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Investments
 3 Months Ended
Mar. 31, 2022
Equity Method Investments and Joint Ventures [Abstract]  
Investments in Real Estate Ventures INVESTMENTS
As of March 31, 2022 and December 31, 2021, we had investments of $785.3 million and $745.7 million, respectively. Summarized investment balances are presented in the following table.
(in millions)March 31, 2022December 31, 2021
JLL Technologies investments$396.4 353.6 
LaSalle co-investments351.3 354.6 
Other investments37.6 37.5 
Total$785.3 745.7 
Approximately 90% of our investments, as of March 31, 2022, are (i) investments by JLL Technologies in proptech funds and early to mid-stage proptech companies, or (ii) direct investments in 55 separate property or commingled funds, where we co-invest alongside our clients and for which we also have an advisory agreement. The remaining 10% of our investments, as of March 31, 2022, were attributable to investment vehicles that use our capital and outside capital primarily provided by institutional investors to invest, generally, 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 $360.8 million as of March 31, 2022. 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 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)March 31, 2022December 31, 2021
Property and equipment, net$195.4 184.7 
Investments10.4 10.2 
Other assets24.3 17.7 
Total assets$230.1 212.6 
Other current liabilities$2.3 2.1 
Mortgage indebtedness (included in Other liabilities)111.3 107.5 
Total liabilities113.6 109.6 
Members' equity (included in Noncontrolling interest)116.5 103.0 
Total liabilities and members' equity$230.1 212.6 
Three Months Ended March 31,
(in millions)20222021
Revenue$3.5 2.6 
Operating and other expenses(5.7)(3.2)
Net loss$(2.2)(0.6)
We allocate the members' equity and net income/(loss) of the consolidated VIEs to the noncontrolling interest holders as Noncontrolling interest on our Condensed Consolidated Balance Sheets and as Net income/(loss) 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 for the three months ended March 31, 2022 and 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 Condensed Consolidated Statements of Comprehensive Income within Equity earnings. The table below shows the movement in our investments reported at fair value.
(in millions)20222021
Fair value investments as of January 1,$639.6 340.3 
Investments34.2 55.8 
Distributions(6.6)(3.3)
Change in fair value, net15.2 45.7 
Foreign currency translation adjustments, net(4.9)(3.1)
Fair value investments as of March 31,$677.5 435.4 
See Note 7, Fair Value Measurements, for additional discussion of our investments reported at fair value.