Corporate activities: Revenues increased, primarily from stronger capital market performance within our cash and financial asset  portfolio. Total revenues and other gains increased by $2.78 billion or 17% in 2012 and direct costs increased by $2.00 billion or 17%. Asset management: Revenues and direct costs increased by $119 million and $34 million over the prior year, respectively. Base  management fees increased by $83 million to $352 million, due to a higher level of fee bearing capital during the year and also  included a full year of base management fees from Brookfield Renewable Energy Partners, which was launched in late 2011.  Direct costs in our asset management business were consistent between 2011 and 2012. Although we increased the number of  funds we manage and our overall fee bearing capital, the operating resources and related costs were largely in place in 2011. Property: Revenues and direct costs increased by $1.2 billion and $735 million, respectively. The consolidation of our U.S.  Office Fund and Brookfield Place New York in the second half of 2011 meant that we included their results in revenues and costs  whereas before they were included in equity accounted income. Brookfield Place Perth was completed in May 2012 and began  contributing to rental revenue at that time. The two large resort properties acquired in March 2011 and April 2012, contributed  increases in revenues and costs over the prior year of $579 million and $549 million, respectively, and have large operating costs  relative to office and retail properties due to the nature of their business.  Renewable energy: Generation revenues were up marginally as the addition of revenues from acquired and commissioned facilities  was offset by lower generation, reflecting unusually low water conditions during the second and third quarters of 2012. Direct  costs within our renewable energy operations were not significantly impacted by the reduced generation as they are largely fixed  in nature. The increase in costs largely reflects acquisitions and the impact of increased foreign exchange rates on our Brazilian  operations. Infrastructure: Revenues increased by $386 million as a result of a number of acquisitions during the year, as well as the  completion of expansion projects, offset by the impact of lower volumes and pricing on our timber revenues. The increase in  direct costs of $231 million reflects additional costs incurred within newly acquired or expanded businesses. Private equity: The increase in revenues within our private equity group was $512 million which primarily relates to significantly  higher North American OSB prices and shipment volumes on our wood-based panel production operations benefitting from the  U.S. housing recovery. Direct costs increased as a result of the increased volumes. Residential development: Residential development revenues decreased by $374 million as our Brazilian operations experienced  lower levels of completed projects in comparison to the prior year. The 2011 results also included the one-time disposition of  non-core residential assets. Direct costs decreased by $258 million primarily reflecting the lower level of completed projects  within our Brazilian residential operations. Service activities: The increase in revenues within our service activities group was $936 million of which approximately  $680 million relates to increases in construction revenues reflecting an increase in the number and scale of projects under  construction, and approximately $170 million relates to increases in property services revenue reflecting the acquisition of a  large U.S. relocation and property brokerage business in late 2011. Direct costs increased proportionately. Corporate activities: Both revenues and direct costs increased as a result of market performance. Other Income We recorded a $525 million gain on the termination of a long-dated interest rate swap contract, which originated in 1990. In  August 2013, we paid $905 million to terminate the contract, which had accrued to a total liability of $1,440 million in our  consolidated financial statements at the time of settlement. The gain is equal to the difference between the accrued amount and  termination payment, adjusted for associated transaction costs. Equity Accounted Income Equity accounted income represents our share of the components of net income recorded by investments over which we exercise  significant influence and is reported as a single line item in our consolidated statement of operations.  Change FOR THE YEARS ENDED DECEMBER 31 (MILLIONS) 2013 2012 2011 2013 vs 2012  2012 vs 2011  General Growth Properties  $ 426 $ 979 $ 1,401 $ (553) $ (422) U.S. Office Fund 1 — — 437 — (437) Other property operations  447 198 216 249 (18) Infrastructure operations  (193) 9 109 (202) (100) Other  79  51  36 28  15 $ 759 $ 1,237 $ 2,199 $ (478) $ (962) 2013 ANNUAL REPORT 21 2012 vs. 2011 1.  Excludes income from equity accounted investments within the U.S. Office Fund