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Investments in Unconsolidated Subsidiaries | 3 Months Ended
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Mar. 31, 2021
Equity Method Investments and Joint Ventures [Abstract] |
Investments in Unconsolidated Subsidiaries | 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 50.0%. Combined condensed financial information for the entities accounted for using the equity method is as follows (dollars in thousands):
| Three Months Ended March 31, |  |
| 2021 |  | 2020 |  |  |  |
Revenue | $ | 555,856 |  |  | $ | 411,251 |  |  |  |  |
Operating income | 275,462 |  |  | 174,534 |  |  |  |  |
Net income | 368,217 |  |  | 104,528 |  |  |  |  |
The company made a $50.0 million non-controlling investment in Industrious National Management Company LLC (“Industrious”) in the fourth quarter of 2020. On February 19, 2021, the company made an additional non-controlling investment in Industrious, for approximately $150.0 million in exchange for primary and secondary shares, as well as shares issued in anticipation of Industrious closing on the integration of Hana in the second quarter of 2021. Following this transaction, CBRE holds a 35% interest in Industrious. In addition, CBRE has entered into a series of agreements to acquire additional shares, whereby the company will increase its interest in Industrious from 35% to 40%.

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- Definition The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -URI http://asc.fasb.org/topic&trid=2196965 + Details
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