v3.26.1
Condensed Consolidated Income Statements - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Profit or loss [abstract]        
Commercial property revenue $ 1,038 $ 1,143 $ 2,159 $ 2,407
Hospitality revenue 611 412 1,009 747
Investment and other revenue 237 247 403 397
Total revenue 1,886 1,802 3,571 3,551
Direct commercial property expense 430 474 910 962
Direct hospitality expense 459 291 769 572
Investment and other expense 54 126 74 136
Interest expense 879 858 1,705 1,798
General and administrative expense 330 308 664 594
Total expenses 2,152 2,057 4,122 4,062
Fair value gains (losses), net 56 47 123 (63)
Share of net earnings from equity accounted investments 331 192 610 418
Income (loss) before income taxes 121 (16) 182 (156)
Income tax expense 59 30 165 19
Net income (loss) 62 (46) 17 (175)
Net income (loss) attributable to:        
Limited partners (23) (113) (86) (192)
General partner 0 0 0 0
Non-controlling interests attributable to:        
Redeemable/exchangeable and special limited partnership units (40) (202) (152) (342)
Interests of others in operating subsidiaries and properties 125 269 255 359
Net income (loss) $ 62 $ (46) $ 17 $ (175)