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SEGMENT INFORMATION | 12 Months Ended
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Dec. 31, 2022
Operating Segments [Abstract] |
SEGMENT INFORMATION | SEGMENT INFORMATION a)Operating segments IFRS 8, Operating Segments, requires operating segments to be determined based on internal reports that are regularly reviewed by the chief operating decision maker (“CODM”) for the purpose of allocating resources to the segment and to assessing its performance. The partnership’s operating segments are organized into four reportable segments: i) Core Office, ii) Core Retail, iii) LP Investments and iv) Corporate. These segments are independently and regularly reviewed and managed by the Chief Executive Officer, who is considered the CODM. b)Basis of measurement The CODM measures and evaluates the operating performance of the partnership’s operating segments based on funds from operations (“FFO”). This performance metric does not have standardized meanings prescribed by IFRS and therefore may differ from similar metrics used by other companies and organizations. Management believes that while not an IFRS measure, FFO is the most consistent metric to measure the partnership’s financial statements and for the purpose of allocating resources and assessing its performance. The partnership defines FFO as net income, prior to fair value gains, net, depreciation and amortization of real estate assets, and income taxes less non-controlling interests of others in operating subsidiaries and properties share of these items. When determining FFO, the partnership also includes its proportionate share of the FFO of unconsolidated partnerships and joint ventures and associates. c) Reportable segment measures 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 |  |  |
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. 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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