Date: | May 7, 2021 | BROOKFIELD PROPERTY PARTNERS L.P., | |||||||||
by its general partner, Brookfield Property Partners Limited | |||||||||||
By: | /s/ Jane Sheere | ||||||||||
Name: | Jane Sheere | ||||||||||
Title: | Secretary |
Exhibit | Description |
CORE OFFICE PORTFOLIO | CORE RETAIL PORTFOLIO | |||||||||||||
Class A office assets in gateway markets around the globe | 100 of the top 500 malls in the United States | |||||||||||||
l | 139 premier properties | l | 119 best-in-class malls and urban retail properties | |||||||||||
l | 96 million square feet | l | 117 million square feet | |||||||||||
l | 89% occupancy | l | 92% occupancy | |||||||||||
l | 8.1 year average lease term | |||||||||||||
LP INVESTMENTS PORTFOLIO | ||||||||||||||
Invested in mispriced portfolios and/or properties with significant value-add opportunities. | ||||||||||||||
Three months ended Mar. 31, | ||||||||
(US$ Millions) | 2021 | 2020 | ||||||
Net income (loss) | $ | 731 | $ | (373) | ||||
Net income (loss) attributable to Unitholders(1) | 266 | (486) | ||||||
NOI(1) | 785 | 1,000 | ||||||
FFO(1) | 87 | 274 | ||||||
Company FFO(1) | 125 | 309 |
Three months ended Mar. 31, | ||||||||
(US$ Millions) | 2021 | 2020 | ||||||
Commercial property revenue | $ | 1,285 | $ | 1,404 | ||||
Hospitality revenue | 59 | 366 | ||||||
Investment and other revenue | 106 | 130 | ||||||
Total revenue | 1,450 | 1,900 | ||||||
Direct commercial property expense | 486 | 480 | ||||||
Direct hospitality expense | 73 | 290 | ||||||
Investment and other expense | 8 | 4 | ||||||
Interest expense | 612 | 709 | ||||||
Depreciation and amortization | 68 | 87 | ||||||
General and administrative expense | 213 | 196 | ||||||
Total expenses | 1,460 | 1,766 | ||||||
Fair value gains (losses), net | 640 | (310) | ||||||
Share of earnings from equity accounted investments | 206 | (36) | ||||||
Income before taxes | 836 | (212) | ||||||
Income tax expense (benefit) | 105 | 161 | ||||||
Net income (loss) | $ | 731 | $ | (373) | ||||
Net income (loss) attributable to non-controlling interests of others in operating subsidiaries and properties | 465 | 113 | ||||||
Net income (loss) attributable to Unitholders(1) | $ | 266 | $ | (486) | ||||
Three months ended Mar. 31, | ||||||||
(US$ Millions, except per unit information) | 2021 | 2020 | ||||||
Net income (loss) | $ | 731 | $ | (373) | ||||
Less: Non-controlling interests | 465 | 113 | ||||||
Less: Preferred unit dividends | 11 | 9 | ||||||
Net income (loss) attributable to Unitholders - basic(1) | $ | 255 | $ | (495) | ||||
Dilutive effect of conversion of options | — | — | ||||||
Net income (loss) attributable to Unitholders - diluted | $ | 255 | $ | (495) | ||||
Weighted average number of units outstanding - basic(1) | 1,005.8 | 1,013.5 | ||||||
Conversion of options | — | — | ||||||
Weighted average number of units outstanding - diluted | 1,005.8 | 1,013.5 | ||||||
Net income (loss) per unit attributable to Unitholders - basic(1)(2) | $ | 0.25 | $ | (0.49) | ||||
Net income (loss) per unit attributable to Unitholders - diluted(2) | $ | 0.25 | $ | (0.49) |
Mar. 31, 2021 | ||||||||||||||||||||||||||
(US$ Millions) | Commercial properties | Commercial developments | Discount rate (“DR”) | Terminal capitalization rate (“TCR”) | Investment horizon (years) | Impact of +25bps DR | Impact of +25bps TCR | Impact of +25bps DR and +25bps TCR or +25bps ICR | ||||||||||||||||||
Core Office | ||||||||||||||||||||||||||
United States | $ | 14,729 | $ | 456 | 6.9 | % | 5.6 | % | 12 | $ | (334) | $ | (427) | $ | (750) | |||||||||||
Canada | 4,776 | 64 | 5.9 | % | 5.2 | % | 10 | (81) | (131) | (223) | ||||||||||||||||
Australia | 2,362 | 398 | 6.6 | % | 5.7 | % | 10 | (65) | (107) | (169) | ||||||||||||||||
Europe | 2,562 | 258 | 5.2 | % | 3.8 | % | 10 | (51) | (108) | (156) | ||||||||||||||||
Brazil | 294 | — | 7.6 | % | 7.0 | % | 10 | (5) | (5) | (2) | ||||||||||||||||
Core Retail | 20,043 | — | 7.0 | % | 5.3 | % | 10 | (688) | (411) | (1,082) | ||||||||||||||||
LP Investments | ||||||||||||||||||||||||||
LP Investments- Office | 8,172 | 751 | 9.7 | % | 7.1 | % | 7 | (133) | (264) | (392) | ||||||||||||||||
LP Investments- Retail | 2,427 | — | 8.6 | % | 7.0 | % | 10 | (61) | (92) | (145) | ||||||||||||||||
Hospitality | 89 | — | — | % | — | % | — | — | — | — | ||||||||||||||||
Mixed-use | 3,022 | — | 7.3 | % | 5.2 | % | 10 | (61) | (96) | (155) | ||||||||||||||||
Multifamily(1) | 2,512 | — | 4.9 | % | n/a | n/a | — | (120) | (120) | |||||||||||||||||
Triple Net Lease(1) | 3,742 | — | 6.3 | % | n/a | n/a | — | (143) | (143) | |||||||||||||||||
Student Housing(1) | 2,828 | 239 | 4.9 | % | n/a | n/a | — | (125) | (125) | |||||||||||||||||
Manufactured Housing(1) | 3,237 | — | 4.6 | % | n/a | n/a | — | (165) | (165) | |||||||||||||||||
Investment property impact | $ | 70,795 | $ | 2,166 | $ | (1,479) | $ | (2,194) | $ | (3,627) |
Three months ended Mar. 31, | ||||||||
(US$ Millions) | 2021 | 2020 | ||||||
Commercial property revenue | $ | 1,285 | $ | 1,404 | ||||
Direct commercial property expense | (486) | (480) | ||||||
Commercial property NOI | 799 | 924 | ||||||
Hospitality revenue | 59 | 366 | ||||||
Direct hospitality expense | (73) | (290) | ||||||
Hospitality NOI | (14) | 76 | ||||||
Total NOI | 785 | 1,000 | ||||||
Investment and other revenue | 106 | 130 | ||||||
Share of net earnings from equity accounted investments | 206 | (36) | ||||||
Interest expense | (612) | (709) | ||||||
Depreciation and amortization | (68) | (87) | ||||||
General and administrative expense | (213) | (196) | ||||||
Investment and other expense | (8) | (4) | ||||||
Fair value gains (losses), net | 640 | (310) | ||||||
Income (loss) before taxes | 836 | (212) | ||||||
Income tax expense | (105) | (161) | ||||||
Net income (loss) | $ | 731 | $ | (373) | ||||
Net income (loss) attributable to non-controlling interests | 465 | 113 | ||||||
Net income (loss) attributable to Unitholders | $ | 266 | $ | (486) |
Three months ended Mar. 31, | ||||||||
(US$ Millions) | 2021 | 2020 | ||||||
Net income (loss) | $ | 731 | $ | (373) | ||||
Add (deduct): | ||||||||
Fair value (gains) losses, net | (640) | 310 | ||||||
Share of equity accounted fair value (gains) losses, net | (76) | 250 | ||||||
Depreciation and amortization of real estate assets | 45 | 69 | ||||||
Income tax expense | 105 | 161 | ||||||
Non-controlling interests in above items | (78) | (143) | ||||||
FFO | $ | 87 | $ | 274 | ||||
Add (deduct): | ||||||||
Depreciation and amortization of non-real-estate assets, net(1) | 15 | 11 | ||||||
Transaction costs, net(1) | 18 | 10 | ||||||
(Gains)/losses associated with non-investment properties, net(1) | — | 3 | ||||||
Imputed interest(2) | 5 | 8 | ||||||
BSREP III earnings(3) | — | 3 | ||||||
Company FFO | $ | 125 | $ | 309 |
(US$ Millions) | Mar. 31, 2021 | Dec. 31, 2020 | ||||||
Investment properties | ||||||||
Commercial properties | $ | 70,795 | $ | 70,294 | ||||
Commercial developments | 2,166 | 2,316 | ||||||
Equity accounted investments | 19,903 | 19,719 | ||||||
Property, plant and equipment | 5,189 | 5,235 | ||||||
Cash and cash equivalents | 1,635 | 2,473 | ||||||
Assets held for sale | 285 | 588 | ||||||
Total assets | 107,674 | 107,951 | ||||||
Debt obligations | 53,240 | 54,337 | ||||||
Liabilities associated with assets held for sale | 114 | 396 | ||||||
Total equity | 41,871 | 41,523 | ||||||
Equity attributable to Unitholders(1) | $ | 25,114 | $ | 25,137 | ||||
Equity per unit(2) | $ | 26.65 | $ | 26.66 |
Mar. 31, 2021 | ||||||||
(US$ Millions) | Commercial properties | Commercial developments | ||||||
Investment properties, beginning of period | $ | 70,294 | $ | 2,316 | ||||
Acquisitions | 157 | 12 | ||||||
Capital expenditures | 207 | 199 | ||||||
Dispositions(1) | (127) | (344) | ||||||
Fair value (losses) gains, net | 444 | 29 | ||||||
Foreign currency translation | (111) | 6 | ||||||
Transfer between commercial properties and commercial developments | 52 | (52) | ||||||
Reclassifications to assets held for sale and other changes | (121) | — | ||||||
Investment properties, end of period | $ | 70,795 | $ | 2,166 |
(US$ Millions) | Mar. 31, 2021 | ||||
Equity accounted investments, beginning of period | $ | 19,719 | |||
Additions | 104 | ||||
Disposals and return of capital distributions | (67) | ||||
Share of net earnings from equity accounted investments | 206 | ||||
Distributions received | (51) | ||||
Foreign currency translation | (12) | ||||
Reclassification (to)/from assets held for sale | — | ||||
Other comprehensive income and other | 4 | ||||
Equity accounted investments, end of period | $ | 19,903 |
(US$ Millions) | Mar. 31, 2021 | ||||
Balance, beginning of period | $ | 588 | |||
Reclassification to/(from) assets held for sale, net | 120 | ||||
Disposals | (422) | ||||
Fair value adjustments | — | ||||
Other | (1) | ||||
Balance, end of period | $ | 285 |
(US$ Millions) | Mar. 31, 2021 | Dec. 31, 2020 | ||||||
Corporate borrowings | $ | 2,621 | $ | 3,232 | ||||
Funds subscription facilities | 372 | 314 | ||||||
Non-recourse borrowings | ||||||||
Property-specific borrowings | 43,978 | 44,515 | ||||||
Subsidiary borrowings | 6,269 | 6,276 | ||||||
Total debt obligations | $ | 53,240 | $ | 54,337 | ||||
Current | 14,619 | 13,074 | ||||||
Non-current | 38,621 | 41,263 | ||||||
Total debt obligations | $ | 53,240 | $ | 54,337 |
(US$ Millions, except unit information) | Mar. 31, 2021 | Dec. 31, 2020 | ||||||
Total equity | $ | 41,871 | $ | 41,523 | ||||
Less: | ||||||||
Interests of others in operating subsidiaries and properties | 16,058 | 15,687 | ||||||
Preferred equity | 699 | 699 | ||||||
Equity attributable to Unitholders | 25,114 | 25,137 | ||||||
Mandatorily convertible preferred shares | 1,686 | 1,679 | ||||||
Total equity attributable to Unitholders | 26,800 | 26,816 | ||||||
Partnership units | 935,617,918 | 935,984,543 | ||||||
Mandatorily convertible preferred shares | 70,051,024 | 70,051,024 | ||||||
Total partnership units | 1,005,668,942 | 1,006,035,567 | ||||||
Total equity attributable to Unitholders per unit | $ | 26.65 | $ | 26.66 |
2021 | 2020 | 2019 | ||||||||||||||||||||||||
(US$ Millions, except per unit information) | Q1 | Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | ||||||||||||||||||
Revenue | $ | 1,450 | $ | 1,620 | $ | 1,636 | $ | 1,437 | $ | 1,900 | $ | 2,087 | $ | 2,017 | $ | 2,026 | ||||||||||
Direct operating costs | 559 | 566 | 677 | 551 | 770 | 783 | 776 | 785 | ||||||||||||||||||
Net income (loss) | 731 | (38) | (135) | (1,512) | (373) | 1,551 | 870 | 23 | ||||||||||||||||||
Net income (loss) attributable to Unitholders | 266 | (390) | (229) | (1,253) | (486) | 1,022 | 474 | 127 | ||||||||||||||||||
Net income (loss) per share attributable to Unitholders - basic | $ | 0.25 | $ | (0.38) | $ | (0.24) | $ | (1.26) | $ | (0.49) | $ | 1.00 | $ | 0.46 | $ | 0.12 | ||||||||||
Net income (loss) per share attributable to Unitholders - diluted | $ | 0.25 | $ | (0.38) | $ | (0.24) | $ | (1.26) | $ | (0.49) | $ | 1.00 | $ | 0.46 | $ | 0.12 | ||||||||||
Three months ended Mar. 31, | ||||||||
(US$ Millions) | 2021 | 2020 | ||||||
Core Office | $ | 123 | $ | 121 | ||||
Core Retail | 95 | 188 | ||||||
LP Investments | (6) | 49 | ||||||
Corporate | (125) | (84) | ||||||
FFO | $ | 87 | $ | 274 |
(US$ Millions) | Mar. 31, 2021 | Dec. 31, 2020 | ||||||
Core Office | $ | 14,668 | $ | 14,246 | ||||
Core Retail | 12,221 | 12,500 | ||||||
LP Investments | 5,246 | 5,262 | ||||||
Corporate | (7,021) | (6,871) | ||||||
Total | $ | 25,114 | $ | 25,137 |
Three months ended Mar. 31, | ||||||||
(US$ Millions) | 2021 | 2020 | ||||||
FFO | $ | 123 | $ | 121 | ||||
Net income (loss) attributable to Unitholders | 481 | 66 |
Consolidated | Unconsolidated | |||||||||||||
(US$ Millions, except where noted) | Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | ||||||||||
Total portfolio: | ||||||||||||||
NOI(1) | $ | 270 | $ | 287 | $ | 116 | $ | 93 | ||||||
Number of properties | 77 | 72 | 63 | 64 | ||||||||||
Leasable square feet (in thousands) | 50,986 | 47,643 | 28,714 | 27,750 | ||||||||||
Occupancy | 87.8 | % | 91.1 | % | 90.6 % | 95.1 | % | |||||||
In-place net rents (per square foot)(2)(3) | $ | 33.24 | $ | 29.48 | $ | 49.15 | $ | 43.27 | ||||||
Same-property: | ||||||||||||||
NOI(1,3) | $ | 268 | $ | 285 | $ | 110 | $ | 110 | ||||||
Number of properties | 74 | 74 | 61 | 61 | ||||||||||
Leasable square feet (in thousands) | 49,957 | 41,983 | 25,534 | 24,908 | ||||||||||
Occupancy | 87.8 | % | 91.0 | % | 92.7 % | 94.8 | % | |||||||
In-place net rents (per square foot)(2)(3) | $ | 32.16 | $ | 32.58 | $ | 48.44 | $ | 48.35 |
Total portfolio | ||||||||
(US$, except where noted) | Mar. 31, 2021 | Mar. 31, 2020 | ||||||
Leasing activity (square feet in thousands) | ||||||||
New leases | 231 | 770 | ||||||
Renewal leases | 663 | 1,226 | ||||||
Total leasing activity | 894 | 1,996 | ||||||
Average term (in years) | 8.1 | 8.5 | ||||||
Year one leasing net rents (per square foot)(1) | $ | 54.17 | $ | 35.33 | ||||
Average leasing net rents (per square foot)(1) | 57.26 | 36.44 | ||||||
Expiring net rents (per square foot)(1) | 41.48 | 31.48 | ||||||
Estimated market net rents for similar space (per square foot)(1) | 38.64 | 43.01 | ||||||
Tenant improvement and leasing costs (per square foot) | 45.35 | 28.28 |
Mar. 31, 2021 | Dec. 31, 2020 | |||||||||||||||||||
Discount rate | Terminal capitalization rate | Investment horizon | Discount rate | Terminal capitalization rate | Investment horizon | |||||||||||||||
Consolidated properties | ||||||||||||||||||||
United States | 6.9 | % | 5.6 | % | 12 | 6.9 | % | 5.6 | % | 12 | ||||||||||
Canada | 5.9 | % | 5.2 | % | 10 | 5.9 | % | 5.2 | % | 10 | ||||||||||
Australia | 6.6 | % | 5.7 | % | 10 | 6.6 | % | 5.7 | % | 10 | ||||||||||
Europe | 5.2 | % | 3.8 | % | 10 | 5.2 | % | 3.8 | % | 10 | ||||||||||
Brazil | 7.6 | % | 7.0 | % | 10 | 7.6 | % | 7.0 | % | 10 | ||||||||||
Unconsolidated properties | ||||||||||||||||||||
United States | 6.4 | % | 4.7 | % | 11 | 6.4 % | 4.7 % | 11 | ||||||||||||
Australia | 6.3 | % | 5.3 | % | 10 | 6.3 % | 5.3 % | 10 | ||||||||||||
Europe(1) | 5.6 | % | 4.7 | % | 10 | 5.6 % | 4.7 | % | 10 |
(US$ Millions) | Mar. 31, 2021 | Dec. 31, 2020 | ||||||
Investment properties | ||||||||
Commercial properties | $ | 24,724 | $ | 24,604 | ||||
Commercial developments | 1,176 | 1,329 | ||||||
Equity accounted investments | 9,357 | 8,866 | ||||||
Accounts receivable and other | 1,220 | 1,094 | ||||||
Cash and cash equivalents | 495 | 458 | ||||||
Assets held for sale | 37 | 196 | ||||||
Total assets | $ | 37,009 | $ | 36,547 | ||||
Debt obligations | 13,720 | 13,681 | ||||||
Capital securities | 855 | 863 | ||||||
Accounts payable and other liabilities | 1,734 | 1,664 | ||||||
Deferred tax liability | 1,127 | 1,151 | ||||||
Liabilities associated with assets held for sale | — | 80 | ||||||
Non-controlling interests of others in operating subsidiaries and properties | 4,905 | 4,862 | ||||||
Equity attributable to Unitholders | $ | 14,668 | $ | 14,246 |
(US$ Millions) | Mar. 31, 2021 | ||||
Equity accounted investments, beginning of period | $ | 8,866 | |||
Additions | 56 | ||||
Share of net earnings, including fair value gains | 231 | ||||
Distributions received | (37) | ||||
Foreign currency translation | 12 | ||||
Other comprehensive income and Other | 229 | ||||
Equity accounted investments, end of period | $ | 9,357 |
(US$ Millions) | Shares outstanding | Cumulative dividend rate | Mar. 31, 2021 | Dec. 31, 2020 | ||||||||||
Brookfield Office Properties Inc. (“BPO”) Class B Preferred Shares: | ||||||||||||||
Series 1(1) | 3,600,000 | 70% of bank prime | — | — | ||||||||||
Series 2(1) | 3,000,000 | 70% of bank prime | — | — | ||||||||||
Capital Securities – Fund Subsidiaries | 855 | 863 | ||||||||||||
Total capital securities | $ | 855 | $ | 863 |
Total square feet under construction (in 000’s) | Proportionate square feet under construction (in 000’s) | Expected date of accounting stabilization | Cost | Loan | ||||||||||||||||||||||
(Millions, except square feet in thousands) | Percent pre-leased | Total(1) | To-date | Total | Drawn | |||||||||||||||||||||
Office: | ||||||||||||||||||||||||||
Manhattan West Retail, Midtown New York(2) | 70 | 39 | Q4 2021 | 56 | % | $ | 125 | $ | 86 | $ | 64 | $ | 30 | |||||||||||||
Wood Wharf - 20 Water Street, London(2) | 236 | 118 | Q1 2022 | — | % | £ | 57 | £ | 36 | £ | 47 | £ | 21 | |||||||||||||
1 The Esplanade, Sydney(2) | 610 | 305 | Q2 2023 | 64 | % | A$ | 336 | A$ | 104 | A$ | — | A$ | — | |||||||||||||
Bay Adelaide North, Toronto(2) | 823 | 412 | Q4 2023 | 89 | % | C$ | 248 | C$ | 150 | C$ | 175 | C$ | 75 | |||||||||||||
Two Manhattan West, Midtown New York(2) | 1,948 | 1,091 | Q4 2023 | 25 | % | $ | 1,331 | $ | 629 | $ | 812 | $ | 224 | |||||||||||||
Leadenhall Court, London | 430 | 430 | Q1 2026 | 57 | % | £ | 564 | £ | 136 | £ | 426 | £ | 21 | |||||||||||||
Office Redevelopment: | ||||||||||||||||||||||||||
1100 Avenue of the Americas, Midtown New York(2) | 376 | 136 | Q2 2022 | 95 | % | $ | 113 | $ | 77 | $ | 62 | $ | 25 | |||||||||||||
Multifamily: | ||||||||||||||||||||||||||
Wood Wharf - One Park Drive, London(2)(3) | 426 | 213 | Q4 2021 | n/a | £ | 202 | £ | 242 | £ | 135 | £ | 89 | ||||||||||||||
Newfoundland, London(2) | 594 | 297 | Q1 2022 | n/a | £ | 279 | £ | 258 | £ | 174 | £ | 148 | ||||||||||||||
Halley Rise, Phase I, Washington D.C.(4) | 359 | 359 | Q1 2023 | n/a | $ | 153 | $ | 106 | $ | 111 | $ | 56 | ||||||||||||||
755 Figueroa, Los Angeles(2) | 674 | 319 | Q1 2025 | n/a | £ | 262 | $ | 87 | $ | 166 | $ | 32 | ||||||||||||||
Hotel: | ||||||||||||||||||||||||||
1 Charter Street, London(2) | 188 | 94 | Q2 2022 | n/a | £ | 70 | £ | 29 | £ | 47 | £ | 21 | ||||||||||||||
Wood Wharf - 15 Water Street, London(2) | 94 | 24 | Q2 2023 | n/a | £ | 31 | £ | 4 | £ | 19 | £ | 4 | ||||||||||||||
Pendry Manhattan West, Midtown New York(2) | 184 | 103 | Q3 2023 | n/a | $ | 162 | $ | 129 | $ | 62 | $ | 18 | ||||||||||||||
Total | 7,012 | 3,940 |
Three months ended Mar. 31, | ||||||||
(US$ Millions) | 2021 | 2020 | ||||||
Commercial property revenue | $ | 485 | $ | 484 | ||||
Hospitality revenue(1) | 1 | 7 | ||||||
Direct commercial property expense | (214) | (199) | ||||||
Direct hospitality expense(1) | (2) | (5) | ||||||
Total NOI | $ | 270 | $ | 287 |
Three months ended Mar. 31, | ||||||||
(US$ Millions) | 2021 | 2020 | ||||||
Same-property NOI | $ | 268 | $ | 285 | ||||
Currency variance | — | (7) | ||||||
NOI related to acquisitions and dispositions | 2 | 9 | ||||||
Total NOI | 270 | 287 | ||||||
Investment and other revenue | 44 | 39 | ||||||
Interest expense | (143) | (156) | ||||||
Depreciation and amortization on real estate assets | (5) | (3) | ||||||
Investment and other expense | (8) | (4) | ||||||
General and administrative expense | (63) | (65) | ||||||
Fair value gains (losses), net | 230 | (14) | ||||||
Share of net earnings from equity accounted investments | 231 | 78 | ||||||
Income before taxes | 556 | 162 | ||||||
Income tax benefit (expense) | 12 | (22) | ||||||
Net income | 568 | 140 | ||||||
Net income attributable to non-controlling interests | 87 | 74 | ||||||
Net income attributable to Unitholders | $ | 481 | $ | 66 |
Three months ended Mar. 31, | ||||||||
(US$ Millions) | 2021 | 2020 | ||||||
Net income (loss) | $ | 568 | $ | 140 | ||||
Add (deduct): | ||||||||
Fair value (gains) losses, net | (230) | 14 | ||||||
Share of equity accounted fair value losses (gains), net | (152) | (12) | ||||||
Depreciation and amortization of real estate assets | 1 | 1 | ||||||
Income tax expense | (12) | 22 | ||||||
Non-controlling interests in above items | (52) | (44) | ||||||
FFO | $ | 123 | $ | 121 |
Three months ended Mar. 31, | ||||||||
(US$ Millions) | 2021 | 2020 | ||||||
Unconsolidated properties NOI | $ | 116 | $ | 93 | ||||
Unconsolidated properties fair value (losses) gains, net | 152 | 12 | ||||||
Other expenses | (37) | (27) | ||||||
Share of net earnings from equity accounted investments | $ | 231 | $ | 78 |
Three months ended Mar. 31, | ||||||||
(US$ Millions) | 2021 | 2020 | ||||||
FFO | $ | 95 | $ | 188 | ||||
Net (loss) income attributable to Unitholders | (280) | (298) |
Consolidated | Unconsolidated | |||||||||||||
(US$ Millions, except where noted) | Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | ||||||||||
Total portfolio: | ||||||||||||||
NOI | $ | 225 | $ | 265 | $ | 161 | $ | 205 | ||||||
Number of malls and urban retail properties | 62 | 62 | 57 | 60 | ||||||||||
Leasable square feet (in thousands) | 53,956 | 54,764 | 63,497 | 65,176 | ||||||||||
Same-property: | ||||||||||||||
Number of malls and urban retail properties | 56 | 56 | 56 | 56 | ||||||||||
Leasable square feet- mall and freestanding (in thousands) | 22,634 | 22,754 | 29,531 | 29,460 | ||||||||||
Leased %(1) | 90.3 | % | 94.2 | % | 92.4 | % | 96.2 | % | ||||||
Occupancy %(1) | 89.0 | % | 93.4 | % | 91.7 | % | 95.4 | % | ||||||
Permanent Occupancy %(1) | 84.0 | % | 88.6 | % | 87.5 | % | 92.1 | % | ||||||
Total Portfolio | ||||||||
(US$, except where noted) | Mar. 31, 2021 | Mar. 31, 2020 | ||||||
Number of leases | 526 | 1,200 | ||||||
Leasing activity (square feet in thousands) | 1,788 | 4,399 | ||||||
Average term in years | 6.3 | 7.0 | ||||||
Initial rent per square foot(1) | $ | 51.65 | $ | 50.20 | ||||
Expiring rent per square foot(2) | 51.82 | 46.33 | ||||||
Initial rent spread per square foot | (0.17) | 3.87 | ||||||
% change | (0.3) | % | 8.4 | % | ||||
Tenant allowances and leasing costs (US$ in millions) | $ | 21 | $ | 29 |
Mar. 31, 2021 | Dec. 31, 2020 | |||||||||||||||||||
Discount rate | Terminal capitalization rate | Investment horizon | Discount rate | Terminal capitalization rate | Investment horizon | |||||||||||||||
Consolidated properties | ||||||||||||||||||||
United States | 7.0 | % | 5.3 | % | 10 | 7.0 | % | 5.3 | % | 10 | ||||||||||
Unconsolidated properties | ||||||||||||||||||||
United States | 6.4 | % | 4.9 | % | 10 | 6.3 % | 4.9 | % | 10 |
(US$ Millions) | Mar. 31, 2021 | Dec. 31, 2020 | ||||||
Investment properties | ||||||||
Commercial properties | $ | 20,043 | $ | 20,324 | ||||
Equity accounted investments | 9,640 | 9,685 | ||||||
Accounts receivable and other | 800 | 899 | ||||||
Cash and cash equivalents | 189 | 205 | ||||||
Assets held for sale | 102 | 353 | ||||||
Total assets | 30,774 | 31,466 | ||||||
Debt obligations | 16,222 | 16,290 | ||||||
Accounts payable and other liabilities | 806 | 853 | ||||||
Deferred tax liability | 21 | 23 | ||||||
Liabilities associated with assets held for sale | — | 263 | ||||||
Non-controlling interest | 1,504 | 1,537 | ||||||
Equity attributable to Unitholders | $ | 12,221 | $ | 12,500 |
(US$ Millions) | Mar. 31, 2021 | ||||
Equity accounted investments, beginning of year | $ | 9,685 | |||
Additions | 9 | ||||
Disposals and return of capital | — | ||||
Share of net earnings from equity accounted investments | 19 | ||||
Distributions | (73) | ||||
Other | — | ||||
Equity accounted investments, end of period | $ | 9,640 |
Three months ended Mar. 31, | ||||||||
(US$ Millions) | 2021 | 2020 | ||||||
Commercial property revenue | $ | 332 | $ | 371 | ||||
Direct commercial property expense | (107) | (106) | ||||||
Total NOI | $ | 225 | $ | 265 |
Three months ended Mar. 31, | ||||||||
(US$ Millions) | 2021 | 2020 | ||||||
Total NOI | $ | 225 | $ | 265 | ||||
Investment and other revenue | 32 | 73 | ||||||
Interest expense | (163) | (174) | ||||||
Depreciation and amortization on real estate assets | (6) | (7) | ||||||
Investment and other expense | — | — | ||||||
General and administrative expense | (53) | (66) | ||||||
Fair value (losses), net | (360) | (295) | ||||||
Share of net earnings (losses)from equity accounted investments | 19 | (141) | ||||||
(Loss) income before taxes | (306) | (345) | ||||||
Income tax benefit | 1 | 14 | ||||||
Net (loss) income | $ | (305) | $ | (331) | ||||
Net (loss) income attributable to non-controlling interests | (25) | (33) | ||||||
Net (loss) income attributable to Unitholders | $ | (280) | $ | (298) |
Three months ended Mar. 31, | ||||||||
(US$ Millions) | 2021 | 2020 | ||||||
Net (loss) income | $ | (305) | $ | (331) | ||||
Add (deduct): | ||||||||
Share of equity accounted fair value losses (gains), net | 57 | 259 | ||||||
Fair value losses, net | 360 | 295 | ||||||
Income tax (benefit) | (1) | (14) | ||||||
Non-controlling interests in above items | (16) | (21) | ||||||
FFO | $ | 95 | $ | 188 |
Three months ended Mar. 31, | ||||||||
(US$ Millions) | 2021 | 2020 | ||||||
Unconsolidated properties NOI | $ | (66) | $ | 205 | ||||
Unconsolidated properties fair value (losses) gains, net and income tax expense | (57) | (259) | ||||||
Other expenses | 142 | (87) | ||||||
Share of net earnings and (losses) from equity accounted investments | $ | 19 | $ | (141) |
Three months ended Mar. 31, | ||||||||
(US$ Millions) | 2021 | 2020 | ||||||
Return of invested capital | $ | 322 | $ | 14 | ||||
Distribution of earnings and gains on invested capital | 317 | 49 | ||||||
Total LP Investments distributions | $ | 639 | $ | 63 | ||||
Less: Incentive fees | $ | (19) | $ | (7) | ||||
Total LP Investments distributions, net | $ | 620 | $ | 56 |
Three months ended Mar. 31, | ||||||||
(US$ Millions) | 2021 | 2020 | ||||||
FFO | (6) | 49 | ||||||
Net income (loss) attributable to Unitholders | 136 | (24) |
(US$ Millions) | Mar. 31, 2021 | Dec. 31, 2020 | ||||||
Investment properties | $ | 27,018 | $ | 26,353 | ||||
Property, plant and equipment | 4,969 | 5,010 | ||||||
Equity accounted investments | 906 | 1,168 | ||||||
Accounts receivable and other | 5,569 | 5,250 | ||||||
Cash and cash equivalents | 934 | 1,789 | ||||||
Assets held for sale | 146 | 39 | ||||||
Total assets | $ | 39,542 | $ | 39,609 | ||||
Debt obligations | 20,676 | 21,134 | ||||||
Capital securities | 430 | 431 | ||||||
Accounts payable and other liabilities | 3,440 | 3,458 | ||||||
Liabilities associated with assets held for sale | 114 | 53 | ||||||
Non-controlling interests of others in operating subsidiaries and properties | 9,636 | 9,271 | ||||||
Equity attributable to Unitholders | $ | 5,246 | $ | 5,262 |
(US$ Millions) | Mar. 31, 2021 | Dec. 31, 2020 | ||||||
Cost: | ||||||||
Balance at the beginning of period | $ | 5,305 | $ | 6,992 | ||||
Additions | 24 | 140 | ||||||
Disposals | — | (68) | ||||||
Foreign currency translation | — | 142 | ||||||
Impact of deconsolidation due to loss of control and other(1) | (12) | (1,901) | ||||||
5,317 | 5,305 | |||||||
Accumulated fair value changes: | ||||||||
Balance at the beginning of period | 475 | 1,324 | ||||||
Revaluation (losses) gains, net(2) | — | (124) | ||||||
Impact of deconsolidation due to loss of control and other(1) | — | (729) | ||||||
Disposals | — | 13 | ||||||
Provision for impairment(2) | — | (15) | ||||||
Foreign currency translation | 1 | 6 | ||||||
476 | 475 | |||||||
Accumulated depreciation: | ||||||||
Balance at the beginning of period | (770) | (1,288) | ||||||
Depreciation | (54) | (270) | ||||||
Disposals | — | 27 | ||||||
Foreign currency translation | (1) | (25) | ||||||
Impact of deconsolidation due to loss of control and other(1) | 1 | 786 | ||||||
(824) | (770) | |||||||
Total property, plant and equipment | $ | 4,969 | $ | 5,010 |
Three months ended Mar. 31, | ||||||||
(US$ Millions) | 2021 | 2020 | ||||||
Commercial property revenue | $ | 468 | $ | 549 | ||||
Hospitality revenue | 58 | 359 | ||||||
Direct commercial property expense | (165) | (175) | ||||||
Direct hospitality expense | (71) | (285) | ||||||
Total NOI | 290 | 448 | ||||||
Investment and other revenue | 29 | 16 | ||||||
Interest expense | (236) | (319) | ||||||
General and administrative expense | (41) | (39) | ||||||
Investment and other expense | — | — | ||||||
Depreciation and amortization | (57) | (77) | ||||||
Fair value gains, net | 694 | 148 | ||||||
Share of net (losses) earnings from equity accounted investments | (44) | 27 | ||||||
Income before taxes | 635 | 204 | ||||||
Income tax expense | (96) | (156) | ||||||
Net income | 539 | 48 | ||||||
Net income attributable to non-controlling interests | 403 | 72 | ||||||
Net income (loss) attributable to Unitholders | $ | 136 | $ | (24) |
Three months ended Mar. 31, | ||||||||
(US$ Millions) | 2021 | 2020 | ||||||
Net income | $ | 539 | $ | 48 | ||||
Add (deduct): | ||||||||
Fair value gains, net | (694) | (148) | ||||||
Share of equity accounted fair value losses, net | 19 | 3 | ||||||
Depreciation and amortization of real estate assets | 44 | 68 | ||||||
Income tax expense | 96 | 156 | ||||||
Non-controlling interests in above items | (10) | (78) | ||||||
FFO | $ | (6) | $ | 49 |
Three months ended Mar. 31, | ||||||||
(US$ Millions) | 2021 | 2020 | ||||||
FFO | $ | (125) | $ | (84) | ||||
Net loss attributable to Unitholders | (71) | (230) |
(US$ Millions) | Mar. 31, 2021 | Dec. 31, 2020 | ||||||
Accounts receivable and other | $ | 332 | $ | 308 | ||||
Cash and cash equivalents | 17 | 21 | ||||||
Total assets | 349 | 329 | ||||||
Debt obligations | 2,622 | 3,232 | ||||||
Capital securities | 1,746 | 1,739 | ||||||
Deferred tax liabilities | 63 | 37 | ||||||
Accounts payable and other liabilities | 2,227 | 1,476 | ||||||
Preferred equity | 699 | 699 | ||||||
Non-controlling interests | 13 | 17 | ||||||
Equity attributable to Unitholders | $ | (7,021) | $ | (6,871) |
(US$ Millions) | Shares Outstanding | Cumulative Dividend Rate | Mar. 31, 2021 | Dec. 31, 2020 | |||||||||||||
Operating Partnership Class A Preferred Equity Units: | |||||||||||||||||
Series 1 | 24,000,000 | 6.25 | % | $ | 589 | $ | 586 | ||||||||||
Series 2 | 24,000,000 | 6.50 | % | 557 | 555 | ||||||||||||
Series 3 | 24,000,000 | 6.75 | % | 540 | 538 | ||||||||||||
Brookfield Property Split Corp. Senior Preferred Shares: | |||||||||||||||||
Class A Series 1 | 842,534 | 5.25 | % | 21 | 21 | ||||||||||||
Class A Series 2 | 556,746 | 5.75 | % | 11 | 11 | ||||||||||||
Class A Series 3 | 789,718 | 5.00 | % | 16 | 16 | ||||||||||||
Class A Series 4 | 594,994 | 5.20 | % | 12 | 12 | ||||||||||||
Total capital securities - corporate | $ | 1,746 | $ | 1,739 |
Three months ended Mar. 31, | ||||||||
(US$ Millions) | 2021 | 2020 | ||||||
Net loss | $ | (71) | $ | (230) | ||||
Net loss attributable to non-controlling interests | — | — | ||||||
Net loss attributable to Unitholders | $ | (71) | $ | (230) |
Three months ended Mar. 31, | ||||||||
(US$ Millions) | 2021 | 2020 | ||||||
Net loss | $ | (71) | $ | (230) | ||||
Add (deduct): | ||||||||
Fair value (gains) losses, net | (76) | 149 | ||||||
Income tax expense | 22 | (3) | ||||||
Non-controlling interests in above items | — | — | ||||||
FFO | $ | (125) | $ | (84) |
(US$ Millions) | Mar. 31, 2021 | Dec. 31, 2020 | ||||||
Proportionate cash retained at subsidiaries | $ | 1,466 | $ | 1,733 | ||||
Proportionate availability under subsidiary credit facilities | 2,129 | 2,410 | ||||||
Proportionate availability under construction facilities | 1,742 | 1,399 | ||||||
Group-wide liquidity(1) | $ | 5,337 | $ | 5,542 |
(US$ Millions) | Mar. 31, 2021 | ||||
2021 | $ | 8,059 | |||
2022 | 7,105 | ||||
2023 | 4,542 | ||||
2024 | 8,312 | ||||
2025 | 3,373 | ||||
2026 and thereafter | 8,319 | ||||
Deferred financing costs | (217) | ||||
Secured debt obligations | $ | 39,493 | |||
Debt to capital ratio | 54.1 | % |
Tenant | Primary location | Credit rating(1) | Exposure (%)(2) | ||||||||
Government and Government Agencies | Various | AA+/AAA | 8.0 | % | |||||||
Morgan Stanley | NY/London | A | 2.6 | % | |||||||
Barclays | London/Toronto/Calgary | BBB | 2.0 | % | |||||||
CIBC World Markets(3) | Calgary/Toronto/NY | AA | 1.8 | % | |||||||
Suncor Energy Inc. | Calgary | BBB+ | 1.7 | % | |||||||
Bank of Montreal | Calgary/Toronto | AA | 1.5 | % | |||||||
EY | Various | Not Rated | 1.3 | % | |||||||
Cenovus | Calgary | BB | 1.3 | % | |||||||
Royal Bank of Canada | Various | AA- | 1.3 | % | |||||||
Deloitte | Various | Not Rated | 1.3 | % | |||||||
Total | 22.8 | % |
Tenant | Primary Brands | Exposure (%)(1) | ||||||
L Brands, Inc | Victoria's Secret, Bath & Body Works, PINK | 3.6 | % | |||||
Foot Locker, Inc | Footlocker, Champs Sports, Footaction USA, House of Hoops | 3.2 | % | |||||
LVMH | Louis Vuitton, Sephora, Fendi, Bulgari, Dior, Tag Heuer | 2.9 | % | |||||
The Gap, Inc | Gap, Banana Republic, Old Navy, Athleta | 2.1 | % | |||||
American Eagle Outfitters, Inc | American Eagle Outfitters, Aerie | 1.9 | % | |||||
Signet Jewelers Limited | Zales, Gordon's, Kay, Jared | 1.8 | % | |||||
Express, Inc | Express, Express Men, Express Factory | 1.6 | % | |||||
H&M Hennes & Mauritz | H&M, COS | 1.5 | % | |||||
Luxottica Group S.P.A. | Lenscrafters, Sunglass Hut, Pearle Vision | 1.4 | % | |||||
Abercrombie & Fitch Stores, Inc | Abercrombie, Abercrombie & Fitch, Hollister | 1.3 | % | |||||
Total | 21.3 | % |
(Sq. ft. in thousands) | Current | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 and beyond | Total | ||||||||||||||||||||||
Core Office | 8,919 | 2,458 | 5,465 | 3,891 | 4,706 | 4,696 | 5,881 | 4,247 | 39,440 | 79,703 | ||||||||||||||||||||||
Total % expiring | 11.2 | % | 3.1 | % | 6.9 | % | 4.9 | % | 5.9 | % | 5.9 | % | 7.4 | % | 5.3 | % | 49.4 | % | 100.0 | % | ||||||||||||
Core Retail(1) | 4,682 | 3,025 | 6,958 | 6,760 | 7,139 | 4,927 | 4,243 | 3,830 | 10,950 | 52,514 | ||||||||||||||||||||||
Total % expiring | 8.8 | % | 5.8 | % | 13.2 | % | 12.9 | % | 13.6 | % | 9.4 | % | 8.1 | % | 7.3 | % | 20.9 | % | 100.0 | % | ||||||||||||
(US$ Millions) | Hedging item | Notional | Rates | Maturity dates | Fair value | ||||||||||||
Mar. 31, 2021 | Interest rate caps of US$ LIBOR debt | $ | 9,470 | 2.5% - 5.5% | Apr. 2021 - Feb. 2023 | $ | — | ||||||||||
Interest rate swaps of US$ LIBOR debt | 2,380 | 1.0% - 2.6% | Nov. 2022 - Feb. 2024 | (93) | |||||||||||||
Interest rate caps of £ LIBOR debt | 3,224 | 2.0% - 2.5% | Jun. 2021 - Jan. 2022 | — | |||||||||||||
Interest rate caps of € EURIBOR debt | 114 | 1.3% | Apr. 2021 | — | |||||||||||||
Interest rate caps of C$ LIBOR debt | 240 | 2.0% | Oct. 2021 | — | |||||||||||||
Interest rate swaps of AUD BBSW/BBSY debt | 442 | 0.8% - 1.6% | Apr. 2023 - Feb. 2026 | — | |||||||||||||
Dec. 31, 2020 | Interest rate caps of US$ LIBOR debt | $ | 8,371 | 2.5% - 5.5% | May. 2021 - Sep. 2023 | $ | — | ||||||||||
Interest rate swaps of US$ LIBOR debt | 2,380 | 1.0% - 2.6% | Nov. 2022 - Feb. 2024 | (112) | |||||||||||||
Interest rate caps of £ LIBOR debt | 3,198 | 2.0% - 2.5% | Jan. 2021 - Jan. 2022 | — | |||||||||||||
Interest rate caps of € EURIBOR debt | 119 | 1.3% | Apr. 2021 | — | |||||||||||||
Interest rate caps of C$ LIBOR debt | 189 | 3.0% | Oct. 2021 - Oct. 2022 | — | |||||||||||||
Interest rate swaps of AUD BBSW/BBSY debt | 447 | 0.8% - 1.6% | Apr. 2023 - Apr. 2024 | (11) |
(US$ Millions) | Hedging item | Notional | Rates | Maturity dates | Fair value | |||||||||||||||
Mar. 31, 2021 | Net investment hedges | € | 109 | €0.81/$ - €0.88/$ | Sep. 2021 - Feb. 2023 | $ | 6 | |||||||||||||
Net investment hedges | £ | 2,088 | £0.72/$ - £0.86/$ | Jun. 2021 - Mar. 2023 | (25) | |||||||||||||||
Net investment hedges | A$ | 616 | A$1.29/$ - A$1.52/$ | Jun. 2021 - Jul. 2022 | 11 | |||||||||||||||
Net investment hedges | C¥ | 827 | C¥6.70/$ - C¥7.22/$ | Jun. 2021 - Sep. 2022 | (9) | |||||||||||||||
Net investment hedges | C$ | 95 | C$1.26/$ - C$1.27/$ | Jun. 2021 - Mar. 2023 | (1) | |||||||||||||||
Net investment hedges | R$ | 160 | R$5.51/$ | Jun. 2021 | 1 | |||||||||||||||
Net investment hedges | ₩ | 720,095 | ₩1,095.50/$ - ₩1,209.90/$ | Jun. 2021 - Mar. 2023 | (15) | |||||||||||||||
Net investment hedges | Rs | 36,471 | Rs76.28/$ - Rs78.18/$ | Jun. 2021 - Jul. 2022 | (4) | |||||||||||||||
Net investment hedges | £ | 90 | £0.89/€ - £0.93/€ | Apr. 2021 - Apr. 2021 | — | |||||||||||||||
Cross currency swaps of C$ LIBOR debt | C$ | 2,400 | C$0.81/$ - C$1.70/$ | Oct. 2021 - Jan. 2027 | 86 | |||||||||||||||
Dec. 31, 2020 | Net investment hedges | € | — | €0.87/$ - €0.88/$ | Sep. 2021 - Sep. 2021 | $ | 1 | |||||||||||||
Net investment hedges | £ | 201 | £0.50/$ - £1.08/$ | Mar. 2021 - Dec. 2021 | 5 | |||||||||||||||
Net investment hedges | A$ | 240 | A$1.34/$ - A$1.52/$ | Jun. 2021 - Dec. 2021 | 3 | |||||||||||||||
Net investment hedges | C¥ | 813 | C¥4.02/$ - C¥7.43/$ | Mar. 2021 - Sep. 2021 | (11) | |||||||||||||||
Net investment hedges | R$ | 620 | R$5.20/$ - R$5.20/$ | Mar. 2021 - Mar. 2021 | (3) | |||||||||||||||
Net investment hedges | ₩ | 720,095 | ₩914.84/$ - ₩1,169.58/$ | Mar. 2021 - Jun. 2022 | (54) | |||||||||||||||
Net investment hedges | Rs | 4,703 | Rs76.28/$ | Jun. 2021 | (2) | |||||||||||||||
Net investment hedges | £ | 90 | £0.89/€ - £0.93/€ | Apr. 2021 - Apr. 2021 | — | |||||||||||||||
Cross currency swaps of C$ LIBOR debt | C$ | 2,400 | C$0.81/$ - C$1.70/$ | Oct. 2021 - Jan. 2027 | 66 |
(US$ Millions) | Derivative type | Notional | Rates | Maturity dates | Fair value | ||||||||||||
Mar. 31, 2021 | Interest rate caps | $ | 3,582 | 3.5% - 5.0% | Aug. 2021 - Feb. 2027 | $ | — | ||||||||||
Interest rate swaps on forecasted fixed rate debt | 1,285 | 2.8% - 6.4% | Jun. 2021 - Jun. 2028 | (193) | |||||||||||||
Interest rate swaps of US$ debt | 1,746 | 0.8% - 5.1% | Jun. 2021 - Mar. 2024 | (24) | |||||||||||||
Dec. 31, 2020 | Interest rate caps | $ | 3,560 | 3.0% - 5.0% | Jan. 2021 - Feb. 2027 | $ | — | ||||||||||
Interest rate swaps on forecasted fixed rate debt | 1,285 | 2.7% - 6.4% | Mar. 2021 - Jun. 2030 | (308) | |||||||||||||
Interest rate swaps of US$ debt | 1,746 | 0.8% - 5.1% | Jun. 2021 - Mar. 2024 | (32) | |||||||||||||
Interest rate swaptions | 350 | 2.0 | % | Mar. 2031 - Mar. 2031 | — |
Three months ended Mar. 31, | ||||||||
(US$ Millions) | 2021 | 2020 | ||||||
Base fee amount at 0.125% of current capitalization | $ | 30 | $ | 16 | ||||
Fee on increased market capitalization (.3125%) | 38 | 4 | ||||||
Total calculated fees | 68 | 20 | ||||||
Less credits: | ||||||||
Equity enhancement adjustment | (16) | (2) | ||||||
Creditable operating payments and other adjustments | (11) | (12) | ||||||
Total fee, subject to minimum adjusted for inflation | 41 | 6 | ||||||
Total fee, by component: | ||||||||
Base fee | 30 | 6 | ||||||
Equity enhancement adjustment | 11 | — | ||||||
Total fee | $ | 41 | $ | 6 |
(US$ Millions) | Mar. 31, 2021 | Dec. 31, 2020 | ||||||
Balances outstanding with related parties: | ||||||||
Net (payables)/receivables within equity accounted investments | (393) | (91) | ||||||
Loans and notes receivable | 8 | 50 | ||||||
Receivables and other assets | 59 | 59 | ||||||
Deposit payable to Brookfield Asset Management(1) | (1,695) | (754) | ||||||
Property-specific debt obligations | (78) | — | ||||||
Loans and notes payable and other liabilities | (351) | (313) | ||||||
Preferred shares held by Brookfield Asset Management | (15) | (15) |
Three months ended Mar. 31, | ||||||||
(US$ Millions) | 2021 | 2020 | ||||||
Transactions with related parties: | ||||||||
Commercial property revenue(1) | $ | 8 | $ | 7 | ||||
Management fee income | 7 | 10 | ||||||
Interest expense on debt obligations | 5 | 7 | ||||||
General and administrative expense(2) | 65 | 38 | ||||||
Construction costs(3) | 50 | 118 | ||||||
Incentive fees | — | 6 |
Unaudited | As at | |||||||||||||
(US$ Millions) | Note | Mar. 31, 2021 | Dec. 31, 2020 | |||||||||||
Assets | ||||||||||||||
Non-current assets | ||||||||||||||
Investment properties | 3 | $ | 72,961 | $ | 72,610 | |||||||||
Equity accounted investments | 4 | 19,903 | 19,719 | |||||||||||
Property, plant and equipment | 5 | 5,189 | 5,235 | |||||||||||
Goodwill | 6 | 1,079 | 1,080 | |||||||||||
Intangible assets | 7 | 988 | 982 | |||||||||||
Other non-current assets | 8 | 3,782 | 3,177 | |||||||||||
Loans and notes receivable | 174 | 139 | ||||||||||||
Total non-current assets | 104,076 | 102,942 | ||||||||||||
Current assets | ||||||||||||||
Loans and notes receivable | 92 | 77 | ||||||||||||
Accounts receivable and other | 9 | 1,586 | 1,871 | |||||||||||
Cash and cash equivalents | 1,635 | 2,473 | ||||||||||||
Total current assets | 3,313 | 4,421 | ||||||||||||
Assets held for sale | 10 | 285 | 588 | |||||||||||
Total assets | $ | 107,674 | $ | 107,951 | ||||||||||
Liabilities and equity | ||||||||||||||
Non-current liabilities | ||||||||||||||
Debt obligations | 11 | $ | 38,621 | $ | 41,263 | |||||||||
Capital securities | 12 | 2,132 | 2,384 | |||||||||||
Other non-current liabilities | 14 | 1,829 | 1,703 | |||||||||||
Deferred tax liabilities | 2,920 | 2,858 | ||||||||||||
Total non-current liabilities | 45,502 | 48,208 | ||||||||||||
Current liabilities | ||||||||||||||
Debt obligations | 11 | 14,619 | 13,074 | |||||||||||
Capital securities | 12 | 899 | 649 | |||||||||||
Accounts payable and other liabilities | 15 | 4,669 | 4,101 | |||||||||||
Total current liabilities | 20,187 | 17,824 | ||||||||||||
Liabilities associated with assets held for sale | 10 | 114 | 396 | |||||||||||
Total liabilities | 65,803 | 66,428 | ||||||||||||
Equity | ||||||||||||||
Limited partners | 16 | 11,706 | 11,709 | |||||||||||
General partner | 16 | 4 | 4 | |||||||||||
Preferred equity | 16 | 699 | 699 | |||||||||||
Non-controlling interests attributable to: | ||||||||||||||
Redeemable/exchangeable and special limited partnership units | 16, 17 | 12,242 | 12,249 | |||||||||||
Limited partnership units of Brookfield Office Properties Exchange LP | 16, 17 | 72 | 73 | |||||||||||
FV LTIP units of the Operating Partnership | 16, 17 | 51 | 52 | |||||||||||
Class A shares of Brookfield Property REIT Inc. (“BPYU”) | 16, 17 | 1,039 | 1,050 | |||||||||||
Interests of others in operating subsidiaries and properties | 17 | 16,058 | 15,687 | |||||||||||
Total equity | 41,871 | 41,523 | ||||||||||||
Total liabilities and equity | $ | 107,674 | $ | 107,951 |
Unaudited | Three months ended Mar. 31, | ||||||||||
(US$ Millions, except per unit amounts) | Note | 2021 | 2020 | ||||||||
Commercial property revenue | 18 | $ | 1,285 | $ | 1,404 | ||||||
Hospitality revenue | 19 | 59 | 366 | ||||||||
Investment and other revenue | 20 | 106 | 130 | ||||||||
Total revenue | 1,450 | 1,900 | |||||||||
Direct commercial property expense | 21 | 486 | 480 | ||||||||
Direct hospitality expense | 22 | 73 | 290 | ||||||||
Investment and other expense | 8 | 4 | |||||||||
Interest expense | 612 | 709 | |||||||||
Depreciation and amortization | 23 | 68 | 87 | ||||||||
General and administrative expense | 24 | 213 | 196 | ||||||||
Total expenses | 1,460 | 1,766 | |||||||||
Fair value gains (losses), net | 25 | 640 | (310) | ||||||||
Share of net earnings (losses) from equity accounted investments | 4 | 206 | (36) | ||||||||
Income (loss) before income taxes | 836 | (212) | |||||||||
Income tax expense | 13 | 105 | 161 | ||||||||
Net income (loss) | $ | 731 | $ | (373) | |||||||
Net income (loss) attributable to: | |||||||||||
Limited partners | $ | 124 | $ | (228) | |||||||
General partner | — | — | |||||||||
Non-controlling interests attributable to: | |||||||||||
Redeemable/exchangeable and special limited partnership units | 129 | (226) | |||||||||
Limited partnership units of Brookfield Office Properties Exchange LP | 1 | (1) | |||||||||
FV LTIP units of the Operating Partnership | 1 | — | |||||||||
Class A shares of Brookfield Property REIT Inc. | 11 | (31) | |||||||||
Interests of others in operating subsidiaries and properties | 465 | 113 | |||||||||
Total | $ | 731 | $ | (373) | |||||||
Net income (loss) per LP Unit: | |||||||||||
Basic | 16 | $ | 0.25 | $ | (0.49) | ||||||
Diluted | 16 | $ | 0.25 | $ | (0.49) |
Unaudited | Three months ended Mar. 31, | ||||||||||
(US$ Millions) | Note | 2021 | 2020 | ||||||||
Net income (loss) | $ | 731 | $ | (373) | |||||||
Other comprehensive income (loss) | 27 | ||||||||||
Items that may be reclassified to net income: | |||||||||||
Foreign currency translation | (70) | (354) | |||||||||
Cash flow hedges | 54 | (154) | |||||||||
Equity accounted investments | 23 | (69) | |||||||||
Items that will not be reclassified to net income: | |||||||||||
Securities - fair value through other comprehensive income ("FVTOCI") | — | 22 | |||||||||
Share of revaluation surplus on equity accounted investments | — | (21) | |||||||||
Revaluation surplus (deficit) | — | (96) | |||||||||
Total other comprehensive income (loss) | 7 | (672) | |||||||||
Total comprehensive income (loss) | $ | 738 | $ | (1,045) | |||||||
Comprehensive income (loss) attributable to: | |||||||||||
Limited partners | |||||||||||
Net income (loss) | $ | 124 | $ | (228) | |||||||
Other comprehensive income (loss) | 17 | (249) | |||||||||
141 | (477) | ||||||||||
Non-controlling interests | |||||||||||
Redeemable/exchangeable and special limited partnership units | |||||||||||
Net income (loss) | 129 | (226) | |||||||||
Other comprehensive income (loss) | 19 | (247) | |||||||||
148 | (473) | ||||||||||
Limited partnership units of Brookfield Office Properties Exchange LP | |||||||||||
Net income (loss) | 1 | (1) | |||||||||
Other comprehensive income (loss) | — | (2) | |||||||||
1 | (3) | ||||||||||
FV LTIP units of the Operating Partnership | |||||||||||
Net income (loss) | 1 | — | |||||||||
Other comprehensive income (loss) | — | (1) | |||||||||
1 | (1) | ||||||||||
Class A shares of Brookfield Property REIT Inc. | |||||||||||
Net income (loss) | 11 | (31) | |||||||||
Other comprehensive income (loss) | 2 | (34) | |||||||||
13 | (65) | ||||||||||
Interests of others in operating subsidiaries and properties | |||||||||||
Net income (loss) | 465 | 113 | |||||||||
Other comprehensive income (loss) | (31) | (139) | |||||||||
434 | (26) | ||||||||||
Total comprehensive income (loss) | $ | 738 | $ | (1,045) |
Limited partners | General partner | Preferred Equity | Non-controlling interests | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unaudited (US$ Millions) | Capital | Retained earnings | Ownership Changes | Accumulated other comprehensive (loss) income | Total limited partners equity | Capital | Retained earnings | Ownership Changes | Accumulated other comprehensive (loss) income | Total general partner equity | Total preferred equity | Redeemable / exchangeable and special limited partnership units | Limited partnership units of Brookfield Office Properties Exchange LP | FV LTIP units of the Operating Partnership | Class A shares of Brookfield Property REIT Inc. | Interests of others in operating subsidiaries and properties | Total equity | |||||||||||||||||||||||||||||||||||||||||||||
Balance as at Dec. 31, 2020 | $ | 8,562 | $ | 486 | $ | 3,010 | $ | (349) | $ | 11,709 | $ | 4 | $ | 2 | $ | (1) | $ | (1) | $ | 4 | $ | 699 | $ | 12,249 | $ | 73 | $ | 52 | $ | 1,050 | $ | 15,687 | $ | 41,523 | ||||||||||||||||||||||||||||
Net income | — | 124 | — | 124 | — | — | — | — | — | — | 129 | 1 | 1 | 11 | 465 | 731 | ||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | — | — | — | 17 | 17 | — | — | — | — | — | — | 19 | — | — | 2 | (31) | 7 | |||||||||||||||||||||||||||||||||||||||||||||
Total comprehensive income | — | 124 | — | 17 | 141 | — | — | — | — | — | — | 148 | 1 | 1 | 13 | 434 | 738 | |||||||||||||||||||||||||||||||||||||||||||||
Distributions | — | (145) | — | — | (145) | — | — | — | — | — | — | (152) | (1) | (1) | (13) | (768) | (1,080) | |||||||||||||||||||||||||||||||||||||||||||||
Preferred distributions | — | (6) | — | — | (6) | — | — | — | — | — | — | (5) | — | — | — | — | (11) | |||||||||||||||||||||||||||||||||||||||||||||
Issuance / repurchase of interests in operating subsidiaries | 2 | (11) | 14 | — | 5 | — | — | — | — | — | — | 7 | — | 1 | (17) | 705 | 701 | |||||||||||||||||||||||||||||||||||||||||||||
Exchange of exchangeable units | 2 | — | 1 | — | 3 | — | — | — | — | — | — | 1 | (4) | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Change in relative interests of non-controlling interests | — | — | (1) | — | (1) | — | — | — | — | — | — | (6) | 3 | (2) | 6 | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Balance as at Mar. 31, 2021 | $ | 8,566 | $ | 448 | $ | 3,024 | $ | (332) | $ | 11,706 | $ | 4 | $ | 2 | $ | (1) | $ | (1) | $ | 4 | $ | 699 | $ | 12,242 | $ | 72 | $ | 51 | $ | 1,039 | $ | 16,058 | $ | 41,871 | ||||||||||||||||||||||||||||
Balance as at Dec. 31, 2019 | $ | 9,257 | $ | 2,539 | $ | 1,960 | $ | (482) | $ | 13,274 | $ | 4 | $ | 2 | $ | (1) | $ | (1) | $ | 4 | $ | 420 | $ | 13,200 | $ | 87 | $ | 35 | $ | 1,930 | $ | 15,985 | $ | 44,935 | ||||||||||||||||||||||||||||
Net (loss) income | — | (228) | — | — | (228) | — | — | — | — | — | — | (226) | (1) | — | (31) | 113 | (373) | |||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive (loss) | — | — | — | (249) | (249) | — | — | — | — | — | — | (247) | (2) | (1) | (34) | (139) | (672) | |||||||||||||||||||||||||||||||||||||||||||||
Total comprehensive (loss) | — | (228) | — | (249) | (477) | — | — | — | — | — | — | (473) | (3) | (1) | (65) | (26) | (1,045) | |||||||||||||||||||||||||||||||||||||||||||||
Distributions | — | (146) | — | — | (146) | — | — | — | — | — | — | (144) | (1) | — | (20) | (118) | (429) | |||||||||||||||||||||||||||||||||||||||||||||
Preferred distributions | — | (4) | — | — | (4) | — | — | — | — | — | — | (3) | — | — | — | — | (7) | |||||||||||||||||||||||||||||||||||||||||||||
Issuance / repurchase of interest in operating subsidiaries | (158) | 1 | 57 | — | (100) | — | — | — | — | — | 279 | 3 | — | 1 | (1) | 155 | 337 | |||||||||||||||||||||||||||||||||||||||||||||
Exchange of exchangeable units | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Conversion of Class A shares of Brookfield Property REIT Inc. | 110 | — | 111 | — | 221 | — | — | — | — | — | — | — | — | — | (221) | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Change in relative interest of non-controlling interests | — | — | (62) | (5) | (67) | — | — | — | — | — | — | 54 | — | 20 | (7) | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Balance as at Mar. 31, 2020 | $ | 9,209 | $ | 2,162 | $ | 2,066 | $ | (736) | $ | 12,701 | $ | 4 | $ | 2 | $ | (1) | $ | (1) | $ | 4 | $ | 699 | $ | 12,637 | $ | 83 | $ | 55 | $ | 1,616 | $ | 15,996 | $ | 43,791 |
Unaudited | Three Months Ended Mar. 31, | |||||||||||||
(US$ Millions) | Note | 2021 | 2020 | |||||||||||
Operating activities | ||||||||||||||
Net income (loss) | $ | 731 | $ | (373) | ||||||||||
Share of equity accounted (earnings) losses, net of distributions | (155) | 141 | ||||||||||||
Fair value (gains) losses, net | 25 | (640) | 310 | |||||||||||
Deferred income tax expense | 13 | 79 | 136 | |||||||||||
Depreciation and amortization | 23 | 68 | 87 | |||||||||||
Working capital and other | 916 | 72 | ||||||||||||
999 | 373 | |||||||||||||
Financing activities | ||||||||||||||
Debt obligations, issuance | 2,477 | 3,952 | ||||||||||||
Debt obligations, repayments | (3,353) | (3,362) | ||||||||||||
Capital securities redeemed | (1) | — | ||||||||||||
Preferred equity issued | — | 279 | ||||||||||||
Non-controlling interests, issued | 748 | 89 | ||||||||||||
Non-controlling interests, purchased | — | (29) | ||||||||||||
Repayment of lease liabilities | (6) | (4) | ||||||||||||
Limited partnership units, repurchased | (18) | (101) | ||||||||||||
Class A shares of Brookfield Property REIT Inc., repurchased | — | (18) | ||||||||||||
Distributions to non-controlling interests in operating subsidiaries | (736) | (122) | ||||||||||||
Preferred distributions | (11) | (7) | ||||||||||||
Distributions to limited partnership unitholders | (145) | (146) | ||||||||||||
Distributions to redeemable/exchangeable and special limited partnership unitholders | (152) | (144) | ||||||||||||
Distributions to holders of Brookfield Office Properties Exchange LP units | (1) | (1) | ||||||||||||
Distributions to holders of FV LTIP units of the Operating Partnership | (1) | — | ||||||||||||
Distributions to holders of Class A shares of Brookfield Property REIT Inc. | (13) | (20) | ||||||||||||
(1,212) | 366 | |||||||||||||
Investing activities | ||||||||||||||
Acquisitions | ||||||||||||||
Investment properties | (582) | (583) | ||||||||||||
Property, plant and equipment | (27) | (63) | ||||||||||||
Equity accounted investments | (104) | (89) | ||||||||||||
Financial assets and other | (424) | (390) | ||||||||||||
Dispositions | ||||||||||||||
Investment properties | 198 | 201 | ||||||||||||
Property, plant and equipment | — | 2 | ||||||||||||
Equity accounted investments | 67 | 51 | ||||||||||||
Financial assets and other | 370 | 499 | ||||||||||||
Restricted cash and deposits | (112) | 13 | ||||||||||||
(614) | (359) | |||||||||||||
Cash and cash equivalents | ||||||||||||||
Net change in cash and cash equivalents during the period | (827) | 380 | ||||||||||||
Effect of exchange rate fluctuations on cash and cash equivalents held in foreign currencies | (11) | (42) | ||||||||||||
Balance, beginning of period | 2,473 | 1,438 | ||||||||||||
Balance, end of period | $ | 1,635 | $ | 1,776 | ||||||||||
Supplemental cash flow information | ||||||||||||||
Cash paid for: | ||||||||||||||
Income taxes, net of refunds received | $ | 19 | $ | 21 | ||||||||||
Interest (excluding dividends on capital securities) | $ | 546 | $ | 827 |
Three months ended Mar. 31, 2021 | Year ended Dec. 31, 2020 | |||||||||||||||||||
(US$ Millions) | Commercial properties | Commercial developments | Total | Commercial properties | Commercial developments | Total | ||||||||||||||
Balance, beginning of period | $ | 70,294 | $ | 2,316 | $ | 72,610 | $ | 71,565 | $ | 3,946 | $ | 75,511 | ||||||||
Changes resulting from: | ||||||||||||||||||||
Property acquisitions | 157 | 12 | 169 | 647 | 108 | 755 | ||||||||||||||
Capital expenditures | 207 | 199 | 406 | 1,140 | 857 | 1,997 | ||||||||||||||
Property dispositions(1) | (127) | (344) | (471) | (2,339) | (21) | (2,360) | ||||||||||||||
Fair value gains (losses), net | 444 | 29 | 473 | (1,607) | 219 | (1,388) | ||||||||||||||
Foreign currency translation | (111) | 6 | (105) | 322 | (44) | 278 | ||||||||||||||
Transfer between commercial properties and commercial developments | 52 | (52) | — | 2,709 | (2,709) | — | ||||||||||||||
Reclassifications to assets held for sale and other changes | (121) | — | (121) | (2,143) | (40) | (2,183) | ||||||||||||||
Balance, end of period(2) | $ | 70,795 | $ | 2,166 | $ | 72,961 | $ | 70,294 | $ | 2,316 | $ | 72,610 |
Mar. 31, 2021 | Dec. 31, 2020 | ||||||||||||||||||||||
Consolidated properties | Primary valuation method | Discount rate | Terminal capitalization rate | Investment horizon (years) | Discount rate | Terminal capitalization rate | Investment horizon (years) | ||||||||||||||||
Core Office | |||||||||||||||||||||||
United States | Discounted cash flow | 6.9 | % | 5.6 | % | 12 | 6.9 | % | 5.6 | % | 12 | ||||||||||||
Canada | Discounted cash flow | 5.9 | % | 5.2 | % | 10 | 5.9 | % | 5.2 | % | 10 | ||||||||||||
Australia | Discounted cash flow | 6.6 | % | 5.7 | % | 10 | 6.6 | % | 5.7 | % | 10 | ||||||||||||
Europe | Discounted cash flow | 5.2 | % | 3.8 | % | 10 | 5.2 | % | 3.8 | % | 10 | ||||||||||||
Brazil | Discounted cash flow | 7.6 | % | 7.0 | % | 10 | 7.6 | % | 7.0 | % | 10 | ||||||||||||
Core Retail | Discounted cash flow | 7.0 | % | 5.3 | % | 10 | 7.0 | % | 5.3 | % | 10 | ||||||||||||
LP Investments- Office | Discounted cash flow | 9.7 | % | 7.1 | % | 7 | 9.7 | % | 7.2 | % | 7 | ||||||||||||
LP Investments- Retail | Discounted cash flow | 8.6 | % | 7.0 | % | 10 | 8.7 | % | 7.0 | % | 10 | ||||||||||||
Mixed-use | Discounted cash flow | 7.3 | % | 5.2 | % | 10 | 7.3 | % | 5.2 | % | 10 | ||||||||||||
Multifamily(1) | Direct capitalization | 4.9 | % | n/a | n/a | 4.9 | % | n/a | n/a | ||||||||||||||
Triple Net Lease(1) | Direct capitalization | 6.3 | % | n/a | n/a | 6.2 | % | n/a | n/a | ||||||||||||||
Student Housing(1) | Direct capitalization | 4.9 | % | n/a | n/a | 4.9 | % | n/a | n/a | ||||||||||||||
Manufactured Housing(1) | Direct capitalization | 4.6 | % | n/a | n/a | 4.8 | % | n/a | n/a |
Mar. 31, 2021 | Dec. 31, 2020 | |||||||||||||||||||||||||
Level 3 | Level 3 | |||||||||||||||||||||||||
(US$ Millions) | Level 1 | Level 2 | Commercial properties | Commercial developments | Level 1 | Level 2 | Commercial properties | Commercial developments | ||||||||||||||||||
Core Office | ||||||||||||||||||||||||||
United States | $ | — | $ | — | $ | 14,729 | $ | 456 | $ | — | $ | — | $ | 14,682 | $ | 411 | ||||||||||
Canada | — | — | 4,776 | 64 | — | — | 4,721 | 381 | ||||||||||||||||||
Australia | — | — | 2,362 | 398 | — | — | 2,366 | 365 | ||||||||||||||||||
Europe | — | — | 2,562 | 258 | — | — | 2,526 | 173 | ||||||||||||||||||
Brazil | — | — | 294 | — | — | — | 309 | — | ||||||||||||||||||
Core Retail | — | — | 20,043 | — | — | — | 20,324 | — | ||||||||||||||||||
LP Investments | ||||||||||||||||||||||||||
LP Investments- Office | — | — | 8,172 | 751 | — | — | 7,946 | 781 | ||||||||||||||||||
LP Investments- Retail | — | — | 2,427 | — | — | — | 2,538 | — | ||||||||||||||||||
Hospitality | — | — | 89 | — | — | — | 84 | — | ||||||||||||||||||
Mixed-Use | — | — | 3,022 | — | — | — | 3,096 | — | ||||||||||||||||||
Multifamily | — | — | 2,512 | — | — | — | 2,442 | |||||||||||||||||||
Triple Net Lease | — | — | 3,742 | — | — | — | 3,719 | |||||||||||||||||||
Student Housing | — | — | 2,828 | 239 | — | — | 2,757 | 205 | ||||||||||||||||||
Manufactured Housing | — | — | 3,237 | — | — | — | 2,784 | — | ||||||||||||||||||
Total | $ | — | $ | — | $ | 70,795 | $ | 2,166 | $ | — | $ | — | $ | 70,294 | $ | 2,316 |
Mar. 31, 2021 | |||||
(US$ Millions) | Impact on fair value of commercial properties | ||||
Core Office | |||||
United States | 750 | ||||
Canada | 223 | ||||
Australia | 169 | ||||
Europe | 156 | ||||
Brazil | 2 | ||||
Core Retail | 1,082 | ||||
LP Investments | |||||
LP Investments- Office | 392 | ||||
LP Investments- Retail | 145 | ||||
Mixed-use | 155 | ||||
Multifamily | 120 | ||||
Triple Net Lease | 143 | ||||
Student Housing | 125 | ||||
Manufactured Housing | 165 | ||||
Total | $ | 3,627 |
Proportion of ownership interests | Carrying value | |||||||||||||||||||
(US$ Millions) | Principal activity | Principal place of business | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2021 | Dec. 31, 2020 | ||||||||||||||
Joint Ventures | ||||||||||||||||||||
Canary Wharf Joint Venture(1) | Property holding company | United Kingdom | 50 | % | 50 | % | $ | 3,569 | $ | 3,440 | ||||||||||
Manhattan West, New York | Property holding company | United States | 56 | % | 56 | % | 2,174 | 2,122 | ||||||||||||
Ala Moana Center, Hawaii | Property holding company | United States | 50 | % | 50 | % | 1,866 | 1,862 | ||||||||||||
BPYU JV Pool A | Property holding company | United States | 50 | % | 50 | % | 1,734 | 1,723 | ||||||||||||
BPYU JV Pool B | Property holding company | United States | 51 | % | 51 | % | 1,093 | 1,121 | ||||||||||||
Fashion Show, Las Vegas | Property holding company | United States | 50 | % | 50 | % | 834 | 835 | ||||||||||||
Grace Building, New York | Property holding company | United States | 50 | % | 50 | % | 699 | 676 | ||||||||||||
BPYU JV Pool C | Property holding company | United States | 50 | % | 50 | % | 683 | 692 | ||||||||||||
BPYU JV Pool D | Property holding company | United States | 48 | % | 48 | % | 546 | 548 | ||||||||||||
Southern Cross East, Melbourne | Property holding company | Australia | 50 | % | 50 | % | 428 | 433 | ||||||||||||
The Grand Canal Shoppes, Las Vegas | Property holding company | United States | 50 | % | 50 | % | 413 | 416 | ||||||||||||
One Liberty Plaza, New York | Property holding company | United States | 51 | % | 51 | % | 404 | 382 | ||||||||||||
680 George Street, Sydney | Property holding company | Australia | 50 | % | 50 | % | 382 | 375 | ||||||||||||
The Mall in Columbia, Maryland | Property holding company | United States | 50 | % | 50 | % | 298 | 298 | ||||||||||||
Potsdamer Platz, Berlin | Property holding company | Germany | 25 | % | 25 | % | 260 | 255 | ||||||||||||
Brookfield D.C. Office Partners LLC ("D.C. Venture"), Washington, D.C. | Property holding company | United States | 51 | % | 51 | % | 257 | 257 | ||||||||||||
BPYU JV Pool G | Property holding company | United States | 68 | % | 68 | % | 254 | 251 | ||||||||||||
BPYU JV Pool F | Property holding company | United States | 51 | % | 51 | % | 253 | 253 | ||||||||||||
Shops at La Cantera, Texas | Property holding company | United States | 50 | % | 50 | % | 250 | 249 | ||||||||||||
Baybrook Mall, Texas | Property holding company | United States | 51 | % | 51 | % | 250 | 251 | ||||||||||||
Brookfield Brazil Retail Fundo de Investimento em Participaçõe (“Brazil Retail”) | Holding company | Brazil | 46 | % | 46 | % | 229 | 251 | ||||||||||||
Miami Design District, Florida | Property holding company | United States | 22 | % | 22 | % | 227 | 238 | ||||||||||||
Other(2) | Various | Various | 15% - 55% | 14% - 55% | 2,538 | 2,510 | ||||||||||||||
19,641 | 19,438 | |||||||||||||||||||
Associates | ||||||||||||||||||||
Various | Various | Various | 31% -31% | 16% - 31% | 262 | 281 | ||||||||||||||
262 | 281 | |||||||||||||||||||
Total | $ | 19,903 | $ | 19,719 |
Three months ended | Year ended | |||||||
(US$ Millions) | Mar. 31, 2021 | Dec. 31, 2020 | ||||||
Equity accounted investments, beginning of period | $ | 19,719 | $ | 20,764 | ||||
Additions(1) | 104 | 522 | ||||||
Disposals and return of capital distributions | (67) | (108) | ||||||
Share of net earnings (losses) from equity accounted investments | 206 | (749) | ||||||
Distributions received | (51) | (618) | ||||||
Foreign currency translation | (12) | 107 | ||||||
Reclassification from (to) assets held for sale(2) | — | 121 | ||||||
Other comprehensive income and other | 4 | (320) | ||||||
Equity accounted investments, end of period | $ | 19,903 | $ | 19,719 |
Mar. 31, 2021 | Dec. 31, 2020 | ||||||||||||||||||||||
Equity accounted investments | Primary valuation method | Discount rate | Terminal capitalization rate | Investment horizon (yrs) | Discount rate | Terminal capitalization rate | Investment horizon (yrs) | ||||||||||||||||
Core Office | |||||||||||||||||||||||
United States | Discounted cash flow | 6.4 | % | 4.7 | % | 11 | 6.4 % | 4.7 % | 11 | ||||||||||||||
Australia | Discounted cash flow | 6.3 | % | 5.3 | % | 10 | 6.3 % | 5.3 % | 10 | ||||||||||||||
Europe | Discounted cash flow | 5.6 | % | 4.7 | % | 10 | 5.6 % | 4.7 | % | 10 | |||||||||||||
Core Retail | |||||||||||||||||||||||
United States | Discounted cash flow | 6.4 | % | 4.9 | % | 10 | 6.3 % | 4.9 | % | 10 | |||||||||||||
LP Investments - Office | Discounted cash flow | 6.0 | % | 5.3 | % | 10 | 6.0 % | 5.3 % | 10 | ||||||||||||||
LP Investments - Retail | Discounted cash flow | 7.4 | % | 6.1 | % | 10 | 7.4 % | 6.1 % | 10 | ||||||||||||||
Multifamily(1) | Direct capitalization | 4.3 | % | n/a | n/a | 4.3 % | n/a | n/a |
(US$ Millions) | Mar. 31, 2021 | Dec. 31, 2020 | ||||||
Non-current assets | $ | 77,759 | $ | 77,818 | ||||
Current assets | 4,400 | 5,054 | ||||||
Total assets | 82,159 | 82,872 | ||||||
Non-current liabilities | 34,314 | 34,509 | ||||||
Current liabilities | 6,252 | 5,886 | ||||||
Total liabilities | 40,566 | 40,395 | ||||||
Net assets | 41,593 | 42,477 | ||||||
Partnership’s share of net assets | $ | 19,903 | $ | 19,719 |
Three months ended Mar. 31, | ||||||||
(US$ Millions) | 2021 | 2020 | ||||||
Revenue | $ | 1,024 | $ | 1,243 | ||||
Expenses | 823 | 826 | ||||||
Income from equity accounted investments(1) | 8 | 18 | ||||||
Income before fair value gains, net | 209 | 435 | ||||||
Fair value gains (losses), net | 210 | (480) | ||||||
Net income (loss) | 419 | (45) | ||||||
Partnership’s share of net earnings (losses) | $ | 206 | $ | (36) |
Hospitality assets by class | Useful life (in years) | ||||
Building and building improvements | 5 to 50+ | ||||
Land improvements | 15 | ||||
Furniture, fixtures and equipment | 3 to 10 |
(US$ Millions) | Mar. 31, 2021 | Dec. 31, 2020 | ||||||
Cost: | ||||||||
Balance at the beginning of period | $ | 5,575 | $ | 7,246 | ||||
Additions | 30 | 164 | ||||||
Disposals | (4) | (75) | ||||||
Foreign currency translation | — | 142 | ||||||
Impact of deconsolidation due to loss of control and other(1) | (11) | (1,902) | ||||||
5,590 | 5,575 | |||||||
Accumulated fair value changes: | ||||||||
Balance at the beginning of period | 488 | 1,343 | ||||||
Revaluation (losses) gains, net(2)(3) | — | (130) | ||||||
Impact of deconsolidation due to loss of control and other(1) | — | (729) | ||||||
Disposals | — | 13 | ||||||
Provision for impairment(2) | — | (15) | ||||||
Foreign currency translation | 2 | 6 | ||||||
490 | 488 | |||||||
Accumulated depreciation: | ||||||||
Balance at the beginning of period | (828) | (1,311) | ||||||
Depreciation | (65) | (306) | ||||||
Disposals | 2 | 28 | ||||||
Foreign currency translation | (1) | (25) | ||||||
Impact of deconsolidation due to loss of control and other(1) | 1 | 786 | ||||||
(891) | (828) | |||||||
Total property, plant and equipment(4) | $ | 5,189 | $ | 5,235 |
Intangible assets by class | Useful life (in years) | ||||
Trademarks | Indefinite | ||||
Other | 4 to 7 |
(US$ Millions) | Mar. 31, 2021 | Dec. 31, 2020 | ||||||
Cost | $ | 1,024 | $ | 1,016 | ||||
Accumulated amortization | (36) | (34) | ||||||
Balance, end of period | $ | 988 | $ | 982 |
(US$ Millions) | Mar. 31, 2021 | Dec. 31, 2020 | ||||||
Balance, beginning of period | $ | 982 | $ | 1,162 | ||||
Acquisitions | — | 6 | ||||||
Amortization | (3) | (12) | ||||||
Impairment losses | — | (18) | ||||||
Foreign currency translation | 9 | 30 | ||||||
Impact of deconsolidation due to loss of control and other(1) | — | (186) | ||||||
Balance, end of period | $ | 988 | $ | 982 |
(US$ Millions) | Mar. 31, 2021 | Dec. 31, 2020 | ||||||
Securities - FVTPL | $ | 2,067 | $ | 1,612 | ||||
Derivative assets | 96 | 72 | ||||||
Securities - FVTOCI | 85 | 86 | ||||||
Restricted cash | 308 | 241 | ||||||
Inventory(1) | 941 | 877 | ||||||
Other | 285 | 289 | ||||||
Total other non-current assets | $ | 3,782 | $ | 3,177 |
(US$ Millions) | Mar. 31, 2021 | Dec. 31, 2020 | ||||||
Derivative assets | $ | 116 | $ | 164 | ||||
Accounts receivable(1) - net of expected credit loss of $122 million (December 31, 2020 - $114 million) | 603 | 753 | ||||||
Restricted cash and deposits | 347 | 292 | ||||||
Prepaid expenses | 303 | 330 | ||||||
Other current assets | 217 | 332 | ||||||
Total accounts receivable and other | $ | 1,586 | $ | 1,871 |
(US$ Millions) | Mar. 31, 2021 | Dec. 31, 2020 | ||||||
Investment properties | $ | 181 | $ | 481 | ||||
Equity accounted investments | 102 | 102 | ||||||
Accounts receivable and other assets | 2 | 5 | ||||||
Assets held for sale | 285 | 588 | ||||||
Debt obligations | 113 | 380 | ||||||
Accounts payable and other liabilities | 1 | 16 | ||||||
Liabilities associated with assets held for sale | $ | 114 | $ | 396 |
(US$ Millions) | Mar. 31, 2021 | Dec. 31, 2020 | ||||||
Balance, beginning of period | $ | 588 | $ | 387 | ||||
Reclassification to (from) assets held for sale, net | 120 | 2,381 | ||||||
Disposals | (422) | (2,222) | ||||||
Fair value adjustments | — | 9 | ||||||
Foreign currency translation | — | 20 | ||||||
Other | (1) | 13 | ||||||
Balance, end of period | $ | 285 | $ | 588 |
Mar. 31, 2021 | Dec. 31, 2020 | |||||||||||||
(US$ Millions) | Weighted-average rate | Debt balance | Weighted-average rate | Debt balance | ||||||||||
Unsecured facilities: | ||||||||||||||
Brookfield Property Partners’ credit facilities | 1.71 | % | 723 | 1.75 | % | 1,357 | ||||||||
Brookfield Property Partners’ corporate bonds | 4.14 | % | 1,915 | 4.14 | % | 1,890 | ||||||||
Brookfield Property REIT Inc. term debt | 2.86 | % | 3,966 | 2.90 | % | 3,976 | ||||||||
Brookfield Property REIT Inc. senior secured notes | 5.75 | % | 945 | 5.75 | % | 945 | ||||||||
Brookfield Property REIT Inc. corporate facility | 2.36 | % | 985 | 2.41 | % | 1,015 | ||||||||
Brookfield Property REIT Inc. junior subordinated notes | 1.66 | % | 206 | 1.66 | % | 206 | ||||||||
Subsidiary borrowings | 1.65 | % | 237 | 1.69 | % | 196 | ||||||||
Secured debt obligations: | ||||||||||||||
Funds subscription credit facilities(1) | 2.51 | % | 373 | 2.51 | % | 315 | ||||||||
Fixed rate | 4.26 | % | 27,783 | 4.27 | % | 28,446 | ||||||||
Variable rate | 3.46 | % | 16,479 | 3.61 | % | 16,629 | ||||||||
Deferred financing costs | (259) | (258) | ||||||||||||
Total debt obligations | $ | 53,353 | $ | 54,717 | ||||||||||
Current | 14,619 | 13,074 | ||||||||||||
Non-current | 38,621 | 41,263 | ||||||||||||
Debt associated with assets held for sale | 113 | 380 | ||||||||||||
Total debt obligations | $ | 53,353 | $ | 54,717 |
Mar. 31, 2021 | Dec. 31, 2020 | |||||||||||||||||||
(Millions) | U.S. Dollars | Local currency | U.S. Dollars | Local currency | ||||||||||||||||
U.S. Dollars | $ | 36,545 | $ | 36,545 | $ | 37,413 | $ | 37,413 | ||||||||||||
British Pounds | 6,926 | £ | 5,025 | 6,809 | £ | 4,981 | ||||||||||||||
Canadian Dollars | 4,369 | C$ | 5,488 | 4,408 | C$ | 5,613 | ||||||||||||||
South Korean Won | 2,022 | ₩ | 2,280,000 | 2,093 | ₩ | 2,280,000 | ||||||||||||||
Australian Dollars | 1,462 | A$ | 1,924 | 1,473 | A$ | 1,914 | ||||||||||||||
Indian Rupee | 1,800 | Rs | 131,403 | 2,257 | Rs | 164,753 | ||||||||||||||
Brazilian Reais | 164 | R$ | 935 | 180 | R$ | 936 | ||||||||||||||
Chinese Yuan | 25 | C¥ | 162 | 22 | C¥ | 143 | ||||||||||||||
Euros | 299 | € | 255 | 320 | € | 262 | ||||||||||||||
Deferred financing costs | (259) | (258) | ||||||||||||||||||
Total debt obligations | $ | 53,353 | $ | 54,717 |
Non-cash changes in debt obligations | |||||||||||||||||||||||
(US$ Millions) | Dec. 31, 2020 | Debt obligation issuance, net of repayments | Assumed by purchaser | Amortization of deferred financing costs and (premium) discount | Foreign currency translation | Other | Mar. 31, 2021 | ||||||||||||||||
Debt obligations | $ | 54,717 | (876) | (301) | 6 | (1) | (192) | $ | 53,353 |
(US$ Millions) | Shares outstanding | Cumulative dividend rate | Mar. 31, 2021 | Dec. 31, 2020 | ||||||||||
Operating Partnership Class A Preferred Equity Units: | ||||||||||||||
Series 1 | 24,000,000 | 6.25 | % | $ | 589 | $ | 586 | |||||||
Series 2 | 24,000,000 | 6.50 | % | 557 | 555 | |||||||||
Series 3 | 24,000,000 | 6.75 | % | 540 | 538 | |||||||||
Brookfield Office Properties Inc. (“BPO”) Class B Preferred Shares: | ||||||||||||||
Series 1(1) | 3,600,000 | 70% of bank prime | — | — | ||||||||||
Series 2(1) | 3,000,000 | 70% of bank prime | — | — | ||||||||||
Brookfield Property Split Corp. (“BOP Split”) Senior Preferred Shares: | ||||||||||||||
Series 1 | 842,534 | 5.25 | % | 21 | 21 | |||||||||
Series 2 | 556,746 | 5.75 | % | 11 | 11 | |||||||||
Series 3 | 789,718 | 5.00 | % | 16 | 16 | |||||||||
Series 4 | 594,994 | 5.20 | % | 12 | 12 | |||||||||
BSREP II RH B LLC (“Manufactured Housing”) Preferred Capital | — | 9.00 | % | 248 | 249 | |||||||||
Rouse Properties L.P. (“Rouse”) Series A Preferred Shares | 5,600,000 | 5.00 | % | 142 | 142 | |||||||||
BSREP II Vintage Estate Partners LLC ("Vintage Estate") Preferred Shares | 10,000 | 5.00 | % | 40 | 40 | |||||||||
Capital Securities – Fund Subsidiaries | 855 | 863 | ||||||||||||
Total capital securities | $ | 3,031 | $ | 3,033 | ||||||||||
Current | 899 | 649 | ||||||||||||
Non-current | 2,132 | 2,384 | ||||||||||||
Total capital securities | $ | 3,031 | $ | 3,033 |
Non-cash changes on capital securities | ||||||||||||||||||||
(US$ Millions) | Dec. 31, 2020 | Capital securities redeemed | Fair value changes | Foreign currency translation | Other | Mar. 31, 2021 | ||||||||||||||
Capital securities | $ | 3,033 | $ | (1) | $ | 10 | $ | (1) | $ | (11) | $ | 3,031 |
Three months ended Mar. 31, | ||||||||
(US$ Millions) | 2021 | 2020 | ||||||
Current income tax | $ | 26 | $ | 25 | ||||
Deferred income tax | 79 | 136 | ||||||
Income tax expense (benefit) | $ | 105 | $ | 161 |
(US$ Millions) | Mar. 31, 2021 | Dec. 31, 2020 | ||||||
Accounts payable and accrued liabilities | $ | 573 | $ | 437 | ||||
Lease liabilities(1) | 892 | 875 | ||||||
Derivative liabilities | 253 | 272 | ||||||
Provisions | 99 | 105 | ||||||
Deferred revenue | 12 | 14 | ||||||
Total other non-current liabilities | $ | 1,829 | $ | 1,703 |
(US$ Millions) | Mar. 31, 2021 | Dec. 31, 2020 | ||||||
Accounts payable and accrued liabilities | $ | 1,856 | $ | 2,094 | ||||
Loans and notes payable(1) | 2,013 | 1,062 | ||||||
Derivative liabilities | 220 | 416 | ||||||
Deferred revenue | 496 | 441 | ||||||
Lease liabilities(2) | 41 | 43 | ||||||
Other liabilities | 43 | 45 | ||||||
Total accounts payable and other liabilities | $ | 4,669 | $ | 4,101 |
General partnership units | Limited partnership units | |||||||||||||
(Thousands of units) | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2021 | Dec. 31, 2020 | ||||||||||
Outstanding, beginning of period | 139 | 139 | 435,980 | 439,802 | ||||||||||
Exchange LP Units exchanged | — | 53 | 169 | |||||||||||
BPYU Units exchanged | — | — | 11,580 | |||||||||||
Distribution Reinvestment Program | — | — | 123 | 998 | ||||||||||
Issued under unit-based compensation plan | — | — | 1 | — | ||||||||||
LP Units issued | — | — | — | 59,497 | ||||||||||
Repurchase of LP Units | — | — | — | (76,066) | ||||||||||
Outstanding, end of period | 139 | 139 | 436,157 | 435,980 |
Limited Partnership Units of Brookfield Office Properties Exchange LP | ||||||||
(Thousands of units) | Mar. 31, 2021 | Dec. 31, 2020 | ||||||
Outstanding, beginning of period | 2,714 | 2,883 | ||||||
Exchange LP Units exchanged(1) | (53) | (169) | ||||||
Outstanding, end of period | 2,661 | 2,714 |
Class A shares of Brookfield Property REIT Inc. | ||||||||
(Thousands of units) | Mar. 31, 2021 | Dec. 31, 2020 | ||||||
Outstanding, beginning of period | 39,127 | 64,025 | ||||||
BPYU Units exchanged(1) | — | (11,580) | ||||||
Repurchases of BPYU Units | (842) | (13,396) | ||||||
BPYU Units vested | 377 | 84 | ||||||
Forfeitures | — | (6) | ||||||
Outstanding, end of period(2) | 38,662 | 39,127 |
Three months ended Mar. 31, | ||||||||
(US$ Millions, except per unit information) | 2021 | 2020 | ||||||
Limited Partners | $ | 145 | $ | 146 | ||||
Holders of: | ||||||||
Redeemable/Exchangeable Partnership Units | 150 | 142 | ||||||
Special LP Units | 2 | 2 | ||||||
Exchange LP Units | 1 | 1 | ||||||
FV LTIP Units | 1 | — | ||||||
BPYU Units | 13 | 20 | ||||||
Total | $ | 312 | $ | 311 | ||||
Per unit(1) | $ | 0.3325 | $ | 0.3325 |
Three months ended Mar. 31, | ||||||||
(US$ Millions, except unit information) | 2021 | 2020 | ||||||
Net income (loss) attributable to limited partners | $ | 124 | $ | (228) | ||||
Income (loss) reallocation related to mandatorily convertible preferred shares | 9 | (17) | ||||||
Less: Preferred unit dividends attributable to limited partners | (6) | (5) | ||||||
Net income (loss) attributable to limited partners – basic | 127 | (250) | ||||||
Dilutive effect of conversion of preferred shares and options | — | — | ||||||
Net income (loss) attributable to limited partners – diluted | $ | 127 | $ | (250) | ||||
(in millions of units/shares) | ||||||||
Weighted average number of LP Units outstanding | 436.0 | 440.7 | ||||||
Mandatorily convertible preferred shares | 70.1 | 70.1 | ||||||
Weighted average number of LP Units - basic | 506.1 | 510.8 | ||||||
Dilutive effect of the conversion of preferred shares and options(1) | — | — | ||||||
Weighted average number of LP units outstanding - diluted | 506.1 | 510.8 |
(US$ Millions) | Mar. 31, 2021 | Dec. 31, 2020 | ||||||
Redeemable/Exchangeable Partnership Units and Special LP Units(1) | $ | 12,242 | $ | 12,249 | ||||
Exchange LP Units(1) | 72 | 73 | ||||||
FV LTIP Units(1) | 51 | 52 | ||||||
BPYU Units(1) | 1,039 | 1,050 | ||||||
Interests of others in operating subsidiaries and properties: | ||||||||
Preferred shares held by Brookfield Asset Management | 15 | 15 | ||||||
Preferred equity of subsidiaries | 3,001 | 3,000 | ||||||
Non-controlling interests in subsidiaries and properties | 13,042 | 12,672 | ||||||
Total interests of others in operating subsidiaries and properties | 16,058 | 15,687 | ||||||
Total non-controlling interests | $ | 29,462 | $ | 29,111 |
Proportion of economic interests held by non-controlling interests | |||||||||||||||||
(US$ Millions) | Jurisdiction of formation | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2021 | Dec. 31, 2020 | ||||||||||||
BPO(1) | Canada | — | % | — | % | $ | 4,807 | $ | 4,758 | ||||||||
BPR Retail Holdings LLC(2) | United States | — | % | — | % | 1,503 | 1,537 | ||||||||||
BSREP II MH Holdings LLC(3) | United States | 74 | % | 74 | % | 1,323 | 998 | ||||||||||
BSREP II PBSA Ltd.(3) | Bermuda | 75 | % | 75 | % | 985 | 961 | ||||||||||
BSREP CARS Sub-Pooling LLC(3) | United States | 74 | % | 74 | % | 822 | 889 | ||||||||||
Brookfield India Real Estate Trust(3)(4) | India | 82 | % | — | % | 728 | — | ||||||||||
BSREP II Korea Office Holdings Pte. Ltd.(3) | United Kingdom | 78 | % | 78 | % | 629 | 627 | ||||||||||
BSREP II Aries Pooling LLC(3) | United States | 74 | % | 74 | % | 493 | 425 | ||||||||||
Center Parcs UK(3) | United States | 73 | % | 73 | % | 470 | 550 | ||||||||||
Brookfield Fairfield Multifamily Value Add Fund III LP(3) | United States | 70 | % | 70 | % | 411 | 365 | ||||||||||
BSREP II Retail Upper Pooling LLC(3) | South Korea | 50 | % | 50 | % | 410 | 423 | ||||||||||
BSREP India Office Holdings Pte. Ltd.(3) | United States | 67 | % | 67 | % | 146 | 323 | ||||||||||
Other | Various | 33% - 76% | 33% - 76% | 3,331 | 3,831 | ||||||||||||
Total | $ | 16,058 | $ | 15,687 |
Three months ended Mar. 31, | ||||||||
(US$ Millions) | 2021 | 2020 | ||||||
Base rent | $ | 848 | $ | 919 | ||||
Straight-line rent | 10 | 19 | ||||||
Lease termination | 33 | 7 | ||||||
Other lease income(1) | 159 | 197 | ||||||
Other revenue from tenants(2) | 235 | 262 | ||||||
Total commercial property revenue | $ | 1,285 | $ | 1,404 |
Three months ended Mar. 31, | ||||||||
(US$ Millions) | 2021 | 2020 | ||||||
Room, food and beverage | $ | 53 | $ | 276 | ||||
Gaming, and other leisure activities | — | 67 | ||||||
Other hospitality revenue | 6 | 23 | ||||||
Total hospitality revenue | $ | 59 | $ | 366 |
Three months ended Mar. 31, | ||||||||
(US$ Millions) | 2021 | 2020 | ||||||
Investment income | $ | 25 | $ | 23 | ||||
Fee revenue | 60 | 63 | ||||||
Dividend income | 11 | 34 | ||||||
Interest income and other | 10 | 10 | ||||||
Total investment and other revenue | $ | 106 | $ | 130 |
Three months ended Mar. 31, | ||||||||
(US$ Millions) | 2021 | 2020 | ||||||
Property maintenance | $ | 182 | $ | 174 | ||||
Real estate taxes | 157 | 157 | ||||||
Employee compensation and benefits | 38 | 42 | ||||||
Lease expense(1) | 3 | 4 | ||||||
Other(2) | 106 | 103 | ||||||
Total direct commercial property expense | $ | 486 | $ | 480 |
Three months ended Mar. 31, | ||||||||
(US$ Millions) | 2021 | 2020 | ||||||
Employee compensation and benefits | $ | 20 | $ | 82 | ||||
Cost of food, beverage, and retail goods sold | 7 | 69 | ||||||
Maintenance and utilities | 18 | 37 | ||||||
Marketing and advertising | 6 | 20 | ||||||
Other | 22 | 82 | ||||||
Total direct hospitality expense | $ | 73 | $ | 290 |
Three months ended Mar. 31, | ||||||||
(US$ Millions) | 2021 | 2020 | ||||||
Depreciation and amortization of real estate assets | $ | 45 | $ | 69 | ||||
Depreciation and amortization of non-real estate assets(1) | 23 | 18 | ||||||
Total depreciation and amortization | $ | 68 | $ | 87 |
Three months ended Mar. 31, | ||||||||
(US$ Millions) | 2021 | 2020 | ||||||
Employee compensation and benefits | $ | 87 | $ | 99 | ||||
Management fees | 51 | 24 | ||||||
Transaction costs | 4 | 3 | ||||||
Other | 71 | 70 | ||||||
Total general and administrative expense | $ | 213 | $ | 196 |
Three months ended Mar. 31, | ||||||||
(US$ Millions) | 2021 | 2020 | ||||||
Commercial properties | $ | 444 | $ | (89) | ||||
Commercial developments | 29 | 88 | ||||||
Incentive fees(1) | — | (6) | ||||||
Financial instruments and other(2) | 167 | (303) | ||||||
Total fair values gains (losses), net | $ | 640 | $ | (310) |
Mar. 31, 2021 | Dec. 31, 2020 | |||||||||||||
Number of options | Weighted average exercise price | Number of options | Weighted average exercise price | |||||||||||
Outstanding, beginning of period | 18,633,094 | $ | 20.56 | 19,915,189 | $ | 20.58 | ||||||||
Granted | — | — | — | — | ||||||||||
Exercised | (18,000) | 16.80 | — | — | ||||||||||
Expired/forfeited | (189,228) | 21.07 | (1,282,095) | 20.87 | ||||||||||
Outstanding, end of period | 18,425,866 | 20.56 | 18,633,094 | 20.56 | ||||||||||
Exercisable, end of period | 18,407,116 | $ | 20.55 | 18,614,344 | $ | 20.56 |
Mar. 31, 2021 | Dec. 31, 2020 | |||||||||||||
Expiry date | Number of options | Weighted average exercise price | Number of options | Weighted average exercise price | ||||||||||
2021 | — | $ | — | — | $ | — | ||||||||
2022 | 973,300 | 18.09 | 987,700 | 18.09 | ||||||||||
2023 | 1,090,420 | 16.80 | 1,108,420 | 16.80 | ||||||||||
2024 | 11,687,478 | 20.59 | 11,775,394 | 20.59 | ||||||||||
2025 | 1,884,341 | 25.18 | 1,923,706 | 25.18 | ||||||||||
2026 | 2,696,577 | 19.51 | 2,744,124 | 19.51 | ||||||||||
2027 | 93,750 | 22.92 | 93,750 | 22.92 | ||||||||||
2028 | — | — | — | — | ||||||||||
Total | 18,425,866 | $ | 20.56 | 18,633,094 | $ | 20.56 |
Mar. 31, 2021 | Dec. 31, 2020 | |||||||||||||
Number of options | Weighted average exercise price | Number of options | Weighted average exercise price | |||||||||||
Outstanding, beginning of period | 573,690 | $ | 21.75 | 603,891 | $ | 21.55 | ||||||||
Granted | — | — | — | — | ||||||||||
Exercised | — | — | — | — | ||||||||||
Expired/forfeited | — | — | (30,201) | 18.09 | ||||||||||
Outstanding, end of period | 573,690 | 21.75 | 573,690 | 21.75 | ||||||||||
Exercisable, end of period | 573,690 | $ | 21.75 | 573,690 | $ | 21.75 |
Mar. 31, 2021 | Dec. 31, 2020 | |||||||||||||
Expiry date | Number of options | Weighted average exercise price | Number of options | Weighted average exercise price | ||||||||||
2021 | — | $ | — | — | $ | — | ||||||||
2022 | 22,200 | 17.93 | 22,200 | 17.93 | ||||||||||
2023 | 28,800 | 16.80 | 28,800 | 16.80 | ||||||||||
2024 | 175,415 | 20.59 | 175,415 | 20.59 | ||||||||||
2025 | 213,038 | 25.18 | 213,038 | 25.18 | ||||||||||
2026 | 134,237 | 19.51 | 134,237 | 19.51 | ||||||||||
Total | 573,690 | $ | 21.75 | 573,690 | $ | 21.75 |
Three months ended Mar. 31, | ||||||||
(US$ Millions) | 2021 | 2020 | ||||||
Items that may be reclassified to net income: | ||||||||
Foreign currency translation | ||||||||
Net unrealized foreign currency translation (losses) gains in respect of foreign operations | $ | (90) | $ | (1,173) | ||||
Gains on hedges of net investments in foreign operations, net of income taxes for the three months ended Mar. 31, 2021 of nil (2020 – nil) | 20 | 819 | ||||||
(70) | (354) | |||||||
Cash flow hedges | ||||||||
Gains (losses) on derivatives designated as cash flow hedges, net of income taxes for the three months ended Mar. 31, 2021 of $(3) million (2020 – $(1) million) | 54 | (154) | ||||||
54 | (154) | |||||||
Equity accounted investments | ||||||||
Share of unrealized foreign currency translation (losses) gains in respect of foreign operations | (1) | — | ||||||
Gains (losses) on derivatives designated as cash flow hedges | 24 | (69) | ||||||
23 | (69) | |||||||
Items that will not be reclassified to net income: | ||||||||
Unrealized gains on securities - FVTOCI, net of income taxes for the three months ended Mar. 31, 2021 of $(10) million (2020 – $22 million) | — | 22 | ||||||
Share of revaluation (deficit) on equity accounted investments | — | (21) | ||||||
Revaluation (deficit), net of income taxes for the three months ended Mar. 31, 2021 of nil (2020 – $(39) million) | — | (96) | ||||||
— | (95) | |||||||
Total other comprehensive income (loss) | $ | 7 | $ | (672) |
(US$ Millions) | Hedging item | Notional | Rates | Maturity dates | Fair value | ||||||||||||
Mar. 31, 2021 | Interest rate caps of US$ LIBOR debt | $ | 9,470 | 2.5% - 5.5% | Apr. 2021 - Feb. 2023 | $ | — | ||||||||||
Interest rate swaps of US$ LIBOR debt | 2,380 | 1.0% - 2.6% | Nov. 2022 - Feb. 2024 | (93) | |||||||||||||
Interest rate caps of £ LIBOR debt | 3,224 | 2.0% - 2.5% | Jun. 2021 - Jan. 2022 | — | |||||||||||||
Interest rate caps of € EURIBOR debt | 114 | 1.3% | Apr. 2021 | — | |||||||||||||
Interest rate caps of C$ LIBOR debt | 240 | 2.0% | Oct. 2021 | — | |||||||||||||
Interest rate swaps of AUD BBSW/BBSY debt | 442 | 0.8% - 1.6% | Apr. 2023 - Feb. 2026 | — | |||||||||||||
Dec. 31, 2020 | Interest rate caps of US$ LIBOR debt | $ | 8,371 | 2.5% - 5.5% | May. 2021 - Sep. 2023 | $ | — | ||||||||||
Interest rate swaps of US$ LIBOR debt | 2,380 | 1.0% -2.6% | Nov. 2022 - Feb. 2024 | (112) | |||||||||||||
Interest rate caps of £ LIBOR debt | 3,198 | 2.0% - 2.5% | Jan. 2021 - Jan. 2022 | — | |||||||||||||
Interest rate caps of € EURIBOR debt | 119 | 1.3% | Apr. 2021 | — | |||||||||||||
Interest rate caps of C$ LIBOR debt | 189 | 3.0% | Oct. 2021 - Oct. 2022 | — | |||||||||||||
Interest rate swaps of AUD BBSW/BBSY debt | 447 | 0.8% - 1.6% | Apr. 2023 - Apr. 2024 | (11) |
(US$ Millions) | Hedging item | Notional | Rates | Maturity dates | Fair value | |||||||||||||||
Mar. 31, 2021 | Net investment hedges | € | 109 | €0.81/$ - €0.88/$ | Sep. 2021 - Feb. 2023 | $ | 6 | |||||||||||||
Net investment hedges | £ | 2,088 | £0.72/$ - £0.86/$ | Jun. 2021 - Mar. 2023 | (25) | |||||||||||||||
Net investment hedges | A$ | 616 | A$1.29/$ - A$1.52/$ | Jun. 2021 - Jul. 2022 | 11 | |||||||||||||||
Net investment hedges | C¥ | 827 | C¥6.70/$ - C¥7.22/$ | Jun. 2021 - Sep. 2022 | (9) | |||||||||||||||
Net investment hedges | C$ | 95 | C$1.26/$ - C$1.27/$ | Jun. 2021 - Mar. 2023 | (1) | |||||||||||||||
Net investment hedges | R$ | 160 | R$5.51/$ | Jun. 2021 | 1 | |||||||||||||||
Net investment hedges | ₩ | 720,095 | ₩1,095.50/$ - ₩1,209.90/$ | Jun. 2021 - Mar. 2023 | (15) | |||||||||||||||
Net investment hedges | Rs | 36,471 | Rs76.28/$ - Rs78.18/$ | Jun. 2021 - Jul. 2022 | (4) | |||||||||||||||
Net investment hedges | £ | 90 | £0.89/€ - £0.93/€ | Apr. 2021 - Apr. 2021 | — | |||||||||||||||
Cross currency swaps of C$ LIBOR debt | C$ | 2,400 | C$0.81/$ - C$1.70/$ | Oct. 2021 - Jan. 2027 | 86 | |||||||||||||||
Dec. 31, 2020 | Net investment hedges | € | — | €0.87/$ - €0.88/$ | Sep. 2021 - Sep. 2021 | $ | 1 | |||||||||||||
Net investment hedges | £ | 201 | £0.50/$ - £1.08/$ | Mar. 2021 - Dec. 2021 | 5 | |||||||||||||||
Net investment hedges | A$ | 240 | A$1.34/$ - A$1.52/$ | Jun. 2021 - Dec. 2021 | 3 | |||||||||||||||
Net investment hedges | C¥ | 813 | C¥4.02/$ - C¥7.43/$ | Mar. 2021 - Sep. 2021 | (11) | |||||||||||||||
Net investment hedges | R$ | 620 | R$5.20/$ - R$5.20/$ | Mar. 2021 - Mar. 2021 | (3) | |||||||||||||||
Net investment hedges | ₩ | 720,095 | ₩914.84/$ - ₩1,169.58/$ | Mar. 2021 - Jun. 2022 | (54) | |||||||||||||||
Net investment hedges | Rs | 4,703 | Rs76.28/$ | Jun. 2021 | (2) | |||||||||||||||
Net investment hedges | £ | 90 | £0.89/€ - £0.93/€ | Apr. 2021 - Apr. 2021 | — | |||||||||||||||
Cross currency swaps of C$ LIBOR debt | C$ | 2,400 | C$0.81/$ - C$1.70/$ | Oct. 2021 - Jan. 2027 | 66 |
(US$ Millions) | Derivative type | Notional | Rates | Maturity dates | Fair value | ||||||||||||
Mar. 31, 2021 | Interest rate caps | $ | 3,582 | 3.5% - 5.0% | Aug. 2021 - Feb. 2027 | $ | — | ||||||||||
Interest rate swaps on forecasted fixed rate debt | 1,285 | 2.8% - 6.4% | Jun. 2021 - Jun. 2028 | (193) | |||||||||||||
Interest rate swaps of US$ debt | 1,746 | 0.8% - 5.1% | Jun. 2021 - Mar. 2024 | (24) | |||||||||||||
Dec. 31, 2020 | Interest rate caps | $ | 3,560 | 3.0% - 5.0% | Jan. 2021 - Feb. 2027 | $ | — | ||||||||||
Interest rate swaps on forecasted fixed rate debt | 1,285 | 2.7% - 6.4% | Mar. 2021 - Jun. 2030 | (308) | |||||||||||||
Interest rate swaps of US$ debt | 1,746 | 0.8% - 5.1% | Jun. 2021 - Mar. 2024 | (32) | |||||||||||||
Interest rate swaptions | 350 | 2.0% | Mar. 2031 - Mar. 2031 | — | |||||||||||||
Mar. 31, 2021 | Dec. 31, 2020 | ||||||||||||||||
(US$ Millions) | Classification and measurement basis | Carrying value | Fair value | Carrying value | Fair value | ||||||||||||
Financial assets | |||||||||||||||||
Loans and notes receivable | Amortized cost | $ | 266 | $ | 266 | $ | 216 | $ | 216 | ||||||||
Other non-current assets | |||||||||||||||||
Securities - FVTPL | FVTPL | 2,067 | 2,067 | 1,612 | 1,612 | ||||||||||||
Derivative assets | FVTPL | 96 | 96 | 72 | 72 | ||||||||||||
Securities - FVTOCI | FVTOCI | 85 | 85 | 86 | 86 | ||||||||||||
Restricted cash | Amortized cost | 308 | 308 | 241 | 241 | ||||||||||||
Current assets | |||||||||||||||||
Securities - FVTPL | FVTPL | — | — | 107 | 107 | ||||||||||||
Derivative assets | FVTPL | 116 | 116 | 164 | 164 | ||||||||||||
Accounts receivable(1) | Amortized cost | 605 | 605 | 758 | 674 | ||||||||||||
Restricted cash | Amortized cost | 347 | 347 | 292 | 292 | ||||||||||||
Cash and cash equivalents | Amortized cost | 1,635 | 1,635 | 2,473 | 2,473 | ||||||||||||
Total financial assets | $ | 5,525 | $ | 5,525 | $ | 6,021 | $ | 5,937 | |||||||||
Financial liabilities | |||||||||||||||||
Debt obligations(2) | Amortized cost | $ | 53,353 | $ | 53,432 | $ | 54,717 | $ | 54,897 | ||||||||
Capital securities | Amortized cost | 2,176 | 2,176 | 2,170 | 2,170 | ||||||||||||
Capital securities - fund subsidiaries | FVTPL | 855 | 855 | 863 | 863 | ||||||||||||
Other non-current liabilities | |||||||||||||||||
Accounts payable | Amortized cost | 573 | 573 | 437 | 437 | ||||||||||||
Derivative liabilities | FVTPL | 253 | 253 | 272 | 272 | ||||||||||||
Accounts payable and other liabilities | |||||||||||||||||
Accounts payable and other(3) | Amortized cost | 1,857 | 1,857 | 2,110 | 2,110 | ||||||||||||
Loans and notes payable | Amortized cost | 2,015 | 2,015 | 1,062 | 1,062 | ||||||||||||
Derivative liabilities | FVTPL | 220 | 220 | 416 | 416 | ||||||||||||
Total financial liabilities | $ | 61,302 | $ | 61,381 | $ | 62,047 | $ | 62,227 |
Mar. 31, 2021 | Dec. 31, 2020 | |||||||||||||||||||||||||
(US$ Millions) | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||
Financial assets | ||||||||||||||||||||||||||
Securities - FVTPL | — | 132 | 1,935 | 2,067 | — | 123 | 1,596 | 1,719 | ||||||||||||||||||
Securities - FVTOCI | — | — | 85 | 85 | — | — | 86 | 86 | ||||||||||||||||||
Derivative assets | — | 212 | — | 212 | — | 236 | — | 236 | ||||||||||||||||||
Total financial assets | $ | — | $ | 344 | $ | 2,020 | $ | 2,364 | $ | — | $ | 359 | $ | 1,682 | $ | 2,041 | ||||||||||
Financial liabilities | ||||||||||||||||||||||||||
Capital securities - fund subsidiaries | $ | — | $ | — | $ | 855 | $ | 855 | $ | — | $ | — | $ | 863 | $ | 863 | ||||||||||
Derivative liabilities | — | 473 | — | 473 | — | 688 | — | 688 | ||||||||||||||||||
Total financial liabilities | $ | — | $ | 473 | $ | 855 | $ | 1,328 | $ | — | $ | 688 | $ | 863 | $ | 1,551 |
Mar. 31, 2021 | Dec. 31, 2020 | |||||||||||||||||||||||||
(US$ Millions) | Financial assets | Financial liabilities | Financial assets | Financial liabilities | ||||||||||||||||||||||
Balance, beginning of period | $ | 1,682 | $ | 863 | $ | 1,371 | $ | 922 | ||||||||||||||||||
Acquisitions | 312 | — | 324 | — | ||||||||||||||||||||||
Dispositions | (41) | — | (10) | — | ||||||||||||||||||||||
Fair value gains, net and OCI | 67 | (8) | (3) | (59) | ||||||||||||||||||||||
Other | — | — | — | — | ||||||||||||||||||||||
Balance, end of period | $ | 2,020 | $ | 855 | $ | 1,682 | $ | 863 |
Three months ended Mar. 31, | ||||||||
(US$ Millions) | 2021 | 2020 | ||||||
Base fee amount at 0.125% of current capitalization | $ | 30 | $ | 16 | ||||
Fee on increased market capitalization (.3125%) | 38 | 4 | ||||||
Total calculated fees | 68 | 20 | ||||||
Less credits: | ||||||||
Equity enhancement adjustment | (16) | (2) | ||||||
Creditable operating payments and other adjustments | (11) | (12) | ||||||
Total fee, subject to minimum adjusted for inflation | 41 | 6 | ||||||
Total fee, by component: | ||||||||
Base fee | 30 | 6 | ||||||
Equity enhancement adjustment | 11 | — | ||||||
Total fee | $ | 41 | $ | 6 |
(US$ Millions) | Mar. 31, 2021 | Dec. 31, 2020 | ||||||
Balances outstanding with related parties: | ||||||||
Net (payables)/receivables within equity accounted investments | (393) | (91) | ||||||
Loans and notes receivable | 8 | 50 | ||||||
Receivables and other assets | 59 | 59 | ||||||
Deposit payable to Brookfield Asset Management(1) | (1,695) | (754) | ||||||
Property-specific debt obligations | (78) | — | ||||||
Loans and notes payable and other liabilities | (351) | (313) | ||||||
Preferred shares held by Brookfield Asset Management | (15) | (15) |
Three months ended Mar. 31, | ||||||||
(US$ Millions) | 2021 | 2020 | ||||||
Transactions with related parties: | ||||||||
Commercial property revenue(1) | $ | 8 | $ | 7 | ||||
Management fee income | 7 | 10 | ||||||
Interest expense on debt obligations | 5 | 7 | ||||||
General and administrative expense(2) | 65 | 38 | ||||||
Construction costs(3) | 50 | 118 | ||||||
Incentive fees | — | 6 |
(US$ Millions) For the three months ended Mar. 31, 2021 | Brookfield Property Partners L.P. | BOP Split | BPO | Brookfield Property Preferred Equity Inc. | Brookfield Property Finance ULC | Holding entities(2) | Additional holding entities and eliminations(3) | Consolidating adjustments(4) | Brookfield Property Partners L.P consolidated | ||||||||||||||||||||
Revenue | $ | — | $ | 47 | $ | 94 | $ | — | $ | 20 | $ | 137 | $ | 76 | $ | 1,076 | $ | 1,450 | |||||||||||
Net income attributable to unitholders(1) | 130 | 278 | 271 | — | (26) | 266 | 182 | (835) | 266 | ||||||||||||||||||||
For the three months ended Mar. 31, 2020 | |||||||||||||||||||||||||||||
Revenue | $ | — | $ | 64 | $ | 39 | $ | — | $ | 15 | $ | 200 | $ | 4 | $ | 1,578 | $ | 1,900 | |||||||||||
Net income attributable to unitholders(1) | (244) | 56 | 27 | — | 112 | (486) | (73) | 122 | (486) |
(US$ Millions) As of Mar. 31, 2021 | Brookfield Property Partners L.P. | BOP Split | BPO | Brookfield Property Preferred Equity Inc. | Brookfield Property Finance ULC | Holding entities(2) | Additional holding entities and eliminations(3) | Consolidating adjustments(4) | Brookfield Property Partners L.P consolidated | ||||||||||||||||||||
Current assets | $ | — | $ | 580 | $ | 125 | $ | — | $ | 1,702 | $ | 8,928 | $ | 187 | $ | (8,209) | $ | 3,313 | |||||||||||
Non-current assets | 12,593 | 30,386 | 23,505 | — | 205 | 37,923 | 2,141 | (2,677) | 104,076 | ||||||||||||||||||||
Assets held for sale | — | — | — | — | — | — | — | 285 | 285 | ||||||||||||||||||||
Current liabilities | — | 3,598 | 1,418 | — | 335 | 8,069 | 1,335 | 5,432 | 20,187 | ||||||||||||||||||||
Non-current liabilities | — | 4,601 | 3,978 | — | 1,593 | 12,969 | 399 | 21,962 | 45,502 | ||||||||||||||||||||
Liabilities associated with assets held for sale | — | — | — | — | — | — | — | 114 | 114 | ||||||||||||||||||||
Preferred equity | 699 | — | — | — | — | — | — | — | 699 | ||||||||||||||||||||
Equity attributable to interests of others in operating subsidiaries and properties | — | — | 2,839 | — | — | — | — | 13,219 | 16,058 | ||||||||||||||||||||
Equity attributable to unitholders(1) | $ | 11,894 | $ | 22,767 | $ | 15,395 | $ | — | $ | (21) | $ | 25,813 | $ | 594 | $ | (51,328) | $ | 25,114 |
(US$ Millions) As of Dec. 31, 2020 | Brookfield Property Partners L.P. | BOP Split | BPO | Brookfield Property Preferred Equity Inc. | Brookfield Property Finance ULC | Holding entities(2) | Additional holding entities and eliminations(3) | Consolidating adjustments(4) | Brookfield Property Partners L.P consolidated | ||||||||||||||||||||
Current assets | $ | — | $ | 545 | $ | 171 | $ | — | $ | 1,457 | $ | 8,780 | $ | 196 | $ | (6,728) | $ | 4,421 | |||||||||||
Non-current assets | 12,628 | 30,137 | 23,542 | — | 438 | 38,142 | 2,227 | (4,172) | 102,942 | ||||||||||||||||||||
Assets held for sale | — | — | — | — | — | — | — | 588 | 588 | ||||||||||||||||||||
Current liabilities | — | 3,595 | 678 | — | 336 | 7,587 | 1,356 | 4,272 | 17,824 | ||||||||||||||||||||
Non-current liabilities | — | 4,542 | 5,270 | — | 1,571 | 13,499 | 531 | 22,795 | 48,208 | ||||||||||||||||||||
Liabilities associated with assets held for sale | — | — | — | — | — | — | — | 396 | 396 | ||||||||||||||||||||
Preferred equity | 699 | — | — | — | — | — | — | — | 699 | ||||||||||||||||||||
Equity attributable to interests of others in operating subsidiaries and properties | — | — | 2,686 | — | — | — | — | 13,001 | 15,687 | ||||||||||||||||||||
Equity attributable to unitholders(1) | $ | 11,929 | $ | 22,545 | $ | 15,079 | $ | — | $ | (12) | $ | 25,836 | $ | 536 | $ | (50,776) | $ | 25,137 |
(US$ Millions) | Total revenue | FFO | ||||||||||||
Three months ended Mar. 31, | 2021 | 2020 | 2021 | 2020 | ||||||||||
Core Office | $ | 530 | $ | 530 | $ | 123 | $ | 121 | ||||||
Core Retail | 364 | 444 | 95 | 188 | ||||||||||
LP Investments | 555 | 924 | (6) | 49 | ||||||||||
Corporate | 1 | 2 | (125) | (84) | ||||||||||
Total | $ | 1,450 | $ | 1,900 | $ | 87 | $ | 274 |
(US$ Millions) | Lease revenue | Other revenue from tenants | Hospitality revenue | Investment and other revenue | Total revenue | ||||||||||||
Three months ended Mar. 31, 2021 | |||||||||||||||||
Core Office | $ | 377 | $ | 108 | $ | 1 | $ | 44 | $ | 530 | |||||||
Core Retail | 267 | 65 | — | 32 | 364 | ||||||||||||
LP Investments | 405 | 63 | 58 | 29 | 555 | ||||||||||||
Corporate | — | — | — | 1 | 1 | ||||||||||||
Total | $ | 1,049 | $ | 236 | $ | 59 | $ | 106 | $ | 1,450 |
(US$ Millions) | Lease revenue | Other revenue from tenants | Hospitality revenue | Investment and other revenue | Total revenue | ||||||||||||
Three months ended Mar. 31, 2020 | |||||||||||||||||
Core Office | $ | 369 | $ | 115 | $ | 7 | $ | 39 | $ | 530 | |||||||
Core Retail | 296 | 75 | — | 73 | 444 | ||||||||||||
LP Investments | 478 | 71 | 359 | 16 | 924 | ||||||||||||
Corporate | — | — | — | 2 | 2 | ||||||||||||
Total | $ | 1,143 | $ | 261 | $ | 366 | $ | 130 | $ | 1,900 |
Total assets | Total liabilities | |||||||||||||
(US$ Millions) | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2021 | Dec. 31, 2020 | ||||||||||
Core Office | $ | 37,009 | $ | 36,547 | $ | 17,436 | $ | 17,439 | ||||||
Core Retail | 30,774 | 31,466 | 17,049 | 17,429 | ||||||||||
LP Investments | 39,542 | 39,609 | 24,660 | 25,076 | ||||||||||
Corporate | 349 | 329 | 6,658 | 6,484 | ||||||||||
Total | $ | 107,674 | $ | 107,951 | $ | 65,803 | $ | 66,428 |
Three months ended Mar. 31, | ||||||||
(US$ Millions) | 2021 | 2020 | ||||||
FFO(1) | $ | 87 | $ | 274 | ||||
Depreciation and amortization of real estate assets | (45) | (69) | ||||||
Fair value gains, net | 640 | (310) | ||||||
Share of equity accounted income - non-FFO | 76 | (250) | ||||||
Income tax expense | (105) | (161) | ||||||
Non-controlling interests of others in operating subsidiaries and properties – non-FFO | (387) | 30 | ||||||
Net (loss) income attributable to unitholders(2) | 266 | (486) | ||||||
Non-controlling interests of others in operating subsidiaries and properties | 465 | 113 | ||||||
Net (loss) income | $ | 731 | $ | (373) |
/s/ Brian W. Kingston | |||||
Brian W. Kingston | |||||
Chief Executive Officer of Brookfield Property Group LLC, | |||||
a manager of the issuer |
/s/ Bryan K. Davis | |||||
Bryan K. Davis | |||||
Chief Financial Officer of Brookfield Property Group LLC, | |||||
a manager of the issuer |
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