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)	2019		2018		2019		2018
Oaktree	61	%	n/a		$	5,231	$	—

Real estate
Associates
Core office	n/a		7 – 23%		—		107
LP investments and other	30 – 90%		6 – 90%		307		1,173
Joint ventures
Core office	14 – 56%		15 – 56%		9,440		8,258
Core retail²	12 – 68%		12 – 68%		10,555		11,159
LP investments and other	18 – 80%		12 – 90%		2,012		2,252
					22,314		22,949
Infrastructure
Associates
Utilities	11 – 50%		11 – 50%		962		339
Transport	26 – 58%		26 – 58%		4,033		4,100
Data infrastructure	45 – 50%		45	%	2,920		1,705
Other	22 – 50%		22 – 50%		156		232
Joint ventures
Energy	50	%	50	%	716		1,121
Other	50	%	50	%	185		139
					8,972		7,636
Private equity
Associates
Norbord	43	%	42	%	1,185		1,287
Industrial operations	24 – 54%		24 – 50%		854		73
Other	25 – 90%		13 – 90%		557		583
					2,596		1,943

Renewable power and other
Renewable power associates	14 – 60%		14 – 60%		1,154		685
Other equity accounted investments²	16 – 85%		18 – 85%		431		434
					1,585		1,119

Total					$	40,698	$	33,647


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.


2.	Carrying value of joint ventures in other equity accounted investments is $383 million (2018 – $395 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)	Oaktree			Real Estate			Infrastructure			Private Equity			Renewable Power and Other			2019 Total			2018 Total
Balance, beginning of year	$	—		$	22,949		$	7,636		$	1,943		$	1,119		$	33,647		$	31,994
Net additions (disposals)	5,251			(1,932		)	1,067			(150		)	440			4,676			(9,772		)
Acquisitions through business combinations	—			—			48			847			—			895			12,752
Share of comprehensive income	26			1,986			537			97			169			2,815			1,606
Distributions received	(45		)	(810		)	(166		)	(122		)	(157		)	(1,300		)	(1,903		)
Foreign exchange	(1		)	121			(150		)	(19		)	14			(35		)	(1,030		)
Balance, end of year	$	5,231		$	22,314		$	8,972		$	2,596		$	1,585		$	40,698		$	33,647

Additions, net of disposals, of $4.7 billion in 2019 relate primarily to the acquisition of a $5.3 billion interest in Oaktree. As part of the Oaktree transaction, we received a distribution on closing from Oaktree for $306 million, and recognized deferred consideration of $365 million related to the settlement of certain pre-existing agreements.

In addition, we acquired an equity accounted interest in a Brazilian data center operation, a New Zealand integrated data provider and a natural gas transmission business in Mexico within our Infrastructure segment. This was partially offset by the consolidation of a previously equity-accounted portfolio of retail malls within our Real Estate segment.

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:



	2019								2018
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
Oaktree	$	1,497	$	16,870	$	1,172	$	7,434	$	—	$	—	$	—	$	—

Real estate
Associates
Core office	1		—		—		—		15		1,998		12		457
LP investments and other	31		955		15		390		86		3,430		56		966
Joint ventures
Core office	2,790		36,861		4,824		13,987		1,789		33,245		2,766		13,998
Core retail	992		35,726		615		14,334		832		40,136		734		16,537
LP investments and other	648		9,559		648		5,247		686		11,645		776		5,256

Infrastructure
Associates
Utilities	869		6,500		687		4,152		289		2,227		325		1,391
Transport	1,199		18,028		1,953		8,359		1,507		15,676		1,871		6,358
Data infrastructure	912		11,636		1,042		4,908		447		6,692		438		2,902
Other	21		374		27		133		118		659		117		117
Joint ventures
Energy	154		5,455		249		3,927		165		5,034		144		2,813
Other	35		299		6		93		13		216		5		89

Private equity
Associates
Norbord	462		3,911		260		1,355		509		4,574		363		1,204
Industrial operations	1,038		743		485		256		38		277		27		136
Other	793		2,362		697		1,562		892		1,910		601		1,004

Renewable power and other
Renewable power associates	539		5,967		535		2,530		182		2,845		93		974
Other equity accounted investments	1,022		—		118		113		1,081		53		142		152
	$	13,003	$	155,246	$	13,333	$	68,780	$	8,649	$	130,617	$	8,470	$	54,354

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:



	2019								2018
AS AT DEC. 31 (MILLIONS)	Revenue		Net Income			OCI			Revenue		Net Income			OCI
Oaktree	$	295	$	12		$	(6	)	—		$	—		$	—

Real estate
Associates
Core office	—		1			—			60		71			—
Core retail	—		—			—			1,536		(1,013		)	(15		)
LP investments and other	423		126			50			545		301			191
Joint ventures
Core office	2,386		1,869			(105		)	1,559		1,544			(34		)
Core retail	2,430		2,114			—			889		449			—
LP investments and other	714		23			—			342		487			(2		)

Infrastructure
Associates
Utilities	1,046		354			26			541		92			110
Transport	3,277		3			363			3,673		(309		)	(826		)
Data infrastructure	1,447		(38		)	57			804		64			244
Other	55		(45		)	(210		)	84		83			363
Joint ventures
Energy	696		358			—			695		92			—
Other	74		19			—			75		19			(29		)

Private equity
Associates
Norbord	1,731		(165		)	13			2,424		248			(21		)
Industrial operations	1,770		122			—			445		62			(21		)
Other	1,007		247			26			1,502		86			(15		)

Renewable power and other
Renewable power associates	431		88			242			491		79			469
Other equity accounted investments	400		104			1			133		44			(3		)
	$	18,182	$	5,192		$	457		$	15,798	$	2,399		$	411

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:



	2019				2018
AS AT DEC. 31 (MILLIONS)	Public Price		Carrying Value		Public Price		Carrying Value
Norbord	$	930	$	1,185	$	925	$	1,287
Other	38		—		36		—
	$	968	$	1,185	$	961	$	1,287