Investments in Unconsolidated Subsidiaries (Tables)

12 Months Ended

Dec. 31, 2023

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 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

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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,
	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

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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.