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RELATED PARTIES (Tables) | 12 Months Ended
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Dec. 31, 2022
Related Party [Abstract] |
Summary of Related Party Transactions | The following table summarizes transactions and balances with related parties:
(US$ Millions) | Dec. 31, 2022 | Dec. 31, 2021
Balances outstanding with related parties: |  |
Net (payables)/receivables within equity accounted investments | (110) |  | (378) |
Loans and notes receivable | 273 |  | 170 |
Receivables and other assets | — |  | 71 |
Deposit payable to Brookfield Corporation(1) | — |  | (680) |
Property-specific obligations | (2,429) |  | (250) |
Loans and notes payable and other liabilities | (721) |  | (259) |
Preferred shares held by Brookfield Corporation | (2,490) |  | (1,015) |
Brookfield Asset Management interest in Canholdco | (1,759) |  | (2,083) |
(1) As of December 31, 2022, a nil million on-demand deposit was payable to Brookfield Corporation, provided for in the deposit agreement between the partnership and Brookfield Corporation. The deposit limit was increased to $3.0 billion in the second quarter of 2021.
(US$ Millions) Years ended Dec. 31, | 2022 | 2021 | 2020
Transactions with related parties: |  |  |
Commercial property revenue(1) | $ | 53 |  | $ | 35 |  | $ | 32 |
Management fee income | 92 |  | 42 |  | 32 |
Income from equity accounted investments | (22) |  | 26 |  | (11) |
Interest expense on debt obligations | 20 |  | 24 |  | 19 |
Interest on capital securities held by Brookfield Corporation | — |  | — |  | — |
General and administrative expense(2) | 327 |  | 271 |  | 164 |
Construction costs(3) | (68) |  | 132 |  | 265 |
Return of capital distributions on Brookfield Corporation’s interest in Canholdco | 118 |  | 176 |  | — |
Distributions on Brookfield Corporation’s interest in Canholdco | 113 |  | 369 |  | — |
Incentive Fees(4) | 45 |  | 35 |  | 16 |
(1)Amounts received from Brookfield Corporation and its subsidiaries for the rental of office premises. (2)Includes amounts paid to Brookfield Corporation and its subsidiaries for management fees, management fees associated with the partnership’s investments in Brookfield-sponsored real estate funds, and administrative services. (3)Includes amounts paid to Brookfield Corporation and its subsidiaries for construction costs of development properties. (4)Represents incentive fees the partnership is obligated to pay to the general partner of the partnership’s various fund investments.

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- Definition The disclosure of transactions between the entity and its related parties. [Refer: Related parties [member]] + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IAS -Number 24 -IssueDate 2022-03-24 -Paragraph 18 -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=24&code=ifrs-tx-2022-en-r&anchor=para_18&doctype=Standard -URIDate 2022-03-24 + Details
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