Investments in Unconsolidated Subsidiaries

12 Months Ended

Dec. 31, 2015

Equity Method Investments and Joint Ventures [Abstract]

Investments in Unconsolidated Subsidiaries

9. Investments in Unconsolidated Subsidiaries

Investments in unconsolidated subsidiaries are accounted for under the equity method of accounting and include the following (dollars in thousands):

	December 31,
	2015		2014
Development Services	$	115,326	$	107,188
Global Investment Management		84,534		87,352
Other		18,083		23,740
	$	217,943	$	218,280

Combined condensed financial information for the entities accounted for using the equity method is as follows (dollars in thousands):

Condensed Balance Sheets Information:

	December 31,
	2015		2014
Global Investment Management:
Current assets	$	922,015	$	1,577,549
Non-current assets		7,362,818		10,989,168
Total assets	$	8,284,833	$	12,566,717
Current liabilities	$	239,077	$	1,372,002
Non-current liabilities		3,540,059		3,971,690
Total liabilities	$	3,779,136	$	5,343,692
Development Services:
Real estate	$	2,184,509	$	1,692,769
Other assets		173,808		130,469
Total assets	$	2,358,317	$	1,823,238
Notes payable on real estate	$	809,163	$	539,186
Other liabilities		266,735		220,864
Total liabilities	$	1,075,898	$	760,050
Other:
Current assets	$	58,160	$	69,010
Non-current assets		24,730		29,763
Total assets	$	82,890	$	98,773
Current liabilities	$	39,940	$	35,414
Non-current liabilities		3,350		14,075
Total liabilities	$	43,290	$	49,489
Non-controlling interests	$	1,238	$	(7	)
Total:
Assets	$	10,726,040	$	14,488,728
Liabilities	$	4,898,324	$	6,153,231
Non-controlling interests	$	1,238	$	(7	)

Condensed Statements of Operations Information:

	Year Ended December 31,
	2015			2014			2013
Global Investment Management:
Revenue	$	585,495		$	894,725		$	874,875
Operating loss	$	(414,538	)	$	(307,133	)	$	(241,829	)
Net loss	$	(481,405	)	$	(320,206	)	$	(26,075	)
Development Services:
Revenue	$	62,191		$	39,753		$	70,343
Operating income	$	251,557		$	63,181		$	130,873
Net income	$	240,034		$	54,468		$	129,563
Other:
Revenue	$	169,078		$	165,196		$	160,858
Operating income	$	30,566		$	31,085		$	28,352
Net income	$	31,050		$	31,532		$	28,422
Total:
Revenue	$	816,764		$	1,099,674		$	1,106,076
Operating loss	$	(132,415	)	$	(212,867	)	$	(82,604	)
Net (loss) income	$	(210,321	)	$	(234,206	)	$	131,910

During the years ended December 31, 2014 and 2013, we recorded non-cash write-downs of investments of $3.6 million and $4.1 million, respectively, within our Global Investment Management and Development Services segments (see Note 5), all of which were included in equity income from unconsolidated subsidiaries in the accompanying consolidated statements of operations.

Our Global Investment Management segment invests our own capital in certain real estate investments with clients. We have provided investment management, property management, brokerage and other professional services in connection with these real estate investments on an arm’s length basis and earned revenues from these unconsolidated subsidiaries of $98.1 million, $140.6 million and $252.6 million during the years ended December 31, 2015, 2014 and 2013, respectively.