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, | ||||||||
| 2013 | 2012 | |||||||
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Global Investment Management |
$ | 99,714 | $ | 131,750 | ||||
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Development Services |
76,791 | 53,435 | ||||||
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Other |
22,191 | 21,613 | ||||||
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| $ | 198,696 | $ | 206,798 | |||||
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The results for the year ended December 31, 2011 include the activity of equity investments acquired from and co-investments made in connection with the ING REIM Asia and ING REIM Europe acquisitions from October 3, 2011 and October 31, 2011, respectively, the dates each respective business was acquired. 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, | ||||||||
| 2013 | 2012 | |||||||
|
Global Investment Management: |
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Current assets |
$ | 1,148,658 | $ | 1,139,867 | ||||
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Non-current assets |
12,546,920 | 13,353,456 | ||||||
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Total assets |
$ | 13,695,578 | $ | 14,493,323 | ||||
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Current liabilities |
$ | 1,034,040 | $ | 1,337,944 | ||||
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Non-current liabilities |
4,705,551 | 5,538,066 | ||||||
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Total liabilities |
$ | 5,739,591 | $ | 6,876,010 | ||||
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Development Services: |
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Real estate |
$ | 1,372,379 | $ | 1,165,166 | ||||
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Other assets |
109,328 | 88,067 | ||||||
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Total assets |
$ | 1,481,707 | $ | 1,253,233 | ||||
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Notes payable on real estate |
$ | 569,023 | $ | 473,704 | ||||
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Other liabilities |
134,809 | 173,492 | ||||||
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Total liabilities |
$ | 703,832 | $ | 647,196 | ||||
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Other: |
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Current assets |
$ | 56,359 | $ | 71,708 | ||||
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Non-current assets |
37,226 | 43,401 | ||||||
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Total assets |
$ | 93,585 | $ | 115,109 | ||||
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Current liabilities |
$ | 33,791 | $ | 43,557 | ||||
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Non-current liabilities |
14,335 | 24,190 | ||||||
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Total liabilities |
$ | 48,126 | $ | 67,747 | ||||
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Non-controlling interests |
$ | (183 | ) | $ | 17,187 | |||
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Assets |
$ | 15,270,870 | $ | 15,861,665 | ||||
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Liabilities |
$ | 6,491,549 | $ | 7,590,953 | ||||
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Non-controlling interests |
$ | (183 | ) | $ | 17,187 | |||
Condensed Statements of Operations Information:
| Year Ended December 31, | ||||||||||||
| 2013 | 2012 | 2011 | ||||||||||
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Global Investment Management: |
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Revenue |
$ | 874,875 | $ | 833,343 | $ | 614,684 | ||||||
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Operating loss |
$ | (241,829 | ) | $ | (161,966 | ) | $ | (149,519 | ) | |||
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Net (loss) income |
$ | (26,075 | ) | $ | 64,696 | $ | 70,551 | |||||
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Development Services: |
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Revenue |
$ | 70,343 | $ | 97,084 | $ | 123,865 | ||||||
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Operating income |
$ | 130,873 | $ | 63,472 | $ | 118,995 | ||||||
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Net income |
$ | 129,563 | $ | 38,720 | $ | 87,204 | ||||||
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Other: |
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Revenue |
$ | 160,858 | $ | 163,365 | $ | 163,109 | ||||||
|
Operating income |
$ | 28,352 | $ | 21,755 | $ | 23,880 | ||||||
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Net income |
$ | 28,422 | $ | 23,223 | $ | 24,695 | ||||||
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Total: |
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Revenue |
$ | 1,106,076 | $ | 1,093,792 | $ | 901,658 | ||||||
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Operating loss |
$ | (82,604 | ) | $ | (76,739 | ) | $ | (6,644 | ) | |||
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Net income |
$ | 131,910 | $ | 126,639 | $ | 182,450 | ||||||
During the years ended December 31, 2013, 2012 and 2011, we recorded non-cash write-downs of investments of $4.1 million, $3.9 million and $5.6 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 involves investing 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 $252.6 million, $190.0 million and $104.0 million during the years ended December 31, 2013, 2012 and 2011, respectively.
Our Development Services segment has agreements to provide development, property management and brokerage services to certain of our unconsolidated development subsidiaries on an arm’s length basis and earned revenues from these unconsolidated subsidiaries. Revenue related to these agreements included in our results for the years ended December 31, 2013, 2012 and 2011 was $17.5 million, $21.2 million and $5.7 million, respectively.