| Equity Method Investments |
The following tables set forth summarized combined financial information for significant joint ventures and limited partnership interests accounted for under the equity method, including the Company’s investments in operating joint ventures that are described in more detail in Note 7. Changes between periods in the tables below reflect changes in the activities within the joint ventures and limited partnerships, as well as changes in the Company’s level of investment in such entities. | | | | | | | | | | | | December 31, | | | 2017 | | 2016 | | | (in millions) | STATEMENTS OF FINANCIAL POSITION | | | | | Total assets(1) | | $ | 62,292 |
| | $ | 59,897 |
| Total liabilities(2) | | $ | 15,225 |
| | $ | 14,787 |
| Partners’ capital | | 47,067 |
| | 45,110 |
| Total liabilities and partners’ capital | | $ | 62,292 |
| | $ | 59,897 |
| Total liabilities and partners’ capital included above | | $ | 5,515 |
| | $ | 5,135 |
| Equity in limited partnership interests not included above | | 696 |
| | 592 |
| Carrying value | | $ | 6,211 |
| | $ | 5,727 |
|
__________ | | (1) | Assets consist primarily of investments in real estate, investments in securities and other miscellaneous assets. |
| | (2) | Liabilities consist primarily of third-party-borrowed funds, securities repurchase agreements and other miscellaneous liabilities. |
| | | | | | | | | | | | | | | | Years Ended December 31, | | | 2017 | | 2016 | | 2015 | | | (in millions) | STATEMENTS OF OPERATIONS | | | | | | | Total revenue(1) | | $ | 6,392 |
| | $ | 5,360 |
| | $ | 4,356 |
| Total expenses(2) | | (2,300 | ) | | (1,995 | ) | | (1,803 | ) | Net earnings (losses) | | $ | 4,092 |
| | $ | 3,365 |
| | $ | 2,553 |
| Equity in net earnings (losses) included above | | $ | 409 |
| | $ | 247 |
| | $ | 216 |
| Equity in net earnings (losses) of limited partnership interests not included above | | 123 |
| | 103 |
| | 32 |
| Total equity in net earnings (losses) | | $ | 532 |
| | $ | 350 |
| | $ | 248 |
|
__________ | | (1) | Revenue consists of income from investments in real estate, investments in securities and other income. |
| | (2) | Expenses consist primarily of interest expense, investment management fees, salary expenses and other expenses. |
The following table sets forth information related to the Company’s investments in operating joint ventures as of, and for, the years ended December 31: | | | | | | | | | | | | | | | | 2017 | | 2016 | | 2015 | | | | | | | | | | (in millions) | Investment in operating joint ventures | | $ | 1,483 |
| | $ | 994 |
| | $ | 341 |
| Dividends received from operating joint ventures | | $ | 63 |
| | $ | 60 |
| | $ | 27 |
| After-tax equity in earnings of operating joint ventures | | $ | 49 |
| | $ | 49 |
| | $ | 15 |
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