v3.26.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Operating activities    
Net income (loss) $ 17 $ (175)
Share of equity accounted earnings, net of distributions (331) (289)
Fair value (gains) losses, net (123) 63
Deferred income tax (benefit) 25 (30)
Depreciation and amortization 174 128
Working capital and other 35 67
Cash flows from (used in) operating activities (203) (236)
Financing activities    
Debt obligations, issuance 16,455 5,130
Debt obligations, repayments (10,333) (6,659)
Capital securities issued 35 0
Capital securities redeemed (55) (1)
Non-controlling interests, issued 513 1,682
Non-controlling interests, purchased (158) (7)
Settlement of deferred consideration 4 (1)
Repayment of lease liabilities (28) (29)
Issuances to limited partnership unitholders 721 526
Issuances to redeemable/exchangeable and special limited partnership unitholders 1,288 937
Redemption of FV LTIP units of the Operating Partnership 0 (2)
Cash flows from (used in) financing activities 6,225 325
Acquisitions    
Investment properties (3,791) (2,143)
Property, plant and equipment (2,880) (77)
Equity accounted investments (1,519) (490)
Financial assets and other (321) (271)
Acquisition of subsidiaries, net of cash acquired (134) (88)
Dispositions    
Investment properties 1,930 1,743
Property, plant and equipment 220 159
Equity accounted investments 74 248
Financial assets and other 162 256
Disposition of subsidiaries 459 0
Cash impact of deconsolidation (53) (6)
Cash flows from (used in) investing activities (5,853) (669)
Cash and cash equivalents    
Net change in cash and cash equivalents during the period 169 (580)
Effect of exchange rate fluctuations on cash and cash equivalents held in foreign currencies (27) 33
Balance, beginning of period 1,859 2,208
Balance, end of period 1,488 1,703
Cash paid for:    
Income taxes, net of refunds received 128 72
Interest (excluding dividends on capital securities) 1,506 1,593
Interests of others in operating subsidiaries and properties    
Financing activities    
Distributions (1,561) (602)
Preferred    
Financing activities    
Distributions (22) (22)
Limited partners    
Operating activities    
Net income (loss) (86) (192)
Financing activities    
Distributions (227) (225)
Redeemable / exchangeable and special limited partnership units    
Financing activities    
Distributions (407) (402)
Disposal groups classified as held for sale    
Cash and cash equivalents    
Net change in cash and cash equivalents during the period $ (513) $ 42