NON-RECOURSE BORROWINGS

12 Months Ended

Dec. 31, 2021

Disclosure of financial liabilities [abstract]

NON-RECOURSE BORROWINGS

CORPORATE BORROWINGS

AS AT DEC. 31 (MILLIONS)	Maturity	Annual Rate		Currency	2021		2020
Term debt
Public – Canadian	Mar. 31, 2023	4.54	%	C$	$	—	$	472
Public – Canadian	Mar. 8, 2024	5.04	%	C$	396		393
Public – U.S.	Apr. 1 , 2024	4.00	%	US$	749		749
Public – U.S.	Jan. 15, 2025	4.00	%	US$	500		500
Public – Canadian	Jan. 28, 2026	4.82	%	C$	679		675
Public – U.S.	Jun. 2, 2026	4.25	%	US$	497		497
Public – Canadian	Mar. 16, 2027	3.80	%	C$	396		393
Public – U.S.	Jan. 25, 2028	3.90	%	US$	649		649
Public – U.S.	Mar. 29, 2029	4.85	%	US$	999		999
Public – U.S.	Apr. 15, 2030	4.35	%	US$	749		749
Public – U.S.	Apr. 15, 2031	2.72	%	US$	500		—
Public – U.S.	Jan. 30, 2032	2.34	%	US$	600		—
Public – U.S.	Mar. 1, 2033	7.38	%	US$	250		250
Public – Canadian	Jun. 14, 2035	5.95	%	C$	334		331
Private – Japanese	Dec. 1, 2038	1.42	%	JPY	87		97
Public – U.S.	Sep. 20, 2047	4.70	%	US$	902		902
Public – U.S.	Apr. 15, 2050	3.45	%	US$	594		594
Public – U.S.	Mar. 30, 2051	3.50	%	US$	758		497
Public – U.S.	Oct. 16, 2080	4.63	%	US$	400		400
					10,039		9,147
Revolving facilities1					912		—
Deferred financing costs2					(76)		(70)
Total					$	10,875	$	9,077

1.Reflects commercial paper and credit facility draws outstanding as at December 31, 2021.

2.Deferred financing costs are amortized to interest expense over the term of the borrowing using the effective interest method.

Corporate borrowings, excluding revolving facilities, have a weighted-average interest rate of 4.2% (2020 – 4.4%). A portion of corporate borrowings are denominated in foreign currencies, which include C$2.3 billion (2020 – C$2.9 billion) payable in Canadian dollars or $1.8 billion (2020 – $2.3 billion) and ¥10 billion (2020 – ¥10 billion) payable in Japanese Yen or $87 million (2020 – $97 million).

NON-RECOURSE BORROWINGS OF MANAGED ENTITIES

AS AT DEC. 31 (MILLIONS)	Note	2021		2020
Subsidiary borrowings	(a)	$	13,049	$	10,768
Property-specific borrowings	(b)	152,008		128,556
Total		$	165,057	$	139,324

a)    Subsidiary Borrowings

Principal repayments on subsidiary borrowings due over the next five calendar years and thereafter are as follows:

(MILLIONS)	Real Estate		Renewable Power and Transition		Infrastructure		Private Equity		Residential Development		Total
2022	$	180	$	—	$	431	$	—	$	24	$	635
2023	396		—		—		—		60		456
2024	792		—		554		—		41		1,387
2025	396		317		—		—		—		713
2026	2,760		—		—		1,619		—		4,379
Thereafter	316		1,839		1,753		—		1,648		5,556
Total Principal repayments	4,840		2,156		2,738		1,619		1,773		13,126
Deferred financing costs and other	(58)		(9)		(19)		—		9		(77)
Total – Dec. 31, 2021	$	4,782	$	2,147	$	2,719	$	1,619	$	1,782	$	13,049
Total – Dec. 31, 2020	$	3,378	$	2,132	$	3,158	$	310	$	1,790	$	10,768

The weighted-average interest rate on subsidiary borrowings as at December 31, 2021 was 3.5% (2020 – 3.5%).

The current and non-current balances of subsidiary borrowings are as follows:

AS AT DEC. 31 (MILLIONS)	2021		2020
Current	$	635	$	317
Non-current	12,414		10,451
Total	$	13,049	$	10,768

Subsidiary borrowings by currency include the following:

AS AT DEC. 31 (MILLIONS)	2021		Local Currency		2020		Local Currency
U.S. dollars	$	6,535	US$	6,535	4,376		US$	4,376
Canadian dollars	6,429		C$	8,130	6,254		C$	7,963
Brazilian reais	85		Rs	472	138		Rs	715
Total	$	13,049			$	10,768

b)    Property-Specific Borrowings

Principal repayments on property-specific borrowings due over the next five calendar years and thereafter are as follows:

(MILLIONS)	Real Estate		Renewable Power and Transition		Infrastructure		Private Equity		Residential Development		Total
2022	$	22,314	$	1,952	$	4,230	$	2,544	$	204	$	31,244
2023	13,538		2,768		2,806		1,877		157		21,146
2024	14,965		1,393		3,223		2,523		371		22,475
2025	8,287		1,142		2,863		4,227		2		16,521
2026	5,244		2,004		5,522		7,792		—		20,562
Thereafter	11,037		10,616		9,848		9,494		—		40,995
Total Principal repayments	75,385		19,875		28,492		28,457		734		152,943
Deferred financing costs and other	(407)		18		23		(563)		(6)		(935)
Total – Dec. 31, 2021	$	74,978	$	19,893	$	28,515	$	27,894	$	728	$	152,008
Total – Dec. 31, 2020	$	67,073	$	16,353	$	21,309	$	23,333	$	488	$	128,556

The weighted-average interest rate on property-specific borrowings as at December 31, 2021 was 4.0% (2020 – 4.2%).

The current and non-current balances of property-specific borrowings are as follows:

AS AT DEC. 31 (MILLIONS)	2021		2020
Current	$	31,244	$	20,970
Non-current	120,764		107,586
Total	$	152,008	$	128,556

Property-specific borrowings by currency include the following:

AS AT DEC. 31 (MILLIONS)	2021		Local Currency		2020		Local Currency
U.S. dollars	$	86,437	US$	86,437	$	78,223	US$	78,223
British pounds	12,446		£	9,197	10,341		£	7,565
Indian rupees	8,223		Rs	613,684	8,978		Rs	655,328
Canadian dollars	16,660		C$	21,054	8,458		C$	10,771
Euros	12,722		€	11,204	7,816		€	6,398
Australian dollars	4,392		A$	6,048	4,799		A$	6,237
Brazilian reais	4,919		R$	27,449	3,487		R$	18,147
Colombian pesos	2,367		COP$	9,480,307	2,141		COP$	7,332,845
Korean won	1,910		₩	2,271,074	2,082		₩	2,268,301
Chilean unidades de fomento	—		UF	—	1,187		UF	29
Other currencies	1,932		n/a	n/a	1,044		n/a	n/a
Total	$	152,008			$	128,556