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(UNAUDITED) FOR THE THREE MONTHS ENDED MAR. 31 (MILLIONS) | | | | | | | 2025 | | 2024 | | |
| Operating activities | | | | | | | | | | | |
| Net income | | | | | | | $ | 215 | | | $ | 519 | | | |
| Other income and gains | | | | | | | (588) | | | (240) | | | |
| Equity accounted earnings, net of distributions | | | | | | | 353 | | | (214) | | | |
| Fair value changes | | | | | | | 824 | | | (158) | | | |
| Depreciation and amortization | | | | | | | 2,455 | | | 2,475 | | | |
| Deferred income taxes | | | | | | | (159) | | | (44) | | | |
| Investments in (proceeds from) residential inventory | | | | | | | 550 | | | (82) | | | |
| Net change in non-cash working capital balances | | | | | | | (1,956) | | | (1,938) | | | |
| | | | | | | 1,694 | | | 318 | | | |
| Financing activities | | | | | | | | | | | |
| Corporate borrowings arranged | | | | | | | 496 | | | 743 | | | |
| Corporate borrowings repaid | | | | | | | (500) | | | (371) | | | |
| Commercial paper and bank borrowings, net | | | | | | | 380 | | | 1,307 | | | |
| Non-recourse borrowings arranged | | | | | | | 32,029 | | | 22,104 | | | |
| Non-recourse borrowings repaid | | | | | | | (22,434) | | | (13,811) | | | |
| Non-recourse credit facilities, net | | | | | | | 44 | | | (5,743) | | | |
| Subsidiary equity obligations issued | | | | | | | — | | | 3 | | | |
| Subsidiary equity obligations redeemed | | | | | | | — | | | (11) | | | |
| Deposits from related parties | | | | | | | 243 | | | 588 | | | |
| Deposits provided to related parties | | | | | | | (295) | | | (455) | | | |
| Capital provided by non-controlling interests | | | | | | | 2,820 | | | 5,365 | | | |
| Capital repaid to non-controlling interests | | | | | | | (748) | | | (1,725) | | | |
| Other financing activities, net | | | | | | | 1,025 | | | (458) | | | |
| (Settlement) Receipt of deferred consideration | | | | | | | (12) | | | 93 | | | |
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| Common shares issued | | | | | | | 2 | | | 8 | | | |
| Common shares repurchased | | | | | | | (569) | | | (502) | | | |
| Distributions to non-controlling interests | | | | | | | (5,531) | | | (1,760) | | | |
| Distributions to common and preferred shareholders | | | | | | | (178) | | | (166) | | | |
| | | | | | | 6,772 | | | 5,209 | | | |
| Investing activities | | | | | | | | | | | |
| Acquisitions | | | | | | | | | | | |
| Investment properties | | | | | | | (2,374) | | | (1,597) | | | |
| Property, plant and equipment | | | | | | | (2,815) | | | (2,901) | | | |
| Equity accounted investments | | | | | | | (1,649) | | | (628) | | | |
| Financial assets and other | | | | | | | (6,558) | | | (1,590) | | | |
| Acquisition of subsidiaries, net of cash acquired | | | | | | | (4,403) | | | (716) | | | |
| Dispositions | | | | | | | | | | | |
| Investment properties | | | | | | | 1,340 | | | 132 | | | |
| Property, plant and equipment | | | | | | | 1,190 | | | 192 | | | |
| Equity accounted investments | | | | | | | 452 | | | 630 | | | |
| Financial assets and other | | | | | | | 2,236 | | | 1,566 | | | |
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| Disposition of subsidiaries, net of cash disposed | | | | | | | 1,137 | | | 87 | | | |
| Restricted cash and deposits | | | | | | | 120 | | | (48) | | | |
| | | | | | | (11,324) | | | (4,873) | | | |
| Cash and cash equivalents | | | | | | | | | | | |
| Change in cash and cash equivalents | | | | | | | (2,858) | | | 654 | | | |
| Net change in cash classified within assets held for sale | | | | | | | 9 | | | (21) | | | |
| Foreign exchange revaluation | | | | | | | 235 | | | (113) | | | |
| Balance, beginning of period | | | | | | | 15,051 | | | 11,222 | | | |
| Balance, end of period | | | | | | | $ | 12,437 | | | $ | 11,742 | | | |
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| Supplemental cash flow disclosures | | | | | | | | | | | |
| Income taxes paid | | | | | | | $ | 504 | | | $ | 739 | | | |
| Interest paid | | | | | | | 3,424 | | | 3,586 | | | |
