v3.26.1
DEBT OBLIGATIONS
 6 Months Ended
Jun. 30, 2026
Disclosure of borrowing costs [Abstract]  
DEBT OBLIGATIONS DEBT OBLIGATIONS
The partnership’s debt obligations include the following:
Jun. 30, 2026Dec. 31, 2025
(US$ Millions)Weighted-average rateDebt balanceWeighted-average rateDebt balance
Corporate unsecured facilities:
Brookfield Property Partners’ credit facilities5.59 %$2,060 5.74 %$1,260 
Brookfield Property Partners’ corporate bonds5.22 %1,338 5.10 %1,020 
GGP Retail LLC (“GGP”) term debt
6.64 %842 7.22 %846 
GGP senior secured notes
4.50 %497 5.20 %1,124 
GGP corporate facility
6.49 %325 6.58 %424 
GGP junior subordinated notes
5.41 %203 5.57 %202 
Subsidiary borrowings4.56 %147 4.41 %220 
Brookfield Office Properties Inc. (“BPO”) subordinated notes(1)
7.63 %141 — %— 
Secured debt obligations:
Funds subscription credit facilities(2)
6.15 %1,359 5.34 %2,407 
Fixed rate5.48 %15,952 5.29 %17,504 
Variable rate5.99 %26,812 6.37 %21,564 
Deferred financing costs(157)(257)
Total debt obligations$49,519 $46,314 
Current6,830 10,876 
Non-current28,144 35,354 
Debt associated with assets held for sale(3)
14,545 84 
Total debt obligations$49,519 $46,314 
(1)On March 18, 2026, BPO issued C$200 million of fixed-to-fixed reset rate subordinated notes maturing on March 18, 2056, with an initial coupon rate of 7.63%, until March 18, 2031, resetting every five years thereafter at the five-year Government of Canada Yield, plus a 4.58% spread, provided that the rate will not reset below 7.63%.
(2)Funds subscription credit facilities are secured by capital commitments.
(3)The debt associated with assets held for sale was assumed by the purchaser on July 1, 2026. See Note 29, Related Parties of our Q2 2026 Financial Statements for further information on the Reclassification of Opportunistic Fund Investments to assets held for sale.

The partnership generally believes that it will be able to either extend the maturity date, repay, or refinance the debt that is scheduled to mature in 2026 to 2027; however, excluding debt obligations on assets in receivership, the partnership has suspended contractual payment on approximately 2% of its non-recourse mortgages included as fixed and variable rate secured debt obligations in the table above. The partnership is currently engaged in negotiations with the respective creditors for certain assets. The partnership has, in certain instances, transferred properties securing these loans to the lenders. It is possible that certain additional properties securing these loans could be transferred to the lenders if the partnership is unsuccessful in ongoing negotiations with creditors.

The partnership’s debt obligations include debt classified as non-current and are subject to covenants. There is no indication that the partnership will encounter material difficulties in complying with these covenants at the next test dates. Please refer to Note 14, Debt Obligations in the consolidated financial statements for the year ended December 31, 2025 for a detailed description of the partnership’s covenants.
Debt obligations include foreign currency denominated debt in the functional currencies of the borrowing subsidiaries. Debt obligations by local currency are as follows:
Jun. 30, 2026Dec. 31, 2025
(Millions)U.S. DollarsLocal
currency		U.S. DollarsLocal
currency
U.S. Dollars$31,816 $31,816 $29,178 $29,178 
British Pounds7,034 £5,304 7,026 £5,214 
Canadian Dollars3,269 C$4,641 3,158 C$4,334 
Euros3,737 €3,272 2,216 €1,886 
Australian Dollars1,466 A$2,118 1,240 A$1,858 
Brazilian Reais509 R$2,635 495 R$2,724 
United Arab Emirates Dirham477 AED1,752 456 AED1,676 
Singapore Dollar457 S$592 271 S$348 
Swedish Krona257 SEK2,491 266 SEK2,453 
Indian Rupees252 Rs23,755 244 Rs21,952 
Chinese Yuan205 C¥1,392 205 C¥1,432 
New Zealand Dollar83 NZ$145 — NZ$— 
Hong Kong Dollar60 HK$473 59 HK$457 
Danish Krone54 DKK355 57 DKK361 
South Korean Won(1)
— ₩— 1,700 ₩2,457,000 
Deferred financing costs(157)(257)
Total debt obligations$49,519 $46,314 
(1)See Note 29, Related Parties for further information on the Deconsolidation of South Korea Mixed-use.

The components of changes in debt obligations, including changes related to cash flows from financing activities, are summarized in the table below:
(US$ Millions)Six months ended Jun. 30, 2026
Year ended Dec. 31, 2025
Balance, beginning of period$46,314 $51,499 
Debt obligation issuances, net of repayments6,226 (2,917)
Non-cash changes in debt obligations:
Debt from asset acquisitions294 103 
Assumed by purchaser(1,452)(2,970)
Deconsolidation of South Korea Mixed-use debt(1)
(1,662)— 
Assumed from business combination(2)
2 502 
Amortization of deferred financing costs and (premium) discount73 70 
Deconsolidation of India REIT debt obligations(3)
— (1,011)
Foreign currency translation(285)1,047 
Other9 (9)
Balance, end of period$49,519 $46,314 
(1)See Note 29, Related Parties for further information on the Deconsolidation of South Korea Mixed-use.
(2)In the third quarter of 2025, the partnership acquired the European Hostels portfolio. See Note 3, Business Combinations, for more information.
(3)See Note 4, Investment Properties for further information on the Deconsolidation of India REIT.