ANNUAL FINANCIAL PERFORMANCE Overview 2012 vs. 2011 2013 vs. 2012 Statement of Operations Total Revenues and Other Gains and Direct Costs 2013 ANNUAL REPORT 19 1.  Adjustment to eliminate base management fees and interest income earned from entities that we consolidate. See Note 3 to our Consolidated Financial Statements The following tables present consolidated total revenues and other gains and direct costs, which we have disaggregated into our  operating segments, consistent with Note 3 to our consolidated financial statements, in order to facilitate a review of year-over- year variances. Segmented revenue is presented in the following table and reconciled to consolidated revenues. The most significant contributor to the decrease in net income in 2012, compared to 2011, was the amount of fair value changes  recorded in 2011, including our proportionate share of fair value gains recorded by equity accounted investments. The largest  single factor was a decrease of $422 million in the equity accounted income from General Growth Properties (“GGP”) in 2012  compared to 2011, almost all of which was attributable to shareholders. The decrease reflects our share of the reduced amount of  fair value gains recorded on GGP’s investment properties in 2012 relative to 2011. We also recorded a lower level of fair value  gains in equity accounted commercial office properties relative to 2011 in part due to the consolidation of our U.S. Office Fund  part way through that year. In 2012, net income attributable to shareholders of $1.38 billion decreased by $577 million or 29% from 2011. Net income per  share for was $1.97 for 2012 and $2.89 in 2011. We recorded a lower level of fair value gains on consolidated investment property assets as well as those held through equity  accounted investments, resulting in a decrease of $478 million in equity accounted income and a decrease of $490 million in fair  value changes. Our provision for income taxes increased by $326 million, while the net income attributable to non-controlling  interests increased by $349 million, reflecting the higher level of earnings. The increase in net income reflects improved operating performance in almost all of our operations. Of particular note, we earned  $566 million of carried interests within our asset management activities and a $664 million gain on the sale of an investment  within our private equity operations ($261 million attributable to shareholders), both of which are included in total revenue  and other gains in our Consolidated Statement of Operations. We also recorded $525 million of other income on the settlement  of long-dated interest rate swaps. Direct costs were virtually unchanged as the addition of costs within recently acquired or  expanded operations were offset by the removal of costs associated with operations sold during the past two years.  Net income attributable to shareholders of $2.12 billion increased $740 million or 54% from a year ago. On a per share basis, net  income was $3.12 and $1.97 in the current and prior year, respectively.  The financial data in this section has been prepared in accordance with IFRS for each of the three most recently completed  financial years. The 2012 and 2011 consolidated IFRS results have been adjusted to reflect changes in the company’s accounting  policies on a retroactive basis, as noted in Part 6 of this MD&A and Note 2 of the December 31, 2013 consolidated financial  statements.  The following section contains a discussion and analysis of line items presented within our consolidated financial statements.  We have disaggregated several of the line items into the amounts that are attributable to our eight operating segments in order to  facilitate the review of variances. Change FOR THE YEARS ENDED DECEMBER 31  (MILLIONS) 2013 2012 2011 2013 vs 2012  2012 vs 2011  Total revenues and other gains Asset management  $ 1,183 $ 450 $ 331 $ 733 $ 119 Property  4,569 3,982 2,760 587 1,222 Renewable energy  1,620 1,179 1,140 441 39 Infrastructure  2,388 2,178 1,792 210 386 Private equity  4,804 4,424 3,912 380 512 Residential development  2,521 2,476 2,850 45 (374) Service activities  3,817 4,140 3,204 (323) 936 Corporate activities  347 260 228 87 32 Eliminations and adjustments 1 (419) (323) (229) (96) (94) Total consolidated revenues  $ 20,830 $ 18,766 $ 15,988 $ 2,064 $ 2,778