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Investments in Real Estate Ventures | 9 Months Ended
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Sep. 30, 2020
Equity Method Investments and Joint Ventures [Abstract] |
Investments in Real Estate Ventures | 6. INVESTMENTS IN REAL ESTATE VENTURES As of September 30, 2020 and December 31, 2019, we had Investments in real estate ventures of $389.6 million and $404.2 million, respectively. Approximately 90% of our investments, as of September 30, 2020, are primarily (i) direct investments in 48 separate property or commingled funds, where we co-invest alongside our clients and for which we also have an advisory agreement and (ii) investments by JLL Spark in property-technology funds and early-stage companies. The remaining 10% of our Investments in real estate ventures, as of September 30, 2020, were attributable to investment vehicles that use our capital and outside capital primarily provided by institutional investors to invest, primarily, in certain real estate ventures that own and operate real estate. Of our investments attributable to investment vehicles, the majority was invested in LaSalle Investment Company II ("LIC II"), in which we held an effective ownership interest of 48.78%. We have maximum potential unfunded commitments to direct investments or investment vehicles of $338.8 million as of September 30, 2020. Of this amount, while we remain contractually obligated, we do not expect a call on the $60.4 million relating to our investment in LIC II as its fund life terminated in January 2020. We evaluate our less-than-wholly-owned investments to determine whether the underlying entities are classified as variable interest entities ("VIEs"); we assess each identified VIE to determine whether we are the primary beneficiary. We have determined that we are the primary beneficiary of certain VIEs and accordingly, we have consolidated such entities. The assets of the consolidated VIEs are available only for the settlement of the obligations of the respective entities and the mortgage loans of the consolidated VIEs are non-recourse to JLL. Summarized financial information for our consolidated VIEs is presented in the following tables.
(in millions) | September 30, 2020 | December 31, 2019
Property and equipment, net | $ | 132.9 |  | 126.3 |
Investments in real estate ventures | 9.2 |  | 13.2 |
Other assets | 9.6 |  | 14.3 |
Total assets | $ | 151.7 |  | 153.8 |
Other current liabilities | $ | 2.6 |  | 3.2 |
Mortgage indebtedness (included in Other liabilities) | 71.3 |  | 69.7 |
Total liabilities | 73.9 |  | 72.9 |
Members' equity (included in Noncontrolling interest) | 77.8 |  | 80.9 |
Total liabilities and members' equity | $ | 151.7 |  | 153.8 |
| Three Months Ended September 30, |  | Nine Months Ended September 30,
(in millions) | 2020 | 2019 |  | 2020 | 2019
Revenue | $ | 3.6 |  | 1.9 |  |  | $ | 10.8 |  | 4.9 |
Operating and other expenses | (3.7 | ) | (2.1 | ) |  | (11.9 | ) | (5.3 | )
Net gains on sale of investments 1 | 3.1 |  | — |  |  | 15.3 |  | — |
Net income (loss) | $ | 3.0 |  | (0.2 | ) |  | $ | 14.2 |  | (0.4 | )
(1) $12.2 million of the year-to-date gain is included in Equity earnings; the remaining $3.1 million is included in Other income. We allocate the members' equity and net income of the consolidated VIEs to the noncontrolling interest holders as Noncontrolling interest on our Condensed Consolidated Balance Sheets and as Net income attributable to noncontrolling interest in our Condensed Consolidated Statements of Comprehensive Income, respectively. Impairment There were no significant other-than-temporary impairment charges on Investments in real estate ventures for the nine months ended September 30, 2020 and 2019. Fair Value We report a majority of our investments in real estate ventures at fair value. For such investments, we increase or decrease our investment each reporting period by the change in the fair value and we report these fair value adjustments in our Condensed Consolidated Statements of Comprehensive Income within Equity earnings. The table below shows the movement in our investments in real estate ventures reported at fair value.
(in millions) | 2020 | 2019
Fair value investments as of January 1, | $ | 328.6 |  | 247.3 |
Investments | 36.8 |  | 67.1 |
Distributions | (58.8 | ) | (39.2 | )
Change in fair value, net | (9.1 | ) | 29.8 |
Foreign currency translation adjustments, net | 1.5 |  | (0.8 | )
Fair value investments as of September 30, | $ | 299.0 |  | 304.2 |
See Note 8, Fair Value Measurements, for additional discussion of our investments in real estate ventures reported at fair value.

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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 -Publisher FASB -Name Accounting Standards Codification -Topic 323 -URI http://asc.fasb.org/topic&trid=2196965 + Details
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