Prudential 2003 Annual Report Download - page 122
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PRUDENTIAL FINANCIAL, INC.
Notes to Consolidated Financial Statements
4. INVESTMENTS (continued)
Equity Method Investments
Summarized combined financial information for joint ventures and limited partnership interests accounted for
under the equity method, including our investment in Wachovia Securities, in which the Company has an investment of
$10 million or greater and an equity interest of 10% or greater, is as follows:
At December 31,
2003 2002
(in millions)
STATEMENTS OF FINANCIAL POSITION
Investments in real estate ...................................................................... $ 2,540 $2,179
Investments in securities ...................................................................... 15,788 2,958
Cash and cash equivalents ..................................................................... 751 132
Other assets ................................................................................ 12,726 76
Total assets ................................................................................ $31,805 $5,345
Borrowed funds-third party .................................................................... $17,604 $ 645
Borrowed funds-Prudential Financial ............................................................ 460 —
Other liabilities .............................................................................. 6,174 561
Total liabilities ............................................................................. 24,238 1,206
Partners’ capital ............................................................................ 7,567 4,139
Total liabilities and partners’ capital ........................................................... $31,805 $5,345
Equity in partners’ capital included above ......................................................... $ 2,486 $1,273
Equity in limited partnership interests not included above ............................................ 548 532
Carrying value ............................................................................. $ 3,034 $1,805
Years ended December 31,
2003 2002 2001
(in millions)
STATEMENTS OF OPERATIONS
Income from real estate investments ...................................................... $ 313 $140 $246
Income from securities investments ...................................................... 2,693 140 142
Interest expense-third party ............................................................. (162) (63) (31)
Other expenses ....................................................................... (2,293) (159) (251)
Net earnings ........................................................................ $ 551 $ 58 $106
Equity in net earnings included above ..................................................... $ 141 $ 12 $ 37
Equity in net earnings of limited partnership interests not included above ......................... 60 16 48
Total equity in net earnings ........................................................... $ 201 $ 28 $ 85
Growing and Protecting Your Wealth120