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SEGMENT INFORMATION (Tables)
 12 Months Ended
Dec. 31, 2022
Operating Segments [Abstract]  
Summary of financial information by segment
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 revenueFFO
Years ended Dec. 31,202220212020202220212020
Core Office$2,210 $2,198 $2,049 $325 $539 $495 
Core Retail1,557 1,510 1,612 626 450 521 
LP Investments3,593 3,387 2,920 288 179 64 
Corporate5 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 revenueOther revenue from tenantsHospitality revenueInvestment and other revenue Total revenue
Year ended Dec. 31, 2022
Core Office$1,373 $469 $22 $346 $2,210 
Core Retail1,138 264 — 155 1,557 
LP Investments1,357 248 1,489 499 3,593 
Corporate— — — 5 5 
Total$3,868 $981 $1,511 $1,005 $7,365 

(US$ Millions)Lease revenueOther revenue from tenantsHospitality revenueInvestment and other revenue Total revenue
Year ended Dec. 31, 2021
Core Office$1,467 $442 $9 $280 $2,198 
Core Retail1,113 259 — 138 1,510 
LP Investments1,639 243 1,064 441 3,387 
Corporate— — — 5 5 
Total$4,219 $944 $1,073 $864 $7,100 
(US$ Millions)Lease revenueOther revenue from tenantsHospitality revenueInvestment and other revenue Total revenue
Year ended Dec. 31, 2020
Core Office$1,429 $446 $6 $168 $2,049 
Core Retail1,166 284 — 162 1,612 
LP Investments1,805 267 696 152 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 investmentsInterest expense
Years ended Dec. 31,202220212020202220212020
Core Office$550 $644 $150 $(723)$(570)$(586)
Core Retail234 472 (743)(660)(649)(647)
LP Investments42 (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 assetsTotal liabilitiesEquity accounted investments
(US$ Millions)Dec. 31, 2022Dec. 31, 2021Dec. 31, 2022Dec. 31, 2021Dec. 31, 2022Dec. 31, 2021
Core Office$34,039 $37,661 $17,581 $18,172 $8,547 $9,819 
Core Retail30,363 30,585 13,850 14,316 9,674 9,945 
LP Investments47,458 43,403 32,146 27,516 1,722 1,043 
Corporate656 355 7,202 6,995 — — 
Total$112,516 $112,004 $70,779 $66,999 $19,943 $20,807 
Summary of reconciliation of FFO to net income
The following summary presents a reconciliation of FFO to net income for the years ended December 31, 2022, 2021, and 2020:

(US$ Millions) Years ended Dec. 31,202220212020
FFO(1)
$586 $578 $707 
Add (deduct):
Fair value gains (losses), net20 2,521 (1,322)
Share of equity accounted income (losses) - non-FFO120 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 properties1,128 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.
Summary of financial information by geographic regions
The following summary presents financial information by the partnership’s geographic regions in which it operates:
 
 Total revenue
for the years ended Dec. 31,		Total non-current assets
as at Dec. 31,
(US$ Millions)20222021202020222021
United States$4,740 $4,911 $4,743 $76,145 $64,695 
Canada491 421 424 5,120 5,446 
Australia360 322 182 2,338 4,081 
Europe1,151 887 592 11,949 16,956 
Brazil102 71 82 1,411 656 
China5 3 94 389 294 
India288 274 287 4,014 4,191 
South Korea228 211 189 3,745 — 
United Arab Emirates— — — 319 250 
Total$7,365 $7,100 $6,593 $105,430 $96,569