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Investments in Unconsolidated Subsidiaries | 9 Months Ended
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Sep. 30, 2023
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 under equity method of accounting and fair value option (dollars in thousands):
Investment type |  |  | September 30, 2023 |  | December 31, 2022
Real Estate Investments (in projects and funds) |  |  | $ | 671,005 |  |  | $ | 622,826 |
Investment in Altus: |  |  |  |  |
Class A common stock (1) |  |  | 128,919 |  |  | 160,093 |
Alignment shares (2) |  |  | 38,763 |  |  | 59,530 |
Subtotal |  |  | 167,682 |  | 219,624
Other (3) |  |  | 477,708 |  |  | 475,256
Total investment in unconsolidated subsidiaries |  |  | $ | 1,316,395 |  |  | $ | 1,317,705 |
_______________ (1)CBRE held 24,556,012 and 24,554,201 shares of Altus Class A common stock as of September 30, 2023 and December 31, 2022, respectively. (2)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, 2023 (the second measurement date), 201,250 alignment shares automatically converted into 2,011 shares of Class A common stock, of which CBRE was entitled to 1,811 shares. (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 September 30, |  | Nine Months Ended September 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Revenue | $ | 785,513 |  |  | $ | 688,584 |  |  | $ | 5,443,017 |  |  | $ | 1,916,277 |
Operating income | 241,717 |  |  | 280,290 |  |  | 3,810,488 |  |  | 745,676 |
Net (loss) income (1) | (464,499) |  |  | 937,221 |  |  | 107,347 |  |  | 3,889,302 |
_______________ (1)Included in net (loss) 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 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 -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a)(3) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481687/323-10-50-3 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481687/323-10-50-3 Reference 3: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Topic 323 -SubTopic 740 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481543/323-740-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 323 -Publisher FASB -URI https://asc.fasb.org//323/tableOfContent + Details
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