HELD FOR SALE

12 Months Ended

Dec. 31, 2023

Non-current assets or disposal groups classified as held for sale or as held for distribution to owners [abstract]

The following is a summary of the assets and liabilities classified as held for sale as at December 31, 2023 and 2022:


AS AT DEC. 31 (MILLIONS)	Real Estate (Core and Transitional & Development)1		Real Estate (LP Investments) 1		Private Equity		2023 Total		2022 Total
Assets
Cash and cash equivalents	$	2	$	9	$	—	$	11	$	46
Accounts receivable and other	48		31		—		79		154
Equity accounted investments	—		132		—		132		407
Investment properties	1,376		765		—		2,141		388
Property, plant and equipment	—		11		101		112		1,027
Intangible assets	—		—		10		10		712
Goodwill	—		—		—		—		32
Other long-term assets	—		—		—		—		61
Deferred income tax assets	—		—		4		4		3
Assets classified as held for sale	$	1,426	$	948	$	115	$	2,489	$	2,830
Liabilities
Accounts payable and other	$	57	$	38	$	17	$	112	$	304
Non-recourse borrowings of managed entities	—		—		4		4		569
Deferred income tax liabilities	—		—		2		2		3

Liabilities associated with assets classified as held for sale	$	57	$	38	$	23	$	118	$	876

1.Real Estate core and transitional and development investments are included in our Real Estate segment. Real estate LP investments are included within our Asset Management segment as we include the discretionary capital that we invest directly into and alongside private funds managed by BAM and other investments within this segment.

As at December 31, 2023, assets held for sale primarily relate to five office assets, four malls, two hotels, and one logistics asset, all in the U.S.

During the year, we disposed of $5.2 billion and $1.9 billion of assets and liabilities, respectively, primarily related to the sales of:

•Five hospitality assets and five malls in the U.S. and certain office assets across Europe, U.S. and Australia in our Real Estate segment and our real estate LP portfolio included within our Asset Management segment;

•A 378 MW operating hydroelectric portfolio and wind assets in the U.S., as well as a portfolio of non-core wind and solar assets in Uruguay within our Renewable Power and Transition segment;

•Our Indian toll roads operation and our 50% interest in a freeland port in Victoria, Australia, within our Infrastructure segment; and

•Our North American road fuels operation and a non-core division in our dealer software and technology services within our Private Equity segment.