Teacher:In this task, you are given a text of many news articles seperated by special token "|||||". Your task is to summarize them.
Teacher: Now, understand the problem? Solve this instance: Donald Trump’s office properties aren’t bringing in as much cash as banks that loaned him money had expected. 
  
 Donald Trump Photographer: Nicholas Kamm/AFP via Getty Images 
  
 That’s the biggest finding in an updated assessment of the president’s net worth, which has slipped to $2.9 billion, according to the Bloomberg Billionaires Index, down from $3 billion a year ago. The calculation, five months after Trump’s inauguration, relies on figures compiled from lenders, mortgage documents, annual reports, market data and a new financial disclosure released June 16. 
  
 The decrease is driven mostly by a drop in the value of three office properties in Manhattan, where financial data compiled by Trump’s lenders offer a consistent picture: They’re underperforming appraisals conducted when Trump was issued loans. The buildings -- 40 Wall Street, Trump Tower, and 1290 Avenue of the Americas, a tower in which Trump holds a 30 percent stake -- are victims of a changing New York office market, where gleaming new skyscrapers are attracting tenants and demand for space in vintage properties is falling. 
  
 The Bloomberg calculation, which previously relied in part on banks’ estimates and appraisals, is now based solely on the three properties’ actual financial results disclosed by managers of mortgage-security trusts that hold Trump debt. The present value of the three properties has been revised down by a combined $380 million. 
  
 Allen Weisselberg, chief financial officer of the Trump Organization, and Jeffrey McConney, the company’s controller, didn’t respond to emails detailing Bloomberg’s methodology. An outside spokeswoman didn’t return calls for comment. Hope Hicks, a White House spokeswoman, didn’t respond to emails. 
  
 Liquid Assets 
  
 The decrease in the value of the three towers was almost offset by successes in other corners of Trump’s empire. His portfolio of liquid assets, including cash, has jumped to $230 million from $170 million following condo sales and other payouts from the Trump International Hotel Las Vegas, as well as the sale of a Manhattan penthouse apartment. He sold most of his stock portfolio last summer, a spokesman said in December. 
  
 Trump’s companies received new licensing fees for branded projects in Vancouver and Kolkata, the financial disclosure shows. On an annualized basis, revenue at his 16 golf and resort properties rose 3 percent. Mar-a-Lago, which Trump has visited frequently since the election, saw a 25 percent jump in sales. The properties now have a combined value of $720 million, up from $710 million, according to the index, an increase damped by declining multiples for golf course properties. 
  
 At the same time, Trump’s debt load has shrunk to at least $550 million from about $630 million last year, according to lender data and repayment schedules. 
  
 Three Towers 
  
 The Wall Street building, appraised at $540 million in 2015, had projected annual net operating income of $22.6 million, according to documents shared at the time with potential investors in the property’s debt. It earned $17.4 million in 2016, a year in which it was on a lender watchlist for three months because rental income barely covered debt payments. The property was removed from the list as its situation improved. The index values the property at $400 million based on last year’s performance. 
  
 Get the latest on global politics in your inbox, every day. Get our newsletter daily. 
  
 Trump Tower, the president’s home and headquarters before he moved to the White House, is facing a similar problem. Its offices and stores were appraised at $480 million in 2012, with net income estimated at $20.4 million. The property generated $14.1 million of net income last year after higher expenses ate into revenue, lender documents show. The building, including Trump’s penthouse apartment, is now valued at $450 million. 
  
 The Trump Tower in New York. Photographer: Michael Nagle/Bloomberg 
  
 The office tower at 1290 Avenue of the Americas, which Trump owns in partnership with Vornado Realty Trust, also has failed to meet lender expectations. The building was appraised at $2 billion in 2012 on the assumption it would throw off $97.7 million of annual net income. But it generated $77.7 million last year. 
  
 “We’re in the biggest development pipeline in Manhattan since the 1980s,” said Keith DeCoster, director of real estate analytics at Savills Studley. “Older buildings -- circa 1980s, 1990s -- are having a tougher time competing.” 
  
 Retained Ownership 
  
 Trump has retained his ownership interest in his companies. Unlike previous occupants of the Oval Office, he neither divested his assets nor set up a blind trust. Instead, he transferred his holdings to a revocable trust managed by his adult sons, Donald Jr. and Eric, and Weisselberg, the Trump Organization’s CFO. 
  
 Trump’s own estimates of his net worth are frequently higher than independent appraisals. When he announced his candidacy in 2015, his campaign released a document stating he had a net worth of $8.7 billion. Later that year, when Bloomberg first assessed his net worth at $3 billion, he described it as “a stupid report.” He later repeatedly asserted he was worth more than $10 billion. 
  
 One difference between Trump’s estimates and Bloomberg’s is the value of his personal brand. The 2015 document released by Trump’s campaign said his ability to license his name and likeness to everything from international hotels to mattresses is worth $3.3 billion. Bloomberg assigns it a value of $35 million, or one times sales from ongoing licensing deals. That value hasn’t changed since Trump won the Republican nomination last July. ||||| As of Jan. 23, 2019 
  
 The Bloomberg Billionaires Index is a daily ranking of the world’s richest people. Details about the calculations are provided in the net worth analysis on each billionaire’s profile page. The figures are updated at the close of every trading day in New York. ||||| earned $598 million in income last year, according to his personal financial disclosure report released by the Office of Government Ethics on Friday evening. The financial report captures a mixed financial performance for the president's assets over the last year. 
  
 The documents show that Trump has a minimum net worth of $1.1 billion, including more than $320 million in debts. Trump has five liabilities worth $50 million or more, such as the lease on his Washington D.C. hotel. 
  
 ADVERTISEMENT 
  
 While Mar-a-Lago, the Palm Beach, Fla. country club he's dubbed the "Winter White House," saw a nearly $8 million increase in revenue — a 25 percent increase from last year — other golf courses had unchanged revenues. Mar-a-Largo has also doubled the amount a person must pay to be a member over the past year. 
  
 Unlike his other Florida club, Trump’s Miami golf club, the Trump National Doral, lost money over the last year. In 2015, it brought in $132 million. During 2016, though, it saw revenues fall to $115 million. 
  
 But Trump Corporation, the president's management company, jumped from a revenue of $6.5 million in 2015 to about $18 million during 2016. 
  
 Although royalties for his book "Art of the Deal" also at least doubled, revenues for condo sales in his swanky properties decreased. 
  
 At Trump Park Avenue, for example, condo sales in 2015 totaled $44.3 million. Last year, those sales only reached $29.9 million — a 33 percent decrease — documents say. 
  
 In the last year, Trump opened the doors to his Washington D.C. hotel in the historic Old Post Office building. His financial disclosure says that he made nearly $20 million in revenue. 
  
 In 2015, Trump's airline — Tag Air — which leases a 757 from one of his businesses, earned $3.7 million in revenue. The next year, it reported earning $7.7 million in revenue and travel reimbursements. Trump used Tag Air to travel during the campaign. 
  
 Trump also sold off all of his stocks, except for the ones held in private funds controlled by an independent trustee. 
  
 The 98-page report that covers the last year is slightly shorter than the one he filed in 2016 as a presidential candidate. Those financials clocked in at 104 pages. 
  
 In that filing, Trump claimed his net worth was more than $10 billion . His minimum net worth calculated from the numbers on the form, however, came in at $1.15 billion. 
  
 "President Trump welcomed the opportunity to voluntarily file his personal financial disclosure form; while this filing is voluntary (as no report was due until May 2018), it has been certified by the Office of Government Ethics pursuant to its normal procedures," according to a statement from White House Press Secretary Sean Spicer on Friday night. 
  
 The financial disclosure reports list Trump’s various assets, liabilities and some income, but it is difficult to determine a person’s wealth based on their financial disclosure forms because the values are listed in vast ranges. 
  
 For example, some of Trump’s assets are listed as having a value of between $100,000 and $1 million. Some are just labeled as bringing in “more than $5 million” in income. 
  
 - Sylvan Lane and Joe Uchill contributed to this report which was updated at 11:24 p.m. 
  
 A previous version of this report contained a typo incorrectly stating the amount of increased revenue for Mar-a-Lago. |||||
Student:
President Trump may be keeping his tax returns close to the vest, but Bloomberg thinks it has a handle on his net worth. Its latest Billionaires Index pegs it at $2.9 billion, down from $3 billion last year. The site chalks up the loss mainly to three under-performing office towers in New York City—40 Wall Street, Trump Tower, and 1290 Avenue of the Americas. Other aspects of Trump's business empire did better, but not enough to offset the loss in value of that trio. The $2.9 billion figure is not quite enough for Trump to crack the index's top 500 richest people in the world: It runs from Bill Gates at $89.5 billion to Evan Spiegel at $3.83 billion. Bloomberg compiled the estimate from its own market estimates and from various public documents, including Trump's latest financial disclosure report, which came out last week. The Hill notes the report puts Trump's net worth at a minimum of $1.1 billion and shows that Trump has one clear winner among his holdings: his Mar-a-Lago country club in Florida. Revenues at the resort were up $8 million, thanks in part to a doubling of membership fees. In all, Trump reported $598 million in income in 2016.