XML 48 R36.htm IDEA: XBRL DOCUMENT
v3.22.4

OBLIGATIONS, GUARANTEES, CONTINGENCIES AND OTHER | 12 Months Ended
--- | ---
Dec. 31, 2022
Disclosure Of Obligations, Guarantees, Contingencies And Other [Abstract] |
OBLIGATIONS, GUARANTEES, CONTINGENCIES AND OTHER | OBLIGATIONS, GUARANTEES, CONTINGENCIES AND OTHER In the normal course of operations, the partnership and its consolidated entities execute agreements that provide for indemnification and guarantees to third parties in transactions such as business dispositions, business acquisitions, sales of assets and sales of services. Certain of the partnership’s operating subsidiaries have also agreed to indemnify their directors and certain of their officers and employees. The nature of substantially all of the indemnification undertakings prevent the partnership from making a reasonable estimate of the maximum potential amount that it could be required to pay third parties as the agreements do not specify a maximum amount and the amounts are dependent upon the outcome of future contingent events, the nature and likelihood of which cannot be determined at this time. Historically, neither the partnership nor its consolidated subsidiaries have made significant payments under such indemnification agreements. The partnership and its operating subsidiaries may be contingently liable with respect to litigation and claims that arise from time to time in the normal course of business or otherwise. At December 31, 2022, the partnership had commitments totaling: •approximately $203 million for the development of Manhattan West in Midtown New York, 1100 Avenue of the Americas redevelopment in Midtown New York, Greenpoint Landing in Brooklyn, 755 Figueroa in Los Angeles and Halley Rise in Washington, D.C; and •approximately A$135 million ($92 million) primarily for the development of 1 The Esplanade in Sydney and Elizabeth Quay in Perth. During 2013, Brookfield Corporation announced the final close on the $4.4 billion BSREP I fund, a global private fund focused on making opportunistic investments in commercial property. The partnership, as lead investor, committed approximately $1.3 billion to the fund. As of December 31, 2022, there remained approximately $147 million of uncontributed capital commitments. In April 2016, Brookfield Corporation announced the final close on the $9.0 billion BSREP II fund to which the partnership had committed $2.3 billion as lead investor. As of December 31, 2022, there remained approximately $644 million of uncontributed capital commitments. In November 2017, Brookfield Corporation announced the final close on the $2.9 billion fifth Brookfield Real Estate Finance Fund to which the partnership had committed $400 million as lead investor. As of December 31, 2022, there remained approximately $157 million of uncontributed capital commitments. In September 2018, Brookfield Corporation announced the final close of the $1.0 billion third Brookfield Fairfield U.S. Multifamily Value Add Fund to which the partnership had committed $300 million. As of December 31, 2022, there remained approximately $159 million of uncontributed capital commitments. In January 2019, Brookfield Corporation announced the final close on the $15.0 billion BSREP III fund to which the partnership has committed $1.0 billion. As of December 31, 2022, there remained approximately $347 million of uncontributed capital commitments. In December 2022, Brookfield Corporation announced the final close on the $15.3 billion BSREP IV fund to which the partnership has committed $3.5 billion. As of December 31, 2022, there remained approximately $2.8 billion of uncontributed capital commitments. In October of 2020, Brookfield Corporation announced the final close on the €619 million ($663 million) Brookfield European Real Estate Partnership fund to which the partnership has committed €100 million ($107 million). As of December 31, 2022, all capital commitments have been contributed. The partnership maintains insurance on its properties in amounts and with deductibles that it believes are in line with what owners of similar properties carry. The partnership maintains all risk property insurance and rental value coverage (including coverage for the perils of flood, earthquake and named windstorm). The partnership does not conduct its operations, other than those of equity accounted investments, through entities that are not fully or proportionately consolidated in these financial statements, and has not guaranteed or otherwise contractually committed to support any material financial obligations not reflected in these financial statements.

X
- Definition Disclosure of obligations, guarantees, contingencies and other [Abstract] + References No definition available. + Details
Name: | bpy_DisclosureOfObligationsGuaranteesContingenciesAndOtherAbstract
Namespace Prefix: | bpy_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The disclosure of commitments and contingent liabilities. [Refer: Contingent liabilities [member]] + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name IAS -Number 1 -IssueDate 2022-03-24 -Paragraph 10 -Subparagraph e -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2022-en-r&anchor=para_10_e&doctype=Standard -URIDate 2022-03-24 + Details
Name: | ifrs-full_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory
Namespace Prefix: | ifrs-full_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration