v3.26.1
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)
 6 Months Ended
Jun. 30, 2026
Disclosure of detailed information about financial instruments [abstract]  
Disclosure of fair value of financial instruments [text block]
The following table lists the company’s financial instruments by their carrying value and fair value as at June 30, 2026 and December 31, 2025:
20262025
AS AT JUN. 30, 2026 AND DEC. 31, 2025
(MILLIONS)
Carrying
Value		Fair
Value		Carrying
Value		Fair
Value
Financial assets
Cash and cash equivalents$14,885 $14,885 $16,242 $16,242 
Other financial assets
Government bonds2,063 2,063 2,351 2,351 
Corporate bonds2,577 2,577 3,211 3,211 
Fixed income securities and other10,078 10,078 8,931 8,931 
Common shares and warrants7,315 7,315 6,589 6,589 
Loans and notes receivable10,486 10,486 8,951 8,951 
32,519 32,519 30,033 30,033 
Accounts receivable and other1
22,125 22,125 21,925 21,925 
$69,529 $69,529 $68,200 $68,200 
Financial liabilities
Corporate borrowings$14,711 $13,960 $14,301 $13,768 
Non-recourse borrowings of managed entities
Property-specific borrowings229,069 227,372 228,414 227,703 
Subsidiary borrowings21,202 21,147 16,897 17,044 
250,271 248,519 245,311 244,747 
Accounts payable and other2
43,351 43,351 47,257 47,257 
Subsidiary equity obligations3,931 3,931 3,808 3,808 
$312,264 $309,761 $310,677 $309,580 
Disclosure of fair value measurement of assets [text block]
The following table categorizes financial assets and liabilities, which are carried at fair value, based upon the fair value hierarchy levels:
20262025
AS AT JUN. 30, 2026 AND DEC. 31, 2025
(MILLIONS)
Level 1
Level 2
Level 3
Level 1Level 2Level 3
Financial assets
Other financial assets
Government bonds$69 $1,501 $— $42 $1,360 $— 
Corporate bonds— 1,640 929 — 1,658 810 
Fixed income securities and other945 979 7,964 304 943 7,412 
Common shares and warrants1,162 989 5,164 387 1,543 4,659 
2,176 5,109 14,057 733 5,504 12,881 
Accounts receivable and other1
— 1,988 1,332 — 1,861 1,207 
$2,176 $7,097 $15,389 $733 $7,365 $14,088 
Financial liabilities
Accounts payable and other1
$130 $3,770 $2,854 $156 $3,877 $2,349 
The following table presents our investment properties measured at fair value:
AS AT JUN. 30, 2026
(MILLIONS)
Super Core$19,471 
Core Plus10,164 
Value Add5,090 
LP Investments43,460 
Other investment properties6,054 
$84,239 
Carrying and fair values of financial liabilities
The following table categorizes financial assets and liabilities, which are carried at fair value, based upon the fair value hierarchy levels:
20262025
AS AT JUN. 30, 2026 AND DEC. 31, 2025
(MILLIONS)
Level 1
Level 2
Level 3
Level 1Level 2Level 3
Financial assets
Other financial assets
Government bonds$69 $1,501 $— $42 $1,360 $— 
Corporate bonds— 1,640 929 — 1,658 810 
Fixed income securities and other945 979 7,964 304 943 7,412 
Common shares and warrants1,162 989 5,164 387 1,543 4,659 
2,176 5,109 14,057 733 5,504 12,881 
Accounts receivable and other1
— 1,988 1,332 — 1,861 1,207 
$2,176 $7,097 $15,389 $733 $7,365 $14,088 
Financial liabilities
Accounts payable and other1
$130 $3,770 $2,854 $156 $3,877 $2,349 
Disclosure of significant unobservable inputs used in fair value measurement of assets [text block]
Significant unobservable inputs (Level 3) are utilized when determining the fair value of investment properties. The significant Level 3 inputs include:
Valuation TechniqueSignificant Unobservable InputsRelationship of Unobservable Inputs to Fair ValueMitigating Factors
Discounted cash flow analysis1
•  Future cash flows – primarily driven by net operating income
•  Increases (decreases) in future cash flows increase (decrease) fair value
•Changes in future cash flows tend to be offset by corresponding movements in discount rates
•  Discount rate
•Increases (decreases) in discount rate decrease (increase) fair value
•Changes in discount rates tend to be offset by corresponding movements in cash flows
•  Terminal capitalization rate

•Increases (decreases) in terminal capitalization rate decrease (increase) fair value
•Changes in terminal capitalization rates tend to be offset by corresponding movements in cash flows
•  Investment horizon
•Increases (decreases) in the investment horizon decrease (increase) fair value
•Changes in the investment horizon tend to be the result of changing cash flow profiles that may result in higher (lower) growth in cash flows prior to stabilizing in the terminal year
1.Certain stabilized investment properties are valued using the direct capitalization method instead of a discounted cash flow model. Under the direct capitalization method, a capitalization rate is applied to stabilized net operating income.
Disclosure of financial assets
The following table presents the changes in the balance of financial assets and liabilities classified as Level 3 for the periods ended June 30, 2026:
Three Months EndedSix Months Ended
AS AT AND FOR THE PERIODS ENDED JUN. 30, 2026
(MILLIONS)
Financial
Assets		Financial
Liabilities		Financial
Assets		Financial
Liabilities
Balance, beginning of period$14,776 $2,686 $14,088 $2,349 
Fair value changes in net income937 (257)1,457 (239)
Fair value changes in other comprehensive income1
206 115 62 383 
Transfers in— — 605 — 
Transfers out(1,413)(175)(1,413)(199)
Additions, net883 485 590 560 
Balance, end of period$15,389 $2,854 $15,389 $2,854 
1.Includes foreign currency translation.
Disclosure of financial liabilities
The following table presents the changes in the balance of financial assets and liabilities classified as Level 3 for the periods ended June 30, 2026:
Three Months EndedSix Months Ended
AS AT AND FOR THE PERIODS ENDED JUN. 30, 2026
(MILLIONS)
Financial
Assets		Financial
Liabilities		Financial
Assets		Financial
Liabilities
Balance, beginning of period$14,776 $2,686 $14,088 $2,349 
Fair value changes in net income937 (257)1,457 (239)
Fair value changes in other comprehensive income1
206 115 62 383 
Transfers in— — 605 — 
Transfers out(1,413)(175)(1,413)(199)
Additions, net883 485 590 560 
Balance, end of period$15,389 $2,854 $15,389 $2,854 
1.Includes foreign currency translation.