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Investments in Real Estate Ventures | 12 Months Ended
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Dec. 31, 2022
Equity Method Investments and Joint Ventures [Abstract] |
Investments in Real Estate Ventures | 5. INVESTMENTS Summarized investment balances are presented in the following table.
| December 31,
(in millions) | 2022 | 2021
JLL Technologies investments | $ | 483.4 |  | 353.6 |
LaSalle co-investments | 366.5 |  | 354.6 |
Other investments | 23.9 |  | 37.5 |
Total | $ | 873.8 |  | 745.7 |
Approximately 90% of our investments, as of December 31, 2022, are (i) investments by JLL Technologies in early to mid-stage proptech companies as well as proptech funds, 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 December 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 $336.3 million and $12.8 million as of December 31, 2022 for our LaSalle Investment Management business and JLL Technologies, respectively. Of the $336.3 million related to LaSalle, 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 $116.0 million and $95.2 million as of December 31, 2022 and 2021, respectively, in entities classified as VIEs. In prior periods, we determined we were the primary beneficiary of certain VIEs and accordingly, we consolidated such entities. In December of 2022, as a result of a reconsideration event, we concluded we were no longer the primary beneficiary of these VIEs and, therefore, no longer consolidate these VIEs. Summarized financial information for our consolidated VIEs is presented in the following tables. As a result of the reconsideration event described above, there are no consolidated VIE balances as of December 31, 2022 and net income is consolidated up to the reconsideration date.
| December 31,
(in millions) | 2022 | 2021
Property and equipment, net | $ | — |  | 184.7 |
Investments | — |  | 10.2 |
Other assets | — |  | 17.7 |
Total assets | $ | — |  | 212.6 |
Other current liabilities | $ | — |  | 2.1 |
Mortgage indebtedness (included in Other liabilities) | — |  | 107.5 |
Total liabilities | — |  | 109.6 |
Members' equity (included in Noncontrolling interest) | — |  | 103.0 |
Total liabilities and members' equity | $ | — |  | 212.6 |
| Year Ended December 31,
(in millions) | 2022 | 2021 | 2020
Revenue | $ | 17.6 |  | 11.0 |  | 13.9 |
Operating and other expenses | (23.8) |  | (14.9) |  | (15.6) |
Net gain on sale of investments(1) | 142.3 |  | — |  | 22.1 |
Net income (loss) | $ | 136.1 |  | (3.9) |  | 20.4 |
(1) The 2022 gain was included in Other income (expense) on the Consolidated Statements of Comprehensive Income. $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 (loss) 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) |  | 2022 | 2021
Balance Sheets: |  |  |
| Investments, net of depreciation |  | $ | 36,855.2 |  | 31,084.0 |
| Total assets |  | 40,367.9 |  | 34,816.3 |
| Mortgage indebtedness |  | 11,790.0 |  | 9,708.5 |
| Other borrowings |  | 3,100.5 |  | 1,864.1 |
| Total liabilities |  | 16,986.9 |  | 13,275.3 |
| Total equity |  | 23,381.0 |  | 21,541.0 |
|  | Year Ended December 31,
(in millions) | 2022 | 2021 | 2020
Statements of Operations: |  |  |
| Revenue | $ | 2,193.4 |  | 2,103.6 |  | 1,702.3 |
| Net income | 576.6 |  | 1,850.7 |  | 241.5 |
Impairment During the year ended December 31, 2022, we recorded a $19.6 million other-than-temporary impairment charge related to an investment accounted for under the equity method. This activity was included within Equity earnings on our Consolidated Statements of Comprehensive Income. There were no other significant impairments in 2022. In addition, there were no significant other-than-temporary impairment charges on Investments during 2021 or 2020. 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. See Note 9, Fair Value Measurements, for further discussion of our investments reported at fair value.
| Year Ended December 31,
(in millions) | 2022 | 2021 | 2020
Fair value investments as of January 1, | $ | 639.6 |  | 340.3 |  | 328.6 |
Investments | 156.1 |  | 190.3 |  | 51.7 |
Distributions | (38.5) |  | (84.0) |  | (46.8) |
Change in fair value | 61.3 |  | 201.2 |  | (1.0) |
Foreign currency translation adjustments, net | (23.6) |  | (8.2) |  | 7.8 |
Fair value investments as of December 31, | $ | 794.9 |  | 639.6 |  | 340.3 |

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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 https://asc.fasb.org/topic&trid=2196965 + Details
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