COMMERCIAL PROPERTY REVENUE

12 Months Ended

Dec. 31, 2022

The components of commercial property revenue are as follows:


(US$ Millions) Years ended Dec. 31,	2022		2021		2020
Base rent	$	3,153	$	3,462	$	3,613
Straight-line rent	25		25		133
Lease termination	27		68		27
Other lease income(1)	662		662		627
Other revenue from tenants(2)	982		946		997

Total commercial property revenue	$	4,849	$	5,163	$	5,397

(1)Other lease income includes parking revenue and recovery of property tax and insurance expense from tenants.

(2)Consists of recovery of certain operating expenses and other revenue from tenants which are accounted for in accordance with IFRS 15.

As a result of pandemic-related closures and restrictions, certain of the partnership’s tenants, primarily in the Core Retail segment, requested rental assistance, in the form of either a deferral or rent reduction. Lease concessions granted in response to the pandemic are accounted for as a lease modification and are recognized prospectively over the remaining lease term when they become legally enforceable. In the current period, the partnership granted abatements of $13 million (2021 - $82 million)

for the twelve months ended December 31, 2022, primarily related to prior year rents in response to tenants impacted by the pandemic.

The partnership leases properties under operating leases generally with lease terms of between 1 and 15 years, with options to extend. Minimum rental commitments under non-cancellable tenant operating leases are as follows:


(US$ Millions)	Dec. 31, 2022		Dec. 31, 2021
Less than 1 year	$	2,933	$	2,776
1-5 years	9,266		9,029
More than 5 years	8,559		8,522
Total	$	20,758	$	20,327

INVESTMENT AND OTHER REVENUE

The components of investment and other revenue are as follows:


(US$ Millions) Years ended Dec. 31,	2022		2021		2020
Investment income	$	518	$	476	$	177
Fee revenue	285		255		228
Dividend income	114		77		44
Interest income and other	88		56		45


Total investment and other revenue	$	1,005	$	864	$	494