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INVESTMENTS IN SUBSIDIARIES | 12 Months Ended
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Dec. 31, 2022
Interests In Other Entities [Abstract] |
INVESTMENTS IN SUBSIDIARIES | INVESTMENTS IN SUBSIDIARIES The partnership considers all relevant facts and circumstances in determining that its decision making rights over the entities listed below are sufficient to give it power over these subsidiaries. In addition, the partnership has exposure and rights to substantial variable returns from its economic interests in these subsidiaries, even after consideration of material non-controlling interests in certain subsidiaries. The partnership is able to use its power to affect the amount of its returns and consolidates these subsidiaries. The following table presents the partnership’s material subsidiaries as of December 31, 2022 and 2021:
| Jurisdiction of formation | Economic interest | Voting interest
| Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021
Subsidiary of the partnership(1) | Bermuda | 36 | % | 36 | % | 100 | % | 100 | %
Holding entities of the Operating Partnership | Various | 100 | % | 100 | % | 100 | % | 100 | %
Real estate subsidiaries of the holding entities |  |  |  |  |
BPO | Canada | 100 | % | 100 | % | 100 | % | 100 | %
Australia Office(2) | Canada | 100 | % | 100 | % | 100 | % | 100 | %
U.S. Retail(3) | United States | 100 | % | 100 | % | 100 | % | 100 | %
U.K. Short Stay(4) | United Kingdom | 27 | % | 27 | % | — | % | — | %
Korea Mixed-use(4) | South Korea | 22 | % | 22 | % | — | % | — | %
U.K. Student Housing(4) | Bermuda | 25 | % | 25 | % | — | % | — | %
U.S. Hospitality | United States | 23 | % | — | % | — | % | — | %
U.S. Manufactured Housing(4) | United States | 24 | % | 26 | % | — | % | — | %
(1)BPY holds all managing general partner units of the Operating Partnership and therefore has the power to direct the relevant activities and affairs of the Operating Partnership. The managing general partner units represent 36% and 36% of the total number of the Operating Partnership’s units at December 31, 2022 and 2021, respectively. (2)This entity holds certain Australian properties not held through BPO. (3)The partnership controls BPYU as it held 100% of the voting stock of BPYU through its 100% ownership of the BPYU Class B and Class C shares. (4)The partnership holds its economic interest in these assets primarily through limited partnership interests in Brookfield-sponsored real estate funds. By their nature, limited partnership interests do not have any voting rights. The partnership has entered into voting agreements to provide the partnership with the ability to contractually direct the relevant activities of the investees. The table below shows details of non-wholly owned subsidiaries of the partnership that have material non-controlling interests:
| Jurisdiction of formation | Proportion of economic interests held by non- controlling interests | Non-controlling interests: Interests of others in operating subsidiaries and properties
(US$ Millions) | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021
Corporate Holding Entities(2) | Bermuda/Canada | — | % | — | % | $ | 5,033 |  | $ | 3,871 |
BPO(1) | Canada | — | % | — | % | 2,835 |  | 5,020 |
U.K Student Housing(4) | Bermuda | 75 | % | 75 | % | 1,594 |  | 1,190 |
U.S. Retail(3) | United States | — | % | — | % | 1,280 |  | 1,274 |
U.S. Manufactured Housing(4) | United States | 76 | % | 74 | % | 1,191 |  | 932 |
Korea Mixed-use(4) | South Korea | 78 | % | 78 | % | 936 |  | 936 |
U.K. Short Stay(4) | United Kingdom | 73 | % | 73 | % | 756 |  | 799 |
U.S. Hospitality(4)(5) | United States | 77 | % | — | % | 724 |  | — |
Other LP Investments | Various | 33% - 99% | 33% -82% | 3,735 |  | 5,684 |
Total |  |  |  | $ | 18,084 |  | $ | 19,706 |
(1) Includes non-controlling interests in BPO subsidiaries which vary from 1% - 100%. (2) Includes non-controlling interests in various corporate entities of the partnership (3) Includes non-controlling interests in BPYU subsidiaries. (4) Includes non-controlling interests representing interests held by other investors in Brookfield-sponsored real estate funds and holding entities through which the partnership participates in such funds. Also includes non-controlling interests in underlying operating entities owned by these funds. (5) Includes non-controlling interests acquired as part of the Manager Arrangement during the fourth quarter of 2022. Summarized financial information in respect of each of the partnership’s subsidiaries that have material non-controlling interests is set out below. The summarized financial information below represents amounts before intercompany eliminations.
| Dec. 31, 2022
|  |  |  |  | Equity attributable to
(US$ Millions) | Current assets | Non-current assets | Current liabilities | Non-current liabilities | Non- controlling interests | Owners of the entity
Corporate Holding Entities | $ | 6,385 |  | $ | 579 |  | $ | 6,087 |  | $ | 7,877 |  | $ | 5,457 |  | $ | (12,457) |
BPO | 4,304 |  | 33,911 |  | 10,656 |  | 14,390 |  | 3,129 |  | 10,040 |
U.K. Student Housing | 2,255 |  | — |  | 114 |  | — |  | 1,594 |  | 547 |
U.S. Retail | 561 |  | 29,681 |  | 2,293 |  | 11,559 |  | 1,280 |  | 15,110 |
U.S. Manufactured Housing | 61 |  | 4,279 |  | 2,593 |  | 178 |  | 1,191 |  | 378 |
Korea Mixed-use | 167 |  | 3,745 |  | 64 |  | 2,642 |  | 936 |  | 270 |
U.K. Short Stay | 197 |  | 4,419 |  | 485 |  | 3,068 |  | 756 |  | 307 |
U.S. Hospitality | 159 |  | 3,530 |  | 373 |  | 2,378 |  | 724 |  | 214 |
Total | $ | 14,089 |  | $ | 80,144 |  | $ | 22,665 |  | $ | 42,092 |  | $ | 15,067 |  | $ | 14,409 |
| Dec. 31, 2021
|  |  |  |  | Equity attributable to
(US$ Millions) | Current assets | Non-current assets | Current liabilities | Non-current liabilities | Non- controlling interests | Owners of the entity
Corporate Holding Entities | $ | 3,991 |  | $ | 3,120 |  | $ | 6,242 |  | $ | 13,647 |  | $ | 4,249 |  | $ | (17,027) |
BPO | 7,168 |  | 40,341 |  | 9,664 |  | 16,648 |  | 5,232 |  | 15,965 |
U.K. Student Housing | 62 |  | 3,562 |  | 1,378 |  | 651 |  | 1,190 |  | 405 |
U.S. Retail | 1,051 |  | 29,534 |  | 3,023 |  | 11,333 |  | 1,274 |  | 14,955 |
U.S. Manufactured Housing | 86 |  | 3,843 |  | 11 |  | 2,688 |  | 932 |  | 298 |
Korea Mixed-use | 3,972 |  | — |  | 83 |  | 2,683 |  | 936 |  | 270 |
U.K. Short Stay | 338 |  | 4,701 |  | 350 |  | 3,586 |  | 799 |  | 304 |
Total | $ | 16,668 |  | $ | 85,101 |  | $ | 20,751 |  | $ | 51,236 |  | $ | 14,612 |  | $ | 15,170 |
| Year ended Dec. 31, 2022
|  | Attributable to non-controlling interests | Attributable to owners of the partnership
(US$ Millions) | Revenue | Net income (loss) | Total compre-hensive income | Distributions | Net income (loss) | Total compre-hensive income
Corporate Holding Entities | $ | 406 |  | $ | 36 |  | $ | 59 |  | $ | 113 |  | $ | (20) |  | $ | 156 |
BPO | 2,105 |  | 124 |  | 106 |  | 24 |  | (759) |  | (802) |
U.K. Student Housing | 191 |  | 492 |  | 482 |  | 65 |  | 148 |  | 134 |
U.S. Retail | 1,557 |  | (2) |  | 2 |  | 4 |  | 165 |  | 203 |
U.S. Manufactured Housing | 287 |  | 254 |  | 254 |  | 13 |  | 81 |  | 81 |
Korea Mixed-use | 228 |  | 28 |  | — |  | — |  | 8 |  | (28) |
U.K. Short Stay | 794 |  | 44 |  | 114 |  | 151 |  | 16 |  | 114 |
Total | $ | 5,568 |  | $ | 976 |  | $ | 1,017 |  | $ | 370 |  | $ | (361) |  | $ | (142) |
| Year ended Dec. 31, 2021
|  | Attributable to non-controlling interests | Attributable to owners of the partnership
(US$ Millions) | Revenue | Net income (loss) | Total compre-hensive income | Distributions | Net income (loss) | Total compre-hensive income
Corporate Holding Entities | $ | 444 |  | $ | (7) |  | $ | (11) |  | $ | 389 |  | $ | (122) |  | $ | (48) |
BPO | 2,151 |  | 264 |  | 257 |  | 79 |  | 494 |  | 482 |
U.K. Student Housing | 160 |  | 204 |  | 191 |  | — |  | 69 |  | 51 |
U.S. Retail | 1,511 |  | (22) |  | (22) |  | 10 |  | (126) |  | (101) |
U.S. Manufactured Housing | 266 |  | 572 |  | 572 |  | 675 |  | 183 |  | 183 |
Korea Mixed-use | 211 |  | 364 |  | 304 |  | — |  | 105 |  | 28 |
U.K. Short Stay | 546 |  | (52) |  | 26 |  | — |  | (20) |  | 108 |
Total | $ | 5,289 |  | $ | 1,323 |  | $ | 1,317 |  | $ | 1,153 |  | $ | 583 |  | $ | 703 |
| Year ended Dec. 31, 2020
|  | Attributable to non-controlling interests | Attributable to owners of the partnership
(US$ Millions) | Revenue | Net income (loss) | Total compre-hensive income | Distributions | Net income (loss) | Total compre-hensive income
Corporate Holding Entities | $ | 455 |  | $ | 1 |  | $ | 1 |  | $ | — |  | $ | (50) |  | $ | 385 |
BPO | 2,079 |  | 142 |  | 152 |  | 69 |  | (37) |  | 7 |
U.K. Student Housing | 129 |  | 63 |  | 99 |  | 8 |  | 21 |  | 33 |
U.S. Retail | 1,612 |  | (211) |  | (214) |  | 16 |  | (1,974) |  | (1,999) |
U.S. Manufactured Housing | 252 |  | 281 |  | 281 |  | 11 |  | 90 |  | 90 |
Korea Mixed-use | 268 |  | (187) |  | (187) |  | — |  | (177) |  | (177) |
U.K. Short Stay | 189 |  | 128 |  | 174 |  | 5 |  | 37 |  | 50 |
Total | $ | 4,984 |  | $ | 217 |  | $ | 306 |  | $ | 109 |  | $ | (2,090) |  | $ | (1,611) |
Certain of the partnership’s subsidiaries are subject to restrictions over the extent to which they can remit funds to the partnership in the form of cash dividends, or repayment of loans and advances as a result of borrowing arrangements, regulatory restrictions and other contractual requirements.

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