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Investments in Unconsolidated Subsidiaries | 12 Months Ended
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Dec. 31, 2022
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 from 1.0% to 50.0%. The following table represents the composition of investment in unconsolidated subsidiaries (dollars in thousands):
|  |  | December 31,
Investment type |  |  | 2022 |  | 2021
Real estate investments (in projects and funds) |  |  | $ | 622,826 |  |  | $ | 453,813 |
Investment in Altus: |  |  |  |  |
Class A common stock (24.55 million shares) |  |  | 160,093 |  |  | 229,900 |
Alignment shares (1) |  |  | 59,530 |  |  | 114,727 |
Private placement warrants (2) |  |  | — |  |  | 23,741 |
Subtotal |  |  | $ | 219,624 |  |  | $ | 368,368 |
Other (3) |  |  | $ | 475,256 |  |  | $ | 373,907 |
Total investment in unconsolidated subsidiaries |  |  | $ | 1,317,705 |  |  | $ | 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)On September 21, 2022, we exercised all of the private placement warrants on a “cashless basis” and received 2,552,390 shares of Class A common stock based on a 0.2763 conversion rate. (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,
| 2022 |  | 2021
Combined Condensed Balance Sheets Information: |  |  |
Current assets | $ | 9,043,686 |  |  | $ | 7,127,598 |
Non-current assets | 45,616,330 |  |  | 30,586,991 |
Total assets | $ | 54,660,016 |  |  | $ | 37,714,589 |
Current liabilities | $ | 2,346,015 |  |  | $ | 3,128,205 |
Non-current liabilities | 15,857,710 |  |  | 8,875,779 |
Total liabilities | $ | 18,203,725 |  |  | $ | 12,003,984 |
Non-controlling interests | $ | 926,390 |  |  | $ | 588,067 |
| Year Ended December 31,
| 2022 |  | 2021 |  | 2020
Combined Condensed Statements of Operations Information: |  |  |  |  |
Revenue | $ | 2,782,660 |  |  | $ | 2,680,675 |  |  | $ | 2,036,818 |
Operating income | 1,215,456 |  |  | 1,371,014 |  |  | 587,689 |
Net income (1) | 4,102,329 |  |  | 3,260,051 |  |  | 483,224 |
_______________ (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. Our Real Estate Investments segment invests our own capital in certain real estate investment funds with clients. We provided investment management, property management, brokerage and other professional services in connection with these real estate investments and earned revenues from these unconsolidated subsidiaries of $268.9 million, $213.5 million and $145.9 million during the years ended December 31, 2022, 2021 and 2020, respectively. Additionally, in our global development business, we earned development and construction management revenues from our investments in unconsolidated subsidiaries of $103.0 million, $68.2 million and $45.2 million during the years ended December 31, 2022, 2021 and 2020. During the second quarter of 2022, we made an additional $100 million investment in Industrious bringing our total ownership percentage to approximately 45%. We have elected the fair value option for the overall equity investment in Industrious (see Note 7).

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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 https://asc.fasb.org/topic&trid=2196965 + Details
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