v3.24.2
Investments in Unconsolidated Subsidiaries
 6 Months Ended
Jun. 30, 2024
Equity Method Investments and Joint Ventures [Abstract]  
Investments in Unconsolidated Subsidiaries Investments in Unconsolidated Subsidiaries
Investments in unconsolidated subsidiaries are accounted for under the equity method of accounting. Our investment ownership percentages in equity method investments vary, generally ranging from 1.0% to 50.0%. The following table represents the composition of investments in unconsolidated subsidiaries under the equity method of accounting and fair value option (dollars in millions):
Investment typeJune 30, 2024December 31, 2023
Real Estate Investments (in projects and funds)
$662 $661 
Investment in Altus:
Class A common stock (1)
96 168 
Alignment shares (2)
16 56 
Subtotal112224
Other (3)
535 489
Total investment in unconsolidated subsidiaries$1,309 $1,374 
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(1)CBRE held 24,557,823 and 24,556,012 shares of Altus Class A common stock as of June 30, 2024 and December 31, 2023, respectively, representing approximate ownership of 15.35%.
(2)The alignment shares, also known as Class B common shares, will automatically convert into Altus Class A common stock based on the achievement of certain total return thresholds on Altus Class A common stock as of the relevant measurement date over the seven fiscal years following the merger. At March 31, 2024 (the third measurement date), 201,250 of alignment shares automatically converted into 2,011 shares of Class A common stock, of which CBRE was entitled to 1,811 shares.
(3)Consists of our investments in Industrious and other non-public entities.
Combined condensed financial information for the entities accounted for using the equity method is as follows (dollars in millions):
Three Months Ended
June 30,		Six Months Ended
June 30,
2024202320242023
Revenue$950 $559 $1,963 $4,658 
Operating income (loss)340 (59)655 3,569 
Net (loss) income (1)
(198)(1,114)(1,235)572 
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(1)Included in Net (loss) income are realized and unrealized earnings and losses in investments in unconsolidated investment funds and realized earnings and losses from sales of real estate projects in investments in unconsolidated subsidiaries. These realized and unrealized earnings and losses are not included in Revenue and Operating income (loss).