Commercial Finance
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| (In millions) |
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2006 |
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2005 |
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2004 |
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| REVENUES |
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| SEGMENT PROFIT |
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| December 31 (In millions) |
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2006 |
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2005 |
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| TOTAL ASSETS |
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| (In millions) |
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2006 |
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2005 |
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2004 |
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| REVENUES |
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| Capital Solutions |
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| Real Estate |
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5,020 |
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3,492 |
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3,084 |
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| SEGMENT PROFIT |
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| Capital Solutions |
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| Real Estate |
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1,841 |
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1,282 |
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1,124 |
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| December 31 (In millions) |
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2006 |
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2005 |
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| ASSETS |
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| Capital Solutions |
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| Real Estate |
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53,786 |
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35,323 |
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Commercial Finance revenues and net earnings increased 15% and 17% in 2006, respectively, compared with 2005. Revenues during 2006 and 2005 included $1.0 billion and $0.1 billion from acquisitions, respectively, and in 2006 were reduced by $0.1 billion as a result of dispositions. Revenues for 2006 also increased as a result of organic revenue growth ($2.5 billion). The increase in net earnings resulted primarily from core growth ($0.6 billion), including growth in lower-taxed earnings from global operations, and acquisitions ($0.1 billion).
Real Estate assets increased $18.5 billion (52%), of which $12.4 billion was real estate investments, up 76%. Real Estate net earnings increased 44% compared with 2005, primarily as a result of a $0.6 billion increase in net earnings from real estate investments.
Commercial Finance revenues and net earnings increased 6% and 20% in 2005, respectively, compared with 2004. Revenues during 2005 and 2004 included $1.0 billion and $0.3 billion from acquisitions, respectively, and in 2005 were reduced by $0.7 billion as a result of dispositions. Revenues during 2005 also increased $1.1 billion as a result of organic revenue growth ($0.8 billion) and the weaker U.S. dollar ($0.3 billion). The increase in net earnings resulted primarily from core growth ($0.6 billion), including growth in lower-taxed earnings from global operations, acquisitions ($0.2 billion) and the weaker U.S. dollar ($0.1 billion), partially offset by lower securitizations ($0.1 billion).
