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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 type20232022
Real Estate Investments (in projects and funds)
$661 $623 
Investment in Altus:
Class A common stock (1)
168 160 
Alignment shares (2)
56 60 
Subtotal224 220 
Other (3)
489 475 
Total investment in unconsolidated subsidiaries$1,374 $1,318 
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(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,
20232022
Combined Condensed Balance Sheets Information:
Current assets$8,884 $9,044 
Non-current assets44,116 45,616 
Total assets$53,000 $54,660 
Current liabilities$1,905 $2,346 
Non-current liabilities17,288 15,858 
Total liabilities$19,193 $18,204 
Non-controlling interests$1,065 $926 
Year Ended December 31,
202320222021
Combined Condensed Statements of Operations Information:
Revenue$7,178 $2,783 $2,681 
Operating income4,984 1,215 1,371 
Net income (1)
760 4,102 3,260 
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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.
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.