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.

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.

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


(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.


	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