XML 41 R19.htm IDEA: XBRL DOCUMENT v3.8.0.1
Investments in Unconsolidated Subsidiaries
12 Months Ended
Dec. 31, 2017
Equity Method Investments And Joint Ventures [Abstract]  
Investments in Unconsolidated Subsidiaries

10.

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 accounted for using the equity method is as follows (dollars in thousands):

Condensed Balance Sheets Information:

 

 

 

December 31,

 

 

 

 

2017

 

 

 

2016

 

Global Investment Management

 

 

 

 

 

 

 

 

Current assets

 

$

1,304,249

 

 

$

1,787,277

 

Non-current assets

 

 

15,369,496

 

 

 

13,711,080

 

Total assets

 

$

16,673,745

 

 

$

15,498,357

 

Current liabilities

 

$

526,777

 

 

$

1,237,589

 

Non-current liabilities

 

 

4,354,825

 

 

 

4,402,376

 

Total liabilities

 

$

4,881,602

 

 

$

5,639,965

 

Non-controlling interests

 

$

83,579

 

 

$

31,265

 

Development Services

 

 

 

 

 

 

 

 

Current assets

 

$

2,995,449

 

 

$

2,717,146

 

Non-current assets

 

 

102,508

 

 

 

122,457

 

Total assets

 

$

3,097,957

 

 

$

2,839,603

 

Current liabilities

 

$

1,451,239

 

 

$

1,153,833

 

Non-current liabilities

 

 

110,649

 

 

 

167,757

 

Total liabilities

 

$

1,561,888

 

 

$

1,321,590

 

Other

 

 

 

 

 

 

 

 

Current assets

 

$

86,171

 

 

$

69,466

 

Non-current assets

 

 

76,577

 

 

 

38,318

 

Total assets

 

$

162,748

 

 

$

107,784

 

Current liabilities

 

$

54,211

 

 

$

46,623

 

Non-current liabilities

 

 

1,340

 

 

 

1,668

 

Total liabilities

 

$

55,551

 

 

$

48,291

 

Total

 

 

 

 

 

 

 

 

Current assets

 

$

4,385,869

 

 

$

4,573,889

 

Non-current assets

 

 

15,548,581

 

 

 

13,871,855

 

Total assets

 

$

19,934,450

 

 

$

18,445,744

 

Current liabilities

 

$

2,032,227

 

 

$

2,438,045

 

Non-current liabilities

 

 

4,466,814

 

 

 

4,571,801

 

Total liabilities

 

$

6,499,041

 

 

$

7,009,846

 

Non-controlling interests

 

$

83,579

 

 

$

31,265

 

 

Condensed Statements of Operations Information:

 

 

 

Year Ended December 31,

 

 

 

 

2017

 

 

 

2016

 

 

 

2015

 

Global Investment Management

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

$

1,108,125

 

 

$

1,184,573

 

 

$

585,495

 

Operating income (loss)

 

$

972,493

 

 

$

209,230

 

 

$

(414,538

)

Net income (loss)

 

$

833,189

 

 

$

122,560

 

 

$

(481,405

)

Development Services

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

$

104,816

 

 

$

85,594

 

 

$

62,191

 

Operating income

 

$

427,407

 

 

$

292,141

 

 

$

251,557

 

Net income

 

$

395,697

 

 

$

269,841

 

 

$

240,034

 

Other

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

$

179,649

 

 

$

156,035

 

 

$

169,078

 

Operating income

 

$

25,924

 

 

$

26,500

 

 

$

30,566

 

Net income

 

$

25,459

 

 

$

26,350

 

 

$

31,050

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

$

1,392,590

 

 

$

1,426,202

 

 

$

816,764

 

Operating income (loss)

 

$

1,425,824

 

 

$

527,871

 

 

$

(132,415

)

Net income (loss)

 

$

1,254,345

 

 

$

418,751

 

 

$

(210,321

)

 

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 $100.3 million, $86.8 million and $98.1 million during the years ended December 31, 2017, 2016 and 2015, respectively.