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Investments in Unconsolidated Subsidiaries
 9 Months Ended
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 typeSeptember 30, 2023December 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 
Subtotal167,682219,624
Other (3)
477,708 475,256
Total investment in unconsolidated subsidiaries$1,316,395 $1,317,705 
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(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,
2023202220232022
Revenue$785,513 $688,584 $5,443,017 $1,916,277 
Operating income241,717 280,290 3,810,488 745,676 
Net (loss) income (1)
(464,499)937,221 107,347 3,889,302 
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(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.