Management’s Discussion and Analysis Net revenues in Equities were $8.21 billion for 2012, essentially unchanged compared with 2011.
Net revenues in securities services were significantly higher compared with 2011, reflecting a gain of $494 million on the sale of our hedge fund administration business.
In addition, equities client execution net revenues were higher than 2011, primarily reflecting significantly higher results in cash products, principally due to increased levels of client activity.
These increases were offset by lower commissions and fees, reflecting declines in the United States, Europe and Asia.
Our average daily volumes during 2012 were lower in each of these regions compared with 2011, consistent with listed cash equity market volumes.
During 2012, Equities operated in an environment generally characterized by an increase in global equity prices and lower volatility levels.
The net loss attributable to the impact of changes in our own credit spreads on borrowings for which the fair value option was elected was $714 million ($433 million and $281 million related to Fixed Income, Currency and Commodities Client Execution and equities client execution, respectively) for 2012, compared with a net gain of $596 million ($399 million and $197 million related to Fixed Income, Currency and Commodities Client Execution and equities client execution, respectively) for 2011.
During 2012, Institutional Client Services operated in an environment generally characterized by continued broad market concerns and uncertainties, although positive developments helped to improve market conditions.
These developments included certain central bank actions to ease monetary policy and address funding risks for European financial institutions.
In addition, the U. S.  economy posted stable to improving economic data, including favorable developments in unemployment and housing.
These improvements resulted in tighter credit spreads, higher global equity prices and lower levels of volatility.
However, concerns about the outlook for the global economy and continued political uncertainty, particularly the political debate in the United States surrounding the fiscal cliff, generally resulted in client risk aversion and lower activity levels.
Also, uncertainty over financial regulatory reform persisted.
Operating expenses were $12.48 billion for 2012, 3% lower than 2011, primarily due to lower brokerage, clearing, exchange and distribution fees, and lower impairment charges, partially offset by higher net provisions for litigation and regulatory proceedings.
Pretax earnings were $5.64 billion in 2012, 27% higher than 2011.
Investing & Lending Investing & Lending includes our investing activities and the origination of loans to provide financing to clients.
These investments, some of which are consolidated, and loans are typically longer-term in nature.
We make investments, directly and indirectly through funds that we manage, in debt securities and loans, public and private equity securities, and real estate entities.
The table below presents the operating results of our Investing & Lending segment.
## Table 0 ##
2013 versus 2012.
Net revenues in Investing & Lending were $7.02 billion for 2013, 19% higher than 2012, reflecting a significant increase in net gains from investments in equity securities, driven by company-specific events and stronger corporate performance, as well as significantly higher global equity prices.
In addition, net gains and net interest income from debt securities and loans were slightly higher, while other net revenues, related to our consolidated investments, were lower compared with 2012.
If equity markets decline or credit spreads widen, net revenues in Investing & Lending would likely be negatively impacted.
Operating expenses were $2.68 billion for 2013, essentially unchanged compared with 2012.
Operating expenses during 2013 included lower impairment charges and lower operating expenses related to consolidated investments, partially offset by increased compensation and benefits expenses due to higher net revenues compared with 2012.
Pre-tax earnings were $4.33 billion in 2013, 34% higher than 2012.
HCP, Inc.  NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued) to affiliates of Blackstone Real Estate Partners VIII L. P.  The closing of this transaction is expected to occur in the first quarter of 2017 and remains subject to regulatory and third party approvals and other customary closing conditions.
Additionally, in October 2016, the Company entered into definitive agreements for a multi-element transaction with Brookdale to: (i) sell or transition 25 assets currently triple-net leased to Brookdale, for which Brookdale will receive a $10.5 million annual rent reduction upon lease termination, (ii) re-allocate annual rent of $9.6 million from those 25 assets to the remaining Brookdale triple-net lease portfolio (occurred on November 1, 2016) and (iii) transition eight triple-net leased assets into RIDEA structures (seven of which closed in December 2016 and one of which closed in January 2017).
The closing of the sale or transition of the 25 assets and corresponding rent reduction is expected to occur throughout 2017 and remains subject to regulatory and third party approvals and other customary closing conditions.
In January 2016, the Company entered into a definitive agreement for purchase options that were exercised on eight life science facilities in South San Francisco, California, to be sold in two tranches for $311 million (sold in November 2016 and discussed above) and $269 million, respectively.
The second tranche is expected to close in the third quarter of 2018.
Subsequent Events In January 2017, the Company sold four life science facilities in Salt Lake City, Utah for $76 million.
In May 2016, the Company entered into a master contribution agreement with Brookdale to contribute its ownership interest in RIDEA II to an unconsolidated JV owned by HCP and an investor group led by Columbia Pacific Advisors, LLC (“CPA”) (the “HCP/CPA JV”).
The members agreed to recapitalize RIDEA II with $602 million of debt, of which $360 million was provided by a third-party and $242 million was provided by HCP.
In return, the Company received $480 million in cash proceeds from the HCP/CPA JV and $242 million in note receivables and retained an approximately 40% beneficial interest in RIDEA II (the note receivable and 40% beneficial interest are herein referred to as the “RIDEA II Investments”).
The Company’s RIDEA II Investments are recognized and accounted for as equity method investments.
This transaction resulted in the Company deconsolidating the net assets of RIDEA II because it will not direct the activities that most significantly impact the venture.
These transactions closed in January 2017.
NOTE 6.
Net Investment in Direct Financing Leases The components of net investment in DFLs consisted of the following (dollars in thousands):
## Table 1 ##
Certain DFLs contain provisions that allow the tenants to elect to purchase the properties during or at the end of the lease terms for the aggregate initial investment amount plus adjustments, if any, as defined in the lease agreements.
Certain leases also permit the Company to require the tenants to purchase the properties at the end of the lease terms.
HCP, Inc.  NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued) The following table provides information regarding the Company’s concentrations with respect to Brookdale as a tenant as of and for the periods presented:
## Table 2 ##
(1) Includes revenues from 64 SH NNN facilities that were classified as held for sale at December 31, 2016.
On July 31, 2014, Brookdale completed its acquisition of Emeritus.
These percentages of segment gross assets, total gross assets, segment revenues and total revenues, for the year ended December 31, 2014 are prepared on a pro forma basis to reflect the combined concentration for Brookdale and Emeritus, as if the merger had occurred as of January 1, 2014.
Excludes senior housing facilities operated by Brookdale in the Company’s SHOP segment, as discussed below.
As of December 31, 2016 and 2015, Brookdale managed or operated, in the Company’s SHOP segment, approximately 18% and 17%, respectively, of the Company’s real estate investments based on gross assets.
Because an operator manages the Company’s facilities in exchange for the receipt of a management fee, the Company is not directly exposed to the credit risk of its operators in the same manner or to the same extent as its triple-net tenants.
As of December 31, 2016, Brookdale provided comprehensive facility management and accounting services with respect to 108 of the Company’s senior housing facilities and 16 SHOP facilities owned by its unconsolidated joint ventures, for which the Company or joint venture pay annual management fees pursuant to long-term management agreements.
Most of the management agreements have terms ranging from 10 to 15 years, with three to four 5-year renewals.
The base management fees are 4.5% to 5.0% of gross revenues (as defined) generated by the RIDEA facilities.
In addition, there are incentive management fees payable to Brookdale if operating results of the RIDEA properties exceed pre-established EBITDAR (as defined) thresholds.
Brookdale is subject to the registration and reporting requirements of the U. S.  Securities and Exchange Commission (“SEC”) and is required to file with the SEC annual reports containing audited financial information and quarterly reports containing unaudited financial information.
The information related to Brookdale contained or referred to in this report has been derived from SEC filings made by Brookdale or other publicly available information, or was provided to the Company by Brookdale, and the Company has not verified this information through an independent investigation or otherwise.
The Company has no reason to believe that this information is inaccurate in any material respect, but the Company cannot assure the reader of its accuracy.
The Company is providing this data for informational purposes only, and encourages the reader to obtain Brookdale’s publicly available filings, which can be found at the SEC’s website at www.
sec.
gov.
To mitigate the credit risk of leasing properties to certain senior housing and post-acute/skilled nursing operators, leases with operators are often combined into portfolios that contain cross-default terms, so that if a tenant of any of the properties in a portfolio defaults on its obligations under its lease, the Company may pursue its remedies under the lease with respect to any of the properties in the portfolio.
Certain portfolios also contain terms whereby the net operating profits of the properties are combined for the purpose of securing the funding of rental payments due under each lease.
The decreases were partially offset by following: ?
increased NOI from our 2014 and 2015 acquisitions; ?
incremental interest income from the repayments of three development loans resulting from our share in the appreciation of the underlying real estate assets; ?
impairment recovery from a repayment of a loan receivable; and ?
increased foreign currency remeasurement gains.
Additionally, EPS decreased as a result of: (i) decreased gain on sales of real estate and (ii) increased depreciation expense, partially offset by increased equity income from unconsolidated joint venture as a result of gain on sales of real estate from HCP Ventures III, LLC and HCP Ventures IV, LLC.
FFO as adjusted and FAD increased primarily as a result of increased NOI from: (i) our 2014 and 2015 acquisitions and (ii) incremental interest income from the repayments of three development loans resulting from our share in the appreciation of the underlying real estate assets.
The increases were partially offset by: (i) the decrease in income from DFLs as a result of the HCRMC Lease Amendment and (ii) placing our Four Seasons Notes on cost recovery status in the third quarter of 2015.
Segment Analysis The tables below provide selected operating information for our SPP and total property portfolio for each of our business segments.
For the year ended December 31, 2016, our consolidated SPP consists of 644 properties representing properties acquired or placed in service and stabilized on or prior to January 1, 2015 and that remained in operations under a consistent reporting structure.
For the year ended December 31, 2015, our consolidated SPP consisted of 653 properties acquired or placed in service and stabilized on or prior to January 1, 2014 and that remained in operations under a consistent reporting structure.
Our total property portfolio consists of 802, 1,205 and 1,196 properties at December 31, 2016, 2015 and 2014, respectively, and excludes properties classified as held for sale and discontinued operations.
Senior Housing Triple-Net 2016 and 2015 Results as of and for the years ended December 31, 2016 and 2015 (dollars in thousands except per unit data):
## Table 3 ##
(1) Represents rental and related revenues and income from DFLs.
(2) From our 2015 presentation of SPP, we removed nine SH NNN properties from SPP that were sold, 17 SH NNN properties that were transitioned to a RIDEA structure in our SHOP segment and 64 SH NNN properties that were classified as held for sale.

<table><tr><td></td><td>Year Ended December</td></tr><tr><td><i>in millions</i></td><td>2013</td><td>2012</td><td>2011</td></tr><tr><td>Equity securities</td><td>$3,930</td><td>$2,800</td><td>$ 603</td></tr><tr><td>Debt securities and loans</td><td>1,947</td><td>1,850</td><td>96</td></tr><tr><td>Other</td><td>1,141</td><td>1,241</td><td>1,443</td></tr><tr><td>Total net revenues</td><td>7,018</td><td>5,891</td><td>2,142</td></tr><tr><td>Operating expenses</td><td>2,684</td><td>2,666</td><td>2,673</td></tr><tr><td>Pre-tax earnings/(loss)</td><td>$4,334</td><td>$3,225</td><td>$ -531</td></tr></table>
<table><tr><td></td><td colspan="2">December 31,</td></tr><tr><td></td><td>2016</td><td>2015</td></tr><tr><td>Minimum lease payments receivable</td><td>$1,108,237</td><td>$1,155,215</td></tr><tr><td>Estimated residual values</td><td>539,656</td><td>535,161</td></tr><tr><td>Less unearned income</td><td>-895,304</td><td>-939,683</td></tr><tr><td>Net investment in direct financing leases</td><td>$752,589</td><td>$750,693</td></tr><tr><td>Properties subject to direct financing leases</td><td>30</td><td>30</td></tr></table>
<table><tr><td></td><td colspan="4">Percentage of Gross Assets</td><td colspan="6">Percentage of Revenues</td></tr><tr><td></td><td colspan="2">Total Company December 31,</td><td colspan="2">SH NNN December 31,</td><td colspan="3">Total Company Year Ended December 31,</td><td colspan="3">SH NNN Year Ended December 31,</td></tr><tr><td>Tenant</td><td>2016</td><td>2015</td><td>2016</td><td>2015</td><td>2016</td><td>2015</td><td>2014</td><td>2016</td><td>2015</td><td>2014</td></tr><tr><td>Brookdale-1</td><td>17</td><td>13</td><td>69</td><td>53</td><td>12</td><td>13</td><td>19</td><td>59</td><td>58</td><td>59</td></tr></table>
<table><tr><td></td><td colspan="3">SPP</td><td colspan="3">Total Portfolio</td></tr><tr><td></td><td>2016</td><td>2015</td><td>Change</td><td>2016</td><td>2015</td><td>Change</td></tr><tr><td>Rental revenues-1</td><td>$302,976</td><td>$304,442</td><td>$-1,466</td><td>$423,118</td><td>$428,269</td><td>$-5,151</td></tr><tr><td>Operating expenses</td><td>-237</td><td>-637</td><td>400</td><td>-6,710</td><td>-3,427</td><td>-3,283</td></tr><tr><td>NOI</td><td>302,739</td><td>303,805</td><td>-1,066</td><td>416,408</td><td>424,842</td><td>-8,434</td></tr><tr><td>Non-cash adjustments to NOI</td><td>-5,282</td><td>-7,550</td><td>2,268</td><td>-7,566</td><td>-9,716</td><td>2,150</td></tr><tr><td>Adjusted NOI</td><td>$297,457</td><td>$296,255</td><td>$1,202</td><td>408,842</td><td>415,126</td><td>-6,284</td></tr><tr><td>Non-SPP adjusted NOI</td><td></td><td></td><td></td><td>-111,385</td><td>-118,871</td><td>7,486</td></tr><tr><td>SPP adjusted NOI</td><td></td><td></td><td></td><td>$297,457</td><td>$296,255</td><td>$1,202</td></tr><tr><td>Adjusted NOI % change</td><td></td><td></td><td>0.4%</td><td></td><td></td><td></td></tr><tr><td>Property count-2</td><td>205</td><td>205</td><td></td><td>210</td><td>295</td><td></td></tr><tr><td>Average capacity (units)(3)</td><td>20,269</td><td>20,268</td><td></td><td>28,455</td><td>28,777</td><td></td></tr><tr><td>Average annual rent per unit</td><td>$14,684</td><td>$14,645</td><td></td><td>$14,604</td><td>$14,544</td><td></td></tr></table>

Question: pre-tax earnings were $ 4.33 billion in 2013 , what were they in billions in 2012?