EQUITY ACCOUNTED INVESTMENTS

The following table presents the ownership interests and carrying values of the company’s investments in associates and joint ventures, all of which are accounted for using the equity method:



	Ownership Interest¹		Carrying Value
AS AT DEC. 31 (MILLIONS)	2018	2017	2018		2017
Real estate
Associates
Core office	7 – 23%	10 – 23%	$	107	$	123
Core retail²	n/a	34%	n/a		8,845
LP Investments and other	6 – 90%	12 – 90%	1,173		1,563
Joint ventures
Core office	15 – 56%	15 – 56%	8,258		8,112
Core retail²	12 – 68%	n/a	11,159		n/a
LP Investments and other	12 – 90%	12 – 90%	2,252		954
			22,949		19,597
Infrastructure
Associates
Utilities	11 – 50%	11 – 39%	339		1,279
Transport	26 – 58%	26 – 58%	4,100		4,639
Data infrastructure	45%	45%	1,705		1,607
Other	22 – 50%	20 – 40%	232		162
Joint ventures
Energy	50%	50%	1,121		1,013
Other	50%	50%	139		93
			7,636		8,793
Private equity
Associates
Norbord	42%	40%	1,287		1,364
Other	13 – 90%	14 – 90%	656		1,023
			1,943		2,387
Renewable power and other
Renewable power associates	14 – 60%	16 – 50%	685		509
Other equity accounted investments³	18 – 85%	12 – 85%	434		708
			1,119		1,217
Total			$	33,647	$	31,994


1.	Joint ventures or associates in which the ownership interest is greater than 50% represent investments for which control is either shared or does not exist resulting in the investment being equity accounted.

On August 28, 2018, a subsidiary of the company acquired all outstanding shares of GGP Inc. other than those shares previously held by the company and its affiliates. At this time, the company took control of the entity and it ceased to be accounted for using the equity method. There are a number of joint ventures within our core retail operations that are now included in the company’s consolidated financial results. Refer to Note 5 of the consolidated financial statements for additional information on the acquisition of GGP Inc.


3.	Carrying value of joint ventures in other equity accounted investments is $395 million (2017 – $346 million).

The following tables presents the change in the balance of investments in associates and joint ventures:



AS AT AND FOR THE YEARS ENDED DEC. 31 (MILLIONS)	Real Estate			Infrastructure			Private Equity			Renewable Power and Other			2018 Total			2017 Total
Balance, beginning of year	$	19,597		$	8,793		$	2,387		$	1,217		$	31,994		$	24,977
Net additions (disposals)	(8,068		)	(811		)	(638		)	(255		)	(9,772		)	5,063
Acquisitions through business combinations	12,379			15			328			30			12,752			231
Share of comprehensive income	980			303			128			195			1,606			1,728
Distributions received	(1,519		)	(121		)	(221		)	(42		)	(1,903		)	(732		)
Foreign exchange	(420		)	(543		)	(41		)	(26		)	(1,030		)	727
Balance, end of year	$	22,949		$	7,636		$	1,943		$	1,119		$	33,647		$	31,994

Disposals, net of additions, of $9.8 billion in 2018 relate primarily to the GGP privatization. On completing the step-up acquisition, we recognized a $502 million fair value loss as we wrote down the carrying amount immediately prior to acquiring control and we derecognized our $7.8 billion investment in GGP. Other disposals during the year include the sales of our Chilean electricity transmission business and an Australian energy operation, as well as the reclassification of our service provider to the offshore oil production industry and two entities in our Real Estate and Corporate segments to consolidated subsidiaries. These were partially offset by new investments in a European student housing portfolio and a gaming operations business in Ontario.

Acquisitions of equity accounted investments through business combinations relate primarily to the $10.8 billion of joint ventures held within GGP that we are consolidating after completing the step-up acquisition as well as $1.5 billion of joint ventures held by a diversified U.S. REIT that was acquired in the fourth quarter.

The following table presents current and non-current assets, as well as current and non-current liabilities of the company’s investments in associates and joint ventures:



	2018								2017
AS AT DEC. 31 (MILLIONS)	Current Assets		Non-Current Assets		Current Liabilities		Non-Current Liabilities		Current Assets		Non-Current Assets		Current Liabilities		Non-Current Liabilities
Real estate
Associates
Core office	$	15	$	1,998	$	12	$	457	$	18	$	1,671	$	14	$	456
Core retail	—		—		—		—		1,028		37,840		948		13,063
LP Investments and other	86		3,430		56		966		410		6,554		204		2,788
Joint ventures
Core office	1,789		33,245		2,766		13,998		1,531		31,351		2,225		13,762
Core retail	832		40,136		734		16,537		n/a		n/a		n/a		n/a
LP Investments and other	686		11,645		776		5,256		166		3,312		343		803

Infrastructure
Associates
Utilities	289		2,227		325		1,391		631		9,068		756		4,891
Transport	1,507		15,676		1,871		6,358		1,532		16,876		1,387		6,951
Data infrastructure	447		6,692		438		2,902		464		6,281		561		2,968
Other	118		659		117		117		40		371		36		121
Joint ventures
Energy	165		5,034		144		2,813		139		4,741		139		2,716
Other	13		216		5		89		17		228		8		51

Private equity
Associates
Norbord	509		4,574		363		1,204		709		2,374		356		728
Other	930		2,187		628		1,140		2,001		18,122		3,124		13,192

Renewable power and other
Renewable power associates	182		2,845		93		974		153		2,536		115		1,080
Other equity accounted investments	1,081		53		142		152		800		60		90		100
	$	8,649	$	130,617	$	8,470	$	54,354	$	9,639	$	141,385	$	10,306	$	63,670

Certain of the company’s investments in associates are subject to restrictions on the extent to which they can remit funds to the company in the form of cash dividends or repay loans and advances as a result of borrowing arrangements, regulatory restrictions and other contractual requirements.

The following table presents total revenues, net income and other comprehensive income (“OCI”) of the company’s investments in associates and joint ventures:



	2018								2017
AS AT DEC. 31 (MILLIONS)	Revenue		Net Income			OCI			Revenue		Net Income			OCI
Real estate
Associates
Core office	$	60	$	71		$	—		$	41	$	116		$	—
Core retail	1,536		(1,013		)	(15		)	2,405		(591		)	12
LP Investments and other	545		301			191			586		320			103
Joint ventures
Core office	1,559		1,544			(34		)	1,439		1,066			5
Core retail	889		449			—			n/a		n/a			n/a
LP Investments and other	342		487			(2		)	160		222			16

Infrastructure
Associates
Utilities	541		92			110			1,164		101			779
Transport	3,673		(309		)	(826		)	3,723		196			704
Data infrastructure	804		64			244			783		58			435
Other	84		83			363			45		(9		)	(181		)
Joint ventures
Energy	695		92			—			681		15			(1		)
Other	75		19			(29		)	73		17			14

Private equity
Associates
Norbord	2,424		248			(21		)	498		(8		)	5
Other	1,947		148			(36		)	2,548		710			(76		)

Renewable power and other
Renewable power associates	491		79			469			65		11			59
Other equity accounted investments	133		44			(3		)	194		23			4
	$	15,798	$	2,399		$	411		$	14,405	$	2,247		$	1,878

Certain of the company’s investments are publicly listed entities with active pricing in a liquid market. The fair value based on the publicly listed price of these equity accounted investments in comparison to the company’s carrying value is as follows:



	2018				2017
AS AT DEC. 31 (MILLIONS)	Public Price		Carrying Value		Public Price		Carrying Value
GGP¹	n/a		n/a		$	7,570	$	8,844
Norbord	$	925	$	1,287	1,176		1,364
Other	36		—		286		201
	$	961	$	1,287	$	9,032	$	10,409


1.	Our investment in GGP was consolidated as at December 31, 2018 and therefore has not been included in current year figures.

At December 31, 2018, the company performed a review to determine if there is any objective evidence that its investment in Norbord was impaired. As a result of this review, management determined there is no objective evidence of impairment of Norbord at December 31, 2018.