-use District | Property holding company | United Kingdom | 50 | % | 50 | % | $ | 3,192 |  | $ | 3,529 |
Midtown New York Mixed-use Complex | Property holding company | United States | 56 | % | 56 | % | 2,518 |  | 2,396 |
U.S. Retail JV Pool A | Property holding company | United States | 50 | % | 50 | % | 1,848 |  | 1,810 |
Honolulu Shopping Center | Property holding company | United States | 50 | % | 50 | % | 1,507 |  | 1,939 |
U.S. Retail JV Pool B | Property holding company | United States | 51 | % | 51 | % | 1,132 |  | 1,140 |
U.S. Retail JV Pool C | Property holding company | United States | 50 | % | 50 | % | 737 |  | 679 |
Bryant Park Office Tower | Property holding company | United States | 50 | % | 50 | % | 719 |  | 702 |
Las Vegas Mall A | Property holding company | United States | 50 | % | 50 | % | 702 |  | 856 |
U.S. Retail JV Pool D | Property holding company | United States | 48 | % | 48 | % | 646 |  | 612 |
Las Vegas Mall B | Property holding company | United States | 50 | % | 50 | % | 625 |  | 455 |
Other(1) | Various | Various | 15% - 68% | 15% - 68% | 5,778 |  | 6,361 |
|  |  |  |  | 19,404 |  | 20,479 |
Associates |  |  |  |  |  |
Other | Various | Various | 16% - 50% | 13% - 50% | 539 |  | 328 |
|  |  |  |  | 539 |  | 328 |
Total |  |  |  |  | $ | 19,943 |  | $ | 20,807 |
(1)Other joint ventures consists of approximately 50 joint ventures, each of which has a carrying value below $500 million.
Schedule of change in equity investments | The following table presents the change in the balance of the partnership’s equity accounted investments as of December 31, 2022 and 2021:
(US$ Millions) Years ended Dec. 31, | 2022 | 2021
Equity accounted investments, beginning of year | $ | 20,807 |  | $ | 19,719 |
Additions | 100 |  | 698 |
Disposals and return of capital distributions | (967) |  | (459) |
Share of net (losses) earnings from equity accounted investments | 826 |  | 1,020 |
Distributions received | (263) |  | (172) |
Foreign currency translation | (578) |  | (145) |
Reclassification from (to) assets held for sale | (276) |  | (210) |
Impact of change in accounting basis(1) | (706) |  | — |
Manager Reorganization(2) | 1,061 |  | — |
Other comprehensive income and other | (61) |  | 356 |
Equity accounted investments, end of year | $ | 19,943 |  | $ | 20,807 |
(1)The current year includes the impact of change in accounting basis of assets that were accounted for under the equity method which are now accounted for as financial assets. (2)See Note 32, Related Parties for further information on the Manager Reorganization.
Equity method investments, valuation techniques and assumptions | The key valuation metrics for the partnership’s commercial properties held within the partnership’s equity accounted investments are set forth in the table below on a weighted-average basis:
|  | Dec. 31, 2022 | Dec. 31, 2021
Equity accounted investments | Primary valuation method | Discount rate | Terminal capitalization rate | Investment horizon (yrs.) | Discount rate | Terminal capitalization rate | Investment horizon (yrs.)
Core Office | Discounted cash flow | 6.4 % | 4.9 % | 11 | 6.0 | % | 4.7 | % | 11
Core Retail | Discounted cash flow | 6.6 | % | 4.9 | % | 10 | 6.3 | % | 4.9 | % | 10
LP Investments(1) | Discounted cash flow | 7.8 | % | 5.5 | % | 10 | 6.9 | % | 5.6 | % | 10
(1)The valuation method used to value multifamily investments is the direct capitalization method. The rates presented as the discount rate relate to the overall implied capitalization rate. The terminal capitalization rate and investment horizon are not applicable. The following tables present the gross assets and liabilities of the partnership’s equity accounted investments as of December 31, 2022 and 2021:
| Dec. 31, 2022
(US$ Millions) | Current assets | Non-current assets | Current liabilities | Non-current liabilities | Net assets
Joint ventures |  |  |  |  |
London Mixed-use District | $ | 879 |  | $ | 11,709 |  | $ | 972 |  | $ | 5,232 |  | $ | 6,384 |
Midtown New York Mixed-use Complex | 198 |  | 8,132 |  | 276 |  | 3,558 |  | 4,496 |
U.S. Retail JV Pool A | 158 |  | 5,777 |  | 253 |  | 1,985 |  | 3,697 |
Honolulu Shopping Center | 100 |  | 5,352 |  | 40 |  | 2,397 |  | 3,015 |
U.S. Retail JV Pool B | 210 |  | 5,587 |  | 1,348 |  | 2,230 |  | 2,219 |
U.S. Retail JV Pool C | 43 |  | 2,219 |  | 45 |  | 663 |  | 1,554 |
Bryant Park Office Tower | 67 |  | 2,636 |  | 23 |  | 1,240 |  | 1,440 |
Las Vegas Mall A | 22 |  | 2,231 |  | 16 |  | 833 |  | 1,404 |
U.S. Retail JV Pool D | 28 |  | 1,833 |  | 508 |  | — |  | 1,353 |
Las Vegas Mall B | 22 |  | 2,220 |  | 15 |  | 979 |  | 1,248 |
Other | 1,912 |  | 25,951 |  | 3,283 |  | 10,603 |  | 13,977 |
| 3,639 |  | 73,647 |  | 6,779 |  | 29,720 |  | 40,787 |
Associates |  |  |  |  |
Other | 183 |  | 2,705 |  | 109 |  | 1,057 |  | 1,722 |
| 183 |  | 2,705 |  | 109 |  | 1,057 |  | 1,722 |
Total | $ | 3,822 |  | $ | 76,352 |  | $ | 6,888 |  | $ | 30,777 |  | $ | 42,509 |
| Dec. 31, 2021
(US$ Millions) | Current assets | Non-current assets | Current liabilities | Non-current liabilities | Net assets
Joint ventures |  |  |  |  |
London Mixed-use District | $ | 1,276 |  | $ | 13,213 |  | $ | 1,242 |  | $ | 6,187 |  | $ | 7,060 |
Midtown New York Mixed-use Complex | 229 |  | 8,434 |  | 153 |  | 4,231 |  | 4,279 |
U.S. Retail JV Pool A | 249 |  | 5,763 |  | 122 |  | 2,269 |  | 3,621 |
Honolulu Shopping Center | 131 |  | 5,695 |  | 52 |  | 1,895 |  | 3,879 |
U.S. Retail JV Pool B | 353 |  | 5,508 |  | 231 |  | 3,396 |  | 2,234 |
U.S. Retail JV Pool C | 52 |  | 2,100 |  | 44 |  | 669 |  | 1,439 |
Bryant Park Office Tower | 73 |  | 2,593 |  | 20 |  | 1,238 |  | 1,408 |
Las Vegas Mall A | 23 |  | 2,538 |  | 19 |  | 829 |  | 1,713 |
U.S. Retail JV Pool D | 40 |  | 1,763 |  | 49 |  | 471 |  | 1,283 |
Las Vegas Mall B | 56 |  | 1,867 |  | 40 |  | 974 |  | 909 |
Other | 1,827 |  | 27,422 |  | 1,861 |  | 11,866 |  | 15,522 |
| 4,309 |  | 76,896 |  | 3,833 |  | 34,025 |  | 43,347 |
Associates |  |  |  |  |
Other | 180 |  | 1,253 |  | 81 |  | 796 |  | 556 |
| 180 |  | 1,253 |  | 81 |  | 796 |  | 556 |
Total | $ | 4,489 |  | $ | 78,149 |  | $ | 3,914 |  | $ | 34,821 |  | $ | 43,903 |
Summarized financial information in respect of the partnership’s equity accounted investments for the years ended December 31, 2022, 2021 and 2020 is set out below:
| Year ended December 31, 2022
(US$ Millions) | Revenue | Expenses | Fair value gains (losses) | Income from EAI(1) |  | Net (loss) income | Other compre- hensive (loss)income | Partnership’s share of net income | Distributions received
Joint ventures |  |  |  |  |  |  |  |  |
London Mixed-use District | $ | 582 |  | $ | 477 |  | $ | (61) |  | $ | 89 |  |  | $ | 133 |  | $ | 23 |  | $ | 66 |  | $ | — |
Midtown New York Mixed-use Complex | 282 |  | 227 |  | 515 |  | 91 |  |  | 661 |  | 120 |  | 370 |  | 34 |
U.S. Retail JV Pool A | 343 |  | 107 |  | (96) |  | — |  |  | 140 |  | 1 |  | 70 |  | — |
Honolulu Shopping Center | 261 |  | 195 |  | (405) |  | — |  |  | (339) |  | 30 |  | (170) |  | — |
U.S. Retail JV Pool B | 467 |  | 348 |  | (148) |  | 5 |  |  | (24) |  | 6 |  | (12) |  | — |
U.S. Retail JV Pool C | 152 |  | 81 |  | 77 |  | — |  |  | 148 |  | — |  | 74 |  | 11 |
Bryant Park Office Tower | 157 |  | 88 |  | 9 |  | — |  |  | 78 |  | — |  | 39 |  | 20 |
Las Vegas Mall A | 106 |  | 56 |  | (321) |  | — |  |  | (271) |  | — |  | (135) |  | 8 |
U.S. Retail JV Pool D | 88 |  | 46 |  | 47 |  | — |  |  | 89 |  | — |  | 43 |  | 4 |
Las Vegas Mall B | 108 |  | 69 |  | 344 |  | — |  |  | 383 |  | — |  | 192 |  | 1 |
Other | 2,138 |  | 1,683 |  | 120 |  | 42 |  |  | 618 |  | 289 |  | 285 |  | 185 |
| 4,684 |  | 3,377 |  | 81 |  | 227 |  |  | 1,616 |  | 469 |  | 822 |  | 263 |
Associates |  |  |  |  |  |  |  |  |
Other | 230 |  | 244 |  | 8 |  | — |  |  | (6) |  | 69 |  | 4 |  | — |
| 230 |  | 244 |  | 8 |  | — |  |  | (6) |  | 69 |  | 4 |  | — |
Total | $ | 4,914 |  | $ | 3,621 |  | $ | 89 |  | $ | 227 |  |  | $ | 1,610 |  | $ | 538 |  | $ | 826 |  | $ | 263 |
(1)Share of net earnings from equity accounted investments recorded by the partnership’s joint ventures and associates.
| Year ended December 31, 2021
(US$ Millions) | Revenue | Expenses | Fair value gains (losses) | Income from EAI(1) |  | Net income | Other compre- hensive income | Partnership’s share of net income | Distributions received
Joint ventures |  |  |  |  |  |  |  |  |
London Mixed-use District | $ | 607 |  | $ | 453 |  | $ | 60 |  | $ | 42 |  |  | $ | 256 |  | $ | 2 |  | $ | 128 |  | $ | 2 |
Midtown New York Mixed-use Complex | 350 |  | 225 |  | 101 |  | — |  |  | 226 |  | 72 |  | 127 |  | 48 |
U.S. Retail JV Pool A | 329 |  | 220 |  | 92 |  | — |  |  | 201 |  | — |  | 100 |  | — |
Honolulu Shopping Center | 241 |  | 154 |  | 121 |  | — |  |  | 208 |  | — |  | 104 |  | 3 |
U.S. Retail JV Pool B | 458 |  | 347 |  | (46) |  | 4 |  |  | 69 |  | — |  | 35 |  | — |
U.S. Retail JV Pool C | 138 |  | 88 |  | (13) |  | — |  |  | 37 |  | — |  | 19 |  | 2 |
Bryant Park Office Tower | 151 |  | 86 |  | 47 |  | — |  |  | 112 |  | — |  | 56 |  | 27 |
Las Vegas Mall A | 98 |  | 54 |  | 63 |  | — |  |  | 107 |  | — |  | 53 |  | 8 |
U.S. Retail JV Pool D | 80 |  | 37 |  | 121 |  | — |  |  | 164 |  | — |  | 78 |  | 1 |
Las Vegas Mall B | 93 |  | 75 |  | 61 |  | — |  |  | 79 |  | — |  | 40 |  | — |
Other | 1,825 |  | 1,576 |  | 424 |  | 89 |  |  | 762 |  | 301 |  | 330 |  | 81 |
| 4,370 |  | 3,315 |  | 1,031 |  | 135 |  |  | 2,221 |  | 375 |  | 1,070 |  | 172 |
Associates |  |  |  |  |  |  |  |  |
Other | 103 |  | 174 |  | (8) |  | 7 |  |  | (72) |  | 949 |  | (50) |  | — |
| 103 |  | 174 |  | (8) |  | 7 |  |  | (72) |  | 949 |  | (50) |  | — |
Total | $ | 4,473 |  | $ | 3,489 |  | $ | 1,023 |  | $ | 142 |  |  | $ | 2,149 |  | $ | 1,324 |  | $ | 1,020 |  | $ | 172 |
(1)Share of net earnings from equity accounted investments recorded by the partnership’s joint ventures and associates.
| Year ended December 31, 2020
(US$ Millions) | Revenue | Expenses | Fair value gains (losses) | Income from EAI(1) |  | Net income | Other compre- hensive income | Partnership’s share of net income | Distributions received
Joint ventures |  |  |  |  |  |  |  |  |
London Mixed-use District | $ | 619 |  | $ | 377 |  | $ | (713) |  | $ | 19 |  |  | $ | (452) |  | $ | (4) |  | $ | (226) |  | $ | 4 |
Honolulu Shopping Center | 269 |  | 158 |  | (279) |  | — |  |  | (168) |  | — |  | (84) |  | 9 |
Midtown New York Mixed-use Complex | 259 |  | 179 |  | 379 |  | — |  |  | 459 |  | (75) |  | 257 |  | 221 |
U.S. Retail JV Pool A | 353 |  | 230 |  | (543) |  | — |  |  | (420) |  | — |  | (210) |  | — |
U.S. Retail JV Pool B | 483 |  | 356 |  | (601) |  | 4 |  |  | (470) |  | — |  | (240) |  | — |
Las Vegas Mall A | 103 |  | 56 |  | (46) |  | — |  |  | 1 |  | — |  | — |  | 8 |
U.S. Retail JV Pool C | 145 |  | 80 |  | (222) |  | — |  |  | (157) |  | — |  | (78) |  | 6 |
Bryant Park Office Tower | 108 |  | 95 |  | 121 |  | — |  |  | 134 |  | — |  | 67 |  | 123 |
U.S. Retail JV Pool D | 71 |  | 36 |  | (203) |  | 17 |  |  | (151) |  | — |  | (72) |  | 3 |
Las Vegas Mall B | 92 |  | 84 |  | (18) |  | — |  |  | (10) |  | — |  | (5) |  | — |
Other | 1,766 |  | 1,299 |  | (480) |  | 44 |  |  | 31 |  | (28) |  | (68) |  | 244 |
| 4,268 |  | 2,950 |  | (2,605) |  | 84 |  |  | (1,203) |  | (107) |  | (659) |  | 618 |
Associates |  |  |  |  |  |  |  |  |
Other | 92 |  | 186 |  | (39) |  | (2) |  |  | (135) |  | (939) |  | (90) |  | — |
| 92 |  | 186 |  | (39) |  | (2) |  |  | (135) |  | (939) |  | (90) |  | — |
Total | $ | 4,360 |  | $ | 3,136 |  | $ | (2,644) |  | $ | 82 |  |  | $ | (1,338) |  | $ | (1,046) |  | $ | (749) |  | $ | 618 |
(1)Share of net earnings from equity accounted investments recorded by the partnership’s joint ventures and associates.

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