| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
AS AT MAR. 31, 2025 AND DEC. 31, 2024 (MILLIONS) | | | Corporate | | Consolidated | | |
| Ref. | | 2025 | | 2024 | | 2025 | | 2024 | | | | |
| Corporate borrowings | i | | $ | 14,607 | | | $ | 14,232 | | | $ | 14,607 | | | $ | 14,232 | | | | | |
| Non-recourse borrowings | | | | | | | | | | | | | |
| Subsidiary borrowings | i | | — | | | — | | | 15,597 | | | 16,002 | | | | | |
| Property-specific borrowings | i | | — | | | — | | | 215,660 | | | 204,558 | | | | | |
| | | 14,607 | | | 14,232 | | | 245,864 | | | 234,792 | | | | | |
| Accounts payable and other | | | 4,478 | | | 3,941 | | | 52,802 | | | 55,502 | | | | | |
| Deferred income tax liabilities | | | 493 | | | 530 | | | 24,634 | | | 25,267 | | | | | |
| Subsidiary equity obligations | | | — | | | — | | | 3,354 | | | 4,759 | | | | | |
| Liabilities associated with assets classified as held for sale | | | — | | | — | | | 5,993 | | | 4,721 | | | | | |
| Equity | | | | | | | | | | | | | |
| Non-controlling interests | | | 230 | | | 230 | | | 113,667 | | | 119,406 | | | | | |
| Preferred equity | ii | | 4,103 | | | 4,103 | | | 4,103 | | | 4,103 | | | | | |
| Common equity | iii | | 41,160 | | | 41,874 | | | 41,160 | | | 41,874 | | | | | |
| | | 45,493 | | | 46,207 | | | 158,930 | | | 165,383 | | | | | |
| Total capitalization | | | $ | 65,071 | | | $ | 64,910 | | | $ | 491,577 | | | $ | 490,424 | | | | | |
