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SEGMENT INFORMATION (Tables) | 12 Months Ended
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Dec. 31, 2022
Operating Segments [Abstract] |
Summary of financial information by segment | The following summaries present certain financial information regarding the partnership’s operating segments for the years ended December 31, 2022, 2021, and 2020.
(US$ Millions) | Total revenue | FFO
Years ended Dec. 31, | 2022 | 2021 | 2020 | 2022 | 2021 | 2020
Core Office | $ | 2,210 |  | $ | 2,198 |  | $ | 2,049 |  | $ | 325 |  | $ | 539 |  | $ | 495 |
Core Retail | 1,557 |  | 1,510 |  | 1,612 |  | 626 |  | 450 |  | 521 |
LP Investments | 3,593 |  | 3,387 |  | 2,920 |  | 288 |  | 179 |  | 64 |
Corporate | 5 |  | 5 |  | 12 |  | (653) |  | (590) |  | (373) |
Total | $ | 7,365 |  | $ | 7,100 |  | $ | 6,593 |  | $ | 586 |  | $ | 578 |  | $ | 707 |
The following summary presents the detail of total revenue from the partnership’s operating segments for the years ended December 31, 2022, 2021 and 2020:
(US$ Millions) | Lease revenue | Other revenue from tenants | Hospitality revenue | Investment and other revenue | Total revenue
Year ended Dec. 31, 2022
Core Office | $ | 1,373 |  | $ | 469 |  | $ | 22 |  | $ | 346 |  | $ | 2,210 |
Core Retail | 1,138 |  | 264 |  | — |  | 155 |  | 1,557 |
LP Investments | 1,357 |  | 248 |  | 1,489 |  | 499 |  | 3,593 |
Corporate | — |  | — |  | — |  | 5 |  | 5 |
Total | $ | 3,868 |  | $ | 981 |  | $ | 1,511 |  | $ | 1,005 |  | $ | 7,365 |
(US$ Millions) | Lease revenue | Other revenue from tenants | Hospitality revenue | Investment and other revenue | Total revenue
Year ended Dec. 31, 2021
Core Office | $ | 1,467 |  | $ | 442 |  | $ | 9 |  | $ | 280 |  | $ | 2,198 |
Core Retail | 1,113 |  | 259 |  | — |  | 138 |  | 1,510 |
LP Investments | 1,639 |  | 243 |  | 1,064 |  | 441 |  | 3,387 |
Corporate | — |  | — |  | — |  | 5 |  | 5 |
Total | $ | 4,219 |  | $ | 944 |  | $ | 1,073 |  | $ | 864 |  | $ | 7,100 |
(US$ Millions) | Lease revenue | Other revenue from tenants | Hospitality revenue | Investment and other revenue | Total revenue
Year ended Dec. 31, 2020
Core Office | $ | 1,429 |  | $ | 446 |  | $ | 6 |  | $ | 168 |  | $ | 2,049 |
Core Retail | 1,166 |  | 284 |  | — |  | 162 |  | 1,612 |
LP Investments | 1,805 |  | 267 |  | 696 |  | 152 |  | 2,920 |
Corporate | — |  | — |  | — |  | 12 |  | 12 |
Total | $ | 4,400 |  | $ | 997 |  | $ | 702 |  | $ | 494 |  | $ | 6,593 |
The following summaries presents share of net earnings from equity accounted investments and interest expense from the partnership’s operating segments for the years ended December 31, 2022, 2021, and 2020.
(US$ Millions) | Share of net earnings from equity accounted investments | Interest expense
Years ended Dec. 31, | 2022 | 2021 | 2020 | 2022 | 2021 | 2020
Core Office | $ | 550 |  | $ | 644 |  | $ | 150 |  | $ | (723) |  | $ | (570) |  | $ | (586) |
Core Retail | 234 |  | 472 |  | (743) |  | (660) |  | (649) |  | (647) |
LP Investments | 42 |  | (96) |  | (156) |  | (1,000) |  | (1,069) |  | (1,104) |
Corporate | — |  | — |  | — |  | (300) |  | (305) |  | (255) |
Total | $ | 826 |  | $ | 1,020 |  | $ | (749) |  | $ | (2,683) |  | $ | (2,593) |  | $ | (2,592) |
The following summary presents information about certain consolidated balance sheet items of the partnership, on a segmented basis, as of December 31, 2022 and 2021:
| Total assets | Total liabilities | Equity accounted investments |
(US$ Millions) | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 |  |
Core Office | $ | 34,039 |  | $ | 37,661 |  | $ | 17,581 |  | $ | 18,172 |  | $ | 8,547 |  | $ | 9,819 |  |  |
Core Retail | 30,363 |  | 30,585 |  | 13,850 |  | 14,316 |  | 9,674 |  | 9,945 |  |  |
LP Investments | 47,458 |  | 43,403 |  | 32,146 |  | 27,516 |  | 1,722 |  | 1,043 |  |  |
Corporate | 656 |  | 355 |  | 7,202 |  | 6,995 |  | — |  | — |  |  |
Total | $ | 112,516 |  | $ | 112,004 |  | $ | 70,779 |  | $ | 66,999 |  | $ | 19,943 |  | $ | 20,807 |  |  |
Summary of reconciliation of FFO to net income | The following summary presents a reconciliation of FFO to net income for the years ended December 31, 2022, 2021, and 2020:
(US$ Millions) Years ended Dec. 31, | 2022 | 2021 | 2020
FFO(1) | $ | 586 |  | $ | 578 |  | $ | 707 |
Add (deduct): |  |  |
Fair value gains (losses), net | 20 |  | 2,521 |  | (1,322) |
Share of equity accounted income (losses) - non-FFO | 120 |  | 404 |  | (1403) |
Depreciation and amortization of real-estate assets | (190) |  | (203) |  | (249) |
Income tax (expense) | (281) |  | (490) |  | (220) |
Non-controlling interests of others in operating subsidiaries and properties - non-FFO | (387) |  | (1,534) |  | 129 |
Net income (loss) attributable to unitholders(2) | (132) |  | 1,276 |  | (2,358) |
Non-controlling interests of others in operational subsidiaries and properties | 1,128 |  | 2,223 |  | 300 |
Net income (loss) | $ | 996 |  | $ | 3,499 |  | $ | (2,058) |
(1)FFO represents interests attributable to GP Units, LP Units, Exchange LP Units, Redeemable/Exchangeable Partnership Units, Special LP Units, FV LTIP Units and BPYU Units. The interests attributable to Exchange LP Units, Redeemable/Exchangeable Units, Special LP Units, FV LTIP Units and BPYU Units are presented as non-controlling interests in the consolidated statements of income. (2)Includes net income attributable to GP Units, LP Units, Exchange LP Units, Redeemable/Exchangeable Partnership Units, Special LP Units, FV LTIP Units and BPYU Units. The interests attributable to Exchange LP Units, Redeemable/Exchangeable Units, Special LP Units, FV LTIP Units and BPYU Units are presented as non-controlling interests in the consolidated statements of income.
Summary of financial information by geographic regions | The following summary presents financial information by the partnership’s geographic regions in which it operates:
| Total revenue for the years ended Dec. 31, | Total non-current assets as at Dec. 31,
(US$ Millions) | 2022 | 2021 | 2020 | 2022 | 2021
United States | $ | 4,740 |  | $ | 4,911 |  | $ | 4,743 |  | $ | 76,145 |  | $ | 64,695 |
Canada | 491 |  | 421 |  | 424 |  | 5,120 |  | 5,446 |
Australia | 360 |  | 322 |  | 182 |  | 2,338 |  | 4,081 |
Europe | 1,151 |  | 887 |  | 592 |  | 11,949 |  | 16,956 |
Brazil | 102 |  | 71 |  | 82 |  | 1,411 |  | 656 |
China | 5 |  | 3 |  | 94 |  | 389 |  | 294 |
India | 288 |  | 274 |  | 287 |  | 4,014 |  | 4,191 |
South Korea | 228 |  | 211 |  | 189 |  | 3,745 |  | — |
United Arab Emirates | — |  | — |  | — |  | 319 |  | 250 |
Total | $ | 7,365 |  | $ | 7,100 |  | $ | 6,593 |  | $ | 105,430 |  | $ | 96,569 |

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