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CAPITAL SECURITIES (Tables) | 12 Months Ended
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Dec. 31, 2022
Share Capital, Reserves And Other Equity Interest [Abstract] |
Disclosure of classes of share capital | The partnership had the following capital securities outstanding as of December 31, 2022 and 2021:
(US$ Millions, except where noted) | Shares outstanding | Cumulative dividend rate | Dec. 31, 2022 | Dec. 31, 2021
Operating Partnership Class A Preferred Equity Units: |  |  |  |
Series 2 | 24,000,000 |  | 6.50 | % | $ | 575 |  | $ | 565 |
Series 3 | 24,000,000 |  | 6.75 | % | 556 |  | 546 |
New LP Preferred Units(1) | 19,273,654 |  | 6.25 | % | 474 |  | 474 |
BPO Class B Preferred Shares: |  |  |  |
Series 1(2) | 3,600,000 |  | 70% of bank prime | — |  | — |
Series 2(2) | 3,000,000 |  | 70% of bank prime | — |  | — |
Brookfield Property Split Corp. (“BOP Split”) Senior Preferred Shares: |  |  |
Series 1 | 829,334 |  | 5.25 | % | 21 |  | 21 |
Series 2 | 555,146 |  | 5.75 | % | 10 |  | 11 |
Series 3 | 668,228 |  | 5.00 | % | 12 |  | 15 |
Series 4 | 541,892 |  | 5.20 | % | 10 |  | 12 |
Rouse Series A Preferred Shares | 5,600,000 |  | 5.00 | % | 142 |  | 142 |
Brookfield India Real Estate Trust | 155,003,656 |  | See footnote (3) | 456 |  | 440 |
Capital Securities – Fund Subsidiaries |  |  | 577 |  | 859 |
Total capital securities |  |  | $ | 2,833 |  | $ | 3,085 |
Current |  |  | $ | 600 |  | $ | 61 |
Non-current |  |  | 2,233 |  | 3,024 |
Total capital securities |  |  | $ | 2,833 |  | $ | 3,085 |
(1)New LP Preferred Units shares outstanding is presented net of intracompany shares held by Holding LP. (2)Class B, Series 1 and 2 capital securities - corporate are owned by Brookfield Corporation. BPO has an offsetting loan receivable against these securities earning interest at 95% of bank prime. (3)The dividend rate pertaining to India REIT is equal to a minimum of 90% of net distributable cash flows. The following table presents changes to the GP Units and LP Units from the beginning of the year:
| GP Units | LP Units
(Thousands of units), Years ended Dec. 31, | 2022 | 2021 | 2020 | 2022 | 2021 | 2020
Outstanding, beginning of year | 139 |  | 139 |  | 139 |  | 298,987 |  | 435,980 |  | 439,802 |
Privatization |  | — |  | — |  | — |  | (146,278) |  | — |
Exchange LP Units exchanged | — |  | — |  | — |  | — |  | 128 |  | 169 |
BPYU Units exchanged |  |  |  | — |  | 8,922 |  | 11,580 |
Distribution reinvestment program | — |  | — |  | — |  | — |  | 123 |  | 998 |
Issued under unit-based compensation plan | — |  | — |  | — |  | — |  | 112 |  | — |
LP Units issued | — |  | — |  | — |  | — |  | — |  | 59,497 |
Repurchases of LP Units | — |  | — |  | — |  | — |  | — |  | (76,066) |
Outstanding, end of year | 139 |  | 139 |  | 139 |  | 298,987 |  | 298,987 |  | 435,980 |
The following table presents changes to the Exchange LP Units from the beginning of the year:
| Exchange LP Units
(Thousands of units) | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020
Outstanding, beginning of year | — |  | 2,714 |  | 2,883 |
Exchange LP Units exchanged (1) | — |  | (128) |  | (169) |
Privatization | — |  | (2,586) |  | — |
Outstanding, end of year | — |  | — |  | 2,714 |
(1)Exchange LP Units issued for the acquisition of incremental BPO common shares that have been exchanged are held by an indirect subsidiary of the partnership. Refer to the Consolidated Statements of Changes in Equity for the impact of such exchanges on the carrying value of Exchange LP Units.
Summary of reconciliation of cash flows from financing activities from capital securities | Reconciliation of cash flows from financing activities from capital securities is shown in the table below:
|  |  |  | Non-cash changes on capital securities |
(US$ Millions) | Dec. 31, 2021 | Capital securities issued | Capital securities redeemed | Equity conversion of capital securities | Fair value changes |  |  |  | Other | Dec. 31, 2022
Capital securities | $ | 3,085 |  | $ | 57 |  | $ | (3) |  | $ | — |  | $ | (321) |  |  |  |  | $ | 15 |  | $ | 2,833 |

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