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Investments in Real Estate Ventures | 12 Months Ended
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Dec. 31, 2021
Equity Method Investments and Joint Ventures [Abstract] |
Investments in Real Estate Ventures | 5. INVESTMENTS As of December 31, 2021 and 2020, we had Investments of $745.7 million and $430.8 million, respectively. Summarized investment balances is presented in the following table.
| December 31,
(in millions) | 2021 | 2020
LaSalle co-investments | $ | 354.6 |  | 300.3 |
JLL Technologies investments | 353.6 |  | 94.0 |
Other investments | 37.5 |  | 36.5 |
Total | $ | 745.7 |  | 430.8 |
Approximately 90% of our investments, as of December 31, 2021, are (i) in 50 separate property or commingled funds, where we co-invest alongside our clients and for which we also have an advisory agreement, or (ii) investments by JLL Technologies in proptech funds and early to mid-stage proptech companies. The remaining 10% of our Investments, as of December 31, 2021, were attributable to investment vehicles that use our capital and outside capital generally 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 $372.4 million as of December 31, 2021. Of this amount, while we remain contractually obligated, we do not expect a call on the $60.3 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 had equity method investments, either directly or indirectly of $95.2 million and $76.4 million as of December 31, 2021 and 2020, respectively, in entities classified as VIEs. 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.
| December 31,
(in millions) | 2021 | 2020
Property and equipment, net | $ | 184.7 |  | 117.4 |
Investments | 10.2 |  | 9.0 |
Other assets | 17.7 |  | 21.0 |
Total assets | $ | 212.6 |  | 147.4 |
Other current liabilities | $ | 2.1 |  | 1.9 |
Mortgage indebtedness (included in Other liabilities) | 107.5 |  | 60.3 |
Total liabilities | 109.6 |  | 62.2 |
Members' equity (included in Noncontrolling interest) | 103.0 |  | 85.2 |
Total liabilities and members' equity | $ | 212.6 |  | 147.4 |
| Year Ended December 31,
(in millions) | 2021 | 2020 | 2019
Revenue | $ | 11.0 |  | 13.9 |  | 7.6 |
Operating and other expenses | (14.9) |  | (15.6) |  | (8.6) |
Net gains on sale of investments(1) | — |  | 22.1 |  | — |
Net (loss) income | $ | (3.9) |  | 20.4 |  | (1.0) |
(1) $12.3 million of the 2020 gain was included in Equity earnings; the remaining $9.8 million was 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 the Consolidated Balance Sheets and as Net income attributable to noncontrolling interest in the Consolidated Statements of Comprehensive Income, respectively. The following tables summarize the combined financial information for certain of our unconsolidated investments accounted for under the equity method or at fair value.
|  | December 31,
(in millions) |  | 2021 | 2020
Balance Sheets: |  |  |
| Investments, net of depreciation |  | $ | 31,084.0 |  | 24,320.4 |
| Total assets |  | 34,816.3 |  | 28,129.3 |
| Mortgage indebtedness |  | 9,708.5 |  | 7,980.2 |
| Other borrowings |  | 1,864.1 |  | 1,332.9 |
| Total liabilities |  | 13,275.3 |  | 10,720.5 |
| Total equity |  | 21,541.0 |  | 17,408.8 |
|  | Year Ended December 31,
(in millions) | 2021 | 2020 | 2019
Statements of Operations: |  |  |
| Revenue | $ | 2,103.6 |  | 1,702.3 |  | 1,247.6 |
| Net income | 1,850.7 |  | 241.5 |  | 831.2 |
Impairment There were no significant other-than-temporary impairment charges on Investments for each of the years in the three-year period ended December 31, 2021. Fair Value We report a majority of our investments 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 Consolidated Statements of Comprehensive Income within Equity earnings. The table below shows the movement in our investments reported at fair value.
| Year Ended December 31,
(in millions) | 2021 | 2020 | 2019
Fair value investments as of January 1, | $ | 340.3 |  | 328.6 |  | 247.3 |
Investments | 190.3 |  | 51.7 |  | 144.9 |
Distributions | (84.0) |  | (46.8) |  | (101.7) |
Change in fair value | 201.2 |  | (1.0) |  | 35.3 |
Foreign currency translation adjustments, net | (8.2) |  | 7.8 |  | 2.8 |
Fair value investments as of December 31, | $ | 639.6 |  | 340.3 |  | 328.6 |
See Note 9, Fair Value Measurements, for further discussion of our investments 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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