XML 27 R15.htm IDEA: XBRL DOCUMENT v3.21.1
Investments in Unconsolidated Subsidiaries
 3 Months Ended
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,
20212020
Revenue$555,856 $411,251 
Operating income275,462 174,534 
Net income368,217 104,528 
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%.