XML 36 R20.htm IDEA: XBRL DOCUMENT
v3.24.0.1

Investments in Unconsolidated Subsidiaries | 12 Months Ended
--- | ---
Dec. 31, 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 millions):
|  |  | December 31,
Investment type |  |  | 2023 |  | 2022
Real Estate Investments (in projects and funds) |  |  | $ | 661 |  |  | $ | 623 |
Investment in Altus: |  |  |  |  |
Class A common stock (1) |  |  | 168 |  |  | 160 |
Alignment shares (2) |  |  | 56 |  |  | 60 |
Subtotal |  |  | 224 |  |  | 220 |
Other (3) |  |  | 489 |  |  | 475 |
Total investment in unconsolidated subsidiaries |  |  | $ | 1,374 |  |  | $ | 1,318 |
________________________________________________________________________________________________________________________________________ (1)CBRE held 24,556,012 and 24,554,201 shares of Altus Class A common stock as of December 31, 2023 and December 31, 2022, respectively, representing approximate ownership of 15.57%. (2)The alignment shares, also known as Class B common shares, will automatically convert into Altus Class A common stock based on the achievement of certain total return thresholds on Altus Class A common stock 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 of 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 millions):
| December 31,
| 2023 |  | 2022
Combined Condensed Balance Sheets Information: |  |  |
Current assets | $ | 8,884 |  |  | $ | 9,044 |
Non-current assets | 44,116 |  |  | 45,616 |
Total assets | $ | 53,000 |  |  | $ | 54,660 |
Current liabilities | $ | 1,905 |  |  | $ | 2,346 |
Non-current liabilities | 17,288 |  |  | 15,858 |
Total liabilities | $ | 19,193 |  |  | $ | 18,204 |
Non-controlling interests | $ | 1,065 |  |  | $ | 926 |
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
Combined Condensed Statements of Operations Information: |  |  |  |  |
Revenue | $ | 7,178 |  |  | $ | 2,783 |  |  | $ | 2,681 |
Operating income | 4,984 |  |  | 1,215 |  |  | 1,371 |
Net income (1) | 760 |  |  | 4,102 |  |  | 3,260 |
_______________ (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 $278.8 million, $268.9 million and $213.5 million during the years ended December 31, 2023, 2022 and 2021, respectively. We had receivables of $83.2 million and $73.2 million at December 31, 2023 and 2022, respectively, from these entities. Additionally, in our global development business, we earned development and construction management revenues from these unconsolidated subsidiaries of $165.0 million, $147.8 million and $104.3 million during the years ended December 31, 2023, 2022 and 2021. We had receivables of $30.4 million and $21.1 million at December 31, 2023 and 2022, respectively, from these entities.

X
- References No definition available. + Details
Name: | us-gaap_EquityMethodInvestmentsAndJointVenturesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_EquityMethodInvestmentsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration