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Investments in Unconsolidated Subsidiaries (Tables)
 12 Months Ended
Dec. 31, 2022
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 type20222021
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 
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(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,
20222021
Combined Condensed Balance Sheets Information:
Current assets$9,043,686 $7,127,598 
Non-current assets45,616,330 30,586,991 
Total assets$54,660,016 $37,714,589 
Current liabilities$2,346,015 $3,128,205 
Non-current liabilities15,857,710 8,875,779 
Total liabilities$18,203,725 $12,003,984 
Non-controlling interests$926,390 $588,067 
Year Ended December 31,
202220212020
Combined Condensed Statements of Operations Information:
Revenue$2,782,660 $2,680,675 $2,036,818 
Operating income1,215,456 1,371,014 587,689 
Net income (1)
4,102,329 3,260,051 483,224 
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(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.