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EQUITY ACCOUNTED INVESTMENTS (Tables)
 12 Months Ended
Dec. 31, 2023
Interests In Other Entities [Abstract]  
Disclosure of Joint Ventures Details of the partnership’s investments in joint ventures and associates, which have been accounted for in accordance with the equity method of accounting, are as follows:
 
   Proportion of ownership
interests/voting
rights held by the
partnership
(US$ Millions)Principal activityPrincipal place
of business		Dec. 31, 2023Dec. 31, 2022
Joint ventures    
Stork Holdco LPProperty holding companyUnited Kingdom50 %50 %
Midtown New York Mixed-use ComplexProperty holding companyUnited States56 %56 %
U.S. Retail JV Pool AProperty holding companyUnited States50 %50 %
Honolulu Shopping CenterProperty holding companyUnited States50 %50 %
U.S. Retail JV Pool BProperty holding companyUnited States51 %51 %
U.S. Retail JV Pool CProperty holding companyUnited States50 %50 %
Bryant Park Office TowerProperty holding companyUnited States50 %50 %
Las Vegas Mall AProperty holding companyUnited States50 %50 %
U.S. Retail JV Pool DProperty holding companyUnited States48 %48 %
Las Vegas Mall BProperty holding companyUnited States50 %50 %
Other(1)
VariousVarious
15% - 75%
15% - 68%
     
Associates    
OtherVariousVarious
16% - 50%
16% - 50%
     
Total    
(1)Other joint ventures consists of approximately 50 joint ventures, each of which has a carrying value below $500 million.
Disclosure of Associates Details of the partnership’s investments in joint ventures and associates, which have been accounted for in accordance with the equity method of accounting, are as follows:
 
   Proportion of ownership
interests/voting
rights held by the
partnership
(US$ Millions)Principal activityPrincipal place
of business		Dec. 31, 2023Dec. 31, 2022
Joint ventures    
Stork Holdco LPProperty holding companyUnited Kingdom50 %50 %
Midtown New York Mixed-use ComplexProperty holding companyUnited States56 %56 %
U.S. Retail JV Pool AProperty holding companyUnited States50 %50 %
Honolulu Shopping CenterProperty holding companyUnited States50 %50 %
U.S. Retail JV Pool BProperty holding companyUnited States51 %51 %
U.S. Retail JV Pool CProperty holding companyUnited States50 %50 %
Bryant Park Office TowerProperty holding companyUnited States50 %50 %
Las Vegas Mall AProperty holding companyUnited States50 %50 %
U.S. Retail JV Pool DProperty holding companyUnited States48 %48 %
Las Vegas Mall BProperty holding companyUnited States50 %50 %
Other(1)
VariousVarious
15% - 75%
15% - 68%
     
Associates    
OtherVariousVarious
16% - 50%
16% - 50%
     
Total    
(1)Other joint ventures consists of approximately 50 joint ventures, each of which has a carrying value below $500 million.
Schedule of Change in Equity Investments
The following table presents the change in the balance of the partnership’s equity accounted investments as of December 31, 2023 and 2022:
 
(US$ Millions) Years ended Dec. 31, 20232022
Equity accounted investments, beginning of year$19,943 $20,807 
Additions476 100 
Disposals and return of capital distributions(863)(967)
Share of net (losses) earnings from equity accounted investments(94)826 
Distributions received(212)(263)
Foreign currency translation220 (578)
Reclassification (to) assets held for sale(54)(276)
Impact of change in accounting basis(1)
— (706)
Manager Reorganization(2)
— 1,061 
Acquisition of Foreign Investments(2)
211 — 
Other comprehensive income and other(192)(61)
Equity accounted investments, end of year$19,435 $19,943 
(1)The prior year includes the impact of change in accounting basis of assets that were accounted for under the equity method which are now accounted for as financial assets.
(2)See Note 32, Related Parties for further information on the Manager Reorganization and Acquisition of Foreign Investments.
Equity Method Investments, Valuation Techniques and Assumptions
The key valuation metrics for the partnership’s commercial properties held within the partnership’s equity accounted investments are set forth in the table below on a weighted-average basis:

  Dec. 31, 2023Dec. 31, 2022
Equity accounted
investments		Primary valuation
method		Discount
rate		Terminal
capitalization
rate		Investment
horizon
(yrs.)		Discount
rate		Terminal
capitalization
rate		Investment
horizon
(yrs.)
Office(1)
Discounted cash flow7.4 %5.0 %116.4 %4.9 %11
Retail(2)
Discounted cash flow6.6 %5.1 %106.6 %4.9 %10
LP Investments(3)
Discounted cash flow7.7 %5.9 %107.8 %5.5 %10
(1)Included in our total Office portfolio are 16 premier office and mixed-use complexes in key global markets with a weighted-average discount rate of 6.7%.
(2)Included in our total Retail portfolio are 19 Core premier retail centers with a weighted-average discount rate of 6.2%.
(3)The valuation method used to value multifamily investments is the direct capitalization method. At December 31, 2023, the overall implied capitalization rate used for properties using the direct capitalization method was 4.5% (December 31, 2022 - 4.2%). The terminal capitalization rate and investment horizon are not applicable.
The following tables present the gross assets and liabilities of the partnership’s equity accounted investments as of December 31, 2023 and 2022:

Dec. 31, 2023
(US$ Millions)Current
assets		Non-current
assets		Current
liabilities		Non-current
liabilities		Net
assets		Carrying value
Joint ventures     
Office$2,314 $33,623 $5,412 $13,302 $17,223 $8,199 
Retail723 33,554 5,355 9,047 19,875 9,501 
LP Investments1,627 4,355 389 2,812 2,781 1,442 
 4,664 71,532 11,156 25,161 39,879 19,142 
Associates     
LP Investments64 552 22 80 514 293 
 64 552 22 80 514 293 
Total$4,728 $72,084 $11,178 $25,241 $40,393 $19,435 

Dec. 31, 2022
(US$ Millions)Current
assets		Non-current
assets		Current
liabilities		Non-current
liabilities		Net
assets		Carrying value
Joint ventures     
Office$1,602 $34,833 $3,037 $15,174 $18,224 $8,547 
Retail791 33,383 3,089 11,323 19,762 9,549 
LP Investments1,246 5,431 653 3,223 2,801 1,308 
 3,639 73,647 6,779 29,720 40,787 19,404 
Associates     
LP Investments183 2,705 109 1,057 1,722 539 
 183 2,705 109 1,057 1,722 539 
Total$3,822 $76,352 $6,888 $30,777 $42,509 $19,943 
Summarized financial information in respect of the partnership’s equity accounted investments for the years ended December 31, 2023, 2022 and 2021 is set out below:

 Year ended December 31, 2023
(US$ Millions)RevenueExpensesFair value
gains
(losses)
Income from EAI(1)
Net
(loss) income		Other
compre-
hensive
(loss) income		Partnership’s
share of net (loss)
income		Distributions
received
Joint ventures       
Office$2,261 $1,564 $(1,924)$50 $(1,177)$(61)$(434)$112 
Retail2,002 1,446 166 55 777 (29)269 16 
LP Investments1,499 1,532 228 (78)117 12 94 67 
 5,762 4,542 (1,530)27 (283)(78)(71)195 
Associates       
LP Investments69 94 (104)19 (110)(50)(50)17 
 69 94 (104)19 (110)(50)(50)17 
Total$5,831 $4,636 $(1,634)$46 $(393)$(128)$(121)$212 
(1)Share of net earnings from equity accounted investments recorded by the partnership’s joint ventures and associates.

 Year ended December 31, 2022
(US$ Millions)RevenueExpensesFair value
gains
(losses)
Income from EAI(1)
Net
income (loss)		Other
compre-
hensive
income		Partnership’s
share of net
income (loss)		Distributions
received
Joint ventures       
Office$1,849 $1,273 $259 $180 $1,015 $194 $550 $114 
Retail1,949 1,156 (290)47 550 43 234 27 
LP Investments886 948 112 — 50 232 38 122 
 4,684 3,377 81 227 1,615 469 822 263 
Associates       
LP Investments230 244 8 — (6)69 4 — 
 230 244 8 — (6)69 4 — 
Total4,914 3,621 89 227 1,609 538 826 263 
(1)Share of net earnings from equity accounted investments recorded by the partnership’s joint ventures and associates.

 Year ended December 31, 2021
(US$ Millions)RevenueExpensesFair value
gains
(losses)
Income from EAI(1)
Net
income		Other
compre-
hensive
income		Partnership’s
share of net
income		Distributions
received
Joint ventures       
Office$1,917 $1,280 $686 $80 $1,403 $100 $644 $138 
Retail1,844 1,266 286 55 919 — 472 16 
LP Investments609 769 59 — (101)275 (46)18 
 4,370 3,315 1,031 135 2,221 375 1,070 172 
Associates       
LP Investments103 174 (8)7 (72)949 (50)— 
 103 174 (8)7 (72)949 (50)— 
Total$4,473 $3,489 $1,023 $142 $2,149 $1,324 $1,020 $172 
(1)Share of net earnings from equity accounted investments recorded by the partnership’s joint ventures and associates.