Investments

3 Months Ended

Mar. 31, 2023

Equity Method Investments and Joint Ventures [Abstract]

INVESTMENTS

Summarized investment balances as of March 31, 2023 and December 31, 2022 are presented in the following table.


(in millions)	March 31, 2023		December 31, 2022
JLL Technologies investments	$	496.3	483.4
LaSalle co-investments	374.9		366.5
Other investments	24.8		23.9
Total	$	896.0	873.8

Our JLL Technologies investments are, generally, investments in early to mid-stage proptech companies as well as proptech funds, while our LaSalle co-investments are, primarily, direct investments in 47 separate property or commingled funds, where we co-invest alongside our clients and for which we also have an advisory agreement.

We have maximum potential unfunded commitments to direct investments or investment vehicles of $326.9 million and $16.0 million as of March 31, 2023 for our LaSalle Investment Management business and JLL Technologies, respectively. Of the $326.9 million related to LaSalle, while we remain contractually obligated, we do not expect a call on the $60.3 million relating to a specific investment since the underlying fund moved into its liquidation phase 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. 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 table. As a result of the reconsideration event described above, there were no consolidated VIE balances as of March 31, 2023 and December 31, 2022; net income was consolidated up to the reconsideration date.


	Three Months Ended March 31,
(in millions)		2023		2022
Revenue		$	—	3.5
Operating and other expenses		—		(5.7)

Net loss		$	—	(2.2)

We allocate the net loss of the consolidated VIEs to the noncontrolling interest holders as Net income (loss) attributable to noncontrolling interest in our Condensed Consolidated Statements of Comprehensive Income.

Impairment

There were no significant other-than-temporary impairment charges on investments for the three months ended March 31, 2023 and 2022.

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)	2023		2022
Fair value investments as of January 1,	$	794.9	639.6
Investments	32.8		34.2
Distributions	(6.6)		(6.6)
Change in fair value, net	(3.3)		15.2
Foreign currency translation adjustments, net	7.7		(4.9)
Fair value investments as of March 31,	$	825.5	677.5

See Note 8, Fair Value Measurements, for additional discussion of our investments reported at fair value.