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EQUITY ACCOUNTED INVESTMENTS
 12 Months Ended
Dec. 31, 2021
Investments in subsidiaries, joint ventures and associates reported in separate financial statements [abstract]  
EQUITY ACCOUNTED INVESTMENTS 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)2021202020212020
Oaktree62 %62 %$5,596 $5,317 
Real estate
Associates
LP investments and other
13 – 31%
16 – 50%
251 136 
Joint ventures
Core
15 – 56%
15 – 56%
9,819 8,866 
Transitional and Development
22 – 68%
22 – 68%
9,946 9,684 
LP investments and other
8 – 91%
9 – 84%
4,813 2,338 
24,829 21,024 
Infrastructure
Associates
Utilities
11 – 50%
11 – 50%
946 1,010 
Transport
21 – 58%
21 – 58%
4,724 5,114 
Data
45 – 50%
45 – 50%
3,076 3,209 
Other
22 – 50%
22 – 50%
106 130 
Joint ventures
Midstream50 %50 %653 841 
Other50 %50 %64 226 
9,569 10,530 
Private equity
Associates
Industrial operations
24 – 54%
24 – 54%
787 834 
Other
14 – 70%
14 – 70%
2,158 1,789 
2,945 2,623 
Renewable power and transition and other
Renewable power and transition associates
3 – 65%
12 – 60%
1,801 1,444 
Other equity accounted investments2
22 – 70%
14 – 77%
1,360 389 
3,161 1,833 
Total$46,100 $41,327 
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 $404 million (2020 – $346 million).
The following table presents the change in the balance of investments in associates and joint ventures:
AS AT AND FOR THE YEARS ENDED DEC. 31 (MILLIONS) OaktreeReal EstateInfrastructurePrivate EquityRenewable Power and Other2021 Total2020 Total
Balance, beginning of year$5,317 $21,024 $10,530 $2,623 $1,833 $41,327 $40,698 
Additions, net of disposals1
195 2,660 (594)517 1,235 4,013 2,568 
Acquisitions through business combinations— 7 — 20 45 72 — 
Share of comprehensive income (loss)665 1,737 685 (12)312 3,387 (125)
Distributions received(581)(194)(598)(169)(216)(1,758)(1,268)
Return of capital— (271)— (2)— (273)(115)
Foreign currency translation and other— (134)(454)(32)(48)(668)(431)
Balance, end of year$5,596 $24,829 $9,569 $2,945 $3,161 $46,100 $41,327 
1.Includes assets sold and amounts reclassified to held for sale.
Additions, net of disposals, of $4.0 billion during the year primarily relate to the equity accounted investment in our German office portfolio in our Real Estate segment and the equity accounted investment in Brookfield Asset Management Reinsurance Partners Ltd. (“BAMR”) as part of the spin-out. These items were partially offset by the sale of an equity accounted investment at our advanced energy storage operations within our Private Equity segment and the partial sale of a stake in our U.S. gas pipeline within our Infrastructure segment. The deconsolidation and recognition of our graphite electrode operations as an equity accounted investment within our Private Equity segment also contributed to additions for our equity accounted investments balance.
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:
20212020
AS AT DEC. 31 (MILLIONS)Current AssetsNon-Current AssetsCurrent LiabilitiesNon-Current LiabilitiesCurrent AssetsNon-Current AssetsCurrent LiabilitiesNon-Current Liabilities
Oaktree$2,136 $20,351 $1,936 $9,229 $2,253 $17,056 $2,146 $7,487 
Real estate
Associates
LP investments and other17 1,070 19 757 21 1,207 42 958 
Joint ventures
Core1,985 39,322 2,272 17,787 2,496 36,668 3,485 17,107 
Transitional and Development1,170 33,679 749 13,734 1,230 33,082 673 13,721 
LP investments and other1,854 19,622 1,214 9,164 1,279 12,288 903 7,290 
Infrastructure
Associates
Utilities
359 5,723 444 3,738 646 6,142 487 4,238 
Transport1,325 24,322 2,160 12,981 1,223 25,078 1,929 9,538 
Data1,054 13,394 1,727 6,284 841 13,308 1,263 6,081 
Other30 321 20 84 34 356 32 143 
Joint ventures
Midstream197 6,097 215 4,003 161 6,157 230 3,945 
Other32 115 12 63 43 685 30 299 
Private equity
Associates
Industrial operations1,421 1,169 640 330 1,096 736 505 222 
Other1,946 9,162 1,206 7,217 2,077 9,303 1,357 6,697 
Renewable power and transition and other
Renewable power and transition associates2,763 12,675 2,546 6,811 1,355 7,492 635 3,307 
Other equity accounted investments2,631 10,840 1,773 8,825 210 790 67 178 
$18,920 $197,862 $16,933 $101,007 $14,965 $170,348 $13,784 $81,211 
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:
20212020
FOR THE YEARS ENDED DEC. 31 (MILLIONS)RevenueNet IncomeOCIRevenueNet IncomeOCI
Oaktree$2,308 $1,355 $7 $1,104 $158 $(2)
Real estate
Associates
LP investments and other84 (133)949 99 (145)(941)
Joint ventures
Core1,917 1,404 100 1,866 311 (113)
Transitional and Development1,844 919 — 1,944 (1,471)— 
LP investments and other1,114 457 321 945 (376)5 
Infrastructure
Associates
Utilities
1,336 521 28 1,715 364 (205)
Transport11,685 1,570 (433)4,054 169 (1,451)
Data2,460 70 73 2,245 293 374 
Other50 (66)56 41 (23)(245)
Joint ventures
Midstream783 137 — 736 244 — 
Other123 4 (2)107 2 33 
Private equity
Associates
West Fraser— — — 2,407 386 12 
Industrial operations3,082 424 (4)2,713 132 — 
Other5,215 (233)(113)4,332 (130)48 
Renewable power and transition and other
Renewable power and transition associates2,891 (208)(15)737 219 174 
Other equity accounted investments8,102 250 (15)192 56 (2)
$42,994 $6,471 $952 $25,237 $189 $(2,313)
Certain of the company’s investments are publicly listed entities with active pricing in a liquid market.