CAPITAL SECURITIES (Tables)

12 Months Ended

Dec. 31, 2023

Share Capital, Reserves And Other Equity Interest [Abstract]

Disclosure of Classes of Share Capital

The partnership had the following capital securities outstanding as of December 31, 2023 and 2022:

(US$ Millions, except where noted)	Shares outstanding	Cumulative dividend rate		Dec. 31, 2023		Dec. 31, 2022
Operating Partnership Class A Preferred Equity Units:
Series 2	24,000,000	6.50	%	$	587	$	575
Series 3	24,000,000	6.75	%	564		556
New LP Preferred Units(1)	19,273,654	6.25	%	474		474
BPO Class B Preferred Shares:
Series 1(2)	3,600,000	n/a		—		—
Series 2(2)	3,000,000	n/a		—		—
Brookfield Property Split Corp. (“BOP Split”) Senior Preferred Shares:
Series 1	636,328	5.25	%	16		21
Series 2	362,546	5.75	%	7		10
Series 3	408,962	5.00	%	8		12
Series 4	365,661	5.20	%	7		10
Rouse Series A Preferred Shares	5,600,000	5.00	%	145		142
Subsidiary Preferred Shares and Capital - Alstria Office Prime Portfolio GmbH & Co. KG (“Alstria Office Prime”)	19,472,214	See footnote (3)		109		—
Brookfield India Real Estate Trust (“India REIT”)	246,305,005	See footnote (4)		729		456
Capital Securities – Fund Subsidiaries				189		577
Total capital securities				$	2,835	$	2,833
Current				$	795	$	600
Non-current				2,040		2,233
Total capital securities				$	2,835	$	2,833

(1)New LP Preferred Units shares outstanding is presented net of intracompany shares held by the Operating Partnership.

(2)Class B, Series 1 and 2 capital securities - corporate are subsidiaries of Brookfield Corporation. BPO has an offsetting loan receivable against these securities earning interest at 95% of bank prime.

(3)The dividend rate pertaining to Alstria Office Prime is declared annually and is neither fixed or mandatory.

(4)The dividend rate pertaining to India REIT is equal to a minimum of 90% of net distributable cash flows.

The following table presents changes to the GP Units and LP Units from the beginning of the year:

	GP Units			LP Units
(Thousands of units), Years ended Dec. 31,	2023	2022	2021	2023	2022	2021
Outstanding, beginning of year	139	139	139	298,987	298,987	435,980
Privatization		—	—	—	—	(146,278)
Exchange LP Units exchanged	—	—	—	—	—	128
BPYU Units exchanged				—	—	8,922
Distribution reinvestment program	—	—	—	—	—	123
Issued under unit-based compensation plan	—	—	—	—	—	112
LP Units issued	—	—	—	22,061	—	—
Outstanding, end of year	139	139	139	321,048	298,987	298,987

Summary of Reconciliation of Cash Flows from Financing Activities from Capital Securities

Reconciliation of cash flows from financing activities from capital securities is shown in the table below:

							Non-cash changes on capital securities
(US$ Millions)	Dec. 31, 2022		Capital securities issued		Capital securities redeemed		Fair value changes		Foreign currency translation and other		Acquisition of Foreign Investments(1)		Dec. 31, 2023
Capital securities	$	2,833	$	277	$	(16)	$	(386)	$	(3)	$	130	$	2,835

(1)See Note 32, Related Parties for further information on the Acquisition of Foreign Investments.