Investments in Unconsolidated Subsidiaries

12 Months Ended

Dec. 31, 2016

Equity Method Investments and Joint Ventures [Abstract]

Investments in Unconsolidated Subsidiaries

9. Investments in Unconsolidated Subsidiaries

Investments in unconsolidated subsidiaries are accounted for under the equity method of accounting. Our investment ownership percentages in equity method investments vary, generally ranging up to 5.0% in our Global Investment Management segment, up to 10.0% in our Development Services segment, and up to 50.0% in our other business segments.

Combined condensed financial information for the entities actually accounted for using the equity method is as follows (dollars in thousands):

Condensed Balance Sheets Information:


	December 31,
	2016		2015
Global Investment Management:
Current assets	$	1,787,277	$	922,015
Non-current assets		13,711,080		7,362,818

Total assets	$	15,498,357	$	8,284,833

Current liabilities	$	1,237,589	$	239,077
Non-current liabilities		4,402,376		3,540,059

Total liabilities	$	5,639,965	$	3,779,136

Development Services:
Real estate	$	2,629,606	$	2,184,509
Other assets		209,997		173,808

Total assets	$	2,839,603	$	2,358,317

Notes payable on real estate	$	1,046,440	$	809,163
Other liabilities		275,150		266,735

Total liabilities	$	1,321,590	$	1,075,898

Other:
Current assets	$	69,466	$	58,160
Non-current assets		38,318		24,730

Total assets	$	107,784	$	82,890

Current liabilities	$	46,623	$	39,940
Non-current liabilities		1,668		3,350

Total liabilities	$	48,291	$	43,290

Non-controlling interests	$	31,265	$	1,238

Total:
Assets	$	18,445,744	$	10,726,040
Liabilities	$	7,009,846	$	4,898,324
Non-controlling interests	$	31,265	$	1,238

Condensed Statements of Operations Information:


	Year Ended December 31,
	2016		2015			2014
Global Investment Management:
Revenue	$	1,184,573	$	585,495		$	894,725
Operating income (loss)	$	209,230	$	(414,538	)	$	(307,133	)
Net income (loss)	$	122,560	$	(481,405	)	$	(320,206	)

Development Services:
Revenue	$	85,594	$	62,191		$	39,753
Operating income	$	292,141	$	251,557		$	63,181
Net income	$	269,841	$	240,034		$	54,468

Other:
Revenue	$	156,035	$	169,078		$	165,196
Operating income	$	26,500	$	30,566		$	31,085
Net income	$	26,350	$	31,050		$	31,532

Total:
Revenue	$	1,426,202	$	816,764		$	1,099,674
Operating income (loss)	$	527,871	$	(132,415	)	$	(212,867	)
Net income (loss)	$	418,751	$	(210,321	)	$	(234,206	)

During the year ended December 31, 2014, we recorded non-cash write-downs of investments of $3.6 million within our Global Investment Management segment (see Note 5), all of which were included in equity income from unconsolidated subsidiaries in the accompanying consolidated statements of operations.

Our Global Investment Management segment invests our own capital in certain real estate investments with clients. We have provided investment management, property management, brokerage and other professional services in connection with these real estate investments on an arm’s length basis and earned revenues from these unconsolidated subsidiaries of $86.8 million, $98.1 million and $140.6 million during the years ended December 31, 2016, 2015 and 2014, respectively.