Investments in Unconsolidated Subsidiaries (Tables)

12 Months Ended

Dec. 31, 2021

Equity Method Investments and Joint Ventures [Abstract]

Schedule of Condensed Financial Information of Equity Method Investments

The following table represents the composition of investment in unconsolidated subsidiaries (dollars in thousands):


	December 31,
Investment type	2021		2020
Real estate investments	$	453,813	$	340,248

Investment in Altus:
Class A common stock (22 million shares)	229,900		—
Alignment shares (1)	114,727		—
Private placement warrants (2)	23,741		—
Subtotal	$	368,368	$	—

Other (3)	$	373,907	$	112,117

Total investment in unconsolidated subsidiaries	$	1,196,088	$	452,365

_______________

(1)The alignment shares, also known as Class B common shares, will automatically convert into Altus Class A common shares based on the achievement of certain total return thresholds on Altus Class A common shares as of the relevant measurement date over the seven fiscal years following the merger.

(2)These warrants entitle us to purchase one share of Altus Class A common stock at $11.00 per share, subject to adjustment.

(3)Consists of our investments in Industrious and other non-public entities.

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


	December 31,
	2021		2020
Combined Condensed Balance Sheets Information:
Current assets	$	7,127,598	$	6,508,718
Non-current assets	30,586,991		24,343,229
Total assets	$	37,714,589	$	30,851,947

Current liabilities	$	3,128,205	$	3,164,135
Non-current liabilities	8,875,779		6,696,352
Total liabilities	$	12,003,984	$	9,860,487

Non-controlling interests	$	588,067	$	460,904


	Year Ended December 31,
	2021		2020		2019
Combined Condensed Statements of Operations Information:
Revenue	$	2,680,675	$	2,036,818	$	1,545,424
Operating income	1,371,014		587,689		549,111
Net income (1)	3,260,051		483,224		419,966

_______________

(1)Included in net income are realized and unrealized earnings and losses in investments in unconsolidated investment funds and realized earnings and losses from sales of real estate projects in investments in unconsolidated subsidiaries. These realized and unrealized earnings and losses are not included in revenue and operating income.