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PROPERTY, PLANT AND EQUIPMENT (Tables)
 12 Months Ended
Dec. 31, 2021
Property, plant and equipment [abstract]  
Disclosure of detailed information about property, plant and equipment
The company’s property, plant and equipment relates to the operating segments as shown below:
Renewable
Power and Transition (a) 		Infrastructure (b) Real Estate (c)
Private Equity
and Other (d)
Total
AS AT DEC. 31 (MILLIONS)2021202020212020202120202021202020212020
Costs$30,588 $28,838 $39,769 $31,212 $11,396 $9,251 $21,255 $18,770 $103,008 $88,071 
Accumulated fair value changes28,138 24,238 3,077 4,626 881 393 (1,022)(873)31,074 28,384 
Accumulated depreciation(8,409)(7,870)(4,191)(3,671)(1,413)(1,212)(4,580)(3,693)(18,593)(16,446)
Total1
$50,317 $45,206 $38,655 $32,167 $10,864 $8,432 $15,653 $14,204 $115,489 $100,009 
1.As at December 31, 2021, the total includes $5.8 billion (2020 – $3.9 billion) of property, plant and equipment leased to third parties as operating leases. Our ROU PP&E assets include $415 million (2020 – $393 million) in our Renewable Power and Transition segment, $4.0 billion (2020 – $4.1 billion) in our Infrastructure segment, $905 million (2020 – $856 million) in our Real Estate segment, and $1.7 billion (2020 – $1.3 billion) in our Private Equity and other segments, totaling $7.0 billion (2020 – $6.7 billion) of ROU assets.
Our renewable power and transition property, plant and equipment consists of the following:
HydroelectricWindSolar and OtherTotal
AS AT AND FOR THE YEARS ENDED DEC. 31 (MILLIONS)20212020202120202021202020212020
Cost, beginning of year$13,899 $14,074 $8,398 $8,459 $6,541 $5,287 $28,838 $27,820 
Additions, net of disposals and assets reclassified as held for sale734 425 (907)(9)648 284 475 700 
Acquisitions through business combinations— — 1,643 — 723 661 2,366 661 
Foreign currency translation(762)(600)(101)(52)(228)309 (1,091)(343)
Cost, end of year13,871 13,899 9,033 8,398 7,684 6,541 30,588 28,838 
Accumulated fair value changes, beginning of year19,865 16,927 2,908 2,588 1,465 950 24,238 20,465 
Fair value changes4,581 3,221 (44)402 282 530 4,819 4,153 
Dispositions and assets reclassified as held for sale— — (354)— — — (354)— 
Foreign currency translation(473)(283)(49)(82)(43)(15)(565)(380)
Accumulated fair value changes, end of year23,973 19,865 2,461 2,908 1,704 1,465 28,138 24,238 
Accumulated depreciation, beginning of year(4,731)(4,412)(2,293)(1,781)(846)(497)(7,870)(6,690)
Depreciation expenses(556)(517)(599)(546)(355)(302)(1,510)(1,365)
Dispositions and assets reclassified as held for sale22 17 792 25 1 9 815 51 
Foreign currency translation114 181 14 9 28 (56)156 134 
Accumulated depreciation, end of year(5,151)(4,731)(2,086)(2,293)(1,172)(846)(8,409)(7,870)
Balance, end of year$32,693 $29,033 $9,408 $9,013 $8,216 $7,160 $50,317 $45,206 
Real Estate
CostAccumulated Fair Value ChangesAccumulated DepreciationTotal
AS AT AND FOR THE YEARS ENDED DEC. 31 (MILLIONS)20212020202120202021202020212020
Balance, beginning of year$9,251 $9,890 $393 $1,366 $(1,212)$(1,527)$8,432 $9,729 
Changes in basis of accounting(38)(1,895)8 (681)1 786 (29)(1,790)
Additions/(dispositions)1, net of assets reclassified as held for sale
203 1,023 (631)(135)262 27 (166)915 
Acquisitions through business combinations2,172 — — — — — 2,172 — 
Foreign currency translation(192)233 (2)2 35 (41)(159)194 
Fair value changes— — 1,113 (159)— — 1,113 (159)
Depreciation expenses— — — — (499)(457)(499)(457)
Balance, end of year$11,396 $9,251 $881 $393 $(1,413)$(1,212)$10,864 $8,432 
1.    For accumulated depreciation, (additions)/dispositions.The following table presents the changes to the carrying value of the company’s PP&E assets included in these businesses:
CostAccumulated ImpairmentAccumulated DepreciationTotal
AS AT AND FOR THE YEARS ENDED DEC. 31 (MILLIONS)20212020202120202021202020212020
Balance, beginning of year$18,770 $17,269 $(873)$(643)$(3,693)$(2,458)$14,204 $14,168 
Changes in basis of accounting
(820)— (3)— 301 — (522)— 
Additions/(dispositions)1, net of assets reclassified as held for sale
1,124 874 97 57 277 290 1,498 1,221 
Acquisitions through business combinations2,518 84 — — — — 2,518 84 
Foreign currency translation
(337)543 (3)(3)36 (61)(304)479 
Depreciation expenses— — — — (1,501)(1,464)(1,501)(1,464)
Impairment charges
— — (240)(284)— — (240)(284)
Balance, end of year$21,255 $18,770 $(1,022)$(873)$(4,580)$(3,693)$15,653 $14,204 
1. For accumulated depreciation, (additions)/dispositions.
Disclosure of significant unobservable inputs used in fair value measurement of assets [text block]
The following table summarizes the valuation techniques and significant unobservable inputs used in the fair value measurement of Level 3 financial instruments:
(MILLIONS)
Type of Asset/Liability
Carrying Value Dec. 31, 2021Valuation
Techniques		Significant
Unobservable Inputs		Relationship of Unobservable
Inputs to Fair Value
Corporate bonds$383 Discounted cash flows•  Future cash flows•  Increases (decreases) in future cash flows increase (decrease) fair value
•  Discount rate•  Increases (decreases) in discount rate decrease (increase) fair value
Fixed income securities and other451 Discounted cash flows•  Future cash flows
•  Increases (decreases) in future cash flows increase (decrease) fair value
•  Discount rate
•  Increases (decreases) in discount rate decrease (increase) fair value
Common shares and warrants1,316 Discounted cash flows•  Future cash flows
•  Increases (decreases) in future cash flows increase (decrease) fair value
•  Discount rate
•  Increases (decreases) in discount rate decrease (increase) fair value
Black-Scholes model•  Volatility






•  Increases (decreases) in volatility increase (decreases) fair value
•  Term to maturity
•  Increases (decreases) in term to maturity increase (decrease) fair value
Derivative assets/Derivative liabilities (accounts receivable/payable)
77 /
(1,311)
  Discounted cash flows  •  Future cash flows
  •  Increases (decreases) in future cash flows increase (decrease) fair value
•  Discount rate•  Increases (decreases) in discount rate decrease (increase) fair value
Limited-life funds (subsidiary equity obligations)(1,403)Discounted cash flows•  Future cash flows•  Increases (decreases) in future cash flows increase (decrease) fair value
•  Discount rate•  Increases (decreases) in discount rate decrease (increase) fair value
•  Terminal capitalization rate•  Increases (decreases) in terminal capitalization rate decrease (increase) fair value
•  Investment horizon•  Increases (decreases) in the investment horizon decrease (increase) fair value
The significant unobservable inputs (Level 3) included in the discounted cash flow models used when determining the fair value of standing timber and agricultural assets include:
Valuation TechniquesSignificant Unobservable InputsRelationship of Unobservable Inputs to Fair ValueMitigating Factors
Discounted cash flow analysis
•Future cash flows

•Increases (decreases) in future cash flows increase (decrease) fair value

•Increases (decreases) in cash flows tend to be accompanied by increases (decreases) in discount rates that may offset changes in fair value from cash flows


•Timber / agricultural prices

•Increases (decreases) in price increase (decrease) fair value

•Increases (decreases) in price tend to be accompanied by increases (decreases) in discount rates that may offset changes in fair value from price

•Discount rate /terminal
capitalization rate

•Increases (decreases) in discount rate or terminal capitalization rate decrease (increase) fair value
•Decreases (increases) in discount rates or terminal capitalization rates tend to be accompanied by increases (decreases) in cash flows that may offset changes in fair value from rates
•Exit Date

•Increases (decreases) in exit date decrease (increase) fair value

•Increases (decreases) in the exit date tend to be the result of changing cash flow profiles that may result in higher (lower) growth in cash flows prior to stabilizing in the terminal year

The following table summarizes the key valuation metrics of the company’s investment properties:
20212020
AS AT DEC. 31Discount
Rate		Terminal
Capitalization
Rate		Investment
Horizon
(years)
Discount
Rate
Terminal Capitalization RateInvestment Horizon (years)
Core5.9 %4.6 %116.0 %4.6 %11
Transitional and Development1
7.3 %5.8 %107.2 %5.9 %10
LP investments1
9.1 %5.9 %139.4 %6.0 %14
Other investment properties2
 8.7%
n/a n/a
5.0 – 8.7%
n/an/a
1.The rates presented are for investment properties valued using the discounted cash flow method. These rates exclude multifamily, triple net lease, student housing, manufactured housing and other investment properties valued using the direct capitalization method.
2.Other investment properties include investment properties held in our Infrastructure and Residential Development segments.
The following table presents our renewable power and transition property, plant and equipment measured at fair value by geography:
AS AT DEC. 31 (MILLIONS)20212020
North America$32,629 $28,044 
Colombia8,497 8,150 
Europe3,935 4,912 
Brazil3,547 3,005 
Other1
1,709 1,095 
$50,317 $45,206 
1. Other refers primarily to China, India and Chile.
Key valuation metrics of the company’s hydroelectric, wind and solar generating facilities at the end of 2021 and 2020 are summarized below.
North AmericaBrazilColombiaEurope
AS AT DEC. 3120212020202120202021202020212020
Discount rate
Contracted
4.1 – 4.3%
4.1 – 4.5%
7.2 %7.3 %7.9 %8.1 %3.9 %
3.0 – 3.6%
Uncontracted
5.4 – 5.6%
5.6 – 6.0%
8.5 %8.6 %9.2 %9.4 %3.9 %
3.6 – 4.7%
Terminal capitalization rate1
4.8 – 5.1%
5.8 – 6.2%
n/an/a8.0 %8.9 %n/an/a
Exit date20422041204820482041204020362035
1.    Terminal capitalization rate applies only to hydroelectric assets in North America and Colombia.
Key valuation metrics of the company’s utilities, transport, midstream and sustainable resources assets at the end of 2021 and 2020 are summarized below.
UtilitiesTransportMidstreamSustainable Resources
AS AT DEC. 3120212020202120202021202020212020
Discount rates
7 – 11%
7 – 14%
7 – 14%
7 – 13%
15 %15 %n/a6 %
Terminal capitalization multiples
20x
7x – 23x
9x – 15x
9x – 14x
10x
10x
n/a
6x
Investment horizon/Exit date (years)
10 – 20
1010 10
5 – 10
5 – 10
n/a10
Disclosure of Power Generating Assets [Table Text Block]
Key assumptions on contracted generation and future power pricing are summarized below:
AS AT DEC. 31, 2021 Total Generation Contracted under Power Purchase Agreements
Power Prices from Long-Term Power Purchase Agreements
(weighted average)
Estimates of Future Electricity Prices
(weighted average)
1 – 10 years11 – 20 years1 – 10 years11 – 20 years1 – 10 years11 – 20 years
North America (prices in US$/MWh)
48 %17 %82 71 77 114 
Brazil (prices in R$/MWh)83 %61 %306 358 282 345 
Colombia (prices in COP$/MWh)30 %1 %251,000 313,000 290,000 439,000 
Europe (prices in €/MWh)94 %66 %44 39 34 39 
Disclosure of detailed information about equity interests classified as liabilities [Table Text Block] Our infrastructure property, plant and equipment consists of the following:
UtilitiesTransportMidstreamDataSustainable Resources and OtherTotal
AS AT AND FOR THE YEARS ENDED DEC. 31 (MILLIONS)202120202021202020212020202120202021202020212020
Cost, beginning of year$9,306 $8,654 $8,698 $8,309 $4,321 $3,971 $8,593 $1,131 $294 $389 $31,212 $22,454 
Additions, net of disposals and assets reclassified as held for sale(1,788)550 312 146 511 277 (103)51 (294)(16)(1,362)1,008 
Acquisitions through business combinations180 — 134 — 9,865 — — 7,334 — — 10,179 7,334 
Foreign currency translation(116)102 (145)243 165 73 (166)77 2 (79)(260)416 
Cost, end of year7,582 9,306 8,999 8,698 14,862 4,321 8,324 8,593 2 294 39,769 31,212 
Accumulated fair value changes, beginning of year2,917 2,187 1,047 857 338 317 — — 324 416 4,626 3,777 
Disposition and assets reclassified as held for sale(1,399)— — — — — — — (244)— (1,643)— 
Fair value changes134 652 48 113 70 21 — — (80)6 172 792 
Foreign currency translation(26)78 (50)77 — — — — (2)(98)(78)57 
Accumulated fair value changes, end of year1,626 2,917 1,045 1,047 408 338 — — (2)324 3,077 4,626 
Accumulated depreciation, beginning of year(1,613)(1,172)(1,404)(950)(356)(208)(263)(88)(35)(41)(3,671)(2,459)
Depreciation expenses(352)(419)(481)(498)(270)(141)(419)(189)(4)(10)(1,526)(1,257)
Dispositions and assets reclassified as held for sale682 12 161 134 20 — 45 17 38 7 946 170 
Foreign currency translation11 (34)56 (90)(16)(7)8 (3)1 9 60 (125)
Accumulated depreciation, end of year(1,272)(1,613)(1,668)(1,404)(622)(356)(629)(263)— (35)(4,191)(3,671)
Balance, end of year$7,936 $10,610 $8,376 $8,341 $14,648 $4,303 $7,695 $8,330 $— $583 $38,655 $32,167 
Subsidiary equity obligations consist of the following:
AS AT DEC. 31 (MILLIONS)Note20212020
Subsidiary preferred equity units(a)$1,585 $1,679 
Limited-life funds and redeemable fund units(b)1,538 1,456 
Subsidiary preferred shares and capital(c)1,185 564 
Total$4,308 $3,699 
AS AT DEC. 31 (MILLIONS, EXCEPT PER SHARE INFORMATION)Shares OutstandingCumulative Dividend RateLocal Currency20212020
Series 1— 6.25 %US$$— $586 
Series 2
24,000,000 6.50 %US$565 555 
Series 3
24,000,000 6.75 %US$546 538 
New LP Preferred Units19,273,654 6.25 %US$474 — 
Total
$1,585 $1,679 
As at December 31, 2021 and 2020, the balances consist of the following:
AS AT DEC. 31 (MILLIONS, EXCEPT PER SHARE INFORMATION)Shares OutstandingCumulative Dividend RateLocal Currency20212020
Brookfield Property Split Corp.
(“BOP Split”) senior preferred shares
Series 1
842,534 5.25 %US$$21 $21 
Series 2
556,746 5.75 %C$11 11 
Series 3
781,592 5.00 %C$15 16 
Series 4
582,894 5.20 %C$12 12 
BSREP II RH B LLC (“Manufactured Housing”) preferred capital—9.00%US$— 249 
Rouse Series A preferred shares5,600,0005.00%US$142 142 
Brookfield India Real Estate Trust (“BIRET”)138,181,800
See footnote1
US$440 — 
India Infrastructure Investment Trusts371,800,000
See footnote1
INR471 — 
BSREP II Vintage Estate Partners LLC (“Vintage Estates”) preferred shares—5.00%US$— 40 
BIP Investment Corporation Series 1 Senior preferred shares
4,000,0005.85%C$73 73 
Total
$1,185 $564 
1.The dividend rate pertaining to BIRET and India Infrastructure Investment Trusts is equal to a minimum of 90% of net distributable cash flows.