FINANCIAL INSTRUMENTS (Tables)
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6 Months Ended |
Jun. 30, 2026 |
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| Financial Instruments [Abstract] |
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| Schedule of Hedging Instruments |
The following table provides the partnership’s outstanding derivatives that are designated as cash flow hedges of variability in interest rates associated with forecasted fixed rate financings and existing variable rate debt as of June 30, 2026 and December 31, 2025: | | | | | | | | | | | | | | | | | | | (US$ Millions) | Hedging item | Notional | Rates | Maturity dates | Fair value | | | | | | | | Jun. 30, 2026 | Interest rate swaps of US$ SOFR debt | $ | 4,573 | | 3.4% - 3.9% | Aug. 2026 - Mar. 2030 | $ | 8 | | | Interest rate caps of £ SONIA debt | 1,727 | | 2.0% - 5.0% | Jul. 2026 - Jan. 2028 | 6 | | | Interest rate caps of US$ SOFR debt | 1,385 | | 3.9% - 6.0% | Aug. 2026 - Apr. 2029 | 1 | | | Interest rate swaps of AUD BBSW/BBSY debt | 1,177 | | 3.3% - 4.9% | Sep. 2026 - Mar. 2031 | (3) | | | Interest rate swaps of £ SONIA debt | 882 | | 3.8% - 4.0% | Jul. 2026 - Jul. 2027 | (1) | | | Interest rate caps of € EURIBOR debt | 546 | | 4.0% - 4.5% | Jul. 2026 - May 2029 | 1 | | | Interest rate caps of C$ CORRA debt | 299 | | 5.5% | Aug. 2026 | — | | | Interest rate caps of SEK STIBOR debt | 156 | | 3.5% | Feb. 2028 | — | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Dec. 31, 2025 | Interest rate swaps of US$ SOFR debt | $ | 7,382 | | 3.0% - 3.9% | Aug. 2026 - Mar. 2030 | $ | (2) | | | Interest rate caps of US$ SOFR debt | 3,800 | | 3.0% - 6.8% | Jan. 2026 - Jul. 2028 | 3 | | | Interest rate caps of £ SONIA debt | 2,048 | | 2.0% - 5.0% | Apr. 2026 - Jan. 2028 | 3 | | | Interest rate caps of € EURIBOR debt | 1,148 | | 2.5% - 4.5% | Jul. 2026 - Aug. 2027 | — | | | Interest rate swaps of £ SONIA debt | 896 | | 3.8% | Jul. 2026 | (1) | | | Interest rate swaps of AUD BBSW/BBSY debt | 829 | 3.2% - 4.5% | Jun. 2026 - Nov. 2028 | 1 | | | Interest rate caps of C$ CORRA debt | 467 | 4.5% - 5.5% | Aug. 2026 - Oct. 2026 | — | | | Interest rate caps of SEK STIBOR debt | 159 | 3.5% | Feb. 2028 | — | | | Interest rate swaps of S$ SORA debt | 139 | 1.4% | Aug. 2030 | 3 | | | Interest rate swaps of R$ IPCA debt | 88 | 4.4% - 4.5% | Jan. 2026 - Sep. 2028 | — | | | Interest rate caps of DKK CIBOR debt | 57 | 4.3% | Aug. 2027 | — | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
The following table presents the partnership’s outstanding derivatives that are designated as net investment hedges in foreign subsidiaries or cash flow hedges as of June 30, 2026 and December 31, 2025: | | | | | | | | | | | | | | | | | | | | | | (US$ Millions) | Hedging item | | Notional | Rates | Maturity dates | Fair value | | Jun. 30, 2026 | Net investment hedges | € | 198 | | €0.83/$ - €0.91/$ | Jul. 2026 - Jan. 2028 | $ | 1 | | | Net investment hedges | £ | 1,233 | | £0.74/$ - £0.81/$ | Jul. 2026 - Sep. 2028 | 8 | | | Net investment hedges | A$ | 134 | | A$1.48/$ - A$1.57/$ | Sep. 2026 - Dec. 2027 | (5) | | | | | | | | | | Net investment hedges | R$ | 494 | | R$5.85/$ - R$6.08/$ | Apr. 2028 - Jun. 2028 | — | | | Net investment hedges | ₩ | 144,000 | | ₩1,463.90/$ - ₩1,467.05/$ | May 2028 - May 2029 | 4 | | | Net investment hedges | Rs | 45,373 | | Rs95.32/$ - Rs99.20/$ | Oct. 2026 - Dec. 2027 | (1) | | | | | | | | | | Net investment hedges | £ | 262 | | £0.87/€ | Sep. 2027 | 1 | | | Net investment hedges | C$ | 481 | | C$1.34/$ - C$1.42/$ | Jul. 2026 - Jul. 2028 | 3 | | | | | | | | | | Net investment hedges | CNH | 2,797 | | CNH6.77/$ - CNH7.04/$ | Oct. 2026 - Jun. 2028 | (23) | | | Net investment hedges | SEK | 193 | | SEK8.97/$ - SEK9.19/$ | Sep. 2027 | 1 | | | Net investment hedges | ¥ | 13,002 | | ¥149.65/$ - ¥157.80/$ | Dec. 2026 - Mar. 2029 | 1 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Cross currency swaps of C$ SOFR debt | C$ | 1,400 | | C$1.25/$ - C$1.34/$ | Sep. 2026 - Feb. 2028 | (84) | | | Dec. 31, 2025 | Net investment hedges | € | 497 | | €0.83/$ - €0.94/$ | Feb. 2026 - Sep. 2028 | $ | (24) | | | Net investment hedges | £ | 996 | | £0.74/$ - £0.84/$ | Mar. 2026 - Jul. 2028 | (19) | | | Net investment hedges | A$ | 372 | | A$1.51/$ - A$1.57/$ | Sep. 2026 - Jun. 2030 | (2) | | | | | | | | | | Net investment hedges | R$ | 984 | | R$5.90/$ - R$7.94/$ | Jan. 2026 - Oct. 2028 | (12) | | | Net investment hedges | ₩ | 611,705 | | ₩1,360.98/$ - ₩1,460.22/$ | Mar. 2026 - Dec. 2026 | 17 | | | Net investment hedges | Rs | 61,141 | | Rs86.87/$ - Rs96.78/$ | Jan. 2026 - Oct. 2028 | 20 | | | Net investment hedges | HK$ | 346 | | HK$7.51/$ - HK$7.68/$ | Mar. 2028 - Jun. 2030 | 1 | | | Net investment hedges | £ | 258 | | £0.86/€ | Sep. 2026 | (6) | | | Net investment hedges | C$ | 470 | | C$1.31/$ - C$1.41/$ | Apr. 2026 - Aug. 2030 | (3) | | | Net investment hedges | AED | 41 | | AED3.68/€ | Jun. 2027 | — | | | Net investment hedges | CNH | 2,797 | | CNH6.77/$ - CNH7.14/$ | Jan. 2026 - Jun. 2028 | (10) | | | Net investment hedges | SEK | 778 | | SEK9.02/$ - SEK9.71/$ | Sep. 2027 - Dec. 2028 | (4) | | | Net investment hedges | ¥ | 15,330 | | ¥137.02/$ | Jun. 2027 | 10 | | | Net investment hedges | NZ$ | 30 | NZ$1.69/$ | Mar. 2029 | — | | | Net investment hedges | S$ | 225 | S$1.21/$ - S$1.23/$ | Jul. 2028 - Dec. 2028 | 1 | | Net investment hedges | DKK | 54 | DKK6.01/$ - DKK6.14/$ | Jul. 2028 | — | | | Net investment hedges | € | 18 | €0.13/DKK | Jul. 2028 | — | | | Net investment hedges | € | 2 | €1.09/£ | Jul. 2028 | — | | | Net investment hedges | € | 214 | €0.09/SEK | Mar. 2028 - Dec. 2028 | — | | | Cross currency swaps of C$ SOFR debt | C$ | 1,400 | | C$1.25/$ - C$1.34/$ | Sep. 2026 - Feb. 2028 | (50) | |
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| Schedule of Other Derivatives |
The following table presents details of the partnership’s other derivatives, not designated as hedges for accounting purposes, that have been entered into to manage financial risks as of June 30, 2026 and December 31, 2025: | | | | | | | | | | | | | | | | | | | | (US$ Millions) | Derivative type | Notional |
Rates | Maturity dates | Fair value | | | Jun. 30, 2026 | Interest rate caps | $ | 2,487 | | 2.4% - 6.0% | Jul. 2026 - Jun. 2027 | $ | (11) | | | | Interest rate swaps on forecasted fixed rate debt | 75 | | 5.3% | Jun. 2028 - Jun. 2030 | (14) | | | | Interest rate swaps of US$ debt | — | | 3.3% - 3.4% | Mar. 2027 - Mar. 2028 | — | | | | | | | | | | | Dec. 31, 2025 | Interest rate caps | $ | 7,113 | | 2.3% - 6.3% | Feb. 2026 - Jan. 2028 | $ | 2 | | | | Interest rate swaps on forecasted fixed rate debt | 75 | | 5.3% | Jun. 2028 - Jun. 2030 | (16) | | | | Interest rate swaps of US$ debt | — | | 3.3% - 3.6% | Mar. 2026 - Mar. 2028 | — | | |
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| Schedule of Financial Assets |
The following table outlines the classification and measurement basis, and related fair value for disclosures, of the financial assets and liabilities in the interim condensed consolidated financial statements: | | | | | | | | | | | | | | | | | | | | Jun. 30, 2026 | Dec. 31, 2025 | | (US$ Millions) | Classification and measurement basis | Carrying value | Fair value | Carrying value | Fair value | | Financial assets | | | | | | | Loans and notes receivable | Amortized cost | $ | 873 | | $ | 873 | | $ | 536 | | $ | 536 | | | Other non-current assets | | | | | | | Securities - FVTPL | FVTPL | 2,795 | | 2,795 | | 2,815 | | 2,815 | | | Derivative assets | FVTOCI/FVTPL | 51 | | 51 | | 68 | | 68 | | Accounts receivable(1) | Amortized cost | 109 | | 109 | | 90 | | 90 | | | Securities - FVTOCI | FVTOCI | 178 | | 178 | | 230 | | 230 | | | Other marketable securities | Amortized cost | 30 | | 30 | | 29 | | 29 | | | Restricted cash | Amortized cost | 150 | | 150 | | 182 | | 182 | | | Current assets | | | | | | | Securities - FVTOCI | FVTOCI | 10 | | 10 | | 15 | | 15 | | | Derivative assets | FVTOCI/FVTPL | 61 | | 61 | | 63 | | 63 | | Accounts receivable(2) | Amortized cost | 1,218 | | 1,218 | | 735 | | 735 | | | Restricted cash | Amortized cost | 151 | | 151 | | 287 | | 287 | | Cash and cash equivalents(3) | Amortized cost | 2,038 | | 2,038 | | 1,896 | | 1,896 | | | Total financial assets | | $ | 7,664 | | $ | 7,664 | | $ | 6,946 | | $ | 6,946 | | | Financial liabilities | | | | | | Debt obligations(4) | Amortized cost | $ | 49,519 | | $ | 49,500 | | $ | 46,314 | | $ | 46,503 | | | Capital securities | Amortized cost | 1,326 | | 1,326 | | 1,325 | | 1,325 | | | Capital securities - fund subsidiaries | FVTPL | — | | — | | 81 | | 81 | | | Other non-current liabilities | | — | | — | | | | | Loan payable | FVTPL | 9 | | 9 | | 6 | | 6 | | | Accounts payable | Amortized cost | 189 | | 189 | | 297 | | 297 | | | Derivative liabilities | FVTOCI/FVTPL | 76 | | 76 | | 108 | | 108 | | | Accounts payable and other liabilities | | — | | — | | | | Accounts payable and other(5) | Amortized cost | 3,349 | | 3,349 | | 2,629 | | 2,629 | | | Loans and notes payable | Amortized cost | 2,307 | | 2,307 | | 2,412 | | 2,412 | | | Derivative liabilities | FVTOCI/FVTPL | 126 | | 126 | | 104 | | 104 | | | Total financial liabilities | | $ | 56,901 | | $ | 56,882 | | $ | 53,276 | | $ | 53,465 | |
(1)Includes other non-current receivables associated with assets classified as held for sale on the condensed consolidated balance sheet in the amount of $23 million and nil as of June 30, 2026 and December 31, 2025, respectively. (2)Includes other current receivables associated with assets classified as held for sale on the condensed consolidated balance sheet in the amount of $591 million and $103 million as of June 30, 2026 and December 31, 2025, respectively. (3)Includes cash and cash equivalents associated with assets classified as held for sale on the condensed consolidated balance sheets in the amount of $550 million and $37 million as of June 30, 2026 and December 31, 2025, respectively. (4)Includes debt obligations associated with assets classified as held for sale on the condensed consolidated balance sheet in the amount of $14,545 million and $84 million as of June 30, 2026 and December 31, 2025, respectively. (5)Includes accounts payable and other liabilities associated with assets classified as held for sale on the condensed consolidated balance sheet in the amount of $1,388 million and $221 million as of June 30, 2026 and December 31, 2025, respectively. The following table outlines financial assets and liabilities measured at fair value in the consolidated financial statements and the level of the inputs used to determine those fair values in the context of the hierarchy as defined above: | | | | | | | | | | | | | | | | | | | | | | | | | | | | Jun. 30, 2026 | Dec. 31, 2025 | | (US$ Millions) | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | | Financial assets | | | | | | | | | | | | | | | | | | | Securities - FVTPL | $ | — | | $ | 947 | | $ | 1,848 | | $ | 2,795 | | $ | — | | $ | 947 | | $ | 1,868 | | $ | 2,815 | | | Securities - FVTOCI | 159 | | — | | 29 | | 188 | | 210 | | — | | 35 | | 245 | | | Derivative assets | — | | 112 | | — | | 112 | | — | | 131 | | — | | 131 | | | Total financial assets | $ | 159 | | $ | 1,059 | | $ | 1,877 | | $ | 3,095 | | $ | 210 | | $ | 1,078 | | $ | 1,903 | | $ | 3,191 | | | | | | | | | | | | Financial liabilities | | | | | | | | | | Capital securities - fund subsidiaries | $ | — | | $ | — | | $ | — | | $ | — | | $ | — | | $ | — | | $ | 81 | | $ | 81 | | | Derivative liabilities | — | | 202 | | — | | 202 | | — | | 212 | | — | | 212 | | | Loan payable | — | | 9 | | — | | 9 | | — | | 6 | | — | | 6 | | | Total financial liabilities | $ | — | | $ | 211 | | $ | — | | $ | 211 | | $ | — | | $ | 218 | | $ | 81 | | $ | 299 | |
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| Schedule of Financial Liabilities |
The following table outlines the classification and measurement basis, and related fair value for disclosures, of the financial assets and liabilities in the interim condensed consolidated financial statements: | | | | | | | | | | | | | | | | | | | | Jun. 30, 2026 | Dec. 31, 2025 | | (US$ Millions) | Classification and measurement basis | Carrying value | Fair value | Carrying value | Fair value | | Financial assets | | | | | | | Loans and notes receivable | Amortized cost | $ | 873 | | $ | 873 | | $ | 536 | | $ | 536 | | | Other non-current assets | | | | | | | Securities - FVTPL | FVTPL | 2,795 | | 2,795 | | 2,815 | | 2,815 | | | Derivative assets | FVTOCI/FVTPL | 51 | | 51 | | 68 | | 68 | | Accounts receivable(1) | Amortized cost | 109 | | 109 | | 90 | | 90 | | | Securities - FVTOCI | FVTOCI | 178 | | 178 | | 230 | | 230 | | | Other marketable securities | Amortized cost | 30 | | 30 | | 29 | | 29 | | | Restricted cash | Amortized cost | 150 | | 150 | | 182 | | 182 | | | Current assets | | | | | | | Securities - FVTOCI | FVTOCI | 10 | | 10 | | 15 | | 15 | | | Derivative assets | FVTOCI/FVTPL | 61 | | 61 | | 63 | | 63 | | Accounts receivable(2) | Amortized cost | 1,218 | | 1,218 | | 735 | | 735 | | | Restricted cash | Amortized cost | 151 | | 151 | | 287 | | 287 | | Cash and cash equivalents(3) | Amortized cost | 2,038 | | 2,038 | | 1,896 | | 1,896 | | | Total financial assets | | $ | 7,664 | | $ | 7,664 | | $ | 6,946 | | $ | 6,946 | | | Financial liabilities | | | | | | Debt obligations(4) | Amortized cost | $ | 49,519 | | $ | 49,500 | | $ | 46,314 | | $ | 46,503 | | | Capital securities | Amortized cost | 1,326 | | 1,326 | | 1,325 | | 1,325 | | | Capital securities - fund subsidiaries | FVTPL | — | | — | | 81 | | 81 | | | Other non-current liabilities | | — | | — | | | | | Loan payable | FVTPL | 9 | | 9 | | 6 | | 6 | | | Accounts payable | Amortized cost | 189 | | 189 | | 297 | | 297 | | | Derivative liabilities | FVTOCI/FVTPL | 76 | | 76 | | 108 | | 108 | | | Accounts payable and other liabilities | | — | | — | | | | Accounts payable and other(5) | Amortized cost | 3,349 | | 3,349 | | 2,629 | | 2,629 | | | Loans and notes payable | Amortized cost | 2,307 | | 2,307 | | 2,412 | | 2,412 | | | Derivative liabilities | FVTOCI/FVTPL | 126 | | 126 | | 104 | | 104 | | | Total financial liabilities | | $ | 56,901 | | $ | 56,882 | | $ | 53,276 | | $ | 53,465 | |
(1)Includes other non-current receivables associated with assets classified as held for sale on the condensed consolidated balance sheet in the amount of $23 million and nil as of June 30, 2026 and December 31, 2025, respectively. (2)Includes other current receivables associated with assets classified as held for sale on the condensed consolidated balance sheet in the amount of $591 million and $103 million as of June 30, 2026 and December 31, 2025, respectively. (3)Includes cash and cash equivalents associated with assets classified as held for sale on the condensed consolidated balance sheets in the amount of $550 million and $37 million as of June 30, 2026 and December 31, 2025, respectively. (4)Includes debt obligations associated with assets classified as held for sale on the condensed consolidated balance sheet in the amount of $14,545 million and $84 million as of June 30, 2026 and December 31, 2025, respectively. (5)Includes accounts payable and other liabilities associated with assets classified as held for sale on the condensed consolidated balance sheet in the amount of $1,388 million and $221 million as of June 30, 2026 and December 31, 2025, respectively. The following table outlines financial assets and liabilities measured at fair value in the consolidated financial statements and the level of the inputs used to determine those fair values in the context of the hierarchy as defined above: | | | | | | | | | | | | | | | | | | | | | | | | | | | | Jun. 30, 2026 | Dec. 31, 2025 | | (US$ Millions) | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | | Financial assets | | | | | | | | | | | | | | | | | | | Securities - FVTPL | $ | — | | $ | 947 | | $ | 1,848 | | $ | 2,795 | | $ | — | | $ | 947 | | $ | 1,868 | | $ | 2,815 | | | Securities - FVTOCI | 159 | | — | | 29 | | 188 | | 210 | | — | | 35 | | 245 | | | Derivative assets | — | | 112 | | — | | 112 | | — | | 131 | | — | | 131 | | | Total financial assets | $ | 159 | | $ | 1,059 | | $ | 1,877 | | $ | 3,095 | | $ | 210 | | $ | 1,078 | | $ | 1,903 | | $ | 3,191 | | | | | | | | | | | | Financial liabilities | | | | | | | | | | Capital securities - fund subsidiaries | $ | — | | $ | — | | $ | — | | $ | — | | $ | — | | $ | — | | $ | 81 | | $ | 81 | | | Derivative liabilities | — | | 202 | | — | | 202 | | — | | 212 | | — | | 212 | | | Loan payable | — | | 9 | | — | | 9 | | — | | 6 | | — | | 6 | | | Total financial liabilities | $ | — | | $ | 211 | | $ | — | | $ | 211 | | $ | — | | $ | 218 | | $ | 81 | | $ | 299 | |
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| Schedule of Fair Value Measurement of Assets |
The following table presents the partnership’s investment properties measured at fair value in the condensed consolidated financial statements and the level of the inputs used to determine those fair values in the context of the hierarchy as defined in Note 2(h) in the consolidated financial statements as of December 31, 2025: | | | | | | | | | | | | | | | | | | | | | | | | | | | | Jun. 30, 2026 | Dec. 31, 2025 | | | | Level 3 | | | Level 3 | | (US$ Millions) | Level 1 | Level 2 | Commercial properties | Commercial developments | Level 1 | Level 2 | Commercial properties | Commercial developments | | Office | $ | — | | $ | — | | $ | 18,242 | | $ | 363 | | $ | — | | $ | — | | $ | 18,114 | | $ | 1,460 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Retail | — | | — | | 18,500 | | 45 | | — | | — | | 18,712 | | 45 | | | LP Investments | — | | — | | 6,769 | | 240 | | — | | — | | 17,846 | | 757 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Total | $ | — | | $ | — | | $ | 43,511 | | $ | 648 | | $ | — | | $ | — | | $ | 54,672 | | $ | 2,262 | |
The following table presents the change in the balance of financial assets and financial liabilities accounted for at fair value categorized as Level 3 as of June 30, 2026 and December 31, 2025: | | | | | | | | | | | | | | | | | | | | | | | | | | | | Jun. 30, 2026 | Dec. 31, 2025 |
(US$ Millions) | Financial assets | Financial liabilities | Financial assets | Financial liabilities | | Balance, beginning of period | $ | 1,903 | | $ | 81 | | $ | 2,508 | | $ | 208 | | | Acquisitions | | 99 | | | — | | | 279 | | | — | | | Dispositions | | (51) | | | — | | | (627) | | | (3) | | Fair value losses gains, net and OCI | | (69) | | | — | | | (257) | | | (158) | | Reclassification of Opportunistic Fund Investments to assets and liabilities held for sale(1) | | (5) | | | (81) | | | — | | | — | | | Other | | — | | | — | | | — | | | 34 | | | Balance, end of period | $ | 1,877 | | $ | — | | $ | 1,903 | | $ | 81 | |
(1)See Note 29, Related Parties for further information on the Reclassification of Opportunistic Fund Investments.
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| Schedule of Fair Value Measurement of Liabilities |
The following table presents the change in the balance of financial assets and financial liabilities accounted for at fair value categorized as Level 3 as of June 30, 2026 and December 31, 2025: | | | | | | | | | | | | | | | | | | | | | | | | | | | | Jun. 30, 2026 | Dec. 31, 2025 |
(US$ Millions) | Financial assets | Financial liabilities | Financial assets | Financial liabilities | | Balance, beginning of period | $ | 1,903 | | $ | 81 | | $ | 2,508 | | $ | 208 | | | Acquisitions | | 99 | | | — | | | 279 | | | — | | | Dispositions | | (51) | | | — | | | (627) | | | (3) | | Fair value losses gains, net and OCI | | (69) | | | — | | | (257) | | | (158) | | Reclassification of Opportunistic Fund Investments to assets and liabilities held for sale(1) | | (5) | | | (81) | | | — | | | — | | | Other | | — | | | — | | | — | | | 34 | | | Balance, end of period | $ | 1,877 | | $ | — | | $ | 1,903 | | $ | 81 | |
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