As of September 30, 2017, we had total investments of $372.5 million in 46 separate property or fund co-investments, primarily related to LaSalle. For the nine months ended September 30, 2017, and 2016, funding of co-investments exceeded return of capital by $2.1 million and $35.2 million, respectively. We expect to continue to pursue strategic co-investment opportunities with our investment management clients in Americas, EMEA and Asia Pacific as co-investment remains an important foundation to the continued growth of LaSalle's business.
See Note 5, Investment in Real Estate Ventures, of the Notes to Condensed Consolidated Financial Statements for additional information on our co-investment activity.
Share Repurchase and Dividend Programs
Since October 2002, our Board of Directors has approved five share repurchase programs under which we have repurchased 5,765,451 shares of common stock. As of September 30, 2017, there were 1,563,100 shares we were authorized to repurchase under the current share repurchase program. We made no share repurchases in 2016 or in the first nine months of 2017 under this authorization. Our current share repurchase program allows JLL to purchase our common stock in the open market and in privately negotiated transactions from time to time.
On November 6, 2017, we announced a semi-annual cash dividend of $0.37 per share of common stock. The dividend payment will be made on December 15, 2017, to holders of record at the close of business on November 16, 2017. A dividend-equivalent in the same per share amount will also be paid simultaneously on outstanding but unvested shares of eligible restricted stock units granted under the Company's Stock Award and Incentive Plan.
Capital expenditures for the nine months ended September 30, 2017 and 2016, were $98.1 million and $139.4 million, respectively. Our capital expenditures in 2017 were primarily for information technology systems (software), improvements to leased office spaces, and computer hardware.
Additional capital expenditures for the nine months ended September 30, 2016 included $63.7 million of property acquisitions and capital expenditures made by consolidated VIEs, of which $63.4 million in 2016 was attributable to two then-consolidated VIEs in which we held equity interests ranging between 20% and 25%. Refer to Note 5, Investment in Real Estate Ventures, of the Notes to the Condensed Consolidated Financial Statements for further information on our consolidated VIE investments.
During the nine months ended September 30, 2017, we paid $63.6 million for business acquisitions. This included $22.4 million of payments relating to five new acquisitions in 2017 and $41.2 million for deferred business acquisition and earn-out obligations related to acquisitions completed in prior years. Terms for our acquisitions have typically included cash paid at closing with provisions for additional consideration and earn-out payments subject to certain contract requirements and performance. Deferred business acquisition obligations totaled $87.8 million on our Condensed Consolidated Balance Sheets as of September 30, 2017. These obligations represent the current discounted values of payments to sellers of businesses for which our acquisition had been completed as of the balance sheet date and for which the only remaining condition on those payments is the passage of time. As of September 30, 2017, we had the potential to make earn-out payments for a maximum of $436.9 million on 56 completed acquisitions subject to the achievement of certain performance conditions. We anticipate the majority of these earn-out payments will come due at various times over the next six years, assuming the achievement of the applicable performance conditions. Refer to Note 4, Business Combinations, Goodwill and Other Intangible Assets, of the Notes to the Condensed Consolidated Financial Statements for further information on Business Acquisitions.
We will continue to consider acquisitions that we believe will strengthen our market position, increase our profitability, and supplement our organic growth.
Repatriation of Foreign Earnings
Based on our historical experience and future business plans, we do not expect to repatriate our foreign-sourced earnings to the United States. We believe our policy of permanently investing earnings of foreign subsidiaries does not significantly impact our liquidity. As of September 30, 2017 and December 31, 2016, we had total cash and cash equivalents of $277.9 million and $258.5 million, respectively, of which approximately $186.8 million and $162.0 million, respectively, was held by foreign subsidiaries.