DIRECT COMMERCIAL PROPERTY EXPENSE

12 Months Ended

Dec. 31, 2023

Direct operating expense from investment property [abstract]

DIRECT COMMERCIAL PROPERTY EXPENSE

DIRECT COMMERCIAL PROPERTY EXPENSE

The components of direct commercial property expense are as follows:

(US$ Millions) Years ended Dec. 31,	2023		2022		2021
Property maintenance	$	867	$	727	$	713
Real estate taxes	644		548		580
Employee compensation and benefits	195		148		155
Depreciation and amortization	50		29		39
Lease expense(1)	18		11		11
Other(2)	562		389		433
Total direct commercial property expense	$	2,336	$	1,852	$	1,931

(1)Represents the operating expenses relating to variable lease payments not included in the measurement of the lease liability.

(2)For the twelve months ended December 31, 2023, the partnership recorded a loss allowance of $17 million (loss (recovery) allowance of $(11) million in 2022 and $49 million in 2021) in commercial property operating expenses.