Investments in Unconsolidated Subsidiaries

12 Months Ended

Dec. 31, 2018

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 30.0% 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,
		2018		2017
Global Investment Management
Current assets	$	824,884	$	1,304,249
Non-current assets		16,296,613		15,369,496
Total assets	$	17,121,497	$	16,673,745
Current liabilities	$	409,014	$	526,777
Non-current liabilities		4,423,313		4,354,825
Total liabilities	$	4,832,327	$	4,881,602
Non-controlling interests	$	261,654	$	83,579
Development Services
Current assets	$	3,058,166	$	2,995,449
Non-current assets		99,728		102,508
Total assets	$	3,157,894	$	3,097,957
Current liabilities	$	1,478,461	$	1,451,239
Non-current liabilities		67,913		110,649
Total liabilities	$	1,546,374	$	1,561,888
Other
Current assets	$	48,061	$	86,171
Non-current assets		182,564		76,577
Total assets	$	230,625	$	162,748
Current liabilities	$	32,480	$	54,211
Non-current liabilities		3,891		1,340
Total liabilities	$	36,371	$	55,551
Total
Current assets	$	3,931,111	$	4,385,869
Non-current assets		16,578,905		15,548,581
Total assets	$	20,510,016	$	19,934,450
Current liabilities	$	1,919,955	$	2,032,227
Non-current liabilities		4,495,117		4,466,814
Total liabilities	$	6,415,072	$	6,499,041
Non-controlling interests	$	261,654	$	83,579

Condensed Statements of Operations Information:

	Year Ended December 31,
		2018		2017		2016
Global Investment Management
Revenue	$	1,199,641	$	1,108,125	$	1,184,573
Operating income		641,150		972,493		209,230
Net income		463,560		833,189		122,560
Development Services
Revenue	$	124,175	$	104,816	$	85,594
Operating income		254,191		427,407		292,141
Net income		204,619		395,697		269,841
Other
Revenue	$	200,869	$	179,649	$	156,035
Operating income		11,548		25,924		26,500
Net income		11,533		25,459		26,350
Total
Revenue	$	1,524,685	$	1,392,590	$	1,426,202
Operating income		906,889		1,425,824		527,871
Net income		679,712		1,254,345		418,751

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 $134.3 million, $100.3 million and $86.8 million during the years ended December 31, 2018, 2017 and 2016, respectively.