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DEBT OBLIGATIONS | 12 Months Ended
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Dec. 31, 2022
Financial Instruments [Abstract] |
DEBT OBLIGATIONS | DEBT OBLIGATIONS 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. The partnership generally believes that it will be able to either extend the maturity date, repay, or refinance the debt that is scheduled to mature in 2023 to 2024, however, approximately 2% of its debt obligations represent non-recourse mortgages where the partnership has suspended contractual payment. The partnership is currently engaging in modification or restructuring discussions with the respective creditors. These negotiations may, under certain circumstances, result in certain properties securing these loans being transferred to the lender. 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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