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EQUITY ACCOUNTED INVESTMENTS
 6 Months Ended
Jun. 30, 2026
Interests In Other Entities [Abstract]  
EQUITY ACCOUNTED INVESTMENTS EQUITY ACCOUNTED INVESTMENTS
The partnership has investments in joint arrangements that are joint ventures and also has investments in associates. Joint ventures hold individual commercial properties, hotels and portfolios of commercial properties and developments, as well as interests in real estate funds. These are owned together with co-owners, where decisions relating to the relevant activities of the joint venture require the unanimous consent of the co-owners.

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 interestsCarrying value
(US$ Millions)Jun. 30, 2026Dec. 31, 2025Jun. 30, 2026Dec. 31, 2025
Joint Ventures(1)
15% - 60%
15% - 65%
$21,852 $20,325 
Associates
19% - 47%
21% - 47%
994 919 
Total$22,846 $21,244 
(1)In the second quarter of 2026, the partnership, in an opportunistic real estate fund, acquired a 50% joint venture interest in a self-storage platform across Australia and New Zealand (“ANZ Storage”) for A$1,530 million ($1,097 million).

The following table presents the change in the balance of the partnership’s equity accounted investments as of June 30, 2026 and December 31, 2025:
Six months endedYear ended
(US$ Millions)Jun. 30, 2026Dec. 31, 2025
Equity accounted investments, beginning of period$21,244 $19,547 
Additions(1)
1,540 848 
Disposals and return of capital distributions(69)(300)
Share of net earnings from equity accounted investments
610 882 
Distributions received(279)(268)
Foreign currency translation(102)257 
Deconsolidation of India REIT(2)
— 365 
Reclassification of Opportunistic Fund Investments to assets held for sale(3)
(82)— 
Reclassification to assets held for sale
— (143)
Other comprehensive (loss) income and other
(16)56 
Equity accounted investments, end of period$22,846 $21,244 
(1)Includes the acquisition of ANZ Storage.
(2)Includes the net impact of recognizing the partnership’s retained interest in India REIT under the equity method, partially offset by the deconsolidation of its joint venture assets. See Note 4, Investment Properties, for further information on the Deconsolidation of India REIT.
(3)See Note 29, Related Parties for further information on the Reclassification of Opportunistic Fund Investments to assets held for sale.

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:
Jun. 30, 2026Dec. 31, 2025
Equity accounted investmentsPrimary valuation methodDiscount rateTerminal capitalization rateInvestment horizon (yrs)Discount rateTerminal capitalization rateInvestment horizon (yrs)
Office(1)
Discounted cash flow7.4 %5.1 %107.5 %5.1 %10
Retail(2)
Discounted cash flow6.5 %4.9 %106.6 %5.0 %10
LP Investments(3)(4)
Discounted cash flow10.0 %7.1 %1010.8 %7.2 %7
(1)Included in the partnership’s total Office portfolio are 16 Super Core office and mixed-use complexes in key global markets with a weighted-average discount rate of 6.7% (December 31, 2025 - 6.8%).
(2)Included in the partnership's total Retail portfolio are 18 Super Core retail centers with a weighted-average discount rate of 6.2% (December 31, 2025 - 6.2%).
(3)The valuation method used to value multifamily investments is the direct capitalization method. At June 30, 2026, the overall implied capitalization rate used for properties using the direct capitalization method was 5.1% (December 31, 2025 - 5.2%). The terminal capitalization rate and investment horizon are not applicable.
(4)Excludes equity accounted investments reclassified to held for sale during the period. See Note 29, Related Parties for further information on the Reclassification of Opportunistic Fund Investments to assets held for sale.
Summarized financial information in respect of the partnership’s equity accounted investments is presented below:
(US$ Millions)Jun. 30, 2026Dec. 31, 2025
Non-current assets$99,127 $92,514 
Current assets4,824 3,392 
Total assets103,951 95,906 
Non-current liabilities37,227 30,731 
Current liabilities6,040 8,042 
Total liabilities43,267 38,773 
Net assets60,684 57,133 
Partnership’s share of net assets$22,846 $21,244 

Three months ended Jun. 30,Six months ended Jun. 30,
(US$ Millions)2026202520262025
Revenue$1,773 $1,396 $3,241 $2,726 
Expenses1,629 1,204 2,852 2,333 
Income from equity accounted investments(1)
306 171 397 242 
Income before fair value gains, net
450 363 786 635 
Fair value gains, net
382 105 789 554 
Net income
832 468 1,575 1,189 
Partnership’s share of net earnings
$331 $192 $610 $418 
(1)Share of net earnings from equity accounted investments recorded by the partnership’s joint ventures and associates.