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Investments in Unconsolidated Subsidiaries (Tables) | 3 Months Ended
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Mar. 31, 2022
Equity Method Investments and Joint Ventures [Abstract] |
Schedule of Investments in Unconsolidated Subsidiaries | The following table represents the composition of investment in unconsolidated subsidiaries under equity method of accounting and fair value option (dollars in thousands):
Investment type |  |  | March 31, 2022 |  | December 31, 2021
Real estate investments |  |  | $ | 502,983 |  |  | $ | 453,813 |
Investment in Altus Power, Inc.: |  |  |  |  |
Class A common stock (22 million shares) |  |  | 163,460 |  |  | 229,900 |
Alignment shares (1) |  |  | 73,016 |  |  | 114,727 |
Private placement warrants (2) |  |  | 14,965 |  |  | 23,741 |
Subtotal |  |  | 251,441 |  | 368,368
Other (3) |  |  | 369,915 |  |  | 373,907
Total investment in unconsolidated subsidiaries |  |  | $ | 1,124,339 |  |  | $ | 1,196,088 |
_______________ (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. As of March 31, 2022 (the first measurement date), 201,250 of alignment shares automatically converted into 2,011 shares of Class A common stock, which were issued on April 11, 2022. (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):
| Three Months Ended March 31, |  |
| 2022 |  | 2021 |  |  |  |
Revenue | $ | 581,115 |  |  | $ | 555,856 |  |  |  |  |
Operating income | 273,693 |  |  | 275,462 |  |  |  |  |
Net income (1) | 1,452,847 |  |  | 368,217 |  |  |  |  |
_______________ (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.

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- Definition Tabular disclosure of equity method investments including, but not limited to, name of each investee or group of investments, percentage ownership, difference between recorded amount of an investment and the value of the underlying equity in the net assets, and summarized financial information. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571 + Details
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