The equity amounts recorded by the real estate joint venture differ from those recorded by us by the amount of the deferred gains on our real estate contributed and the valuation provision we have recorded in excess of that recorded by the real estate joint venture.
Three months
Six months
Periods ended June 30 (millions)
2019
2018
2019
2018
Revenue-from investment property
$
—
$
8
$
—
$
16
Depreciation and amortization
$
—
$
2
$
—
$
4
Interest expense 1
$
—
$
2
$
—
$
4
Net income and comprehensive income 2
$
—
$
(3)
$
(1)
$
(2)
(1)
During the three-month and six-month periods ended June 30, 2019, the real estate joint ventures capitalized $3 (2018 – $2) and $6 (2018 – $4), respectively, of financing costs.
(2)
As the real estate joint ventures are partnerships, no provision for income taxes of the partners is made in determining the real estate joint ventures’ net income and comprehensive income.
Related to real estate joint ventures’ statements of income and other comprehensive income
Comprehensive income attributable to us
$
—
$
—
$
—
$
—
$
(1)
$
(1)
Related to real estate joint ventures’ statements of financial position
Items not affecting currently reported cash flows
Construction credit facilities financing costs charged by us and other (Note 7)
1
—
1
—
—
—
Cash flows in the current reporting period
Construction credit facilities
Amounts advanced
9
—
9
7
—
7
Financing costs paid to us
(1)
—
(1)
—
—
—
Funds repaid to us and earnings distributed
—
—
—
—
(1)
(1)
Net increase
9
—
9
7
(2)
5
Real estate joint ventures carrying amounts
Balance, beginning of period
77
5
82
53
15
68
Balance, end of period
$
86
$
5
$
91
$
60
$
13
$
73
2019
2018
Loans and
Loans and
Six-month periods ended June 30 (millions)
receivables 1
Equity 2
Total
receivables 1
Equity 2
Total
Related to real estate joint ventures’ statements of income and other comprehensive income
Comprehensive income attributable to us
$
—
$
—
$
—
$
—
$
(1)
$
(1)
Related to real estate joint ventures’ statements of financial position
Items not affecting currently reported cash flows
Construction credit facilities financing costs charged by us and other (Note 7)
2
—
2
1
—
1
Cash flows in the current reporting period
Construction credit facilities
Amounts advanced
17
—
17
13
—
13
Financing costs paid to us
(2)
—
(2)
(1)
—
(1)
Funds repaid to us and earnings distributed
—
—
—
—
(1)
(1)
Net increase
17
—
17
13
(2)
11
Real estate joint ventures carrying amounts
Balance, beginning of period
69
5
74
47
15
62
Balance, end of period
$
86
$
5
$
91
$
60
$
13
$
73
(1)
Loans and receivables are included in our Consolidated statements of financial position as Real estate joint venture advances and are comprised of advances under construction credit facilities (see (d)).
(2)
We account for our interests in the real estate joint ventures using the equity method of accounting.