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2013
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Hong Kong Is Top Target For New Retail Entrants
<p class="ms-rteElement-P"><strong>Las Vegas, 20 May 2013 </strong>– Hong Kong is the world’s hottest retail market, attracting significantly more new entrants than any other city, according to the 2013 edition of How Global is the Business of Retail? by leading global property advisor CBRE.</p> <p class="ms-rteElement-P">CBRE’s annual survey - now in its sixth year - maps the global footprint of 320 of the world’s top retailers across more than 200 cities, tracking cross-border retailer movements. The report found that retailers expanded into a wide range of markets in 2012, with 81% of cities seeing at least one new retailer enter the market.</p> <p class="ms-rteElement-P">U.S. retailers are by far the most aggressive when expanding store networks globally. Traditionally U.S. retailers have focused on Asian and Western European markets; however, they are increasingly targeting the Middle East (18% of all new entrants were U.S. retailers last year), Central & Eastern Europe (17%), and Latin America (10%). Italian, British and French retailers are also highly active, focusing mainly on their own region, although Asia is also a key target.</p> <p class="ms-rteElement-P">Hong Kong was by far the most sought after city with 51 new retailer entries from all sectors – not just high-end fashion brands. The new entrants were principally from Europe, but also from the U.S., Japan and Korea.</p> <p class="ms-rteElement-P">Peter Gold, Head of Cross Border EMEA Retail, CBRE commented:</p> <p class="ms-rteElement-P">“Hong Kong provides an opportunity for retailers to capitalise on the emerging middle class population and tourists from mainland China. Hong Kong is often used as a launch pad for brands entering the region, although less so than previously, as more retailers enter Chinese cities directly. While luxury brands led the way in 2012, retailers from across the spectrum opened their first store in the city last year, including Pierre Cardin, Forever 21 and Cos.”</p> <p class="ms-rteElement-P">Mature markets dominated retailers’ expansion plans last year although six emerging markets made the top 20. Kiev was in second place with 39 new entrants, with Sao Paulo (25 new entrants), Iasi (19), Muscat (17) and Ho Chi Minh City (15) also important targets. This is the second year that Kiev has been ranked in the top 3 globally. A combination of strong growth in real incomes and a serious under supply of quality retail space in the city is driving major shopping centre development, which in turn is attracting a wide range of retailers including Prada, Camper and S. Oliver.</p> <p class="ms-rteElement-P">Berlin (28) was in third position in terms of new entrants with Frankfurt (20), Hamburg (19) and Munich (19) also featuring in the top 20. Low unemployment, rising wages and employment levels at record highs have created strong fundamentals for consumption in Germany and are encouraging retailers to target a wide range of cities. Notable new entries in Berlin include Mulberry, Hollister, Pull & Bear, and Zara Home (which also entered Munich). </p> <p class="ms-rteElement-P">Singapore (25) has quickly established itself as a regional hub, and is used as a gateway by international retailers looking to expand in South East Asia. The city has benefitted from an influx of regional tourists, to attractions such as the “Gardens by the Bay” and the “River Safari”, while new shopping centre development continues to create opportunities for global retailers to enter the market.</p> <p class="ms-rteElement-P">Dubai (25) is in fifth place, closely followed by Paris (24), London (23) and New York (20). These cities represent the most mature markets in the world in terms of the number of international retailers that already have a presence there.</p> <p class="ms-rteElement-P">Europe was the most targeted region attracting 49% of new entries, followed by Asia with 24%, and Middle East and North Africa (MENA) with 11%. Latin America, North America, and the Pacific region attracted 9%, 7% and less than 1% respectively. </p> <p class="ms-rteElement-P">At a sector level, ‘Mid-Range’ fashion retailers entered more new markets than any other sector last year, accounting for 22% of all new openings, followed by ‘Luxury and Business Fashion’ retailers (20%). ‘Coffee and Restaurants’ (13%) is another growth area, as international retailers expand to meet consumer demand for entertainment-based retail.</p> <p class="ms-rteElement-P">The global rankings of retailer representation has not changed significantly in the last two years, as virtually all of the 320 retailers tracked typically have a presence in the leading retail markets. London retains its number one position, with Dubai still comfortably in second place. Paris moved up one place to third, replacing New York which is now in fourth place along with Moscow. Hong Kong and Madrid remained in sixth and seventh place respectively. The only significant mover was Beijing, which moved up to 8th place from 13th. </p> <p class="ms-rteElement-P">Peter Gold added:</p> <p class="ms-rteElement-P">“In general, a lack of new prime retail space globally is limiting the ability of some retailers to meet their expansion plans. This is most notable in mature markets, but also affects many emerging markets where much of the new development is in the peripheral areas of large cities, appealing only to domestic brands. Retailers are also more selective than ever – both in terms of the countries they choose and the type of space they take, with the focus firmly on the best space in the biggest cities.</p> <p class="ms-rteElement-P">“The growth of online retailing is further increasing the rigour with which retailers are analysing their portfolios. While some will downsize their store presence, the vast majority are embracing the multichannel approach - they are developing their online presence, but they are also investing in new store openings and their existing stores. For many retailers, opening stores in new markets is also a priority, underpinning our view that cross-border activity will continue at a steady pace in 2013.”</p> <p class="ms-rteElement-P"><strong>Top Target Markets in 2012 (number of new entrants)</strong></p> <table class="ms-rteTable-0" cellspacing="0" style="width:60%;font-size:1em"><tbody><tr class="ms-rteTableHeaderRow-0"><th><p class="ms-rteElement-P">1</p></th> <th><p class="ms-rteElement-P">Hong Kong</p></th> <th><p class="ms-rteElement-P">51</p></th> <th><p class="ms-rteElement-P">Mature</p></th></tr> <tr class="ms-rteTableOddRow-0"><th><p class="ms-rteElement-P">2</p></th> <td><p class="ms-rteElement-P">Kiev</p></td> <td><p class="ms-rteElement-P">39</p></td> <td><p class="ms-rteElement-P">Emerging</p></td></tr> <tr class="ms-rteTableEvenRow-0"><th><p class="ms-rteElement-P">3</p></th> <td><p class="ms-rteElement-P">Berlin</p></td> <td><p class="ms-rteElement-P">28</p></td> <td><p class="ms-rteElement-P">Mature</p></td></tr> <tr class="ms-rteTableOddRow-0"><th><p class="ms-rteElement-P">4=</p></th> <td><p class="ms-rteElement-P">Singapore</p></td> <td><p class="ms-rteElement-P">25</p></td> <td><p class="ms-rteElement-P">Mature</p></td></tr> <tr class="ms-rteTableEvenRow-0"><th><p class="ms-rteElement-P">4=</p></th> <td><p class="ms-rteElement-P">Dubai</p></td> <td><p class="ms-rteElement-P">25</p></td> <td><p class="ms-rteElement-P">Mature</p></td></tr> <tr class="ms-rteTableOddRow-0"><th><p class="ms-rteElement-P">4=</p></th> <td><p class="ms-rteElement-P">São Paulo</p></td> <td><p class="ms-rteElement-P">25</p></td> <td><p class="ms-rteElement-P">Emerging</p></td></tr> <tr class="ms-rteTableEvenRow-0"><th><p class="ms-rteElement-P">7=</p></th> <td><p class="ms-rteElement-P">Paris</p></td> <td><p class="ms-rteElement-P">24</p></td> <td><p class="ms-rteElement-P">Mature</p></td></tr> <tr class="ms-rteTableOddRow-0"><th><p class="ms-rteElement-P">7=</p></th> <td><p class="ms-rteElement-P">Tokyo</p></td> <td><p class="ms-rteElement-P">24</p></td> <td><p class="ms-rteElement-P">Mature</p></td></tr> <tr class="ms-rteTableEvenRow-0"><th><p class="ms-rteElement-P">9</p></th> <td><p class="ms-rteElement-P">London</p></td> <td><p class="ms-rteElement-P">23</p></td> <td><p class="ms-rteElement-P">Mature</p></td></tr> <tr class="ms-rteTableOddRow-0"><th><p class="ms-rteElement-P">10=</p></th> <td><p class="ms-rteElement-P">New York</p></td> <td><p class="ms-rteElement-P">20</p></td> <td><p class="ms-rteElement-P">Mature</p></td></tr> <tr class="ms-rteTableEvenRow-0"><th><p class="ms-rteElement-P">10=</p></th> <td><p class="ms-rteElement-P">Frankfurt</p></td> <td><p class="ms-rteElement-P">20</p></td> <td><p class="ms-rteElement-P">Mature</p></td></tr> <tr class="ms-rteTableOddRow-0"><th><p class="ms-rteElement-P">12=</p></th> <td><p class="ms-rteElement-P">Iasi</p></td> <td><p class="ms-rteElement-P">19</p></td> <td><p class="ms-rteElement-P">Emerging</p></td></tr> <tr class="ms-rteTableEvenRow-0"><th><p class="ms-rteElement-P">12=</p></th> <td><p class="ms-rteElement-P">Warsaw</p></td> <td><p class="ms-rteElement-P">19</p></td> <td><p class="ms-rteElement-P">Mature</p></td></tr> <tr class="ms-rteTableOddRow-0"><th><p class="ms-rteElement-P">12=</p></th> <td><p class="ms-rteElement-P">Hamburg</p></td> <td><p class="ms-rteElement-P">19</p></td> <td><p class="ms-rteElement-P">Mature</p></td></tr> <tr class="ms-rteTableEvenRow-0"><th><p class="ms-rteElement-P">12=</p></th> <td><p class="ms-rteElement-P">Munich</p></td> <td><p class="ms-rteElement-P">19</p></td> <td><p class="ms-rteElement-P">Mature</p></td></tr> <tr class="ms-rteTableOddRow-0"><th><p class="ms-rteElement-P">16</p></th> <td><p class="ms-rteElement-P">Muscat</p></td> <td><p class="ms-rteElement-P">17</p></td> <td><p class="ms-rteElement-P">Emerging</p></td></tr> <tr class="ms-rteTableEvenRow-0"><th><p class="ms-rteElement-P">17=</p></th> <td><p class="ms-rteElement-P">Ho Chi Minh City</p></td> <td><p class="ms-rteElement-P">15</p></td> <td><p class="ms-rteElement-P">Mature</p></td></tr> <tr class="ms-rteTableOddRow-0"><th><p class="ms-rteElement-P">17=</p></th> <td><p class="ms-rteElement-P">Toronto</p></td> <td><p class="ms-rteElement-P">15</p></td> <td><p class="ms-rteElement-P">Mature</p></td></tr> <tr class="ms-rteTableFooterRow-0"><th><p class="ms-rteElement-P">18</p></th> <td><p class="ms-rteElement-P">New Delhi</p></td> <td><p class="ms-rteElement-P">14</p></td> <td><p class="ms-rteElement-P">Emerging</p></td></tr></tbody></table> <div><p class="ms-rteElement-P"><span style="text-decoration:underline">About CBRE Group, Inc.<br /></span>CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2012 revenue). The Company has approximately 37,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at <a href="/">www.cbre.com</a>.</p></div> <div><p class="ms-rteElement-P">For EMEA/International news or global stories: <br />Follow us on Twitter: <a href="https://twitter.com/CBRE_EMEA_News" target="_blank">@CBRE_EMEA_News</a></p></div>
CBRE Sweeps APAC Property Awards with Five Major Regional Wins, 30 Total
<p class="ms-rteElement-P"><strong>Hong Kong, 20 May 2013 </strong>- CBRE dominated this year’s 2013 Asia Pacific Property Awards with a clean sweep of the five major regional awards for Asia Pacific including Best Property Consultancy – CBRE Japan, along with 16 best in-country and nine highly commended awards.</p> <p class="ms-rteElement-P">CBRE’s five Regional Awards wins include:</p> <ul><li><div class="ms-rteElement-P">Best Property Consultancy Asia Pacific – CBRE Japan</div></li> <li><div class="ms-rteElement-P">Best Property Consultancy Marketing Asia Pacific – Park Ventures by CBRE Thailand</div></li> <li><div class="ms-rteElement-P">Best Property Consultancy Website Asia Pacific – CBRE Philippines</div></li> <li><div class="ms-rteElement-P">Best Lettings Agency Asia Pacific – CBRE Philippines</div></li> <li><div class="ms-rteElement-P">Best Real Estate Agency Website Asia Pacific – CBRE Thailand</div></li></ul> <p class="ms-rteElement-P">CBRE Japan, Philippines and Thailand will now go on to compete against other winning companies from Europe, Africa, the Americas and Arabia to find the ultimate ‘World’s Best’ at the 2013 International Property Awards hosted in London this coming December.</p> <p class="ms-rteElement-P">In addition, CBRE won 13 national Property Consultancy Awards with Australia, Japan, Korea, New Zealand, the Philippines and Taiwan all named Best Property Consultancy for their respective countries. Highly Commended Awards went to China, Hong Kong, India, Malaysia, Singapore, Thailand and Vietnam.</p> <p class="ms-rteElement-P">CBRE Philippines and Thailand continued to excel with a combined total of 4 APAC Regional Awards and 13 National Awards.</p> <p class="ms-rteElement-P">CBRE Asia Pacific CEO & Chairman, Rob Blain said, “Such an extensive win across Asia Pacific, including Best Property Consultancy for the region is an outstanding achievement. Our professionals work hard every day to deliver the best real estate services to our clients, and these accolades are a testament to their efforts.”</p> <p class="ms-rteElement-P">Stuart Shield, President of the International Property Awards said, “The record level of participation that we’ve seen from Asia this year has elevated the caliber of this competition. With the bar set so high, the other regions have their work cut out for them if they hope to outshine Asia in the International Property Awards Final event.”</p> <p class="ms-rteElement-P"><span style="text-decoration:underline">About International Property Awards</span><br style="text-decoration:underline" />The International Property Awards are open to residential and commercial property professionals from around the globe. Since 1995, they have celebrated the highest levels of achievement by companies operating in all sectors of the property and real estate industry. The awards are split into regions covering Africa, Asia Pacific, Arabia, Canada, Caribbean, Central and South America, Europe, UK and USA. The highest-scoring winners from each region are automatically entered into the overall International Awards, which ultimately determine the world’s finest property companies. An International Property Award is a world-renowned mark of excellence. Judging is carried out through a meticulous process involving a panel of over 70 experts covering every aspect of the property business.</p> <p class="ms-rteElement-P"><span style="text-decoration:underline">About CBRE Group, Inc.</span><br style="text-decoration:underline" />CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2012 revenue). The Company has approximately 37,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at <a href="/">www.cbre.com</a>. About CBRE Group,Inc.</p>
CBRE Named Fastest-Growing Retail Property And Leasing Manager By Chain Store Age
<p class="ms-rteElement-P"><strong>Los Angeles, May 14, 2013 </strong>– CBRE Group, Inc. (CBRE) has been named the world’s fastest-growing retail property and leasing manager by<em> Chain Store Age </em>for the third straight year. The retail industry publication’s April/May 2013 issue reported that CBRE added 17 million sq. ft. of new global retail property management assignments in 2012.</p> <p class="ms-rteElement-P">“Whether in Barcelona, Beijing or Boston or other markets around the globe, our retail professionals are keenly focused on delivering service excellence to our clients,” said Todd Caruso, Senior Managing Director, CBRE Retail Agency Services. “The strong growth of our retail property portfolio, is a testament to the core values our professionals passionately share—respect, integrity, service and excellence.”</p> <p class="ms-rteElement-P"><em>Chain Store Age’s </em>24th annual survey of Fastest-Growing Managers measures domestic and international third-party management and leasing contracts obtained during the preceding calendar year.</p> <p class="ms-rteElement-P">CBRE serves a vast of array of clients—including the nation’s leading retailers and retail property owners—with a full spectrum of services including property management, outsourcing, retail disposition, leasing, investment sales, debt or equity restructuring, valuation and consulting. In 2012, CBRE executed more than $29.7 billion in retail sales and leasing transactions worldwide, and manages 500 million sq. ft. of retail properties.</p> <p class="ms-rteElement-P">Earlier this year, CBRE led National Real Estate Investor’s Top Brokerage list for the tenth year in a row. For the sixth straight year CBRE was also included in the <em>FORTUNE 500 </em>and is also the highest ranked commercial real estate services firm on <em>FORTUNE’s</em> list of the Most Admired Companies. </p> <p class="ms-rteElement-P">CBRE provides a broad range of commercial real estate services on a global basis. The company was responsible for more than $189.8 billion of property sales and lease transactions in 2012, and managed more than 3.3 billion sq. ft. (including properties managed by affiliates) of commercial properties and corporate facilities as of December 31, 2012.</p> <p class="ms-rteElement-P"><span style="text-decoration:underline">About CBRE Group, Inc.</span><br style="text-decoration:underline" />CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2012 revenue). The Company has approximately 37,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at <a href="/">www.cbre.com</a>.</p>
CBRE Group, Inc. Reports Strong Retailer Demand And Limited Pipeline Lead To Record Retail Rents
<p class="ms-rteElement-P"><strong>Los Angeles, May 13, 2013 </strong>– Hong Kong continues to rank as the world’s most expensive global retail market, recording prime rents nearly 150 percent higher than New York City and more than 400 percent higher than London and Paris, according to new research from CBRE Group, Inc. (NYSE:CBG)</p> <p class="ms-rteElement-P">CBRE’s quarterly survey (Q1 2013), which tracks the top 10 most expensive prime global retail markets, reveals that strong demand from international retailers, coupled with a modest supply pipeline, has led to record-high prime rental rates. Leading the pack, <strong>Hong Kong </strong>continues to rank in a rental class distinctly above its global peers, recording prime rental rates during Q1 2013 of $4,328 per square foot per annum.</p> <p class="ms-rteElement-P">While markets such as Hong Kong, New York City, London and Paris did not record increases in prime rents this quarter, these cities have exhibited resilience due to international retailers’ continued longer-term strategic expansion strategies, which evidence a distinct preference for prime space in the best locations in these markets. </p> <p class="ms-rteElement-P" style="text-align:center"><strong>Prime Retail Rent Ranking by US$ per Sq. Ft. per Annum Basis</strong></p> <p class="ms-rteElement-P" style="text-align:center"><img src="/AssetLibrary/Prime%20Retail%20Rent%20Ranking%20by%20US.jpg" alt="" /></p> <p class="ms-rteElement-P">Joe Lin, Executive Director Retail, Hong Kong, CBRE, commented:</p> <p class="ms-rteElement-P">“Prime rents in Hong Kong stand at record highs as tenant demand is steady and inquiries from retailers looking to enter or increase their footprint in the city remain strong. Given that space is so expensive in Hong Kong’s prime shopping streets largely driven by continued demand from international luxury brands, many traditional retailers have moved into more “niche” secondary retail locations as they still want to be in the market, but have been priced out of the prime space.”</p> <p class="ms-rteElement-P">Ranking as the second most expensive global retail market,<strong> New York City </strong>($2,970 per sq. ft.) welcomed several new national and global retailers in 2012 that were attracted by the market’s strong international tourism features. The pipeline for new retail space in New York City is low. However, a significant amount of prime space is available along Fifth Avenue between 49th and 59th Street.</p> <p class="ms-rteElement-P">Europe’s prime retail markets of <strong>London</strong> ($1,053 per sq. ft.) and <strong>Paris</strong> ($1,050 per sq. ft.) are holding steady, largely due to scarcity of supply and correspondingly high rent levels. As witnessed in Hong Kong, many new retailers to the Central London market have been forced to consider alternative locations. This is most apparent on Bond Street, where retailers have looked to alternative locations in Mayfair. Examples include the fashion retailer Oscar de la Renta, which has now opened a 2,000 sq. ft. store on Mount Street, with Celine also taking an 8,000 sq. ft. unit a few doors down. The openings represent the first UK store for each. </p> <p class="ms-rteElement-P">The tight supply of prime space throughout the Asia Pacific region helped maintain rent levels in Sydney, Melbourne, Beijing and Tokyo. In <strong>Sydney </strong>($1,018 per sq. ft.), demand from international retailers (especially from the US) is high with many new brands set to enter the market in 2013.</p> <p class="ms-rteElement-P">Pacific markets gained prominence in the global retail rankings with <strong>Brisbane</strong> ($739 per sq. ft.) and <strong>Melbourne</strong> ($851 per sq. ft.) now ranking among the most expensive prime retail markets. Thanks to strong turnover and a limited supply forecast for Brisbane’s Queen Street Mall, prime rents as measured in local currency jumped 15% quarter-over-quarter. As a result, Brisbane’s prime retail rent ranking rose two positions to ninth place. Not only has Brisbane’s mining and other natural resources sectors supported the local economy, population growth is also serving to boost expectations for future retail growth prospects. As such, rental growth is expected to continue in line with the current trend. </p> <p class="ms-rteElement-P">Raymond Torto, CBRE’s Global Chief Economist, commented:</p> <p class="ms-rteElement-P">“Prime retail rents across the most expensive global markets have held firm against a backdrop of scarce supply and preference for prime space. Despite subdued retail sales growth and strained consumer sentiments, international retailers remain focused on long-term growth strategies that have resulted in store expansions across many key global markets such as New York City, London and Moscow. However, at the current high levels, retailers are considering “off” prime or secondary locations and showing a reluctance to pay record high rates.”</p> <p class="ms-rteElement-P"><span style="text-decoration:underline">About CBRE Group, Inc.</span><br style="text-decoration:underline" />CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2012 revenue). The Company has approximately 37,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at <a href="/">www.cbre.com</a>.</p>
CBRE Group, Inc. Named To The Fortune 500 For 6th Straight Year
<p class="ms-rteElement-P"><strong>Los Angeles, May 8, 2013 </strong>– CBRE Group Inc. has been named to the FORTUNE 500 list of the largest U.S.-based companies for the sixth straight year. CBRE remains the only commercial real estate services firm ever included on this prestigious list.</p> <p class="ms-rteElement-P">The FORTUNE 500 ranks U.S.-based companies by total revenue. CBRE was ranked at #387 on the list in 2013, up 29 places from the prior year. </p> <p class="ms-rteElement-P">“CBRE continues to rise in the ranks of Fortune 500 companies through an unrelenting focus on outstanding client service,” said Robert Sulentic, president and chief executive officer of CBRE. “Our people, collaborating across markets and business lines and tapping the resources of our global platform, continually produce exceptional results for property investors and occupiers around the world—and are working hard to get better all the time.”</p> <p class="ms-rteElement-P">Earlier this year, CBRE led National Real Estate Investor’s Top Brokerage list for the tenth year in a row. CBRE also was the highest ranked real estate services firm on Fortune's list of the Most Admired Companies for the third time and the number one commercial real estate brand in Lipsey Company’s annual brand survey for the 12th consecutive year. </p> <p class="ms-rteElement-P">CBRE provides a broad range of commercial real estate services on a global basis. The company was responsible for more than $189.8 billion of property sales and lease transactions in 2012, and managed more than 3.3 billion sq. ft. (including properties managed by affiliates) of commercial properties and corporate facilities as of December 31, 2012.</p> <p class="ms-rteElement-P"><span style="text-decoration:underline">About CBRE Group, Inc.</span><br style="text-decoration:underline" />CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2012 revenue). The Company has approximately 37,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at <a href="/">www.cbre.com</a>.</p>
CBRE Group, Inc. Ranks #4 Among All Outsourcing Firms
<p class="ms-rteElement-P"><strong>Los Angeles – May 7, 2013 </strong>– CBRE Group, Inc. (NYSE:CBG) today announced that it has been recognized as the #4 outsourcing services provider across all industries, and is once again the highest-ranked commercial real estate services company, according to the International Association of Outsourcing Professionals’ (IAOP) Global Outsourcing 100 for 2013. The firm remains the only commercial real estate services firm to be ranked in the top 10, a feat it has accomplished in four of the past five years.</p> <p class="ms-rteElement-P">“Our continued strong performance among the world’s best outsourcing companies is testimony to how our people are delivering consistently superior service,” said Bill Concannon, CBRE’s chief executive officer of Global Corporate Services. “Their focus on excellence in serving our clients has created a distinct advantage for CBRE in the global outsourcing market.” </p> <p class="ms-rteElement-P">The Global Outsourcing 100 ranks the top outsourcing service providers across all industries. The rankings are determined by an independent panel of judges based on characteristics such as size and growth rate, customer references, demonstrated competencies, and management capabilities. The IAOP panel credited CBRE for particular strengths in customer references, company recognitions, employee management and executive leadership. Last year, IAOP and the Information Services Group (ISG) also honored CBRE for its leadership in corporate responsibility, with the first IAOP/ISG Global Outsourcing Social Responsibility Impact Award. </p> <p class="ms-rteElement-P">"As moderate economic growth continues, choosing the right outsourcing partners is critically important," said IAOP Chairman Michael Corbett. “By focusing on its clients and insisting on consistently excellent service, CBRE has distinguished itself as an outsourcing service provider of choice in the commercial real estate industry."</p> <p class="ms-rteElement-P">CBRE provides a broad range of commercial real estate services on a global basis. The company was responsible for more than $189.8 billion of property sales and lease transactions in 2012, and managed more than 3.3 billion sq. ft. (including properties managed by affiliates) of commercial properties and corporate facilities as of December 31, 2012. The Company signed 46 long-term outsourcing contracts, including 22 new accounts, during the first quarter of 2013.</p> <p class="ms-rteElement-P"><span style="text-decoration:underline">About CBRE Group, Inc.</span><br style="text-decoration:underline" />CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2012 revenue). The Company has approximately 37,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at <a href="/">www.cbre.com</a>.</p>
Quadruple Victory for CBRE at RICS Oceania Awards
<p class="ms-rteElement-P"><strong>Sydney, 3 May 2013</strong>- CBRE has been named No 1 Commercial Sales Agency and No 1 Industrial Sales Agency at the 2012 RICS Oceania Commercial Property Awards (Australia). </p> <p class="ms-rteElement-P">In addition, CBRE took home two of the newly introduced team/individual awards, with CBRE Agribusiness Director Will Barton named Young Achiever of the Year and CBRE’s Local Government Super (LGS) team recognised as Property Management Team of the Year. </p> <p class="ms-rteElement-P">The RICS Oceania Commercial Property Awards recognise the contribution and outstanding performance of firms, teams and individuals. </p> <p class="ms-rteElement-P">The Australian wins follow CBRE’s success earlier in the week in the New Zealand section of the Oceania awards, where the firm took home the Sustainability Initiative of the Year award and the Young Achiever of the Year award. </p> <p class="ms-rteElement-P">In Australia, CBRE took out the No 1 Commercial Sales Agency and No 1 Industrial Sales Agency titles after negotiating the highest value of office and industrial sales respectively during 2012. It is the second year in a row that CBRE has taken out both awards, which take into account all commercial transactions in Australia valued at over $5 million. </p> <p class="ms-rteElement-P">CBRE’s President & CEO, Australia & New Zealand, Tom Southern said the awards recognised the strength of CBRE’s Capital Markets platform and commitment to delivering optimum sales results for clients. </p> <p class="ms-rteElement-P">For the first time, RICS also announced a number of qualitative awards recognising commercial property teams and individuals. These awards were determined on the following criteria: innovation, professionalism and customer service, contribution to the community, talent development, professional ethics and standards, and team spirit. </p> <p class="ms-rteElement-P">CBRE’s Sydney-based LGS team, headed by John Derrick, was named Property Management Team of the Year. CBRE has been managing a portfolio of commercial and industrial properties for LGS for over 10 years. </p> <p class="ms-rteElement-P">CBRE’s Regional Director, Asset Services, Phill Rockliff said the award was fitting recognition for the team’s achievements. </p> <p class="ms-rteElement-P">“The LGS portfolio has consistently outperformed industry benchmarks and been an industry leader in the area of sustainability, winning a series of awards,” Mr Rockliff said. </p> <p class="ms-rteElement-P">“This has been the result of a partnership approach between CBRE and LGS, where we have worked to future proof the seven assets in the LGS portfolio and introduce leading edge sustainability initiatives.” </p> <p class="ms-rteElement-P">CBRE’s Will Barton was meanwhile named Young Achiever of the Year, with the RICS judges noting that he had demonstrated that he had demonstrated excellence in relation to all the awards criteria. </p> <p class="ms-rteElement-P">Mr Barton joined CBRE in May 2012 as a Director in the firm’s newly established Agribusiness division, headed by Danny Thomas. </p> <p class="ms-rteElement-P">“Will is a consummate professional who has demonstrated an innate ability to provide national and innovative solutions for our Agribusiness clients,” Mr Thomas said. </p> <p class="ms-rteElement-P">“He has worked in various capacities in the agricultural sector, including managing his family’s pastoral holdings, which has provided him with the practical experience needed to cement strong client relationships with his clients. He has also demonstrated a keen understanding of the leadership qualities necessary to develop his team and foster a culture of excellence.” </p> <p class="ms-rteElement-P"><span style="text-decoration:underline">About CBRE Group, Inc</span>.<br />CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2012 revenue). The Company has approximately 37,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at <a href="/">www.cbre.com</a>. About CBRE Group,Inc.</p>
CBRE Group, Inc. Recognized Among 2013 Most Valuable Employers For Military®
<p class="ms-rteElement-P"><span><strong>Los Angeles, May 1, 2013 </strong>– </span><span>CBRE Group, Inc. was named a Most Valuable Employers (MVE) for Military</span><span>®</span><span> for 2013 in the annual list compiled by</span> <span>CivilianJobs.com. The MVE award recognizes companies for recruiting, training and retention plans that best serve military service members and veterans. </span></p> <p class="ms-rteElement-P"><span>“CBRE’s recognition by CivilianJobs.com underscores our long-term commitment to fostering career opportunities for our nation’s veterans, an effort that has delivered great results for both our employees and our clients,” said Jennifer Ashley, Senior Vice President, Human Resources, CBRE.</span></p> <p class="ms-rteElement-P"><span>CBRE employs more than 900 veterans and offers policies and resources that support the retention of these employees. CBRE was one of 56 companies named to this year’s list. </span></p> <p class="ms-rteElement-P"><span>The Most Valuable Employers for Military list is open to all U.S.-based companies, with the winners selected based on surveys that outline an employer’s recruiting, training and retention plans. Marking the fifth year of its publication in 2013, the MVE recognition serves to help military-experienced job seekers and veterans identify the top employers to target for civilian careers.</span></p> <p class="ms-rteElement-P"><span><span style="text-decoration:underline">About CBRE Group, Inc</span>.<br /></span><span>CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2012 revenue).<span> </span>The Company has approximately 37,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at <a href="/">www.cbre.com</a>.</span></p> <p class="ms-rteElement-P"><span style="text-decoration:underline">About MVE<br /></span><span>The CivilianJobs.com Most Valuable Employers (MVE) for Military serves to help military-experienced job seekers identify the top employers to target for civilian careers. MVEs are selected annually based on those employers whose recruiting, training and retention plans best serve military service members and veterans. The MVE recognition is produced by CivilianJobs.com, where America's military connects with civilian careers. CivilianJobs.com, with parent company Bradley-Morris, Inc. (BMI), the largest military-focused recruiting firm in the U.S., together deliver the largest military-to-civilian footprint available to companies seeking to recruit and hire from the military talent pool. BMI is based in metro-Atlanta, Georgia.</span></p>
Double Victory For CBRE At RICS New Zealand Awards
<p class="ms-rteElement-P"><strong>Auckland, 1 May 2013</strong>- CBRE has scooped two awards at the 2012 RICS NZ Commercial Property Awards.</p> <p class="ms-rteElement-P">CBRE NZ Industrial agent, Raj Chaudhary was last night named Young Achiever of the Year while CBRE NZ took out the Sustainability Initiative of the Year Award. </p> <p class="ms-rteElement-P">The RICS NZ Commercial Property Awards are an opportunity to recognise the contribution and outstanding performance of firms, teams and individuals in the industry. These awards aim to promote the talents and team spirit of property professionals throughout the region </p> <p class="ms-rteElement-P">CBRE Senior Managing Director of New Zealand, Brent McGregor, said; “The awards were fitting recognition for Raj’s achievements and commitment to delivering the highest level of service to clients and an acknowledgement of CBRE’s continuing focus on sustainability.”</p> <p class="ms-rteElement-P">Mr Chaudhary is part of the South Auckland office industrial agency team, focusing on leasing and sales in that area. Raj’s strengths include his determination to provide clients with a high caliber of professional services and his utilization of technology. Raj said “It is an honour to be awarded Young Achiever of the Year; I was up against a high caliber of nominees and feel very proud of what I have accomplished.”</p> <p class="ms-rteElement-P">Bruce Catley, Managing Director, CBRE South Auckland said; “Raj has been a consistent performer and has shouldered many of the responsibilities that come with establishing his business within CBRE; he is very career focused and demonstrates a high level of professionalism towards internal and external clients.” </p> <p class="ms-rteElement-P">CBRE’s award for Sustainability Initiative of the Year recognised the commitment CBRE has to reducing its carbon footprint, the Real Green Research Challenge, its internal Green Day for staff and green building management practices. CBRE’s New Zealand Asset Services team proudly manages over one million square metres of office, retail and industrial assets throughout the country. </p> <p class="ms-rteElement-P"><span style="text-decoration:underline">About CBRE Group, Inc.</span><br style="text-decoration:underline" />CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2012 revenue). The Company has approximately 37,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at <a href="/">www.cbre.com</a>. About CBRE Group,Inc.</p>
CBRE Reports Solid Revenue and Earnings Growth For The First Quarter 2013
<div><p class="ms-rteElement-P"><strong>Los Angeles</strong> - CBRE Group, Inc. (NYSE:CBG) today reported financial results for the first quarter ended March 31, 2013. </p></div> <div id="bwNews"><div id="bwNewsRelease"><p class="ms-rteElement-P" style="text-decoration:underline"><span>First-Quarter 2013 Results</span> </p> <div><ul><li><p class="ms-rteElement-P">Revenue for the quarter totaled $1.5 billion, an increase of 9% (10% including revenue from discontinued operations) from $1.3 billion in the first quarter of 2012. </p></li> <li><p class="ms-rteElement-P">On a U.S. GAAP basis, net income rose 39% to $37.5 million from $27.0 million for the first quarter of 2012. GAAP earnings per diluted share improved to $0.11 from $0.08. </p></li> <li><p class="ms-rteElement-P">Excluding selected charges1, net income2 increased 12% to $51.5 million from $45.9 million in the first quarter of 2012. Excluding selected charges, earnings per diluted share totaled $0.16 compared with $0.14. For the current quarter, selected charges (net of income taxes), which primarily related to costs associated with the Company’s recent corporate debt refinancing and the ING REIM businesses acquired in 2011, totaled $14.0 million. For the same period in 2012, selected charges totaled $18.9 million, and were primarily related to the acquired ING REIM businesses. </p></li> <li><p class="ms-rteElement-P">Excluding selected charges, Earnings Before Interest Taxes Depreciation and Amortization (EBITDA)3 increased 7% to $161.3 million in the current period from $150.5 million in the first quarter of 2012. EBITDA3 (including selected charges) rose 14% to $159.8 million for the first quarter of 2013, from $140.5 million for the same period a year earlier. Selected charges in both periods related to the integration of the ING REIM businesses. </p></li> <li><p class="ms-rteElement-P">Foreign currency translation did not have a significant impact on total Company results in the current quarter. </p></li></ul></div> <p class="ms-rteElement-P"><span style="text-decoration:underline">Management Commentary</span> <br />“We had a solid start to 2013 in what is traditionally our seasonally slowest quarter of the year,” said Robert Sulentic, president and chief executive officer of CBRE. “While the current recovery remains slower than previous ones, our first quarter results underscore our people’s effectiveness at working across markets and business lines to produce solutions for our clients and growth for CBRE. We were particularly encouraged by the good growth we achieved in all three regions, led by Europe.” </p> <p class="ms-rteElement-P">Revenue rose across nearly all business lines globally, with notable strength in capital markets-based businesses. Global property sales revenue increased 21%, with EMEA up 44% and Asia Pacific up 61%, as both rebounded from low activity levels in the prior-year first quarter. Americas property sales continued to improve steadily, with revenue rising 9% from a year ago. Commercial mortgage brokerage revenue increased 16%, fueled by continued strong U.S. investment activity, particularly in the multi-family sector. During the quarter, for example, CBRE arranged $1 billion of financing for Goldman Sachs and Greystar to acquire a 27-property multi-family portfolio totaling more than 8,000 units. Global valuation revenue rose 12%, partly due to increased investment activity. </p> <p class="ms-rteElement-P">Outsourcing (property, facilities and project management for occupiers and investors) once again grew across all regions, registering an 11% revenue increase globally. Regional growth was led by EMEA, where the project management business was quite active. Global Corporate Services (GCS), CBRE’s outsourcing business for occupier clients, saw revenue (including transaction management revenue) increase by 12% globally and 15% in the Americas, while adding 22 new clients, including Alcatel Lucent in Asia Pacific, Honeywell in the U.S. and the British Council (government agency) in EMEA. All told, 46 GCS contracts were signed during the quarter.</p> <div><p class="ms-rteElement-P">Leasing revenue rose 3% globally, as steady gains in EMEA (up 6%) and the Americas (up 5%) were partly offset by a decline in Asia Pacific, reflecting occupier caution in many of its markets as well as the effect of a weaker yen. </p></div> <p class="ms-rteElement-P">Geographically, EMEA recorded the strongest revenue growth in the first quarter, as improved performance in France, Germany and the U.K. led to a 16% revenue gain. In the largest occupier transaction in London in recent years, CBRE advised technology giant Google on the purchase of a 2.4 acre site from the King’s Cross Central Limited Partnership, where it will build its new UK headquarters. The Americas (up 10%) and Asia Pacific (up 9%) both posted solid revenue increases for the quarter. This growth contributed significantly to a 40-basis point increase in normalized EBITDA margins for the combined regional services businesses in the quarter. </p> <p class="ms-rteElement-P">In March 2013, the Company completed a series of financing transactions, which will reduce interest expense and which pushed out maturities, improving its overall balance sheet. As a result, the Company’s amended and restated senior secured credit agreement now provides for a $715 million term loan facility and an expanded $1.2 billion revolving credit facility (of which $108.4 million was drawn at March 31, 2013). The Company also sold $800 million of new 10-year, 5% fixed-rate senior unsecured notes. </p> <p class="ms-rteElement-P">In connection with these activities, the Company incurred approximately $28.0 million of financing costs, of which $3.2 million was expensed in the quarter, along with $10.4 million of previously-deferred financing costs. The combined expense of $13.6 million was normalized. </p> <div><p class="ms-rteElement-P">Following the completion of all of its refinancing actions – including the expected redemption in June 2013 of its $450 million, 11.625% senior subordinated notes due in 2017 and the drawdown of all of the term loans ($300 million is on a delayed-draw basis) -- CBRE will have lowered its total corporate debt by nearly $500 million and, on a pro forma basis for 2012, would have reduced annual interest expense by approximately $50 million. </p></div> <p class="ms-rteElement-P"><span style="text-decoration:underline">First-Quarter 2013 Segment Results</span> </p> <p class="ms-rteElement-P"><span style="text-decoration:underline">Americas Region</span><span style="text-decoration:underline"> </span>(U.S., Canada and Latin America) </p> <div class="story_genre_notes"><ul><li><p class="ms-rteElement-P">Revenue rose 10% to $926.0 million, compared with $845.3 million for the first quarter of 2012. </p></li> <li><p class="ms-rteElement-P">EBITDA totaled $106.4 million, up 5% from $101.2 million in last year’s first quarter. </p></li> <li><p class="ms-rteElement-P">Operating income totaled $74.6 million compared with $80.8 million for the prior-year first quarter. Operating income was adversely affected in the first quarter of 2013 by $9.5 million of higher depreciation and amortization expense associated with increased technology-related capital expenditures and mortgage servicing rights. In connection with these mortgage servicing rights, an asset and income are recognized at contract inception and the asset is amortized over time. Depreciation and amortization expense is included in the calculation of operating income but not in EBITDA. </p></li> <li><p class="ms-rteElement-P">EBITDA and operating income reflected increased platform investments designed to enhance future growth. These investments will be relatively level throughout the year and therefore had a disproportionately larger impact in the seasonally slow first quarter. </p></li></ul></div> <p class="ms-rteElement-P"><span style="text-decoration:underline">EMEA Region</span> (primarily Europe) </p> <div><ul><li><p class="ms-rteElement-P">Revenue rose 16% to $228.6 million, compared with $197.4 million for the first quarter of 2012. The increase was primarily driven by improved performance in France, Germany and the United Kingdom, most notably in property sales and outsourcing. </p></li> <li><p class="ms-rteElement-P">Stronger revenue resulted in a significant narrowing of the EBITDA loss, which fell to $0.5 million compared with $7.1 million in the prior year first quarter. </p></li> <li><p class="ms-rteElement-P">Operating loss also declined markedly to $6.2 million compared with $11.3 million for the same period in 2012. </p></li></ul></div> <p class="ms-rteElement-P"><span style="text-decoration:underline">Asia Pacific Region</span><span style="text-decoration:underline"> </span>(Asia, Australia and New Zealand) </p> <ul><li><p class="ms-rteElement-P">Revenue was $181.4 million, an increase of 9% from $167.2 million for the first quarter of 2012. The increase reflects improved overall performance in several countries, particularly Greater China and Singapore. </p></li> <li><p class="ms-rteElement-P">EBITDA improved to $5.8 million, compared with $2.3 million for last year’s first quarter. </p></li> <li><p class="ms-rteElement-P">Operating income improved to $2.9 million, compared with an operating loss of $0.4 million for the first quarter of 2012. </p></li> <li><p class="ms-rteElement-P">EBITDA and operating income primarily reflected increased capital markets activity and operating efficiencies in Japan. </p></li></ul> <p class="ms-rteElement-P"><span style="text-decoration:underline">Global Investment Management Business</span> (investment management operations in the U.S., Europe and Asia) </p> <ul><li><p class="ms-rteElement-P">Revenue increased slightly to $126.6 million from $125.2 million in the first quarter of 2012. </p></li> <li><p class="ms-rteElement-P">EBITDA rose 17% to $40.3 million compared with $34.6 million in the first quarter of 2012. Excluding selected charges, EBITDA declined to $41.9 million from $44.6 million in the prior-year first quarter. The decline for the quarter was attributable to lower gains on co-investments in real estate securities and severance payments. </p></li> <li><p class="ms-rteElement-P">Operating income rose to $30.1 million from $11.4 million for the first quarter of 2012. Current-period and prior-period operating income were affected by $5.8 million and $23.8 million, respectively, of expenses related to the acquisition of the ING REIM businesses. </p></li> <li><p class="ms-rteElement-P">Assets under management totaled $90.7 billion at the end of the first quarter, representing a 1% decrease from year-end 2012. The decrease was primarily due to negative foreign currency effects and net property dispositions, lowering AUM by $2.7 billion, which was partly offset by gains of $1.4 billion in the value of the real estate securities and direct investment portfolios. </p></li></ul> <p class="ms-rteElement-P"><span style="text-decoration:underline">Development Services</span> (real estate development and investment activities primarily in the U.S.) </p> <ul><li><p class="ms-rteElement-P">Revenue totaled $12.4 million, compared with $14.9 million for the first quarter of 2012. The revenue decline was attributable to lower rental revenue resulting from property dispositions. </p></li> <li><p class="ms-rteElement-P">Operating loss narrowed significantly to $0.2 million from $4.4 million for the same period in 2012. </p></li> <li><p class="ms-rteElement-P">EBITDA totaled $7.8 million, compared with $9.5 million in the prior-year period. The decrease was largely driven by lower income from property sales (primarily reflected in equity earnings) totaling $2.1 million in the current quarter. Equity earnings from unconsolidated subsidiaries is included in the calculation of EBITDA, but not in revenue or operating loss. </p></li> <li><p class="ms-rteElement-P">Development projects in process totaled $4.3 billion, up 2% from year-end 2012, and the inventory of pipeline deals totaled $1.9 billion, down 10% from year-end 2012.</p></li></ul> <p class="ms-rteElement-P"><span style="text-decoration:underline">Business Outlook</span><span style="text-decoration:underline"> </span><br style="text-decoration:underline" />“Despite the historically slow recovery, we remain positive on the outlook for CBRE,” said Mr. Sulentic. “Our leading presence in key global markets, broad offering of best-in-class services, and strong, flexible capital structure leave us well placed to drive further top- and bottom-line growth and improve EBITDA margins, while making strategic and operational investments that we believe will further strengthen our position in the marketplace.”</p> <p class="ms-rteElement-P">In light of the foregoing, CBRE continues to expect earnings per share, as adjusted, to be in the range of $1.40 to $1.45 for full-year 2013. </p> <p class="ms-rteElement-P"><span style="text-decoration:underline">Conference Call Details</span> <br />The Company’s first-quarter earnings conference call will be held today (Thursday, April 25, 2013) at 5:00 p.m. Eastern Time. A webcast will be accessible through the Investor Relations section of the Company’s website at <a href="http://cts.businesswire.com/ct/CT?id=smartlink&url=http://www.cbre.com/investorrelations&esheet=50618489&lan=en-US&anchor=www.cbre.com/investorrelations&index=1&md5=d8eed6a0e38ce5968d6edb915af5857f">www.cbre.com/investorrelations</a>.</p> <p class="ms-rteElement-P">The direct dial-in number for the conference call is 800-230-1085 for U.S. callers and 612-288-0340 for international callers. A replay of the call will be available starting at 10 p.m. Eastern Time on April 25, 2013, and ending at midnight Eastern Time on May 2, 2013. The dial-in number for the replay is 800-475-6701 for U.S. callers and 320-365-3844 for international callers. The access code for the replay is 288243. A transcript of the call will be available on the Company’s Investor Relations website at <a href="http://cts.businesswire.com/ct/CT?id=smartlink&url=http://www.cbre.com/investorrelations&esheet=50618489&lan=en-US&anchor=www.cbre.com/investorrelations&index=2&md5=2bc1fcddd16e458b6116898b1e6e2fb3">www.cbre.com/investorrelations</a>. </p> <p class="ms-rteElement-P"><span style="text-decoration:underline">About CBRE Group, Inc.</span> <br />CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2012 revenue). The Company has approximately 37,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at <a href="http://cts.businesswire.com/ct/CT?id=smartlink&url=http://www.cbre.com/&esheet=50618489&lan=en-US&anchor=www.cbre.com&index=3&md5=ff80705aa4d646004a07fb5b41adff52">www.cbre.com</a>. </p> <p class="ms-rteElement-P">Note: This release contains forward-looking statements within the meaning of the ''safe harbor'' provisions of the Private Securities Litigation Reform Act of 1995, including statements regarding our future growth momentum, operations, financial performance, and business outlook. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results and performance in future periods to be materially different from any future results or performance suggested in forward-looking statements in this release. Any forward-looking statements speak only as of the date of this release and, except to the extent required by applicable securities laws, the Company expressly disclaims any obligation to update or revise any of them to reflect actual results, any changes in expectations or any change in events. If the Company does update one or more forward-looking statements, no inference should be drawn that it will make additional updates with respect to those or other forward-looking statements. Factors that could cause results to differ materially include, but are not limited to: general conditions of financial liquidity for real estate transactions, including the impact of European sovereign debt issues and recessionary to flat economic growth in many European countries as well as U.S. fiscal uncertainty; our leverage and our ability to perform under our credit facilities; the success of our planned redemption of the 11.625% senior subordinated notes in June 2013; commercial real estate vacancy levels; employment conditions and their effect on vacancy rates; property values; rental rates; interest rates; our ability to leverage our platform to grow revenues and capture market share; continued growth in trends toward use of outsourced commercial real estate services; our ability to control costs relative to revenue growth and expand EBITDA margins; our ability to retain and incentivize producers; our ability to identify, acquire and integrate synergistic and accretive businesses; expected levels of interest, depreciation and amortization expense; maintaining our effective tax rate; realization of values in investment funds to offset related incentive compensation expense; a decline in asset values in, or a reduction in earnings or cash flow from, our investment programs, as well as related litigation, liabilities and reputational harm; and our ability to comply with laws and regulations related to our international operations, including the anti-corruption laws of the U.S. and other countries. </p> <p class="ms-rteElement-P">Additional information concerning factors that may influence the Company's financial information is discussed under “Risk Factors”, “Management’s Discussion and Analysis of Financial Condition and Results of Operations”, “Quantitative and Qualitative Disclosures About Market Risk” and “Cautionary Note on Forward-Looking Statements” in our Annual Report on Form 10-K for the year ended December 31, 2012, as well as in the Company’s press releases and other periodic filings with the Securities and Exchange Commission. Such filings are available publicly and may be obtained on the Company’s website at <a href="http://cts.businesswire.com/ct/CT?id=smartlink&url=http://www.cbre.com&esheet=50618489&lan=en-US&anchor=www.cbre.com&index=4&md5=5c160808f1222578b08c142cba9bea36">www.cbre.com</a> or upon written request from the CBRE Investor Relations Department at <a href="mailto:investorrelations@cbre.com">investorrelations@cbre.com</a>. </p> <p class="ms-rteElement-P"><sup>1 </sup>Selected charges include integration and other costs related to acquisitions, amortization expense related to incentive fees and customer relationships acquired in the ING REIM and Trammell Crow Company (TCC) acquisitions and the write-off of financing costs. </p> <p class="ms-rteElement-P"><sup>2</sup> A reconciliation of net income attributable to CBRE Group, Inc. to net income attributable to CBRE Group, Inc., as adjusted for selected charges, is provided in the section of this press release entitled “Non-GAAP Financial Measures.” </p> <p class="ms-rteElement-P"><sup>3 </sup>EBITDA represents earnings before net interest expense, write-off of financing costs, income taxes, depreciation and amortization, while amounts shown for EBITDA, as adjusted (or normalized EBITDA), remove the impact of certain cash and non-cash charges related to acquisitions. Our management believes that both of these measures are useful in evaluating our operating performance compared to that of other companies in our industry because the calculations of EBITDA and EBITDA, as adjusted, generally eliminate the effects of financing and income taxes and the accounting effects of capital spending and acquisitions, which would include impairment charges of goodwill and intangibles created from acquisitions. Such items may vary for different companies for reasons unrelated to overall operating performance. As a result, our management uses these measures to evaluate operating performance and for other discretionary purposes, including as a significant component when measuring our operating performance under our employee incentive programs. Additionally, we believe EBITDA and EBITDA, as adjusted, are useful to investors to assist them in getting a more complete picture of our results from operations. </p> <p class="ms-rteElement-P">However, EBITDA and EBITDA, as adjusted, are not recognized measurements under U.S. generally accepted accounting principles, or GAAP, and when analyzing our operating performance, readers should use EBITDA and EBITDA, as adjusted, in addition to, and not as an alternative for, net income as determined in accordance with GAAP. Because not all companies use identical calculations, our presentation of EBITDA and EBITDA, as adjusted, may not be comparable to similarly titled measures of other companies. Furthermore, EBITDA and EBITDA, as adjusted, are not intended to be measures of free cash flow for our management’s discretionary use, as they do not consider certain cash requirements such as tax and debt service payments. The amounts shown for EBITDA and EBITDA, as adjusted, also differ from the amounts calculated under similarly titled definitions in our debt instruments, which are further adjusted to reflect certain other cash and non-cash charges and are used to determine compliance with financial covenants and our ability to engage in certain activities, such as incurring additional debt and making certain restricted payments. </p> <p class="ms-rteElement-P">For a reconciliation of EBITDA and EBITDA, as adjusted to net income attributable to CBRE Group, Inc., the most comparable financial measure calculated and presented in accordance with GAAP, see the section of this press release titled “Non-GAAP Financial Measures.” </p> <table class="bwtablemarginb" cellspacing="0"><tbody><tr><td colspan="8"> </td></tr> <tr style="text-align:center"><td class="bwpadl0 bwvertalignt bwalignc" colspan="8"><div style="text-align:center"><i><b>CBRE GROUP, INC.</b></i> </div></td></tr> <tr style="text-align:center"><td class="bwpadl0 bwvertalignt bwalignc" colspan="8"><div style="text-align:center"><i><b>OPERATING RESULTS</b></i> </div></td></tr> <tr style="text-align:center"><td class="bwpadl0 bwvertalignt bwalignc" colspan="8"><div style="text-align:center"><i><b>FOR THE THREE MONTHS ENDED MARCH 31, 2013 AND 2012</b></i> </div></td></tr> <tr style="text-align:center"><td class="bwpadl0 bwvertalignt bwalignc" colspan="8"><div style="text-align:center"><i><b>(Dollars in thousands, except share data)</b></i> </div></td></tr> <tr style="text-align:center"><td class="bwpadl0 bwvertalignt bwalignc" colspan="8"><div style="text-align:center"><i><b>(Unaudited)</b></i> </div></td></tr> <tr><td></td> <td> </td> <td colspan="6"></td></tr> <tr><td></td> <td></td> <td class="bwpadl0 bwvertalignt bwalignc bwsinglebottom" colspan="6"><div style="text-align:center"><b>Three Months Ended</b> </div> <div style="text-align:center"><b>March 31,</b> </div></td></tr> <tr><td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc bwsinglebottom" colspan="2" style="text-align:center"><b>2013</b> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc bwsinglebottom" colspan="2" style="text-align:center"><b>2012</b> </td></tr> <tr><td class="bwpadl0 bwvertalignt bwalignl">Revenue </td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">1,475,063 </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">1,349,989 </td></tr> <tr><td></td> <td></td> <td colspan="2"></td> <td></td> <td></td> <td colspan="2"> </td></tr> <tr><td class="bwpadl0 bwvertalignt bwalignl">Costs and expenses: </td> <td></td> <td colspan="2"></td> <td></td> <td></td> <td colspan="2"></td></tr> <tr><td class="bwpadl2 bwvertalignt bwalignl">Cost of services </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">861,216 </td> <td></td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">787,556 </td></tr> <tr><td class="bwpadl2 bwvertalignt bwalignl">Operating, administrative and other </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">469,541 </td> <td></td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">440,722 </td></tr> <tr><td class="bwpadl2 bwpadb1 bwvertalignt bwalignl">Depreciation and amortization </td> <td></td> <td class="bwsinglebottom"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">46,281 </td> <td></td> <td></td> <td class="bwsinglebottom"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">46,457 </td></tr> <tr><td class="bwpadl0 bwvertalignt bwalignl">Total costs and expenses </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">1,377,038 </td> <td></td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">1,274,735 </td></tr> <tr><td></td> <td></td> <td colspan="2"></td> <td></td> <td></td> <td colspan="2"> </td></tr> <tr><td class="bwpadl0 bwpadb1 bwvertalignt bwalignl">Gain on disposition of real estate </td> <td></td> <td class="bwsinglebottom"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">3,149 </td> <td></td> <td></td> <td class="bwsinglebottom"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">809 </td></tr> <tr><td class="bwpadl0 bwvertalignt bwalignl">Operating income </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">101,174 </td> <td></td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">76,063 </td></tr> <tr><td></td> <td></td> <td colspan="2"></td> <td></td> <td></td> <td colspan="2"> </td></tr> <tr><td class="bwpadl0 bwvertalignt bwalignl">Equity income from unconsolidated subsidiaries </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">9,749 </td> <td></td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">14,386 </td></tr> <tr><td class="bwpadl0 bwvertalignt bwalignl">Other income </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">2,694 </td> <td></td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">6,588 </td></tr> <tr><td class="bwpadl0 bwvertalignt bwalignl">Interest income </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">2,028 </td> <td></td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">2,303 </td></tr> <tr><td class="bwpadl0 bwvertalignt bwalignl">Interest expense </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">42,395 </td> <td></td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">43,981 </td></tr> <tr><td class="bwpadl0 bwpadb1 bwvertalignt bwalignl">Write-off of financing costs </td> <td></td> <td class="bwsinglebottom"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">13,580 </td> <td></td> <td></td> <td class="bwsinglebottom"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">- </td></tr> <tr><td class="bwpadl0 bwvertalignt bwalignl">Income from continuing operations before provision for income taxes </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">59,670 </td> <td></td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">55,359 </td></tr> <tr><td class="bwpadl0 bwpadb1 bwvertalignt bwalignl">Provision for income taxes </td> <td></td> <td class="bwsinglebottom"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">19,004 </td> <td></td> <td></td> <td class="bwsinglebottom"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">25,413 </td></tr> <tr><td class="bwpadl0 bwvertalignt bwalignl">Income from continuing operations </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">40,666 </td> <td></td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">29,946 </td></tr> <tr><td class="bwpadl0 bwpadb1 bwvertalignt bwalignl">Income from discontinued operations, net of income taxes </td> <td></td> <td class="bwsinglebottom"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">21,189 </td> <td></td> <td></td> <td class="bwsinglebottom"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">- </td></tr> <tr><td class="bwpadl0 bwvertalignt bwalignl">Net income </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">61,855 </td> <td></td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">29,946 </td></tr> <tr><td class="bwpadl0 bwpadb1 bwvertalignt bwalignl">Less: Net income attributable to non-controlling interests </td> <td></td> <td class="bwsinglebottom"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">24,309 </td> <td></td> <td></td> <td class="bwsinglebottom"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">2,971 </td></tr> <tr><td class="bwpadl0 bwpadb3 bwvertalignb bwalignl">Net income attributable to CBRE Group, Inc. </td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">37,546 </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">26,975 </td></tr> <tr><td></td> <td></td> <td></td> <td></td> <td></td> <td></td> <td></td> <td> </td></tr> <tr><td class="bwpadl0 bwvertalignt bwalignl"><div><i>Basic income per share</i> <i>attributable to CBRE Group, Inc. shareholders</i> </div></td> <td></td> <td colspan="2"></td> <td></td> <td></td> <td colspan="2"></td></tr> <tr><td class="bwpadl0 bwvertalignt bwalignl">Income from continuing operations attributable to CBRE Group, Inc. </td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">0.11 </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">0.08 </td></tr> <tr><td class="bwpadl0 bwpadb1 bwvertalignt bwalignl">Income from discontinued operations attributable to CBRE Group, Inc. </td> <td></td> <td class="bwsinglebottom"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">- </td> <td></td> <td></td> <td class="bwsinglebottom"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">- </td></tr> <tr><td class="bwpadl0 bwpadb3 bwvertalignt bwalignl">Net income attributable CBRE Group, Inc. </td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">0.11 </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">0.08 </td></tr> <tr><td></td> <td></td> <td colspan="2"></td> <td></td> <td></td> <td colspan="2"> </td></tr> <tr><td class="bwpadl0 bwpadb3 bwvertalignt bwalignl">Weighted average shares outstanding for basic income per share </td> <td></td> <td class="bwdoublebottom"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom"><div>326,759,455 </div></td> <td></td> <td></td> <td class="bwdoublebottom"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom"><div>320,671,395 </div></td></tr> <tr><td></td> <td></td> <td colspan="2"></td> <td></td> <td></td> <td colspan="2"> </td></tr> <tr><td class="bwpadl0 bwvertalignt bwalignl"><i>Diluted income per share</i> <i>attributable to CBRE Group, Inc. shareholders</i> </td> <td></td> <td colspan="2"></td> <td></td> <td></td> <td colspan="2"></td></tr> <tr><td class="bwpadl0 bwvertalignt bwalignl">Income from continuing operations attributable to CBRE Group, Inc. </td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">0.11 </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">0.08 </td></tr> <tr><td class="bwpadl0 bwpadb1 bwvertalignt bwalignl">Income from discontinued operations attributable to CBRE Group, Inc. </td> <td></td> <td class="bwsinglebottom"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">- </td> <td></td> <td></td> <td class="bwsinglebottom"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">- </td></tr> <tr><td class="bwpadl0 bwpadb3 bwvertalignt bwalignl">Net income attributable to CBRE Group, Inc. </td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">0.11 </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">0.08 </td></tr> <tr><td></td> <td></td> <td colspan="2"></td> <td></td> <td></td> <td colspan="2"> </td></tr> <tr><td class="bwpadl0 bwpadb3 bwvertalignt bwalignl">Weighted average shares outstanding for diluted income per share </td> <td></td> <td class="bwdoublebottom"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">330,802,552 </td> <td></td> <td></td> <td class="bwdoublebottom"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">325,738,859 </td></tr> <tr><td></td> <td></td> <td colspan="2"></td> <td></td> <td></td> <td colspan="2"> </td></tr> <tr><td class="bwpadl0 bwpadb3 bwvertalignt bwalignl">EBITDA <sup>(1)</sup> </td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">159,754 </td> <td class="bwpadl0 bwpadb3 bwvertalignt bwalignr"></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">140,523 </td></tr></tbody></table> <div>__________________________ </div> <div>(1) Includes EBITDA related to discontinued operations of $4.4 million for the three months ended March 31, 2013. </div> <table class="bwtablemarginb" cellspacing="0"><tbody><tr><td colspan="10"> </td></tr> <tr><td class="bwpadl0 bwvertalignt bwalignc" colspan="10"><div style="text-align:center"><i><b>CBRE GROUP, INC.</b></i> </div></td></tr> <tr><td class="bwpadl0 bwvertalignt bwalignc" colspan="10"><div style="text-align:center"><i><b>SEGMENT RESULTS</b></i> </div></td></tr> <tr><td class="bwpadl0 bwvertalignt bwalignc" colspan="10"><div style="text-align:center"><i><b>FOR THE THREE MONTHS ENDED MARCH 31, 2013 AND 2012</b></i> </div></td></tr> <tr><td class="bwpadl0 bwvertalignt bwalignc" colspan="10"><div style="text-align:center"><i><b>(Dollars in thousands)</b></i> </div></td></tr> <tr><td class="bwpadl0 bwvertalignt bwalignc" colspan="10"><div style="text-align:center"><i><b>(Unaudited)</b></i> </div></td></tr> <tr><td></td> <td> </td> <td colspan="8"></td></tr> <tr><td></td> <td></td> <td class="bwpadl0 bwvertalignt bwalignc bwsinglebottom" colspan="8"><div style="text-align:center"><b>Three Months Ended</b> </div> <div style="text-align:center"><b>March 31,</b> </div></td></tr> <tr><td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc bwsinglebottom" colspan="3" style="text-align:center"><b>2013</b> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc bwsinglebottom" colspan="3" style="text-align:center"><b>2012</b> </td></tr> <tr><td class="bwpadl0 bwvertalignb bwalignl"><div><span class="bwuline"><b>Americas</b></span> </div></td> <td></td> <td colspan="3"></td> <td></td> <td></td> <td colspan="3"></td></tr> <tr><td class="bwpadl0 bwvertalignb bwalignl">Revenue </td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">925,972 </td> <td></td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">845,326 </td> <td></td></tr> <tr><td class="bwpadl0 bwvertalignb bwalignl">Costs and expenses: </td> <td></td> <td colspan="3"></td> <td></td> <td></td> <td colspan="3"></td></tr> <tr><td class="bwpadl4 bwvertalignb bwalignl">Cost of services </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">594,021 </td> <td></td> <td></td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">542,400 </td> <td></td></tr> <tr><td class="bwpadl4 bwvertalignb bwalignl">Operating, administrative and other </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">229,486 </td> <td></td> <td></td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">203,837 </td> <td></td></tr> <tr><td class="bwpadl4 bwpadb1 bwvertalignb bwalignl">Depreciation and amortization </td> <td></td> <td class="bwsinglebottom"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">27,833 </td> <td class="bwsinglebottom"> </td> <td></td> <td></td> <td class="bwsinglebottom"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">18,326 </td> <td class="bwsinglebottom"> </td></tr> <tr><td class="bwpadl0 bwpadb3 bwvertalignb bwalignl">Operating income </td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">74,632 </td> <td class="bwdoublebottom"> </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">80,763 </td> <td class="bwdoublebottom"> </td></tr> <tr><td class="bwpadl0 bwpadb3 bwvertalignb bwalignl">EBITDA </td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">106,351 </td> <td class="bwdoublebottom"> </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">101,237 </td> <td class="bwdoublebottom"> </td></tr> <tr><td></td> <td></td> <td colspan="3"></td> <td></td> <td></td> <td colspan="3"> </td></tr> <tr><td class="bwpadl0 bwvertalignb bwalignl"><div><span class="bwuline"><b>EMEA</b></span> </div></td> <td></td> <td colspan="3"></td> <td></td> <td></td> <td colspan="3"></td></tr> <tr><td class="bwpadl0 bwvertalignb bwalignl">Revenue </td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">228,634 </td> <td></td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">197,386 </td> <td></td></tr> <tr><td class="bwpadl0 bwvertalignb bwalignl">Costs and expenses: </td> <td></td> <td colspan="3"></td> <td></td> <td></td> <td colspan="3"></td></tr> <tr><td class="bwpadl4 bwvertalignb bwalignl">Cost of services </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">145,692 </td> <td></td> <td></td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">130,132 </td> <td></td></tr> <tr><td class="bwpadl4 bwvertalignb bwalignl">Operating, administrative and other </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">83,776 </td> <td></td> <td></td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">75,266 </td> <td></td></tr> <tr><td class="bwpadl4 bwpadb1 bwvertalignb bwalignl">Depreciation and amortization </td> <td></td> <td class="bwsinglebottom"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">5,396 </td> <td class="bwsinglebottom"> </td> <td></td> <td></td> <td class="bwsinglebottom"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">3,291 </td> <td class="bwsinglebottom"> </td></tr> <tr><td class="bwpadl0 bwpadb3 bwvertalignb bwalignl">Operating loss </td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">(6,230</td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl bwdoublebottom">) </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">(11,303 </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl bwdoublebottom">) </td></tr> <tr><td class="bwpadl0 bwpadb3 bwvertalignb bwalignl">EBITDA </td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">(545 </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl bwdoublebottom">) </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">(7,097 </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl bwdoublebottom">) </td></tr> <tr><td></td> <td></td> <td colspan="3"></td> <td></td> <td></td> <td colspan="3"> </td></tr> <tr><td class="bwpadl0 bwvertalignb bwalignl"><div><span class="bwuline"><b>Asia Pacific</b></span> </div></td> <td></td> <td colspan="3"></td> <td></td> <td></td> <td colspan="3"></td></tr> <tr><td class="bwpadl0 bwvertalignb bwalignl">Revenue </td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">181,431 </td> <td></td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">167,201 </td> <td></td></tr> <tr><td class="bwpadl0 bwvertalignb bwalignl">Costs and expenses: </td> <td></td> <td colspan="3"></td> <td></td> <td></td> <td colspan="3"></td></tr> <tr><td class="bwpadl4 bwvertalignb bwalignl">Cost of services </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">121,503 </td> <td></td> <td></td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">115,024 </td> <td></td></tr> <tr><td class="bwpadl4 bwvertalignb bwalignl">Operating, administrative and other </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">54,124 </td> <td></td> <td></td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">49,824 </td> <td></td></tr> <tr><td class="bwpadl4 bwpadb1 bwvertalignb bwalignl">Depreciation and amortization </td> <td></td> <td class="bwsinglebottom"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">2,882 </td> <td class="bwsinglebottom"> </td> <td></td> <td></td> <td class="bwsinglebottom"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">2,739 </td> <td class="bwsinglebottom"> </td></tr> <tr><td class="bwpadl0 bwpadb3 bwvertalignb bwalignl">Operating income (loss) </td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">2,922 </td> <td class="bwdoublebottom"> </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">(386 </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl bwdoublebottom">) </td></tr> <tr><td class="bwpadl0 bwpadb3 bwvertalignb bwalignl">EBITDA </td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">5,847 </td> <td class="bwdoublebottom"> </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">2,283 </td> <td class="bwdoublebottom"> </td></tr> <tr><td></td> <td></td> <td colspan="3"></td> <td></td> <td></td> <td colspan="3"> </td></tr> <tr><td class="bwpadl0 bwvertalignb bwalignl"><div><span class="bwuline"><b>Global Investment Management</b></span> </div></td> <td></td> <td colspan="3"></td> <td></td> <td></td> <td colspan="3"></td></tr> <tr><td class="bwpadl0 bwvertalignb bwalignl">Revenue </td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">126,642 </td> <td></td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">125,200 </td> <td></td></tr> <tr><td class="bwpadl0 bwvertalignb bwalignl">Costs and expenses: </td> <td></td> <td colspan="3"></td> <td></td> <td></td> <td colspan="3"></td></tr> <tr><td class="bwpadl4 bwvertalignb bwalignl">Operating, administrative and other </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">87,754 </td> <td></td> <td></td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">94,575 </td> <td></td></tr> <tr><td class="bwpadl4 bwpadb1 bwvertalignb bwalignl">Depreciation and amortization </td> <td></td> <td class="bwsinglebottom"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">8,811 </td> <td class="bwsinglebottom"> </td> <td></td> <td></td> <td class="bwsinglebottom"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">19,225 </td> <td class="bwsinglebottom"> </td></tr> <tr><td class="bwpadl0 bwpadb3 bwvertalignb bwalignl">Operating income </td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">30,077 </td> <td class="bwdoublebottom"> </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">11,400 </td> <td class="bwdoublebottom"> </td></tr> <tr><td class="bwpadl0 bwpadb3 bwvertalignb bwalignl">EBITDA<sup>(1)</sup> </td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">40,326 </td> <td class="bwdoublebottom"> </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">34,593 </td> <td class="bwdoublebottom"> </td></tr> <tr><td></td> <td></td> <td colspan="3"></td> <td></td> <td></td> <td colspan="3"> </td></tr> <tr><td class="bwpadl0 bwvertalignb bwalignl"><div><span class="bwuline"><b>Development Services</b></span> </div></td> <td></td> <td colspan="3"></td> <td></td> <td></td> <td colspan="3"></td></tr> <tr><td class="bwpadl0 bwvertalignb bwalignl">Revenue </td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">12,384 </td> <td></td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">14,876 </td> <td></td></tr> <tr><td class="bwpadl0 bwvertalignb bwalignl">Costs and expenses: </td> <td></td> <td colspan="3"></td> <td></td> <td></td> <td colspan="3"></td></tr> <tr><td class="bwpadl4 bwvertalignb bwalignl">Operating, administrative and other </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">14,401 </td> <td></td> <td></td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">17,220 </td> <td></td></tr> <tr><td class="bwpadl4 bwvertalignb bwalignl">Depreciation and amortization </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">1,359 </td> <td></td> <td></td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">2,876 </td> <td></td></tr> <tr><td class="bwpadl0 bwpadb1 bwvertalignb bwalignl">Gain on disposition of real estate </td> <td></td> <td class="bwsinglebottom"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">3,149 </td> <td class="bwsinglebottom"> </td> <td></td> <td></td> <td class="bwsinglebottom"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">809 </td> <td class="bwsinglebottom"> </td></tr> <tr><td class="bwpadl0 bwpadb3 bwvertalignb bwalignl">Operating loss </td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">(227 </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl bwdoublebottom">) </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">(4,411 </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl bwdoublebottom">) </td></tr> <tr><td class="bwpadl0 bwpadb3 bwvertalignb bwalignl">EBITDA<sup>(2)</sup> </td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">7,775 </td> <td class="bwdoublebottom"> </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">9,507 </td> <td class="bwdoublebottom"> </td></tr></tbody></table> <div>_________________________ </div> <div><p class="ms-rteElement-P"><sup>(1)</sup> Includes EBITDA related to discontinued operations of $0.6 million for the three months ended March 31, 2013.</p> <p class="ms-rteElement-P"><sup>(2)</sup> Includes EBITDA related to discontinued operations of $3.8 million for the three months ended March 31, 2013.</p></div> <p class="ms-rteElement-P"><span>Non-GAAP Financial Measures</span> </p> <p class="ms-rteElement-P">The following measures are considered “non-GAAP financial measures” under SEC guidelines: </p> <table class="bwtablemarginb" cellspacing="0"><tbody><tr><td><p class="ms-rteElement-P"> </p></td> <td><p class="ms-rteElement-P"> </p></td> <td><p class="ms-rteElement-P"> </p></td> <td><p class="ms-rteElement-P"> </p></td> <td><p class="ms-rteElement-P">(i) </p></td> <td><p class="ms-rteElement-P"> </p></td> <td><p class="ms-rteElement-P">Net income attributable to CBRE Group, Inc., as adjusted for selected charges </p></td></tr> <tr><td></td> <td></td> <td></td> <td></td> <td></td> <td></td> <td><p class="ms-rteElement-P"> </p></td></tr> <tr><td class="bwpadl0 bwvertalignt bwalignl"></td> <td></td> <td></td> <td></td> <td><p class="ms-rteElement-P">(ii) </p></td> <td class="bwpadl0 bwvertalignt bwalignl"></td> <td><p class="ms-rteElement-P">Diluted income per share attributable to CBRE Group, Inc, as adjusted for selected charges </p></td></tr> <tr><td></td> <td></td> <td></td> <td></td> <td></td> <td></td> <td><p class="ms-rteElement-P"> </p></td></tr> <tr><td class="bwpadl0 bwvertalignt bwalignl"></td> <td></td> <td></td> <td></td> <td><p class="ms-rteElement-P">(iii) </p></td> <td class="bwpadl0 bwvertalignt bwalignl"></td> <td><p class="ms-rteElement-P">EBITDA and EBITDA, as adjusted for selected charges </p></td></tr></tbody></table> <p class="ms-rteElement-P">The Company believes that these non-GAAP financial measures provide a more complete understanding of ongoing operations and enhance comparability of current results to prior periods as well as presenting the effects of selected charges in all periods presented. The Company believes that investors may find it useful to see these non-GAAP financial measures to analyze financial performance without the impact of selected charges that may obscure trends in the underlying performance of its business. </p> <p class="ms-rteElement-P">Net income attributable to CBRE Group, Inc., as adjusted for selected charges and diluted net income per share attributable to CBRE Group, Inc. shareholders, as adjusted for selected charges are calculated as follows (dollars in thousands, except per share data): </p> <table class="bwtablemarginb" cellspacing="0"><tbody><tr><td></td> <td> </td> <td class="bwpadl0 bwvertalignt bwalignc bwsinglebottom" colspan="5"><div style="text-align:center"><b>Three Months Ended</b> </div> <div style="text-align:center"><b>March 31,</b> </div></td></tr> <tr><td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc bwsinglebottom" colspan="2" style="text-align:center"><b>2013</b> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc bwsinglebottom" colspan="2" style="text-align:center"><b>2012</b> </td></tr> <tr><td></td> <td></td> <td colspan="2"></td> <td></td> <td colspan="2"> </td></tr> <tr><td class="bwpadl0 bwvertalignt bwalignl">Net income attributable to CBRE Group, Inc. </td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">37,546 </td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">26,975 </td></tr> <tr><td class="bwpadl0 bwvertalignb bwalignl">Amortization expense related to ING REIM and TCC incentive fees and customer relationships acquired, net of tax </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">4,632 </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">11,455 </td></tr> <tr><td class="bwpadl0 bwvertalignt bwalignl">Integration and other costs related to acquisitions, net of tax </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"><div>1,093 </div></td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"><div>7,483 </div></td></tr> <tr><td class="bwpadl0 bwpadb1 bwvertalignt bwalignl">Write-off of financing costs, net of tax </td> <td></td> <td class="bwsinglebottom"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">8,258 </td> <td></td> <td class="bwsinglebottom"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">- </td></tr> <tr><td class="bwpadl0 bwpadb3 bwvertalignt bwalignl">Net income attributable to CBRE Group, Inc., as adjusted </td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">51,529 </td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">45,913 </td></tr> <tr><td></td> <td></td> <td colspan="2"></td> <td></td> <td colspan="2"> </td></tr> <tr><td class="bwpadl0 bwpadb3 bwvertalignt bwalignl">Diluted income per share attributable to CBRE Group, Inc. shareholders, as adjusted </td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">0.16 </td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">0.14 </td></tr> <tr><td></td> <td></td> <td colspan="2"></td> <td></td> <td colspan="2"> </td></tr> <tr><td class="bwpadl0 bwpadb3 bwvertalignt bwalignl">Weighted average shares outstanding for <div>diluted income per share </div></td> <td></td> <td class="bwdoublebottom"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom"><div>330,802,552 </div></td> <td></td> <td class="bwdoublebottom"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom"><div>325,738,859 </div></td></tr> <tr><td></td> <td></td> <td></td> <td></td> <td></td> <td></td> <td> </td></tr></tbody></table> <p class="ms-rteElement-P">EBITDA and EBITDA, as adjusted for selected charges are calculated as follow (dollars in thousands):</p> <div> </div> <table class="bwtablemarginb" cellspacing="0"><tbody><tr><td class="bwpadl0 bwpadb1 bwvertalignt bwalignl"><div> </div></td> <td> </td> <td class="bwpadl0 bwvertalignt bwalignc bwsinglebottom" colspan="5"><b>Three Months Ended</b> <div style="text-align:center"><b>March 31,</b> </div></td></tr> <tr><td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc bwsinglebottom" colspan="2" style="text-align:center"><b>2013</b> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc bwsinglebottom" colspan="2" style="text-align:center"><b>2012</b> </td></tr> <tr><td></td> <td></td> <td colspan="2"></td> <td></td> <td colspan="2"> </td></tr> <tr><td class="bwpadl0 bwvertalignt bwalignl">Net income attributable to CBRE Group, Inc. </td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">37,546 </td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">26,975 </td></tr> <tr><td class="bwpadl0 bwvertalignt bwalignl">Add: </td> <td></td> <td colspan="2"></td> <td></td> <td colspan="2"></td></tr> <tr><td class="bwpadl2 bwvertalignt bwalignl">Depreciation and amortization<sup>(1)</sup> </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">46,537 </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">46,457 </td></tr> <tr><td class="bwpadl2 bwvertalignt bwalignl">Interest expense<sup>(2)</sup> </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">44,176 </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">43,981 </td></tr> <tr><td class="bwpadl2 bwvertalignt bwalignl">Write-off of financing costs </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">13,580 </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">- </td></tr> <tr><td class="bwpadl2 bwvertalignt bwalignl">Provision for income taxes<sup>(3)</sup> </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">19,943 </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">25,413 </td></tr> <tr><td class="bwpadl0 bwvertalignb bwalignl">Less: </td> <td></td> <td colspan="2"></td> <td></td> <td colspan="2"></td></tr> <tr><td class="bwpadl2 bwpadb1 bwvertalignb bwalignl">Interest income </td> <td></td> <td class="bwsinglebottom"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">2,028 </td> <td></td> <td class="bwsinglebottom"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">2,303 </td></tr> <tr><td></td> <td></td> <td colspan="2"></td> <td></td> <td colspan="2"> </td></tr> <tr><td class="bwpadl0 bwvertalignb bwalignl">EBITDA<sup>(4)</sup> </td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">159,754 </td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">140,523 </td></tr> <tr><td></td> <td></td> <td colspan="2"></td> <td></td> <td colspan="2"> </td></tr> <tr><td class="bwpadl0 bwvertalignb bwalignl">Adjustments: </td> <td></td> <td colspan="2"></td> <td></td> <td colspan="2"></td></tr> <tr><td class="bwpadl2 bwpadb1 bwvertalignb bwalignl">Integration and other costs related to acquisitions </td> <td></td> <td class="bwsinglebottom"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">1,525 </td> <td></td> <td class="bwsinglebottom"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">9,965 </td></tr> <tr><td></td> <td></td> <td colspan="2"></td> <td></td> <td colspan="2"> </td></tr> <tr><td class="bwpadl0 bwpadb3 bwvertalignb bwalignl">EBITDA, as adjusted <sup>(4)</sup> </td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">161,279 </td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">150,488 </td></tr></tbody></table> <div>_________________________ </div> <div><p class="ms-rteElement-P"><sup>(1)</sup> Includes depreciation and amortization expense related to discontinued operations of $0.3 million for the three months ended March 31, 2013.</p> <p class="ms-rteElement-P"><sup>(2)</sup> Includes interest expense related to discontinued operations of $1.8 million for the three months ended March 31, 2013.</p> <p class="ms-rteElement-P"><sup>(3)</sup> Includes provision for income taxes related to discontinued operations of $0.9 million for the three months ended March 31, 2013.</p> <p class="ms-rteElement-P"><sup>(4)</sup> Includes EBITDA related to discontinued operations of $4.4 million for the three months ended March 31, 2013. </p></div> <p class="ms-rteElement-P">EBITDA and EBITDA, as adjusted for selected charges for segments are calculated as follows (dollars in thousands): </p> <table class="bwtablemarginb" cellspacing="0"><tbody><tr><td></td> <td> </td> <td colspan="8"></td></tr> <tr><td></td> <td></td> <td class="bwpadl0 bwvertalignm bwalignc bwsinglebottom" colspan="8"><div style="text-align:center"><b>Three Months Ended</b> </div> <div style="text-align:center"><b>March 31,</b> </div></td></tr> <tr><td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc bwsinglebottom" colspan="3" style="text-align:center"><b>2013</b> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc bwsinglebottom" colspan="3" style="text-align:center"><b>2012</b> </td></tr> <tr><td class="bwpadl0 bwvertalignt bwalignl"><div><span class="bwuline"><b>Americas</b></span> </div></td> <td></td> <td colspan="3"></td> <td></td> <td></td> <td colspan="3"></td></tr> <tr><td class="bwpadl0 bwvertalignb bwalignl">Net income attributable to CBRE Group, Inc. </td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">29,538 </td> <td></td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">33,567 </td> <td></td></tr> <tr><td class="bwpadl0 bwvertalignb bwalignl">Add: </td> <td></td> <td colspan="3"></td> <td></td> <td></td> <td colspan="3"></td></tr> <tr><td class="bwpadl3 bwvertalignb bwalignl">Depreciation and amortization </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">27,833 </td> <td></td> <td></td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">18,326 </td> <td></td></tr> <tr><td class="bwpadl3 bwvertalignb bwalignl">Interest expense </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">32,259 </td> <td></td> <td></td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">35,601 </td> <td></td></tr> <tr><td class="bwpadl3 bwvertalignb bwalignl">Write-off of deferred financing costs </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">13,580 </td> <td></td> <td></td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">- </td> <td></td></tr> <tr><td class="bwpadl3 bwvertalignb bwalignl">Royalty and management service income </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">(10,223 </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl">) </td> <td></td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">(6,617 </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl">) </td></tr> <tr><td class="bwpadl3 bwvertalignb bwalignl">Provision for income taxes </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">14,653 </td> <td></td> <td></td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">21,753 </td> <td></td></tr> <tr><td class="bwpadl0 bwvertalignb bwalignl">Less: </td> <td></td> <td colspan="3"></td> <td></td> <td></td> <td colspan="3"></td></tr> <tr><td class="bwpadl3 bwpadb1 bwvertalignb bwalignl">Interest income </td> <td></td> <td class="bwsinglebottom"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">1,289 </td> <td class="bwsinglebottom"> </td> <td></td> <td></td> <td class="bwsinglebottom"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">1,393 </td> <td class="bwsinglebottom"> </td></tr> <tr><td class="bwpadl0 bwpadb3 bwvertalignb bwalignl">EBITDA </td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">106,351 </td> <td class="bwdoublebottom"> </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">101,237 </td> <td class="bwdoublebottom"> </td></tr> <tr><td></td> <td></td> <td colspan="3"></td> <td></td> <td></td> <td colspan="3"> </td></tr> <tr><td class="bwpadl0 bwvertalignt bwalignl"><div><span class="bwuline"><b>EMEA</b></span> </div></td> <td></td> <td colspan="3"></td> <td></td> <td></td> <td colspan="3"></td></tr> <tr><td class="bwpadl0 bwvertalignb bwalignl">Net loss attributable to CBRE Group, Inc. </td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">(5,800 </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl">) </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">(9,376 </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl">) </td></tr> <tr><td class="bwpadl0 bwvertalignb bwalignl">Add: </td> <td></td> <td colspan="3"></td> <td></td> <td></td> <td colspan="3"></td></tr> <tr><td class="bwpadl3 bwvertalignb bwalignl">Depreciation and amortization </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">5,396 </td> <td></td> <td></td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">3,291 </td> <td></td></tr> <tr><td class="bwpadl3 bwvertalignb bwalignl">Interest expense </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">2,005 </td> <td></td> <td></td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">2,468 </td> <td></td></tr> <tr><td class="bwpadl3 bwvertalignb bwalignl">Royalty and management service expense </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">4,141 </td> <td></td> <td></td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">2,608 </td> <td></td></tr> <tr><td class="bwpadl3 bwvertalignb bwalignl">Benefit of income taxes </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">(2,034 </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl">) </td> <td></td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">(1,410 </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl">) </td></tr> <tr><td class="bwpadl0 bwvertalignb bwalignl">Less: </td> <td></td> <td colspan="3"></td> <td></td> <td></td> <td colspan="3"></td></tr> <tr><td class="bwpadl3 bwpadb1 bwvertalignb bwalignl">Interest income </td> <td></td> <td class="bwsinglebottom"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">4,253 </td> <td class="bwsinglebottom"> </td> <td></td> <td></td> <td class="bwsinglebottom"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">4,678 </td> <td class="bwsinglebottom"> </td></tr> <tr><td class="bwpadl0 bwpadb3 bwvertalignb bwalignl">EBITDA </td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">(545 </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl bwdoublebottom">) </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">(7,097 </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl bwdoublebottom">) </td></tr> <tr><td></td> <td></td> <td colspan="3"></td> <td></td> <td></td> <td colspan="3"> </td></tr> <tr><td class="bwpadl0 bwvertalignt bwalignl"><div><span class="bwuline"><b>Asia Pacific</b></span> </div></td> <td></td> <td colspan="3"></td> <td></td> <td></td> <td colspan="3"></td></tr> <tr><td class="bwpadl0 bwvertalignb bwalignl">Net loss attributable to CBRE Group, Inc. </td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">(1,449 </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl">) </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">(3,135 </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl">) </td></tr> <tr><td class="bwpadl0 bwvertalignb bwalignl">Add: </td> <td></td> <td colspan="3"></td> <td></td> <td></td> <td colspan="3"></td></tr> <tr><td class="bwpadl3 bwvertalignb bwalignl">Depreciation and amortization </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">2,882 </td> <td></td> <td></td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">2,739 </td> <td></td></tr> <tr><td class="bwpadl3 bwvertalignb bwalignl">Interest expense </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">672 </td> <td></td> <td></td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">861 </td> <td></td></tr> <tr><td class="bwpadl3 bwvertalignb bwalignl">Royalty and management service expense </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">4,663 </td> <td></td> <td></td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">3,962 </td> <td></td></tr> <tr><td class="bwpadl3 bwvertalignb bwalignl">Benefit of income taxes </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">(809 </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl">) </td> <td></td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">(1,999 </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl">) </td></tr> <tr><td class="bwpadl0 bwvertalignb bwalignl">Less: </td> <td></td> <td colspan="3"></td> <td></td> <td></td> <td colspan="3"></td></tr> <tr><td class="bwpadl3 bwpadb1 bwvertalignb bwalignl">Interest income </td> <td></td> <td class="bwsinglebottom"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">112 </td> <td class="bwsinglebottom"> </td> <td></td> <td></td> <td class="bwsinglebottom"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">145 </td> <td class="bwsinglebottom"> </td></tr> <tr><td class="bwpadl0 bwpadb3 bwvertalignb bwalignl">EBITDA </td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">5,847 </td> <td class="bwdoublebottom"> </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">2,283 </td> <td class="bwdoublebottom"> </td></tr> <tr><td></td> <td></td> <td colspan="3"></td> <td></td> <td></td> <td colspan="3"> </td></tr> <tr><td class="bwpadl0 bwvertalignt bwalignl"><div><span class="bwuline"><b>Global Investment Management</b></span> </div></td> <td></td> <td colspan="3"></td> <td></td> <td></td> <td colspan="3"></td></tr> <tr><td class="bwpadl0 bwvertalignb bwalignl">Net income attributable to CBRE Group, Inc. </td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">13,121 </td> <td></td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">3,591 </td> <td></td></tr> <tr><td class="bwpadl0 bwvertalignb bwalignl">Add: </td> <td></td> <td colspan="3"></td> <td></td> <td></td> <td colspan="3"></td></tr> <tr><td class="bwpadl3 bwvertalignb bwalignl">Depreciation and amortization<sup>(1)</sup> </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">8,929 </td> <td></td> <td></td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">19,225 </td> <td></td></tr> <tr><td class="bwpadl3 bwvertalignb bwalignl">Interest expense<sup>(2)</sup> </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">10,490 </td> <td></td> <td></td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">6,359 </td> <td></td></tr> <tr><td class="bwpadl3 bwvertalignb bwalignl">Royalty and management service expense </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">1,419 </td> <td></td> <td></td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">47 </td> <td></td></tr> <tr><td class="bwpadl3 bwvertalignb bwalignl">Provision for income taxes </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">6,591 </td> <td></td> <td></td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">5,652 </td> <td></td></tr> <tr><td class="bwpadl0 bwvertalignb bwalignl">Less: </td> <td></td> <td colspan="3"></td> <td></td> <td></td> <td colspan="3"></td></tr> <tr><td class="bwpadl3 bwpadb1 bwvertalignb bwalignl">Interest income </td> <td></td> <td class="bwsinglebottom"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">224 </td> <td class="bwsinglebottom"> </td> <td></td> <td></td> <td class="bwsinglebottom"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">281 </td> <td class="bwsinglebottom"> </td></tr> <tr><td class="bwpadl0 bwvertalignb bwalignl">EBITDA<sup>(3)</sup> </td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">40,326 </td> <td></td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">34,593 </td> <td></td></tr> <tr><td class="bwpadl3 bwpadb1 bwvertalignb bwalignl">Integration and other costs related to acquisitions </td> <td></td> <td class="bwsinglebottom"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">1,525 </td> <td class="bwsinglebottom"> </td> <td></td> <td></td> <td class="bwsinglebottom"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">9,965 </td> <td class="bwsinglebottom"> </td></tr> <tr><td class="bwpadl0 bwpadb3 bwvertalignb bwalignl">EBITDA, as adjusted<sup>(3)</sup> </td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">41,851 </td> <td class="bwdoublebottom"> </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">44,558 </td> <td class="bwdoublebottom"> </td></tr> <tr><td></td> <td></td> <td colspan="3"></td> <td></td> <td></td> <td colspan="3"> </td></tr> <tr><td class="bwpadl0 bwvertalignb bwalignl"><div><span class="bwuline"><b>Development Services</b></span> </div></td> <td></td> <td colspan="3"></td> <td></td> <td></td> <td colspan="3"></td></tr> <tr><td class="bwpadl0 bwvertalignb bwalignl">Net income attributable to CBRE Group, Inc. </td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">2,136 </td> <td></td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">2,328 </td> <td></td></tr> <tr><td class="bwpadl0 bwvertalignb bwalignl">Add: </td> <td></td> <td colspan="3"></td> <td></td> <td></td> <td colspan="3"></td></tr> <tr><td class="bwpadl3 bwvertalignb bwalignl">Depreciation and amortization<sup>(4)</sup> </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">1,497 </td> <td></td> <td></td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">2,876 </td> <td></td></tr> <tr><td class="bwpadl3 bwvertalignb bwalignl">Interest expense<sup>(5)</sup> </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">2,733 </td> <td></td> <td></td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">2,972 </td> <td></td></tr> <tr><td class="bwpadl3 bwvertalignb bwalignl">Provision for income taxes<sup>(6)</sup> </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">1,542 </td> <td></td> <td></td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">1,417 </td> <td></td></tr> <tr><td class="bwpadl0 bwvertalignb bwalignl">Less: </td> <td></td> <td colspan="3"></td> <td></td> <td></td> <td colspan="3"></td></tr> <tr><td class="bwpadl3 bwpadb1 bwvertalignb bwalignl">Interest income </td> <td></td> <td class="bwsinglebottom"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">133 </td> <td class="bwsinglebottom"> </td> <td></td> <td></td> <td class="bwsinglebottom"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">86 </td> <td class="bwsinglebottom"> </td></tr> <tr><td class="bwpadl0 bwpadb3 bwvertalignb bwalignl">EBITDA<sup>(7)</sup> </td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">7,775 </td> <td class="bwdoublebottom"> </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">9,507 </td> <td class="bwdoublebottom"> </td></tr> <tr><td></td> <td></td> <td></td> <td></td> <td></td> <td></td> <td></td> <td></td> <td></td> <td> </td></tr></tbody></table> <div><p class="ms-rteElement-P"><sup>(1)</sup> Includes depreciation and amortization expense related to discontinued operations of $0.1 million for the three months ended March 31, 2013.</p> <p class="ms-rteElement-P"><sup>(2)</sup> Includes interest expense related to discontinued operations of $0.5 million for the three months ended March 31, 2013.</p> <p class="ms-rteElement-P"><sup>(3)</sup> Includes EBITDA related to discontinued operations of $0.6 million for the three months ended March 31, 2013.</p> <p class="ms-rteElement-P"><sup>(4)</sup> Includes depreciation and amortization expense related to discontinued operations of $0.1 million for the three months ended March 31, 2013.</p> <p class="ms-rteElement-P"><sup>(5)</sup> Includes interest expense related to discontinued operations of $1.3 million for the three months ended March 31, 2013.</p> <p class="ms-rteElement-P"><sup>(6)</sup> Includes provision for income taxes related to discontinued operations of $0.9 million for the three months ended March 31, 2013.</p> <p class="ms-rteElement-P"><sup>(7) </sup>Includes EBITDA related to discontinued operations of $3.8 million for the three months ended March 31, 2013. </p></div> <table class="bwtablemarginb" cellspacing="0"><tbody><tr><td colspan="7"> </td></tr> <tr><td class="bwpadl0 bwvertalignt bwalignc" colspan="7"><div style="text-align:center"><i><b>CBRE GROUP, INC.</b></i> </div></td></tr> <tr><td class="bwpadl0 bwvertalignt bwalignc" colspan="7"><div style="text-align:center"><i><b>CONDENSED CONSOLIDATED BALANCE SHEETS</b></i> </div></td></tr> <tr><td class="bwpadl0 bwvertalignt bwalignc" colspan="7"><div style="text-align:center"><i><b>(Dollars in thousands)</b></i> </div></td></tr> <tr><td class="bwpadl0 bwvertalignt bwalignc" colspan="7"><div style="text-align:center"><i><b>(Unaudited)</b></i> </div></td></tr> <tr><td colspan="7"> </td></tr> <tr><td></td> <td> </td> <td class="bwpadl0 bwvertalignt bwalignc" colspan="2" style="text-align:center"><b>March 31,</b> </td> <td> </td> <td class="bwpadl0 bwvertalignt bwalignc" colspan="2" style="text-align:center"><b>December 31,</b> </td></tr> <tr><td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc bwsinglebottom" colspan="2" style="text-align:center"><b>2013</b> </td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc bwsinglebottom" colspan="2" style="text-align:center"><b>2012</b> </td></tr> <tr><td class="bwpadl0 bwvertalignt bwalignl">Assets: </td> <td></td> <td colspan="2"></td> <td></td> <td colspan="2"></td></tr> <tr><td class="bwpadl2 bwvertalignt bwalignl">Cash and cash equivalents <sup>(1)</sup> </td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">518,700 </td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">1,089,297 </td></tr> <tr><td class="bwpadl2 bwvertalignt bwalignl">Restricted cash </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">68,519 </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">73,676 </td></tr> <tr><td class="bwpadl2 bwvertalignt bwalignl">Receivables, net </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">1,206,144 </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">1,262,823 </td></tr> <tr><td class="bwpadl2 bwvertalignt bwalignl">Warehouse receivables <sup>(2)</sup> </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">850,621 </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">1,048,340 </td></tr> <tr><td class="bwpadl2 bwvertalignt bwalignl">Real estate assets <sup>(3)</sup> </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">289,123 </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">392,860 </td></tr> <tr><td class="bwpadl2 bwvertalignt bwalignl">Goodwill and other intangibles, net </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">2,646,649 </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">2,676,395 </td></tr> <tr><td class="bwpadl2 bwvertalignt bwalignl">Investments in and advances to unconsolidated subsidiaries </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">212,128 </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">206,798 </td></tr> <tr><td class="bwpadl2 bwpadb1 bwvertalignt bwalignl">Other assets, net </td> <td></td> <td class="bwsinglebottom"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">1,095,756 </td> <td></td> <td class="bwsinglebottom"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">1,059,353 </td></tr> <tr><td class="bwpadl0 bwpadb3 bwvertalignt bwalignl">Total assets </td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">6,887,640 </td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">7,809,542 </td></tr> <tr><td class="bwpadl0 bwvertalignt bwalignl"><div>Liabilities: </div></td> <td></td> <td colspan="2"></td> <td></td> <td colspan="2"></td></tr> <tr><td class="bwpadl2 bwvertalignt bwalignl">Current liabilities, excluding debt </td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">1,382,131 </td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">1,663,022 </td></tr> <tr><td class="bwpadl2 bwvertalignt bwalignl">Warehouse lines of credit <sup>(2)</sup> </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">837,042 </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">1,026,381 </td></tr> <tr><td class="bwpadl2 bwvertalignt bwalignl">Revolving credit facility </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">108,407 </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">72,964 </td></tr> <tr><td class="bwpadl2 bwvertalignt bwalignl">5.00% senior notes </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">800,000 </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">- </td></tr> <tr><td class="bwpadl2 bwvertalignt bwalignl">Senior subordinated notes, net </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">440,929 </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">440,523 </td></tr> <tr><td class="bwpadl2 bwvertalignt bwalignl">Senior secured term loans </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">415,000 </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">1,627,746 </td></tr> <tr><td class="bwpadl2 bwvertalignt bwalignl">6.625% senior notes </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">350,000 </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">350,000 </td></tr> <tr><td class="bwpadl2 bwvertalignt bwalignl">Other debt </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">8,015 </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">9,352 </td></tr> <tr><td class="bwpadl2 bwvertalignt bwalignl">Notes payable on real estate <sup>(4)</sup> </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">242,632 </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">326,012 </td></tr> <tr><td class="bwpadl2 bwpadb1 bwvertalignt bwalignl">Other long-term liabilities </td> <td></td> <td class="bwsinglebottom"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">597,697 </td> <td></td> <td class="bwsinglebottom"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">611,730 </td></tr> <tr><td class="bwpadl0 bwvertalignt bwalignl">Total liabilities </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">5,181,853 </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">6,127,730 </td></tr> <tr><td></td> <td></td> <td colspan="2"></td> <td></td> <td colspan="2"> </td></tr> <tr><td class="bwpadl0 bwvertalignt bwalignl">CBRE Group, Inc. stockholders’ equity </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">1,575,271 </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">1,539,211 </td></tr> <tr><td class="bwpadl0 bwpadb1 bwvertalignt bwalignl">Non-controlling interests </td> <td></td> <td class="bwsinglebottom"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">130,516 </td> <td></td> <td class="bwsinglebottom"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">142,601 </td></tr> <tr><td class="bwpadl0 bwvertalignt bwalignl">Total equity </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">1,705,787 </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">1,681,812 </td></tr> <tr><td></td> <td></td> <td class="bwsinglebottom" colspan="2"> </td> <td></td> <td class="bwsinglebottom" colspan="2"> </td></tr> <tr><td class="bwpadl0 bwpadb3 bwvertalignt bwalignl">Total liabilities and equity </td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">6,887,640 </td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">7,809,542 </td></tr> <tr><td></td> <td></td> <td colspan="2"></td> <td></td> <td colspan="2"> </td></tr> <tr><td colspan="7"><p class="ms-rteElement-P"><sup>(1)</sup> Includes $101.9 million and $94.6 million of cash in consolidated funds and other entities not available for Company use at March 31, 2013 and December 31, 2012, respectively. </p></td></tr> <tr><td colspan="7"><p class="ms-rteElement-P"><sup>(2)</sup> Represents loan receivables, the majority of which are offset by related warehouse lines of credit facilities. </p></td></tr> <tr><td colspan="7"><p class="ms-rteElement-P"><sup>(3)</sup> Includes real estate and other assets held for sale, real estate under development and real estate held for investment. </p></td></tr> <tr><td colspan="7"><p class="ms-rteElement-P"><sup>(4) </sup>Represents notes payable on real estate of which $12.9 million and $13.9 million are recourse to the Company as of March 31, 2013 and December 31, 2012, respectively. </p></td></tr></tbody></table> <div> </div> <div><span class="bwct31415"></span> </div></div></div>
Corenet Global Names CBRE Group, Inc. Finalist In H. Bruce Russell Global Innovator's Award Program
<p class="ms-rteElement-P"><strong>Los Angeles – April 16, 2013 </strong>– CoreNet Global recently named CBRE Group, Inc. as a finalist in the 14th Annual Global Innovators Award Program. The award is CoreNet Global’s ultimate and most prestigious award, recognizing innovation and thought leadership at the real estate industry’s highest levels. CoreNet Global is the world’s leading corporate real estate association.</p> <p class="ms-rteElement-P">CBRE was recognized among 60 entrants across three award categories for its Super Storm Sandy disaster recovery efforts in October 2012, and systemic best practices before, during and since the unprecedented weather event. Impacting more than 80 of CBRE’s occupier clients, the company logged more than 3,500 labor hours from inside and outside the impacted region to assess all client sites and begin restoration efforts, and delivered 46,000 gallons of fuel to CBRE clients at 11 locations. The company used weather tracking technology to plot future impact areas against human resources and portfolio data, and leveraged on-the-ground resources, CBRE teams from other regions and service partners in real time to anticipate and deploy resources.</p> <p class="ms-rteElement-P">“CBRE’s commitment to innovative business continuity during extraordinary circumstances is to be commended,” said Angela Cain, CEO of CoreNet Global. “This recognition underscores a ‘client first’ commitment that is the hallmark of the real estate industry’s best professionals. It also serves as an illustration of the many best practices companies used during the disaster, as CoreNet Global research recently showed.”</p> <p class="ms-rteElement-P">“Super Storm Sandy represents the largest Atlantic hurricane on record, with damages exceeding $75 billion, a total only exceeded by Hurricane Katrina,” said Maureen Ehrenberg, global leader of facilities management for CBRE. “On behalf of our client and service partner teams who continually strive to advance and improve business continuity planning with our clients in preparation for future disasters, we are honored by this recognition.” </p> <p class="ms-rteElement-P">A representative CBRE/client team will present its application in front of a panel of judges at Emory University in Atlanta July 24-25, as part of the final phase of the competition. The Global Innovator Award winner will be announced in October at the CoreNet Global Summit in Las Vegas.</p> <p class="ms-rteElement-P">This distinction represents the sixth recognition since 2006 bestowed on CBRE as part of CoreNet’s Global Awards Program. Last year the Sprint/CBRE Innovation Council was awarded the Industry Excellence Award for its site assessment mobile application. In 2011, CBRE was awarded the Global Innovator’s Award for its Global LaborView application. </p> <p class="ms-rteElement-P"><span style="text-decoration:underline">About CBRE Group, Inc.</span><br style="text-decoration:underline" />CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2012 revenue). The Company has approximately 37,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at <a href="/">www.cbre.com</a>. </p> <p class="ms-rteElement-P"><span style="text-decoration:underline">About CoreNet Global</span><br style="text-decoration:underline" />With 7,800 members worldwide, CoreNet Global is the world’s leading professional association for corporate real estate and workplace executives, service providers, and economic developers. For more information, please visit <a href="http://www.corenetglobal.org/">www.corenetglobal.org</a>. </p>
IAOP Honors Sprint With Award For Partnering, Innovation
<p class="ms-rteElement-P"><strong>Los Angeles – April 10, 2013</strong> – The International Association of Outsourcing Professionals® (IAOP®) recently honored Sprint’s service provider Alliance Partnership with CBRE Group, Inc. with a 2013 Global Excellence award. The award recognizes collaboration that has resulted in innovative practices and applications in real estate services and operations. The team was honored at a luncheon ceremony attended by hundreds of outsourcing professionals during IAOP’s 2013 yearly conference, The Outsourcing World Summit®.</p> <p class="ms-rteElement-P">Sprint, a leading provider of telecommunications services, was recognized for its innovative Alliance Partnership with commercial real estate industry services leader CBRE. Over the past four years the partnership has grown to become extremely successful and valuable, surpassing five year strategic operational and savings goals in just three years. The Alliance Partnership has been instrumental in the delivery of end to end integrated, robust solutions to solve business issues, enhancing customer experience and driving mutually beneficial and innovative solutions. This relationship has forged new market opportunities and optimized service delivery within the real estate function.</p> <p class="ms-rteElement-P">“The partnership we have established with CBRE to further advance Sprint’s corporate goals has been extraordinarily successful and mutually advantageous," said Sprint Vice President of Procurement & Real Estate Gene Agee. “I am pleased and proud of the collaborative relationship we have developed over the past five years with CBRE.”</p> <p class="ms-rteElement-P">IAOP started the award program in 2011 to distinguish outsourcing professional teams at customer organizations who have advanced the field’s best practices, created innovative solutions and delivered great results for their companies.</p> <p class="ms-rteElement-P">“We are witnessing a significant shift in relationships between clients and service providers into true partnerships of innovation,” said Debi Hamill, chief executive officer of IAOP. “We are pleased to give this award to Sprint, recognizing their leading role in establishing such trust and thought leadership.”</p> <p class="ms-rteElement-P">“CBRE’s alliance with Sprint has broken new ground in the real estate industry,” said CBRE CEO of Global Corporate Services Bill Concannon. “The innovations and best practices that have come out of our partnership with Sprint have made a positive impact in our industry.”</p> <p class="ms-rteElement-P"><span style="text-decoration:underline">About Sprint</span><br style="text-decoration:underline" />Sprint Nextel offers a comprehensive range of wireless and wireline communications services bringing the freedom of mobility to consumers, businesses and government users. Sprint Nextel served more than 55 million customers at the end of 2012 and is widely recognized for developing, engineering and deploying innovative technologies, including the first wireless 4G service from a national carrier in the United States; offering industry-leading mobile data services, leading prepaid brands including Virgin Mobile USA, Boost Mobile, and Assurance Wireless; instant national and international push-to-talk capabilities; and a global Tier 1 Internet backbone. The American Customer Satisfaction Index rated Sprint No. 1 among all national carriers in customer satisfaction and most improved, across all 47 industries, during the last four years. Newsweek ranked Sprint No. 3 in both its 2011 and 2012 Green Rankings, listing it as one of the nation’s greenest companies, the highest of any telecommunications company. You can learn more and visit Sprint at <a href="http://www.sprint.com/">www.sprint.com</a> or <a href="http://www.facebook.com/sprint">www.facebook.com/sprint</a> and <a href="http://www.twitter.com/sprint">www.twitter.com/sprint</a>. </p> <p class="ms-rteElement-P"><span style="text-decoration:underline">About CBRE Group, Inc.</span><br style="text-decoration:underline" />CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2012 revenue). The Company has approximately 37,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at <a href="/">www.cbre.com</a>. </p> <p class="ms-rteElement-P"><span style="text-decoration:underline">About IAOP</span><br style="text-decoration:underline" />The International Association of Outsourcing Professionals® (IAOP®) is the global, standard-setting organization and advocate for the outsourcing profession. With more than 120,000 members and affiliates worldwide, IAOP helps companies increase their outsourcing success rate, improve their outsourcing ROI, and expand the opportunities for outsourcing across their businesses. To learn more, visit <a href="http://www.iaop.org/">http://www.IAOP.org</a>. </p>
CBRE Group, Inc. Sees Rise Of Multi-Channel Retail Creating Opportunities For Retail And Industrial Real Estate
<p class="ms-rteElement-P"><strong>Los Angeles, April 9, 2013 </strong>–The growth of e-commerce combined with the consumption habits of echo boomers -- the children of baby boomers -- will spur the growth of multi-channel retail strategies, according to a new report from CBRE Group, Inc. While the growth of these strategies poses challenges for traditional brick-and-mortal retailing models, it also provides numerous opportunities for retail that will impact real estate markets. </p> <p class="ms-rteElement-P">CBRE’s<strong> “The Future Impact of E -commerce on Industrial and Retail Real Estate”</strong> finds that the need for multi-channel strategies will create new opportunities for retailers, such as programs that allow consumers to purchase a product online and pick it up at their convenience at a locker in a local store. Additionally, popular same-day home delivery strategies will likely require that future distribution centers be proximate to consumers, which should create increased opportunities for urban in-fill development. Furthermore, markets near UPS or FedEx hubs are most likely to attract major distribution centers to service e-commerce sales.</p> <p class="ms-rteElement-P">“The challenges facing retail real estate markets due to the rapid changes taking place in how and where consumers shop goods are well known but there are also substantial opportunities in this evolving environment,” said David Egan, Director, Research & Analysis, CBRE. </p> <p class="ms-rteElement-P">Other notable findings from the CBRE report include:</p> <ul><li><div class="ms-rteElement-P">The market for urban high-street retail remains robust as prime retail rents, especially in coastal gateway markets have either reached, or are approaching, all-time highs. This can be partially explained by the fact that high-street retail offers shopping-as-entertainment and non-commoditized products. <br /><br /></div></li> <li><div class="ms-rteElement-P">Seasoned e-commerce companies are opting for build-to-suit (BTS) developments that can provide increased infrastructure, heavy power, higher clear heights, an abundance of land and are located in 24/7 zones.<br /><br /></div></li> <li><div class="ms-rteElement-P">Retailers, particularly apparel chain stores, continue to combat the trend of consumers treating a store as a “show room” for products that may ultimately be purchased online. As consumers are provided more purchasing options online, stores engaged in core e-commerce sectors are now more vulnerable to lower profit margins, likely translating to lower rents for strip and power centers that cater to these types of tenants.<br /><br /></div></li> <li><div class="ms-rteElement-P">The aging of the U.S. population, coupled with the implementation of health care reform, is expected to increase demand for medical uses in retail centers.</div></li></ul> <p class="ms-rteElement-P"><strong> Note to editors/journalists:</strong> For a full copy of the report email <a href="mailto:robert.mcgrath@cbre.com">robert.mcgrath@cbre.com</a>. </p> <p class="ms-rteElement-P"><strong>About CBRE Group, Inc.</strong><br />CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2012 revenue). The Company has approximately 37,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at <a href="/">www.cbre.com</a>. </p>
National Real Estate Investor Ranks CBRE Group, Inc. No. 1 Brokerage Firm For Tenth Consecutive Year
<p class="ms-rteElement-P"><strong>Los Angeles, April 8, 2013 </strong>– National Real Estate Investor, the leading magazine for professional real estate investors, has ranked CBRE Group, Inc. (NYSE:CBG) the No. 1 commercial real estate brokerage firm for the tenth year in a row. </p> <p class="ms-rteElement-P">The ranking, featured in the publication’s April 2013 issue, is based on the aggregate value of sales and leasing transactions completed globally during 2012. CBRE was responsible for $189.8 billion of global sales and leasing transactions in 2012. CBRE’s transaction volume was nearly equal to the combined transaction volume of the next two firms in the ranking.</p> <p class="ms-rteElement-P">“Our clients are at the core of a decade of CBRE’s success in leading the NREI rankings and we thank them for the trust they place in us to effectively address their real estate needs across all markets and product types,” said Jack Durburg, Global President, Transaction Services, CBRE.</p> <p class="ms-rteElement-P">The National Real Estate Investor rankings can be viewed <a href="http://nreionline.com/2013-top-brokers" target="_blank"><strong>HERE</strong></a>.</p> <p class="ms-rteElement-P"><span style="text-decoration:underline">About CBRE Group, Inc.</span><br style="text-decoration:underline" />CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2012 revenue). The Company has approximately 37,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at <a href="/">www.cbre.com</a>.</p>
CBRE Group, Inc. Sees U.S. Commercial Real Estate Market Recovery Continuing In The First Quarter Of 2013
<p class="ms-rteElement-P"><strong>Los Angeles, April 8, 2013 </strong>– The U.S. commercial real estate market continued to recover gradually in the first quarter of 2013 (Q1 2013), according to the latest analysis from CBRE Group, Inc.</p> <ul><li><div class="ms-rteElement-P">The office vacancy rate fell by 10 basis points as the nation’s office markets generally withstood an uneven economic recovery as well as the Federal budget “sequester<sup>1</sup>”. Office vacancy has now declined for 11 consecutive quarters and stands at 15.3%, its lowest level since the first quarter of 2009. </div></li> <li><div class="ms-rteElement-P">National industrial availability<sup>2</sup> decreased by 50 bps to 12.3% in Q1 2013, the largest quarterly drop since the industrial sector recovery began in 2010.</div></li> <li><div class="ms-rteElement-P">The retail availability rate was12.5% in Q1 2013, dropping 30 bps from the previous quarter – the biggest decline in several years.</div></li> <li><div class="ms-rteElement-P">Demand for the nation’s apartment buildings continued to be strong with vacancy in Q1 2013 at 5.1%.</div></li></ul> <p class="ms-rteElement-P">“Retail locations and warehouse buildings had their best quarter in terms of vacancy/ availability declines in several years as a result of a more confident consumer. Higher spending on consumer goods led to improved occupancy in both property types,” said Jon Southard, Managing Director of CBRE’s Econometric Advisors group. “Recovery also remained on track in multifamily and office, although demand did not dramatically outpace new supply during the quarter in either of these sectors.”</p> <p class="ms-rteElement-P"><strong>Office Market</strong></p> <p class="ms-rteElement-P">Q1 2013’s office vacancy rate of 15.3% was 70 bps below last year’s first quarter vacancy rate. In the first three months of this year, suburban markets continued to outpace their downtown brethren. Suburban vacancy fell by 10 bps to 17%, while the downtown rate remained unchanged at 12.4%.</p> <p class="ms-rteElement-P">Local market performance was mixed with falling vacancy in half of the markets tracked (31 of 63). The best performers in the first quarter were smaller markets; Austin and Las Vegas led all markets with vacancy rate declines of 120 bps each. While Austin has been one of the strongest performers throughout this recovery (due to its high-tech and business services sectors), the Las Vegas office market has only recently begun to rebound from the housing bust. Even with the 120-bps decline in Q1, Las Vegas’s office vacancy rate is at 24.6%—more than 1,700 bps above its pre-recession low. Also among the top performers in Q1 were Portland, Orange County, San Antonio and Indianapolis, each of which saw vacancy rates fall by at least 90 bps. Most gateway markets (which include Boston, Chicago, Los Angeles, New York, San Francisco and Washington, D.C.) struggled in the first quarter. Leasing trends softened in these markets amid heightened uncertainty surrounding the impact of federal sequestration combined with tepid economic growth through the end of 2012. Among gateways, Chicago was the only one with a vacancy decline (-10 bps) in Q1 2013.</p> <p class="ms-rteElement-P">“Private-sector hiring has been solid, as companies have largely shrugged off government spending cuts,” said Mr. Southard. “However, due to the sequester we expect further cutbacks in federal and state spending in the coming quarters. These cuts will likely only slow total employment growth—not stop it. As a result, office occupancy should continue to improve for the remainder of 2013, albeit at a slower pace than last year.”</p> <p class="ms-rteElement-P"><strong>Industrial Market</strong></p> <p class="ms-rteElement-P">Over the past two years, the industrial market has seen a slow but steady recovery, and the Q1 2013 availability rate of 12.3% is now 230 bps below its recessionary peak. The recovery continues to be broadly based, with 48 markets posting declines, seven showing increases, and five unchanged from a quarter ago. </p> <p class="ms-rteElement-P">Some of the nation’s manufacturing markets, specifically those with heavy exposure to the nation’s resurgent auto industry, led the industrial recovery during Q1, with Detroit (-150 bps) and Cincinnati (-110 bps) particular standouts. In total, availability declined 100 bps or more in 10 markets, including Boston, Chicago, Raleigh and Trenton. Among other larger markets, availability in Minneapolis fell 50 bps; Cleveland, Dallas, and Houston were each down 40 bps, and Atlanta decreased 20 bps. Los Angeles was unchanged for the second quarter in a row. </p> <p class="ms-rteElement-P"><strong>Retail Market</strong></p> <p class="ms-rteElement-P">The Q1 2013 availability decline of 30 bps, to12.5%, was the largest since 2005, and supports increasing optimism about the staying power of the retail recovery. Availability declined or held constant from the previous quarter in a majority of retail markets. Notably strong performers included Richmond, Charlotte, Cleveland, Memphis and Phoenix; each recorded a decline of 60 bps or more. On the other end of the spectrum, Tampa, Fort Lauderdale and Birmingham saw availability rate increases of 30 bps or more in Q1. Markets such as Tampa and Fort Lauderdale are still feeling the effects of the housing crisis (which is causing retail availability rates to increase) and retail centers in markets such as Cleveland, Cincinnati and Columbus are benefiting (translating into strong demand and thus declining availability rates) from above-average employment growth. </p> <p class="ms-rteElement-P">Consumers continued to spend during the first two months of 2013, following a 2012 holiday shopping season that was healthy although slower than the previous year’s. Core retail sales growth is still below historic bounds, indicating that consumers remain cautious about the economy and about overspending. In light of this, retailers will guard against expanding too quickly and the growth of retail demand will continue at a more muted pace than in previous retail recoveries. </p> <p class="ms-rteElement-P"><strong>Apartment Market</strong></p> <p class="ms-rteElement-P">The vacancy rate for professionally-managed apartment units stood at 5.1% in the first quarter of 2013, unchanged from a year ago. This is the first time since 2009 that national vacancy did not decline from a year ago and a third of the markets posted vacancy increases of 50 bps or greater on a year-over-year basis. Despite the slower growth in demand, the market remains tight by historical standards, with the four-quarter trailing average staying at 4.9%, or 40 bps below the long-term (20-year) norm.</p> <p class="ms-rteElement-P">Compared to a year ago, vacancy rates declined in 23 of the 63 markets monitored. Markets with the biggest year-over-year declines in vacancy (more than 50 bps) included Orlando, Atlanta, Cleveland, Albuquerque, Cincinnati, Phoenix, Charlotte, Miami, and West Palm Beach. Those with the largest year-over-year increases in vacancy (more than 100 bps) included Greensboro, Las Vegas, Columbus, Pittsburgh, St. Louis, Indianapolis, Tucson, Dayton, and El Paso. Markets with the lowest vacancy rates (at or below 3.5%)) included Minneapolis, Salt Lake City, Newark, Pittsburgh, Miami, Cleveland, Edison, Providence, Hartford, Oakland, and Boston. Markets with the highest vacancy rates (at or above 7.5%) included St. Louis, Indianapolis, Atlanta, Greensboro, El Paso, Jacksonville, Tucson, Las Vegas, and Memphis.</p> <p class="ms-rteElement-P">With occupancy staying slightly below the historical norm, effective rent growth should remain healthy in 2013 as the economy takes further steps toward recovery. With effective rents now well above their pre-recession levels in most major markets, new apartment construction picked up in recent months and completions are bound to return to historical norms towards the year’s end. This will temper rent growth, slow the pace of declines in vacancy and in many markets, will contribute to rising vacancy rates in the near term. </p> <p class="ms-rteElement-P"><sup>1</sup> “Sequester” refers to the automatic, across-the-board spending cuts in Federal spending which became effective in March, 2013. </p> <p class="ms-rteElement-P"><sup>2</sup> Availability is space that is actively being marketed and available for tenant build-out within 12 months. </p> <p class="ms-rteElement-P"><span style="text-decoration:underline">About CBRE Group, Inc.</span><br style="text-decoration:underline" />CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2012 revenue). The Company has approximately 37,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at <a href="/">www.cbre.com</a>. </p>
New CBRE Viewpoint Offers "Ten Tips For Healthcare Providers"
<p class="ms-rteElement-P"><strong>Los Angeles, April 3, 2013 </strong>– Healthcare providers must begin to “think like retailers,” refocusing on site selection and creating “convenient” space for patient care delivery according to new report from CBRE. “Ten Tips for Healthcare Providers Under the Affordable Care Act” finds that healthcare systems will need to transform how they provide services and that new alternative models of delivering medical care will need to emerge as a result of the new laws and the changing demographic landscape. </p> <p class="ms-rteElement-P">“The estimated 32 million newly insured people under The Affordable Care Act (ACA), combined with baby boomers approaching their peak healthcare consumption years, will dramatically affect how healthcare systems deliver patient care,” said Craig Beam, Managing Director of CBRE Healthcare Services. ”While many questions remain unanswered, what is known is that healthcare systems will need to transform how they provide services.”</p> <p class="ms-rteElement-P">Among the points made in the new CBRE report:</p> <ul><li><div class="ms-rteElement-P">Health care systems need to rethink their real estate location decisions and provide patient care in convenient, ambulatory settings in locations close to where commercially insured patients live, moving away from the old “hub-and-spoke” model.<br /></div></li> <li><div class="ms-rteElement-P">Attracting healthcare users to new ambulatory care facilities will require healthcare executives to think like retailers. System providers that adopt retail models to market their services will be well positioned to capture greater market share and benefit from the changes underway as a result of ACA. Urgent-care and after-hours free-standing emergency centers need to be part of the retail-based, continuum-of-care model. Providers will need to compete against traditional health and pharmaceutical retailers who are making in-roads with clinics.<br /></div></li> <li><div class="ms-rteElement-P">Healthcare providers should emphasize visibility in choosing where to locate new ambulatory facilities. Highly visible locations on major intersections or in well-located retail centers are essential to reinforcing branding and generating drive-by and foot traffic. </div></li></ul> <p class="ms-rteElement-P">CBRE Healthcare Services provides real estate solutions to more than 60 major hospitals and healthcare systems, and over 4,500 physician practices throughout North America. For more information, visit <a href="/healthcare">www.cbre.com/healthcare</a>.</p> <p class="ms-rteElement-P">To view the full report click <a href="http://www.cbre.us/services/globalcorporateservices/AssetLibrary/ViewPoint-10Tips_for_Healthcare_Providers_FINAL.pdf" target="_blank"><strong>HERE</strong></a>.</p> <p class="ms-rteElement-P"><strong>Note to editors/journalists:</strong> <br />To speak with a CBRE healthcare real estate expert contact <a href="mailto:robert.mcgrath@cbre.com">robert.mcgrath@cbre.com</a> </p> <p class="ms-rteElement-P"><span style="text-decoration:underline">About CBRE Group, Inc.</span><br style="text-decoration:underline" />CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2012 revenue). The Company has approximately 37,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at <a href="/">www.cbre.com</a>. </p>
CBRE Recognized for Best Corporate-Community Partnership for the CBRE Cares Shelter Program
<p class="ms-rteElement-P"><strong>Los Angeles – April 2, 2013 </strong>– CBRE Group, Inc. (CBRE) today announced it has been recognized for the Best Corporate-Community Partnership for the CBRE Cares Shelter Program in the 2012 Corporate Social Responsibility Awards by Ragan’s PR Daily. Through the CBRE Cares Shelter Program employees participate with the Company’s housing nonprofit partners, Rebuilding Together and HomeAid, in rebuilding projects at community centers, homeless shelters, and transitional and permanent housing in markets across the U.S. </p> <p class="ms-rteElement-P">“Designed to help improve housing options for individuals in need, our CBRE Cares Shelter Program’s hands-on focus allows our professionals to build on their leadership skills to deliver measurable results in their communities,” says Laura O’Brien, Global Director of Human Resources & Workplace Strategy.</p> <p class="ms-rteElement-P">According to PR Daily, the Best Corporate-Community Partnership award is given to a company that has gone above and beyond in its corporate-community efforts, forming a partnership that has benefited both the company and the community. </p> <p class="ms-rteElement-P">“We are excited to be acknowledged for the hard work and dedication that thousands of our employees have demonstrated throughout the years with the CBRE Cares Shelter Program,” says Kathleen Thompson, Director of CBRE Foundation. “I am proud to be a part of a company that is dedicated to making a positive impact in the communities of which we live and work.”</p> <p class="ms-rteElement-P"><span style="text-decoration:underline">About CBRE Group, Inc</span>.<br />CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2012 revenue). The Company has approximately 37,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at <a href="/">www.cbre.com</a>. </p>
CBRE Group, Inc. Announces Completion Of Debt Refinancing Activities
<p class="ms-rteElement-P"><strong>Los Angeles, CA—March 28, 2013</strong>—CBRE Group, Inc. (NYSE:CBG) today announced that it has refinanced its existing credit facilities by amending and restating its senior secured credit agreement, which now provides for a $715 million term loan facility and a $1.2 billion revolving credit facility.</p> <p class="ms-rteElement-P">This refinancing, coupled with the $800 million of 10-year senior unsecured notes issued earlier this month and cash on hand, has enabled the Company to replace the majority of its indebtedness with new indebtedness at lower interest rates, shift certain indebtedness from floating rate to fixed rate, extend maturity dates, and reduce overall indebtedness. <span><span> </span></span></p> <p class="ms-rteElement-P">“Our refinancing activities have positioned CBRE for further growth,” said Robert Sulentic, the Company’s chief executive officer. “Our balance sheet is well structured to support our growth initiatives while also providing us the flexibility to navigate a continued uncertain market environment.”</p> <p class="ms-rteElement-P">Among the Company’s plans is to pay down its $450 million, 11.625% senior subordinated notes in June 2013. Following all of its refinancing actions, CBRE will have lowered its total corporate indebtedness by nearly $500 million. On a pro forma basis, CBRE would have reduced its annual interest expense by approximately $50 million in 2012, and its total indebtedness, net of cash, would have been approximately 1.8 times trailing 12-month <span>Earnings Before </span>Interest Taxes Depreciation and Amortization (EBITDA)<span><sup>1</sup></span>, excluding selected charges<span><sup>2</sup></span>, at December 31, 2012. </p> <p class="ms-rteElement-P">The new senior secured credit agreement includes a 5-year, $500 million term loan A facility (of which $300 million is on a delayed-draw basis up to 120 days from closing), at an initial interest rate of LIBOR+200 basis points, and an 8-year, $215 million term loan B facility, at an interest rate of LIBOR+275 basis points. The borrowing capacity under the Company’s 5-year, revolving credit facility has been increased to $1.2 billion from $700 million. At closing, minimal incremental borrowings will be drawn on this facility, which will have an initial interest rate of LIBOR+200 basis points. <span> </span> </p> <p class="ms-rteElement-P"><span style="text-decoration:underline">About CBRE Group, Inc.</span><br style="text-decoration:underline" />CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2012 revenue).<span> </span>The Company has approximately 37,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.</p> <p class="ms-rteElement-P"><span><strong>“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995:</strong></span><span> </span><span>This press </span><span>release contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements include, but are not limited to, statements related to the refinancing activities in connection with our new amended and restated senior secured credit agreement and senior unsecured notes. These forward-looking statements involve known and unknown risks, uncertainties and other factors discussed in CBRE Group, Inc.’s filings with the Securities and Exchange Commission (the “SEC”). Any forward-looking statements speak only as of the date of this press release and, except to the extent required by applicable securities laws, CBRE Group, Inc. expressly disclaims any obligation to update or revise any of them to reflect actual results, any changes in expectations or any change in events. If CBRE Group, Inc. does update one or more forward-looking statements, no inference should be drawn that it will make additional updates with respect to those or other forward-looking statements. For additional information concerning risks, uncertainties and other factors that may cause actual results to differ from those anticipated in the forward-looking statements, and risks to CBRE Group Inc.’s business in general, please refer to its SEC filings, including its Annual Report on Form 10-K for the fiscal year ended December 31, 2012. </span></p> <p class="ms-rteElement-P"><span><sup>1</sup> </span><span>EBITDA represents earnings before net interest expense, write-off of financing costs, income taxes, depreciation and amortization, while amounts shown for EBITDA, as adjusted (or normalized EBITDA), remove the impact of certain cash and non-cash charges related to acquisitions, cost containment and asset impairments.<span> </span>Our management believes that both of these measures are useful in evaluating our operating performance compared to that of other companies in our industry because the calculations of EBITDA and EBITDA, as adjusted, generally eliminate the effects of financing and income taxes and the accounting effects of capital spending and acquisitions, which would include impairment charges of goodwill and intangibles created from acquisitions. Such items may vary for different companies for reasons unrelated to overall operating performance.<span> </span>As a result, our management uses these measures to evaluate operating performance and for other discretionary purposes, including as a significant component when measuring our operating performance under our employee incentive programs. Additionally, we believe EBITDA and EBITDA, as adjusted, are useful to investors to assist them in getting a more complete picture of our results from operations.</span></p> <p class="ms-rteElement-P"><span>However, EBITDA and EBITDA, as adjusted, are not recognized measurements under U.S. generally accepted accounting principles, or GAAP, and when analyzing our operating performance, readers should use EBITDA and EBITDA, as adjusted, in addition to, and not as an alternative for, net income as determined in accordance with GAAP. Because not all companies use identical calculations, our presentation of EBITDA and EBITDA, as adjusted, may not be comparable to similarly titled measures of other companies. Furthermore, EBITDA and EBITDA, as adjusted, are not intended to be measures of free cash flow for our management’s discretionary use, as they do not consider certain cash requirements such as tax and debt service payments. The amounts shown for EBITDA and EBITDA, as adjusted, also differ from the amounts calculated under similarly titled definitions in our debt instruments, which are further adjusted to reflect certain other cash and non-cash charges and are used to determine compliance with financial covenants and our ability to engage in certain activities, such as incurring additional debt and making certain restricted payments.</span></p> <table width="679" class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0" style="margin:auto auto auto -17.1pt;border-collapse:collapse"><tbody><tr style="page-break-inside:avoid"><td width="679" valign="top" colspan="6" style="border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0in;background-color:transparent;padding-left:5.4pt;width:509.4pt;padding-right:5.4pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0in"><p class="ms-rteElement-P"><span> EBITDA and EBITDA, as adjusted for selected charges, for the year ended December 31, 2012, are <br /> calculated as follows (dollars in thousands):</span></p></td></tr> <tr style="page-break-inside:avoid"><td width="36"><p class="ms-rteElement-P"> </p></td> <td width="271" valign="top"><p class="ms-rteElement-P"><span>Net income attributable to CBRE Group, Inc.</span></p></td> <td width="16" valign="top"><p class="ms-rteElement-P"><span> </span></p></td> <td width="92" valign="bottom"><p class="ms-rteElement-P"><span>$<span> </span>315,555</span></p></td> <td width="16" valign="bottom"><p class="ms-rteElement-P"> </p></td> <td width="248"><p class="ms-rteElement-P"> </p></td></tr> <tr style="page-break-inside:avoid;height:14.85pt"><td width="36"><p class="ms-rteElement-P"> </p></td> <td width="271" valign="top"><p class="ms-rteElement-P"><span>Add:</span></p></td> <td width="16" valign="top"><p class="ms-rteElement-P"><span> </span></p></td> <td width="92" valign="top"><p class="ms-rteElement-P"><span> </span></p></td> <td width="16" valign="top"><p class="ms-rteElement-P"> </p></td> <td width="248"><p class="ms-rteElement-P"> </p></td></tr> <tr style="page-break-inside:avoid"><td width="36"><p class="ms-rteElement-P"> </p></td> <td width="271" valign="top"><p class="ms-rteElement-P"><span>Depreciation and amortization<sup>(a)</sup></span></p></td> <td width="16" valign="top"><p class="ms-rteElement-P"><span> </span></p></td> <td width="92" valign="bottom"><p class="ms-rteElement-P"><span>170,905</span></p></td> <td width="16" valign="top"><p class="ms-rteElement-P"> </p></td> <td width="248"><p class="ms-rteElement-P"> </p></td></tr> <tr style="page-break-inside:avoid"><td width="36"><p class="ms-rteElement-P"> </p></td> <td width="271" valign="top"><p class="ms-rteElement-P"><span lang="FR">Non-amortizable intangible asset impairment</span></p></td> <td width="16" valign="top"><p class="ms-rteElement-P"><span lang="FR"> </span></p></td> <td width="92" valign="bottom"><p class="ms-rteElement-P"><span>19,826</span></p></td> <td width="16" valign="top"><p class="ms-rteElement-P"> </p></td> <td width="248"><p class="ms-rteElement-P"> </p></td></tr> <tr style="page-break-inside:avoid"><td width="36"><p class="ms-rteElement-P"> </p></td> <td width="271" valign="top"><p class="ms-rteElement-P"><span><span> </span>Interest expense<sup>(b)</sup></span></p></td> <td width="16" valign="top"><p class="ms-rteElement-P"><span> </span></p></td> <td width="92" valign="bottom"><p class="ms-rteElement-P"><span>176,649</span></p></td> <td width="16" valign="top"><p class="ms-rteElement-P"> </p></td> <td width="248"><p class="ms-rteElement-P"> </p></td></tr> <tr style="page-break-inside:avoid"><td width="36"><p class="ms-rteElement-P"> </p></td> <td width="271" valign="top"><p class="ms-rteElement-P"><span>Provision for income taxes<sup>(c)</sup></span></p></td> <td width="16" valign="top"><p class="ms-rteElement-P"><span> </span></p></td> <td width="92" valign="bottom"><p class="ms-rteElement-P"><span>186,333</span></p></td> <td width="16" valign="top"><p class="ms-rteElement-P"> </p></td> <td width="248"><p class="ms-rteElement-P"> </p></td></tr> <tr style="page-break-inside:avoid"><td width="36"><p class="ms-rteElement-P"> </p></td> <td width="271" valign="bottom"><p class="ms-rteElement-P"><span>Less:</span></p></td> <td width="16" valign="top"><p class="ms-rteElement-P"><span> </span></p></td> <td width="92" valign="bottom"><p class="ms-rteElement-P"><span> </span></p></td> <td width="16" valign="top"><p class="ms-rteElement-P"> </p></td> <td width="248"><p class="ms-rteElement-P"> </p></td></tr> <tr style="page-break-inside:avoid"><td width="36"><p class="ms-rteElement-P"> </p></td> <td width="271" valign="bottom"><p class="ms-rteElement-P"><span><span> </span>Interest income</span></p></td> <td width="16" valign="top"><p class="ms-rteElement-P"><span> </span></p></td> <td width="92" valign="bottom"><p class="ms-rteElement-P"><span>7,647</span></p></td> <td width="16" valign="top"><p class="ms-rteElement-P"> </p></td> <td width="248"><p class="ms-rteElement-P"> </p></td></tr> <tr style="page-break-inside:avoid"><td width="36"><p class="ms-rteElement-P"> </p></td> <td width="271" valign="bottom"><p class="ms-rteElement-P"><span>EBITDA<sup>(d)</sup></span></p></td> <td width="16" valign="top"><p class="ms-rteElement-P"><span> </span></p></td> <td width="92" valign="bottom"><p class="ms-rteElement-P"><span>$<span> </span>861,621</span></p></td> <td width="16" valign="top"><p class="ms-rteElement-P"> </p></td> <td width="248"><p class="ms-rteElement-P"> </p></td></tr> <tr style="page-break-inside:avoid"><td width="36"><p class="ms-rteElement-P"> </p></td> <td width="271" valign="bottom"><p class="ms-rteElement-P"><span>Adjustments:</span></p></td> <td width="16" valign="top"><p class="ms-rteElement-P"><span> </span></p></td> <td width="92" valign="top"><p class="ms-rteElement-P"><span> </span></p></td> <td width="16" valign="top"><p class="ms-rteElement-P"><span> </span></p></td> <td width="248"><p class="ms-rteElement-P"> </p></td></tr> <tr style="page-break-inside:avoid"><td width="36"><p class="ms-rteElement-P"> </p></td> <td width="271" valign="bottom"><p class="ms-rteElement-P"><span>Integration and other costs related to acquisitions</span></p></td> <td width="16" valign="top"><p class="ms-rteElement-P"><span> </span></p></td> <td width="92" valign="bottom"><p class="ms-rteElement-P"><span>39,240</span></p></td> <td width="16" valign="top"><p class="ms-rteElement-P"><span> </span></p></td> <td width="248"><p class="ms-rteElement-P"> </p></td></tr> <tr style="page-break-inside:avoid"><td width="36"><p class="ms-rteElement-P"> </p></td> <td width="271" valign="bottom"><p class="ms-rteElement-P"><span>Cost containment expenses</span></p></td> <td width="16" valign="top"><p class="ms-rteElement-P"><span> </span></p></td> <td width="92" valign="bottom"><p class="ms-rteElement-P"><span>17,578 </span></p></td> <td width="16" valign="top"><p class="ms-rteElement-P"><span> </span></p></td> <td width="248"><p class="ms-rteElement-P"> </p></td></tr> <tr style="page-break-inside:avoid"><td width="36"><p class="ms-rteElement-P"> </p></td> <td width="271" valign="bottom"><p class="ms-rteElement-P"><span>EBITDA, as adjusted <sup>(d)</sup></span></p></td> <td width="16" valign="top"><p class="ms-rteElement-P"><span> </span></p></td> <td width="92" valign="bottom"><p class="ms-rteElement-P"><span>$<span> </span>918,439</span></p></td> <td width="16" valign="top"><p class="ms-rteElement-P"><span> </span></p></td> <td width="248"><p class="ms-rteElement-P"> </p></td></tr></tbody></table> <p class="ms-rteElement-P"><span>_________________________</span></p> <p class="ms-rteElement-P"><span><sup>(a)</sup></span><span><span><sup> </sup> </span><span> </span>Includes depreciation and amortization expense related to discontinued operations of $1.3 million for the <br /> year ended December 31, 2012. </span></p> <p class="ms-rteElement-P"><span><sup>(b)</sup></span><span> <span> </span>Includes interest expense related to discontinued operations of $1.6 million for the year ended <br /> December 31, 2012.</span></p> <p class="ms-rteElement-P"><span><sup>(c)</sup></span><span><span> </span><span> </span>Includes provision for income taxes related to discontinued operations of $1.0 million for the year ended <br /> December 31, 2012.</span></p> <p class="ms-rteElement-P"><span><sup>(d)</sup></span><span><span> </span>Includes EBITDA related to discontinued operations of $5.6 million for the year ended December 31, 2012.</span></p> <p class="ms-rteElement-P"><span><sup>2</sup> </span><span>Selected charges include integration and other costs related to acquisitions and cost containment <br /> expenses.<span> </span></span></p>
CBRE Makes Companies That Care Honor Roll
<p class="ms-rteElement-P"><span><strong>Los Angeles, March 27, 2013</strong> – </span><span>CBRE Group, Inc. (CBRE) today announced it has been named to the Companies That Care Honor Roll for the sixth consecutive year. Companies on the 2013 Honor Roll have demonstrated outstanding workplace practices and active community involvement, as determined by Center for Companies That Care, a national not-for-profit organization dedicated to social sustainability by engaging employers in improving the lives of employees, families, and communities.</span> <span>CBRE is the only commercial real estate services firm on the list.</span></p> <p class="ms-rteElement-P"><span>“These employers are truly engaged with their employees,” said Marci Koblenz, Center for Companies That Care’s Co-founder and President. “They show a commitment to helping people achieve career goals as well as life goals. There is no doubt these organizations are companies that care and are examples to follow.”</span></p> <p class="ms-rteElement-P"><span>Honor Roll employers are selected for their adherence to all 10 Characteristics of socially responsible employers. CBRE, like the other companies named to the list, excels in the 10 Characteristics inherent to a “Company That Cares,” which include: sustaining a work environment founded on dignity and respect for all employees; developing great leaders, at all levels; establishing standards for ethical behavior and integrity; and getting involved in community endeavors and/or public policy. </span></p> <p class="ms-rteElement-P"><span>“CBRE is proud to provide a workplace that benefits our employees and the communities in which we live and work,” says Laura O’Brien, Global Director of Human Resources & Workplace Strategy. “We are honored that these efforts have been recognized by our sixth consecutive selection for the Companies that Care Honor Roll.”</span></p> <p class="ms-rteElement-P"><span>The 11th annual Companies That Care Honor Roll celebrates U.S.-based organizations of all sizes in diverse industries. The 2013 Honor Roll includes 85% privately held and 15% publicly traded companies as well as not-for-profit employers representing nine industries. Recipients will be officially honored at a May 30th event in Chicago. </span></p> <p class="ms-rteElement-P"><span style="text-decoration:underline">About CBRE Group, Inc.<br /></span><span>CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2012 revenue).<span> </span>The Company has approximately 37,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at <a href="/">www.cbre.com</a>. </span></p> <div> </div>
The National Law Journal Ranks CBRE Group, Inc. No. 1 Tenant Representation Brokerage Firm
<p class="ms-rteElement-P"><span><strong>Washington DC, March 27, 2013 </strong>– </span><span><em>The National Law Journal</em></span><span>, a leading publication serving the legal profession, has ranked CBRE Group, Inc. the number one commercial real estate services firm nationally for representing law firm tenants. The ranking, which was featured in the March 25th publication, was derived from votes by its national readership base of</span> <span>in-house and private practice attorneys and other law-related professionals. </span></p> <p class="ms-rteElement-P"><span>“Our law firm clients rely on CBRE for our thoughtful and strategic insight into their unique needs. This award is a reflection of how our platform, reach, market intelligence and professionals focused on the law industry come together to produce results for our clients,” said Patrick Marr, Vice Chairman and executive committee member of CBRE’s Global Law Firm Practice Group.</span></p> <p class="ms-rteElement-P"><span><em>The </em></span><span><em>National Law Journal</em></span><span><em> </em>rankings can be viewed </span><a href="http://at.law.com/2013BestOfNLJ" target="_blank"><span>HERE</span></a><span>.<span> </span></span></p> <p class="ms-rteElement-P"><span>The CBRE Global Law Firm Practice Group is an industry-specific corporate advisory group dedicated to servicing law firms and their real estate portfolios, with more than 50 law firm industry experts covering major, secondary, and emerging law markets worldwide.<span> </span>The Company has serviced approximately 80 percent of the American Law 100 and Global 100 and offers a full-service platform and seamless delivery of services to its law firm clients, including access to the most comprehensive proprietary market research in the commercial real estate industry.<span> </span>Please visit us at </span><a href="/lfpg"><span>www.cbre.com/lfpg</span></a><span> </span><span>to learn more about the Group’s capabilities.</span></p> <p class="ms-rteElement-P"><span><span style="text-decoration:underline">About CBRE Group, Inc</span>.<br /></span><span>CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2012 revenue).<span> </span>The Company has approximately 37,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at <a href="/">www.cbre.com</a><a href="/">. </a></span></p>
CBRE Announces Client Properties Totaling 665 Million Square Feet Participated in WWF Earth Hour 2013
<p class="ms-rteElement-P"><span><strong>Los Angeles, CA – March 26, 2013</strong> –</span><span> </span><span>CBRE Group, Inc. (CBRE) announced today that 3.5 million tenants in more than 665 million square feet of commercial property it manages for clients participated in WWF’s Earth Hour 2013 globally.</span><span> </span></p> <p class="ms-rteElement-P"><span>Considered the largest environmental event in history, Earth Hour 2013 took place from 8:30-9:30 p.m. on Saturday, March 23, in a symbolic and unified call for action to reduce the impact of climate change. Hundreds of millions of people located in more than 150 countries switched off non-essential lights for one hour, including CBRE managed properties in the Americas, Europe, the Middle East & Africa, and Asia Pacific. CBRE has supported Earth Hour since its 2007 inception.</span><span> </span></p> <p class="ms-rteElement-P"><span>“As the world’s largest manager of commercial space and with more than 37,000 employees globally, CBRE is uniquely positioned to support Earth Hour in its effort to drive sustainable behavior,” </span><span>said Bob Sulentic, CBRE President and CEO. “</span><span>Our involvement in Earth Hour reinforces our environmental sustainability commitment and demonstrates that our clients, employees and tenants in our managed properties stand united with people across the globe in climate change concern.” <span> </span></span><span> </span></p> <p class="ms-rteElement-P"><span>CBRE offers a wide range of sustainability initiatives under its Environmental Sustainability program, which includes global commitments in 11 key areas of environmentally sound performance, including resource management, occupancy, communications and training, public policy and procurement. The program provides best practices and initiatives that strengthen CBRE’s own environmental commitment, reflect the best environmental practices in our clients’ properties, and provide vital training and education to CBRE professionals. In 2012, CBRE launched the Real Green Research Challenge, a $1 million sustainability research fund that will announce successful partners next month. </span><span> </span></p> <p class="ms-rteElement-P"><span>Nearly 500 CBRE professionals globally have earned LEED® Professional Credentials and CBRE currently manages more than 200 buildings certified under the U.S. Green Building Council’s LEED for Existing Buildings rating system, the internationally accepted benchmark for the design, construction and operation of high-performance green buildings. </span><span> </span></p> <p class="ms-rteElement-P"><span style="text-decoration:underline">About CBRE Group, Inc.<br /></span><span>CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2012 revenue).<span> </span>The Company has approximately 37,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at <a href="/">www.cbre.com</a>.</span><span><span> </span></span></p> <p class="ms-rteElement-P"><span><strong>About Earth Hour</strong><br /></span><span>Earth Hour is a global environmental initiative in partnership with WWF. Individuals, businesses, governments and communities are invited to join the global community for the world’s largest the world’s largest voluntary action for the environment that has become the iconic symbol of people’s commitment to protect the planet. This year sees a celebration of environmental outcomes generated by its participants around the world. In 2013, Earth Hour’s ‘I Will If You Will’ concept invites individuals and organisations to challenge others to an ongoing environmental commitment beyond the hour. Earth Hour began in one city in 2007 and by 2012 involved hundreds of millions of people in 152 countries across every continent, receiving reports as ‘the world’s largest campaign for the planet’.</span><span> </span></p> <p class="ms-rteElement-P"><span><strong>About WWF</strong><br /></span><span>WWF is one of the world’s largest and most respected independent conservation organisations, with almost five million supporters and a global network active in more than 100 countries. WWF’s mission is to stop the degradation of the earth’s natural environment and to build a future in which humans live in harmony with nature, by conserving the world’s biological diversity, ensuring that the use of renewable natural resources is sustainable, and promoting the reduction of pollution and wasteful consumption.</span></p>
Office Vacancy Declines In Major Markets In Q1 2013
<p class="ms-rteElement-P"><span><strong>Los Angeles, March 21, 2013 </strong>–</span><span> Office vacancy rates declined or held steady in most major U.S. markets during Q1 2013, according to preliminary data from CBRE Group, Inc. Six of the 12 largest markets showed declines in office vacancy, led by Denver and San Francisco, while two markets remained stable. Industrial availability* continued to decrease moderately in major U.S. markets, according to CBRE.<span> </span></span></p> <p class="ms-rteElement-P"><span>“Market fundamentals continue to improve as the economy slowly recovers and the employment picture brightens,” said Asieh Mansour, PhD, CBRE’s Head of Americas Research. “Although the economic rebound is tepid by historical standards, real estate markets are being helped by a dearth of new construction, which is allowing excess space to be steadily absorbed. The consolidating federal government sector, however, does provide a drag on the recovery in certain markets.”<span> </span></span></p> <p class="ms-rteElement-P"><span><strong>Office</strong><br /></span><span>In the major U.S. office markets tracked by CBRE, Denver recorded the biggest drop in vacancy during Q1 2013, decreasing 60 basis points (bps). <span> </span>San Francisco had the second-biggest decrease, with a 40 bps decline. Both markets saw asking rates rise due to heightened leasing activity in combination with constrained supply.<span> </span>Washington, D.C., and New York registered the sharpest increases in vacancy, at 40 bps and 30 bps, respectively.<span> </span>Decreased activity by the federal government and a cautious financial services sector continue to weigh on these markets.<span> </span>Rental rates for Class A space continued to trend higher and concessions remained stable or declined modestly in most markets. While speculative office construction is being contemplated in a few major markets, most developers are focused on build-to-suit projects, which are more readily financeable in today’s environment. </span><span style="font-family:'futura lt bt', 'sans-serif'"> </span></p> <table width="444" class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0" style="margin:auto auto auto 4.65pt;width:333pt;border-collapse:collapse"><tbody><tr style="height:15pt"><td width="376" valign="bottom" colspan="3" style="border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0in;background-color:transparent;padding-left:5.4pt;width:282pt;padding-right:5.4pt;height:15pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0in"><div><b><span style="font-family:'arial', 'sans-serif';color:black">Q1 2013 Preliminary Office Statistics</span></b></div></td> <td width="68" valign="bottom" style="border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0in;background-color:transparent;padding-left:5.4pt;width:51pt;padding-right:5.4pt;height:15pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0in"></td></tr> <tr style="height:38.25pt"><td width="131" valign="bottom" style="border-bottom:white 1pt solid;border-left:white 1pt solid;padding-bottom:0in;padding-left:5.4pt;width:98pt;padding-right:5.4pt;background:#005137;height:38.25pt;border-top:windowtext 1pt solid;border-right:white 1pt solid;padding-top:0in"><div><b><span style="font-family:'arial', 'sans-serif';color:white;font-size:10pt">Market</span></b></div></td> <td width="123" valign="bottom" style="border-bottom:white 1pt solid;border-left:#f0f0f0;padding-bottom:0in;padding-left:5.4pt;width:92pt;padding-right:5.4pt;background:#005137;height:38.25pt;border-top:windowtext 1pt solid;border-right:white 1pt solid;padding-top:0in"><div><b><span style="font-family:'arial', 'sans-serif';color:white;font-size:10pt">Q1 2013 Prelim Vacancy Rate<br /><span> </span>(%)</span></b></div></td> <td width="123" valign="bottom" style="border-bottom:white 1pt solid;border-left:#f0f0f0;padding-bottom:0in;padding-left:5.4pt;width:92pt;padding-right:5.4pt;background:#005137;height:38.25pt;border-top:windowtext 1pt solid;border-right:white 1pt solid;padding-top:0in"><div><b><span style="font-family:'arial', 'sans-serif';color:white;font-size:10pt">Q4 2012 Final Vacancy Rate <br />(%)</span></b></div></td> <td width="68" valign="bottom" style="border-bottom:white 1pt solid;border-left:#f0f0f0;padding-bottom:0in;padding-left:5.4pt;width:51pt;padding-right:5.4pt;background:#005137;height:38.25pt;border-top:windowtext 1pt solid;border-right:white 1pt solid;padding-top:0in"><div><b><span style="font-family:'arial', 'sans-serif';color:white;font-size:10pt">BPS Diff</span></b></div></td></tr> <tr style="height:12.75pt"><td width="131" valign="bottom" style="border-bottom:white 1pt solid;border-left:white 1pt solid;padding-bottom:0in;padding-left:5.4pt;width:98pt;padding-right:5.4pt;background:#ebf1de;height:12.75pt;border-top:#f0f0f0;border-right:white 1pt solid;padding-top:0in"><div><span style="font-family:'arial', 'sans-serif';color:black;font-size:10pt">Atlanta</span></div></td> <td width="123" valign="bottom" style="border-bottom:white 1pt solid;border-left:#f0f0f0;padding-bottom:0in;padding-left:5.4pt;width:92pt;padding-right:5.4pt;background:#ebf1de;height:12.75pt;border-top:#f0f0f0;border-right:white 1pt solid;padding-top:0in"><div style="text-align:right"><span style="font-family:'arial', 'sans-serif';color:black;font-size:10pt">22.2</span></div></td> <td width="123" valign="bottom" style="border-bottom:white 1pt solid;border-left:#f0f0f0;padding-bottom:0in;padding-left:5.4pt;width:92pt;padding-right:5.4pt;background:#ebf1de;height:12.75pt;border-top:#f0f0f0;border-right:white 1pt solid;padding-top:0in"><div style="text-align:right"><span style="font-family:'arial', 'sans-serif';color:black;font-size:10pt">22.3</span></div></td> <td width="68" valign="bottom" style="border-bottom:white 1pt solid;border-left:#f0f0f0;padding-bottom:0in;padding-left:5.4pt;width:51pt;padding-right:5.4pt;background:#ebf1de;height:12.75pt;border-top:#f0f0f0;border-right:white 1pt solid;padding-top:0in"><div style="text-align:right"><span style="font-family:'arial', 'sans-serif';color:black;font-size:10pt">-10</span></div></td></tr> <tr style="height:12.75pt"><td width="131" valign="bottom" style="border-bottom:white 1pt solid;border-left:white 1pt solid;padding-bottom:0in;padding-left:5.4pt;width:98pt;padding-right:5.4pt;background:#ebf1de;height:12.75pt;border-top:#f0f0f0;border-right:white 1pt solid;padding-top:0in"><div><span style="font-family:'arial', 'sans-serif';color:black;font-size:10pt">Boston</span></div></td> <td width="123" valign="bottom" style="border-bottom:white 1pt solid;border-left:#f0f0f0;padding-bottom:0in;padding-left:5.4pt;width:92pt;padding-right:5.4pt;background:#ebf1de;height:12.75pt;border-top:#f0f0f0;border-right:white 1pt solid;padding-top:0in"><div style="text-align:right"><span style="font-family:'arial', 'sans-serif';color:black;font-size:10pt">13.0</span></div></td> <td width="123" valign="bottom" style="border-bottom:white 1pt solid;border-left:#f0f0f0;padding-bottom:0in;padding-left:5.4pt;width:92pt;padding-right:5.4pt;background:#ebf1de;height:12.75pt;border-top:#f0f0f0;border-right:white 1pt solid;padding-top:0in"><div style="text-align:right"><span style="font-family:'arial', 'sans-serif';color:black;font-size:10pt">13.0</span></div></td> <td width="68" valign="bottom" style="border-bottom:white 1pt solid;border-left:#f0f0f0;padding-bottom:0in;padding-left:5.4pt;width:51pt;padding-right:5.4pt;background:#ebf1de;height:12.75pt;border-top:#f0f0f0;border-right:white 1pt solid;padding-top:0in"><div style="text-align:right"><span style="font-family:'arial', 'sans-serif';color:black;font-size:10pt">0</span></div></td></tr> <tr style="height:12.75pt"><td width="131" valign="bottom" style="border-bottom:white 1pt solid;border-left:white 1pt solid;padding-bottom:0in;padding-left:5.4pt;width:98pt;padding-right:5.4pt;background:#ebf1de;height:12.75pt;border-top:#f0f0f0;border-right:white 1pt solid;padding-top:0in"><div><span style="font-family:'arial', 'sans-serif';color:black;font-size:10pt">Chicago</span></div></td> <td width="123" valign="bottom" style="border-bottom:white 1pt solid;border-left:#f0f0f0;padding-bottom:0in;padding-left:5.4pt;width:92pt;padding-right:5.4pt;background:#ebf1de;height:12.75pt;border-top:#f0f0f0;border-right:white 1pt solid;padding-top:0in"><div style="text-align:right"><span style="font-family:'arial', 'sans-serif';color:black;font-size:10pt">17.9</span></div></td> <td width="123" valign="bottom" style="border-bottom:white 1pt solid;border-left:#f0f0f0;padding-bottom:0in;padding-left:5.4pt;width:92pt;padding-right:5.4pt;background:#ebf1de;height:12.75pt;border-top:#f0f0f0;border-right:white 1pt solid;padding-top:0in"><div style="text-align:right"><span style="font-family:'arial', 'sans-serif';color:black;font-size:10pt">18.1</span></div></td> <td width="68" valign="bottom" style="border-bottom:white 1pt solid;border-left:#f0f0f0;padding-bottom:0in;padding-left:5.4pt;width:51pt;padding-right:5.4pt;background:#ebf1de;height:12.75pt;border-top:#f0f0f0;border-right:white 1pt solid;padding-top:0in"><div style="text-align:right"><span style="font-family:'arial', 'sans-serif';color:black;font-size:10pt">-20</span></div></td></tr> <tr style="height:12.75pt"><td width="131" valign="bottom" style="border-bottom:white 1pt solid;border-left:white 1pt solid;padding-bottom:0in;padding-left:5.4pt;width:98pt;padding-right:5.4pt;background:#ebf1de;height:12.75pt;border-top:#f0f0f0;border-right:white 1pt solid;padding-top:0in"><div><span style="font-family:'arial', 'sans-serif';color:black;font-size:10pt">Dallas</span></div></td> <td width="123" valign="bottom" style="border-bottom:white 1pt solid;border-left:#f0f0f0;padding-bottom:0in;padding-left:5.4pt;width:92pt;padding-right:5.4pt;background:#ebf1de;height:12.75pt;border-top:#f0f0f0;border-right:white 1pt solid;padding-top:0in"><div style="text-align:right"><span style="font-family:'arial', 'sans-serif';color:black;font-size:10pt">19.0</span></div></td> <td width="123" valign="bottom" style="border-bottom:white 1pt solid;border-left:#f0f0f0;padding-bottom:0in;padding-left:5.4pt;width:92pt;padding-right:5.4pt;background:#ebf1de;height:12.75pt;border-top:#f0f0f0;border-right:white 1pt solid;padding-top:0in"><div style="text-align:right"><span style="font-family:'arial', 'sans-serif';color:black;font-size:10pt">19.0</span></div></td> <td width="68" valign="bottom" style="border-bottom:white 1pt solid;border-left:#f0f0f0;padding-bottom:0in;padding-left:5.4pt;width:51pt;padding-right:5.4pt;background:#ebf1de;height:12.75pt;border-top:#f0f0f0;border-right:white 1pt solid;padding-top:0in"><div style="text-align:right"><span style="font-family:'arial', 'sans-serif';color:black;font-size:10pt">0</span></div></td></tr> <tr style="height:12.75pt"><td width="131" valign="bottom" style="border-bottom:white 1pt solid;border-left:white 1pt solid;padding-bottom:0in;padding-left:5.4pt;width:98pt;padding-right:5.4pt;background:#ebf1de;height:12.75pt;border-top:#f0f0f0;border-right:white 1pt solid;padding-top:0in"><div><span style="font-family:'arial', 'sans-serif';color:black;font-size:10pt">Denver</span></div></td> <td width="123" valign="bottom" style="border-bottom:white 1pt solid;border-left:#f0f0f0;padding-bottom:0in;padding-left:5.4pt;width:92pt;padding-right:5.4pt;background:#ebf1de;height:12.75pt;border-top:#f0f0f0;border-right:white 1pt solid;padding-top:0in"><div style="text-align:right"><span style="font-family:'arial', 'sans-serif';color:black;font-size:10pt">14.5</span></div></td> <td width="123" valign="bottom" style="border-bottom:white 1pt solid;border-left:#f0f0f0;padding-bottom:0in;padding-left:5.4pt;width:92pt;padding-right:5.4pt;background:#ebf1de;height:12.75pt;border-top:#f0f0f0;border-right:white 1pt solid;padding-top:0in"><div style="text-align:right"><span style="font-family:'arial', 'sans-serif';color:black;font-size:10pt">15.1</span></div></td> <td width="68" valign="bottom" style="border-bottom:white 1pt solid;border-left:#f0f0f0;padding-bottom:0in;padding-left:5.4pt;width:51pt;padding-right:5.4pt;background:#ebf1de;height:12.75pt;border-top:#f0f0f0;border-right:white 1pt solid;padding-top:0in"><div style="text-align:right"><span style="font-family:'arial', 'sans-serif';color:black;font-size:10pt">-60</span></div></td></tr> <tr style="height:12.75pt"><td width="131" valign="bottom" style="border-bottom:white 1pt solid;border-left:white 1pt solid;padding-bottom:0in;padding-left:5.4pt;width:98pt;padding-right:5.4pt;background:#ebf1de;height:12.75pt;border-top:#f0f0f0;border-right:white 1pt solid;padding-top:0in"><div><span style="font-family:'arial', 'sans-serif';color:black;font-size:10pt">Los Angeles</span></div></td> <td width="123" valign="bottom" style="border-bottom:white 1pt solid;border-left:#f0f0f0;padding-bottom:0in;padding-left:5.4pt;width:92pt;padding-right:5.4pt;background:#ebf1de;height:12.75pt;border-top:#f0f0f0;border-right:white 1pt solid;padding-top:0in"><div style="text-align:right"><span style="font-family:'arial', 'sans-serif';color:black;font-size:10pt">16.9</span></div></td> <td width="123" valign="bottom" style="border-bottom:white 1pt solid;border-left:#f0f0f0;padding-bottom:0in;padding-left:5.4pt;width:92pt;padding-right:5.4pt;background:#ebf1de;height:12.75pt;border-top:#f0f0f0;border-right:white 1pt solid;padding-top:0in"><div style="text-align:right"><span style="font-family:'arial', 'sans-serif';color:black;font-size:10pt">16.8</span></div></td> <td width="68" valign="bottom" style="border-bottom:white 1pt solid;border-left:#f0f0f0;padding-bottom:0in;padding-left:5.4pt;width:51pt;padding-right:5.4pt;background:#ebf1de;height:12.75pt;border-top:#f0f0f0;border-right:white 1pt solid;padding-top:0in"><div style="text-align:right"><span style="font-family:'arial', 'sans-serif';color:black;font-size:10pt">10</span></div></td></tr> <tr style="height:12.75pt"><td width="131" valign="bottom" style="border-bottom:white 1pt solid;border-left:white 1pt solid;padding-bottom:0in;padding-left:5.4pt;width:98pt;padding-right:5.4pt;background:#ebf1de;height:12.75pt;border-top:#f0f0f0;border-right:white 1pt solid;padding-top:0in"><div><span style="font-family:'arial', 'sans-serif';color:black;font-size:10pt">Miami</span></div></td> <td width="123" valign="bottom" style="border-bottom:white 1pt solid;border-left:#f0f0f0;padding-bottom:0in;padding-left:5.4pt;width:92pt;padding-right:5.4pt;background:#ebf1de;height:12.75pt;border-top:#f0f0f0;border-right:white 1pt solid;padding-top:0in"><div style="text-align:right"><span style="font-family:'arial', 'sans-serif';color:black;font-size:10pt">17.8</span></div></td> <td width="123" valign="bottom" style="border-bottom:white 1pt solid;border-left:#f0f0f0;padding-bottom:0in;padding-left:5.4pt;width:92pt;padding-right:5.4pt;background:#ebf1de;height:12.75pt;border-top:#f0f0f0;border-right:white 1pt solid;padding-top:0in"><div style="text-align:right"><span style="font-family:'arial', 'sans-serif';color:black;font-size:10pt">17.9</span></div></td> <td width="68" valign="bottom" style="border-bottom:white 1pt solid;border-left:#f0f0f0;padding-bottom:0in;padding-left:5.4pt;width:51pt;padding-right:5.4pt;background:#ebf1de;height:12.75pt;border-top:#f0f0f0;border-right:white 1pt solid;padding-top:0in"><div style="text-align:right"><span style="font-family:'arial', 'sans-serif';color:black;font-size:10pt">-10</span></div></td></tr> <tr style="height:12.75pt"><td width="131" valign="bottom" style="border-bottom:white 1pt solid;border-left:white 1pt solid;padding-bottom:0in;padding-left:5.4pt;width:98pt;padding-right:5.4pt;background:#ebf1de;height:12.75pt;border-top:#f0f0f0;border-right:white 1pt solid;padding-top:0in"><div><span style="font-family:'arial', 'sans-serif';color:black;font-size:10pt">New York</span></div></td> <td width="123" valign="bottom" style="border-bottom:white 1pt solid;border-left:#f0f0f0;padding-bottom:0in;padding-left:5.4pt;width:92pt;padding-right:5.4pt;background:#ebf1de;height:12.75pt;border-top:#f0f0f0;border-right:white 1pt solid;padding-top:0in"><div style="text-align:right"><span style="font-family:'arial', 'sans-serif';color:black;font-size:10pt">7.6</span></div></td> <td width="123" valign="bottom" style="border-bottom:white 1pt solid;border-left:#f0f0f0;padding-bottom:0in;padding-left:5.4pt;width:92pt;padding-right:5.4pt;background:#ebf1de;height:12.75pt;border-top:#f0f0f0;border-right:white 1pt solid;padding-top:0in"><div style="text-align:right"><span style="font-family:'arial', 'sans-serif';color:black;font-size:10pt">7.3</span></div></td> <td width="68" valign="bottom" style="border-bottom:white 1pt solid;border-left:#f0f0f0;padding-bottom:0in;padding-left:5.4pt;width:51pt;padding-right:5.4pt;background:#ebf1de;height:12.75pt;border-top:#f0f0f0;border-right:white 1pt solid;padding-top:0in"><div style="text-align:right"><span style="font-family:'arial', 'sans-serif';color:black;font-size:10pt">30</span></div></td></tr> <tr style="height:12.75pt"><td width="131" valign="bottom" style="border-bottom:white 1pt solid;border-left:white 1pt solid;padding-bottom:0in;padding-left:5.4pt;width:98pt;padding-right:5.4pt;background:#ebf1de;height:12.75pt;border-top:#f0f0f0;border-right:white 1pt solid;padding-top:0in"><div><span style="font-family:'arial', 'sans-serif';color:black;font-size:10pt">Phoenix</span></div></td> <td width="123" valign="bottom" style="border-bottom:white 1pt solid;border-left:#f0f0f0;padding-bottom:0in;padding-left:5.4pt;width:92pt;padding-right:5.4pt;background:#ebf1de;height:12.75pt;border-top:#f0f0f0;border-right:white 1pt solid;padding-top:0in"><div style="text-align:right"><span style="font-family:'arial', 'sans-serif';color:black;font-size:10pt">23.7</span></div></td> <td width="123" valign="bottom" style="border-bottom:white 1pt solid;border-left:#f0f0f0;padding-bottom:0in;padding-left:5.4pt;width:92pt;padding-right:5.4pt;background:#ebf1de;height:12.75pt;border-top:#f0f0f0;border-right:white 1pt solid;padding-top:0in"><div style="text-align:right"><span style="font-family:'arial', 'sans-serif';color:black;font-size:10pt">23.9</span></div></td> <td width="68" valign="bottom" style="border-bottom:white 1pt solid;border-left:#f0f0f0;padding-bottom:0in;padding-left:5.4pt;width:51pt;padding-right:5.4pt;background:#ebf1de;height:12.75pt;border-top:#f0f0f0;border-right:white 1pt solid;padding-top:0in"><div style="text-align:right"><span style="font-family:'arial', 'sans-serif';color:black;font-size:10pt">-20</span></div></td></tr> <tr style="height:12.75pt"><td width="131" valign="bottom" style="border-bottom:white 1pt solid;border-left:white 1pt solid;padding-bottom:0in;padding-left:5.4pt;width:98pt;padding-right:5.4pt;background:#ebf1de;height:12.75pt;border-top:#f0f0f0;border-right:white 1pt solid;padding-top:0in"><div><span style="font-family:'arial', 'sans-serif';color:black;font-size:10pt">San Francisco</span></div></td> <td width="123" valign="bottom" style="border-bottom:white 1pt solid;border-left:#f0f0f0;padding-bottom:0in;padding-left:5.4pt;width:92pt;padding-right:5.4pt;background:#ebf1de;height:12.75pt;border-top:#f0f0f0;border-right:white 1pt solid;padding-top:0in"><div style="text-align:right"><span style="font-family:'arial', 'sans-serif';color:black;font-size:10pt">9.1</span></div></td> <td width="123" valign="bottom" style="border-bottom:white 1pt solid;border-left:#f0f0f0;padding-bottom:0in;padding-left:5.4pt;width:92pt;padding-right:5.4pt;background:#ebf1de;height:12.75pt;border-top:#f0f0f0;border-right:white 1pt solid;padding-top:0in"><div style="text-align:right"><span style="font-family:'arial', 'sans-serif';color:black;font-size:10pt">9.5</span></div></td> <td width="68" valign="bottom" style="border-bottom:white 1pt solid;border-left:#f0f0f0;padding-bottom:0in;padding-left:5.4pt;width:51pt;padding-right:5.4pt;background:#ebf1de;height:12.75pt;border-top:#f0f0f0;border-right:white 1pt solid;padding-top:0in"><div style="text-align:right"><span style="font-family:'arial', 'sans-serif';color:black;font-size:10pt">-40</span></div></td></tr> <tr style="height:12.75pt"><td width="131" valign="bottom" style="border-bottom:white 1pt solid;border-left:white 1pt solid;padding-bottom:0in;padding-left:5.4pt;width:98pt;padding-right:5.4pt;background:#ebf1de;height:12.75pt;border-top:#f0f0f0;border-right:white 1pt solid;padding-top:0in"><div><span style="font-family:'arial', 'sans-serif';color:black;font-size:10pt">Seattle</span></div></td> <td width="123" valign="bottom" style="border-bottom:white 1pt solid;border-left:#f0f0f0;padding-bottom:0in;padding-left:5.4pt;width:92pt;padding-right:5.4pt;background:#ebf1de;height:12.75pt;border-top:#f0f0f0;border-right:white 1pt solid;padding-top:0in"><div style="text-align:right"><span style="font-family:'arial', 'sans-serif';color:black;font-size:10pt">15.5</span></div></td> <td width="123" valign="bottom" style="border-bottom:white 1pt solid;border-left:#f0f0f0;padding-bottom:0in;padding-left:5.4pt;width:92pt;padding-right:5.4pt;background:#ebf1de;height:12.75pt;border-top:#f0f0f0;border-right:white 1pt solid;padding-top:0in"><div style="text-align:right"><span style="font-family:'arial', 'sans-serif';color:black;font-size:10pt">15.4</span></div></td> <td width="68" valign="bottom" style="border-bottom:white 1pt solid;border-left:#f0f0f0;padding-bottom:0in;padding-left:5.4pt;width:51pt;padding-right:5.4pt;background:#ebf1de;height:12.75pt;border-top:#f0f0f0;border-right:white 1pt solid;padding-top:0in"><div style="text-align:right"><span style="font-family:'arial', 'sans-serif';color:black;font-size:10pt">10</span></div></td></tr> <tr style="height:12.75pt"><td width="131" valign="bottom" style="border-bottom:white 1pt solid;border-left:white 1pt solid;padding-bottom:0in;padding-left:5.4pt;width:98pt;padding-right:5.4pt;background:#ebf1de;height:12.75pt;border-top:#f0f0f0;border-right:white 1pt solid;padding-top:0in"><div><span style="font-family:'arial', 'sans-serif';color:black;font-size:10pt">Washington, D.C.</span></div></td> <td width="123" valign="bottom" style="border-bottom:white 1pt solid;border-left:#f0f0f0;padding-bottom:0in;padding-left:5.4pt;width:92pt;padding-right:5.4pt;background:#ebf1de;height:12.75pt;border-top:#f0f0f0;border-right:white 1pt solid;padding-top:0in"><div style="text-align:right"><span style="font-family:'arial', 'sans-serif';color:black;font-size:10pt">14.2</span></div></td> <td width="123" valign="bottom" style="border-bottom:white 1pt solid;border-left:#f0f0f0;padding-bottom:0in;padding-left:5.4pt;width:92pt;padding-right:5.4pt;background:#ebf1de;height:12.75pt;border-top:#f0f0f0;border-right:white 1pt solid;padding-top:0in"><div style="text-align:right"><span style="font-family:'arial', 'sans-serif';color:black;font-size:10pt">13.8</span></div></td> <td width="68" valign="bottom" style="border-bottom:white 1pt solid;border-left:#f0f0f0;padding-bottom:0in;padding-left:5.4pt;width:51pt;padding-right:5.4pt;background:#ebf1de;height:12.75pt;border-top:#f0f0f0;border-right:white 1pt solid;padding-top:0in"><div style="text-align:right"><span style="font-family:'arial', 'sans-serif';color:black;font-size:10pt">40</span></div></td></tr></tbody></table> <div><span style="font-family:'arial', 'sans-serif';font-size:9pt"> </span></div> <p class="ms-rteElement-P"><span>Source: CBRE Research, Q1 2013.</span></p> <p class="ms-rteElement-P"><span><strong>Industrial</strong><br /></span><span>During Q1 2013, availability rates for major U.S. industrial markets continued to decrease moderately. <span> </span>At 60 bps, Boston and Miami had the largest decreases in availability rates compared with Q4 2012. During Q1 2013 rents were unchanged, but tenant concessions decreased, especially for Class A industrial buildings. Demand for warehouse and distribution space remained high, particularly in New Jersey, Los Angeles and Denver. Industrial rents are approaching replacement-level costs, making development increasingly feasible. However, most construction activity remains build-to-suit, while speculative construction was largely confined to markets with shortages of large, contiguous blocks of warehouse and distribution space.</span><span> </span></p> <p class="ms-rteElement-P"><span>“Large blocks of contiguous warehouse/distribution space in key port markets and super-regional centers are in demand.<span> </span>Consolidation of the logistics firms and ecommerce trends are the key drivers of the bulk warehouse distribution space,” said Ms. Mansour. </span></p> <table width="444" class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0" style="margin:auto auto auto 4.65pt;width:333pt;border-collapse:collapse"><tbody><tr style="height:15pt"><td width="397" valign="bottom" colspan="4" style="border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0in;background-color:transparent;padding-left:5.4pt;width:297.75pt;padding-right:5.4pt;height:15pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0in"><div><b><span style="font-family:'arial', 'sans-serif';color:black"></span></b> </div> <div><b><span style="font-family:'arial', 'sans-serif';color:black">Q1 2013 Preliminary Industrial Statistics</span></b></div></td> <td width="47" valign="bottom" style="border-bottom:#f0f0f0;border-left:#f0f0f0;padding-bottom:0in;background-color:transparent;padding-left:5.4pt;width:35.25pt;padding-right:5.4pt;height:15pt;border-top:#f0f0f0;border-right:#f0f0f0;padding-top:0in"></td></tr> <tr style="height:38.25pt"><td width="151" valign="bottom" style="border-bottom:white 1pt solid;border-left:white 1pt solid;padding-bottom:0in;padding-left:5.4pt;width:113.25pt;padding-right:5.4pt;background:#005137;height:38.25pt;border-top:windowtext 1pt solid;border-right:white 1pt solid;padding-top:0in"><div><b><span style="font-family:'arial', 'sans-serif';color:white;font-size:10pt">Market</span></b></div></td> <td width="120" valign="bottom" colspan="2" style="border-bottom:white 1pt solid;border-left:#f0f0f0;padding-bottom:0in;padding-left:5.4pt;width:1.25in;padding-right:5.4pt;background:#005137;height:38.25pt;border-top:windowtext 1pt solid;border-right:white 1pt solid;padding-top:0in"><div><b><span style="font-family:'arial', 'sans-serif';color:white;font-size:10pt">Q1 2013 Prelim Availability Rate (%)</span></b></div></td> <td width="126" valign="bottom" style="border-bottom:white 1pt solid;border-left:#f0f0f0;padding-bottom:0in;padding-left:5.4pt;width:94.5pt;padding-right:5.4pt;background:#005137;height:38.25pt;border-top:windowtext 1pt solid;border-right:white 1pt solid;padding-top:0in"><div><b><span style="font-family:'arial', 'sans-serif';color:white;font-size:10pt">Q4 2012 Final Availability Rate (%)</span></b></div></td> <td width="47" valign="bottom" style="border-bottom:white 1pt solid;border-left:#f0f0f0;padding-bottom:0in;padding-left:5.4pt;width:35.25pt;padding-right:5.4pt;background:#005137;height:38.25pt;border-top:windowtext 1pt solid;border-right:white 1pt solid;padding-top:0in"><div><b><span style="font-family:'arial', 'sans-serif';color:white;font-size:10pt">BPS Diff</span></b></div></td></tr> <tr style="height:12.75pt"><td width="151" valign="bottom" style="border-bottom:white 1pt solid;border-left:white 1pt solid;padding-bottom:0in;padding-left:5.4pt;width:113.25pt;padding-right:5.4pt;background:#ebf1de;height:12.75pt;border-top:#f0f0f0;border-right:white 1pt solid;padding-top:0in"><div><span style="font-family:'arial', 'sans-serif';color:black;font-size:10pt">Atlanta</span></div></td> <td width="108" valign="bottom" style="border-bottom:white 1pt solid;border-left:#f0f0f0;padding-bottom:0in;padding-left:5.4pt;width:81pt;padding-right:5.4pt;background:#ebf1de;height:12.75pt;border-top:#f0f0f0;border-right:white 1pt solid;padding-top:0in"><div style="text-align:right"><span style="font-family:'arial', 'sans-serif';color:black;font-size:10pt">17.5</span></div></td> <td width="138" valign="bottom" colspan="2" style="border-bottom:white 1pt solid;border-left:#f0f0f0;padding-bottom:0in;padding-left:5.4pt;width:103.5pt;padding-right:5.4pt;background:#ebf1de;height:12.75pt;border-top:#f0f0f0;border-right:white 1pt solid;padding-top:0in"><div style="text-align:right"><span style="font-family:'arial', 'sans-serif';color:black;font-size:10pt">17.6</span></div></td> <td width="47" valign="bottom" style="border-bottom:white 1pt solid;border-left:#f0f0f0;padding-bottom:0in;padding-left:5.4pt;width:35.25pt;padding-right:5.4pt;background:#ebf1de;height:12.75pt;border-top:#f0f0f0;border-right:white 1pt solid;padding-top:0in"><div style="text-align:right"><span style="font-family:'arial', 'sans-serif';color:black;font-size:10pt">-10</span></div></td></tr> <tr style="height:12.75pt"><td width="151" valign="bottom" style="border-bottom:white 1pt solid;border-left:white 1pt solid;padding-bottom:0in;padding-left:5.4pt;width:113.25pt;padding-right:5.4pt;background:#ebf1de;height:12.75pt;border-top:#f0f0f0;border-right:white 1pt solid;padding-top:0in"><div><span style="font-family:'arial', 'sans-serif';color:black;font-size:10pt">Boston</span></div></td> <td width="108" valign="bottom" style="border-bottom:white 1pt solid;border-left:#f0f0f0;padding-bottom:0in;padding-left:5.4pt;width:81pt;padding-right:5.4pt;background:#ebf1de;height:12.75pt;border-top:#f0f0f0;border-right:white 1pt solid;padding-top:0in"><div style="text-align:right"><span style="font-family:'arial', 'sans-serif';color:black;font-size:10pt">15.1</span></div></td> <td width="138" valign="bottom" colspan="2" style="border-bottom:white 1pt solid;border-left:#f0f0f0;padding-bottom:0in;padding-left:5.4pt;width:103.5pt;padding-right:5.4pt;background:#ebf1de;height:12.75pt;border-top:#f0f0f0;border-right:white 1pt solid;padding-top:0in"><div style="text-align:right"><span style="font-family:'arial', 'sans-serif';color:black;font-size:10pt">15.7</span></div></td> <td width="47" valign="bottom" style="border-bottom:white 1pt solid;border-left:#f0f0f0;padding-bottom:0in;padding-left:5.4pt;width:35.25pt;padding-right:5.4pt;background:#ebf1de;height:12.75pt;border-top:#f0f0f0;border-right:white 1pt solid;padding-top:0in"><div style="text-align:right"><span style="font-family:'arial', 'sans-serif';color:black;font-size:10pt">-60</span></div></td></tr> <tr style="height:12.75pt"><td width="151" valign="bottom" style="border-bottom:white 1pt solid;border-left:white 1pt solid;padding-bottom:0in;padding-left:5.4pt;width:113.25pt;padding-right:5.4pt;background:#ebf1de;height:12.75pt;border-top:#f0f0f0;border-right:white 1pt solid;padding-top:0in"><div><span style="font-family:'arial', 'sans-serif';color:black;font-size:10pt">Chicago</span></div></td> <td width="108" valign="bottom" style="border-bottom:white 1pt solid;border-left:#f0f0f0;padding-bottom:0in;padding-left:5.4pt;width:81pt;padding-right:5.4pt;background:#ebf1de;height:12.75pt;border-top:#f0f0f0;border-right:white 1pt solid;padding-top:0in"><div style="text-align:right"><span style="font-family:'arial', 'sans-serif';color:black;font-size:10pt">9.2</span></div></td> <td width="138" valign="bottom" colspan="2" style="border-bottom:white 1pt solid;border-left:#f0f0f0;padding-bottom:0in;padding-left:5.4pt;width:103.5pt;padding-right:5.4pt;background:#ebf1de;height:12.75pt;border-top:#f0f0f0;border-right:white 1pt solid;padding-top:0in"><div style="text-align:right"><span style="font-family:'arial', 'sans-serif';color:black;font-size:10pt">9.1</span></div></td> <td width="47" valign="bottom" style="border-bottom:white 1pt solid;border-left:#f0f0f0;padding-bottom:0in;padding-left:5.4pt;width:35.25pt;padding-right:5.4pt;background:#ebf1de;height:12.75pt;border-top:#f0f0f0;border-right:white 1pt solid;padding-top:0in"><div style="text-align:right"><span style="font-family:'arial', 'sans-serif';color:black;font-size:10pt">10</span></div></td></tr> <tr style="height:12.75pt"><td width="151" valign="bottom" style="border-bottom:white 1pt solid;border-left:white 1pt solid;padding-bottom:0in;padding-left:5.4pt;width:113.25pt;padding-right:5.4pt;background:#ebf1de;height:12.75pt;border-top:#f0f0f0;border-right:white 1pt solid;padding-top:0in"><div><span style="font-family:'arial', 'sans-serif';color:black;font-size:10pt">Dallas</span></div></td> <td width="108" valign="bottom" style="border-bottom:white 1pt solid;border-left:#f0f0f0;padding-bottom:0in;padding-left:5.4pt;width:81pt;padding-right:5.4pt;background:#ebf1de;height:12.75pt;border-top:#f0f0f0;border-right:white 1pt solid;padding-top:0in"><div style="text-align:right"><span style="font-family:'arial', 'sans-serif';color:black;font-size:10pt">13.2</span></div></td> <td width="138" valign="bottom" colspan="2" style="border-bottom:white 1pt solid;border-left:#f0f0f0;padding-bottom:0in;padding-left:5.4pt;width:103.5pt;padding-right:5.4pt;background:#ebf1de;height:12.75pt;border-top:#f0f0f0;border-right:white 1pt solid;padding-top:0in"><div style="text-align:right"><span style="font-family:'arial', 'sans-serif';color:black;font-size:10pt">13.6</span></div></td> <td width="47" valign="bottom" style="border-bottom:white 1pt solid;border-left:#f0f0f0;padding-bottom:0in;padding-left:5.4pt;width:35.25pt;padding-right:5.4pt;background:#ebf1de;height:12.75pt;border-top:#f0f0f0;border-right:white 1pt solid;padding-top:0in"><div style="text-align:right"><span style="font-family:'arial', 'sans-serif';color:black;font-size:10pt">-40</span></div></td></tr> <tr style="height:12.75pt"><td width="151" valign="bottom" style="border-bottom:white 1pt solid;border-left:white 1pt solid;padding-bottom:0in;padding-left:5.4pt;width:113.25pt;padding-right:5.4pt;background:#ebf1de;height:12.75pt;border-top:#f0f0f0;border-right:white 1pt solid;padding-top:0in"><div><span style="font-family:'arial', 'sans-serif';color:black;font-size:10pt">Denver</span></div></td> <td width="108" valign="bottom" style="border-bottom:white 1pt solid;border-left:#f0f0f0;padding-bottom:0in;padding-left:5.4pt;width:81pt;padding-right:5.4pt;background:#ebf1de;height:12.75pt;border-top:#f0f0f0;border-right:white 1pt solid;padding-top:0in"><div style="text-align:right"><span style="font-family:'arial', 'sans-serif';color:black;font-size:10pt">7.3</span></div></td> <td width="138" valign="bottom" colspan="2" style="border-bottom:white 1pt solid;border-left:#f0f0f0;padding-bottom:0in;padding-left:5.4pt;width:103.5pt;padding-right:5.4pt;background:#ebf1de;height:12.75pt;border-top:#f0f0f0;border-right:white 1pt solid;padding-top:0in"><div style="text-align:right"><span style="font-family:'arial', 'sans-serif';color:black;font-size:10pt">7.5</span></div></td> <td width="47" valign="bottom" style="border-bottom:white 1pt solid;border-left:#f0f0f0;padding-bottom:0in;padding-left:5.4pt;width:35.25pt;padding-right:5.4pt;background:#ebf1de;height:12.75pt;border-top:#f0f0f0;border-right:white 1pt solid;padding-top:0in"><div style="text-align:right"><span style="font-family:'arial', 'sans-serif';color:black;font-size:10pt">-20</span></div></td></tr> <tr style="height:12.75pt"><td width="151" valign="bottom" style="border-bottom:white 1pt solid;border-left:white 1pt solid;padding-bottom:0in;padding-left:5.4pt;width:113.25pt;padding-right:5.4pt;background:#ebf1de;height:12.75pt;border-top:#f0f0f0;border-right:white 1pt solid;padding-top:0in"><div><span style="font-family:'arial', 'sans-serif';color:black;font-size:10pt">Los Angeles</span></div></td> <td width="108" valign="bottom" style="border-bottom:white 1pt solid;border-left:#f0f0f0;padding-bottom:0in;padding-left:5.4pt;width:81pt;padding-right:5.4pt;background:#ebf1de;height:12.75pt;border-top:#f0f0f0;border-right:white 1pt solid;padding-top:0in"><div style="text-align:right"><span style="font-family:'arial', 'sans-serif';color:black;font-size:10pt">6.9</span></div></td> <td width="138" valign="bottom" colspan="2" style="border-bottom:white 1pt solid;border-left:#f0f0f0;padding-bottom:0in;padding-left:5.4pt;width:103.5pt;padding-right:5.4pt;background:#ebf1de;height:12.75pt;border-top:#f0f0f0;border-right:white 1pt solid;padding-top:0in"><div style="text-align:right"><span style="font-family:'arial', 'sans-serif';color:black;font-size:10pt">6.6</span></div></td> <td width="47" valign="bottom" style="border-bottom:white 1pt solid;border-left:#f0f0f0;padding-bottom:0in;padding-left:5.4pt;width:35.25pt;padding-right:5.4pt;background:#ebf1de;height:12.75pt;border-top:#f0f0f0;border-right:white 1pt solid;padding-top:0in"><div style="text-align:right"><span style="font-family:'arial', 'sans-serif';color:black;font-size:10pt">30</span></div></td></tr> <tr style="height:12.75pt"><td width="151" valign="bottom" style="border-bottom:white 1pt solid;border-left:white 1pt solid;padding-bottom:0in;padding-left:5.4pt;width:113.25pt;padding-right:5.4pt;background:#ebf1de;height:12.75pt;border-top:#f0f0f0;border-right:white 1pt solid;padding-top:0in"><div><span style="font-family:'arial', 'sans-serif';color:black;font-size:10pt">Miami</span></div></td> <td width="108" valign="bottom" style="border-bottom:white 1pt solid;border-left:#f0f0f0;padding-bottom:0in;padding-left:5.4pt;width:81pt;padding-right:5.4pt;background:#ebf1de;height:12.75pt;border-top:#f0f0f0;border-right:white 1pt solid;padding-top:0in"><div style="text-align:right"><span style="font-family:'arial', 'sans-serif';color:black;font-size:10pt">9.1</span></div></td> <td width="138" valign="bottom" colspan="2" style="border-bottom:white 1pt solid;border-left:#f0f0f0;padding-bottom:0in;padding-left:5.4pt;width:103.5pt;padding-right:5.4pt;background:#ebf1de;height:12.75pt;border-top:#f0f0f0;border-right:white 1pt solid;padding-top:0in"><div style="text-align:right"><span style="font-family:'arial', 'sans-serif';color:black;font-size:10pt">9.7</span></div></td> <td width="47" valign="bottom" style="border-bottom:white 1pt solid;border-left:#f0f0f0;padding-bottom:0in;padding-left:5.4pt;width:35.25pt;padding-right:5.4pt;background:#ebf1de;height:12.75pt;border-top:#f0f0f0;border-right:white 1pt solid;padding-top:0in"><div style="text-align:right"><span style="font-family:'arial', 'sans-serif';color:black;font-size:10pt">-60</span></div></td></tr> <tr style="height:12.75pt"><td width="151" valign="bottom" style="border-bottom:white 1pt solid;border-left:white 1pt solid;padding-bottom:0in;padding-left:5.4pt;width:113.25pt;padding-right:5.4pt;background:#ebf1de;height:12.75pt;border-top:#f0f0f0;border-right:white 1pt solid;padding-top:0in"><div><span style="font-family:'arial', 'sans-serif';color:black;font-size:10pt">New Jersey Northern</span></div></td> <td width="108" valign="bottom" style="border-bottom:white 1pt solid;border-left:#f0f0f0;padding-bottom:0in;padding-left:5.4pt;width:81pt;padding-right:5.4pt;background:#ebf1de;height:12.75pt;border-top:#f0f0f0;border-right:white 1pt solid;padding-top:0in"><div style="text-align:right"><span style="font-family:'arial', 'sans-serif';color:black;font-size:10pt">10.2</span></div></td> <td width="138" valign="bottom" colspan="2" style="border-bottom:white 1pt solid;border-left:#f0f0f0;padding-bottom:0in;padding-left:5.4pt;width:103.5pt;padding-right:5.4pt;background:#ebf1de;height:12.75pt;border-top:#f0f0f0;border-right:white 1pt solid;padding-top:0in"><div style="text-align:right"><span style="font-family:'arial', 'sans-serif';color:black;font-size:10pt">10.1</span></div></td> <td width="47" valign="bottom" style="border-bottom:white 1pt solid;border-left:#f0f0f0;padding-bottom:0in;padding-left:5.4pt;width:35.25pt;padding-right:5.4pt;background:#ebf1de;height:12.75pt;border-top:#f0f0f0;border-right:white 1pt solid;padding-top:0in"><div style="text-align:right"><span style="font-family:'arial', 'sans-serif';color:black;font-size:10pt">10</span></div></td></tr> <tr style="height:12.75pt"><td width="151" valign="bottom" style="border-bottom:white 1pt solid;border-left:white 1pt solid;padding-bottom:0in;padding-left:5.4pt;width:113.25pt;padding-right:5.4pt;background:#ebf1de;height:12.75pt;border-top:#f0f0f0;border-right:white 1pt solid;padding-top:0in"><div><span style="font-family:'arial', 'sans-serif';color:black;font-size:10pt">Phoenix</span></div></td> <td width="108" valign="bottom" style="border-bottom:white 1pt solid;border-left:#f0f0f0;padding-bottom:0in;padding-left:5.4pt;width:81pt;padding-right:5.4pt;background:#ebf1de;height:12.75pt;border-top:#f0f0f0;border-right:white 1pt solid;padding-top:0in"><div style="text-align:right"><span style="font-family:'arial', 'sans-serif';color:black;font-size:10pt">13.2</span></div></td> <td width="138" valign="bottom" colspan="2" style="border-bottom:white 1pt solid;border-left:#f0f0f0;padding-bottom:0in;padding-left:5.4pt;width:103.5pt;padding-right:5.4pt;background:#ebf1de;height:12.75pt;border-top:#f0f0f0;border-right:white 1pt solid;padding-top:0in"><div style="text-align:right"><span style="font-family:'arial', 'sans-serif';color:black;font-size:10pt">13.6</span></div></td> <td width="47" valign="bottom" style="border-bottom:white 1pt solid;border-left:#f0f0f0;padding-bottom:0in;padding-left:5.4pt;width:35.25pt;padding-right:5.4pt;background:#ebf1de;height:12.75pt;border-top:#f0f0f0;border-right:white 1pt solid;padding-top:0in"><div style="text-align:right"><span style="font-family:'arial', 'sans-serif';color:black;font-size:10pt">-40</span></div></td></tr> <tr style="height:12.75pt"><td width="151" valign="bottom" style="border-bottom:white 1pt solid;border-left:white 1pt solid;padding-bottom:0in;padding-left:5.4pt;width:113.25pt;padding-right:5.4pt;background:#ebf1de;height:12.75pt;border-top:#f0f0f0;border-right:white 1pt solid;padding-top:0in"><div><span style="font-family:'arial', 'sans-serif';color:black;font-size:10pt">San Jose</span></div></td> <td width="108" valign="bottom" style="border-bottom:white 1pt solid;border-left:#f0f0f0;padding-bottom:0in;padding-left:5.4pt;width:81pt;padding-right:5.4pt;background:#ebf1de;height:12.75pt;border-top:#f0f0f0;border-right:white 1pt solid;padding-top:0in"><div style="text-align:right"><span style="font-family:'arial', 'sans-serif';color:black;font-size:10pt">11.2</span></div></td> <td width="138" valign="bottom" colspan="2" style="border-bottom:white 1pt solid;border-left:#f0f0f0;padding-bottom:0in;padding-left:5.4pt;width:103.5pt;padding-right:5.4pt;background:#ebf1de;height:12.75pt;border-top:#f0f0f0;border-right:white 1pt solid;padding-top:0in"><div style="text-align:right"><span style="font-family:'arial', 'sans-serif';color:black;font-size:10pt">11.3</span></div></td> <td width="47" valign="bottom" style="border-bottom:white 1pt solid;border-left:#f0f0f0;padding-bottom:0in;padding-left:5.4pt;width:35.25pt;padding-right:5.4pt;background:#ebf1de;height:12.75pt;border-top:#f0f0f0;border-right:white 1pt solid;padding-top:0in"><div style="text-align:right"><span style="font-family:'arial', 'sans-serif';color:black;font-size:10pt">-10</span></div></td></tr> <tr style="height:12.75pt"><td width="151" valign="bottom" style="border-bottom:white 1pt solid;border-left:white 1pt solid;padding-bottom:0in;padding-left:5.4pt;width:113.25pt;padding-right:5.4pt;background:#ebf1de;height:12.75pt;border-top:#f0f0f0;border-right:white 1pt solid;padding-top:0in"><div><span style="font-family:'arial', 'sans-serif';color:black;font-size:10pt">Seattle</span></div></td> <td width="108" valign="bottom" style="border-bottom:white 1pt solid;border-left:#f0f0f0;padding-bottom:0in;padding-left:5.4pt;width:81pt;padding-right:5.4pt;background:#ebf1de;height:12.75pt;border-top:#f0f0f0;border-right:white 1pt solid;padding-top:0in"><div style="text-align:right"><span style="font-family:'arial', 'sans-serif';color:black;font-size:10pt">9.6</span></div></td> <td width="138" valign="bottom" colspan="2" style="border-bottom:white 1pt solid;border-left:#f0f0f0;padding-bottom:0in;padding-left:5.4pt;width:103.5pt;padding-right:5.4pt;background:#ebf1de;height:12.75pt;border-top:#f0f0f0;border-right:white 1pt solid;padding-top:0in"><div style="text-align:right"><span style="font-family:'arial', 'sans-serif';color:black;font-size:10pt">9.7</span></div></td> <td width="47" valign="bottom" style="border-bottom:white 1pt solid;border-left:#f0f0f0;padding-bottom:0in;padding-left:5.4pt;width:35.25pt;padding-right:5.4pt;background:#ebf1de;height:12.75pt;border-top:#f0f0f0;border-right:white 1pt solid;padding-top:0in"><div style="text-align:right"><span style="font-family:'arial', 'sans-serif';color:black;font-size:10pt">-10</span></div></td></tr> <tr height="0"><td width="151" style="border-bottom:#f0f0f0;border-left:#f0f0f0;background-color:transparent;border-top:#f0f0f0;border-right:#f0f0f0"></td> <td width="108" style="border-bottom:#f0f0f0;border-left:#f0f0f0;background-color:transparent;border-top:#f0f0f0;border-right:#f0f0f0"></td> <td width="12" style="border-bottom:#f0f0f0;border-left:#f0f0f0;background-color:transparent;border-top:#f0f0f0;border-right:#f0f0f0"></td> <td width="126" style="border-bottom:#f0f0f0;border-left:#f0f0f0;background-color:transparent;border-top:#f0f0f0;border-right:#f0f0f0"></td> <td width="47" style="border-bottom:#f0f0f0;border-left:#f0f0f0;background-color:transparent;border-top:#f0f0f0;border-right:#f0f0f0"><p> </p></td></tr></tbody></table> <p class="ms-rteElement-P"><span>Source: CBRE Research, Q1 2013.</span></p> <p class="ms-rteElement-P"><span><strong>Note to editors/journalists:</strong></span><span> <span> </span>To speak with a CBRE expert please email <a href="mailto:robert.mcgrath@cbre.com">robert.mcgrath@cbre.com</a> </span></p> <p class="ms-rteElement-P"><span>*Availability is space that is actively being marketed and available for tenant build-out within 12 months.</span></p> <p class="ms-rteElement-P"><span><span style="text-decoration:underline">About CBRE Group, Inc</span>.<br /></span><span>CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2012 revenue).<span> </span>The Company has approximately 37,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at <a href="/">www.cbre.com</a>. </span></p>
CBRE Group, Inc. Acquires Impact-Corti
<p class="ms-rteElement-P"><span lang="EN-GB"><strong>Los Angeles, March 19, 2013 </strong>– </span><span lang="EN-GB">CBRE Group, Inc. (NYSE: CBG), a leading global commercial real estate services and investment firms, today announced the </span><span>acquisition of IMPACT-CORTI a.s., a firm specialising in property management in the Czech Republic and Slovakia.</span></p> <p class="ms-rteElement-P"><span>With six million sq ft (557,000 sq m) under management across 140 assets and current annual revenue of approximately $10 million, IMPACT-CORTI is the leading property manager in the Czech Republic and Slovakia. The company is particularly known for its expertise in the office sector but also has a portfolio of residential and industrial assets under management. In addition, IMPACT-CORTI provides project management, investment, and leasing and consultancy expertise to its institutional and private-investor clients, such as Deka, Axa REIM, Pramerica and Hampshire Investments. In the Czech capital of Prague, IMPACT-CORTI manages notable buildings including The GEMINI Business Center, LIGHTHOUSE Waterfront Towers and the Burzovni Palac, the home of the Prague Stock Exchange.</span></p> <p class="ms-rteElement-P"><span>IMPACT-CORTI’s</span><span> </span><span>team of 160 professionals will join CBRE’s well-established Property and Asset Management practice in Europe. In response to client demand, CBRE has particularly focused on the growth of these services in Central and Eastern Europe (CEE), underlined by its acquisition of Euro Mall Center Management, a CEE shopping centre management specialist, in mid-2011.</span></p> <p class="ms-rteElement-P"><span lang="EN-GB">Michael Strong, Executive Chairman of Europe, Middle East and Africa, CBRE, said: <br /></span><span lang="EN-GB">“Providing expert and integrated transactional and real estate management capabilities is becoming increasingly important to our regional and global client base. The acquisition of IMPACT-CORTI</span><span> complements our existing property management offer and will allow us to further extend this important service across the region to meet growing demand.”</span></p> <p class="ms-rteElement-P"><span>Andreas Ridder, Chairman, Central and Eastern Europe, CBRE, added: <br /></span><span lang="EN-GB">“IMPACT-CORTI is renowned in the Czech Republic for its expert property management and project management practices. By adding their expertise and reach to our own growing capabilities, we are increasing the scope of the services we can provide to clients across the region.” </span></p> <p class="ms-rteElement-P"><span>Jürg Zwahlen, Chairman of the Board, IMPACT-CORTI</span><span lang="EN-GB">, </span><span lang="EN-GB">commented</span><span lang="EN-GB">:<br /></span><span>“By joining CBRE, we are creating a huge opportunity for both our clients and our colleagues. As part of one of the most integrated and respected commercial real estate advisory companies in the world, we will be able to better collaborate to deliver market insight and strategic advice to clients across the region, addressing a requirement that is not yet fulfilled in the market.”</span></p> <p class="ms-rteElement-P"><span><span> </span></span><span><span style="text-decoration:underline">About CBRE Group, Inc</span>.<br /></span><span>CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2012 revenue). The Company has approximately 37,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at <a href="/"><span>www.cbre.com</span></a>.</span></p> <p class="ms-rteElement-P"><span style="text-decoration:underline"><strong>“Safe Harbor” Statement Under the U.S. Private Securities Litigation Reform Act of 1995<br /></strong></span><span>Certain of the statements in this release regarding the acquisition of IMPACT-CORTI a.s. that do not concern purely historical data are forward-looking statements within the meaning of the ''safe harbor'' provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements involve risks and uncertainties, including, but not limited to, the ability of the parties to successfully integrate the operations of IMPACT-CORTI with CBRE’s existing property management operations in Central and Eastern Europe, and the ability to leverage the combined operations to capture a larger share of the property management market in Central and Eastern Europe, as well as other risks and uncertainties discussed in CBRE’s filings with the U.S. Securities and Exchange Commission (SEC). Any forward-looking statements speak only as of the date of this release and, except to the extent required by applicable securities laws, CBRE expressly disclaims any obligation to update or revise any of them to reflect actual results, any changes in expectations or any change in events. If CBRE does update one or more forward-looking statements, no inference should be drawn that it will make additional updates with respect to those or other forward-looking statements. For additional information concerning factors that may cause actual results to differ from those anticipated in the forward-looking statements, and risks to CBRE’s business in general, please refer to the Company’s SEC filings, including its Annual Report on Form <span>10-K for the fiscal year ended December 31, 2012. Such filings are available publicly and may be obtained off the Company's website at www.cbre.com or upon request from the CBRE Investor Relations Department at <a href="mailto:investorrelations@cbre.com"><span>investorrelations@cbre.com</span></a>. </span></span></p>
CBRE Brings Home Six RICS 2013 Hong Kong Property Awards
<p class="ms-rteElement-P">Further information and supporting videos available for use <a href="/RICSHongKong2013"><font color="#006a4d">www.cbre.com/RICSHongKong2013</font></a></p> <p class="ms-rteElement-P"><strong>15 March 2013, Hong Kong</strong> - CBRE announces today that it has been awarded six 2013 Hong Kong Property Awards from the Royal Institution of Chartered Surveyors (RICS). CBRE was the stand-out performer taking 6 from 12 categories at the RICS Hong Kong Annual Dinner on 14 March, which is attended by all the major real estate services firms and one of the most prominent property industry events in the Hong Kong calendar.</p> <table width="100%" class="ms-rteTable-default" cellspacing="0" style="font-size:1em"><tbody><tr class="ms-rteTableHeaderRow-default"><th class="ms-rteTableHeaderFirstCol-default"></th> <th class="ms-rteTableHeaderOddCol-default ms-rteFontSize-1" style="text-align:center"><strong>Grand Winner</strong></th> <th class="ms-rteTableHeaderEvenCol-default ms-rteFontSize-1" style="text-align:center"><strong>Finalists</strong></th></tr> <tr class="ms-rteTableOddRow-default ms-rteFontSize-1"><th class="ms-rteTableFirstCol-default">Office Agency Team of the Year</th> <td class="ms-rteTableOddCol-default">CBRE</td> <td class="ms-rteTableEvenCol-default">Jones Lang LaSalle<br />Cushman & Wakefield</td></tr> <tr class="ms-rteTableEvenRow-default ms-rteFontSize-1"><th class="ms-rteTableFirstCol-default">Retail Agency Team of the Year</th> <td class="ms-rteTableOddCol-default">CBRE</td> <td class="ms-rteTableEvenCol-default">Cushman & Wakefield<br />Jones Lang LaSalle</td></tr> <tr class="ms-rteTableOddRow-default ms-rteFontSize-1"><th class="ms-rteTableFirstCol-default">Industrial Agency Team of the Year</th> <td class="ms-rteTableOddCol-default">CBRE</td> <td class="ms-rteTableEvenCol-default">Cushman & Wakefield</td></tr> <tr class="ms-rteTableEvenRow-default ms-rteFontSize-1"><th class="ms-rteTableFirstCol-default">Project Management Team of the Year</th> <td class="ms-rteTableOddCol-default">CBRE</td> <td class="ms-rteTableEvenCol-default">Cushman & Wakefield<br />Hong Kong Housing Authority</td></tr> <tr class="ms-rteTableOddRow-default ms-rteFontSize-1"><th class="ms-rteTableFirstCol-default">Best Deal of the Year</th> <td class="ms-rteTableOddCol-default">CBRE</td> <td class="ms-rteTableEvenCol-default">Colliers International<br />Cushman & Wakefield</td></tr> <tr class="ms-rteTableEvenRow-default ms-rteFontSize-1"><th class="ms-rteTableFirstCol-default">Contribution to the Community Team of the Year</th> <td class="ms-rteTableOddCol-default">CBRE</td> <td class="ms-rteTableEvenCol-default">Wheelock Properties<br />Kwong Wah and Wong Tai Sin Hospitals</td></tr> <tr class="ms-rteTableOddRow-default ms-rteFontSize-1"><th class="ms-rteTableFirstCol-default">Residential Agency Team of the Year</th> <td class="ms-rteTableOddCol-default">Knight Frank</td> <td class="ms-rteTableEvenCol-default">-</td></tr> <tr class="ms-rteTableEvenRow-default ms-rteFontSize-1"><th class="ms-rteTableFirstCol-default">Property Management Team of the Year</th> <td class="ms-rteTableOddCol-default">Kai Shing Management<br />Services</td> <td class="ms-rteTableEvenCol-default">ISS Eastpoint Property Management<br />Jones Lang LaSalle</td></tr> <tr class="ms-rteTableOddRow-default ms-rteFontSize-1"><th class="ms-rteTableFirstCol-default">Best Project Team of the Year</th> <td class="ms-rteTableOddCol-default">Rider Levett Bucknall</td> <td class="ms-rteTableEvenCol-default">-</td></tr> <tr class="ms-rteTableEvenRow-default ms-rteFontSize-1"><th class="ms-rteTableFirstCol-default">Young Achiever of the Year</th> <td class="ms-rteTableOddCol-default">Reeves Yan of Colliers</td> <td class="ms-rteTableEvenCol-default">Michelle Chiu of Jones Lang LaSalle<br />Dr. Connie Hung of Knight Frank</td></tr> <tr class="ms-rteTableFooterRow-default"><th class="ms-rteTableFooterFirstCol-default ms-rteFontSize-1">HK Property Person of the Year</th> <td class="ms-rteTableFooterOddCol-default ms-rteFontSize-1">Nicholas Brooke<br />Professional Property<br />Services Group</td> <td class="ms-rteTableFooterEvenCol-default"></td></tr></tbody></table> <p class="ms-rteElement-P">The RICS Hong Kong Awards recognizes the contribution and outstanding performance of real estate agencies, teams and individuals in the industry in Hong Kong. The 2013 Awards followed the successful launch in 2012, and aim to promote the talents and team spirit of surveyors, property developers, cost consultants, project managers and planners.</p> <p class="ms-rteElement-P">Commenting on CBRE‟s achievements, Mr. Craig Shute, Senior Managing Director of CBRE for Hong Kong, Macau and Taiwan, said: ”This unrivaled recognition from the RICS, clients and industry peers demonstrates that CBRE walks the talk. Thanks to our peoples’ dedication, professionalism and daily commitment to innovation and excellence on behalf of our clients, these awards recognize CBRE as the top commercial real estate services firm in Hong Kong.”</p> <p class="ms-rteElement-P">Mr Shute continued:</p> <p class="ms-rteElement-P">“We are particularly pleased with CBRE’s recognition as the Contribution to the Community Team of the Year. Our commitment to the Hong Kong community in which we have served since 1978 is demonstrated through the priority we place on sustainability, charitable and philanthropic endeavors, and an emphasis on diversity, inclusion and community.”</p> <p style="text-align:center">– End – </p> <p>Notes to editor:<br />Further information and supporting videos available for use <br /><a href="/RICSHongKong2013">www.cbre.com/RICSHongKong2013</a></p> <p><br /><strong>Office Services Team of the Year</strong><br />CBRE‟s large and experienced team has 50 dedicated office services professionals based across Hong Kong Island and Kowloon offering a wide range of services to assist clients formulate well-informed decisions that add tangible value to their real estate portfolios and positively affect business operations.<br /><br />Team Leader –<strong> Rhodri James Executive Director, CBRE Office Services </strong>- - +852 28202883 <a href="mailto:rhodri.james@cbre.com.hk">rhodri.james@cbre.com.hk</a></p> <p><strong>Industrial Agency Team of the Year</strong><br />CBRE‟s Industrial & Logistics Services Team has continued to lead from the front within this important Hong Kong real estate sector covering the full spectrum of industrial requirementsfor clients with a focus on warehouse leasing. An innovative approach to satisfy client needs is critical in Hong Kong where the difficulty to find suitable, low cost industrial land and property is proving the biggest obstacle.<br /><br />Team Leader – <strong>Darren Benson Senior Director, CBRE Industrial & Logistics Services </strong>- +852 29895173 <a href="mailto:darren.benson@cbre.com.hk">darren.benson@cbre.com.hk</a><br /><br /><strong>Retail Agency Team of the Year</strong><br />2012 saw a strong performance from CBRE Retail. The success of the year and what sets them apart from other traditionally more acclaimed industry competitors in Hong Kong was the stand-out performance of the Government-backed “Domain” shopping centre project in Yau Tong. This has been an extraordinary retail project in which CBRE did a „mission impossible‟ in this traditional residential area that very few retailers had previously shown interest in.<br /><br />Team Leader – <strong>Joe Lin Senior Director, CBRE Retail Services </strong>- - +852 28202860<br /><a href="mailto:joe.lin@cbre.com.hk">joe.lin@cbre.com.hk</a><br /><br /><strong>Project Management Team of the Year</strong><br />The CBRE Project Management team in Hong Kong is widely recognized by the corporate fit-out industry. The team encompasses professionals including Architects, Engineers, Building Services Professionals and even legal background, bringing together extensive experiences and expertise. The CBRE Project Management team covers a full spectrum of services including with fit-outs of commercial offices for financial institutions, legal industry, insurance, advertising and media firms, as well as the retail sector.<br /><br />Team Leader –<strong> Paul Dingley Executive Director, CBRE Project Management </strong>- - +852 28206586 <a href="mailto:paul.dingley@cbre.com.hk">paul.dingley@cbre.com.hk</a><br /><br /><strong>Deal of the Year</strong><br />CBRE was recognized for part it played in the relocation and consolidation into Gloucester Tower of King & Wood Mallesons, the only international law firm headquartered in Hong Kong.<br /><br />Deal Team Leader –<strong> Ryan Jones Executive Director, CBRE Office Services </strong>- +852 28202954 <a href="mailto:ryan.jones@cbre.com.hk">ryan.jones@cbre.com.hk</a></p> <p><span style="text-decoration:underline">About CBRE Group, Inc.</span><br style="text-decoration:underline" />CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world‟s largest commercial real estate services firm (in terms of 2012 revenue). The Company has approximately 34,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our Web site at <a href="/">www.cbre.com</a>.</p>
Double Victory for CBRE at Real Estate Institute of Australia Awards
<p class="ms-rteElement-P"><span><strong>Sydney, 15 March 2013</strong>- </span><span>CBRE has scooped two of the key commercial awards at the 2013 REIA National Awards for Excellence.</span><span> </span></p> <p class="ms-rteElement-P"><span>CBRE Hotels Senior Director Wayne Bunz was named Commercial Salesperson of the Year while Kim Knox, General Manager of Brisbane’s landmark Riparian Plaza tower, was recognised as Commercial Property Manager of the Year.</span><span> </span></p> <p class="ms-rteElement-P"><span>The REIA awards recognise achievement and innovation in all fields of real estate practice.</span><span> </span></p> <p class="ms-rteElement-P"><span>It is the second year in a row that CBRE has been awarded the Commercial Salesperson and Commercial Property Manager titles.</span><span> </span></p> <p class="ms-rteElement-P"><span>CBRE President & CEO, Australia & New Zealand, Tom Southern said the awards were fitting recognition for Wayne and Kim’s achievements and commitment to delivering the highest level of service to clients.</span><span> </span></p> <p class="ms-rteElement-P"><span>Mr Bunz leads the Queensland brokerage division for CBR Hotels. He has over 30 years hotel industry experience having trained with the International Hyatt Hotel Group before moving into real estate.</span><span> </span></p> <p class="ms-rteElement-P"><span>Throughout Wayne’s career he has finalised transactions in excess of AU$1.5 billion and last year he was responsible for some of the country’s leading tourism transactions including the sales of Lennon Plaza in Brisbane and Novotel St Kilda in Melbourne as well as Dunk, Bedarra and Lindeman islands.</span><span> </span></p> <p class="ms-rteElement-P"><span>He is currently steering the campaign for one of Australia’s most recognisable tourism assets- Daydream Island in the Whitsundays. </span><span><span> </span></span></p> <p class="ms-rteElement-P"><span>CBRE’s other award winner Kim Knox, General Manager of the landmark Riparian Plaza tower in Brisbane. She is also a Director of CBRE’s Global Premier Properties Group and an executive committee member of the Brisbane Big City BBQ, an event which has raised circa $550,000 for Brisbane charities over the past seven years.</span><span> </span></p> <p class="ms-rteElement-P"><span>CBRE’s Senior Managing Director, Queensland, Bruce Baker said; “This award recognises Kim’s passion and commitment to the property, tenants, owners and her team and is fitting recognition for her achievements in the field of property management and her contributions to the industry.”</span></p> <p class="ms-rteElement-P"><span>For Australian/international news or global stories, follow us on Twitter: @cbreAustralia</span><span lang="EN-GB"><span> </span></span><span lang="EN-GB"></span></p> <p class="ms-rteElement-P"><span style="text-decoration:underline">About CBRE Group,Inc.<br /></span><span>CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services firm (in terms of 2011 revenue).<span> </span>The Company has approximately 34,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our Web site at <a href="/"><span>www.cbre.com</span></a>.</span></p>
CBRE Group, Inc. Announces Completion Of Offering of $800 Million of 5.00% Senior Unsecured Notes Due 2023
<p class="ms-rteElement-P"><span><strong>Los Angeles, CA—March 14, 2013</strong>—CBRE Group, Inc. (NYSE:CBG) today announced the completion of the offering of $800 million in aggregate principal amount of 5.00% Senior Notes due 2023 (the “Notes”). The Notes have an interest rate of 5.00% per annum and were issued at a price equal to 100% of their face value. The Notes were issued by the Company’s wholly-owned subsidiary, CBRE Services, Inc., and guaranteed by the Company and its subsidiaries that guarantee its senior secured credit facility, on a full and unconditional basis. </span></p> <p class="ms-rteElement-P"><span>The Company estimates that the net proceeds from the offering will be approximately $785.2 million, after deducting the underwriters’ discounts and estimated offering expenses. The Company intends to use the net proceeds from such offering of the Notes to repay a portion of its outstanding indebtedness under its senior secured credit facilities. </span><span> </span></p> <p class="ms-rteElement-P"><span>BofA Merrill Lynch, J.P. Morgan, Credit Suisse, Wells Fargo Securities, HSBC, Scotiabank, Barclays Capital and RBS acted</span><span> as joint book-running managers for the offering of the Notes. The offering of the Notes was made only by means of a prospectus supplement and accompanying base prospectus, which may be obtained for free by visiting EDGAR on the SEC’s website at www.sec.gov.<span> </span>Alternatively, copies may be obtained </span><span>from: BofA Merrill Lynch, 222 Broadway, 11th Floor, New York, NY 10038, Attention: Prospectus Department, or email: <a href="mailto:dg.prospectus_requests@baml.com">dg.prospectus_requests@baml.com</a>.</span></p> <p class="ms-rteElement-P"><span>This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the Notes, in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.</span><span> </span></p> <p class="ms-rteElement-P"><span><strong>“Safe Harbor” Statement Under the Private Securities Litigation Reform Act of 1995</strong>: </span><span>This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements include, but are not limited to, statements related to the offering of the Notes and the anticipated use of proceeds therefrom. These forward-looking statements involve known and unknown risks, uncertainties and other factors discussed in the Company’s filings with the Securities and Exchange Commission (the “SEC”). Any forward-looking statements speak only as of the date of the press releases and, except to the extent required by applicable securities laws, the Company expressly disclaims any obligation to update or revise any of them to reflect actual results, any changes in expectations or any change in events. If the Company does update one or more forward-looking statements, no inference should be drawn that it will make additional updates with respect to those or other forward-looking statements. For additional information concerning risks, uncertainties and other factors that may cause actual results to differ from those anticipated in the forward-looking statements, and risks to the Company’s business in general, please refer to the Company’s SEC filings, including its Annual Report on Form 10-K for the fiscal year ended December 31, 2012.</span></p>
CBRE Group, Inc. Announces Pricing of $800 Million of 5.00% Senior Unsecured Notes Due 2023
<p class="ms-rteElement-P"><strong>Los Angeles, CA—March 11, 2013</strong>—CBRE Group, Inc. (NYSE:CBG) today announced the pricing of its offering of $800 million in aggregate principal amount of 5.00% senior notes due 2023 (the “Notes”). The Notes will have an interest rate of 5.00% per annum and are being issued at a price equal to 100% of their face value. The Notes will be issued by the Company’s wholly-owned subsidiary, CBRE Services, Inc., and guaranteed by the Company and the subsidiaries that guarantee its senior secured credit facility, on a full and unconditional basis.</p> <p class="ms-rteElement-P">The Company estimates that the net proceeds from the offering will be approximately $785.2 million, after deducting the underwriters’ discounts and estimated offering expenses. The Company intends to use the net proceeds from such offering of the Notes to repay a portion of its outstanding indebtedness under its senior secured credit facilities.</p> <p class="ms-rteElement-P">BofA Merrill Lynch, J.P. Morgan, Credit Suisse, Wells Fargo Securities, HSBC, Scotiabank, Barclays Capital and RBS are acting as joint book-running managers for the offering of the Notes. </p> <p class="ms-rteElement-P">The Notes are being offered pursuant to an effective shelf registration statement that the Company previously filed with the Securities and Exchange Commission (the “SEC”). The offering of the Notes will be made only by means of a prospectus supplement and accompanying base prospectus, which may be obtained for free by visiting EDGAR on the SEC’s website at www.sec.gov. Alternatively, copies may be obtained from: BofA Merrill Lynch, 222 Broadway, 11th Floor, New York, NY 10038, Attention: Prospectus Department, or email: <a href="mailto:dg.prospectus_requests@baml.com">dg.prospectus_requests@baml.com</a>.</p> <p class="ms-rteElement-P">This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the Notes, in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. </p> <p class="ms-rteElement-P"><span style="text-decoration:underline">Forward-Looking Statements</span><br style="text-decoration:underline" />This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements include, but are not limited to, statements related to the offering of the Notes and the anticipated use of proceeds therefrom. These forward-looking statements involve known and unknown risks, uncertainties and other factors discussed in CBRE Group, Inc.’s filings with the SEC. Any forward-looking statements speak only as of the date of this press release and, except to the extent required by applicable securities laws, CBRE Group, Inc. expressly disclaims any obligation to update or revise any of them to reflect actual results, any changes in expectations or any change in events. If CBRE Group, Inc. does update one or more forward-looking statements, no inference should be drawn that it will make additional updates with respect to those or other forward-looking statements. For additional information concerning risks, uncertainties and other factors that may cause actual results to differ from those anticipated in the forward-looking statements, and risks to CBRE Group Inc.’s business in general, please refer to its SEC filings, including its Annual Report on Form 10-K for the fiscal year ended December 31, 2012.</p>
CBRE Group Inc. Captures Top Honors in Fortune and Lipsey Surveys
<p class="ms-rteElement-P"><span><strong>Los Angeles – March 8, 2013</strong></span><span><strong> </strong>– CBRE Group, Inc. (NYSE:CBG) was the highest-ranked commercial real estate services and investment company in Fortune’s annual Most Admired Companies list for the third consecutive year and the number one commercial real estate brand in Lipsey Company’s annual brand survey for the 12th consecutive year. These accolades underscore CBRE’s position as the commercial real estate industry’s leading services and investment firm. </span></p> <p class="ms-rteElement-P"><span>“CBRE’s inclusion in Fortune’s Most Admired Companies list and our top ranking in the Lipsey survey reflect the trust that our clients place in us to deliver exceptional service and innovative solutions every day,” said Robert Sulentic, president and chief executive officer of CBRE. </span></p> <p class="ms-rteElement-P"><span>The Fortune Most Admired program, one of the most definitive report cards on corporate reputation, rates companies on a host of attributes related to corporate performance. CBRE scored particularly well in quality of services, innovation, global competitiveness and social responsibility among companies in the real estate sector. Drawing from a base of some 1400 companies, a total of 687 companies from 30 countries were surveyed by Fortune. Only companies that score in the top half of their industry survey were included in the Most Admired Companies roster. </span></p> <p class="ms-rteElement-P"><span>The Lipsey survey measures commercial real estate professionals’ perceptions of the industry’s leading brands. More than 100,000 U.S. and international professionals participated in the 2013 survey, including property owners, investors, lenders, occupiers, brokers and property managers. CBRE has been ranked number one every year that Lipsey, a training and professional development firm specializing in commercial real estate, has conducted its survey.</span></p> <p class="ms-rteElement-P"><span style="text-decoration:underline">About CBRE Group, Inc.<br /></span><span>CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2012 revenue).<span> </span>The Company has approximately 37,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at <a href="/">www.cbre.com</a>.</span></p>
CBRE To Partner With Rebuilding Together To Support The Mt. Calvary Youth Center And Food Pantry
<p class="ms-rteElement-P"><span><strong>Chicago, IL – March 7, 2013 </strong>–</span><span> CBRE, through its national corporate philanthropy program, CBRE Cares, will partner with national housing nonprofit Rebuilding Together to renovate the Mt. Calvary Youth Center and Food Pantry during its annual Women’s Networking Forum.</span></p> <p class="ms-rteElement-P"><span>On Monday, March 11, 2013, more than 260 CBRE volunteers, along with the local Rebuilding Together chapter, Rebuilding Together Metro Chicago, will provide much-needed upgrades to the youth center and food pantry. Members of the media are invited to attend the event beginning at 11:45 a.m. The Mt. Calvary Youth Center is located at </span><span>1850 W. Marquette Road.</span></p> <p class="ms-rteElement-P"><span>The Mt. Calvary Youth Center and Food Pantry is a grassroots effort to provide social services to families in the Englewood community. The food pantry serves 175 families each week, and a free meal is offered to anyone in the community every Sunday. A summer program also hosts more than 300 children ages two to 17.</span></p> <p class="ms-rteElement-P"><span>The volunteer projects at the facility will include painting; installing new flooring; assembling playground equipment; cleaning tile floors; light carpentry; and other initiatives.</span></p> <p class="ms-rteElement-P"><span>“We’re excited to once again work alongside Rebuilding Together in making vital improvements to the Mt. Calvary Youth Center and Food Pantry,” said Laura O’Brien, CBRE’s Global Director of Human Resources & Workplace. “This event, with more than 260 CBRE employees participating, clearly demonstrates CBRE’s commitment to volunteerism and service to the community, while providing a platform to help us further the ideals of our Women’s Network: mentoring, professional development and personal enrichment.”</span></p> <p class="ms-rteElement-P"><span>“Since 2010, CBRE Cares and its dedicated volunteers have been helping Rebuilding Together revitalize communities,” said John L. Fiegel, interim President and CEO of Rebuilding Together. “By renovating community centers like Mt. Calvary Youth Center and Food Pantry, we can ensure that our neighbors in need have full access to community resources.”</span></p> <p class="ms-rteElement-P"><span>To find out more about CBRE’s partnership with Rebuilding Together, visit <a href="/cbrecares">www.cbre.com/cbrecares</a>.<span> </span></span></p> <p class="ms-rteElement-P"><span><strong>About Rebuilding Together<br /></strong></span><span>Rebuilding Together is a Safe and Healthy Housing organization that believes Community Starts at Home. Our focus provides critical repairs, accessibility modifications and energy efficient upgrades to low-income homes and community centers at no cost to service recipients. Our impact extends beyond the individuals served to revitalize and stabilize vulnerable neighborhoods and communities across the country. Our 200 local affiliates complete 10,000 rebuild projects a year thanks to the efforts of nearly 200,000 volunteers from corporate partners, skilled trade professionals and everyday good citizens. Join us — visit <a href="http://www.rebuildingtogether.org/">www.RebuildingTogether.org</a>.</span></p> <p class="ms-rteElement-P"><span style="text-decoration:underline">About CBRE Group, Inc.<br /></span><span>CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2012 revenue).<span> </span>The Company has approximately 37,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at <a href="/">www.cbre.com</a>.</span></p>
CBRE to Hold 13th Annual Women's Networking Forum
<p><strong>Chicago, IL – March 6, 2013</strong> – More than 400 professionals from the U.S., Canada and Latin America will come together in Chicago next week for CBRE Group Inc.’s (CBRE) 13th annual Women’s Networking Forum. The 2013 conference, “Innovation – Becoming Better by Doing Things Differently,” is expected to be the largest in the CBRE Women’s Network’s history and will feature presentations from the company’s executives and external business leaders; professional-development workshops and networking events; and a major community service project.</p> <p>“We look to build on the success of previous years with our 13th annual Forum,” said Lisa Konieczka, an Executive Vice President in CBRE’s Chicago office and Chair of the Company’s Women’s Network. “We are thrilled so many of our colleagues are able to join us in Chicago.”</p> <p>CBRE’s Women’s Network was formed in 2000 and has grown exponentially over the last 13 years to its current membership of more than 1,400 CBRE professionals. The network operates with an inclusive philosophy of “By Women, For Everyone.” Its main initiatives are guided by three primary offerings, networking, professional development and personal enrichment.</p> <p>Robert E. Sulentic, President & Chief Executive Officer, CBRE Group, Inc., said, “The Women’s Network Forum is representative of our commitment to diversity across the globe and our pursuit to make CBRE the best place to work, not just for women, but for everyone. The Women’s Network has been a significant contributor to CBRE’s success, and, as important, a major leader in the commercial real estate industry.”</p> <p>In conjunction with the conference, more than 260 CBRE volunteers will join housing nonprofit Rebuilding Together to refurbish the Mt. Calvary Youth Center and Food Pantry, a grassroots effort to provide social services to families in the Englewood community, serving 175 families each week. Activities will include painting and cleaning the facilities, removing and installing carpeting, assembling playground equipment and other initiatives.</p> <p><span style="text-decoration:underline">About CBRE Group, Inc.</span><br />CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2012 revenue). The Company has approximately 37,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com</p>
EPA Recognizes CBRE with 2013 ENERGY STAR Partner of the Year
<p class="ms-rteElement-P"><span><strong>Los Angeles, CA – March 5, 2013</strong> –</span><span> The U.S. Environmental Protection Agency (EPA) has awarded CBRE Group, Inc. (CBRE) a 2013 ENERGY STAR® Sustained Excellence Award in recognition of its continued leadership in protecting the environment through energy efficiency. This marks the sixth consecutive year that CBRE has been recognized for ENERGY STAR® performance.</span><span> </span></p> <p class="ms-rteElement-P"><span>The 2013 Sustained Excellence Awards are given to a select group of organizations that have exhibited outstanding leadership year after year. These winners have reduced greenhouse gas emissions by setting and meeting aggressive goals, employing innovative approaches and demonstrating achievement in energy efficiency. These awards recognize ongoing leadership across the ENERGY STAR program, including energy-efficient products, services, new homes and buildings in the commercial, industrial and public sectors. Award winners are selected from approximately 20,000 organizations that participate in the ENERGY STAR program.</span><span> </span></p> <p class="ms-rteElement-P"><span>CBRE will be recognized at an awards ceremony in Washington, D.C., on March 26, 2013. At this ceremony, CBRE will be honored for its long-term commitment to energy efficiency. The Company assists owners and occupiers with energy efficiency programs at properties it manages around the world. In 2007, the Company mandated that all office buildings over 50,000 square feet managed by its U.S. Asset Services Group be registered with ENERGY STAR. Today, nearly 1,400 CBRE-managed buildings, or 259 million square feet, are participating in the program, significantly more than any other third-party management firm. </span><span> </span></p> <p class="ms-rteElement-P"><span>“We are pleased to again be recognized for our employees’ and clients’ longstanding efforts in sustainability,” said Larry Midler, Executive Vice President and executive sponsor of CBRE’s Corporate Responsibility and Sustainability programs. “As a core component of CBRE’s environmental efforts on behalf of clients for whom we manage space, EPA’s ENERGY STAR program provides a foundation for CBRE to improve workplace quality across the U.S.”</span><span> </span></p> <p class="ms-rteElement-P"><span>CBRE offers a wide range of sustainability initiatives under its Environmental Sustainability program, which includes global commitments in 11 key areas of environmentally sound performance, including resource management, occupancy, communications and training, public policy and procurement. The program provides best practices and initiatives that strengthen CBRE’s own environmental commitment, reflect the best environmental practices in our clients’ properties, and provide vital training and education to CBRE professionals. </span><span> </span></p> <p class="ms-rteElement-P"><span>Nearly 500 CBRE professionals globally have earned LEED® Professional Credentials and CBRE currently manages more than 200 buildings certified under the U.S. Green Building Council’s LEED for Existing Buildings rating system, the internationally accepted benchmark for the design, construction and operation of high-performance green buildings. </span><span> </span></p> <p class="ms-rteElement-P"><span style="text-decoration:underline">About CBRE Group, Inc.<br /></span><span>CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2012 revenue).<span> </span>The Company has approximately 37,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at <a href="/">www.cbre.com</a>.</span> </p> <p class="ms-rteElement-P"><span><strong>About ENERGY STAR</strong><br /></span><span>ENERGY STAR was introduced by the U.S. Environmental Protection Agency in 1992 as a voluntary market-based partnership to reduce greenhouse gas emissions through increased energy efficiency. Today, ENERGY STAR offers businesses and consumers energy-efficient solutions to save energy, money, and help protect the environment for future generations. Nearly 20,000 organizations are ENERGY STAR partners committed to improving the energy efficiency of products, homes, and buildings. For more information about ENERGY STAR, visit <a href="http://www.energystar.gov/">www.energystar.gov</a> or call toll-free 1-888-STAR-YES (1-888-782-7937).</span></p>
CBRE Leads Global Investment Sales Activity In 2012
<p class="ms-rteElement-P"><span><strong>Los Angeles – March 4, 2013</strong></span><span><strong> </strong>– CBRE Group, Inc. (CBRE) was the No. 1 firm for commercial property investment sales throughout the world during 2012, according to Real Capital Analytics (RCA).</span> <span>In addition, CBRE performance in United States last year marked the 7th consecutive year that the Company has claimed the top spot in U.S. investment sales according to RCA.</span> <span> </span></p> <p class="ms-rteElement-P"><span>On a global basis, RCA credited CBRE with a 20.1% market share* across all property types in 2012. The Company held the top spot in office, industrial, retail, multi-housing and land sales in RCA’s global rankings. </span><span> </span></p> <p class="ms-rteElement-P"><span>“Across every market and property type, CBRE’s best-in-class professionals combine with the industry’s most powerful platform to deliver exceptional results for our clients,” said Chris Ludeman, President of CBRE Capital Markets. </span><span> </span></p> <p class="ms-rteElement-P"><span><strong>Highlights from RCA’s 2012 rankings include</strong>:</span><span> </span></p> <ul type="disc"><li><p class="ms-rteElement-P"><span>CBRE was the top firm in office sales with a global market share of 19.4%. </span><span> </span></p></li> <li><p class="ms-rteElement-P"><span>CBRE was the world’s top firm in industrial sales, with a market share of 29.1%, nearly twice that of the nearest competitor.</span> <span> </span></p></li> <li><p class="ms-rteElement-P"><span>CBRE’s 23.5% global market share for apartment sales was two and a half times that of the nearest competitor.</span><span> </span></p></li> <li><p class="ms-rteElement-P"><span>CBRE’s recorded the highest global market share in the retail sector at 15.3%.</span><span> </span></p></li> <li><p class="ms-rteElement-P"><span>CBRE’s sales of land for development garnered a global market share of 17.3%.</span><span> </span></p></li></ul> <p class="ms-rteElement-P"><span>* Market Share based on dollar value of transactions where CBRE represented the seller divided by the total market sales volume of brokered transactions. Information presented by RCA has been compiled from sources believed to be reliable.</span><span><span> </span></span></p> <p class="ms-rteElement-P"><span style="text-decoration:underline">About CBRE Group, Inc.<br /></span><span>CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2012 revenue).<span> </span>The Company has approximately 37,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at <a href="/">www.cbre.com</a> .</span></p>
CBRE Group, Inc. Announces Potential Offering of Senior Notes
<p class="ms-rteElement-P"><strong>Los Angeles, CA—March 4, 2013</strong>—CBRE Group, Inc. (NYSE:CBG) today announced that it intends to offer up to $800 million in aggregate principal amount of senior notes, subject to market and other conditions (the “Notes”). The Notes are expected to be issued by the Company’s wholly-owned subsidiary, CBRE Services, Inc., and guaranteed by the Company and the subsidiaries that guarantee its senior secured credit facility on a full and unconditional basis. </p> <p class="ms-rteElement-P">The Company intends to use the net proceeds from such offering of the Notes for general corporate purposes, including the repayment of a portion of its outstanding debt. </p> <p class="ms-rteElement-P">The Notes will be offered pursuant to an effective shelf registration statement that the Company previously filed with the Securities and Exchange Commission (the “SEC”). The offering of the Notes will be made only by means of a prospectus supplement and accompanying base prospectus. </p> <p class="ms-rteElement-P">This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the Notes, in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. </p> <p class="ms-rteElement-P">“Safe Harbor” Statement Under the Private Securities Litigation Reform Act of 1995: This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements include, but are not limited to, statements related to the offering of the Notes and the anticipated use of proceeds therefrom. These forward-looking statements involve known and unknown risks, uncertainties and other factors discussed in CBRE Group, Inc.’s filings with the SEC. Any forward-looking statements speak only as of the date of this press release and, except to the extent required by applicable securities laws, CBRE Group, Inc. expressly disclaims any obligation to update or revise any of them to reflect actual results, any changes in expectations or any change in events. If CBRE Group, Inc. does update one or more forward-looking statements, no inference should be drawn that it will make additional updates with respect to those or other forward-looking statements. For additional information concerning risks, uncertainties and other factors that may cause actual results to differ from those anticipated in the forward-looking statements, and risks to CBRE Group Inc.’s business in general, please refer to its SEC filings, including its Annual Report on Form 10-K for the fiscal year ended December 31, 2012. </p> <div> </div>
CBRE Group, Inc. Announces New Senior Secured Credit Facilities Proposal
<p class="ms-rteElement-P"><strong>Los Angeles, CA—March 4, 2013</strong>—CBRE Group, Inc. (NYSE:CBG) today announced that it is in discussions with its lenders about the potential to refinance the term loan debt outstanding under its credit agreement and to amend its credit agreement. The Company expects that, after such refinancing, it would have approximately $715 million of term loans outstanding under its amended credit agreement. In connection with the refinancing and the amendment, the Company is targeting secured revolving credit facilities in an aggregate principal amount of approximately $1.0 billion. </p> <p class="ms-rteElement-P">“Safe Harbor” Statement Under the Private Securities Litigation Reform Act of 1995: This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements include, but are not limited to, statements related to the new senior secured credit facilities proposal. These forward-looking statements involve known and unknown risks, uncertainties and other factors discussed in CBRE Group, Inc.’s filings with the Securities and Exchange Commission (the “SEC”). Any forward-looking statements speak only as of the date of this press release and, except to the extent required by applicable securities laws, CBRE Group, Inc. expressly disclaims any obligation to update or revise any of them to reflect actual results, any changes in expectations or any change in events. If CBRE Group, Inc. does update one or more forward-looking statements, no inference should be drawn that it will make additional updates with respect to those or other forward-looking statements. For additional information concerning risks, uncertainties and other factors that may cause actual results to differ from those anticipated in the forward-looking statements, and risks to CBRE Group Inc.’s business in general, please refer to its SEC filings, including its Annual Report on Form 10-K for the fiscal year ended December 31, 2012. </p> <div> </div>
CBRE Sees Domestic Energy Production Boom Enhancing Office Investment opportunities
<p><strong>Los Angeles, February 20, 2013</strong> – The increase in domestic energy exploration and production will spur office investment opportunities in U.S. markets like Dallas, Pittsburgh and Oklahoma City; the transformation of the supply chain by e-commerce will accelerate changes in distribution facilities and locations; and an aging population will significantly drive apartment rental demand during this decade. Those are among the key real estate trends that CBRE has identified in a new report, “13 Trends for 2013.”</p> <p>The CBRE report notes that most of the top energy markets in the U.S. are seeing employment growth, particularly in office-using sectors. These markets, including Dallas, Oklahoma City and Pittsburgh, offer opportunities for investors willing to venture outside of traditional gateway markets, with office valuations well below the national average.</p> <p>2013 will also be a year during which companies will move goods from their store shelves back to warehouses at an increasing rate. As this trend expands, the nation’s supply chain will be transformed, significantly affecting industrial and retail real estate. Distribution markets where the share of distribution-specific stock is greater than the national average, such as Dallas and Riverside, are at the center of the nation’s supply chain because they have the right mix of infrastructure to justify the construction of large intermodal distribution facilities.</p> <p>Wider availability of affordable, longer-term rental opportunities for senior citizens could help unlock more demand for multi-housing properties and lead to higher rents. Multi-housing investors and developers should not underestimate the potential contribution of an aging population to future growth in rental demand. Growth in the population aged 65 and above is so strong that even with a traditionally high homeownership rate, the group is likely to contribute more to net growth in rental demand during this decade than households under the age of 35.</p> <p>“While the slow but steady economic recovery portends positive trends for the U.S. commercial real estate market, owners, occupiers and investors still need sharp insight to make the right decisions and ‘13 trends for 2013’ offers a practical, sector by sector, analysis,” said Jon Southard, Director of Forecasting, CBRE Econometric Advisors.</p> <p>According to CBRE other key trends for 2013 are:</p> <ul><li>Cap rates will remain relatively unchanged in 2013, as a result of loose Fed monetary policy, the continuing recovery in both debt availability and real estate fundamentals, and stability in risk premiums.</li> <li>The outlook for manufacturing remains healthy as the U.S. economy continues to gain traction, with industrial production forecast to reach its pre-recession high by the end of 2013. Continued improvement in business and consumer demand will see more need for industrial space throughout the entire supply chain. Higher levels of production will drive manufacturing businesses to expand their access to warehouse space.</li> <li>The property pricing gap between suburban office assets and downtown properties will narrow. There are early signs that spreads are narrowing, first through near-term stabilization of cap rates in the suburbs, and then in later years through compression. During 2013 and 2014, investors will gradually increase their risk appetite and venture beyond cities’ central urban core.</li> </ul> <p>Note to editors/journalists: For a full copy of the report email <a href="mailto:robert.mcgrath@cbre.com">robert.mcgrath@cbre.com</a></p> <p><span style="text-decoration:underline">About CBRE Group, Inc.</span><br />CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2012 revenue). The Company has approximately 37,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.</p>
IAOP Names CBRE Group for Eighth Time
<p class="ms-rteElement-P"><span><strong>Los Angeles – February 19, 2013</strong> –</span><span> </span><span>The International Association of Outsourcing Professionals (IAOP) has named CBRE Group, Inc. (CBRE) to the 2013 Global Outsourcing 100 list for the eighth straight year. The list recognizes the world’s best outsourcing service providers across all industries, and is based on applications received and evaluated by an independent panel of judges organized by IAOP</span><span> </span></p> <p class="ms-rteElement-P"><span>CBRE is the real estate industry’s premier provider of corporate and institutional services </span><span>globally. CBRE offers an unrivaled suite of strategic outsourcing services including transaction and portfolio services, facilities management, consulting services, project management, property management, development services, capital markets solutions, and more. </span></p> <p class="ms-rteElement-P"><span> “Ever since the inception of real estate outsourcing more than two decades ago, CBRE has continuously strived for industry excellence among its peers and clients,” said Bill Concannon, CEO of Global Corporate Services for</span><a name="OLE_LINK2"><span><span> </span></span></a><span>CBRE. “To be recognized each year by IAOP as a leader within the broader outsourcing field is a testament to the thousands of CBRE professionals providing exceptional real estate and facilities outsourcing services to our clients every day.”</span> </p> <p class="ms-rteElement-P"><span>"As 2013 begins to see moderate growth in the economy, choosing the right outsourcing partners will be more important than ever," said IAOP Chairman Michael Corbett. “The Global Outsourcing 100 and the World’s Best Outsourcing Advisors lists help companies easily identify partners like CBRE that will help them emerge as leaders."</span> </p> <p class="ms-rteElement-P"><span style="text-decoration:underline">About CBRE Group, Inc.</span><br style="text-decoration:underline" /><span>CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2012 revenue).<span> </span>The Company has approximately 37,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com. </span> </p> <p class="ms-rteElement-P"><strong>About IAOP</strong><br /><span>The International Association of Outsourcing Professionals® (IAOP®) is the global, standard-setting organization and advocate for the outsourcing profession. With more than 120,000 members and affiliates worldwide, IAOP helps companies increase their outsourcing success rate, improve their outsourcing ROI, and expand the opportunities for outsourcing across their businesses. To learn more, visit <a href="http://www.iaop.org/">http://www.IAOP.org</a>.</span></p>
Global Office Real Estate Values/Rents Resilient Despite Economic Uncertainty
<p class="ms-rteElement-P"><span><strong>Los Angeles,</strong></span><span><strong> February 13, 2013 </strong>–</span> <span>Global office real estate values and rents remained steady in Q4 2012, according to CBRE Group, Inc.<span> </span>The CBRE Global Office Capital Value Index rose slightly with a gain of 0.6% for Q4, while the CBRE Global Office Rent Index also edged up in Q4, rising 0.3%.</span><span> </span></p> <p class="ms-rteElement-P"><span>Property value and rent growth continued in the Americas, balancing flat performance and modest declines in the EMEA and Asia Pacific markets.</span><span><span> <br /></span></span></p> <p class="ms-rteElement-P"><span>“Considering the degree of uncertainty and caution permeating the global economy through the end of 2012, the performance of commercial real estate assets has been resilient. Fundamentals in absorption, occupancies and rents have seen gradual improvements while new supply is scarce, a dynamic which has maintained and improved the leasing market. Strong occupier and investor demand for prime space in the most desirable locations has played a significant role in the ongoing commercial real estate recovery as well,” said Dr. Raymond Torto, CBRE Global Chief Economist.<br /></span><span> </span></p> <p class="ms-rteElement-P"><span><strong>CBRE Global Capital Value Indices</strong> </span><span> </span></p> <ul><li><p class="ms-rteElement-P"><span>The CBRE Office Capital Value Index registered 146.1, up 0.6% on the quarter and 1.9% year-over-year. The plateau reached in the Index can be attributed to regional differences with strength in the Americas counterbalanced by weaker performance elsewhere in the world.<br /></span></p></li> <li><p class="ms-rteElement-P"><span>The CBRE Capital Index for the Americas (dominated by the US region) noticeably outpaced EMEA and Asia Pacific. On an annual basis the Americas Office Capital Value Index stands a 6.1% above where it was last year. That index grew, on average, by 150 basis points (bps) a quarter in 2012.<br /></span></p></li> <li><p class="ms-rteElement-P"><span>EMEA’s Office Capital Value Index stayed steady in Q4 at 112.8. On average, the EMEA index declined 45 bps a quarter in 2012 and is 1.8% lower than a year ago.<br /></span></p></li> <li><p class="ms-rteElement-P"><span>While the Asia Pacific Office Capital Value Index fell slightly (6 bps) for the first time in 12 quarters, to 217.1, it remains the only regional index to have surpassed its pre-recession peak by 3.5%.</span> </p></li></ul> <p class="ms-rteElement-P"><p class="ms-rteElement-P"><span><div><img src="https://authus.cbre.com/AssetLibrary/Global-Office-Capital-Value-Index1.gif" alt="" /></div></span> </p> </p> <p class="ms-rteElement-P"> </p> <p class="ms-rteElement-P"><span><strong>CBRE Global Office Rent Indices</strong> </span> </p> <ul><li><p class="ms-rteElement-P"><span>The Americas Office Rent Index rose by 1.6% in Q4 and has risen 4.0% relative to Q4 2011.</span> <span>This performance reflects the slow, steady recovery across the region, particularly the US.<span> </span></span> </p></li> <li><p class="ms-rteElement-P"><span>In the U.S., technology, energy and healthcare industries have driven leasing demand across the South and West portions of the US, including energy markets such as Houston; technology markets such as San Francisco, Seattle, and San Jose; and healthcare/biotech markets such as Austin and Boston.<br /></span> </p></li> <li><p class="ms-rteElement-P"><span>The Asia Pacific’s Rent Index fell for the second consecutive quarter, dropping by [14] bps in Q4. 2012’s annual drop of 0.3% was the first annual decline since 2010. Leasing activity throughout Asia Pacific slowed substantially; with the exception of a select few markets such as Tokyo and Seoul where large volumes of new supply have prompted occupiers to upgrade to higher quality buildings. </span> </p></li> <li><p class="ms-rteElement-P"><span>The EMEA Office Rent Index also declined slightly for a second consecutive quarter, by 35 bps in Q4. EMEA’s Rent Index performance is clearly linked to the weak economic climate amidst the ongoing European sovereign debt challenges. While the immediate threat of a Euro zone breakup has subsided underlying structural changes and austerity programs are still to be formalized and implemented. <br /><br /><img src="https://authus.cbre.com/AssetLibrary/Global-Office-Rent-Index2.gif" alt="" /></span> <p class="ms-rteElement-P"><span><div>The CBRE Indices were created by CBRE Research. The Global Office Rent Ind<span>e</span><span>x</span><span> is comprised of data from 123 cities around the world. The Global Capital Value Index uses the same sample for EMEA and Asia Pacific, while the Americas data is derived from the National Council of Real Estate Investment Fiduciaries (NCREIF) and is not built up city by city the same way as is the rent index data. The base period for the indices is Q1 2001.</span><span> </span></div></span> </p></p> <p class="ms-rteElement-P"><span>To speak with a CBRE expert, please contact Robert McGrath (212.984.8267 or <a href="mailto:Robert.McGrath@cbre.com">Robert.McGrath@cbre.com</a>).</span> </p></li></ul> <p class="ms-rteElement-P"><span style="text-decoration:underline">About CBRE Group, Inc.<br /></span><span>CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2012 revenue).<span> </span>The Company has approximately 37,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at <a href="/">www.cbre.com</a> . </span> </p>
CBRE Group, Inc. Reports Adjusted Earnings per Share Growth Of 20% for the Fourth Quarter And 18% for the Full Year Of 2012
<p><strong>Los Angeles, CA – February 6, 2013</strong> - CBRE Group, Inc. (NYSE:CBG) today reported strong increases in revenue and earnings per share for the fourth quarter and year ended December 31, 2012. </p> <h3 class="ms-rteElement-H3">Fourth-Quarter 2012 Results</h3> <ul><li>Revenue for the quarter was $2.0 billion, up 14% from $1.8 billion in the fourth quarter of 2011.</li> <li>Excluding selected charges1, net income2 was $181.9 million, or $0.55 per diluted share, for the current quarter, up 22% and 20%, respectively, from $149.3 million, or $0.46 per diluted share, in the fourth quarter of 2011. For the current quarter, selected charges (net of income taxes), which primarily related to the acquisition of the ING REIM businesses (completed in 2011), totaled $8.9 million. For the same period in 2011, selected charges totaled $69.5 million.</li> <li>On a U.S. GAAP basis, net income was $173.0 million, or $0.53 per diluted share, for the fourth quarter of 2012, up 117% and 112%, respectively, from $79.8 million, or $0.25 per diluted share, for the prior-year fourth quarter.</li> <li>Excluding selected charges, Earnings Before Interest Taxes Depreciation and Amortization (EBITDA)3 increased 12% to $351.7 million for the fourth quarter of 2012 from $314.9 million a year earlier. EBITDA3 (including selected charges) was $345.7 million for the fourth quarter of 2012, an increase of 47% from $235.1 million for the same period last year. For the current quarter, selected charges were related to the aforementioned acquisition of the ING REIM businesses.</li> <li>Foreign currency translation did not have a significant impact on results in the current quarter.</li></ul> <h3 class="ms-rteElement-H3">Full-Year 2012 Results</h3> <ul><li>Revenue for full-year 2012 rose to $6.5 billion, an increase of 10% (12% in local currency) from $5.9 billion in 2011. The 2012 revenue was the highest ever reported by CBRE.</li> <li>Excluding selected charges, net income for 2012 was $399.4 million, or $1.22 per diluted share, up 19% and 18%, respectively, from $334.5 million, or $1.03 per diluted share in 2011. Selected charges (net of income taxes), which primarily related to the acquisition of the ING REIM businesses, cost containment expenses and the impairment of assets, totaled $83.8 million for full-year 2012 and $95.3 million for the same period in 2011.</li> <li>On a U.S. GAAP basis, net income was $315.6 million, or $0.97 per diluted share, for 2012, up 32% and 31%, respectively, from $239.2 million, or $0.74 per diluted share, for 2011.</li> <li>Excluding selected charges, EBITDA totaled $918.4 million for 2012, up 14% from $802.6 million a year earlier. EBITDA (including selected charges) rose 24% to $861.6 million for 2012, compared with $693.3 million for 2011. For 2012, selected charges were primarily related to the acquisition of the ING REIM businesses and cost containment expenses.</li></ul> <h3 class="ms-rteElement-H3">Management Commentary</h3> <p>“We are very pleased with our strong finish to 2012,” said Robert Sulentic, president and chief executive officer of CBRE. “Despite continued fiscal and economic uncertainty, all of our global operating regions delivered solid top-line growth in the fourth quarter. This growth was paced by the Americas, which benefited from particularly strong performance in our capital markets businesses. Following a sluggish third quarter, activity globally improved across all business lines in the fourth quarter. This continues a pattern of fluctuating market sentiment that has prevailed throughout the slow-paced recovery.”</p> <p>For 2012 as a whole, CBRE recorded the highest total revenue in its history and its highest earnings and normalized EBITDA since 2007. Reflecting on 2012 results, Mr. Sulentic said: “Our continued success in a cautious macro environment is a testament to the strength and diversity of our geographic footprint and broad product offering, our brand, and the ability of our professionals to work collaboratively to create value for our clients. We believe these qualities position CBRE very well to drive continued profitable growth, and enable us to invest prudently in our business.” </p> <p>CBRE’s capital markets businesses – property sales and commercial mortgage brokerage -- were top performers in the fourth quarter. Global property sales revenue rose 22% as the Company completed single-asset and portfolio sales valued at more than $1 billion in the following markets: Berlin/Frankfurt, Moscow, New York, Seattle and Silicon Valley. Sales activity was especially strong in the Americas, rising 32%. Despite Europe’s weakening economic growth and continued financial stresses, property sales in EMEA rose 13%, aided by robust performance in the UK. Commercial mortgage brokerage, predominantly a U.S. business, saw revenue improve 38% for the quarter, as loan origination activity remained strong. For the full year, total mortgage activity (loan originations and sales) climbed to $22.5 billion. </p> <p>Notwithstanding soft market conditions, leasing revenue rose 5% globally during the quarter, bringing full-year 2012 revenue for this business in line with the 2011 leasing revenue total. This fourth quarter performance was driven by the Americas and Asia Pacific. </p> <p>Outsourcing also grew significantly during the quarter, with revenue rising 13% globally. All three global regions posted double-digit revenue increases. In Global Corporate Services, 61 long-term contracts were signed during the quarter, and CBRE continued to aggressively expand its scope of services for existing clients: 21 of these 61 contracts were expansions – a new Company record.</p> <p>Revenue from global investment management rose 18% for the quarter, while adjusted EBITDA improved 48%. CBRE continues to see benefits from the integration of the ING REIM businesses acquired in 2011, which added higher margin revenue streams that are recurring in nature to the Company’s business mix. The current quarter benefited from higher incentive fees and a full quarter of contribution from the ING REIM Europe business. </p> <p>Geographically, the Americas was CBRE’s best-performing region during the fourth quarter. The strength of the Company’s Americas capital markets businesses – coupled with its leading position in central business districts across the region -- led to a 16% overall revenue increase. All business lines in the Americas posted double-digit percentage gains, except leasing, which still posted solid growth of 7%. EMEA and Asia Pacific both posted 7% overall revenue increases for the quarter, with outsourcing providing the strongest gains in both regions. As noted, property sales also showed strong growth in EMEA, while Asia Pacific benefited from solid growth in the valuation and leasing business lines. </p> <h3 class="ms-rteElement-H3">Fourth-Quarter 2012 Segment Results</h3> <h4>Americas Region (U.S., Canada and Latin America) </h4> <ul><li>Revenue rose 16% to $1.2 billion, compared with $1.1 billion for the fourth quarter of 2011. </li> <li>EBITDA rose 40% to $199.3 million from $142.5 million for the prior-year fourth quarter. Excluding selected charges incurred in 2011, EBITDA improved 26%. </li> <li>Operating income rose 43% to $169.8 million compared with $119.1 million in last year’s fourth quarter. Prior-period operating income was impacted by $15.6 million of cost containment expenses.</li></ul> <h4>EMEA Region (primarily Europe)</h4> <ul><li>Revenue rose 7% to $357.5 million, compared with $334.6 million in the fourth quarter of 2011. The increase was primarily driven by improved performance in the United Kingdom, particularly in property sales. </li> <li>EBITDA rose 28% to $53.8 million from $42.1 million for the prior-year fourth quarter. Excluding selected charges incurred in 2011, EBITDA rose 1%. </li> <li>Operating income rose 15% to $45.0 million compared with $39.0 million in last year’s fourth quarter. Prior-period operating income was impacted by $11.1 million of cost containment expenses.</li></ul> <h4>Asia Pacific Region (Asia, Australia and New Zealand)</h4> <ul><li>Revenue was $248.8 million, an increase of 7% from $231.7 million in the fourth quarter of 2011. This increase reflects improved performance in several countries, particularly Australia and Singapore.</li> <li>EBITDA rose 26% to $38.6 million from $30.5 million for the prior-year fourth quarter. Excluding selected charges incurred in 2011, EBITDA rose 10%. </li> <li>Operating income rose 32% to $36.0 million compared with $27.3 million in last year’s fourth quarter. Prior-period operating income was impacted by $4.4 million of cost containment expenses.</li></ul> <h4>Global Investment Management Business (investment management operations in the U.S., Europe and Asia)</h4> <ul><li>Revenue rose 18% to $123.4 million from $104.8 million in the fourth quarter of 2011, largely driven by higher asset management and incentive fees. The fourth quarter of 2012 included an additional month of contribution from ING REIM Europe. </li> <li>EBITDA improved to $18.4 million from an EBITDA loss of $29.4 million in the fourth quarter of 2011. Excluding selected charges, EBITDA rose 48% to $24.4 million from $16.5 million in the prior-year fourth quarter. </li> <li>Operating income improved to $7.3 million, compared with an operating loss of $41.4 million for the fourth quarter of 2011. Current-period and prior-period operating income was affected by $5.9 million and $45.0 million, respectively, of expenses related to the acquisition of ING REIM.</li> <li>Assets under management totaled $92.0 billion at year-end 2012, up 2% from the third quarter of 2012, but down 2% from year-end 2011. The decrease from 2011 was driven, in part, by a non-traded REIT’s decision to internalize its management, as reported in the second quarter of 2012, while the gain over the third quarter reflected increased values and favorable foreign currency effects.<u></u></li></ul> <h4>Development Services (real estate development and investment activities primarily in the U.S.)</h4> <ul><li>Revenue rose 35% to $28.4 million compared with $21.1 million for the fourth quarter of 2011. </li> <li>Operating loss narrowed to $25.3 million, from $27.3 million for the fourth quarter of 2011. </li> <li>EBITDA was $35.6 million in the current-year period, compared with $49.4 million for the same period in 2011. The weaker results reflect higher gains on the sale of properties in the fourth quarter of 2011, the majority of which was reported as equity income from unconsolidated subsidiaries and income from discontinued operations. These gains were partially offset by non-controlling interests activity. Equity income from unconsolidated subsidiaries, income from discontinued operations and activity associated with non-controlling interests are all included in the calculation of EBITDA, but not in revenue or operating income.</li> <li>Development projects in process totaled $4.2 billion, down $0.4 billion from the third quarter of 2012 and $0.7 billion from year-end 2011. The inventory of pipeline deals totaled $2.1 billion, up $0.2 billion from the third quarter of 2012 and $0.9 billion from year-end 2011.</li></ul> <h3 class="ms-rteElement-H3">2013 Outlook</h3> <p>“As the market enters its fourth year of a slow recovery, we expect conditions to continue to improve gradually, tracking the performance of the global economy,” Mr. Sulentic said. “We are encouraged by positive underlying trends in the U.S. economy – and thus expect the Americas to remain the biggest near-term catalyst for our growth. We also expect to benefit from the recent strengthening in China, and the easing of credit-market tensions in Europe. However, fiscal and economic uncertainties remain high, particularly in Europe, and the overall pace of the recovery continues to be subpar.</p> <p>“Assuming the global economy plays out as anticipated, we expect to drive solid revenue and earnings increases in 2013. Further, we should see some margin expansion, even as we make greater investments in our people and platform that will enhance our competitive position and bolster long-term, profitable growth.”</p> <p>In light of the foregoing, CBRE expects to generate earnings per share, as adjusted, in the range of $1.40 to $1.45 for full-year 2013. </p> <h3 class="ms-rteElement-H3">Conference Call Details</h3> <p>The Company’s fourth-quarter earnings conference call will be held on Wednesday, February 6, 2013 at 5:00 p.m. Eastern Time. A webcast will be accessible through the Investor Relations section of the Company’s website at <a href="/investorrelations">www.cbre.com/investorrelations</a>. </p> <p>The direct dial-in number for the conference call is 800-230-1059 for U.S. callers and 612-234-9960 for international callers. A replay of the call will be available starting at 10 p.m. Eastern Time on February 6, 2013, and ending at midnight Eastern Time on February 12, 2013. The dial-in number for the replay is 800-475-6701 for U.S. callers and 320-365-3844 for international callers. The access code for the replay is 280622. A transcript of the call will be available on the Company’s Investor Relations website at <a href="/investorrelations">www.cbre.com/investorrelations</a>.</p> <p><u>About CBRE Group, Inc.</u><br />CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2012 revenue). The Company has approximately 37,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at <a href="/">www.cbre.com</a>.</p> <p><strong>Note</strong>: This release contains forward-looking statements within the meaning of the ''safe harbor'' provisions of the Private Securities Litigation Reform Act of 1995, including statements regarding our future growth momentum, operations, financial performance, and business outlook. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results and performance in future periods to be materially different from any future results or performance suggested in forward-looking statements in this release. Any forward-looking statements speak only as of the date of this release and, except to the extent required by applicable securities laws, the Company expressly disclaims any obligation to update or revise any of them to reflect actual results, any changes in expectations or any change in events. If the Company does update one or more forward-looking statements, no inference should be drawn that it will make additional updates with respect to those or other forward-looking statements. Factors that could cause results to differ materially include, but are not limited to: general conditions of financial liquidity for real estate transactions, including the impact of the European sovereign debt crisis and U.S. fiscal issues; our leverage and our ability to perform under our credit facilities; commercial real estate vacancy levels; employment conditions and their effect on vacancy rates; property values; rental rates; interest rates; our ability to leverage our platform to grow revenues and capture market share; continued growth in trends toward use of outsourced real estate services; our ability to control costs relative to revenue growth and expand EBITDA margins; our ability to retain and incentivize producers; our ability to identify, acquire and integrate synergistic and accretive businesses; expected levels of interest, depreciation and amortization expense resulting from completed acquisitions; maintaining our effective tax rate; realization of values in investment funds to offset related incentive compensation expense; a decline in asset values in, or a reduction in earnings or cash flow from, our investment programs, as well as related litigation, liabilities and reputational harm; and our ability to comply with laws and regulations related to our international operations, including the anti-corruption laws of the U.S. and other countries. </p> <p>Additional information concerning factors that may influence the Company's financial information is discussed under “Risk Factors”, “Management’s Discussion and Analysis of Financial Condition and Results of Operations”, “Quantitative and Qualitative Disclosures About Market Risk” and “Forward-Looking Statements” in our Annual Report on Form 10-K for the year ended December 31, 2011, and under “Management’s Discussion and Analysis of Financial Condition and Results of Operations”, “Quantitative and Qualitative Disclosures About Market Risk” and “Forward-Looking Statements” in our Quarterly Report on Form 10-Q for the quarter ended September 30, 2012, as well as in the Company’s press releases and other periodic filings with the Securities and Exchange Commission. Such filings are available publicly and may be obtained on the Company’s website at <a href="/">www.cbre.com</a> or upon written request from the CBRE Investor Relations Department at <em><a href="mailto:investorrelations@cbre.com">investorrelations@cbre.com</a></em>. </p> <p><sup>1</sup> Selected charges include integration and other costs related to acquisitions, amortization expense related to incentive fees and customer relationships acquired in the ING REIM and Trammell Crow Company (TCC) acquisitions, cost containment expenses and the write-down of impaired assets, including a non-amortizable intangible asset. </p> <p><sup>2</sup> A reconciliation of net income attributable to CBRE Group, Inc. to net income attributable to CBRE Group, Inc., as adjusted for selected charges, is provided in the section of this press release entitled “Non-GAAP Financial Measures.”</p> <p><sup>3</sup> EBITDA represents earnings before net interest expense, income taxes, depreciation and amortization, while amounts shown for EBITDA, as adjusted (or normalized EBITDA), remove the impact of certain cash and non-cash charges related to acquisitions, cost containment and asset impairments. Our management believes that both of these measures are useful in evaluating our operating performance compared to that of other companies in our industry because the calculations of EBITDA and EBITDA, as adjusted, generally eliminate the effects of financing and income taxes and the accounting effects of capital spending and acquisitions, which would include impairment charges of goodwill and intangibles created from acquisitions. Such items may vary for different companies for reasons unrelated to overall operating performance. As a result, our management uses these measures to evaluate operating performance and for other discretionary purposes, including as a significant component when measuring our operating performance under our employee incentive programs. Additionally, we believe EBITDA and EBITDA, as adjusted, are useful to investors to assist them in getting a more complete picture of our results from operations.</p> <p>However, EBITDA and EBITDA, as adjusted, are not recognized measurements under U.S. generally accepted accounting principles, or GAAP, and when analyzing our operating performance, readers should use EBITDA and EBITDA, as adjusted, in addition to, and not as an alternative for, net income as determined in accordance with GAAP. Because not all companies use identical calculations, our presentation of EBITDA and EBITDA, as adjusted, may not be comparable to similarly titled measures of other companies. Furthermore, EBITDA and EBITDA, as adjusted, are not intended to be measures of free cash flow for our management’s discretionary use, as they do not consider certain cash requirements such as tax and debt service payments. The amounts shown for EBITDA and EBITDA, as adjusted, also differ from the amounts calculated under similarly titled definitions in our debt instruments, which are further adjusted to reflect certain other cash and non-cash charges and are used to determine compliance with financial covenants and our ability to engage in certain activities, such as incurring additional debt and making certain restricted payments.</p> <p>For a reconciliation of EBITDA and EBITDA, as adjusted to net income attributable to CBRE Group, Inc., the most comparable financial measure calculated and presented in accordance with GAAP, see the section of this press release titled “Non-GAAP Financial Measures.”</p> <p align="center"><strong><em>CBRE GROUP, INC.</em></strong><br /><strong><em>OPERATING RESULTS</em></strong><br /><strong><em>FOR THE THREE AND TWELVE MONTHS ENDED DECEMBER 31, 2012 AND 2011</em></strong><br /><strong><em> (Dollars in thousands, except share data)</em></strong></p> <table border="0" cellspacing="0" cellpadding="0"><tbody><tr><td valign="top"></td> <td valign="top" colspan="3"><p align="center"><strong>Three Months Ended</strong><br /><strong> December 31,</strong><strong> </strong></p></td> <td valign="top"></td> <td valign="top" colspan="3"><p align="center"><strong>Twelve Months Ended</strong><br /><strong>December 31,</strong><strong> </strong></p></td></tr> <tr><td valign="top"></td> <td valign="top"><p align="center"><strong> 2012 </strong></p></td> <td valign="top"></td> <td valign="top"><p align="center"><strong> 2011 </strong></p></td> <td valign="top"></td> <td valign="top"><p align="center"><strong> 2012</strong></p></td> <td valign="top"></td> <td valign="top"><p align="center"><strong> 2011</strong></p></td></tr> <tr><td valign="top"><p>Revenue </p></td> <td valign="top">$ 2,005,846 <p> </p></td> <td valign="top"><p align="right"> </p></td> <td valign="top"><p align="right">$ 1,763,625</p></td> <td valign="top"><p align="right"> </p></td> <td valign="top"><p align="right"> $ 6,514,099</p></td> <td valign="top"><p align="right"> </p></td> <td valign="top"><p align="right"> $ 5,905,411</p></td></tr> <tr><td valign="top"><p> </p></td> <td valign="top"><p align="right"> </p></td> <td valign="top"><p align="right"> </p></td> <td valign="top"><p align="right"> </p></td> <td valign="top"><p align="right"> </p></td> <td valign="top"><p> </p></td> <td valign="top"><p align="right"> </p></td> <td valign="top"><p> </p></td></tr> <tr><td valign="top"><p>Costs and expenses: </p></td> <td valign="top"><p align="right"> </p></td> <td valign="top"><p align="right"> </p></td> <td valign="top"><p align="right"> </p></td> <td valign="top"><p align="right"> </p></td> <td valign="top"><p align="right"> </p></td> <td valign="top"><p align="right"> </p></td> <td valign="top"><p align="right"> </p></td></tr> <tr><td valign="top"><p> Cost of services </p></td> <td valign="top"><p align="right">1,131,570</p></td> <td valign="top"><p align="right"> </p></td> <td valign="top"><p align="right">1,008,946</p></td> <td valign="top"><p align="right"> </p></td> <td valign="top"><p>3,742,514</p></td> <td valign="top"><p align="right"> </p></td> <td valign="top"><p>3,457,130</p></td></tr> <tr><td valign="top"><p> Operating, administrative and other </p></td> <td valign="top"><p align="right">597,453</p></td> <td valign="top"><p align="right"> </p></td> <td valign="top"><p align="right">603,647</p></td> <td valign="top"><p align="right"> </p></td> <td valign="top"><p>2,002,914</p></td> <td valign="top"><p align="right"> </p></td> <td valign="top"><p>1,882,666</p></td></tr> <tr><td valign="top"><p> Depreciation and amortization </p></td> <td valign="top"><p align="right">44,750</p></td> <td valign="top"><p align="right"> </p></td> <td valign="top"><p align="right">35,848</p></td> <td valign="top"><p align="right"> </p></td> <td valign="top"><p>169,645</p></td> <td valign="top"><p align="right"> </p></td> <td valign="top"><p>115,719</p></td></tr> <tr><td valign="top"><p>Non-amortizable intangible asset impairment</p></td> <td valign="bottom"><p align="right">-</p></td> <td valign="bottom"><p align="right"> </p></td> <td valign="bottom"><p align="right">-</p></td> <td valign="bottom"><p align="right"> </p></td> <td valign="bottom"><p align="right">19,826</p></td> <td valign="bottom"><p align="right"> </p></td> <td valign="bottom"><p align="right">-</p></td></tr> <tr><td valign="top"><p>Total costs and expenses</p></td> <td valign="top"><p align="right">1,773,773</p></td> <td valign="top"><p align="right"> </p></td> <td valign="top"><p align="right">1,648,441</p></td> <td valign="top"><p align="right"> </p></td> <td valign="top"><p align="right">5,934,899</p></td> <td valign="top"><p align="right"> </p></td> <td valign="top"><p align="right">5,455,515</p></td></tr> <tr><td valign="top"><p> </p></td> <td valign="top"><p align="right"> </p></td> <td valign="top"><p align="right"> </p></td> <td valign="top"><p align="right"> </p></td> <td valign="top"><p align="right"> </p></td> <td valign="top"><p align="right"> </p></td> <td valign="top"><p align="right"> </p></td> <td valign="top"><p align="right"> </p></td></tr> <tr><td valign="top"><p>Gain on disposition of real estate</p></td> <td valign="top"><p align="right">650</p></td> <td valign="top"><p align="right"> </p></td> <td valign="top"><p align="right">1,372</p></td> <td valign="top"><p align="right"> </p></td> <td valign="top"><p>5,881</p></td> <td valign="top"><p align="right"> </p></td> <td valign="top"><p>12,966</p></td></tr> <tr><td valign="top"><p> </p></td> <td valign="top"><p align="right"> </p></td> <td valign="top"><p align="right"> </p></td> <td valign="top"><p>1</p></td> <td valign="top"><p align="right"> </p></td> <td valign="top"><p> </p></td> <td valign="top"><p align="right"> </p></td> <td valign="top"><p align="right"> </p></td></tr> <tr><td valign="top"><p>Operating income</p></td> <td valign="top"><p align="right">232,723</p></td> <td valign="top"><p align="right"> </p></td> <td valign="top"><p align="right">116,556</p></td> <td valign="top"><p align="right"> </p></td> <td valign="top"><p>585,081</p></td> <td valign="top"><p align="right"> </p></td> <td valign="top"><p>462,862</p></td></tr> <tr><td valign="top"><p> </p></td> <td valign="top"><p align="right"> </p></td> <td valign="top"><p align="right"> </p></td> <td valign="top"><p align="right"> </p></td> <td valign="top"><p align="right"> </p></td> <td valign="top"><p> </p></td> <td valign="top"><p align="right"> </p></td> <td valign="top"><p> </p></td></tr> <tr><td valign="top"><p>Equity income from unconsolidated subsidiaries</p></td> <td valign="bottom"><p align="right">40,859</p></td> <td valign="bottom"><p align="right"> </p></td> <td valign="bottom"><p align="right">65,815</p></td> <td valign="bottom"><p align="right"> </p></td> <td valign="bottom"><p>60,729</p></td> <td valign="bottom"><p align="right"> </p></td> <td valign="bottom"><p>104,776</p></td></tr> <tr><td valign="top"><p>Other income</p></td> <td valign="top"><p align="right">6,458</p></td> <td valign="top"><p align="right"> </p></td> <td valign="top"><p align="right">8,515</p></td> <td valign="top"><p align="right"> </p></td> <td valign="top"><p>11,093</p></td> <td valign="top"><p align="right"> </p></td> <td valign="top"><p>2,706</p></td></tr> <tr><td valign="top"><p>Interest income</p></td> <td valign="top"><p align="right">1,860</p></td> <td valign="top"><p align="right"> </p></td> <td valign="top"><p align="right">2,380</p></td> <td valign="top"><p align="right"> </p></td> <td valign="top"><p>7,643</p></td> <td valign="top"><p align="right"> </p></td> <td valign="top"><p>9,443</p></td></tr> <tr><td valign="top"><p>Interest expense</p></td> <td valign="top"><p align="right">43,025</p></td> <td valign="top"><p align="right"> </p></td> <td valign="top"><p align="right">43,235</p></td> <td valign="top"><p align="right"> </p></td> <td valign="top"><p>175,068</p></td> <td valign="top"><p align="right"> </p></td> <td valign="top"><p>150,249</p></td></tr> <tr><td valign="top"><p>Income from continuing operations before provision for income taxes</p></td> <td valign="bottom"><p align="right">238,875</p></td> <td valign="bottom"><p align="right"> </p></td> <td valign="bottom"><p align="right">150,031</p></td> <td valign="bottom"><p align="right"> </p></td> <td valign="bottom"><p>489,478</p></td> <td valign="bottom"><p align="right"> </p></td> <td valign="bottom"><p>429,538</p></td></tr> <tr><td valign="top"><p>Provision for income taxes</p></td> <td valign="top"><p align="right">82,969 </p></td> <td valign="top"><p align="right"> </p></td> <td valign="top"><p align="right">72,071</p></td> <td valign="top"><p align="right"> </p></td> <td valign="top"><p align="right">185,322</p></td> <td valign="top"><p align="right"> </p></td> <td valign="top"><p align="right">189,103</p></td></tr> <tr><td valign="top"><p>Income from continuing operations </p></td> <td valign="bottom"><p align="right">155,906</p></td> <td valign="top"><p align="right"> </p></td> <td valign="top"><p align="right"> 77,960 </p></td> <td valign="top"><p align="right"> </p></td> <td valign="top"><p align="right"> 304,156 </p></td> <td valign="top"><p align="right"> </p></td> <td valign="top"><p align="right"> 240,435 </p></td></tr> <tr><td valign="top"><p>Income from discontinued operations, net of income taxes</p></td> <td valign="bottom"><p align="right">631 </p></td> <td valign="bottom"><p align="right"> </p></td> <td valign="bottom"><p align="right">32,979</p></td> <td valign="bottom"><p align="right"> </p></td> <td valign="bottom"><p align="right">631</p></td> <td valign="bottom"><p align="right"> </p></td> <td valign="bottom"><p align="right">49,890</p></td></tr> <tr><td valign="top"><p>Net income</p></td> <td valign="top"><p align="right">156,537</p></td> <td valign="top"><p align="right"> </p></td> <td valign="top"><p align="right"> 110,939 </p></td> <td valign="top"><p align="right"> </p></td> <td valign="top"><p align="right"> 304,787 </p></td> <td valign="top"><p align="right"> </p></td> <td valign="top"><p align="right"> 290,325 </p></td></tr> <tr><td valign="top"><p>Less: Net (loss) income attributable to non-controlling interests</p></td> <td valign="top"><p align="right"> </p> <p align="right">(16,461)</p></td> <td valign="bottom"><p align="right"> </p></td> <td valign="top"><p align="right"> </p> <p align="right">31,176</p></td> <td valign="bottom"><p align="right"> </p></td> <td valign="top"><p align="right"> </p> <p align="right">(10,768)</p></td> <td valign="bottom"><p align="right"> </p></td> <td valign="top"><p align="right"> </p> <p align="right">51,163</p></td></tr> <tr><td valign="bottom"><p>Net income attributable to CBRE Group, Inc.</p></td> <td valign="top"><p align="right">$ 172,998</p></td> <td valign="top"><p align="right"> </p></td> <td valign="top"><p align="right">$ 79,763</p></td> <td valign="top"><p align="right"> </p></td> <td valign="top"><p align="right">$ 315,555</p></td> <td valign="top"><p align="right"> </p></td> <td valign="top"><p align="right">$ 239,162</p></td></tr> <tr><td valign="top"><p> </p></td> <td valign="top"><p align="right"> </p> <p align="right">$ 57,038</p></td> <td valign="top"></td> <td valign="top"><p align="right"> </p></td> <td valign="top"></td> <td valign="top"></td> <td valign="top"></td> <td valign="top"></td></tr> <tr><td valign="top"><p><em>Basic income per share</em> <em>attributable to CBRE Group, Inc. shareholders</em></p></td> <td valign="top"></td> <td valign="top"></td> <td valign="bottom"></td> <td valign="top"></td> <td valign="bottom"></td> <td valign="top"></td> <td valign="bottom"></td></tr> <tr><td valign="top"><p>Income from continuing operations attributable to CBRE Group, Inc.</p></td> <td valign="bottom"><p align="right">$ 0.52 </p></td> <td valign="top"></td> <td valign="bottom"><p align="right">$ 0.23 </p></td> <td valign="top"></td> <td valign="bottom"><p align="center">$ 0.97</p></td> <td valign="top"></td> <td valign="bottom"><p align="right">$ 0.73</p></td></tr> <tr><td valign="top"><p>Income from discontinued operations attributable to CBRE Group, Inc.</p></td> <td valign="bottom"><p align="right">0.01</p></td> <td valign="bottom"><p align="right"> </p></td> <td valign="bottom"><p align="right">0.02</p></td> <td valign="bottom"><p align="right"> </p></td> <td valign="bottom"><p align="right">0.01</p></td> <td valign="bottom"><p align="right"> </p></td> <td valign="bottom"><p align="right">0.02</p></td></tr> <tr><td valign="top"><p>Net income attributable CBRE Group, Inc. </p></td> <td valign="bottom"><p align="right">$ 0.53 </p></td> <td valign="top"></td> <td valign="bottom"><p align="right">$ 0.25 </p></td> <td valign="top"></td> <td valign="bottom"><p align="center">$ 0.98 </p></td> <td valign="top"></td> <td valign="bottom"><p align="right">$ 0.75 </p></td></tr> <tr><td valign="top"><p> </p></td> <td valign="top"><p align="right"> </p></td> <td valign="top"><p align="right"> </p></td> <td valign="top"><p align="right"> </p></td> <td valign="top"><p align="right"> </p></td> <td valign="top"></td> <td valign="top"><p align="right"> </p></td> <td valign="top"></td></tr> <tr><td valign="top"><p>Weighted average shares outstanding for basic income per share</p></td> <td valign="top"><p align="right"> </p> <p align="right">325,372,928</p></td> <td valign="bottom"><p align="right"> </p></td> <td valign="top"><p align="right"> </p> <p align="right">320,638,316</p></td> <td valign="bottom"><p align="right"> </p></td> <td valign="top"><p align="right"> </p> <p align="right">322,315,576</p></td> <td valign="bottom"><p align="right"> </p></td> <td valign="top"><p align="right"> </p> <p align="right">318,454,191</p></td></tr> <tr><td valign="top"><p> </p></td> <td valign="top"><p align="right"> </p></td> <td valign="top"><p align="right"> </p></td> <td valign="top"><p align="right"> </p></td> <td valign="top"><p align="right"> </p></td> <td valign="top"><p align="right"> </p></td> <td valign="top"><p align="right"> </p></td> <td valign="top"><p align="right"> </p></td></tr> <tr><td valign="top"><p><em>Diluted income per share</em> <em>attributable to CBRE Group, Inc. shareholders</em></p></td> <td valign="bottom"><p align="right"> </p></td> <td valign="top"><p align="right"> </p></td> <td valign="bottom"><p align="right"> </p></td> <td valign="top"></td> <td valign="bottom"><p align="right"> </p></td> <td valign="top"></td> <td valign="bottom"><p align="right"> </p></td></tr> <tr><td valign="top"><p>Income from continuing operations attributable to CBRE Group, Inc.</p></td> <td valign="bottom"><p align="right">$ 0.52 </p></td> <td valign="top"><p align="right"> </p></td> <td valign="bottom"><p align="right">$ 0.23 </p></td> <td valign="top"></td> <td valign="bottom"><p align="center">$ 0.96</p></td> <td valign="top"></td> <td valign="bottom"><p align="right">$ 0.72</p></td></tr> <tr><td valign="top"><p>Income from discontinued operations attributable to CBRE Group, Inc.</p></td> <td valign="bottom"><p align="right">0.01</p></td> <td valign="bottom"><p align="right"> </p></td> <td valign="bottom"><p align="right">0.02</p></td> <td valign="bottom"><p align="right"> </p></td> <td valign="bottom"><p align="right">0.01</p></td> <td valign="bottom"><p align="right"> </p></td> <td valign="bottom"><p align="right">0.02</p></td></tr> <tr><td valign="top"><p>Net income attributable to CBRE Group, Inc. </p></td> <td valign="bottom"><p align="right">$ 0.53 </p></td> <td valign="top"><p align="right"> </p></td> <td valign="bottom"><p align="right">$ 0.25 </p></td> <td valign="top"></td> <td valign="bottom"><p align="center">$ 0.97 </p></td> <td valign="top"></td> <td valign="bottom"><p align="right">$ 0.74 </p></td></tr> <tr><td valign="top"><p> </p></td> <td valign="top"><p align="right"> </p></td> <td valign="top"><p align="right"> </p></td> <td valign="top"><p align="right"> </p></td> <td valign="top"></td> <td valign="top"></td> <td valign="top"></td> <td valign="top"></td></tr> <tr><td valign="top"><p>Weighted average shares outstanding for diluted income per share</p></td> <td valign="bottom"><p align="right">329,012,910</p></td> <td valign="top"></td> <td valign="bottom"><p align="right">324,117,111</p></td> <td valign="top"></td> <td valign="top"><p align="right"> </p> <p align="right">327,044,145</p></td> <td valign="top"></td> <td valign="top"><p align="right">323,723,755</p></td></tr> <tr><td valign="top"><p> </p></td> <td valign="top"><p align="right"> </p></td> <td valign="top"></td> <td valign="top"><p align="right"> </p></td> <td valign="top"></td> <td valign="top"></td> <td valign="top"></td> <td valign="top"></td></tr> <tr><td valign="top"><p>EBITDA (1) </p></td> <td valign="top"><p align="right">$ 345,730 </p></td> <td valign="top"><p align="right"> </p></td> <td valign="top"><p align="right">$ 235,130 </p></td> <td valign="top"><p align="right"> </p></td> <td valign="top"><p align="right">$ 861,621</p></td> <td valign="top"><p align="right"> </p></td> <td valign="top"><p align="right">$ 693,261 </p></td></tr></tbody></table> <p>(1) Includes EBITDA related to discontinued operations of $5.6 million and $12.2 million for the three months ended December 31, 2012 and 2011, respectively, and $5.6 million and $14.1 million for the twelve months ended December 31, 2012 and 2011, respectively.</p> <p align="center"><strong><em>CBRE GROUP, INC.</em></strong><br /><strong><em>SEGMENT RESULTS</em></strong><br /><strong><em>FOR THE THREE AND TWELVE MONTHS ENDED DECEMBER 31, 2012 AND 2011</em></strong><br /><strong><em> (Dollars in thousands)</em></strong></p> <table border="0" cellspacing="0" cellpadding="0"><tbody><tr><td valign="bottom"><p><strong><u> </u></strong></p></td> <td valign="top" colspan="3"><p align="center"><strong>Three Months Ended</strong><br /><strong>December 31,</strong><strong> </strong></p></td> <td valign="top"></td> <td valign="top" colspan="5"><p align="center"><strong>Twelve Months Ended</strong><br /><strong>December 31,</strong><strong> </strong></p></td></tr> <tr><td valign="bottom"><p><strong><u> </u></strong></p></td> <td valign="top"><p align="center"><strong>2012 </strong></p></td> <td valign="top"></td> <td valign="top"><p align="center"><strong> 2011</strong></p></td> <td valign="top"></td> <td valign="top" colspan="2"><p align="center"><strong> 2012</strong></p></td> <td valign="top" colspan="2"></td> <td valign="top"><p align="center"><strong> 2011</strong></p></td></tr> <tr><td valign="bottom"><p><strong><u>Americas</u></strong><strong><u> </u></strong></p></td> <td valign="bottom"><p> </p></td> <td><p> </p></td> <td valign="bottom"><p> </p></td> <td><p> </p></td> <td valign="bottom" colspan="2"><p> </p></td> <td colspan="2"><p> </p></td> <td valign="bottom"><p> </p></td></tr> <tr><td valign="bottom"><p>Revenue </p></td> <td valign="bottom"><p align="right">$ 1,247,703 </p></td> <td><p> </p></td> <td valign="bottom"><p align="right">$ 1,071,525 </p></td> <td><p> </p></td> <td valign="bottom" colspan="2"><p>$ 4,103,602 </p></td> <td colspan="2"><p> </p></td> <td valign="bottom"><p align="right">$ 3,673,681 </p></td></tr> <tr><td valign="bottom"><p>Costs and expenses:</p></td> <td valign="bottom"><p align="right"> </p></td> <td valign="bottom"><p> </p></td> <td valign="bottom"><p align="right"> </p></td> <td valign="bottom"><p> </p></td> <td valign="bottom" colspan="2"><p> </p></td> <td valign="bottom" colspan="2"><p> </p></td> <td valign="bottom"><p align="right"> </p></td></tr> <tr><td valign="bottom"><p>Cost of services </p></td> <td valign="bottom"><p align="right">788,867</p></td> <td valign="bottom"><p> </p></td> <td valign="bottom"><p align="right">681,129</p></td> <td valign="bottom"><p> </p></td> <td valign="bottom" colspan="2"><p> 2,607,029 </p></td> <td valign="bottom" colspan="2"><p> </p></td> <td valign="bottom"><p align="right"> 2,325,964 </p></td></tr> <tr><td valign="bottom"><p>Operating, administrative and other </p></td> <td valign="bottom"><p align="right">264,793</p></td> <td valign="bottom"><p> </p></td> <td valign="bottom"><p align="right">252,604</p></td> <td valign="bottom"><p> </p></td> <td valign="bottom" colspan="2"><p> 929,950 </p></td> <td valign="bottom" colspan="2"><p> </p></td> <td valign="bottom"><p align="right"> 898,675 </p></td></tr> <tr><td valign="bottom"><p>Depreciation and amortization </p></td> <td valign="bottom"><p align="right">24,286</p></td> <td valign="bottom"><p> </p></td> <td valign="bottom"><p align="right">18,721</p></td> <td valign="bottom"><p> </p></td> <td valign="bottom" colspan="2"><p> 82,841 </p></td> <td valign="bottom" colspan="2"><p> </p></td> <td valign="bottom"><p align="right"> 62,238 </p></td></tr> <tr><td valign="bottom"><p>Operating income </p></td> <td valign="bottom"><p align="right">$ 169,757 </p></td> <td valign="bottom"><p> </p></td> <td valign="bottom"><p align="right">$ 119,071 </p></td> <td valign="bottom"><p> </p></td> <td valign="bottom" colspan="2"><p>$ 483,782 </p></td> <td valign="bottom" colspan="2"><p> </p></td> <td valign="bottom"><p align="right">$ 386,804 </p></td></tr> <tr><td valign="bottom"><p>EBITDA </p></td> <td valign="bottom"><p align="right"> $ 199,345 </p></td> <td valign="bottom"><p> </p></td> <td valign="bottom"><p align="right"> $ 142,508 </p></td> <td valign="bottom"><p> </p></td> <td valign="bottom" colspan="2"><p> $ 578,649 </p></td> <td valign="bottom" colspan="2"><p> </p></td> <td valign="bottom"><p align="right"> $ 462,167 </p></td></tr> <tr><td valign="bottom"><p><strong><u> </u></strong></p></td> <td valign="bottom"><p align="right"> </p></td> <td><p> </p></td> <td valign="bottom"><p align="right"> </p></td> <td><p> </p></td> <td valign="bottom" colspan="2"><p> </p></td> <td colspan="2"><p> </p></td> <td valign="bottom"><p> </p></td></tr> <tr><td valign="bottom"><p><strong><u>EMEA</u></strong></p></td> <td valign="bottom"><p align="right"> </p></td> <td><p> </p></td> <td valign="bottom"><p align="right"> </p></td> <td><p> </p></td> <td valign="bottom" colspan="2"><p> </p></td> <td colspan="2"><p> </p></td> <td valign="bottom"><p> </p></td></tr> <tr><td valign="bottom"><p>Revenue </p></td> <td valign="bottom"><p align="right">$ 357,451</p></td> <td><p> </p></td> <td valign="bottom"><p align="right">$ 334,555</p></td> <td><p> </p></td> <td valign="bottom" colspan="2"><p>$ 1,031,818</p></td> <td colspan="2"><p> </p></td> <td valign="bottom"><p align="right">$ 1,076,568</p></td></tr> <tr><td valign="bottom"><p>Costs and expenses: </p></td> <td valign="bottom"><p align="right"> </p></td> <td valign="bottom"><p> </p></td> <td valign="bottom"><p align="right"> </p></td> <td valign="bottom"><p> </p></td> <td valign="bottom" colspan="2"><p> </p></td> <td valign="bottom" colspan="2"><p> </p></td> <td valign="bottom"><p align="right"> </p></td></tr> <tr><td valign="bottom"><p>Cost of services </p></td> <td valign="bottom"><p align="right">198,012</p></td> <td valign="bottom"><p> </p></td> <td valign="bottom"><p align="right">185,890</p></td> <td valign="bottom"><p> </p></td> <td valign="bottom" colspan="2"><p>624,498 </p></td> <td valign="bottom" colspan="2"><p> </p></td> <td valign="bottom"><p align="right"> 638,351 </p></td></tr> <tr><td valign="bottom"><p>Operating, administrative and other </p></td> <td valign="bottom"><p align="right">109,945</p></td> <td valign="bottom"><p> </p></td> <td valign="bottom"><p align="right">106,474</p></td> <td valign="bottom"><p> </p></td> <td valign="bottom" colspan="2"><p>358,696 </p></td> <td valign="bottom" colspan="2"><p> </p></td> <td valign="bottom"><p align="right">351,304 </p></td></tr> <tr><td valign="bottom"><p>Depreciation and amortization </p></td> <td valign="bottom"><p align="right">4,524</p></td> <td valign="bottom"><p> </p></td> <td valign="bottom"><p align="right">3,239</p></td> <td valign="bottom"><p> </p></td> <td valign="bottom" colspan="2"><p>14,198</p></td> <td valign="bottom" colspan="2"><p> </p></td> <td valign="bottom"><p align="right">10,945</p></td></tr> <tr><td valign="bottom"><p> Non-amortizable intangible asset impairment</p></td> <td valign="bottom"><p align="right">-</p></td> <td valign="bottom"><p> </p></td> <td valign="bottom"><p align="right">-</p></td> <td valign="bottom"><p> </p></td> <td valign="bottom" colspan="2"><p>19,826</p></td> <td valign="bottom" colspan="2"><p> </p></td> <td valign="bottom"><p>-</p></td></tr> <tr><td valign="bottom"><p>Operating income </p></td> <td valign="bottom"><p align="right"> $ 44,970 </p></td> <td valign="bottom"><p> </p></td> <td valign="bottom"><p align="right"> $ 38,952 </p></td> <td valign="bottom"><p> </p></td> <td valign="bottom" colspan="2"><p align="right">$ 14,600 </p></td> <td valign="bottom" colspan="2"><p> </p></td> <td valign="bottom"><p align="right">$ 75,968 </p></td></tr> <tr><td valign="bottom"><p>EBITDA </p></td> <td valign="bottom"><p align="right"> $ 53,792 </p></td> <td valign="bottom"><p> </p></td> <td valign="bottom"><p align="right"> $ 42,057 </p></td> <td valign="bottom"><p> </p></td> <td valign="bottom" colspan="2"><p> $ 54,299 </p></td> <td valign="bottom" colspan="2"><p> </p></td> <td valign="bottom"><p align="right"> $ 87,527 </p></td></tr> <tr><td valign="bottom"><p><strong><u> </u></strong></p></td> <td valign="bottom"><p align="right"> </p></td> <td><p> </p></td> <td valign="bottom"><p align="right"> </p></td> <td><p> </p></td> <td valign="bottom" colspan="2"><p> </p></td> <td colspan="2"><p> </p></td> <td valign="bottom"><p> </p></td></tr> <tr><td valign="bottom"><p><strong><u>Asia</u></strong><strong><u> Pacific</u></strong></p></td> <td valign="bottom"><p align="right"> </p></td> <td><p> </p></td> <td valign="bottom"><p align="right"> </p></td> <td><p> </p></td> <td valign="bottom" colspan="2"><p> </p></td> <td colspan="2"><p> </p></td> <td valign="bottom"><p> </p></td></tr> <tr><td valign="bottom"><p>Revenue </p></td> <td valign="bottom"><p align="right">$ 248,845</p></td> <td><p> </p></td> <td valign="bottom"><p align="right">$ 231,653</p></td> <td><p> </p></td> <td valign="bottom" colspan="2"><p>$ 817,241</p></td> <td colspan="2"><p> </p></td> <td valign="bottom"><p align="right">$ 788,754</p></td></tr> <tr><td valign="bottom"><p>Costs and expenses: </p></td> <td valign="bottom"><p align="right"> </p></td> <td valign="bottom"><p> </p></td> <td valign="bottom"><p align="right"> </p></td> <td valign="bottom"><p> </p></td> <td valign="bottom" colspan="2"><p> </p></td> <td valign="bottom" colspan="2"><p> </p></td> <td valign="bottom"><p align="right"> </p></td></tr> <tr><td valign="bottom"><p> Cost of services </p></td> <td valign="bottom"><p align="right">144,691</p></td> <td valign="bottom"><p> </p></td> <td valign="bottom"><p align="right">141,927</p></td> <td valign="bottom"><p> </p></td> <td valign="bottom" colspan="2"><p>510,987</p></td> <td valign="bottom" colspan="2"><p> </p></td> <td valign="bottom"><p align="right">492,815</p></td></tr> <tr><td valign="bottom"><p> Operating, administrative and other </p></td> <td valign="bottom"><p align="right">65,125</p></td> <td valign="bottom"><p> </p></td> <td valign="bottom"><p align="right">59,747</p></td> <td valign="bottom"><p> </p></td> <td valign="bottom" colspan="2"><p>224,558</p></td> <td valign="bottom" colspan="2"><p> </p></td> <td valign="bottom"><p align="right">212,548</p></td></tr> <tr><td valign="bottom"><p> Depreciation and amortization </p></td> <td valign="bottom"><p align="right">3,017</p></td> <td valign="bottom"><p> </p></td> <td valign="bottom"><p align="right">2,704</p></td> <td valign="bottom"><p> </p></td> <td valign="bottom" colspan="2"><p>11,475</p></td> <td valign="bottom" colspan="2"><p> </p></td> <td valign="bottom"><p align="right">9,654</p></td></tr> <tr><td valign="bottom"><p>Operating income </p></td> <td valign="bottom"><p align="right">$ 36,012</p></td> <td valign="bottom"><p> </p></td> <td valign="bottom"><p align="right">$ 27,275</p></td> <td valign="bottom"><p> </p></td> <td valign="bottom" colspan="2"><p>$ 70,221</p></td> <td valign="bottom" colspan="2"><p> </p></td> <td valign="bottom"><p align="right">$ 73,737</p></td></tr> <tr><td valign="bottom"><p>EBITDA </p></td> <td valign="bottom"><p align="right"> $ 38,583</p></td> <td valign="bottom"><p> </p></td> <td valign="bottom"><p align="right"> $ 30,530 </p></td> <td valign="bottom"><p> </p></td> <td valign="bottom" colspan="2"><p> $ 80,630 </p></td> <td valign="bottom" colspan="2"><p> </p></td> <td valign="bottom"><p align="right"> $ 82,226 </p></td></tr> <tr><td valign="bottom"><p><strong><u> </u></strong></p></td> <td valign="bottom"><p> </p></td> <td><p> </p></td> <td valign="bottom"><p> </p></td> <td><p> </p></td> <td valign="bottom" colspan="2"><p> </p></td> <td colspan="2"><p> </p></td> <td valign="bottom"><p align="right"> </p></td></tr> <tr><td valign="bottom"><p><strong><u>Global Investment Management</u></strong></p></td> <td valign="bottom"><p> </p></td> <td><p> </p></td> <td valign="bottom"><p> </p></td> <td><p> </p></td> <td valign="bottom" colspan="2"><p> </p></td> <td colspan="2"><p> </p></td> <td valign="bottom"><p align="right"> </p></td></tr> <tr><td valign="bottom"><p>Revenue </p></td> <td valign="bottom"><p>$ 123,409</p></td> <td><p> </p></td> <td valign="bottom"><p align="right">$ 104,763</p></td> <td><p> </p></td> <td valign="bottom" colspan="2"><p>$ 482,589</p></td> <td colspan="2"><p> </p></td> <td valign="bottom"><p align="right">$ 290,065</p></td></tr> <tr><td valign="bottom"><p>Costs and expenses: </p></td> <td valign="bottom"><p> </p></td> <td valign="bottom"><p> </p></td> <td valign="bottom"><p align="right"> </p></td> <td valign="bottom"><p> </p></td> <td valign="bottom" colspan="2"><p> </p></td> <td valign="bottom" colspan="2"><p> </p></td> <td valign="bottom"><p align="right"> </p></td></tr> <tr><td valign="bottom"><p>Operating, administrative and other </p></td> <td valign="bottom"><p>104,640</p></td> <td valign="bottom"><p> </p></td> <td valign="bottom"><p align="right">137,852</p></td> <td valign="bottom"><p> </p></td> <td valign="bottom" colspan="2"><p>387,592 </p></td> <td valign="bottom" colspan="2"><p> </p></td> <td valign="bottom"><p align="right">313,120 </p></td></tr> <tr><td valign="bottom"><p>Depreciation and amortization</p></td> <td valign="bottom"><p>11,487</p></td> <td valign="bottom"><p> </p></td> <td valign="bottom"><p align="right">8,324</p></td> <td valign="bottom"><p> </p></td> <td valign="bottom" colspan="2"><p>51,290</p></td> <td valign="bottom" colspan="2"><p> </p></td> <td valign="bottom"><p align="right">21,271</p></td></tr> <tr><td valign="bottom"><p>Gain on disposition of real estate </p></td> <td valign="bottom"><p>-</p></td> <td valign="bottom"><p> </p></td> <td valign="bottom"><p align="right">-</p></td> <td valign="bottom"><p> </p></td> <td valign="bottom" colspan="2"><p>-</p></td> <td valign="bottom" colspan="2"><p> </p></td> <td valign="bottom"><p align="right">345</p></td></tr> <tr><td valign="bottom"><p>Operating income (loss)</p></td> <td valign="bottom"><p>$ 7,282 </p></td> <td valign="bottom"><p> </p></td> <td valign="bottom"><p align="right">$ (41,413) </p></td> <td valign="bottom"><p> </p></td> <td valign="bottom" colspan="2"><p>$ 43,707 </p></td> <td valign="bottom" colspan="2"><p> </p></td> <td valign="bottom"><p align="right">$ (43,981) </p></td></tr> <tr><td valign="bottom"><p>EBITDA(1) </p></td> <td valign="bottom"><p> $ 18,434 </p></td> <td valign="bottom"><p> </p></td> <td valign="bottom"><p align="right"> $ (29,386) </p></td> <td valign="bottom"><p> </p></td> <td valign="bottom" colspan="2"><p> $ 96,359 </p></td> <td valign="bottom" colspan="2"><p> </p></td> <td valign="bottom"><p align="right"> $ (14,772) </p></td></tr> <tr><td valign="bottom"><p><strong><u> </u></strong></p></td> <td valign="bottom"><p align="center"><strong><u> </u></strong></p></td> <td><p align="center"><strong><u> </u></strong></p></td> <td valign="bottom"><p align="center"><strong><u> </u></strong></p></td> <td><p align="center"><strong><u> </u></strong></p></td> <td valign="bottom"><p><strong><u> </u></strong></p></td> <td colspan="2"><p><strong><u> </u></strong></p></td> <td valign="bottom" colspan="2"><p align="right"><strong><u> </u></strong></p></td></tr> <tr><td valign="bottom"><p><strong><u>Development Services</u></strong></p></td> <td valign="bottom"><p align="center"><strong><u> </u></strong></p></td> <td><p align="center"><strong><u> </u></strong></p></td> <td valign="bottom"><p align="center"><strong><u> </u></strong></p></td> <td><p align="center"><strong><u> </u></strong></p></td> <td valign="bottom"><p><strong><u> </u></strong></p></td> <td colspan="2"><p><strong><u> </u></strong></p></td> <td valign="bottom" colspan="2"><p align="right"><strong><u> </u></strong></p></td></tr> <tr><td valign="bottom"><p>Revenue</p></td> <td valign="bottom"><p>$ 28,438</p></td> <td><p align="right"> </p></td> <td valign="bottom"><p align="right">$ 21,129</p></td> <td><p align="right"> </p></td> <td valign="bottom"><p>$ 78,849</p></td> <td colspan="2"><p align="right"> </p></td> <td valign="bottom" colspan="2"><p align="right">$ 76,343</p></td></tr> <tr><td valign="bottom"><p>Costs and expenses:</p></td> <td valign="bottom"><p> </p></td> <td valign="bottom"><p align="right"> </p></td> <td valign="bottom"><p align="right"> </p></td> <td valign="bottom"><p align="right"> </p></td> <td valign="bottom"><p> </p></td> <td valign="bottom" colspan="2"><p align="right"> </p></td> <td valign="bottom" colspan="2"><p align="right"> </p></td></tr> <tr><td valign="bottom"><p> Operating, administrative and other </p></td> <td valign="bottom"><p>52,950</p></td> <td valign="bottom"><p align="right"> </p></td> <td valign="bottom"><p align="right">46,970</p></td> <td valign="bottom"><p align="right"> </p></td> <td valign="bottom"><p>102,118</p></td> <td valign="bottom" colspan="2"><p align="right"> </p></td> <td valign="bottom" colspan="2"><p align="right">107,019</p></td></tr> <tr><td valign="bottom"><p> Depreciation and amortization </p></td> <td valign="bottom"><p>1,436</p></td> <td valign="bottom"><p> </p></td> <td valign="bottom"><p align="right">2,860</p></td> <td valign="bottom"><p align="right"> </p></td> <td valign="bottom"><p>9,841</p></td> <td valign="bottom" colspan="2"><p align="right"> </p></td> <td valign="bottom" colspan="2"><p align="right">11,611</p></td></tr> <tr><td valign="bottom"><p>Gain on disposition of real estate</p></td> <td valign="bottom"><p>650</p></td> <td valign="bottom"><p align="right"> </p></td> <td valign="bottom"><p align="right">1,372</p></td> <td valign="bottom"><p> </p></td> <td valign="bottom"><p>5,881</p></td> <td valign="bottom" colspan="2"><p> </p></td> <td valign="bottom" colspan="2"><p align="right">12,621</p></td></tr> <tr><td valign="bottom"><p>Operating loss</p></td> <td valign="bottom"><p>$ (25,298)</p></td> <td valign="bottom"><p> </p></td> <td valign="bottom"><p align="right">$ (27,329)</p></td> <td valign="bottom"><p> </p></td> <td valign="bottom"><p>$ (27,229)</p></td> <td valign="bottom" colspan="2"><p> </p></td> <td valign="bottom" colspan="2"><p align="right">$ (29,666)</p></td></tr> <tr><td valign="bottom"><p>EBITDA(2) </p></td> <td valign="bottom"><p> $ 35,576</p></td> <td valign="bottom"><p align="center"><strong><u> </u></strong></p></td> <td valign="bottom"><p align="right"> $ 49,421</p></td> <td valign="bottom"><p align="center"><strong><u> </u></strong></p></td> <td valign="bottom"><p> $ 51,684 </p></td> <td valign="bottom" colspan="2"><p><strong><u> </u></strong></p></td> <td valign="bottom" colspan="2"><p align="right"> $ 76,113 </p></td></tr></tbody></table> <p>(1) Includes EBITDA related to discontinued operations of $0.5 million and $2.1 for the three months ended December 31, 2012 and 2011, respectively and $0.5 million and $4.0 million for the twelve months ended December 31, 2012 and 2011, respectively.</p> <p>(2) Includes EBITDA related to discontinued operations of $5.1 million and $10.1 million for the three months ended December 31, 2012 and 2011, respectively and $5.1 million and $10.1 million for the twelve months ended December 31, 2012 and 2011, respectively.</p> <p><strong><u>Non-GAAP Financial Measures</u></strong></p> <p>The following measures are considered “non-GAAP financial measures” under SEC guidelines:</p> <ol type="i"><li>Net income attributable to CBRE Group, Inc., as adjusted for selected charges</li> <li>Diluted income per share attributable to CBRE Group, Inc, as adjusted for selected charges</li> <li>EBITDA and EBITDA, as adjusted for selected charges</li></ol> <p>The Company believes that these non-GAAP financial measures provide a more complete understanding of ongoing operations and enhance comparability of current results to prior periods as well as presenting the effects of selected charges in all periods presented. The Company believes that investors may find it useful to see these non-GAAP financial measures to analyze financial performance without the impact of selected charges that may obscure trends in the underlying performance of its business. </p> <p>Net income attributable to CBRE Group, Inc., as adjusted for selected charges and diluted net income per share attributable to CBRE Group, Inc. shareholders, as adjusted for selected charges are calculated as follows (dollars in thousands, except per share data): </p> <table border="0" cellspacing="0" cellpadding="0"><tbody><tr><td valign="top"></td> <td valign="top" colspan="3"><p align="center"><strong>Three Months Ended</strong><br /><strong>December 31,</strong><strong> </strong></p></td> <td valign="top"></td> <td valign="top" colspan="3"><p align="center"><strong>Twelve Months Ended</strong><br /><strong>December 31,</strong><strong> </strong></p></td></tr> <tr><td valign="top"></td> <td valign="top"><p align="center"><strong> 2012</strong></p></td> <td valign="top"></td> <td valign="top"><p align="center"><strong> 2011</strong></p></td> <td valign="top"></td> <td valign="top"><p align="center"><strong> 2012</strong></p></td> <td valign="top"></td> <td valign="top"><p align="center"><strong> 2011</strong></p></td></tr> <tr><td valign="top"><p> </p></td> <td valign="top"><p align="right"> </p></td> <td valign="top"><p align="right"> </p></td> <td valign="top"><p align="right"> </p></td> <td valign="top"><p align="right"> </p></td> <td valign="top"><p align="right"> </p></td> <td valign="top"><p align="right"> </p></td> <td valign="top"><p align="right"> </p></td></tr> <tr><td valign="top"><p>Net income attributable to CBRE Group, Inc. </p></td> <td valign="bottom"><p align="right">$ 172,998</p></td> <td valign="bottom"><p align="right"> </p></td> <td valign="bottom"><p align="right">$ 79,763</p></td> <td valign="bottom"><p align="right"> </p></td> <td valign="bottom"><p align="right">$ 315,555</p></td> <td valign="bottom"><p align="right"> </p></td> <td valign="bottom"><p align="right">$ 239,162</p></td></tr> <tr><td valign="bottom"><p>Integration and other costs related to acquisitions, net of tax</p></td> <td valign="bottom"><p align="right">4,473</p></td> <td valign="top"><p align="right"> </p></td> <td valign="bottom"><p align="right">42,863</p></td> <td valign="bottom"><p align="right"> </p></td> <td valign="bottom"><p align="right">29,891</p></td> <td valign="bottom"><p align="right"> </p></td> <td valign="bottom"><p align="right">59,632</p></td></tr> <tr><td valign="top"><p>Amortization expense related to ING REIM and TCC incentive fees and customer relationships acquired, net of tax</p></td> <td valign="bottom"><p align="right"> </p> <p align="right">4,437</p></td> <td valign="bottom"><p align="right"> </p></td> <td valign="bottom"><p align="right"> </p> <p align="right">3,868</p></td> <td valign="top"><p align="right"> </p></td> <td valign="bottom"><p align="right">25,421</p></td> <td valign="top"><p align="right"> </p></td> <td valign="bottom"><p align="right">9,396</p></td></tr> <tr><td valign="top"><p>Non-amortizable intangible asset impairment, net of tax</p></td> <td valign="bottom"><p align="right">-</p></td> <td valign="top"><p align="right"> </p></td> <td valign="bottom"><p align="right">-</p></td> <td valign="bottom"><p align="right"> </p></td> <td valign="bottom"><p align="right">15,018</p></td> <td valign="bottom"><p align="right"> </p></td> <td valign="bottom"><p align="right">-</p></td></tr> <tr><td valign="top"><p>Cost containment expenses, net of tax</p></td> <td valign="bottom"><p align="right">-</p></td> <td valign="top"><p align="right"> </p></td> <td valign="bottom"><p align="right">20,559</p></td> <td valign="bottom"><p align="right"> </p></td> <td valign="bottom"><p align="right">13,521</p></td> <td valign="bottom"><p align="right"> </p></td> <td valign="bottom"><p align="right">20,559</p></td></tr> <tr><td valign="top"><p>Write-down of impaired assets, net of tax </p></td> <td valign="bottom"><p align="right">-</p></td> <td valign="top"><p align="right"> </p></td> <td valign="bottom"><p align="right">2,216</p></td> <td valign="bottom"><p align="right"> </p></td> <td valign="bottom"><p align="right">-</p></td> <td valign="bottom"><p align="right"> </p></td> <td valign="bottom"><p align="right">5,748</p></td></tr> <tr><td valign="top"><p>Net income attributable to CBRE Group, Inc., as adjusted</p></td> <td valign="bottom"><p align="right">$ 181,908 </p></td> <td valign="bottom"><p align="right"> </p></td> <td valign="bottom"><p align="right">$ 149,269 </p></td> <td valign="bottom"><p align="right"> </p></td> <td valign="bottom"><p align="right">$ 399,406</p></td> <td valign="bottom"><p align="right"> </p></td> <td valign="bottom"><p align="right">$ 334,497</p></td></tr> <tr><td valign="top"><p> </p></td> <td valign="top"></td> <td valign="top"></td> <td valign="top"></td> <td valign="top"></td> <td valign="top"></td> <td valign="top"></td> <td valign="top"></td></tr> <tr><td valign="top"><p>Diluted income per share attributable to CBRE Group, Inc. shareholders, as adjusted</p></td> <td valign="bottom"><p align="right">$ 0.55 </p></td> <td valign="bottom"><p align="right"> </p></td> <td valign="bottom"><p align="right">$ 0.46 </p></td> <td valign="bottom"><p align="right"> </p></td> <td valign="bottom"><p align="right">$ 1.22</p></td> <td valign="bottom"><p align="right"> </p></td> <td valign="bottom"><p align="right">$ 1.03</p></td></tr> <tr><td valign="top"><p> </p></td> <td valign="top"><p align="right"> </p></td> <td valign="top"><p align="right"> </p></td> <td valign="top"><p align="right"> </p></td> <td valign="top"></td> <td valign="top"><p align="right"> </p></td> <td valign="top"></td> <td valign="top"><p align="right"> </p></td></tr> <tr><td valign="top"><p>Weighted average shares outstanding for<br />diluted income per share</p></td> <td valign="top"><p align="right"> </p> <p align="right">329,012,910 </p></td> <td valign="top"><p align="right"> </p></td> <td valign="top"><p align="right"> </p> <p align="right">324,117,111 </p></td> <td valign="top"></td> <td valign="top"><p align="right"> </p> <p align="right">327,044,145 </p></td> <td valign="top"><p> </p></td> <td valign="top"><p align="right"> </p> <p align="right">323,723,755 </p></td></tr> <tr><td valign="top"><p> </p></td> <td valign="top"><p align="right"> </p></td> <td valign="top"><p align="right"> </p></td> <td valign="top"><p align="right"> </p></td> <td valign="top"></td> <td valign="top"><p align="right"> </p></td> <td valign="top"><p> </p></td> <td valign="top"><p align="right"> </p></td></tr> <tr><td valign="top" colspan="8"><p> </p> <p>EBITDA and EBITDA, as adjusted for selected charges are calculated as follows (dollars in thousands):</p></td></tr> <tr><td valign="top"><p> </p></td> <td valign="top"><p align="right"> </p></td> <td valign="top"><p align="right"> </p></td> <td valign="top"><p align="right"> </p></td> <td valign="top"></td> <td valign="top"><p align="right"> </p></td> <td valign="top"><p> </p></td> <td valign="top"><p align="right"> </p></td></tr> <tr><td valign="top"><p> </p></td> <td valign="top" colspan="3"><p align="center"><strong>Three Months Ended</strong><br /><strong> December 31,</strong></p></td> <td valign="top"></td> <td valign="top" colspan="3"><p align="center"><strong>Twelve Months Ended</strong><br /><strong>December 31,</strong></p></td></tr> <tr><td valign="top"><p> </p></td> <td valign="top"><p align="center"><strong>2012</strong></p></td> <td valign="top"><p align="right"> </p></td> <td valign="top"><p align="center"><strong>2011</strong></p></td> <td valign="top"></td> <td valign="top"><p align="center"><strong>2012</strong></p></td> <td valign="top"><p> </p></td> <td valign="top"><p align="center"><strong>2011</strong></p></td></tr> <tr><td valign="top"><p> </p></td> <td valign="top"><p align="right"> </p></td> <td valign="top"><p align="right"> </p></td> <td valign="top"><p align="right"> </p></td> <td valign="top"></td> <td valign="top"><p align="right"> </p></td> <td valign="top"><p> </p></td> <td valign="top"><p align="right"> </p></td></tr> <tr><td valign="top"><p>Net income attributable to CBRE Group, Inc. </p></td> <td valign="bottom"><p align="right">$ 172,998 </p></td> <td valign="bottom"><p align="right"> </p></td> <td valign="bottom"><p align="right">$ 79,763 </p></td> <td valign="top"></td> <td valign="bottom"><p align="right">$ 315,555 </p></td> <td valign="bottom"><p> </p></td> <td valign="bottom"><p align="right">$ 239,162 </p></td></tr> <tr><td valign="top"><p>Add:</p></td> <td valign="top"><p align="right"> </p></td> <td valign="top"><p align="right"> </p></td> <td valign="top"><p align="right"> </p></td> <td valign="top"></td> <td valign="top"><p align="right"> </p></td> <td valign="top"><p> </p></td> <td valign="top"><p align="right"> </p></td></tr> <tr><td valign="top"><p>Depreciation and amortization(1) </p></td> <td valign="bottom"><p align="right">46,010 </p></td> <td valign="top"><p align="right"> </p></td> <td valign="bottom"><p align="right">36,534 </p></td> <td valign="top"></td> <td valign="bottom"><p align="right">170,905 </p></td> <td valign="top"><p> </p></td> <td valign="bottom"><p align="right">116,930 </p></td></tr> <tr><td valign="top"><p>Non-amortizable intangible asset impairment</p></td> <td valign="bottom"><p align="right">-</p></td> <td valign="top"><p align="right"> </p></td> <td valign="bottom"><p align="right">-</p></td> <td valign="top"></td> <td valign="bottom"><p align="right">19,826</p></td> <td valign="top"><p> </p></td> <td valign="bottom"><p align="right">-</p></td></tr> <tr><td valign="top"><p> Interest expense(2) </p></td> <td valign="bottom"><p align="right">44,606 </p></td> <td valign="top"><p align="right"> </p></td> <td valign="bottom"><p align="right">45,130 </p></td> <td valign="top"></td> <td valign="bottom"><p align="right">176,649 </p></td> <td valign="top"><p> </p></td> <td valign="bottom"><p align="right">153,497 </p></td></tr> <tr><td valign="top"><p>Provision for income taxes(3) </p></td> <td valign="bottom"><p align="right">83,980 </p></td> <td valign="top"><p align="right"> </p></td> <td valign="bottom"><p align="right">76,083 </p></td> <td valign="top"></td> <td valign="bottom"><p align="right">186,333 </p></td> <td valign="top"><p> </p></td> <td valign="bottom"><p align="right">193,115 </p></td></tr> <tr><td valign="bottom"><p>Less: </p></td> <td valign="bottom"><p align="right"> </p></td> <td valign="top"><p align="right"> </p></td> <td valign="bottom"><p align="right"> </p></td> <td valign="top"></td> <td valign="bottom"><p align="right"> </p></td> <td valign="top"><p> </p></td> <td valign="bottom"><p align="right"> </p></td></tr> <tr><td valign="bottom"><p> Interest income </p></td> <td valign="bottom"><p align="right">1,864 </p></td> <td valign="top"><p align="right"> </p></td> <td valign="bottom"><p align="right">2,380 </p></td> <td valign="top"></td> <td valign="bottom"><p align="right">7,647 </p></td> <td valign="top"><p> </p></td> <td valign="bottom"><p align="right">9,443 </p></td></tr> <tr><td valign="bottom"><p> </p></td> <td valign="top"><p align="right"> </p></td> <td valign="top"><p align="right"> </p></td> <td valign="top"><p align="right"> </p></td> <td valign="top"></td> <td valign="top"><p align="right"> </p></td> <td valign="top"><p> </p></td> <td valign="top"><p align="right"> </p></td></tr> <tr><td valign="bottom"><p>EBITDA(4) </p></td> <td valign="bottom"><p align="right">$ 345,730 </p></td> <td valign="top"><p align="right"> </p></td> <td valign="bottom"><p align="right">$ 235,130 </p></td> <td valign="top"></td> <td valign="bottom"><p align="right">$ 861,621 </p></td> <td valign="top"><p> </p></td> <td valign="bottom"><p align="right">$ 693,261 </p></td></tr> <tr><td valign="top"><p> </p></td> <td valign="top"><p align="right"> </p></td> <td valign="top"><p align="right"> </p></td> <td valign="top"><p align="right"> </p></td> <td valign="top"></td> <td valign="top"><p align="right"> </p></td> <td valign="top"><p> </p></td> <td valign="top"><p align="right"> </p></td></tr> <tr><td valign="bottom"><p>Adjustments: </p></td> <td valign="top"><p align="right"> </p></td> <td valign="top"><p align="right"> </p></td> <td valign="top"><p align="right"> </p></td> <td valign="top"></td> <td valign="top"><p align="right"> </p></td> <td valign="top"><p> </p></td> <td valign="top"><p align="right"> </p></td></tr> <tr><td valign="bottom"><p>Integration and other costs related to acquisitions </p></td> <td valign="bottom"><p align="right">5,927 </p></td> <td valign="top"><p align="right"> </p></td> <td valign="bottom"><p align="right">45,084 </p></td> <td valign="top"></td> <td valign="bottom"><p align="right">39,240 </p></td> <td valign="top"><p> </p></td> <td valign="bottom"><p align="right">68,788 </p></td></tr> <tr><td valign="bottom"><p>Cost containment expenses </p></td> <td valign="bottom"><p align="right">-</p></td> <td valign="top"><p align="right"> </p></td> <td valign="bottom"><p align="right">31,139 </p></td> <td valign="top"></td> <td valign="bottom"><p align="right">17,578 </p></td> <td valign="top"><p> </p></td> <td valign="bottom"><p align="right">31,139 </p></td></tr> <tr><td valign="bottom"><p>Write-down of impaired assets </p></td> <td valign="bottom"><p align="right">-</p></td> <td valign="top"><p align="right"> </p></td> <td valign="bottom"><p align="right">3,558</p></td> <td valign="top"></td> <td valign="bottom"><p align="right">-</p></td> <td valign="top"><p> </p></td> <td valign="bottom"><p align="right">9,447</p></td></tr> <tr><td valign="bottom"><p> </p></td> <td valign="top"><p align="right"> </p></td> <td valign="top"><p align="right"> </p></td> <td valign="top"><p align="right"> </p></td> <td valign="top"></td> <td valign="top"><p align="right"> </p></td> <td valign="top"><p> </p></td> <td valign="top"><p align="right"> </p></td></tr> <tr><td valign="bottom"><p>EBITDA, as adjusted (4) </p></td> <td valign="bottom"><p align="right">$ 351,657 </p></td> <td valign="top"><p align="right"> </p></td> <td valign="bottom"><p align="right">$ 314,911 </p></td> <td valign="top"></td> <td valign="bottom"><p align="right">$ 918,439 </p></td> <td valign="top"><p> </p></td> <td valign="bottom"><p align="right">$ 802,635 </p></td></tr> <tr><td valign="top"><p> </p></td> <td valign="top"><p align="right"> </p></td> <td valign="top"><p align="right"> </p></td> <td valign="top"><p align="right"> </p></td> <td valign="top"></td> <td valign="top"><p align="right"> </p></td> <td valign="top"><p> </p></td> <td valign="top"><p align="right"> </p></td></tr></tbody></table> <p>_________________________</p> <p>(1) Includes depreciation and amortization expense related to discontinued operations of $1.3 million and $0.7 million for the three months ended December 31, 2012 and 2011, respectively and $1.3 million and $1.2 million for the twelve months ended December 31, 2012 and 2011, respectively.</p> <p>(2) Includes interest expense related to discontinued operations of $1.6 million and $1.9 million for the three months ended December 31, 2012 and 2011, respectively and $1.6 million and $3.2 million for the twelve months ended December 31, 2012 and 2011, respectively.</p> <p>(3) Includes provision for income taxes related to discontinued operations of $1.0 million and $4.0 million for the three months ended December 31, 2012 and 2011, respectively and $1.0 million and $4.0 million for the twelve months ended December 31, 2012 and 2011, respectively.</p> <p>(4) Includes EBITDA related to discontinued operations of $5.6 million and $12.2 million for the three months ended December 31, 2012 and 2011, respectively and $5.6 million and $14.1 million for the twelve months ended December 31, 2012 and 2011, respectively.</p> <p>EBITDA and EBITDA, as adjusted for selected charges for segments are calculated as follows (dollars in thousands): </p> <table width="633" border="0" cellspacing="0" cellpadding="0"><tbody><tr><td valign="top"><p> </p></td> <td colspan="3"><p align="center"><strong> Three Months Ended</strong><br /><strong>December 31, </strong></p></td> <td valign="top"></td> <td colspan="3"><p align="center"><strong> </strong><strong>Twelve Months Ended</strong><br /><strong>December 31,</strong><strong> </strong></p></td></tr> <tr><td valign="top"><p> </p></td> <td valign="top"><p align="center"><strong>2012</strong></p></td> <td valign="top"></td> <td valign="top"><p align="center"><strong>2011</strong></p></td> <td valign="top"></td> <td valign="top"><p align="center"><strong>2012</strong></p></td> <td valign="top"></td> <td valign="top"><p align="center"><strong>2011</strong></p></td></tr> <tr><td valign="top"><p><strong><u>Americas</u></strong><strong><u> </u></strong></p></td> <td valign="top"><p align="right"> </p></td> <td valign="top"><p> </p></td> <td valign="top"><p align="right"> </p></td> <td valign="top"><p align="right"> </p></td> <td valign="top"><p align="right"> </p></td> <td valign="top"><p> </p></td> <td valign="top"><p align="right"> </p></td></tr> <tr><td valign="bottom"><p>Net income attributable to CBRE Group, Inc. </p></td> <td valign="bottom"><p align="right">$ 124,679</p></td> <td valign="bottom"><p> </p></td> <td valign="bottom"><p align="right">$ 45,675 </p></td> <td valign="bottom"><p align="right"> </p></td> <td valign="bottom"><p align="right">$ 267,313</p></td> <td valign="bottom"><p> </p></td> <td valign="bottom"><p align="right">$ 182,107</p></td></tr> <tr><td valign="bottom"><p>Add:</p></td> <td valign="bottom"><p align="right"> </p></td> <td valign="bottom"><p> </p></td> <td valign="bottom"><p align="right"> </p></td> <td valign="bottom"><p align="right"> </p></td> <td valign="bottom"><p align="right"> </p></td> <td valign="bottom"><p> </p></td> <td valign="bottom"><p align="right"> </p></td></tr> <tr><td valign="bottom"><p> Depreciation and amortization </p></td> <td valign="bottom"><p align="right">24,286</p></td> <td valign="bottom"><p> </p></td> <td valign="bottom"><p align="right">18,721</p></td> <td valign="bottom"><p align="right"> </p></td> <td valign="bottom"><p align="right">82,841</p></td> <td valign="bottom"><p> </p></td> <td valign="bottom"><p align="right">62,238</p></td></tr> <tr><td valign="bottom"><p> Interest expense </p></td> <td valign="bottom"><p align="right">18,266</p></td> <td valign="bottom"><p> </p></td> <td valign="bottom"><p align="right">37,147</p></td> <td valign="bottom"><p align="right"> </p></td> <td valign="bottom"><p align="right">124,633</p></td> <td valign="bottom"><p> </p></td> <td valign="bottom"><p align="right">118,916</p></td></tr> <tr><td valign="bottom"><p>Royalty and management service income </p></td> <td valign="bottom"><p align="right">(11,435)</p></td> <td valign="bottom"><p> </p></td> <td valign="bottom"><p align="right">(9,026)</p></td> <td valign="bottom"><p align="right"> </p></td> <td valign="bottom"><p align="right">(32,214)</p></td> <td valign="bottom"><p> </p></td> <td valign="bottom"><p align="right">(29,729)</p></td></tr> <tr><td valign="bottom"><p> Provision for income taxes </p></td> <td valign="bottom"><p align="right">44,634</p></td> <td valign="bottom"><p> </p></td> <td valign="bottom"><p align="right">53,280</p></td> <td valign="bottom"><p align="right"> </p></td> <td valign="bottom"><p align="right">140,634</p></td> <td valign="bottom"><p> </p></td> <td valign="bottom"><p align="right">136,803</p></td></tr> <tr><td valign="bottom"><p>Less: </p></td> <td valign="bottom"><p align="right"> </p></td> <td valign="bottom"><p> </p></td> <td valign="bottom"><p align="right"> </p></td> <td valign="bottom"><p align="right"> </p></td> <td valign="bottom"><p align="right"> </p></td> <td valign="bottom"><p> </p></td> <td valign="bottom"><p align="right"> </p></td></tr> <tr><td valign="bottom"><p> Interest income</p></td> <td valign="bottom"><p align="right">1,085</p></td> <td valign="bottom"><p> </p></td> <td valign="bottom"><p align="right">3,289</p></td> <td valign="bottom"><p align="right"> </p></td> <td valign="bottom"><p align="right">4,558</p></td> <td valign="bottom"><p> </p></td> <td valign="bottom"><p align="right">8,168</p></td></tr> <tr><td valign="bottom"><p>EBITDA</p></td> <td valign="bottom"><p align="right">$ 199,345</p></td> <td valign="bottom"><p> </p></td> <td valign="bottom"><p align="right">$ 142,508</p></td> <td valign="bottom"><p align="right"> </p></td> <td valign="bottom"><p align="right">$ 578,649</p></td> <td valign="bottom"><p> </p></td> <td valign="bottom"><p align="right">$ 462,167</p></td></tr> <tr><td valign="bottom"><p>Integration and other costs related to acquisitions</p></td> <td valign="bottom"><p align="right">-</p></td> <td valign="bottom"><p> </p></td> <td valign="bottom"><p align="right">10</p></td> <td valign="bottom"><p align="right"> </p></td> <td valign="bottom"><p align="right">-</p></td> <td valign="bottom"><p> </p></td> <td valign="bottom"><p align="right">126</p></td></tr> <tr><td valign="bottom"><p>Cost containment expenses</p></td> <td valign="bottom"><p align="right">-</p></td> <td valign="bottom"><p> </p></td> <td valign="bottom"><p align="right">15,646</p></td> <td valign="bottom"><p align="right"> </p></td> <td valign="bottom"><p align="right">-</p></td> <td valign="bottom"><p> </p></td> <td valign="bottom"><p align="right">15,646</p></td></tr> <tr><td valign="bottom"><p>EBITDA, as adjusted</p></td> <td valign="bottom"><p align="right">$ 199,345 </p></td> <td valign="bottom"><p> </p></td> <td valign="bottom"><p align="right">$ 158,164 </p></td> <td valign="bottom"><p align="right"> </p></td> <td valign="bottom"><p align="right">$ 578,649 </p></td> <td valign="bottom"><p> </p></td> <td valign="bottom"><p align="right">$ 477,939 </p></td></tr> <tr><td valign="top"><p><strong><u> </u></strong></p></td> <td valign="bottom"><p align="right"> </p></td> <td valign="bottom"><p> </p></td> <td valign="bottom"><p align="right"> </p></td> <td valign="bottom"><p align="right"> </p></td> <td valign="bottom"><p align="right"> </p></td> <td valign="bottom"><p> </p></td> <td valign="bottom"><p align="right"> </p></td></tr> <tr><td valign="top"><p><strong><u> </u></strong></p></td> <td valign="bottom"><p align="right"> </p></td> <td valign="bottom"><p> </p></td> <td valign="bottom"><p align="right"> </p></td> <td valign="bottom"><p align="right"> </p></td> <td valign="bottom"><p align="right"> </p></td> <td valign="bottom"><p> </p></td> <td valign="bottom"><p align="right"> </p></td></tr> <tr><td valign="top"><p><strong><u>EMEA</u></strong></p></td> <td valign="bottom"><p align="right"> </p></td> <td valign="bottom"><p> </p></td> <td valign="bottom"><p align="right"> </p></td> <td valign="bottom"><p align="right"> </p></td> <td valign="bottom"><p align="right"> </p></td> <td valign="bottom"><p> </p></td> <td valign="bottom"><p align="right"> </p></td></tr> <tr><td valign="bottom"><p>Net income attributable to CBRE Group, Inc. </p></td> <td valign="bottom"><p align="right">$ 28,802 </p></td> <td valign="bottom"><p> </p></td> <td valign="bottom"><p align="right">$ 22,834</p></td> <td valign="bottom"><p align="right"> </p></td> <td valign="bottom"><p align="right">$ 9,846</p></td> <td valign="bottom"><p> </p></td> <td valign="bottom"><p align="right">$ 37,155</p></td></tr> <tr><td valign="bottom"><p>Add:</p></td> <td valign="bottom"><p align="right"> </p></td> <td valign="bottom"><p> </p></td> <td valign="bottom"><p align="right"> </p></td> <td valign="bottom"><p align="right"> </p></td> <td valign="bottom"><p align="right"> </p></td> <td valign="bottom"><p> </p></td> <td valign="bottom"><p align="right"> </p></td></tr> <tr><td valign="bottom"><p> Depreciation and amortization </p></td> <td valign="bottom"><p align="right">4,524</p></td> <td valign="bottom"><p> </p></td> <td valign="bottom"><p align="right">3,239</p></td> <td valign="bottom"><p align="right"> </p></td> <td valign="bottom"><p align="right">14,198</p></td> <td valign="bottom"><p> </p></td> <td valign="bottom"><p align="right">10,945</p></td></tr> <tr><td valign="bottom"><p>Non-amortizable intangible asset impairment</p></td> <td valign="bottom"><p align="right">-</p></td> <td valign="bottom"><p> </p></td> <td valign="bottom"><p align="right">-</p></td> <td valign="bottom"><p align="right"> </p></td> <td valign="bottom"><p align="right">19,826</p></td> <td valign="bottom"><p> </p></td> <td valign="bottom"><p align="right">-</p></td></tr> <tr><td valign="bottom"><p> Interest expense </p></td> <td valign="bottom"><p align="right">2,414</p></td> <td valign="bottom"><p> </p></td> <td valign="bottom"><p align="right">1,446</p></td> <td valign="bottom"><p align="right"> </p></td> <td valign="bottom"><p align="right">9,152</p></td> <td valign="bottom"><p> </p></td> <td valign="bottom"><p align="right">1,633</p></td></tr> <tr><td valign="bottom"><p>Royalty and management service expense </p></td> <td valign="bottom"><p align="right">3,688</p></td> <td valign="bottom"><p> </p></td> <td valign="bottom"><p align="right">4,482</p></td> <td valign="bottom"><p align="right"> </p></td> <td valign="bottom"><p align="right">12,654</p></td> <td valign="bottom"><p> </p></td> <td valign="bottom"><p align="right">14,142</p></td></tr> <tr><td valign="bottom"><p> Provision for income taxes </p></td> <td valign="bottom"><p align="right">18,509</p></td> <td valign="bottom"><p> </p></td> <td valign="bottom"><p align="right">12,785</p></td> <td valign="bottom"><p align="right"> </p></td> <td valign="bottom"><p align="right">7,170</p></td> <td valign="bottom"><p> </p></td> <td valign="bottom"><p align="right">27,253</p></td></tr> <tr><td valign="bottom"><p>Less: </p></td> <td valign="bottom"><p align="right"> </p></td> <td valign="bottom"><p> </p></td> <td valign="bottom"><p align="right"> </p></td> <td valign="bottom"><p align="right"> </p></td> <td valign="bottom"><p> </p></td> <td valign="bottom"><p> </p></td> <td valign="bottom"><p> </p></td></tr> <tr><td valign="bottom"><p> Interest income</p></td> <td valign="bottom"><p align="right">4,145</p></td> <td valign="bottom"><p> </p></td> <td valign="bottom"><p align="right">2,729</p></td> <td valign="bottom"><p align="right"> </p></td> <td valign="bottom"><p align="right">18,547</p></td> <td valign="bottom"><p> </p></td> <td valign="bottom"><p align="right">3,601</p></td></tr> <tr><td valign="bottom"><p>EBITDA</p></td> <td valign="bottom"><p align="right">$ 53,792</p></td> <td valign="bottom"><p> </p></td> <td valign="bottom"><p align="right">$ 42,057</p></td> <td valign="bottom"><p align="right"> </p></td> <td valign="bottom"><p align="right">$ 54,299 </p></td> <td valign="bottom"><p> </p></td> <td valign="bottom"><p align="right">$ 87,527</p></td></tr> <tr><td valign="bottom"><p>Cost containment expenses</p></td> <td valign="bottom"><p align="right">-</p></td> <td valign="bottom"><p> </p></td> <td valign="bottom"><p align="right">11,089</p></td> <td valign="bottom"><p align="right"> </p></td> <td valign="bottom"><p align="right">15,331</p></td> <td valign="bottom"><p> </p></td> <td valign="bottom"><p align="right">11,089</p></td></tr> <tr><td valign="bottom"><p>EBITDA, as adjusted</p></td> <td valign="bottom"><p align="right">$ 53,792 </p></td> <td valign="bottom"><p> </p></td> <td valign="bottom"><p align="right">$ 53,146 </p></td> <td valign="bottom"><p align="right"> </p></td> <td valign="bottom"><p align="right">$ 69,630</p></td> <td valign="bottom"><p> </p></td> <td valign="bottom"><p align="right">$ 98,616</p></td></tr> <tr><td valign="top"><p><strong><u> </u></strong></p></td> <td valign="bottom"><p align="right"> </p></td> <td valign="bottom"><p> </p></td> <td valign="bottom"><p align="right"> </p></td> <td valign="bottom"><p align="right"> </p></td> <td valign="bottom"><p align="right"> </p></td> <td valign="bottom"><p> </p></td> <td valign="bottom"><p align="right"> </p></td></tr> <tr><td valign="top"><p><strong><u> </u></strong></p></td> <td valign="bottom"><p align="right"> </p></td> <td valign="bottom"><p> </p></td> <td valign="bottom"><p align="right"> </p></td> <td valign="bottom"><p align="right"> </p></td> <td valign="bottom"><p align="right"> </p></td> <td valign="bottom"><p> </p></td> <td valign="bottom"><p align="right"> </p></td></tr> <tr><td valign="top"><p><strong><u>Asia</u></strong><strong><u> Pacific</u></strong></p></td> <td valign="bottom"><p align="right"> </p></td> <td valign="bottom"><p> </p></td> <td valign="bottom"><p align="right"> </p></td> <td valign="bottom"><p align="right"> </p></td> <td valign="bottom"><p align="right"> </p></td> <td valign="bottom"><p> </p></td> <td valign="bottom"><p align="right"> </p></td></tr> <tr><td valign="bottom"><p>Net income attributable to CBRE Group, Inc. </p></td> <td valign="bottom"><p align="right">$ 17,370</p></td> <td valign="bottom"><p> </p></td> <td valign="bottom"><p align="right">$ 17,143</p></td> <td valign="bottom"><p align="right"> </p></td> <td valign="bottom"><p align="right">$ 35,040</p></td> <td valign="bottom"><p> </p></td> <td valign="bottom"><p align="right">$ 32,815</p></td></tr> <tr><td valign="bottom"><p>Add:</p></td> <td valign="bottom"><p align="right"> </p></td> <td valign="bottom"><p> </p></td> <td valign="bottom"><p align="right"> </p></td> <td valign="bottom"><p align="right"> </p></td> <td valign="bottom"><p align="right"> </p></td> <td valign="bottom"><p> </p></td> <td valign="bottom"><p align="right"> </p></td></tr> <tr><td valign="bottom"><p> Depreciation and amortization </p></td> <td valign="bottom"><p align="right">3,017</p></td> <td valign="bottom"><p> </p></td> <td valign="bottom"><p align="right">2,704</p></td> <td valign="bottom"><p align="right"> </p></td> <td valign="bottom"><p align="right">11,475</p></td> <td valign="bottom"><p> </p></td> <td valign="bottom"><p align="right">9,654</p></td></tr> <tr><td valign="bottom"><p> Interest expense </p></td> <td valign="bottom"><p align="right">1,453</p></td> <td valign="bottom"><p> </p></td> <td valign="bottom"><p align="right">911</p></td> <td valign="bottom"><p align="right"> </p></td> <td valign="bottom"><p align="right">4,641</p></td> <td valign="bottom"><p> </p></td> <td valign="bottom"><p align="right">3,535</p></td></tr> <tr><td valign="bottom"><p>Royalty and management service expense </p></td> <td valign="bottom"><p align="right">3,688</p></td> <td valign="bottom"><p> </p></td> <td valign="bottom"><p align="right">4,352</p></td> <td valign="bottom"><p align="right"> </p></td> <td valign="bottom"><p align="right">15,388</p></td> <td valign="bottom"><p> </p></td> <td valign="bottom"><p align="right">14,666</p></td></tr> <tr><td valign="bottom"><p> Provision for income taxes </p></td> <td valign="bottom"><p align="right">13,187</p></td> <td valign="bottom"><p> </p></td> <td valign="bottom"><p align="right">5,552</p></td> <td valign="bottom"><p align="right"> </p></td> <td valign="bottom"><p align="right">14,840</p></td> <td valign="bottom"><p> </p></td> <td valign="bottom"><p align="right">22,637</p></td></tr> <tr><td valign="bottom"><p>Less: </p></td> <td valign="bottom"><p align="right"> </p></td> <td valign="bottom"><p> </p></td> <td valign="bottom"><p align="right"> </p></td> <td valign="bottom"><p align="right"> </p></td> <td valign="bottom"><p> </p></td> <td valign="bottom"><p> </p></td> <td valign="bottom"><p> </p></td></tr> <tr><td valign="bottom"><p> Interest income</p></td> <td valign="bottom"><p align="right">132</p></td> <td valign="bottom"><p> </p></td> <td valign="bottom"><p align="right">132</p></td> <td valign="bottom"><p align="right"> </p></td> <td valign="bottom"><p align="right">754</p></td> <td valign="bottom"><p> </p></td> <td valign="bottom"><p align="right">1,081</p></td></tr> <tr><td valign="bottom"><p>EBITDA</p></td> <td valign="bottom"><p align="right">$ 38,583</p></td> <td valign="bottom"><p> </p></td> <td valign="bottom"><p align="right">$ 30,530</p></td> <td valign="bottom"><p align="right"> </p></td> <td valign="bottom"><p align="right">$ 80,630</p></td> <td valign="bottom"><p> </p></td> <td valign="bottom"><p align="right">$ 82,226</p></td></tr> <tr><td valign="bottom"><p>Cost containment expenses</p></td> <td valign="bottom"><p align="right">-</p></td> <td valign="bottom"><p> </p></td> <td valign="bottom"><p align="right">4,404</p></td> <td valign="bottom"><p align="right"> </p></td> <td valign="bottom"><p align="right">2,247</p></td> <td valign="bottom"><p> </p></td> <td valign="bottom"><p align="right">4,404</p></td></tr> <tr><td valign="bottom"><p>Integration and other costs related to acquisitions</p></td> <td valign="bottom"><p align="right">-</p></td> <td valign="bottom"><p> </p></td> <td valign="bottom"><p align="right">36</p></td> <td valign="bottom"><p align="right"> </p></td> <td valign="bottom"><p align="right">-</p></td> <td valign="bottom"><p> </p></td> <td valign="bottom"><p align="right">1,932</p></td></tr> <tr><td valign="bottom"><p>EBITDA, as adjusted</p></td> <td valign="bottom"><p align="right">$ 38,583</p></td> <td valign="bottom"><p> </p></td> <td valign="bottom"><p align="right">$ 34,970</p></td> <td valign="bottom"><p align="right"> </p></td> <td valign="bottom"><p align="right">$ 82,877 </p></td> <td valign="bottom"><p> </p></td> <td valign="bottom"><p align="right">$ 88,562 </p></td></tr></tbody></table> <p> </p> <table width="627" border="0" cellspacing="0" cellpadding="0"><tbody><tr><td valign="top"> </td> <td valign="bottom" colspan="3"><strong> Three Months Ended</strong><br /><strong>December 31, </strong></td> <td valign="bottom"> </td> <td valign="bottom" colspan="3"><strong> </strong><strong>Twelve Months Ended</strong><br /><strong>December 31,</strong><strong> </strong></td></tr> <tr><td valign="top"> </td> <td valign="bottom"><strong>2012</strong></td> <td valign="bottom"> </td> <td valign="bottom"><strong>2011</strong></td> <td valign="bottom"> </td> <td valign="bottom"><strong>2012</strong></td> <td valign="bottom"> </td> <td valign="bottom"><strong>2011</strong></td></tr> <tr><td valign="top"><p><strong><u>Global Investment Management</u></strong></p></td> <td valign="bottom"><p align="right"> </p></td> <td valign="bottom"><p> </p></td> <td valign="bottom"><p align="right"> </p></td> <td valign="bottom"><p align="right"> </p></td> <td valign="bottom"><p align="right"> </p></td> <td valign="bottom"><p> </p></td> <td valign="bottom"><p align="right"> </p></td></tr> <tr><td valign="bottom"><p>Net loss attributable to CBRE Group, Inc.<strong><u> </u></strong></p></td> <td valign="bottom"><p align="right">$ (16,829) </p></td> <td valign="bottom"><p> </p></td> <td valign="bottom"><p align="right">$ (32,689) </p></td> <td valign="bottom"><p align="right"> </p></td> <td valign="bottom"><p align="right">$ (14,872)</p></td> <td valign="bottom"><p> </p></td> <td valign="bottom"><p align="right">$ (44,938)</p></td></tr> <tr><td valign="bottom"><p>Add:<strong><u></u></strong></p></td> <td valign="bottom"><p align="right"> </p></td> <td valign="bottom"><p> </p></td> <td valign="bottom"><p align="right"> </p></td> <td valign="bottom"><p align="right"> </p></td> <td valign="bottom"><p align="right"> </p></td> <td valign="bottom"><p> </p></td> <td valign="bottom"><p align="right"> </p></td></tr> <tr><td valign="bottom"><p> Depreciation and amortization(1)<strong> <u></u></strong></p></td> <td valign="bottom"><p align="right">11,754</p></td> <td valign="bottom"><p> </p></td> <td valign="bottom"><p align="right">8,952</p></td> <td valign="bottom"><p align="right"> </p></td> <td valign="bottom"><p align="right">51,557</p></td> <td valign="bottom"><p> </p></td> <td valign="bottom"><p align="right">22,424</p></td></tr> <tr><td valign="bottom"><p> Interest expense(2)<strong> <u></u></strong></p></td> <td valign="bottom"><p align="right">23,837</p></td> <td valign="bottom"><p> </p></td> <td valign="bottom"><p align="right">6,706</p></td> <td valign="bottom"><p align="right"> </p></td> <td valign="bottom"><p align="right">44,818</p></td> <td valign="bottom"><p> </p></td> <td valign="bottom"><p align="right">20,892</p></td></tr> <tr><td valign="bottom"><p>Royalty and management service expense<strong><u> </u></strong></p></td> <td valign="bottom"><p align="right">4,059</p></td> <td valign="bottom"><p> </p></td> <td valign="bottom"><p align="right">192</p></td> <td valign="bottom"><p align="right"> </p></td> <td valign="bottom"><p align="right">4,172</p></td> <td valign="bottom"><p> </p></td> <td valign="bottom"><p align="right">921</p></td></tr> <tr><td valign="bottom"><p> (Benefit of) provision for income taxes </p></td> <td valign="bottom"><p align="right">(4,106)</p></td> <td valign="bottom"><p> </p></td> <td valign="bottom"><p align="right">(12,181)</p></td> <td valign="bottom"><p align="right"> </p></td> <td valign="bottom"><p align="right">11,805</p></td> <td valign="bottom"><p> </p></td> <td valign="bottom"><p align="right">(13,404)</p></td></tr> <tr><td valign="bottom"><p>Less:<strong><u></u></strong></p></td> <td valign="bottom"><p align="right"> </p></td> <td valign="bottom"><p> </p></td> <td valign="bottom"><p align="right"> </p></td> <td valign="bottom"><p align="right"> </p></td> <td valign="bottom"><p align="right"> </p></td> <td valign="bottom"><p> </p></td> <td valign="bottom"><p align="right"> </p></td></tr> <tr><td valign="bottom"><p> Interest income<strong><u> </u></strong></p></td> <td valign="bottom"><p align="right">281</p></td> <td valign="bottom"><p> </p></td> <td valign="bottom"><p align="right">366</p></td> <td valign="bottom"><p align="right"> </p></td> <td valign="bottom"><p align="right">1,121</p></td> <td valign="bottom"><p> </p></td> <td valign="bottom"><p align="right">667</p></td></tr> <tr><td valign="bottom"><p>EBITDA(3)<strong> </strong></p></td> <td valign="bottom"><p align="right">$ 18,434</p></td> <td valign="bottom"><p> </p></td> <td valign="bottom"><p align="right">$ (29,386)</p></td> <td valign="bottom"><p align="right"> </p></td> <td valign="bottom"><p align="right">$ 96,359</p></td> <td valign="bottom"><p> </p></td> <td valign="bottom"><p align="right">$ (14,772)</p></td></tr> <tr><td valign="bottom"><p>Integration and other costs related to acquisitions</p></td> <td valign="bottom"><p align="right">5,927</p></td> <td valign="bottom"><p> </p></td> <td valign="bottom"><p align="right">45,038</p></td> <td valign="bottom"><p align="right"> </p></td> <td valign="bottom"><p align="right">39,240</p></td> <td valign="bottom"><p> </p></td> <td valign="bottom"><p align="right">66,730</p></td></tr> <tr><td valign="bottom"><p>Write-down of impaired assets</p></td> <td valign="bottom"><p align="right">-</p></td> <td valign="bottom"><p> </p></td> <td valign="bottom"><p align="right">846</p></td> <td valign="bottom"><p align="right"> </p></td> <td valign="bottom"><p align="right">-</p></td> <td valign="bottom"><p> </p></td> <td valign="bottom"><p align="right">5,301</p></td></tr> <tr><td valign="bottom"><p>EBITDA, as adjusted(3)<strong> <u></u></strong></p></td> <td valign="bottom"><p align="right">$ 24,361</p></td> <td valign="bottom"><p> </p></td> <td valign="bottom"><p align="right">$ 16,498</p></td> <td valign="bottom"><p align="right"> </p></td> <td valign="bottom"><p align="right">$ 135,599 </p></td> <td valign="bottom"><p> </p></td> <td valign="bottom"><p align="right">$ 57,259 </p></td></tr> <tr><td valign="top"><p><strong><u> </u></strong></p></td> <td valign="bottom"><p align="right"> </p></td> <td valign="bottom"><p> </p></td> <td valign="bottom"><p align="right"> </p></td> <td valign="bottom"><p align="right"> </p></td> <td valign="bottom"><p align="right"> </p></td> <td valign="bottom"><p> </p></td> <td valign="bottom"><p align="right"> </p></td></tr> <tr><td valign="top"><p><strong><u> </u></strong></p></td> <td valign="bottom"><p align="right"> </p></td> <td valign="bottom"><p> </p></td> <td valign="bottom"><p align="right"> </p></td> <td valign="bottom"><p align="right"> </p></td> <td valign="bottom"><p align="right"> </p></td> <td valign="bottom"><p> </p></td> <td valign="bottom"><p align="right"> </p></td></tr> <tr><td valign="top"><p><strong><u> </u></strong></p></td> <td valign="bottom"><p align="right"> </p></td> <td valign="bottom"><p> </p></td> <td valign="bottom"><p align="right"> </p></td> <td valign="bottom"><p align="right"> </p></td> <td valign="bottom"><p align="right"> </p></td> <td valign="bottom"><p> </p></td> <td valign="bottom"><p align="right"> </p></td></tr> <tr><td valign="top"><p><strong><u>Development Services </u></strong></p></td> <td valign="bottom"><p align="right"> </p></td> <td valign="bottom"><p> </p></td> <td valign="bottom"><p align="right"> </p></td> <td valign="bottom"><p align="right"> </p></td> <td valign="bottom"><p align="right"> </p></td> <td valign="bottom"><p> </p></td> <td valign="bottom"><p align="right"> </p></td></tr> <tr><td valign="bottom"><p>Net income attributable to CBRE Group, Inc. </p></td> <td valign="bottom"><p align="right">$ 18,976 </p></td> <td valign="bottom"><p> </p></td> <td valign="bottom"><p align="right">$ 26,800 </p></td> <td valign="bottom"><p align="right"> </p></td> <td valign="bottom"><p align="right">$ 18,228</p></td> <td valign="bottom"><p> </p></td> <td valign="bottom"><p align="right">$ 32,023</p></td></tr> <tr><td valign="bottom"><p>Add:</p></td> <td valign="bottom"><p align="right"> </p></td> <td valign="bottom"><p> </p></td> <td valign="bottom"><p align="right"> </p></td> <td valign="bottom"><p align="right"> </p></td> <td valign="bottom"><p align="right"> </p></td> <td valign="bottom"><p> </p></td> <td valign="bottom"><p align="right"> </p></td></tr> <tr><td valign="bottom"><p> Depreciation and amortization(4)<strong> </strong></p></td> <td valign="bottom"><p align="right">2,429</p></td> <td valign="bottom"><p> </p></td> <td valign="bottom"><p align="right">2,918</p></td> <td valign="bottom"><p align="right"> </p></td> <td valign="bottom"><p align="right">10,834</p></td> <td valign="bottom"><p> </p></td> <td valign="bottom"><p align="right">11,669</p></td></tr> <tr><td valign="bottom"><p> Interest expense(5)<strong> </strong></p></td> <td valign="bottom"><p align="right">2,686</p></td> <td valign="bottom"><p> </p></td> <td valign="bottom"><p align="right">3,183</p></td> <td valign="bottom"><p align="right"> </p></td> <td valign="bottom"><p align="right">11,288</p></td> <td valign="bottom"><p> </p></td> <td valign="bottom"><p align="right">12,784</p></td></tr> <tr><td valign="bottom"><p> Provision for income taxes(6)<strong> </strong></p></td> <td valign="bottom"><p align="right">11,756</p></td> <td valign="bottom"><p> </p></td> <td valign="bottom"><p align="right">16,647</p></td> <td valign="bottom"><p align="right"> </p></td> <td valign="bottom"><p align="right">11,884</p></td> <td valign="bottom"><p> </p></td> <td valign="bottom"><p align="right">19,826</p></td></tr> <tr><td valign="bottom"><p>Less: </p></td> <td valign="bottom"><p align="right"> </p></td> <td valign="bottom"><p> </p></td> <td valign="bottom"><p align="right"> </p></td> <td valign="bottom"><p align="right"> </p></td> <td valign="bottom"><p> </p></td> <td valign="bottom"><p> </p></td> <td valign="bottom"><p> </p></td></tr> <tr><td valign="bottom"><p> Interest income</p></td> <td valign="bottom"><p align="right">271</p></td> <td valign="bottom"><p> </p></td> <td valign="bottom"><p align="right">127</p></td> <td valign="bottom"><p align="right"> </p></td> <td valign="bottom"><p align="center">550</p></td> <td valign="bottom"><p> </p></td> <td valign="bottom"><p align="right">189</p></td></tr> <tr><td valign="bottom"><p>EBITDA(7)<strong> </strong></p></td> <td valign="bottom"><p align="right">$ 35,576</p></td> <td valign="bottom"><p> </p></td> <td valign="bottom"><p align="right">$ 49,421</p></td> <td valign="bottom"><p align="right"> </p></td> <td valign="bottom"><p align="right">$ 51,684</p></td> <td valign="bottom"><p> </p></td> <td valign="bottom"><p align="right">$ 76,113</p></td></tr> <tr><td valign="bottom"><p>Write-down of impaired assets</p></td> <td valign="bottom"><p align="right">-</p></td> <td valign="bottom"><p> </p></td> <td valign="bottom"><p align="right">2,712</p></td> <td valign="bottom"><p align="right"> </p></td> <td valign="bottom"><p align="right">-</p></td> <td valign="bottom"><p> </p></td> <td valign="bottom"><p align="right">4,146</p></td></tr> <tr><td valign="bottom"><p>EBITDA, as adjusted(7)<strong> </strong></p></td> <td valign="bottom"><p align="right">$ 35,576 </p></td> <td valign="bottom"><p align="right"> </p></td> <td valign="bottom"><p align="right">$ 52,133 </p></td> <td valign="bottom"><p align="right"> </p></td> <td valign="bottom"><p align="right">$ 51,684 </p></td> <td valign="bottom"><p align="right"> </p></td> <td valign="bottom"><p align="right">$ 80,259 </p></td></tr></tbody></table> <p>(1)Includes depreciation and amortization expense related to discontinued operations of $0.3 million and $0.6 million for the three months ended December 31, 2012 and 2011, respectively and $0.3 million and $1.2 million twelve months ended December 31, 2012 and 2011, respectively.</p> <p>(2)Includes interest expense related to discontinued operations of $0.2 million and $1.5 million for the three months ended December 31, 2012 and 2011, respectively and $0.2 million and $2.8 million for the twelve months ended December 31, 2012 and 2011, respectively. </p> <p>(3) Includes EBITDA related to discontinued operations of $0.5 million and $2.1 million for the three months ended December 31, 2012 and 2011, respectively and $0.5 million and $4.0 million for the twelve months ended December 31, 2012 and 2011, respectively. </p> <p>(4) Includes depreciation and amortization expense related to discontinued operations of $1.0 million and $0.1 million for the three months ended December 31, 2012 and 2011, respectively and $1.0 million and $0.1 million for the twelve months ended December 31, 2012 and 2011, respectively. </p> <p>(5) Includes interest expense related to discontinued operations of $1.4 million and $0.4 million for the three months ended December 31, 2012 and 2011, respectively and $1.4 million and $0.4 million for the twelve months ended December 31, 2012 and 2011, respectively. </p> <p>(6) Includes provision for income taxes related to discontinued operations of $1.0 million and $4.0 million for the three months ended December 31, 2012 and 2011, respectively and $1.0 million and $4.0 million for the twelve months ended December 31, 2012 and 2011, respectively. </p> <p>(7) Includes EBITDA related to discontinued operations of $5.1 million and $10.1 million for the three months ended December 31, 2012 and 2011, respectively and $5.1 million and $10.1 million for the twelve months ended December 31, 2012 and 2011, respectively. </p> <table border="0" cellspacing="0" cellpadding="0"><tbody><tr><td valign="top" colspan="7"><em><br clear="all" /></em><p align="center"><strong><em>CBRE GROUP, INC.</em></strong><br /><strong><em> CONDENSED CONSOLIDATED BALANCE SHEETS </em></strong><br /><strong><em>(Dollars in thousands)</em></strong></p></td></tr> <tr><td valign="top"></td> <td valign="top" colspan="2"><p align="center"><strong>December 31,</strong></p></td> <td valign="top" colspan="2"></td> <td valign="top" colspan="2"><p align="center"><strong>December 31,</strong></p></td></tr> <tr><td valign="top"></td> <td valign="top" colspan="2"><p align="center"><strong>2012 </strong></p></td> <td valign="top" colspan="2"></td> <td valign="top" colspan="2"><p align="center"><strong>2011 </strong></p></td></tr> <tr><td valign="top"><p>Assets:</p></td> <td valign="top" colspan="2"></td> <td valign="top" colspan="2"></td> <td valign="top" colspan="2"></td></tr> <tr><td valign="top"><p> Cash and cash equivalents (1)</p></td> <td valign="top" colspan="2"><p align="right">$ 1,089,297</p></td> <td valign="top" colspan="2"></td> <td valign="top" colspan="2"><p align="right">$ 1,093,182 </p></td></tr> <tr><td valign="top"><p> Restricted cash</p></td> <td valign="top" colspan="2"><p align="right">73,676</p></td> <td valign="top" colspan="2"></td> <td valign="top" colspan="2"><p align="right">67,138 </p></td></tr> <tr><td valign="top"><p>Receivables, net</p></td> <td valign="top" colspan="2"><p align="right">1,262,823</p></td> <td valign="top" colspan="2"></td> <td valign="top" colspan="2"><p align="right">1,135,371 </p></td></tr> <tr><td valign="top"><p> Warehouse receivables (2)</p></td> <td valign="top" colspan="2"><p align="right">1,048,340</p></td> <td valign="top" colspan="2"></td> <td valign="top" colspan="2"><p align="right">720,061 </p></td></tr> <tr><td valign="top"><p>Real estate assets (3)</p></td> <td valign="top" colspan="2"><p align="right">392,860</p></td> <td valign="top" colspan="2"></td> <td valign="top" colspan="2"><p align="right">464,468 </p></td></tr> <tr><td valign="top"><p>Goodwill and other intangibles, net</p></td> <td valign="top" colspan="2"><p align="right">2,676,395</p></td> <td valign="top" colspan="2"></td> <td valign="top" colspan="2"><p align="right">2,622,732 </p></td></tr> <tr><td valign="top"><p>Investments in and advances to unconsolidated subsidiaries</p></td> <td valign="top" colspan="2"><p align="right">206,798</p></td> <td valign="top" colspan="2"></td> <td valign="top" colspan="2"><p align="right">166,832 </p></td></tr> <tr><td valign="top"><p>Other assets, net</p></td> <td valign="top" colspan="2"><p align="right">1,059,353</p></td> <td valign="top" colspan="2"></td> <td valign="top" colspan="2"><p align="right">949,359 </p></td></tr> <tr><td valign="top"><p>Total assets</p></td> <td valign="bottom" colspan="2"><p align="right">$ 7,809,542</p></td> <td valign="bottom" colspan="2"></td> <td valign="bottom" colspan="2"><p align="right">$ 7,219,143 </p></td></tr> <tr><td valign="top"><p> </p> <p>Liabilities:</p></td> <td valign="top" colspan="2"></td> <td valign="top" colspan="2"></td> <td valign="top" colspan="2"></td></tr> <tr><td valign="top"><p> Current liabilities, excluding debt</p></td> <td valign="top" colspan="2"><p align="right">$ 1,663,022</p></td> <td valign="top" colspan="2"></td> <td valign="top" colspan="2"><p align="right">$ 1,688,034 </p></td></tr> <tr><td valign="top"><p> Warehouse lines of credit (2)</p></td> <td valign="top" colspan="2"><p align="right">1,026,381</p></td> <td valign="top" colspan="2"></td> <td valign="top" colspan="2"><p align="right">713,362 </p></td></tr> <tr><td valign="top"><p>Revolving credit facility</p></td> <td valign="top" colspan="2"><p align="right">72,964</p></td> <td valign="top" colspan="2"></td> <td valign="top" colspan="2"><p align="right">44,825 </p></td></tr> <tr><td valign="top"><p> Senior secured term loans</p></td> <td valign="top" colspan="2"><p align="right">1,627,746</p></td> <td valign="top" colspan="2"></td> <td valign="top" colspan="2"><p align="right">1,683,561 </p></td></tr> <tr><td valign="top"><p>Senior subordinated notes, net</p></td> <td valign="top" colspan="2"><p align="right">440,523</p></td> <td valign="top" colspan="2"></td> <td valign="top" colspan="2"><p align="right">439,016 </p></td></tr> <tr><td valign="top"><p> Senior notes</p></td> <td valign="top" colspan="2"><p align="right">350,000</p></td> <td valign="top" colspan="2"></td> <td valign="top" colspan="2"><p align="right">350,000 </p></td></tr> <tr><td valign="top"><p> Other debt </p></td> <td valign="top" colspan="2"><p align="right">9,352</p></td> <td valign="top" colspan="2"></td> <td valign="top" colspan="2"><p align="right">125 </p></td></tr> <tr><td valign="top"><p>Notes payable on real estate (4)</p></td> <td valign="top" colspan="2"><p align="right">326,012</p></td> <td valign="top" colspan="2"></td> <td valign="top" colspan="2"><p align="right">372,912 </p></td></tr> <tr><td valign="top"><p>Other long-term liabilities</p></td> <td valign="top" colspan="2"><p align="right">611,730</p></td> <td valign="top" colspan="2"></td> <td valign="top" colspan="2"><p align="right">510,145 </p></td></tr> <tr><td valign="top"><p>Total liabilities</p></td> <td valign="bottom" colspan="2"><p align="right">6,127,730</p></td> <td valign="bottom" colspan="2"><p> </p></td> <td valign="bottom" colspan="2"><p align="right">5,801,980 </p></td></tr> <tr><td valign="top"><p> </p></td> <td valign="top" colspan="2"><p align="right"> </p></td> <td valign="top" colspan="2"></td> <td valign="top" colspan="2"><p align="right"> </p></td></tr> <tr><td valign="top"><p>CBRE Group, Inc. stockholders’ equity</p></td> <td valign="top" colspan="2"><p align="right">1,539,211</p></td> <td valign="top" colspan="2"></td> <td valign="top" colspan="2"><p align="right">1,151,481 </p></td></tr> <tr><td valign="top"><p>Non-controlling interests</p></td> <td valign="top" colspan="2"><p align="right">142,601</p></td> <td valign="top" colspan="2"></td> <td valign="top" colspan="2"><p align="right">265,682 </p></td></tr> <tr><td valign="top"><p>Total equity</p></td> <td valign="top" colspan="2"><p align="right">1,681,812</p></td> <td valign="top" colspan="2"></td> <td valign="top" colspan="2"><p align="right">1,417,163 </p></td></tr> <tr><td valign="top"><p> </p></td> <td valign="top" colspan="2"><p align="right"> </p></td> <td valign="top" colspan="2"></td> <td valign="top" colspan="2"><p align="right"> </p></td></tr> <tr><td valign="top"><p>Total liabilities and equity</p></td> <td valign="bottom" colspan="2"><p align="right">$ 7,809,542</p></td> <td valign="bottom" colspan="2"></td> <td valign="bottom" colspan="2"><p align="right">$ 7,219,143 </p></td></tr></tbody></table> <p>(1) Includes $94.6 million and $208.1 million of cash in consolidated funds and other entities not available for Company use<br />at December 31, 2012 and December 31, 2011, respectively.</p> <p>(2) Represents loan receivables, the majority of which are offset by related warehouse lines of credit facilities.</p> <p>(3) Includes real estate and other assets held for sale, real estate under development and real estate held for investment.</p> <p>(4) Represents notes payable on real estate of which $13.9 million and $13.6 million are recourse to the Company as of December 31, 2012 and December 31, 2011, respectively. </p>
Rebuilding Together and CBRE Team Up For 18th Annual “Kickoff to Rebuild” Event in New Orleans, LA
<p class="ms-rteElement-P"><span><strong>New Orleans</strong></span><span><strong>, LA</strong></span><span><strong> – January 28, 2013</strong> –</span><span> On Friday, February 1, 2013, CBRE will sponsor and participate in Rebuilding Together’s 18th annual Kickoff to Rebuild Super Bowl charity event. As part of the event, CBRE professionals will work alongside hundreds of other volunteers to help complete renovations on 10 homes owned by low-income families in the Algiers neighborhood on the west bank of New Orleans, Louisiana.</span> <span> </span></p> <p class="ms-rteElement-P"><span>This year marks the third consecutive year that CBRE has participated in the Super Bowl-sanctioned annual event, which brings together hundreds of volunteers, past and present NFL members and players, local community leaders, celebrities and corporate sponsors to rehabilitate a low-income neighborhood in the Super Bowl host city. <br /></span><span><br />“CBRE and our employees are proud to work with Rebuilding Together in arranging much-needed home improvements for families in New Orleans,” said Laura O’Brien, CBRE’s Global Director of Human Resources and Workplace Strategy. “The enthusiasm and spirit of the Kickoff to Rebuild event is the perfect start to our 2013 partnership with Rebuilding Together, which will see hundreds of CBRE employees participating in rebuilding and revitalizing homes in major cities across the U.S.”</span><span> </span></p> <p class="ms-rteElement-P"><span>Since launching its Shelter Program in 2010 through its corporate philanthropy program, CBRE Cares, CBRE has been working to improve the shelter and housing opportunities for individuals in need across the U.S., working alongside Rebuilding Together, HomeAid and Habitat for Humanity. CBRE professionals across the U.S. offer their time and talents at housing construction and renovation projects during the company’s “Get Out and Give Back BuildMonths” each fall, and participate in various revitalization efforts throughout the year, including events like Kickoff to Rebuild, CBRE’s Women’s Networking Forum and other CBRE conferences.</span><span><br />“Rebuilding Together appreciates the dedication of CBRE and its employees as we work together to improve lives and create safe and healthy homes for those in need in New Orleans and across the country,” said Gary A. Officer, President and CEO of Rebuilding Together. “Kickoff to Rebuild in New Orleans brings together volunteers and corporate sponsors to make the necessary quality of life repairs for these deserving homeowners.” <br /><br />CBRE Cares is governed and executed by the CBRE Foundation, an independent, non-profit, public-benefit corporation that funds CBRE’s philanthropic initiatives.</span></p> <p class="ms-rteElement-P"><span style="text-decoration:underline">About CBRE Group, Inc.<br /></span><span>CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services firm (in terms of 2011 revenue).<span> </span>The Company has approximately 34,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our Web site at <a href="/"><span>www.cbre.com</span></a>. </span><span> </span></p> <p class="ms-rteElement-P"><span><strong>About Rebuilding Together</strong><br /></span><span><strong></strong>Rebuilding Together is a Safe and Healthy Housing organization that believes Community Starts at Home. Our focus provides critical repairs, accessibility modifications and energy efficient upgrades to low-income homes and community centers at no cost to service recipients. Our impact extends beyond the individuals served to revitalize and stabilize vulnerable neighborhoods and communities across the country. Our 200 local affiliates complete 10,000 rebuild projects a year thanks to the efforts of nearly 200,000 volunteers from corporate partners, skilled trades professionals and everyday good citizens. Join us — visit <a href="http://www.rebuildingtogether.org/"><span>www.RebuildingTogether.org</span></a>.</span></p>
CBRE Group, Inc. Expands Service Offerings for Dow Chemical In North America, Adds Asia Pacific
<p><strong>Los Angeles – January 14, 2013</strong> - CBRE Group, Inc. (NYSE:CBG) announced today it has signed a multi-year contracts with The Dow Chemical Company (NYSE: DOW) to expand its service offerings to include facilities management services in North America and Asia Pacific. Dow has been a client of CBRE's since 1995.</p> <p>CBRE is a preferred provider of tenant services, move and project management, portfolio administration services and transaction management for Dow's 12.6 million sq. ft. global portfolio. Under a new contract, CBRE will now also provide Dow with additional operations management, utility and engineering services for its 6.8 million sq. ft. North American operation.</p> <p>In separate agreements, Dow also assigned CBRE additional facilities management services responsibilities in Singapore and Hong Kong.</p> <p>"CBRE is pleased and honored to expand our relationship with Dow," said Bill Concannon, CEO of CBRE Global Corporate Services. "Through our close collaboration with the company's Lab and Office Facility Management team, this partnership will continue to deliver greater operating results on a broader scale, while enabling Dow to remain focused on its core mission."</p> <p><span style="text-decoration:underline">About CBRE Group, Inc.</span><br /> CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world's largest commercial real estate services firm (in terms of 2011 revenue). The Company has approximately 34,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our Web site at www.cbre.com.</p>
U.S. Commercial Real Estate Continues Recovery in Fourth Quarter of 2012, According to CBRE Group, Inc.
<p class="ms-rteElement-P"><strong>Los Angeles, January 10, 2013 </strong>– Despite sluggish economic growth, the U.S. commercial real estate market remained on a recovery path in the fourth quarter of 2012 (Q4 2012), according to the latest analysis from CBRE Group, Inc.</p> <ul><li><div class="ms-rteElement-P">The nation’s office markets withstood pressures from an uneven economic recovery, federal budget uncertainties and natural disasters, with vacancy falling by 10 basis points (bps) to reach 15.4% in Q4 2012. </div></li> <li><div class="ms-rteElement-P">National industrial availability<sup>1</sup> dropped 30 bps during Q4 2012 to 12.8%, representing the largest quarterly drop since the industrial sector recovery began in 2010. Industrial availability is now down 180 bps from its peak of 14.6% in Q3 2010.</div></li> <li><div class="ms-rteElement-P">The retail availability rate declined slightly to 12.8%, down 10 bps compared to the previous quarter.</div></li> <li><div class="ms-rteElement-P">Demand for the nation’s apartment buildings remains healthy with vacancy in Q4 2012 at 5%.</div></li></ul> <p class="ms-rteElement-P">“The broken record of slow but positive progress toward a real estate recovery continues to repeat,” said Jon Southard, Managing Director of CBRE’s Econometric Advisors group. “The change of note from this persistent trend is the improvement in the industrial sector as shipments are increasing at a faster pace than employment.”</p> <p class="ms-rteElement-P"><strong style="text-decoration:underline">Office Market</strong><br style="text-decoration:underline" />For all of 2012 the office vacancy rate declined by 60 bps indicating that the office recovery remains on course. In the final quarter of the year, the vacancy rate fell in 38 markets, rose in 19 and remained unchanged in six. The suburbs once again outperformed downtown markets, with a quarterly decline of 20 bps, versus downtowns’ decline of 10 bps. The suburban vacancy rate ended the year at 17.1%, 70 bps lower than 2011’s year-end rate, while the downtown vacancy rate ended the year at 12.3%, which was 40 bps lower than year-end 2011. </p> <p class="ms-rteElement-P">Technology, software, and energy driven markets had the largest occupancy gains in 2012, with vacancy rates in San Jose, Austin, Boston and Houston falling by 200 bps or more. As in 2011, some housing-based or CANVFLAZ (California, Nevada, Florida & Arizona) markets were among the best performers last year, as tenants locked in low rents and expanded their office footprints. Vacancy rates in Phoenix, Miami, Orange County and Ventura fell by 150 bps or more in 2012.</p> <p class="ms-rteElement-P">“While the national office vacancy rate has fallen for the third consecutive year, it remains 300 bps above its pre-recession low of 12.4%,” said Mr. Southard. “After a strong start in 2012, job growth was disappointing and while the recent budget deal signed by Congress and the President to avoid the “fiscal cliff”<sup>2</sup> might ease some near-term concerns, uncertainty surrounding continued negotiations on the federal debt ceiling and further government spending cuts will continue to pose near-term downside risks for commercial real estate. However, private sector hiring and confidence should accelerate if Washington DC is able to forge a long-term budget deal and concerns in Europe remain at bay, paving the way for stronger office-using job growth and absorption.”</p> <p class="ms-rteElement-P"><strong style="text-decoration:underline">Industrial Market</strong><br style="text-decoration:underline" />Q4 2012, with an availability rate of 12.8%, is the tenth consecutive quarter in which industrial availability has declined. During the past two years, the industrial market has seen a slow but steady decline in availability, which has fallen from 14.6% in 2010. The recovery continues to be broad-based, with 40 markets posting declines, 16 showing an increase and five unchanged. Minneapolis continued to lead the decline in availability drop (-140 bps) followed by Detroit (-130 bps) and Salt Lake City (-120 bps). Chicago, the nation’s largest industrial market experienced an availability decline of 20 bps, while L.A., the nation’s second largest market was unchanged. </p> <p class="ms-rteElement-P"><strong style="text-decoration:underline">Retail Market</strong><br style="text-decoration:underline" />Retailers remain wary of taking on substantial amounts of new space but the slow decline in availability continued with the rate falling to 12.8% in Q4 2012, down 30 bps compared to the rate one year ago. A majority of the retail markets recorded either flat or declining availability rates compared to one quarter ago. Some notable performers were Denver, Cincinnati, Fort Worth, Kansas City and Minneapolis; each of these markets recorded a decline of at or above 60 bps. On the other end of the spectrum, markets such as Tulsa, Long Island and Bakersfield recorded increases in availability rates of at or over 50 bps in the fourth quarter of 2012. </p> <p class="ms-rteElement-P"><strong style="text-decoration:underline">Apartment Market</strong><br style="text-decoration:underline" />The pace of expansion in apartment fundamentals slowed, with the vacancy rate falling 20 bps to 5% at year-end 2012. This is markedly below the decreases of 140 bps and 80 bps recorded in 2010 and 2011, respectively. While demand growth slowed during the quarter, the market remained tight by historical standards, with the four-quarter trailing average vacancy rate holding at 4.9%, or 40 bps below the long-term (20-year) norm. Compared to a year ago, vacancy rates declined in 35 of the 63 markets monitored. Markets with the biggest year-over-year declines in vacancy (more than 100 bps) included Birmingham, Jacksonville, Charlotte, Atlanta, Seattle, and Norfolk. Markets with the lowest vacancy rates (below 3.5%)) included Miami, Newark, Oakland, Pittsburgh, Minneapolis, Edison, Providence, Boston, and Ventura. Markets with the highest vacancy rates (above 8%) included Tucson, Memphis, Las Vegas, Jacksonville, and Greensboro.</p> <p class="ms-rteElement-P">Effective rent growth should remain strong and apartment fundamentals should continue to improve in 2013 as the economy further recovers. With effective rents now well above their pre-recession levels in most major markets, new apartment construction activity picked up in recent months and completions are likely to return to historical norms next year. </p> <p class="ms-rteElement-P"><sup>1</sup> Availability is space that is actively being marketed and available for tenant build-out within 12 months.</p> <p class="ms-rteElement-P"><sup>2</sup> “Fiscal cliff” refers to the expiration of certain U.S. tax benefits and the automatic reduction of certain U.S. government spending at the end of 2012 if the U.S. Congress did not take any action to the contrary. </p> <p class="ms-rteElement-P"><span style="text-decoration:underline">About CBRE Group, Inc.<br /></span>CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services firm (in terms of 2011 revenue). The Company has approximately 34,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our Web site at www.cbre.com.</p> <div> </div>
CBRE Group, Inc. Acquires Commercial Real Estate Services Businesses from Resource Real Estate Partners and TPA Realty Services, Enhancing its Service Offering in the Southeast
<p><strong>Los Angeles, January 4, 2013</strong> - CBRE Group, Inc. (NYSE:CBG) today announced the acquisition of the commercial real estate services businesses of Atlanta-based Resource Real Estate Partners, LLC and TPA Realty Services, LLC ("RREP/TPA"). This acquisition significantly enhances the Company's service offerings to clients in the metro Atlanta region.</p> <p>The acquisition will add more than 13 million sq. ft. of office and industrial assets to CBRE's Atlanta property management portfolio as well as key leasing and investment sales professionals who serve clients throughout the region. The development operations of RREP/TPA were not included in the acquisition.</p> <p>"This transaction nicely complements our capabilities in Atlanta and further strengthens our market-leading position in the region," said John Ferguson, Executive Managing Director for CBRE's Southeast Region. "In particular, through this acquisition, we have significantly enhanced our service offerings in the northeast Atlanta submarket, where we see opportunities to drive even further growth."</p> <p>The approximately 70 employees from the RREP/TPA businesses will be integrated into CBRE's existing offices in the Atlanta region. These professionals include office and industrial leasing and sales brokers, property managers, building engineers and support staff. </p> <p>"This transaction allows us to return to and focus more aggressively on our core principal business while ensuring that our clients and professionals benefit from the industry's best services platform," said Brad Smith, Managing Principal of RREP/TPA.</p> <p><span style="text-decoration:underline">About CBRE Group, Inc.</span><br />CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world's largest commercial real estate services firm (in terms of 2011 revenue). The Company has approximately 34,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our Web site at www.cbre.com.</p> <p><span style="text-decoration:underline">"Safe Harbor" Statement Under the U.S. Private Securities Litigation Reform Act of 1995</span><br />Certain of the statements in this release regarding the acquisition of the commercial real estate services business of Resource Real Estate Partners, LLC and TPA Realty Services, LLC that do not concern purely historical data are forward-looking statements within the meaning of the ''safe harbor'' provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements involve risks and uncertainties, including, but not limited to, the ability of the parties to successfully integrate the commercial real estate services business of Resource Real Estate Partners and TPA Realty Services with CBRE's existing operations in the Atlanta market, as well as other risks and uncertainties discussed in CBRE's filings with the U.S. Securities and Exchange Commission (SEC). Any forward-looking statements speak only as of the date of this release and, except to the extent required by applicable securities laws, CBRE expressly disclaims any obligation to update or revise any of them to reflect actual results, any changes in expectations or any change in events. If CBRE does update one or more forward-looking statements, no inference should be drawn that it will make additional updates with respect to those or other forward-looking statements. For additional information concerning factors that may cause actual results to differ from those anticipated in the forward-looking statements, and risks to CBRE's business in general, please refer to the Company's SEC filings, including its Annual Report on Form 10-K for the fiscal year ended December 31, 2011 and its Quarterly Report on Form 10-Q for the quarter ended September 30, 2012. Such filings are available publicly and may be obtained off the Company's website at www.cbre.com or upon request from the CBRE Investor Relations Department at <a href="mailto:investorrelations@cbre.com">investorrelations@cbre.com</a>.</p>
2012
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Brandon Boze Joins CBRE Group, Inc. Board of Directors
<p><strong>Los Angeles, CA – December 26, 2012</strong> — CBRE Group, Inc. (NYSE:CBG) today announced that Brandon B. Boze has joined its Board of Directors. Mr. Boze is a Partner at ValueAct Capital, an investment fund with approximately $9 billion of assets under management.</p> <p>ValueAct Capital is CBRE’s largest shareholder with ownership of approximately 32 million shares (9.7% of the total outstanding) as of December 21, 2012.</p> <p>“ValueAct’s substantial investment in our firm is a major vote of confidence in our people and strategy,” said Robert Sulentic, CBRE’s president and chief executive officer. “We welcome Brandon to our Board and look forward to his contributions toward the continued growth of our business.”</p> <p>“I am excited to join the Board of the world's leading commercial real estate services firm and working closely with management and other directors to help continue CBRE's impressive growth,” Mr. Boze said.</p> <p>Prior to joining ValueAct Capital in 2005, Mr. Boze worked in investment banking for Lehman Brothers. He is a former Director of Valeant Pharmaceuticals International. He has a bachelor of engineering degree from Vanderbilt University and is a CFA charterholder.</p> <p>Mr. Boze’s appointment brings the CBRE Group Board to a total of 12 members, including ten independent, non-employee Directors: Richard C. Blum, Chairman; Curtis F. Feeny; Bradford M. Freeman; Michael Kantor; Frederic V. Malek; Jane J. Su; Laura D. Tyson; Gary L. Wilson, Ray Wirta, and Mr. Boze. The entire Board, including Mr. Boze, will stand for election at the Company’s next annual shareholders meeting in May 2013.</p> <p><span style="text-decoration:underline">About CBRE Group, Inc.</span><br /> CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services firm (in terms of 2011 revenue). The Company has approximately 34,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our Web site at www.cbre.com.</p>
CBRE Group, Inc. Q3 2012 Global Retail MarketView: Hong Kong and New York City Rank #1 and #2 as World’s Most Expensive Retail Destinations
<p class="ms-rteElement-P"><strong>Los Angeles — December 18, 2012</strong> – Hong Kong and New York City rank number one and two as the world’s most expensive prime retail markets, as international brands aggressively compete for limited prime locations, according to the third quarter 2012, research <a href="/EN/research/2012-reports/Pages/Commercial-Real-Estate-Against-Headwinds.aspx">MarketView</a> report from CBRE Group, Inc. (CBRE).</p> <p class="ms-rteElement-P">Global retail prime rents remain high in key gateway markets due to strong flows of international tourists seeking luxury products. The top two markets recorded significant rises in prime retail rents during the third quarter of 2012, while the next tier - Tokyo, Sydney and London - held steady.</p> <p class="ms-rteElement-P">US gateway markets have benefitted from strong tourism demand and have also recorded significant rises in prime rents. Gains were witnessed particularly in New York City, where rents on Fifth Avenue increased 17% quarter-over-quarter. International retailers are seeking flagship store space, where consumers and tourists spend liberally on luxury goods and services. As such, demand for scarce prime space remains high.</p> <p class="ms-rteElement-P">“We are continuing to see strong demand and price velocity on the very best retail corridors in gateway cities, particularly in Manhattan, where every brand must be located in order to legitimately claim a ‘global’ identity,” said Anthony Buono, executive managing director, Americas Retail Services, CBRE. “Fifth Avenue, Madison Avenue, Times Square and to an increasing extent, Soho and Meatpacking districts, are destinations for Global Shoppers. However, core rents are reaching new heights and retailers are compelled to reach new heights to acquire space.”</p> <p class="ms-rteElement-P" style="text-align:center"><img src="/AssetLibrary/2012-December-CBRE-Global-Retail-Rents_US_FINAL-2.jpg" alt="" /></p> <p class="ms-rteElement-P"> </p> <p class="ms-rteElement-P">The global prime retail market proved resilient in Q3 2012 with the CBRE Global Retail Rent Index increasing on a quarterly basis by 2.0% and by 7.3% year-over-year. Global retailer activity remains polarized with prime retail corridor space in the best markets experiencing the greatest retailer demand. International entertainment, restaurants and fast-fashion brands actively sought prime retail space as they pursue long-term expansion strategies, while still maintaining a cautious eye on global growth and softening retail indicators.</p> <p class="ms-rteElement-P">Hong Kong is firmly established at the top of the rankings featured in the new CBRE Global MarketView, with prime retail rent levels, measured in US$ per square foot per annum, more than four times higher than fifth-ranked London and more than seven times higher than 10th-ranked Brisbane. The retail mix in Hong Kong’s key retail precincts of Central, Causeway Bay and Tsim Sha Tsui continue to be dominated by the luxury segment; however, these brands have begun to revalue their strategies amid a slowdown in spending from mainland China tourists. Meanwhile, fast fashion retailers are seeking expansion opportunities throughout Hong Kong’s shopping malls. </p> <p class="ms-rteElement-P">“Hong Kong and other Asia Pacific markets have benefited from international retailers - particularly fast-fashion, cosmetics, jewellery watch, and mid-range fashion retailers - aggressively seeking prime locations across the region,” said Ray Torto, global chief economist, CBRE. “Even despite softer demand, the limited ability of prime stock has kept prices high. Retail rental growth in the Asia Pacific region is expected to continue to ease as the economy slows, consumers cut back on discretionary spending, and retailers turn more cautious. While weakened conditions have begun to manifest in retailer and landlord sentiments throughout Hong Kong, rent growth should remain firm in prime locations.”</p> <p class="ms-rteElement-P">Tokyo – which has the third highest retail rents – continues to appeal to international retailers, and has even witnessed steady expansion demand from domestic retailers. As the supply of prime stock diminishes, rents have held high. International fast-fashion and Food & Beverage retailers were active in the Tokyo market during Q3 2012, as they were along high streets in Taipei, Vietnam, Singapore and Australia.</p> <p class="ms-rteElement-P">Sydney - ranked as the fourth most expensive prime retail market - experienced a slight rise in rents in Q3 2012 thanks to a slight rise in leasing activity as the city remains the most popular market for international retailers entering Australia. Retail rental growth in Sydney is expected to moderate in the coming months amid weak consumer sentiments. Meanwhile, international retailer groups have expressed a strong interest in Melbourne’s prime CBD locations and Brisbane has witnessed a recovery in occupier confidence and the market has recently attracted a healthy mix of high-profile national and international retailers. </p> <p class="ms-rteElement-P">London continues to rank among the top five most expensive retail markets and it is expected to experience continued upward pressure in its prime locations due to the scarcity of available prime stock. As with other major tourist markets, London continues to attract luxury and international high fashion retailers.</p> <p class="ms-rteElement-P">Mr. Torto added: “While consumer confidence on a global scale remains restrained, the global retail sector continues to gradually recover. International and domestic retailers maintained cautious, yet forward-looking expansion strategies as they identified opportunities for long-term growth. Given the current economic landscape, retailers are understandably seeking highly trafficked prime locations. Cities with international reputations for luxury shopping are especially in demand. Given the limited supply of prime space throughout these locations, prime rents will remain high in the foreseeable future.”</p> <p class="ms-rteElement-P"><span style="text-decoration:underline">About CBRE Group, Inc.<br /></span>CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services firm (in terms of 2011 revenue). The Company has approximately 34,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our Web site at <a href="/">www.cbre.com</a>. </p> <p class="ms-rteElement-P"></p>
CBRE Says Hong Kong-Central Remains World’s Most Expensive Office Market; London-West End & Tokyo Follow
<h2>Technology Sector Propels San Francisco to Largest Prime Occupancy Cost Rise<br /> Among World Office Markets<br /> * * *<br /> Asia-Pacific Continues to Have Six of the World’s Top Ten “Most Expensive” Markets<br /> * * *<br /> Prime Occupancy Costs Increase 2% Worldwide From Year Ago</h2> <p><strong>Los Angeles — December 17, 2012</strong> — The dominance of Asia-Pacific in the top 10 most expensive business locations worldwide continued, led by Hong Kong-Central – the world’s most expensive market -- and five other Asian markets, according to <a href="/research">CBRE Global Research and Consulting’s</a> semi-annual <em>Prime Office Occupancy Costs</em> survey. However it was a U.S. market, San Francisco (Downtown) that had the strongest year-over-year increase in prime office occupancy costs with a 36.4% rise driven by that market’s hot technology sector. </p> <p>Hong Kong Central led the “most expensive” list with overall occupancy costs of US$246.30 per sq. ft. per year This topped London’s West End, which had total occupancy costs of US$219.81. Tokyo (Marunouchi Otemachi) was the third most expensive market for office space, followed by Beijing’s CBD and New Delhi’s CBD. Other Asia-Pacific markets in the top ten include Beijing-Finance Street (6th) and Hong Kong-West Kowloon (7th). </p> <p>Despite economic headwinds, occupancy costs increased by an average of 2.1% worldwide over the past year, led by the Americas with a 5.2% annual increase and Asia Pacific with a 2.6% increase. EMEA continued to be hindered by economic recession in much of Europe and recorded a 0.4% decrease in prime occupancy costs. Prime office occupancy costs increased in 74 markets, decreased in 37 office markets and had no change in 22 markets.</p> <p>“The global office market recovery cooled over the past year, hampered by the ongoing European debt crisis, a deceleration of growth in emerging markets and ubiquitous uncertainty created by the ‘fiscal cliff’ in the U.S.,” said Dr. Raymond Torto, CBRE’s Global Chief Economist. “However, tight market conditions, strong demand for high quality space and low levels of new construction continue to drive up occupancy costs in many prime office markets across the globe.”</p> <p>CBRE tracks occupancy costs for prime office space in 133 markets around the globe. Of the top 50 “most expensive” markets, 19 are in EMEA, 18 are in Asia-Pacific and 13 in the Americas. </p> <p>While comparisons in dollars are affected by currency exchange rates, annual percent change calculations are based upon occupancy costs in local currency and not influenced by currency changes. </p> <h4>Asia Pacific</h4> <p>Asia Pacific had 18 markets ranked in the top 50 most expensive, with four of the top five—Hong Kong-Central, Tokyo (Marunouchi Otemachi), Beijing CBD and New Delhi’s Connaught Place CBD. Hong Kong Central’s position as the most expensive office market continued to be driven by limited new supply and tight market conditions. Despite its most-expensive ranking, Hong Kong Central experienced the largest annual decrease worldwide (-17.8%) as cost-cutting among large financial institutions and big banks dramatically lowered prime office occupancy costs. The most expensive market in the global ranking from the Pacific Region was Sydney (US$119.04 per sq. ft.), which came in at 14th. </p> <h4>Americas</h4> <p>North America is led by New York’s Midtown, which posted an office occupancy cost of US$114.30 per sq. ft., on the strength of a 7.3% year-over-year increase. The New York Midtown market was ranked 16th globally.</p> <p>San Francisco (Downtown) experienced the largest year-over-year increase, at 36.4%, of the 133 markets tracked with an occupancy cost of $90.00 per sq. ft. San Francisco’s Peninsula market was not far behind, rising 28.6% to reach $62.10 per sq. ft. Many of the markets with the largest increases in prime occupancy costs have seen strong demand from the energy, automotive or high-tech sectors, as well as low vacancies and limited prospects for new supply. As a result, occupancy costs have increased rapidly in San Francisco, Seattle (Suburban), Calgary (Downtown), Vancouver (Downtown), Denver (Downtown) and Houston (Suburban).</p> <p>In Latin America, São Paulo remains the most expensive market, posting an office occupancy cost of US$130.07 per sq. ft., and ranks as the 10th most expensive market globally. Meanwhile, with an occupancy cost of $121.40 per sq. ft., Rio de Janeiro is also in the top 12.</p> <h4>Europe Middle East & Africa (EMEA)</h4> <p>In addition to London’s West End ranking as the world’s second-most expensive market, other markets in the region that top the list are Moscow (occupancy cost of US$172.82 per sq. ft.) and London’s City (US$131.76 per sq. ft.).</p> <p>Continuing economic contraction in the euro zone led to double-digit or near-double-digit declines in prime occupancy costs in Thessaloniki and Athens, Greece, and Malaga, Spain, as business sentiment suffered and occupiers remained cautious. Subdued demand also led to occupancy cost declines in Portugal and Ireland.</p> <h4>Top Ten Most Expensive Markets</h4> <p>(In US$ per sq. ft. per annum)</p> <table border="0" cellspacing="0" cellpadding="0" class="ms-rteTable-1" width="100%"> <tbody><tr class="ms-rteTableHeaderRow-1"> <th class="ms-rteTableHeaderEvenCol-1" rowspan="1" colspan="1" width="10%">Rank</th> <th class="ms-rteTableHeaderOddCol-1" rowspan="1" colspan="1">Market</th> <th class="ms-rteTableHeaderEvenCol-1" rowspan="1" colspan="1" width="20%"><div align="right">Occ. Cost</div></th> </tr> <tr class="ms-rteTableOddRow-1"> <td class="ms-rteTableEvenCol-1"><div align="center">1</div></td> <td class="ms-rteTableOddCol-1">Hong Kong (Central), Hong Kong</td> <td class="ms-rteTableEvenCol-1"><div align="right">246.30</div></td> </tr> <tr class="ms-rteTableEvenRow-1"> <td class="ms-rteTableEvenCol-1"><div align="center">2</div></td> <td class="ms-rteTableOddCol-1">London - Central (West End), United Kingdom</td> <td class="ms-rteTableEvenCol-1"><div align="right">219.81</div></td> </tr> <tr class="ms-rteTableOddRow-1"> <td class="ms-rteTableEvenCol-1"><div align="center">3</div></td> <td class="ms-rteTableOddCol-1">Tokyo (Marunouchi Otemachi), Japan</td> <td class="ms-rteTableEvenCol-1"><div align="right">197.27</div></td> </tr> <tr class="ms-rteTableEvenRow-1"> <td class="ms-rteTableEvenCol-1"><div align="center">4</div></td> <td class="ms-rteTableOddCol-1">Beijing (CBD), China</td> <td class="ms-rteTableEvenCol-1"><div align="right">184.95</div></td> </tr> <tr class="ms-rteTableOddRow-1"> <td class="ms-rteTableEvenCol-1"><div align="center">5</div></td> <td class="ms-rteTableOddCol-1">New Delhi (Connaught Place - CBD), India</td> <td class="ms-rteTableEvenCol-1"><div align="right">183.30</div></td> </tr> <tr class="ms-rteTableEvenRow-1"> <td class="ms-rteTableEvenCol-1"><div align="center">6</div></td> <td class="ms-rteTableOddCol-1">Beijing (Finance Street), China</td> <td class="ms-rteTableEvenCol-1"><div align="right">179.57</div></td> </tr> <tr class="ms-rteTableOddRow-1"> <td class="ms-rteTableEvenCol-1"><div align="center">7</div></td> <td class="ms-rteTableOddCol-1">Hong Kong (West Kowloon), Hong Kong</td> <td class="ms-rteTableEvenCol-1"><div align="right">174.13</div></td> </tr> <tr class="ms-rteTableEvenRow-1"> <td class="ms-rteTableEvenCol-1"><div align="center">8</div></td> <td class="ms-rteTableOddCol-1">Moscow, Russian Federation</td> <td class="ms-rteTableEvenCol-1"><div align="right">172.82</div></td> </tr> <tr class="ms-rteTableOddRow-1"> <td class="ms-rteTableEvenCol-1"><div align="center">9</div></td> <td class="ms-rteTableOddCol-1">London - Central (City), United Kingdom</td> <td class="ms-rteTableEvenCol-1"><div align="right">131.76</div></td> </tr> <tr class="ms-rteTableEvenRow-1"> <td class="ms-rteTableEvenCol-1"><div align="center">10</div></td> <td class="ms-rteTableOddCol-1">São Paulo, Brazil</td> <td class="ms-rteTableEvenCol-1"><div align="right">130.07</div></td> </tr> </tbody></table> <h4>Largest Annual Changes Occupancy Costs</h4> <p>(In local currency & measure)</p> <p><strong>Top 5 Increases</strong></p> <table border="0" cellspacing="0" cellpadding="0" class="ms-rteTable-1" width="100%"> <tbody><tr class="ms-rteTableHeaderRow-1"> <th class="ms-rteTableHeaderEvenCol-1" rowspan="1" colspan="1" width="10%">Rank</th> <th class="ms-rteTableHeaderOddCol-1" rowspan="1" colspan="1">Market</th> <th class="ms-rteTableHeaderEvenCol-1" rowspan="1" colspan="1" width="20%"><div align="right">% Change</div></th> </tr> <tr class="ms-rteTableOddRow-1"> <td class="ms-rteTableEvenCol-1"><div align="center">1</div></td> <td class="ms-rteTableOddCol-1">San Francisco (Downtown), U.S.</td> <td class="ms-rteTableEvenCol-1"><div align="right">36.4</div></td> </tr> <tr class="ms-rteTableEvenRow-1"> <td class="ms-rteTableEvenCol-1"><div align="center">2</div></td> <td class="ms-rteTableOddCol-1">Jakarta, Indonesia</td> <td class="ms-rteTableEvenCol-1"><div align="right">28.7</div></td> </tr> <tr class="ms-rteTableOddRow-1"> <td class="ms-rteTableEvenCol-1"><div align="center">3</div></td> <td class="ms-rteTableOddCol-1">San Francisco (Peninsula), U.S.</td> <td class="ms-rteTableEvenCol-1"><div align="right">28.6</div></td> </tr> <tr class="ms-rteTableEvenRow-1"> <td class="ms-rteTableEvenCol-1"><div align="center">4</div></td> <td class="ms-rteTableOddCol-1">Seattle (Suburban), U.S.</td> <td class="ms-rteTableEvenCol-1"><div align="right">21.8</div></td> </tr> <tr class="ms-rteTableOddRow-1"> <td class="ms-rteTableEvenCol-1"><div align="center">5</div></td> <td class="ms-rteTableOddCol-1">Beijing (Finance Street), China</td> <td class="ms-rteTableEvenCol-1"><div align="right">19.7</div></td> </tr> </tbody></table> <p><strong>Top 5 Decreases</strong></p> <table border="0" cellspacing="0" cellpadding="0" class="ms-rteTable-1" width="100%"> <tbody><tr class="ms-rteTableHeaderRow-1"> <th class="ms-rteTableHeaderEvenCol-1" rowspan="1" colspan="1" width="10%">Rank</th> <th class="ms-rteTableHeaderOddCol-1" rowspan="1" colspan="1">Market</th> <th class="ms-rteTableHeaderEvenCol-1" rowspan="1" colspan="1" width="20%"><div align="right">% Change</div></th> </tr> <tr class="ms-rteTableOddRow-1"> <td class="ms-rteTableEvenCol-1"><div align="center">1</div></td> <td class="ms-rteTableOddCol-1">Hong Kong (Central), Hong Kong</td> <td class="ms-rteTableEvenCol-1"><div align="right">-17.8</div></td> </tr> <tr class="ms-rteTableEvenRow-1"> <td class="ms-rteTableEvenCol-1"><div align="center">2</div></td> <td class="ms-rteTableOddCol-1">Singapore, Singapore</td> <td class="ms-rteTableEvenCol-1"><div align="right">-17.7</div></td> </tr> <tr class="ms-rteTableOddRow-1"> <td class="ms-rteTableEvenCol-1"><div align="center">3</div></td> <td class="ms-rteTableOddCol-1">Thessaloniki, Greece</td> <td class="ms-rteTableEvenCol-1"><div align="right">-14.8</div></td> </tr> <tr class="ms-rteTableEvenRow-1"> <td class="ms-rteTableEvenCol-1"><div align="center">4</div></td> <td class="ms-rteTableOddCol-1">Malaga, Spain</td> <td class="ms-rteTableEvenCol-1"><div align="right">-10.8</div></td> </tr> <tr class="ms-rteTableOddRow-1"> <td class="ms-rteTableEvenCol-1"><div align="center">5</div></td> <td class="ms-rteTableOddCol-1">Athens, Greece</td> <td class="ms-rteTableEvenCol-1"><div align="right">-9.5</div></td> </tr> </tbody></table> <p>Note: The full Top 50 Most Expensive Markets chart is located at the end of this press release.</p> <p><strong>Notes to Editors</strong></p> <ol> <li>The <em>Prime Office Occupancy Costs</em> report is a survey of office occupancy costs for prime office space in 133 cities worldwide.</li> <li>The latest survey provides data on office rents and occupancy costs as of September 30, 2012.</li> <li>The Largest Annual Changes rankings are based upon occupancy costs in local currency and measure. The Most Expensive ranking is based upon occupancy costs in US$ per sq. ft. per annum.</li> <li>The figures given in this release refer to occupancy cost. This represents rent, plus local taxes and service charges. The occupation cost figures have also been adjusted to reflect different measurement practices from market to market.</li> <li>Due to methodology changes comparisons with figures in previously released reports are not valid.</li> <li>To obtain a full copy of the report or to arrange to speak with a CBRE expert, please contact Robert McGrath at 212.984.8267 or <a href="mailto:robert.mcgrath@cbre.com" title="mailto:robert.mcgrath@cbre.com">robert.mcgrath@cbre.com</a>.</li> </ol> <h4>Top 50 Most Expensive Office Markets as of September 30, 2012</h4> <table border="0" cellspacing="0" cellpadding="0" class="ms-rteTable-1" width="100%"> <tbody><tr class="ms-rteTableHeaderRow-1"> <th class="ms-rteTableHeaderEvenCol-1" rowspan="1" colspan="1" width="10%">Rank</th> <th class="ms-rteTableHeaderOddCol-1" rowspan="1" colspan="1">Market</th> <th class="ms-rteTableHeaderEvenCol-1" rowspan="1" colspan="1" width="20%"><div align="right">Occ. Cost (US$)</div></th> </tr> <tr class="ms-rteTableOddRow-1"> <td class="ms-rteTableEvenCol-1"><div align="center">1</div></td> <td class="ms-rteTableOddCol-1">Hong Kong (Central), Hong Kong</td> <td class="ms-rteTableEvenCol-1"><div align="right">246.30</div></td> </tr> <tr class="ms-rteTableEvenRow-1"> <td class="ms-rteTableEvenCol-1"><div align="center">2</div></td> <td class="ms-rteTableOddCol-1">London - Central (West End), United Kingdom</td> <td class="ms-rteTableEvenCol-1"><div align="right">219.81</div></td> </tr> <tr class="ms-rteTableOddRow-1"> <td class="ms-rteTableEvenCol-1"><div align="center">3</div></td> <td class="ms-rteTableOddCol-1">Tokyo (Marunouchi Otemachi), Japan</td> <td class="ms-rteTableEvenCol-1"><div align="right">197.27</div></td> </tr> <tr class="ms-rteTableEvenRow-1"> <td class="ms-rteTableEvenCol-1"><div align="center">4</div></td> <td class="ms-rteTableOddCol-1">Beijing (CBD), China</td> <td class="ms-rteTableEvenCol-1"><div align="right">184.95</div></td> </tr> <tr class="ms-rteTableOddRow-1"> <td class="ms-rteTableEvenCol-1"><div align="center">5</div></td> <td class="ms-rteTableOddCol-1">New Delhi (Connaught Place - CBD), India</td> <td class="ms-rteTableEvenCol-1"><div align="right">183.30</div></td> </tr> <tr class="ms-rteTableEvenRow-1"> <td class="ms-rteTableEvenCol-1"><div align="center">6</div></td> <td class="ms-rteTableOddCol-1">Beijing (Finance Street), China</td> <td class="ms-rteTableEvenCol-1"><div align="right">179.57</div></td> </tr> <tr class="ms-rteTableOddRow-1"> <td class="ms-rteTableEvenCol-1"><div align="center">7</div></td> <td class="ms-rteTableOddCol-1">Hong Kong (West Kowloon), Hong Kong</td> <td class="ms-rteTableEvenCol-1"><div align="right">174.13</div></td> </tr> <tr class="ms-rteTableEvenRow-1"> <td class="ms-rteTableEvenCol-1"><div align="center">8</div></td> <td class="ms-rteTableOddCol-1">Moscow, Russian Federation</td> <td class="ms-rteTableEvenCol-1"><div align="right">172.82</div></td> </tr> <tr class="ms-rteTableOddRow-1"> <td class="ms-rteTableEvenCol-1"><div align="center">9</div></td> <td class="ms-rteTableOddCol-1">London - Central (City), United Kingdom</td> <td class="ms-rteTableEvenCol-1"><div align="right">131.76</div></td> </tr> <tr class="ms-rteTableEvenRow-1"> <td class="ms-rteTableEvenCol-1"><div align="center">10</div></td> <td class="ms-rteTableOddCol-1">São Paulo, Brazil</td> <td class="ms-rteTableEvenCol-1"><div align="right">130.07</div></td> </tr> <tr class="ms-rteTableOddRow-1"> <td class="ms-rteTableEvenCol-1"><div align="center">11</div></td> <td class="ms-rteTableOddCol-1">Mumbai (Bandra Kurla Complex), India</td> <td class="ms-rteTableEvenCol-1"><div align="right">122.19</div></td> </tr> <tr class="ms-rteTableEvenRow-1"> <td class="ms-rteTableEvenCol-1"><div align="center">12</div></td> <td class="ms-rteTableOddCol-1">Rio de Janeiro, Brazil</td> <td class="ms-rteTableEvenCol-1"><div align="right">121.40</div></td> </tr> <tr class="ms-rteTableOddRow-1"> <td class="ms-rteTableEvenCol-1"><div align="center">13</div></td> <td class="ms-rteTableOddCol-1">Paris Ile-de-France, France</td> <td class="ms-rteTableEvenCol-1"><div align="right">119.78</div></td> </tr> <tr class="ms-rteTableEvenRow-1"> <td class="ms-rteTableEvenCol-1"><div align="center">14</div></td> <td class="ms-rteTableOddCol-1">Sydney, Australia</td> <td class="ms-rteTableEvenCol-1"><div align="right">119.04</div></td> </tr> <tr class="ms-rteTableOddRow-1"> <td class="ms-rteTableEvenCol-1"><div align="center">15</div></td> <td class="ms-rteTableOddCol-1">Shanghai (Pudong), China</td> <td class="ms-rteTableEvenCol-1"><div align="right">116.36</div></td> </tr> <tr class="ms-rteTableEvenRow-1"> <td class="ms-rteTableEvenCol-1"><div align="center">16</div></td> <td class="ms-rteTableOddCol-1">New York (Midtown Manhattan), U.S.</td> <td class="ms-rteTableEvenCol-1"><div align="right">114.30</div></td> </tr> <tr class="ms-rteTableOddRow-1"> <td class="ms-rteTableEvenCol-1"><div align="center">17</div></td> <td class="ms-rteTableOddCol-1">Shanghai (Puxi), China</td> <td class="ms-rteTableEvenCol-1"><div align="right">108.25</div></td> </tr> <tr class="ms-rteTableEvenRow-1"> <td class="ms-rteTableEvenCol-1"><div align="center">18</div></td> <td class="ms-rteTableOddCol-1">Geneva, Switzerland</td> <td class="ms-rteTableEvenCol-1"><div align="right">105.28</div></td> </tr> <tr class="ms-rteTableOddRow-1"> <td class="ms-rteTableEvenCol-1"><div align="center">19</div></td> <td class="ms-rteTableOddCol-1">Singapore, Singapore</td> <td class="ms-rteTableEvenCol-1"><div align="right">104.66</div></td> </tr> <tr class="ms-rteTableEvenRow-1"> <td class="ms-rteTableEvenCol-1"><div align="center">20</div></td> <td class="ms-rteTableOddCol-1">Perth, Australia</td> <td class="ms-rteTableEvenCol-1"><div align="right">96.91</div></td> </tr> <tr class="ms-rteTableOddRow-1"> <td class="ms-rteTableEvenCol-1"><div align="center">21</div></td> <td class="ms-rteTableOddCol-1">Caracas, Venezuela</td> <td class="ms-rteTableEvenCol-1"><div align="right">95.68</div></td> </tr> <tr class="ms-rteTableEvenRow-1"> <td class="ms-rteTableEvenCol-1"><div align="center">22</div></td> <td class="ms-rteTableOddCol-1">Washington, DC (Downtown), U.S.</td> <td class="ms-rteTableEvenCol-1"><div align="right">94.51</div></td> </tr> <tr class="ms-rteTableOddRow-1"> <td class="ms-rteTableEvenCol-1"><div align="center">23</div></td> <td class="ms-rteTableOddCol-1">Dubai, United Arab Emirates</td> <td class="ms-rteTableEvenCol-1"><div align="right">92.56</div></td> </tr> <tr class="ms-rteTableEvenRow-1"> <td class="ms-rteTableEvenCol-1"><div align="center">24</div></td> <td class="ms-rteTableOddCol-1">Seoul (CBD), South Korea</td> <td class="ms-rteTableEvenCol-1"><div align="right">91.28</div></td> </tr> <tr class="ms-rteTableOddRow-1"> <td class="ms-rteTableEvenCol-1"><div align="center">25</div></td> <td class="ms-rteTableOddCol-1">Mumbai (Nariman Point - CBD), India</td> <td class="ms-rteTableEvenCol-1"><div align="right">90.80</div></td> </tr> <tr class="ms-rteTableEvenRow-1"> <td class="ms-rteTableEvenCol-1"><div align="center">26</div></td> <td class="ms-rteTableOddCol-1">San Francisco (Downtown), U.S.</td> <td class="ms-rteTableEvenCol-1"><div align="right">90.00</div></td> </tr> <tr class="ms-rteTableOddRow-1"> <td class="ms-rteTableEvenCol-1"><div align="center">27</div></td> <td class="ms-rteTableOddCol-1">Zurich, Switzerland</td> <td class="ms-rteTableEvenCol-1"><div align="right">87.98</div></td> </tr> <tr class="ms-rteTableEvenRow-1"> <td class="ms-rteTableEvenCol-1"><div align="center">28</div></td> <td class="ms-rteTableOddCol-1">Boston (Downtown), U.S.</td> <td class="ms-rteTableEvenCol-1"><div align="right">87.50</div></td> </tr> <tr class="ms-rteTableOddRow-1"> <td class="ms-rteTableEvenCol-1"><div align="center">29</div></td> <td class="ms-rteTableOddCol-1">Istanbul, Turkey</td> <td class="ms-rteTableEvenCol-1"><div align="right">82.78</div></td> </tr> <tr class="ms-rteTableEvenRow-1"> <td class="ms-rteTableEvenCol-1"><div align="center">30</div></td> <td class="ms-rteTableOddCol-1">Brisbane, Australia</td> <td class="ms-rteTableEvenCol-1"><div align="right">79.04</div></td> </tr> <tr class="ms-rteTableOddRow-1"> <td class="ms-rteTableEvenCol-1"><div align="center">31</div></td> <td class="ms-rteTableOddCol-1">Luxembourg City, Luxembourg</td> <td class="ms-rteTableEvenCol-1"><div align="right">77.94</div></td> </tr> <tr class="ms-rteTableEvenRow-1"> <td class="ms-rteTableEvenCol-1"><div align="center">32</div></td> <td class="ms-rteTableOddCol-1">Los Angeles (Suburban), U.S.</td> <td class="ms-rteTableEvenCol-1"><div align="right">76.84</div></td> </tr> <tr class="ms-rteTableOddRow-1"> <td class="ms-rteTableEvenCol-1"><div align="center">33</div></td> <td class="ms-rteTableOddCol-1">Stockholm, Sweden</td> <td class="ms-rteTableEvenCol-1"><div align="right">76.35</div></td> </tr> <tr class="ms-rteTableEvenRow-1"> <td class="ms-rteTableEvenCol-1"><div align="center">34</div></td> <td class="ms-rteTableOddCol-1">New York (Downtown Manhattan), U.S.</td> <td class="ms-rteTableEvenCol-1"><div align="right">74.93</div></td> </tr> <tr class="ms-rteTableOddRow-1"> <td class="ms-rteTableEvenCol-1"><div align="center">35</div></td> <td class="ms-rteTableOddCol-1">Seoul (Yeouido), South Korea</td> <td class="ms-rteTableEvenCol-1"><div align="right">74.27</div></td> </tr> <tr class="ms-rteTableEvenRow-1"> <td class="ms-rteTableEvenCol-1"><div align="center">36</div></td> <td class="ms-rteTableOddCol-1">Milan, Italy</td> <td class="ms-rteTableEvenCol-1"><div align="right">74.21</div></td> </tr> <tr class="ms-rteTableOddRow-1"> <td class="ms-rteTableEvenCol-1"><div align="center">37</div></td> <td class="ms-rteTableOddCol-1">Guangzhou, China</td> <td class="ms-rteTableEvenCol-1"><div align="right">72.88</div></td> </tr> <tr class="ms-rteTableEvenRow-1"> <td class="ms-rteTableEvenCol-1"><div align="center">38</div></td> <td class="ms-rteTableOddCol-1">Bogota, Colombia</td> <td class="ms-rteTableEvenCol-1"><div align="right">70.76</div></td> </tr> <tr class="ms-rteTableOddRow-1"> <td class="ms-rteTableEvenCol-1"><div align="center">39</div></td> <td class="ms-rteTableOddCol-1">Calgary (Downtown), Canada</td> <td class="ms-rteTableEvenCol-1"><div align="right">70.59</div></td> </tr> <tr class="ms-rteTableEvenRow-1"> <td class="ms-rteTableEvenCol-1"><div align="center">40</div></td> <td class="ms-rteTableOddCol-1">Aberdeen, United Kingdom</td> <td class="ms-rteTableEvenCol-1"><div align="right">70.20</div></td> </tr> <tr class="ms-rteTableOddRow-1"> <td class="ms-rteTableEvenCol-1"><div align="center">41</div></td> <td class="ms-rteTableOddCol-1">Manchester, United Kingdom</td> <td class="ms-rteTableEvenCol-1"><div align="right">69.80</div></td> </tr> <tr class="ms-rteTableEvenRow-1"> <td class="ms-rteTableEvenCol-1"><div align="center">42</div></td> <td class="ms-rteTableOddCol-1">Edinburgh, United Kingdom</td> <td class="ms-rteTableEvenCol-1"><div align="right">69.02</div></td> </tr> <tr class="ms-rteTableOddRow-1"> <td class="ms-rteTableEvenCol-1"><div align="center">43</div></td> <td class="ms-rteTableOddCol-1">Taipei, Taiwan</td> <td class="ms-rteTableEvenCol-1"><div align="right">68.57</div></td> </tr> <tr class="ms-rteTableEvenRow-1"> <td class="ms-rteTableEvenCol-1"><div align="center">44</div></td> <td class="ms-rteTableOddCol-1">Birmingham, United Kingdom</td> <td class="ms-rteTableEvenCol-1"><div align="right">68.36</div></td> </tr> <tr class="ms-rteTableOddRow-1"> <td class="ms-rteTableEvenCol-1"><div align="center">45</div></td> <td class="ms-rteTableOddCol-1">Toronto (Downtown), Canada</td> <td class="ms-rteTableEvenCol-1"><div align="right">68.00</div></td> </tr> <tr class="ms-rteTableEvenRow-1"> <td class="ms-rteTableEvenCol-1"><div align="center">46</div></td> <td class="ms-rteTableOddCol-1">Vancouver (Downtown), Canada</td> <td class="ms-rteTableEvenCol-1"><div align="right">67.20</div></td> </tr> <tr class="ms-rteTableOddRow-1"> <td class="ms-rteTableEvenCol-1"><div align="center">47</div></td> <td class="ms-rteTableOddCol-1">Frankfurt am Main, Germany</td> <td class="ms-rteTableEvenCol-1"><div align="right">66.31</div></td> </tr> <tr class="ms-rteTableEvenRow-1"> <td class="ms-rteTableEvenCol-1"><div align="center">48</div></td> <td class="ms-rteTableOddCol-1">Bristol, United Kingdom</td> <td class="ms-rteTableEvenCol-1"><div align="right">65.10</div></td> </tr> <tr class="ms-rteTableOddRow-1"> <td class="ms-rteTableEvenCol-1"><div align="center">49</div></td> <td class="ms-rteTableOddCol-1">Oslo, Norway</td> <td class="ms-rteTableEvenCol-1"><div align="right">64.91</div></td> </tr> <tr class="ms-rteTableEvenRow-1"> <td class="ms-rteTableEvenCol-1"><div align="center">50</div></td> <td class="ms-rteTableOddCol-1">Glasgow, United Kingdom</td> <td class="ms-rteTableEvenCol-1"><div align="right">64.31</div></td> </tr> </tbody></table> <p>Source: CBRE Global Research and Consulting</p> <p><span style="text-decoration:underline">About CBRE Group, Inc.</span><br /> CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services firm (in terms of 2011 revenue). The Company has approximately 34,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our Web site at www.cbre.com.</p>
CBRE Global Investors Closes U.S. Value Added Fund
<p><strong>LOS ANGELES – December 10, 2012 </strong>– CBRE Global Investors today announced the final closing of CBRE Strategic Partners U.S. Value 6, L.P., with equity commitments of nearly $1.1 billion from 22 institutional investors in the United States and Europe, exceeding its target of $750 million. The fund, which is now closed to new investors, is expected to have total purchasing power of $2.7 billion.</p> <p>Strategic Partners U.S. Value 6 is a continuation and evolution of CBRE Global Investors’ enhanced-return strategy in the U.S. The investment team will target value-added-level returns through investment in institutional-quality properties judged to have above-average return potential in highly-rated major metropolitan areas across the United States. Strategies include repositioning underperforming assets and improving occupancy levels through implementation of Strategic Partners’ signature tenant amenity programs, including 5-Star Worldwide for office buildings and Red Carpet for multi-family assets.</p> <p>“We have a proven investment team that has demonstrated the ability to identify assets and markets where value can be enhanced through strong operations,” said Vance Maddocks, President of Strategic Partners U.S. “We sincerely appreciate the partnership we have with our investors and their consultants and the confidence they have placed in us through their commitments to this fund.”</p> <p>The Strategic Partners U.S. program, which was founded in 2000, has closed eight funds and three co-investment partnerships, raising $5.6 billion in total.</p> <p><span style="text-decoration:underline">About CBRE Global Investors</span><br />CBRE Global Investors is a global real estate investment management firm with $90.4 billion in assets under management* as of September 30, 2012. The firm sponsors investment programs across the risk/return spectrum for investors worldwide.</p> <p>CBRE Global Investors is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBG). It harnesses the research, investment sourcing and other resources of the world’s premier, full-service commercial real estate services company for the benefit of its investors. CBRE Group, Inc. has approximately 34,000 employees (excluding affiliates) in more than 300 offices (excluding affiliates) worldwide. For more information about CBRE Global Investors, please visit <a href="http://www.cbreglobalinvestors.com/" target="_blank">www.cbreglobalinvestors.com</a>.</p> <p>*Assets under management (AUM) refers to fair market value of real estate-related assets with respect to which CBRE Global Investors provides, on a global basis, oversight, investment management services and other advice, and which generally consist of properties and real estate-related loans; securities portfolios; and investments in operating companies, joint ventures and in private real estate funds under its fund of funds program. This AUM is intended principally to reflect the extent of CBRE Global Investors’ presence in the global real estate market, and its calculation of AUM may differ from the calculations of other asset managers.</p>
Decline in Availability of U.S. Industrial Space to Continue In 2013
<p><strong>Los Angeles, December 6, 2012</strong>– The two-plus year-old recovery of U.S. industrial real estate markets will extend into 2013, CBRE Group, Inc. forecasts, as modest economic growth and increased global trade through the U.S. will help sustain demand improvements for warehouse and distribution space.</p> <p>CBRE expects the national industrial availability1 rate to fall to 12.2% in 2013 and 11.3% by the end of 2014. These rates will decline from 13.1% in Q3 2012. The national industrial availability rate peaked at 14.6% in Q2 2010.</p> <p>Helping the recovery along is an absence of new industrial facilities being built, as to date rent growth has not been strong enough to support new construction. Only 41 million sq. ft. of industrial space is expected to be completed in 2012, well below the pre-recession historical norm which averaged approximately 150 million sq. ft. on an annual basis. However, rent growth is expected to gain momentum, rising from an expected 2.4% in 2012 to more than 3% in 2013 and nearly 5% in 2014. Industrial rents, while keeping pace with inflation this year, will grow above the rate of inflation in 2013 for the first time since 2006.</p> <p>“U.S. industrial markets continue to struggle against a residual overhang of space stemming from the last recession and weak economic fundamentals, which has limited demand. Nevertheless steady absorption over the past two years has finally reduced available space to the point where property owners in select markets can now command higher rents,” said Arthur Jones, Senior Managing Economist, <a href="https://www.cbre-ea.com/" target="_blank">CBRE Econometric Advisors</a>. “While economic and fiscal policy uncertainty continues to constrain demand, we expect the recovery of industrial real estate to accelerate over the next two years.”</p> <p>The CBRE analysis notes that most markets, 41 of 58 tracked, are on a recovery path with positive demand foreseen for the next 12 months. Texas markets continue to perform well, with both Houston and Fort Worth now below their 10-year historical average availability rate level. Some select markets have already seen rents fully recover; in Denver, for example, effective industrial rents have increased by 16% over the past year and are now more than 3% above their pre-recession peak.</p> <p>To speak with Mr. Jones or another CBRE expert, please contact Robert McGrath (212.984.8267 or <a href="mailto:Robert.McGrath@cbre.com">Robert.McGrath@cbre.com</a>).</p> <p>1 Availability is space that is actively being marketed and available for tenant build-out within 12 months.</p> <p><span style="text-decoration:underline">About CBRE Group, Inc.</span><br />CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services firm (in terms of 2011 revenue). The Company has approximately 34,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our Web site at www.cbre.com.</p>
Robert E. Sulentic Becomes President &Chief Executive Officer at CBRE Group, Inc.
<p><strong>Los Angeles, December 3, 2012</strong> -- CBRE Group, Inc. (NYSE:CBG) today announced that Robert E. Sulentic assumed the position of President & Chief Executive Officer on December 1, 2012. Mr. Sulentic succeeded Brett White, who, as previously announced, retired on November 30, 2012.</p> <p>Mr. Sulentic also joined CBRE’s Board of Directors, which has expanded to 11 members. Mr. White also remains a member of the Board.</p> <p>“CBRE is a unique organization, and I am honored to serve as its CEO,” Mr. Sulentic said. “Our Company has many strengths, including our brand, culture, depth of resources and market intelligence, and most of all, our exceptional people. I look forward to working with our talented team to enhance our position across markets and business lines globally, drive growth, and produce excellent outcomes for clients, employees and shareholders.”</p> <p>Mr. Sulentic most recently served as President of CBRE, where he had direct responsibility for running all business lines and operating segments. He also previously served as Chief Financial Officer, and before that, Group President with responsibility for the EMEA, Asia Pacific and Development Services businesses. Mr. Sulentic joined the Company in 2006 with the acquisition of Trammell Crow Company, where he was CEO at the time of the merger.</p> <p>Mr. Sulentic is a graduate of Iowa State University (BA) and Harvard Business School (MBA). He also serves on the Board of Directors of Staples, Inc, based in Framingham, MA.</p> <p><span style="text-decoration:underline">About CBRE Group, Inc.</span><br />CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services firm (in terms of 2011 revenue). The Company has approximately 34,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our Web site at <a href="/">www.cbre.com</a></p>
U.S. Multi-Housing Vacancy Rate Expected To Rise Slightly In 2013 But Remain Near Historic Average
<p class="ms-rteElement-P"><span><strong>Los Angeles, December 3, 2012</strong></span><span> – The U.S. multi-housing market vacancy rate is expected to rise modestly to 5.3% in 2013, according to a new analysis from CBRE Group, Inc. The increase, from a rate of 4.5% in Q3 2012, will be driven by new construction completions and a slight tapering off of demand from historically robust levels in recent years. CBRE forecasts that the multi-housing vacancy will fall back to 5.2% in 2014.<span> </span></span><span> </span></p> <p class="ms-rteElement-P"><span>The multi-housing vacancy rate is projected to be 5% for 2012, down from 5.4% in 2011 and from 7.3% at its 2009 peak.<span> </span></span><span> </span></p> <p class="ms-rteElement-P"><span>“It is a great time to own multi-housing properties: apartment demand is benefiting from the slowly recovering economy as well as rapidly expanding pool of renter households,” said Gleb Nechayev, Senior Managing Economist, CBRE Econometric Advisors.<span> </span></span><span> </span></p> <p class="ms-rteElement-P"><span>Rents have now surpassed previous peaks in most markets and vacancy rates are below historical averages.<span> </span>The market entered an expansion phase in late 2011 and since then fundamentals have continued to improve steadily. New supply has also picked up considerably as a result of strong fundamentals. Completions are on track to return next year to the 1998-2008 annual average of about 190,000 units. At the same time, CBRE anticipates that growth in demand will slow leading the vacancy rate to tick up back to its historical average of 5.3%.</span><span> </span></p> <p class="ms-rteElement-P"><span>CBRE forecasts that top-performing multi-housing markets will be those with heavy concentrations of high-tech employment, such as San Francisco, Denver, Austin, and Atlanta well as those markets where total employment has already surpassed pre-recession peaks, including Houston and San Antonio. Strong cyclical recoveries in rents are also expected to begin in some of the markets hit hard by the housing bust – including Phoenix and Orlando.<span> </span>These markets will lead the nation in rent growth.</span><span> </span></p> <p class="ms-rteElement-P"><span>To speak with Mr. Nechayev or another CBRE-EA expert, please contact Robert McGrath (212.984.8267 or <a href="mailto:Robert.McGrath@cbre.com">Robert.McGrath@cbre.com</a>).</span><span><span> </span></span></p> <p class="ms-rteElement-P"><span style="text-decoration:underline">About CBRE Group, Inc.<br /></span><span>CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services firm (in terms of 2011 revenue).<span> </span>The Company has approximately 34,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our Web site at <a href="/"><span>www.cbre.com</span></a>.</span></p>
U.S. Office Real Estate Recovery Will Continue Next Year
<p class="ms-rteElement-P"><span><strong>Los Angeles, November 26, 2012</strong>–</span><span> </span><span>The U.S. office market vacancy rate will continue to decline moderately next year, falling to 14.9% by the end of 2013, according to a new analysis from CBRE Group, Inc. Improvement in office market will begin to accelerate in 2014 with the vacancy rate expected to drop to 13.8% by year’s end. </span><span> </span></p> <p class="ms-rteElement-P"><span>The office vacancy rate in Q3 2012 was 15.5%, down 130 basis points (bps) from its peak of 16.8% in Q2 2010.</span><span> </span></p> <p class="ms-rteElement-P"><span>“Although concerns remain about the recovery in the face of headwinds both at home and abroad, we have seen consistent improvement in broader markets and believe that the economy is slowly gaining traction,” said Arthur Jones, Senior Managing Economist, CBRE Econometric Advisors “Businesses remain healthy and continue to hire and we have seen significant improvement in the housing market, which should provide the impetus for stronger growth by the middle of 2013. As a result, we expect office fundamentals to continue their slow, but steady, recovery throughout the next year.”</span><span> </span></p> <p class="ms-rteElement-P"><span>CBRE notes that uncertainty had caused businesses to pull back somewhat over the summer months affecting hiring decisions, but this is starting to reverse.<span> </span>Office-using employment remains below its pre-recession peak, but the gap continues to narrow.<span> </span></span><span> </span></p> <p class="ms-rteElement-P"><span>CBRE anticipates that office-using employment will have recovered to its pre-recession peak by the end of 2013, setting the stage for more substantial demand for office space. As a result, CBRE projects that average rents will increase by 3.5% in 2013, before accelerating to 4.4% rent growth in 2014.</span><span> </span></p> <p class="ms-rteElement-P"><span>“Although the rent cycle has shifted from correction to recovery in most markets, we do not foresee a sustained and broad-based recovery taking hold before 2014 as many markets impacted by the housing crisis continue to lag behind. Once the job market has fully recovered, a more sustained and stable recovery in occupancy and rents should occur,” added Mr. Jones.</span><span> </span></p> <p class="ms-rteElement-P"><span>CBRE forecasts that the top performing office markets will be those driven by technology and energy.<span> </span>Over the next two years, metro areas with strong concentrations of high-tech firms such as Austin, Boston, and San Francisco will experience solid rent growth.<span> </span>Markets getting a boost from energy-related industries, such as Dallas and Oklahoma City, will also be well-positioned to take advantage of the economic recovery and will be among the top 10 rent growth performers over a two-year horizon.<span> </span></span><span> </span></p> <p class="ms-rteElement-P"><span>To speak with Mr. Jones or another CBRE expert, please contact Robert McGrath (212.984.8267 or Robert.McGrath@cbre.com).</span><span> </span></p> <p class="ms-rteElement-P"><span><strong>About CBRE Group, Inc.</strong><br /></span><span>CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services firm (in terms of 2011 revenue).<span> </span>The Company has approximately 34,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our Web site at <a href="/">www.cbre.com</a>.</span></p>
CBRE Group, Inc. Acquires EA Shaw
<p class="ms-rteElement-P"><span lang="EN-GB"><strong>London, 20 November, 2012 </strong>– </span><span lang="EN-GB">CBRE Group, Inc. (NYSE: CBG), a leading global commercial real estate services and investment firm, today announced the </span><span>acquisition of EA Shaw, an independent commercial and residential property partnership which specialises in central London.</span><span> </span></p> <p class="ms-rteElement-P"><span>Founded in 1899, EA Shaw provides commercial and residential investment, management, asset management and leasing services to clients including Shaftesbury PLC, Soho Estates, Scottish Widows Investment Partnership and Legal & General. Earlier this year, EA Shaw was named London Property Advisor of the Year by Estates Gazette for the fifth time in six years.</span><span> </span></p> <p class="ms-rteElement-P"><span>EA Shaw will become part of CBRE’s Central</span><span> </span><span>London business under the leadership of Adam Hetherington and will continue to operate from its office in Covent Garden. Through the transaction, CBRE brings on board an established team of commercial real estate professionals in London’s Midtown and South Bank areas, including Nick Bark, Head of Management, and Charlie Killen, Head of Commercial. The EA Shaw professionals complement CBRE’s market-leading position in the West End, City and East London markets. </span><span> </span></p> <p class="ms-rteElement-P"><span>During the first nine months of 2012, CBRE was the most active capital markets advisor in the UK and central London, according to CoStar, and the top office leasing agent in London in Q3 2012, according to Estates Gazette. </span></p> <p class="ms-rteElement-P"><span> </span><span>The acquisition also significantly enhances CBRE’s fast-growing central London residential business, which will now offer a full range of services in the prime and super-prime segments of the market, including lettings, development consultancy and property management services.<span> </span>The transaction also boosts CBRE’s existing development marketing and sales/acquisition capabilities. </span></p> <p class="ms-rteElement-P"><span> </span><span>Over the past two years, CBRE has built a network of residential experts based in key markets across Europe and Asia focused on promoting super prime opportunities in central London. CBRE Residential already serves a range of clients including Berkeley Homes, Exemplar, CIT and Barratts. </span></p> <p class="ms-rteElement-P"><span>CBRE’s Mark Collins will become Chairman of the combined residential business with EA Shaw’s Lisa Hollands serving as Managing Director, and CBRE’s Chris Lacey continuing as Head of Residential Funding & Investment. The enlarged residential team will operate from both EA Shaw’s existing Covent Garden offices and CBRE’s Henrietta House base in the West End. </span></p> <p class="ms-rteElement-P"><span lang="EN-GB"><strong>Michael Strong, Chairman & CEO of Europe, Middle East and Africa, CBRE, said: </strong><br /></span><span lang="EN-GB">“We are committed to continually investing in our business with a focus on improving our offer to clients. London is one of the most important real estate markets globally and extending our leadership position to new segments of the city enhances our ability to respond to client requirements. EA Shaw is an ideal partner for us; our combined commercial and residential offerings provide another significant dimension to our London and international capabilities.”</span><span> </span></p> <p class="ms-rteElement-P"><span><strong>Adam Hetherington, Managing Director, Central London, CBRE commented: </strong><br /></span><span lang="EN-GB">“The combination of EA Shaw and CBRE creates a formidable force in the central London market with a unique capability to provide advice across both the residential and commercial sectors. EA Shaw is highly regarded in the residential market, and alongside their strength in development marketing, they bring a </span><span lang="EN-GB">highly skilled lettings, management and second-hand sales/acquisitions services team to CBRE.”</span><span lang="EN-GB"><span> </span></span></p> <p class="ms-rteElement-P"><span lang="EN-GB"><strong>EA Shaw’s Charlie Killen added:</strong><br /></span><span>“We are exceptionally proud of our achievements</span><span> at </span><span>EA Shaw. By aligning our specialist expertise and intensive market knowledge with CBRE’s broad-ranging capabilities and truly global reach, we will be able to provide our current and future clients with the best possible service. We believe this transaction creates a powerful proposition for those seeking to promote or access opportunities in the central London market. In particular, the prospects for furthering our commercial real estate business and building a sizeable residential team together serving the cross-border prime and super-prime markets are incredibly exciting.”</span><span> </span><span lang="EN-GB"> </span></p> <p class="ms-rteElement-P"><span>This is the second investment CBRE has made in the UK this year, following the acquisition of Franc Warwick in September.</span><span><span> </span></span></p> <p class="ms-rteElement-P"><span style="text-decoration:underline">About CBRE Group, Inc.<br /></span><span>CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services firm (in terms of 2011 revenue). The Company has approximately 34,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at <a href="/"><span>www.cbre.com</span></a>.</span><span><span> </span></span></p> <p class="ms-rteElement-P"><span>“Safe Harbor” Statement Under the U.S. Private Securities Litigation Reform Act of 1995</span></p> <p class="ms-rteElement-P"><span>Certain of the statements in this release regarding the acquisition of EA Shaw that do not concern purely historical data are forward-looking statements within the meaning of the ''safe harbor'' provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements involve risks and uncertainties, including, but not limited to, the ability of the parties to successfully integrate the operations of EA Shaw with CBRE’s existing commercial and residential real estate operations in the London market, and the ability to leverage the combined operations to capture a larger share of the prime and super-prime residential market and the commercial market in London, as well as other risks and uncertainties discussed in CBRE’s filings with the U.S. Securities and Exchange Commission (SEC). Any forward-looking statements speak only as of the date of this release and, except to the extent required by applicable securities laws, CBRE expressly disclaims any obligation to update or revise any of them to reflect actual results, any changes in expectations or any change in events. If CBRE does update one or more forward-looking statements, no inference should be drawn that it will make additional updates with respect to those or other forward-looking statements. For additional information concerning factors that may cause actual results to differ from those anticipated in the forward-looking statements, and risks to CBRE’s business in general, please refer to the Company’s SEC filings, including its Annual Report on Form <span>10-K for the fiscal year ended December 31, 2011 and its Quarterly Report on Form 10-Q for the quarter ended September 30, 2012. Such filings are available publicly and may be obtained off the Company's website at www.cbre.com or upon request from the CBRE Investor Relations Department at <a href="mailto:investorrelations@cbre.com"><span>investorrelations@cbre.com</span></a>. </span></span></p>
CBRE Promotes Alex Darragh to Oversee Global Corporate Services in Canada, Latin America & Caribbean
<p class="ms-rteElement-P"><span><strong>Los Angeles, CA – November 19, 2012</strong></span><span><strong> </strong>– CBRE Group, Inc. announced today that Alex Darragh has been appointed to oversee its business Global Corporate Services in Canada, Latin America and the Caribbean. Mr. Darragh is currently leader for the Company’s Global Corporate Services business in the U.S. Central Division. In his new role, he will work with CBRE leaders and professionals throughout Canada, Latin America and the Caribbean to enhance client service and accelerate business growth.</span><span> </span></p> <p class="ms-rteElement-P"><span>“Alex is one of our top leaders and his appointment underscores CBRE’s commitment to focus significant resources to serve clients in high growth international markets,“ said Jim Wilson, Executive Managing Director, CBRE Global Corporate Services.</span><span> </span></p> <p class="ms-rteElement-P"><span>Mr. Darragh joined Trammell Crow Company (TCC) in 2001 as the Alliance Director for the American Express account and has held several senior positions. Prior to CBRE’s acquisition of TCC in 2006, he was TCC’s International Division leader. Most recently Mr. Darragh was Executive Managing Director with management responsibility for CBRE’s Global Corporate Services business in the Central U.S. and Canada, a portfolio that includes clients from a wide range of manufacturing, public sector, healthcare and service industries. He has a Master of Science from Northwestern University and both Master and Bachelor of Arts degrees from Queens University.</span><span> </span></p> <p class="ms-rteElement-P"><span>Steve Quick will succeed Mr. Darragh as the U.S. Central Division leader for Global Corporate Services. Mr. Quick joined CBRE earlier this year after holding several senior leadership positions within the Global Workplace Solutions Division of Johnson Controls. <span> </span>He</span><span> has more than 20 years of experience in the real estate and workplace industry in senior leadership roles, spanning general management, customer relationship management, sales management, directing business strategy and marketing, and finance. Mr. Quick is a member of the Board of Directors of CoreNet Global, where he was also recently elected to serve as Treasurer.</span><span><span> </span></span></p> <p class="ms-rteElement-P"><span style="text-decoration:underline">About CBRE Group, Inc.<br /></span><span>CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services firm (in terms of 2011 revenue).<span> </span>The Company has approximately 34,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our Web site at <a href="/"><span>www.cbre.com</span></a>.</span></p>
U.S. Retail Space Availability Expected to Tighten Further Next Year
<p class="ms-rteElement-P"><span><strong>Los Angeles, November 15, 2012</strong>–</span><span> </span><span>U.S. retail real estate will continue a slow, steady recovery in 2013, with the availability rate for neighborhood and community shopping centers declining to 11.7%, according to a new forecast from CBRE Group, Inc. The market improvement will continue, as the retail availability rate slips to 10.9% in 2014.</span> <span> </span></p> <p class="ms-rteElement-P"><span>In Q3 2012 the retail availability rate stood at 12.9% down from 13.1% at the end of 2011, but well above the previous availability peak of 11.3% set in Q1 1992.<span> </span><span> </span></span><span> </span></p> <p class="ms-rteElement-P"><span>“The consumer rebound has emboldened retailers to resume expansion plans, but they remain cautious. With limited retail development underway, we have had five consecutive quarters of healthy, positive absorption,” said Abigail Rosenbaum, Economist, CBRE Econometric Advisors. “Absorption should stay on a positive trend over the next few years, bolstered by continued economic recovery.” </span><span> </span></p> <p class="ms-rteElement-P"><span>CBRE projects that new construction will remain historically low next year, with total deliveries of 6.3 million sq. ft. nationally. The improving supply/demand picture will enable landlords to achieve modest rent increases in 2013, averaging 0.7%. </span><span> </span></p> <p class="ms-rteElement-P"><span>“Tenants continue to have the upper hand in negotiations. Rents, at their current trough, are 14% below their pre-recession high and won’t climb back to 2008 levels for another five years,” added Ms. Rosenbaum.</span><span> </span></p> <p class="ms-rteElement-P"><span>CBRE projects the growth in rents over the next two years will be led by in Denver, Austin, Nashville, Pittsburgh, New York and San Francisco driven by healthy demand growth.</span><span> </span></p> <p class="ms-rteElement-P"><span>To speak with Ms. Rosenbaum or another CBRE expert, please contact Robert McGrath (212.984.8267 or <a href="mailto:Robert.McGrath@cbre.com">Robert.McGrath@cbre.com</a>).</span><span> </span></p> <p class="ms-rteElement-P"><span>1</span><span> Availability is space that is actively being marketed and available for tenant build-out within 12 months. </span><span><span> </span></span></p> <p class="ms-rteElement-P"><span style="text-decoration:underline">About CBRE Group, Inc.<br /></span><span>CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services firm (in terms of 2011 revenue).<span> </span>The Company has approximately 34,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our Web site at www.cbre.com.</span></p>
CBRE Group, Inc. Recognized as 2013 Top 100 Military Friendly Employer by G.I. Jobs
<p class="ms-rteElement-P"><span><strong>Los Angeles – November 9, 2012 –</strong></span><span> CBRE Group, Inc. announced today that it has been recognized as a Top 100 Military Friendly Employer® by G.I. Jobs for 2013. This marks the 2nd year in a row the company has been included in the Top 100 Military Friendly Employers® list. </span><span> </span></p> <p class="ms-rteElement-P"><span>“We are honored to be listed once again as a Top 100 Military Friendly Employer,” said Laura O’Brien, Director of Global Human Resources & Workplace Strategies for C</span><span>BRE. <span> </span>“This award is a testament to our longstanding dedication to the recruitment and retention of veteran employees. </span><span>CBRE is home to more than 900 veterans, reservists and active duty military employees in the U.S., and we remain committed to serving them as a military friendly employer</span><span>.”</span><span> </span></p> <p class="ms-rteElement-P"><span>CBRE was chosen for the Military Friendly list from among 5,000 companies with annual revenues in excess of $500 million. Criteria for selection to the Top 100 included the strength of company military recruiting efforts, the percentage of new hires with prior military service, retention programs, and company policies on National Guard and Reserve service.</span><span> </span></p> <p class="ms-rteElement-P"><span>CBRE’s career opportunities that are especially well suited for military personnel can be found on MilitaryFriendly.com.<span> </span>Using the priority data engine on MilitaryFriendly.com, job seekers are able to view the ranked Top 100 employers compiled according to list methodology as well as design their own custom lists according to their preferences. Custom, user-directed lists, can then be saved and shared socially, allowing each job seeker to find their unique #1 Military Friendly Employer®.<span> </span></span><span> </span></p> <p class="ms-rteElement-P"><span>Now in its 10th year, the Top 100 Military Friendly Employers® list is the premier resource for transitioning service members and spouses seeking civilian employment.<span> </span>The survey results that determined the 2013 list were independently tested by Ernst & Young LLP based upon the weightings and methodology established by G.I. Jobs. Each year companies taking the survey are held to a higher standard than the previous year via improved methodology, criteria and weightings developed with the assistance of an Advisory Board consisting of leaders in the military recruitment community.<span> </span>A full list of board members can be found at <a href="http://www.militaryfriendly.com/board">www.MilitaryFriendly.com/board</a>.</span></p> <div style="text-decoration:underline">About CBRE Group, Inc.</div> <p class="ms-rteElement-P"><span>CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services firm (in terms of 2011 revenue).<span> </span>The Company has approximately 34,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our Web site at <a href="/">www.cbre.com</a>.</span></p>
Global Office Real Estate Values/Rents Show Little Change in Q3 2012
<p><strong>Los Angeles, November 7, 2012</strong> – Global office real estate values and rents were largely unchanged in Q3 2012, according to CBRE Group, Inc. The CBRE Global Office Capital Value Index ticked up in Q3 with a gain of 0.6%, while the CBRE Global Office Rent Index edged down slightly in Q3, falling 0.07%. <br /><br />Americas’ office property values and rents improved during the quarter, but could not fully make up for weakness in EMEA and Asia Pacific.<br /> <br />“Commercial real estate investors and occupiers turned more cautious in response to political, fiscal and economic uncertainty. Despite this, office rents and values have held their ground as both the leasing and value indices remain above year ago levels. We see this as a pause in the market, not a fundamental change in underlying market dynamics,” said Dr. Raymond Torto, CBRE Global Chief Economist.<br /><br /><strong>CBRE Global Capital Value Indices </strong></p> <ul><li>The CBRE Office Capital Market Index registered 144.4, up a half a percentage point on the quarter and 2.1% year-over-year. The Q3 performance has finally reflected the economic reality of the last year.</li> <li>The CBRE Capital Index for the Americas showed the best quarter-over-quarter and yearly gains among global regions, reflecting the strength of the U.S and rising prices in Latin America and Canada.</li> <li>EMEA had a decline in capital values in Q3 and the EMEA Capital Index has hovered around 110 for the last eight quarters. The EMEA Index reached a peak in 2007 at about 130 and a trough of 100 in 2009. Most of the recovery was in late 2009, well ahead of recoveries in the Americas and Asia Pacific.</li> <li>The Asia Pacific Capital Value Index is the only Index that is above the 2007 peak level. Asia Pacific had a strong recovery from mid-2010 to the end of 2011. That recovery has now stalled in the face of reduced export opportunities resulting from Europe’s sovereign debt crisis and the U.S.’s sub-par economic recovery. The Asia Pacific Capital Index rose 0.78% in Q3 2012.<br /></li></ul> <p><img src="http://www.cbre.us/AssetLibrary/Press-Release---CBRE-Global-Office-Capital-Value-Indices.gif" alt="" /><br /> <br /><strong>CBRE Global Office Rent Indices </strong></p> <ul><li>The Americas Office Rent Index rose by 0.3% in Q3. The Americas Index has risen slowly but steadily over the last year, rising 2.9%. </li> <li>By contrast, the quarter-over-quarter changes in EMEA and Asia Pacific indices for office rents were both slightly negative while the year-over-year changes were basically flat. </li> <li>The EMEA regional performance reflects the impact of the eurozone’s sovereign debt crisis and the slowing European economies. </li> <li>Asia Pacific’s weak performance this quarter reflects sluggish export demand and the impact of some new office supply in major markets. </li> <li>Certainly, throughout all regions there is considerable disparity across markets. While EMEA as a whole has seen weak rent momentum as a result of subdued demand, a few of the region’s stronger economies are better positioned including Germany, Poland, Norway, and Finland. </li> <li>Taipei and Manila both witnessed relatively strong rent growth thanks to high occupancies, demand for high-quality space and minimal amounts of new supply. Meanwhile, rent declines in Singapore and Hong Kong persist as a result of weak banking and financial sectors in both markets. In the Americas, markets with technology and energy-industry ties are outperforming the rest of the country quite noticeably. This includes Calgary, Dallas, Houston, San Francisco, Austin and San Jose. </li></ul> <p><img src="http://www.cbre.us/AssetLibrary/Press-Release--CBRE-Global-Office-Rent-Index.gif" alt="" /><br /><br />The CBRE Indices were created by CBRE Research. The Global Office Rent Index is comprised of data from 123 cities around the world. The Global Capital Value Index uses the same sample for EMEA and Asia Pacific, while the Americas data is derived from the National Council of Real Estate Investment Fiduciaries (NCREIF) and is not built up city by city the same way as is the rent index data. The base period for the indices is Q1 2001.<br /><br />To speak with a CBRE expert, please contact Robert McGrath (212.984.8267 or Robert.McGrath@cbre.com).<br /><br /><span style="text-decoration:underline">About CBRE Group, Inc.</span><br style="text-decoration:underline" />CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services firm (in terms of 2011 revenue). The Company has approximately 34,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our Web site at <a href="/">www.cbre.com</a>.<br /></p>
CBRE Group, Inc. Wins Circle of Excellence Award from Commercial Real Estate Women Network
<p class="ms-rteElement-P"><span><strong>Los Angeles – November 6, 2012</strong></span><span><strong> </strong>– CBRE Group, Inc. today announced that Commercial Real Estate Women (CREW) Network has honored the company with its highest honor, the “Circle of Excellence Award.” CREW recognized CBRE for its strong commitment to diversity in the workplace and long-term support of CREW and that organization’s groundbreaking research on diversity in the commercial real estate industry. </span><span> </span></p> <p class="ms-rteElement-P"><span>“CBRE has consistently demonstrated a commitment to creating a culture that embraces diversity and the talent women bring to the table. We are honored to recognize their achievements with the Circle of Excellence Award,” said Diane Butler, 2012 CREW Network President.</span><span> </span></p> <p class="ms-rteElement-P"><span>The award was presented at the 2012 CREW Network Convention and Marketplace recently held in Chicago. Cal Frese, CBRE Chief Executive Officer for the Americas, accepted the award.</span><span> </span></p> <p class="ms-rteElement-P"><span>“This recognition is more than an award. It is a statement about the importance of diversity in CBRE’s mission,” said Mr. Frese. ”We are proud of the strides that CBRE, as well as the industry, has made in reducing barriers and fostering career growth for women, but also realize this effort is not complete.”</span><span> </span></p> <p class="ms-rteElement-P"><span>CBRE supports research with CREW because women are important leaders in commercial real estate – women bring talent and perspective to this industry.<span> </span>CBRE was the premiere underwriter when the research initiative began in 2004 and has supported the CREW’s research ever since. </span><span> </span></p> <p class="ms-rteElement-P"><span>“CBRE’s endorsement of CREW Network’s research and its findings has helped gain the attention of the rest of the industry,” added Ms. Butler.</span><span> </span></p> <p class="ms-rteElement-P"><span>CBRE has been an industry leader in recruiting, mentoring and developing women professionals in commercial real estate. The CBRE Women’s Network, established 12 years ago, has paved the diversity path with members from every level of the organization. The group is united in its pursuit to make CBRE the best place to work—not just for women, but for everyone.</span><span> </span></p> <p class="ms-rteElement-P"><span>The mission of CREW Network (www.crewnetwork.org) is to influence the success of the commercial real estate industry by advancing the achievements of women. Members comprise 8,000 commercial real estate professionals in 76 chapters across North America.</span><span> </span></p> <p class="ms-rteElement-P"><span><strong>About CBRE Group, Inc.</strong><br /></span><span>CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services firm (in terms of 2011 revenue).<span> </span>The Company has approximately 34,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our Web site at <a href="/">www.cbre.com</a>.</span></p>
Newsweek Ranks CBRE Greenest Commercial Real Estate Services Firm for 2012
<p class="ms-rteElement-P"><span><strong>Los Angeles – October 31, 2012</strong></span><span><strong> </strong>– Newsweek, a leading U.S. weekly newsmagazine, has ranked CBRE Group, Inc. as the greenest real estate services firm in its 2012 Green Rankings. This is the fourth consecutive year that CBRE has achieved this distinction. </span></p> <p class="ms-rteElement-P"><span>CBRE was ranked 96 overall out of 500 major U.S.-based publicly-traded companies. The ranking is based on each company's environmental impact, management and disclosure efforts. CBRE improved from 128 in 2011.</span></p> <p class="ms-rteElement-P"><span>“CBRE’s commitment to sustainability is deeply embedded in our culture. This is reflected both in how we manage our own facilities and in the work we do for our clients,” said</span> <span>Bob Sulentic, CBRE’s President. “The Newsweek ranking is an important, objective measurement of our progress. While we are very pleased with the strides we’ve made over the past year, our commitment to continuous improvement in this area remains strong.”</span></p> <p class="ms-rteElement-P"><span>Newsweek collaborated with research partners Trucost and Sustainalytics to compile the rankings based on environmental, social and governance (ESG) analysis and data provided by the Carbon Disclosure Project, which collects global greenhouse gas data on over 3,000 companies worldwide. CBRE has participated in the Carbon Disclosure Project since 2007. </span></p> <p class="ms-rteElement-P"><span>Earlier this this fall, CBRE launched of the Real Green Research Challenge (</span><span><a href="/rgrc">www.cbre.com/rgrc</a></span><span>), a four-year, US$1million commitment to fund leading-edge sustainability research and innovation relating to commercial real estate. CBRE is accepting submissions for research proposals, with the goal of developing solutions to the industry’s critical environmental challenges.</span></p> <p class="ms-rteElement-P"><span>CBRE assists property owners and occupiers with energy efficiency programs within the commercial space it manages, as well as for client organizations. In the U.S., CBRE offers a wide range of sustainability programs including the establishment of the Green Knights, a nationwide team of sustainability advocates within the Company’s Asset Services and Global Corporate Services teams, which has more than 100 participants. Nearly 500 CBRE professionals globally have earned LEED® Professional credentials and CBRE currently manages approximately 200 million square feet certified under the U.S. Green Building Council’s LEED® for Existing Buildings rating system, and more than 260 million square feet registered under the EPA Energy Star® program.</span></p> <p class="ms-rteElement-P"><span style="text-decoration:underline">About CBRE Group, Inc.<br /></span><span>CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services firm (in terms of 2011 revenue).<span> </span>The Company has approximately 34,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our Web site at <a href="/"><span>www.cbre.com</span></a>.</span></p> <div> </div>
CBRE Group, Inc. Reports Improved Adjusted Earnings for the Third Quarter of 2012
<p class="ms-rteElement-P"><strong>LOS ANGELES-- October 30, 2012 -- </strong>CBRE Group, Inc. (NYSE:CBG) today reported an 8% increase in adjusted earnings for the third quarter ended September 30, 2012. </p> <p class="ms-rteElement-P" style="text-decoration:underline"><span>Third-Quarter 2012 Results</span> </p> <ul><li><div class="ms-rteElement-P">Revenue for the quarter was $1.56 billion, up 1% (5% in local currency) from $1.53 billion in the third quarter of 2011. </div></li> <li><div class="ms-rteElement-P">Excluding selected charges<sup>1</sup>, net income<sup>2</sup> was $83.6 million, or $0.26 per diluted share, for the current quarter, up 8% from $77.7 million, or $0.24 per diluted share, in the third quarter of 2011. For the current quarter, selected charges (net of income taxes), which primarily related to the acquisition of the ING REIM businesses (completed in 2011), cost containment expenses and an intangible asset impairment related to the discontinuation of a U.K. trade name, totaled $43.9 million. For the same period in 2011, selected charges totaled $13.9 million. </div></li> <li><div class="ms-rteElement-P">On a U.S. GAAP basis, net income was $39.7 million, or $0.12 per diluted share, for the third quarter of 2012 compared with $63.8 million, or $0.20 per diluted share, for the third quarter of 2011. </div></li> <li><div class="ms-rteElement-P">Excluding selected charges, Earnings Before Interest Taxes Depreciation and Amortization (EBITDA)<sup>3</sup> increased marginally to $195.3 million for the third quarter of 2012 from $194.8 million a year earlier. EBITDA (including selected charges) was $163.6 million for the third quarter of 2012, compared with $179.0 million for the same period last year. For the current quarter, selected charges, which primarily related to the aforementioned acquisition of the ING REIM businesses, cost containment expenses and an intangible asset impairment, reduced EBITDA by $31.7 million. For the same period in 2011, selected charges totaled $15.8 million. </div></li></ul> <p class="ms-rteElement-P"><span style="text-decoration:underline">Management Commentary</span><span style="text-decoration:underline"> </span><br style="text-decoration:underline" />“Many investors and occupiers turned more cautious in the third quarter. Concerns about Europe’s ongoing sovereign debt crisis and Asia’s slowing growth, which have been weighing on markets for most of the year, were heightened by unease about weakening corporate profit outlooks as well as U.S. fiscal policy and political uncertainty,” said Brett White, CBRE’s chief executive officer. “CBRE was not immune from these macro trends. Nevertheless, our strong brand, best-in-class professionals and diversified global platform enabled us to modestly improve on last year’s performance in this cautious market environment. We also continued to carefully manage expenses, and preserved our industry-leading margins. During the third quarter, we took steps to further align our cost base with reduced business volumes in certain parts of our business. This was particularly true in Europe, where the ongoing debt problems continue to adversely affect transaction activity, most notably in France.”<span style="text-decoration:underline"> </span></p> <p class="ms-rteElement-P">Outsourcing continued to grow solidly, with revenue up 7% globally (11% in local currency) and 13% in the Americas. CBRE remains at the forefront of an industry-wide trend in which property occupiers are hiring third-party service providers to manage their real estate in order to reduce costs and improve efficiency. The Company signed a record 67 total outsourcing contracts in the quarter, surpassing its previous record (54 total contracts) achieved in the first quarter of 2012. In EMEA and Asia Pacific, CBRE signed four contracts with new clients and expanded three contracts with existing clients during the quarter. </p> <p class="ms-rteElement-P">CBRE continued to benefit from last year’s acquisition of the ING real estate investment management businesses, which added significant recurring, fee-based revenue to the Company’s business mix. Fueled by contributions from the ING REIM businesses, global investment management revenue rose 48% during the third quarter, and this segment’s contributions to total Company normalized EBITDA increased significantly. </p> <p class="ms-rteElement-P">Geographically, the Americas was the Company’s best-performing region, with 4% overall revenue growth. Double-digit revenue increases in Americas outsourcing and commercial mortgage brokerage more than offset declines in sales and leasing. EMEA revenue fell 17% (9% in local currency) primarily due to the continued effects of sovereign debt issues. On a positive note, the U.K. business proved resilient, with overall revenue edging up 2%. Property sales activity was a source of particular strength in the U.K., with revenue rising 17% as CBRE claimed a greater share of investment activity in a market that is increasingly attracting offshore capital due to its relative safe-haven status. Asia Pacific revenue declined 4%, but rose 2% in local currency. </p> <p class="ms-rteElement-P">“The current recovery, unlike past ones, remains frustratingly slow and inconsistent, and is subject to quick swings in market sentiment,” Mr. White said. “We expect these variable conditions to persist until global economic growth and job creation shift into higher gear. In the meantime, we remain highly focused on operating efficiently while investing in our platform, as we help our clients navigate this choppy environment. CBRE is well positioned for the uncertain market environment because of the strength of our brand, people and diverse platform.” </p> <p class="ms-rteElement-P"><span style="text-decoration:underline">Third-Quarter 2012 Segment Results</span><span style="text-decoration:underline"> </span><br style="text-decoration:underline" /><span style="text-decoration:underline">Americas Region</span> (U.S., Canada and Latin America) </p> <ul><li><div class="ms-rteElement-P">Revenue rose 4% to $996.4 million, compared with $954.2 million for the third quarter of 2011. </div></li> <li><div class="ms-rteElement-P">EBITDA rose 2% to $128.7 million from $126.2 million for the prior-year third quarter. </div></li> <li><div class="ms-rteElement-P">Operating income totaled $105.4 million compared with $107.0 million in last year’s third quarter. </div></li> <li><div class="ms-rteElement-P">Growth in outsourcing and commercial mortgage brokerage more than offset softer sales and lease transaction revenue. </div></li></ul> <p class="ms-rteElement-P"><span style="text-decoration:underline">EMEA Region</span> (primarily Europe) </p> <ul><li><div class="ms-rteElement-P">Revenue was $228.7 million, a decrease of 17% (9% in local currency) from $276.0 million in the third quarter of 2011. </div></li> <li><div class="ms-rteElement-P">EBITDA, before selected charges, was $7.2 million, compared with $21.1 million in the prior-year third quarter. Including selected charges, current-quarter EBITDA swung to a loss of $8.1 million. There were no selected charges in the comparable period of 2011. </div></li> <li><div class="ms-rteElement-P">The region reported an operating loss of $31.7 million, compared with operating income of $17.5 million for the same period in 2011. Operating loss for the third quarter of 2012 included an approximately $20 million non-cash write-off of a trade name in the U.K., and cost containment expenses of $15.3 million, for a total of $35.3 million in charges. The non-amortizable intangible asset impairment is included in the calculation of operating loss but not in EBITDA. </div></li> <li><div class="ms-rteElement-P">The weaker results reflected the continued impact of Europe’s sovereign debt crisis and related economic difficulties as well as the negative effect of currency movement. </div></li></ul> <p class="ms-rteElement-P"><span style="text-decoration:underline">Asia Pacific Region</span> (Asia, Australia and New Zealand) </p> <ul><li><div class="ms-rteElement-P">Revenue was $200.0 million, a decrease of 4% (a 2% increase in local currency) from $208.1 million in the third quarter of 2011. </div></li> <li><div class="ms-rteElement-P">EBITDA, before selected charges, was $18.7 million, compared with $22.3 million in the prior-year third quarter. Including selected charges, current-quarter EBITDA was $16.4 million versus $21.8 million in the prior-year period. </div></li> <li><div class="ms-rteElement-P">Operating income was $13.9 million, compared with $19.3 million for the third quarter of 2011. </div></li> <li><div class="ms-rteElement-P">The weaker results reflected the impact of slower economic growth, which resulted in lower sales and leasing activity throughout much of the region, as well as the negative effect of currency movement. </div></li></ul> <p class="ms-rteElement-P"><span style="text-decoration:underline">Global Investment Management Business</span> (investment management operations in the U.S., Europe and Asia) </p> <ul><li><div class="ms-rteElement-P">Revenue rose 48% to $114.3 million from $77.4 million in the third quarter of 2011. </div></li> <li><div class="ms-rteElement-P">EBITDA, before selected charges, rose 84% to $36.9 million from $20.0 million in the prior-year third quarter. Including selected charges in both periods, current-quarter EBITDA rose to $22.7 million from $6.2 million in the third quarter of 2011. </div></li> <li><div class="ms-rteElement-P">Operating income was $12.1 million, compared with an operating loss of $0.3 million for the third quarter of 2011. </div></li> <li><div class="ms-rteElement-P">The improved performance was driven by contributions from the ING REIM Europe and Asia businesses, acquired in the fourth quarter of 2011. The global real estate securities business was acquired from ING on July 1, 2011, and is therefore fully included in both the current and prior-year quarters. </div></li> <li><div class="ms-rteElement-P">Assets under management totaled $90.4 billion at the end of the third quarter, a decrease of 1% from the second quarter of 2012 and 4% from year-end 2011. The decrease from year end was in part driven by a non-traded REIT’s decision to internalize its management, as previously reported. </div></li></ul> <p class="ms-rteElement-P"><span style="text-decoration:underline">Development Services</span><span style="text-decoration:underline"> </span>(real estate development and investment activities primarily in the U.S.) </p> <ul><li><div class="ms-rteElement-P">Revenue was $17.8 million compared with $18.8 million for the third quarter of 2011. </div></li> <li><div class="ms-rteElement-P">Operating income improved to $3.9 million, compared with an operating loss of $0.4 million for the third quarter of 2011. The 2011 period included real estate asset impairments, which did not recur in the current year, as well as higher incentive compensation. </div></li> <li><div class="ms-rteElement-P">EBITDA was $3.8 million in both the current-year and prior-year periods. The improvement reflected in operating income in the current year was offset by equity losses from unconsolidated subsidiaries and activity associated with non-controlling interests; equity loss from unconsolidated subsidiaries and non-controlling interests are included in the calculation of EBITDA, but not in operating income. </div></li> <li><div class="ms-rteElement-P">Development projects in process totaled $4.6 billion, down $0.1 billion from the second quarter of 2012 and $0.3 billion from year-end 2011. The inventory of pipeline deals totaled $1.9 billion, up $0.5 billion from the second quarter of 2012 and $0.7 billion from year-end 2011. </div></li></ul> <p class="ms-rteElement-P" style="text-decoration:underline"><span>Nine-Month Results</span> </p> <ul><li><div class="ms-rteElement-P">Revenue for the nine months ended September 30, 2012 was $4.5 billion, an increase of 9% (11% in local currency) from $4.1 billion for the same period in 2011. </div></li> <li><div class="ms-rteElement-P">Excluding selected charges, net income was $217.5 million, or $0.67 per diluted share, for the current-year-to-date period, up 17% and 18%, respectively, from $185.2 million, or $0.57 per diluted share, in the prior-year period. Selected charges (net of income taxes), which primarily related to the acquisition of the ING REIM businesses, cost containment expenses and the impairment of assets, totaled $74.9 million for the nine months ended September 30, 2012 and $25.8 million for the same period in 2011. </div></li> <li><div class="ms-rteElement-P">On a U.S. GAAP basis, net income was $142.6 million, or $0.44 per diluted share, for the nine months ended September 30, 2012, compared with $159.4 million, or $0.49 per diluted share, in the same period in 2011. </div></li> <li><div class="ms-rteElement-P">Excluding selected charges, EBITDA increased 16% to $566.8 million for the first nine months of 2012 from $487.7 million a year earlier. EBITDA (including selected charges) rose 13% to $515.9 million for the current nine-month period from $458.1 million for the same period a year earlier. Selected charges, which primarily related to the acquisition of the ING REIM businesses, cost containment expenses and the impairment of assets, reduced EBITDA by $50.9 million for the nine months ended September 30, 2012 and $29.6 million for the same period in 2011. </div></li></ul> <p class="ms-rteElement-P"><span style="text-decoration:underline">Conference Call Details</span> <br />The Company’s third-quarter earnings conference call will be held on Tuesday, October 30, 2012 at 5:00 p.m. Eastern Time. A webcast will be accessible through the Investor Relations section of the Company’s Web site at <a href="/investorrelations" target="_blank">www.cbre.com/investorrelations</a>. </p> <p class="ms-rteElement-P">The direct dial-in number for the conference call is 800-230-1951 for U.S. callers and 612-332-0342 for international callers. A replay of the call will be available starting at 10 p.m. Eastern Time on October 30, 2012, and ending at midnight Eastern Time on November 5, 2012. The dial-in number for the replay is 800-475-6701 for U.S. callers and 320-365-3844 for international callers. The access code for the replay is 268007. A transcript of the call will be available on the Company’s Investor Relations Web site at <a href="http://cts.businesswire.com/ct/CT?id=smartlink&url=http://www.cbre.com/investorrelations&esheet=50459630&lan=en-US&anchor=www.cbre.com/investorrelations&index=2&md5=56c53b22c62fdfc07b94de726b2258d7">www.cbre.com/investorrelations</a>. </p> <p class="ms-rteElement-P"><span style="text-decoration:underline">About CBRE Group, Inc.</span><span style="text-decoration:underline"> </span><br style="text-decoration:underline" />CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services firm (in terms of 2011 revenue). The Company has approximately 34,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our Web site at <a href="http://cts.businesswire.com/ct/CT?id=smartlink&url=http://www.cbre.com/&esheet=50459630&lan=en-US&anchor=www.cbre.com&index=3&md5=fd1e8693d4f515c89d13a7aaac41b2e7">www.cbre.com</a>. </p> <p class="ms-rteElement-P"><strong>Note:</strong> This release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including statements regarding our future growth momentum, operations, financial performance, and business outlook. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results and performance in future periods to be materially different from any future results or performance suggested in forward-looking statements in this release. Any forward-looking statements speak only as of the date of this release and, except to the extent required by applicable securities laws, the Company expressly disclaims any obligation to update or revise any of them to reflect actual results, any changes in expectations or any change in events. If the Company does update one or more forward-looking statements, no inference should be drawn that it will make additional updates with respect to those or other forward-looking statements. Factors that could cause results to differ materially include, but are not limited to: general conditions of financial liquidity for real estate transactions, including the impact of the European sovereign debt crisis and potential “fiscal cliff” in the U.S.; our leverage and our ability to perform under our credit facilities; commercial real estate vacancy levels; employment conditions and their effect on vacancy rates; property values; rental rates; interest rates; our ability to leverage our platform to grow revenues and capture market share; continued growth in trends toward use of outsourced real estate services; our ability to control costs relative to revenue growth and expand EBITDA margins; our ability to retain and incentivize producers; our ability to identify, acquire and integrate synergistic and accretive businesses; expected levels of interest, depreciation and amortization expense resulting from completed acquisitions; maintaining our effective tax rate; realization of values in investment funds to offset related incentive compensation expense; a decline in asset values in, or a reduction in earnings or cash flow from, our investment programs, as well as related litigation, liabilities and reputational harm; and our ability to comply with laws and regulations related to our international operations, including the anti-corruption laws of the U.S. and other countries. </p> <p class="ms-rteElement-P">Additional information concerning factors that may influence the Company's financial information is discussed under “Risk Factors”, “Management’s Discussion and Analysis of Financial Condition and Results of Operations”, “Quantitative and Qualitative Disclosures About Market Risk” and “Forward-Looking Statements” in our Annual Report on Form 10-K for the year ended December 31, 2011, and under “Management’s Discussion and Analysis of Financial Condition and Results of Operations”, “Quantitative and Qualitative Disclosures About Market Risk” and “Forward-Looking Statements” in our Quarterly Report on Form 10-Q for the quarter ended June 30, 2012, as well as in the Company’s press releases and other periodic filings with the Securities and Exchange Commission. Such filings are available publicly and may be obtained on the Company’s Web site at <a href="http://cts.businesswire.com/ct/CT?id=smartlink&url=http://www.cbre.com&esheet=50459630&lan=en-US&anchor=www.cbre.com&index=4&md5=bb9b5ef6f1a1dd7da2fec1d35c408ea3">www.cbre.com</a> or upon written request from the CBRE Investor Relations Department at <a href="mailto:investorrelations@cbre.com">investorrelations@cbre.com</a>. </p> <p class="ms-rteElement-P"><sup>1</sup> Selected charges include integration and other costs related to acquisitions, amortization expense related to incentive fees and customer relationships acquired in the ING REIM and Trammell Crow Company (TCC) acquisitions, cost containment expenses and the write-down of impaired assets, including a non-amortizable intangible asset. </p> <p class="ms-rteElement-P"><sup>2</sup> A reconciliation of net income attributable to CBRE Group, Inc. to net income attributable to CBRE Group, Inc., as adjusted for selected charges, is provided in the section of this press release entitled “Non-GAAP Financial Measures.” </p> <p class="ms-rteElement-P"><sup>3</sup> EBITDA represents earnings before net interest expense, income taxes, depreciation and amortization, while amounts shown for EBITDA, as adjusted (or normalized EBITDA), remove the impact of certain cash and non-cash charges related to acquisitions, cost containment and asset impairments. Our management believes that both of these measures are useful in evaluating our operating performance compared to that of other companies in our industry because the calculations of EBITDA and EBITDA, as adjusted, generally eliminate the effects of financing and income taxes and the accounting effects of capital spending and acquisitions, which would include impairment charges of goodwill and intangibles created from acquisitions. Such items may vary for different companies for reasons unrelated to overall operating performance. As a result, our management uses these measures to evaluate operating performance and for other discretionary purposes, including as a significant component when measuring our operating performance under our employee incentive programs. Additionally, we believe EBITDA and EBITDA, as adjusted, are useful to investors to assist them in getting a more complete picture of our results from operations. </p> <p class="ms-rteElement-P">However, EBITDA and EBITDA, as adjusted, are not recognized measurements under U.S. generally accepted accounting principles, or GAAP, and when analyzing our operating performance, readers should use EBITDA and EBITDA, as adjusted, in addition to, and not as an alternative for, net income as determined in accordance with GAAP. Because not all companies use identical calculations, our presentation of EBITDA and EBITDA, as adjusted, may not be comparable to similarly titled measures of other companies. Furthermore, EBITDA and EBITDA, as adjusted, are not intended to be measures of free cash flow for our management’s discretionary use, as they do not consider certain cash requirements such as tax and debt service payments. The amounts shown for EBITDA and EBITDA, as adjusted, also differ from the amounts calculated under similarly titled definitions in our debt instruments, which are further adjusted to reflect certain other cash and non-cash charges and are used to determine compliance with financial covenants and our ability to engage in certain activities, such as incurring additional debt and making certain restricted payments. </p> <p class="ms-rteElement-P">For a reconciliation of EBITDA and EBITDA, as adjusted to net income attributable to CBRE Group, Inc., the most comparable financial measure calculated and presented in accordance with GAAP, see the section of this press release titled “Non-GAAP Financial Measures.” </p> <p> </p> <table class="bwtablemarginb" cellspacing="0"><tbody><tr><td colspan="15"> </td></tr> <tr><td class="bwpadl0 bwvertalignt bwalignc" colspan="15"><p class="bwcellpmargin"><i><b>CBRE GROUP, INC.</b></i> </p></td></tr> <tr><td class="bwpadl0 bwvertalignt bwalignc" colspan="15"><p class="bwcellpmargin"><i><b>OPERATING RESULTS</b></i> </p></td></tr> <tr><td class="bwpadl0 bwvertalignt bwalignc" colspan="15"><p class="bwcellpmargin"><i><b>FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2012 AND 2011</b></i> </p></td></tr> <tr><td class="bwpadl0 bwvertalignt bwalignc" colspan="15"><p class="bwcellpmargin"><i><b>(Dollars in thousands, except share data)</b></i> </p></td></tr> <tr><td class="bwpadl0 bwvertalignt bwalignc" colspan="15"><p class="bwcellpmargin"><i><b>(Unaudited)</b></i> </p></td></tr> <tr><td colspan="15"> </td></tr> <tr><td class="bwpadl0 bwvertalignt bwalignc"></td> <td class="bwpadl0 bwvertalignt bwalignl"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignt bwalignc" colspan="6"><b>Three Months Ended</b> </td> <td class="bwpadl0 bwvertalignt bwalignc"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignt bwalignc" colspan="6"><b>Nine Months Ended</b> </td></tr> <tr><td class="bwpadl0 bwpadb1 bwvertalignt bwalignc"></td> <td class="bwpadl0 bwpadb1 bwvertalignt bwalignl"></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignt bwalignc bwsinglebottom" colspan="6"><b>September 30,</b> </td> <td class="bwpadl0 bwpadb1 bwvertalignt bwalignc"></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignt bwalignc bwsinglebottom" colspan="6"><b>September 30,</b> </td></tr> <tr><td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc bwsinglebottom" colspan="2"><b>2012</b> </td> <td> </td> <td class="bwsinglebottom"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc bwsinglebottom"><b>2011</b> </td> <td class="bwsinglebottom"> </td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc bwsinglebottom" colspan="2"><b>2012</b> </td> <td> </td> <td class="bwsinglebottom"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc bwsinglebottom"><b>2011</b> </td> <td class="bwsinglebottom"> </td></tr> <tr><td class="bwpadl0 bwvertalignt bwalignl">Revenue </td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">1,557,147 </td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">1,534,463 </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">4,508,253 </td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">4,141,786 </td> <td></td></tr> <tr><td></td> <td></td> <td colspan="2"></td> <td></td> <td colspan="3"></td> <td></td> <td colspan="2"></td> <td></td> <td colspan="3"> </td></tr> <tr><td class="bwpadl0 bwvertalignt bwalignl">Costs and expenses: </td> <td></td> <td colspan="2"></td> <td></td> <td colspan="3"></td> <td></td> <td colspan="2"></td> <td></td> <td colspan="3"></td></tr> <tr><td class="bwpadl3 bwvertalignt bwalignl">Cost of services </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">915,245 </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">894,607 </td> <td></td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">2,610,944 </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">2,448,184 </td> <td></td></tr> <tr><td class="bwpadl3 bwvertalignt bwalignl">Operating, administrative and other </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">482,362 </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">469,138 </td> <td></td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">1,405,461 </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">1,279,019 </td> <td></td></tr> <tr><td class="bwpadl3 bwvertalignt bwalignl">Depreciation and amortization </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">40,102 </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">31,308 </td> <td></td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">124,895 </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">79,871 </td> <td></td></tr> <tr><td class="bwpadl3 bwpadb1 bwvertalignt bwalignl">Non-amortizable intangible asset impairment </td> <td></td> <td class="bwsinglebottom"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">19,826 </td> <td></td> <td class="bwsinglebottom"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">- </td> <td class="bwsinglebottom"> </td> <td></td> <td class="bwsinglebottom"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">19,826 </td> <td></td> <td class="bwsinglebottom"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">- </td> <td class="bwsinglebottom"> </td></tr> <tr><td class="bwpadl0 bwvertalignt bwalignl">Total costs and expenses </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">1,457,535 </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">1,395,053 </td> <td></td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">4,161,126 </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">3,807,074 </td> <td></td></tr> <tr><td></td> <td></td> <td colspan="2"></td> <td></td> <td colspan="3"></td> <td></td> <td colspan="2"></td> <td></td> <td colspan="3"> </td></tr> <tr><td class="bwpadl0 bwpadb1 bwvertalignt bwalignl">Gain on disposition of real estate </td> <td></td> <td class="bwsinglebottom"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">3,983 </td> <td></td> <td class="bwsinglebottom"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">3,595 </td> <td class="bwsinglebottom"> </td> <td></td> <td class="bwsinglebottom"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">5,231 </td> <td></td> <td class="bwsinglebottom"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">11,594 </td> <td class="bwsinglebottom"> </td></tr> <tr><td></td> <td></td> <td colspan="2"></td> <td></td> <td colspan="3"></td> <td></td> <td colspan="2"></td> <td></td> <td colspan="3"> </td></tr> <tr><td class="bwpadl0 bwvertalignt bwalignl">Operating income </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">103,595 </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">143,005 </td> <td></td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">352,358 </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">346,306 </td> <td></td></tr> <tr><td></td> <td></td> <td colspan="2"></td> <td></td> <td colspan="3"></td> <td></td> <td colspan="2"></td> <td></td> <td colspan="3"> </td></tr> <tr><td class="bwpadl0 bwvertalignt bwalignl">Equity income from unconsolidated subsidiaries </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">2,875 </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">6,714 </td> <td></td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">19,870 </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">38,961 </td> <td></td></tr> <tr><td class="bwpadl0 bwvertalignt bwalignl">Other income (loss) </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">151 </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">(5,809 </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl">) </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">4,635 </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">(5,809 </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl">) </td></tr> <tr><td class="bwpadl0 bwvertalignt bwalignl">Interest income </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">1,895 </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">2,493 </td> <td></td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">5,783 </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">7,063 </td> <td></td></tr> <tr><td class="bwpadl0 bwpadb1 bwvertalignt bwalignl">Interest expense </td> <td></td> <td class="bwsinglebottom"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">43,651 </td> <td></td> <td class="bwsinglebottom"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">39,080 </td> <td class="bwsinglebottom"> </td> <td></td> <td class="bwsinglebottom"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">132,043 </td> <td></td> <td class="bwsinglebottom"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">107,014 </td> <td class="bwsinglebottom"> </td></tr> <tr><td class="bwpadl0 bwvertalignt bwalignl">Income from continuing operations before provision for income taxes </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">64,865 </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">107,323 </td> <td></td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">250,603 </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">279,507 </td> <td></td></tr> <tr><td class="bwpadl0 bwpadb1 bwvertalignt bwalignl">Provision for income taxes </td> <td></td> <td class="bwsinglebottom"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">22,160 </td> <td></td> <td class="bwsinglebottom"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">47,290 </td> <td class="bwsinglebottom"> </td> <td></td> <td class="bwsinglebottom"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">102,353 </td> <td></td> <td class="bwsinglebottom"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">117,032 </td> <td class="bwsinglebottom"> </td></tr> <tr><td class="bwpadl0 bwvertalignt bwalignl">Income from continuing operations </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">42,705 </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">60,033 </td> <td></td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">148,250 </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">162,475 </td> <td></td></tr> <tr><td class="bwpadl0 bwpadb1 bwvertalignt bwalignl">Income from discontinued operations, net of income taxes </td> <td></td> <td class="bwsinglebottom"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">- </td> <td></td> <td class="bwsinglebottom"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">- </td> <td class="bwsinglebottom"> </td> <td></td> <td class="bwsinglebottom"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">- </td> <td></td> <td class="bwsinglebottom"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">16,911 </td> <td class="bwsinglebottom"> </td></tr> <tr><td class="bwpadl0 bwvertalignt bwalignl">Net income </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">42,705 </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">60,033 </td> <td></td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">148,250 </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">179,386 </td> <td></td></tr> <tr><td class="bwpadl0 bwpadb1 bwvertalignt bwalignl">Less: Net income (loss) attributable to non-controlling interests </td> <td></td> <td class="bwsinglebottom"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom"><p class="bwcellpmargin">2,996 </p></td> <td></td> <td class="bwsinglebottom"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom"><p class="bwcellpmargin">(3,774 </p></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl bwsinglebottom"><p class="bwcellpmargin">) </p></td> <td></td> <td class="bwsinglebottom"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom"><p class="bwcellpmargin">5,693 </p></td> <td></td> <td class="bwsinglebottom"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom"><p class="bwcellpmargin">19,987 </p></td> <td class="bwsinglebottom"> </td></tr> <tr><td class="bwpadl0 bwpadb3 bwvertalignb bwalignl">Net income attributable to CBRE Group, Inc. </td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">39,709 </td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">63,807 </td> <td class="bwdoublebottom"> </td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">142,557 </td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">159,399 </td> <td class="bwdoublebottom"> </td></tr> <tr><td></td> <td></td> <td class="bwpadl0 bwvertalignb bwalignr" colspan="2"><p class="bwcellpmargin"> </p></td> <td></td> <td colspan="3"></td> <td></td> <td colspan="2"></td> <td></td> <td colspan="3"></td></tr> <tr><td class="bwpadl0 bwvertalignt bwalignl"><p class="bwcellpmargin"><i>Basic income per share</i> <i>attributable to CBRE Group, Inc. shareholders</i> </p></td> <td></td> <td colspan="2"></td> <td></td> <td colspan="3"></td> <td></td> <td colspan="2"></td> <td></td> <td colspan="3"></td></tr> <tr><td class="bwpadl0 bwvertalignt bwalignl">Income from continuing operations attributable to CBRE Group, Inc. </td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">0.12 </td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">0.20 </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">0.44 </td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">0.50 </td> <td></td></tr> <tr><td class="bwpadl0 bwpadb1 bwvertalignt bwalignl">Income from discontinued operations attributable to CBRE Group, Inc. </td> <td></td> <td class="bwsinglebottom"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">- </td> <td></td> <td class="bwsinglebottom"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">- </td> <td class="bwsinglebottom"> </td> <td></td> <td class="bwsinglebottom"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">- </td> <td></td> <td class="bwsinglebottom"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">- </td> <td class="bwsinglebottom"> </td></tr> <tr><td class="bwpadl0 bwpadb3 bwvertalignt bwalignl">Net income attributable CBRE Group, Inc. </td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">0.12 </td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">0.20 </td> <td class="bwdoublebottom"> </td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">0.44 </td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">0.50 </td> <td class="bwdoublebottom"> </td></tr> <tr><td></td> <td></td> <td colspan="2"></td> <td></td> <td colspan="3"></td> <td></td> <td colspan="2"></td> <td></td> <td colspan="3"> </td></tr> <tr><td class="bwpadl0 bwpadb3 bwvertalignt bwalignl">Weighted average shares outstanding for basic income per share </td> <td></td> <td class="bwdoublebottom"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom"><p class="bwcellpmargin">322,331,850 </p></td> <td></td> <td class="bwdoublebottom"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom"><p class="bwcellpmargin">318,867,447 </p></td> <td class="bwdoublebottom"> </td> <td></td> <td class="bwdoublebottom"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom"><p class="bwcellpmargin">321,289,017 </p></td> <td></td> <td class="bwdoublebottom"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom"><p class="bwcellpmargin">317,718,150 </p></td> <td class="bwdoublebottom"> </td></tr> <tr><td></td> <td></td> <td colspan="2"></td> <td></td> <td colspan="3"></td> <td></td> <td colspan="2"></td> <td></td> <td colspan="3"> </td></tr> <tr><td class="bwpadl0 bwvertalignt bwalignl"><i>Diluted income per share</i> <i>attributable to CBRE Group, Inc. shareholders</i> </td> <td></td> <td colspan="2"></td> <td></td> <td colspan="3"></td> <td></td> <td colspan="2"></td> <td></td> <td colspan="3"></td></tr> <tr><td class="bwpadl0 bwvertalignt bwalignl">Income from continuing operations attributable to CBRE Group, Inc. </td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">0.12 </td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">0.20 </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">0.44 </td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">0.49 </td> <td></td></tr> <tr><td class="bwpadl0 bwpadb1 bwvertalignt bwalignl">Income from discontinued operations attributable to CBRE Group, Inc. </td> <td></td> <td class="bwsinglebottom"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">- </td> <td></td> <td class="bwsinglebottom"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">- </td> <td class="bwsinglebottom"> </td> <td></td> <td class="bwsinglebottom"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">- </td> <td></td> <td class="bwsinglebottom"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">- </td> <td class="bwsinglebottom"> </td></tr> <tr><td class="bwpadl0 bwpadb3 bwvertalignt bwalignl">Net income attributable to CBRE Group, Inc. </td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">0.12 </td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">0.20 </td> <td class="bwdoublebottom"> </td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">0.44 </td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">0.49 </td> <td class="bwdoublebottom"> </td></tr> <tr><td></td> <td></td> <td colspan="2"></td> <td></td> <td colspan="3"></td> <td></td> <td colspan="2"></td> <td></td> <td colspan="3"> </td></tr> <tr><td class="bwpadl0 bwpadb3 bwvertalignt bwalignl">Weighted average shares outstanding for diluted income per share </td> <td></td> <td class="bwdoublebottom"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">327,309,341 </td> <td></td> <td class="bwdoublebottom"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">323,714,703 </td> <td class="bwdoublebottom"> </td> <td></td> <td class="bwdoublebottom"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom"><p class="bwcellpmargin">326,380,448 </p></td> <td></td> <td class="bwdoublebottom"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom"><p class="bwcellpmargin">323,584,637 </p></td> <td class="bwdoublebottom"> </td></tr> <tr><td></td> <td></td> <td colspan="2"></td> <td></td> <td colspan="3"></td> <td></td> <td colspan="2"></td> <td></td> <td colspan="3"> </td></tr> <tr><td class="bwpadl0 bwpadb3 bwvertalignt bwalignl">EBITDA <sup>(1)</sup> </td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">163,553 </td> <td class="bwpadl0 bwpadb3 bwvertalignt bwalignr"></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">178,992 </td> <td class="bwdoublebottom"> </td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">515,891 </td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">458,131 </td> <td class="bwdoublebottom"> </td></tr></tbody></table> <p>__________________________ </p> <table class="bwtablemarginb" cellspacing="0"><tbody><tr><td class="bwpadl0 bwnowrap bwpadr0 bwvertalignt bwalignl"><p class="bwcellpmargin">(1) </p></td> <td class="bwpadl0 bwvertalignt bwalignl"> </td> <td class="bwpadl0 bwvertalignt bwalignl">Includes EBITDA related to discontinued operations of $1.9 million for the nine months ended September 30, 2011. </td></tr></tbody></table> <table class="bwtablemarginb" cellspacing="0"><tbody><tr><td colspan="17"> </td></tr> <tr><td class="bwpadl0 bwvertalignt bwalignc" colspan="17"><p class="bwcellpmargin"><i><b>CBRE GROUP, INC.</b></i> </p></td></tr> <tr><td class="bwpadl0 bwvertalignt bwalignc" colspan="17"><p class="bwcellpmargin"><i><b>SEGMENT RESULTS</b></i> </p></td></tr> <tr><td class="bwpadl0 bwvertalignt bwalignc" colspan="17"><p class="bwcellpmargin"><i><b>FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2012 AND 2011</b></i> </p></td></tr> <tr><td class="bwpadl0 bwvertalignt bwalignc" colspan="17"><p class="bwcellpmargin"><i><b>(Dollars in thousands)</b></i> </p></td></tr> <tr><td class="bwpadl0 bwvertalignt bwalignc" colspan="17"><p class="bwcellpmargin"><i><b>(Unaudited)</b></i> </p></td></tr> <tr><td colspan="17"> </td></tr> <tr><td class="bwpadl0 bwvertalignb bwalignl"></td> <td class="bwpadl0 bwvertalignt bwalignl"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignt bwalignc" colspan="7"><b>Three Months Ended</b> </td> <td class="bwpadl0 bwvertalignt bwalignc"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignt bwalignc" colspan="7"><b>Nine Months Ended</b> </td></tr> <tr><td class="bwpadl0 bwpadb1 bwvertalignb bwalignl"></td> <td class="bwpadl0 bwpadb1 bwvertalignt bwalignl"></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignt bwalignc bwsinglebottom" colspan="7"><b>September 30,</b> </td> <td class="bwpadl0 bwpadb1 bwvertalignt bwalignc"></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignt bwalignc bwsinglebottom" colspan="7"><b>September 30,</b> </td></tr> <tr><td></td> <td></td> <td class="bwsinglebottom"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc bwsinglebottom"><b>2012</b> </td> <td class="bwsinglebottom"> </td> <td> </td> <td class="bwsinglebottom"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc bwsinglebottom"><b>2011</b> </td> <td class="bwsinglebottom"> </td> <td></td> <td class="bwsinglebottom"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc bwsinglebottom"><b>2012</b> </td> <td class="bwsinglebottom"> </td> <td> </td> <td class="bwsinglebottom"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc bwsinglebottom"><b>2011</b> </td> <td class="bwsinglebottom"> </td></tr> <tr><td class="bwpadl0 bwvertalignb bwalignl"><p class="bwcellpmargin"><span class="bwuline"><b>Americas</b></span> </p></td> <td></td> <td colspan="3"></td> <td></td> <td colspan="3"></td> <td></td> <td colspan="3"></td> <td></td> <td colspan="3"></td></tr> <tr><td class="bwpadl0 bwvertalignb bwalignl">Revenue </td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">996,380 </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">954,213 </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">2,855,899 </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">2,602,156 </td> <td></td></tr> <tr><td class="bwpadl0 bwvertalignb bwalignl">Costs and expenses: </td> <td></td> <td colspan="3"></td> <td></td> <td colspan="3"></td> <td></td> <td colspan="3"></td> <td></td> <td colspan="3"></td></tr> <tr><td class="bwpadl3 bwvertalignb bwalignl">Cost of services </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">638,138 </td> <td></td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">600,168 </td> <td></td> <td class="bwpadl0 bwvertalignb bwalignl"></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">1,818,162 </td> <td></td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">1,644,835 </td> <td></td></tr> <tr><td class="bwpadl3 bwvertalignb bwalignl">Operating, administrative and other </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">232,108 </td> <td></td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">231,181 </td> <td></td> <td class="bwpadl0 bwvertalignb bwalignl"></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">665,157 </td> <td></td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">646,071 </td> <td></td></tr> <tr><td class="bwpadl3 bwpadb1 bwvertalignb bwalignl">Depreciation and amortization </td> <td></td> <td class="bwsinglebottom"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">20,744 </td> <td class="bwsinglebottom"> </td> <td></td> <td class="bwsinglebottom"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">15,855 </td> <td class="bwsinglebottom"> </td> <td class="bwpadl0 bwpadb1 bwvertalignb bwalignl"></td> <td class="bwsinglebottom"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">58,555 </td> <td class="bwsinglebottom"> </td> <td></td> <td class="bwsinglebottom"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">43,517 </td> <td class="bwsinglebottom"> </td></tr> <tr><td class="bwpadl0 bwpadb3 bwvertalignb bwalignl">Operating income </td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">105,390 </td> <td class="bwdoublebottom"> </td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">107,009 </td> <td class="bwdoublebottom"> </td> <td class="bwpadl0 bwpadb3 bwvertalignb bwalignl"></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">314,025 </td> <td class="bwdoublebottom"> </td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">267,733 </td> <td class="bwdoublebottom"> </td></tr> <tr><td class="bwpadl0 bwpadb3 bwvertalignb bwalignl">EBITDA </td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">128,749 </td> <td class="bwdoublebottom"> </td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">126,156 </td> <td class="bwdoublebottom"> </td> <td class="bwpadl0 bwpadb3 bwvertalignb bwalignl"></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">379,304 </td> <td class="bwdoublebottom"> </td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">319,659 </td> <td class="bwdoublebottom"> </td></tr> <tr><td></td> <td></td> <td colspan="3"></td> <td></td> <td colspan="3"></td> <td></td> <td colspan="3"></td> <td></td> <td colspan="3"> </td></tr> <tr><td class="bwpadl0 bwvertalignb bwalignl"><p class="bwcellpmargin"><span class="bwuline"><b>EMEA</b></span> </p></td> <td></td> <td colspan="3"></td> <td></td> <td colspan="3"></td> <td></td> <td colspan="3"></td> <td></td> <td colspan="3"></td></tr> <tr><td class="bwpadl0 bwvertalignb bwalignl">Revenue </td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">228,737 </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">275,958 </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">674,367 </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">742,013 </td> <td></td></tr> <tr><td class="bwpadl0 bwvertalignb bwalignl">Costs and expenses: </td> <td></td> <td colspan="3"></td> <td></td> <td colspan="3"></td> <td class="bwpadl0 bwvertalignb bwalignl"></td> <td colspan="3"></td> <td></td> <td colspan="3"></td></tr> <tr><td class="bwpadl3 bwvertalignb bwalignl">Cost of services </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">150,729 </td> <td></td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">165,450 </td> <td></td> <td class="bwpadl0 bwvertalignb bwalignl"></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">426,486 </td> <td></td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">452,461 </td> <td></td></tr> <tr><td class="bwpadl3 bwvertalignb bwalignl">Operating, administrative and other </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">86,662 </td> <td></td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">89,853 </td> <td></td> <td class="bwpadl0 bwvertalignb bwalignl"></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">248,751 </td> <td></td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">244,830 </td> <td></td></tr> <tr><td class="bwpadl3 bwvertalignb bwalignl">Depreciation and amortization </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">3,181 </td> <td></td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">3,191 </td> <td></td> <td class="bwpadl0 bwvertalignb bwalignl"></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">9,674 </td> <td></td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">7,706 </td> <td></td></tr> <tr><td class="bwpadl3 bwpadb1 bwvertalignb bwalignl">Non-amortizable intangible asset impairment </td> <td></td> <td class="bwsinglebottom"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">19,826 </td> <td class="bwsinglebottom"> </td> <td></td> <td class="bwsinglebottom"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">- </td> <td class="bwsinglebottom"> </td> <td></td> <td class="bwsinglebottom"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">19,826 </td> <td class="bwsinglebottom"> </td> <td></td> <td class="bwsinglebottom"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">- </td> <td class="bwsinglebottom"> </td></tr> <tr><td class="bwpadl0 bwpadb3 bwvertalignb bwalignl">Operating (loss) income </td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">(31,661 </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl bwdoublebottom">) </td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">17,464 </td> <td class="bwdoublebottom"> </td> <td class="bwpadl0 bwpadb3 bwvertalignb bwalignl"></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">(30,370 </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl bwdoublebottom">) </td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">37,016 </td> <td class="bwdoublebottom"> </td></tr> <tr><td class="bwpadl0 bwpadb3 bwvertalignb bwalignl">EBITDA </td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">(8,141 </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl bwdoublebottom">) </td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">21,089 </td> <td class="bwdoublebottom"> </td> <td class="bwpadl0 bwpadb3 bwvertalignb bwalignl"></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">507 </td> <td class="bwdoublebottom"> </td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">45,470 </td> <td class="bwdoublebottom"> </td></tr> <tr><td></td> <td></td> <td colspan="3"></td> <td></td> <td colspan="3"></td> <td></td> <td colspan="3"></td> <td></td> <td colspan="3"> </td></tr> <tr><td class="bwpadl0 bwvertalignb bwalignl"><p class="bwcellpmargin"><span class="bwuline"><b>Asia Pacific</b></span> </p></td> <td></td> <td colspan="3"></td> <td></td> <td colspan="3"></td> <td></td> <td colspan="3"></td> <td></td> <td colspan="3"></td></tr> <tr><td class="bwpadl0 bwvertalignb bwalignl">Revenue </td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">199,950 </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">208,055 </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">568,396 </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">557,101 </td> <td></td></tr> <tr><td class="bwpadl0 bwvertalignb bwalignl">Costs and expenses: </td> <td></td> <td colspan="3"></td> <td></td> <td colspan="3"></td> <td></td> <td colspan="3"></td> <td></td> <td colspan="3"></td></tr> <tr><td class="bwpadl3 bwvertalignb bwalignl">Cost of services </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">126,378 </td> <td></td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">128,989 </td> <td></td> <td class="bwpadl0 bwvertalignb bwalignl"></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">366,296 </td> <td></td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">350,888 </td> <td></td></tr> <tr><td class="bwpadl3 bwvertalignb bwalignl">Operating, administrative and other </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">56,792 </td> <td></td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">56,835 </td> <td></td> <td class="bwpadl0 bwvertalignb bwalignl"></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">159,433 </td> <td></td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">152,801 </td> <td></td></tr> <tr><td class="bwpadl3 bwpadb1 bwvertalignb bwalignl">Depreciation and amortization </td> <td></td> <td class="bwsinglebottom"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">2,905 </td> <td class="bwsinglebottom"> </td> <td></td> <td class="bwsinglebottom"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">2,979 </td> <td class="bwsinglebottom"> </td> <td class="bwpadl0 bwpadb1 bwvertalignb bwalignl"></td> <td class="bwsinglebottom"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">8,458 </td> <td class="bwsinglebottom"> </td> <td></td> <td class="bwsinglebottom"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">6,950 </td> <td class="bwsinglebottom"> </td></tr> <tr><td class="bwpadl0 bwpadb3 bwvertalignb bwalignl">Operating income </td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">13,875 </td> <td class="bwdoublebottom"> </td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">19,252 </td> <td class="bwdoublebottom"> </td> <td class="bwpadl0 bwpadb3 bwvertalignb bwalignl"></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">34,209 </td> <td class="bwdoublebottom"> </td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">46,462 </td> <td class="bwdoublebottom"> </td></tr> <tr><td class="bwpadl0 bwpadb3 bwvertalignb bwalignl"><p class="bwcellpmargin">EBITDA </p></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">16,448 </td> <td class="bwdoublebottom"> </td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">21,817 </td> <td class="bwdoublebottom"> </td> <td class="bwpadl0 bwpadb3 bwvertalignb bwalignl"></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">42,047 </td> <td class="bwdoublebottom"> </td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">51,696 </td> <td class="bwdoublebottom"> </td></tr> <tr><td></td> <td></td> <td colspan="3"></td> <td></td> <td colspan="3"></td> <td></td> <td colspan="3"></td> <td></td> <td colspan="3"> </td></tr> <tr><td class="bwpadl0 bwvertalignb bwalignl"><p class="bwcellpmargin"><span class="bwuline"><b>Global Investment Management</b></span> </p></td> <td></td> <td colspan="3"></td> <td></td> <td colspan="3"></td> <td></td> <td colspan="3"></td> <td></td> <td colspan="3"></td></tr> <tr><td class="bwpadl0 bwvertalignb bwalignl">Revenue </td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">114,306 </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">77,426 </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">359,180 </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">185,302 </td> <td></td></tr> <tr><td class="bwpadl0 bwvertalignb bwalignl">Costs and expenses: </td> <td></td> <td colspan="3"></td> <td></td> <td colspan="3"></td> <td class="bwpadl0 bwvertalignb bwalignl"></td> <td colspan="3"></td> <td></td> <td colspan="3"></td></tr> <tr><td class="bwpadl3 bwvertalignb bwalignl">Operating, administrative and other </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">91,658 </td> <td></td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">71,770 </td> <td></td> <td class="bwpadl0 bwvertalignb bwalignl"></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">282,952 </td> <td></td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">175,268 </td> <td></td></tr> <tr><td class="bwpadl3 bwvertalignb bwalignl">Depreciation and amortization </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">10,524 </td> <td></td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">6,281 </td> <td></td> <td class="bwpadl0 bwvertalignb bwalignl"></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">39,803 </td> <td></td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">12,947 </td> <td></td></tr> <tr><td class="bwpadl0 bwpadb1 bwvertalignb bwalignl">Gain on disposition of real estate </td> <td></td> <td class="bwsinglebottom"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">- </td> <td class="bwsinglebottom"> </td> <td></td> <td class="bwsinglebottom"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">345 </td> <td class="bwsinglebottom"> </td> <td></td> <td class="bwsinglebottom"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">- </td> <td class="bwsinglebottom"> </td> <td></td> <td class="bwsinglebottom"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">345 </td> <td class="bwsinglebottom"> </td></tr> <tr><td class="bwpadl0 bwpadb3 bwvertalignb bwalignl">Operating income (loss) </td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">12,124 </td> <td class="bwdoublebottom"> </td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">(280 </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl bwdoublebottom">) </td> <td class="bwpadl0 bwpadb3 bwvertalignb bwalignl"></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">36,425 </td> <td class="bwdoublebottom"> </td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">(2,568 </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl bwdoublebottom">) </td></tr> <tr><td class="bwpadl0 bwpadb3 bwvertalignb bwalignl">EBITDA<sup>(1)</sup> </td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">22,658 </td> <td class="bwdoublebottom"> </td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">6,154 </td> <td class="bwdoublebottom"> </td> <td class="bwpadl0 bwpadb3 bwvertalignb bwalignl"></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">77,925 </td> <td class="bwdoublebottom"> </td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">14,614 </td> <td class="bwdoublebottom"> </td></tr> <tr><td></td> <td></td> <td colspan="3"></td> <td></td> <td colspan="3"></td> <td></td> <td colspan="3"></td> <td></td> <td colspan="3"> </td></tr> <tr><td class="bwpadl0 bwvertalignb bwalignl"><p class="bwcellpmargin"><span class="bwuline"><b>Development Services</b></span> </p></td> <td></td> <td colspan="3"></td> <td></td> <td colspan="3"></td> <td></td> <td colspan="3"></td> <td></td> <td colspan="3"></td></tr> <tr><td class="bwpadl0 bwvertalignb bwalignl">Revenue </td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">17,774 </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">18,811 </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">50,411 </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">55,214 </td> <td></td></tr> <tr><td class="bwpadl0 bwvertalignb bwalignl">Costs and expenses: </td> <td></td> <td colspan="3"></td> <td></td> <td colspan="3"></td> <td class="bwpadl0 bwvertalignb bwalignr"></td> <td colspan="3"></td> <td></td> <td colspan="3"></td></tr> <tr><td class="bwpadl3 bwvertalignb bwalignl">Operating, administrative and other </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">15,142 </td> <td></td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">19,499 </td> <td></td> <td class="bwpadl0 bwvertalignb bwalignr"></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">49,168 </td> <td></td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">60,049 </td> <td></td></tr> <tr><td class="bwpadl3 bwvertalignb bwalignl">Depreciation and amortization </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">2,748 </td> <td></td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">3,002 </td> <td></td> <td class="bwpadl0 bwvertalignb bwalignr"></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">8,405 </td> <td></td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">8,751 </td> <td></td></tr> <tr><td class="bwpadl0 bwpadb1 bwvertalignb bwalignl">Gain on disposition of real estate </td> <td></td> <td class="bwsinglebottom"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">3,983 </td> <td class="bwsinglebottom"> </td> <td></td> <td class="bwsinglebottom"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">3,250 </td> <td class="bwsinglebottom"> </td> <td></td> <td class="bwsinglebottom"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">5,231 </td> <td class="bwsinglebottom"> </td> <td></td> <td class="bwsinglebottom"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">11,249 </td> <td class="bwsinglebottom"> </td></tr> <tr><td class="bwpadl0 bwpadb3 bwvertalignb bwalignl">Operating income (loss) </td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">3,867 </td> <td class="bwdoublebottom"> </td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">(440 </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl bwdoublebottom">) </td> <td class="bwpadl0 bwpadb3 bwvertalignb bwalignl"></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">(1,931 </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl bwdoublebottom">) </td> <td class="bwdoublebottom"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">(2,337 </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl bwdoublebottom">) </td></tr> <tr><td class="bwpadl0 bwpadb3 bwvertalignb bwalignl">EBITDA </td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">3,839 </td> <td class="bwdoublebottom"> </td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">3,776 </td> <td class="bwdoublebottom"> </td> <td class="bwpadl0 bwpadb2 bwvertalignb bwalignc bwsinglebottom"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">16,108 </td> <td class="bwdoublebottom"> </td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">26,692 </td> <td class="bwdoublebottom"> </td></tr></tbody></table> <p>_________________________ </p> <table class="bwtablemarginb" cellspacing="0"><tbody><tr><td class="bwpadl0 bwnowrap bwpadr0 bwvertalignt bwalignl">(1) </td> <td class="bwpadl0 bwvertalignt bwalignl"> </td> <td class="bwpadl0 bwvertalignt bwalignl">Includes EBITDA related to discontinued operations of $1.9 million for the nine months ended September 30, 2011. </td></tr></tbody></table> <p><span class="bwuline"><b>Non-GAAP Financial Measures</b></span> </p> <p>The following measures are considered “non-GAAP financial measures” under SEC guidelines: </p> <table class="bwtablemarginb" cellspacing="0"><tbody><tr><td class="bwpadl4 bwvertalignt bwalignl">(i) </td> <td class="bwpadl0 bwvertalignt bwalignl"> </td> <td> </td> <td class="bwpadl0 bwvertalignt bwalignl">Net income attributable to CBRE Group, Inc., as adjusted for selected charges </td></tr> <tr><td colspan="4"> </td></tr> <tr><td class="bwpadl4 bwvertalignt bwalignl">(ii) </td> <td class="bwpadl0 bwvertalignt bwalignl"></td> <td></td> <td class="bwpadl0 bwvertalignt bwalignl">Diluted income per share attributable to CBRE Group, Inc., as adjusted for selected charges </td></tr> <tr><td colspan="4"> </td></tr> <tr><td class="bwpadl4 bwvertalignt bwalignl">(iii) </td> <td class="bwpadl0 bwvertalignt bwalignl"></td> <td></td> <td class="bwpadl0 bwvertalignt bwalignl">EBITDA and EBITDA, as adjusted for selected charges </td></tr></tbody></table> <p>The Company believes that these non-GAAP financial measures provide a more complete understanding of ongoing operations and enhance comparability of current results to prior periods as well as presenting the effects of selected charges in all periods presented. The Company believes that investors may find it useful to see these non-GAAP financial measures to analyze financial performance without the impact of selected charges that may obscure trends in the underlying performance of its business. </p> <table class="bwtablemarginb" cellspacing="0"><tbody><tr><td colspan="13"> </td></tr> <tr><td class="bwpadl0 bwvertalignt bwalignl" colspan="13"><p class="bwcellpmargin">Net income attributable to CBRE Group, Inc., as adjusted for selected charges and diluted net income per share attributable to CBRE Group, Inc. shareholders, as adjusted for selected charges are calculated as follows (dollars in thousands, except per share data): </p></td></tr> <tr><td colspan="13"> </td></tr> <tr><td class="bwpadl0 bwvertalignt bwalignc"></td> <td class="bwpadl0 bwvertalignt bwalignl"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignt bwalignc" colspan="5"><b>Three Months Ended</b> </td> <td class="bwpadl0 bwvertalignt bwalignc"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignt bwalignc" colspan="5"><b>Nine Months Ended</b> </td></tr> <tr><td class="bwpadl0 bwpadb1 bwvertalignt bwalignc"></td> <td class="bwpadl0 bwpadb1 bwvertalignt bwalignl"></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignt bwalignc bwsinglebottom" colspan="5"><b>September 30,</b> </td> <td class="bwpadl0 bwpadb1 bwvertalignt bwalignc"></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignt bwalignc bwsinglebottom" colspan="5"><b>September 30,</b> </td></tr> <tr><td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc bwsinglebottom" colspan="2"><b>2012</b> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc bwsinglebottom" colspan="2"><b>2011</b> </td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc bwsinglebottom" colspan="2"><b>2012</b> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc bwsinglebottom" colspan="2"><b>2011</b> </td></tr> <tr><td></td> <td></td> <td colspan="2"></td> <td></td> <td colspan="2"></td> <td></td> <td colspan="2"></td> <td></td> <td colspan="2"> </td></tr> <tr><td class="bwpadl0 bwvertalignt bwalignl">Net income attributable to CBRE Group, Inc. </td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">39,709 </td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">63,807 </td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">142,557 </td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">159,399 </td></tr> <tr><td class="bwpadl0 bwvertalignt bwalignl">Non-amortizable intangible asset impairment, net of tax </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">15,018 </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">- </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">15,018 </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">- </td></tr> <tr><td class="bwpadl0 bwvertalignt bwalignl">Cost containment expenses, net of tax </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">13,521 </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">- </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">13,521 </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">- </td></tr> <tr><td class="bwpadl0 bwvertalignt bwalignl">Integration and other costs related to acquisitions, net of tax </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"><p class="bwcellpmargin">10,681 </p></td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"><p class="bwcellpmargin">8,390 </p></td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">25,418 </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">16,769 </td></tr> <tr><td class="bwpadl0 bwvertalignb bwalignl">Amortization expense related to ING REIM and TCC incentive fees and customer relationships acquired, net of tax </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">4,623 </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">1,924 </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">20,984 </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">5,528 </td></tr> <tr><td class="bwpadl0 bwpadb1 bwvertalignt bwalignl">Write-down of impaired assets, net of tax </td> <td></td> <td class="bwsinglebottom"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">- </td> <td></td> <td class="bwsinglebottom"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">3,532 </td> <td></td> <td class="bwsinglebottom"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">- </td> <td></td> <td class="bwsinglebottom"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">3,532 </td></tr> <tr><td class="bwpadl0 bwpadb3 bwvertalignt bwalignl">Net income attributable to CBRE Group, Inc., as adjusted </td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">83,552 </td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">77,653 </td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">217,498 </td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">185,228 </td></tr> <tr><td></td> <td></td> <td colspan="2"></td> <td></td> <td colspan="2"></td> <td></td> <td colspan="2"></td> <td></td> <td colspan="2"> </td></tr> <tr><td class="bwpadl0 bwpadb3 bwvertalignt bwalignl">Diluted income per share attributable to CBRE Group, Inc. shareholders, as adjusted </td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">0.26 </td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">0.24 </td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">0.67 </td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">0.57 </td></tr> <tr><td></td> <td></td> <td colspan="2"></td> <td></td> <td colspan="2"></td> <td></td> <td colspan="2"></td> <td></td> <td colspan="2"> </td></tr> <tr><td class="bwpadl0 bwpadb3 bwvertalignt bwalignl"><p class="bwcellpmargin">Weighted average shares outstanding for diluted income per share </p></td> <td></td> <td class="bwdoublebottom"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom"><p class="bwcellpmargin">327,309,341 </p></td> <td></td> <td class="bwdoublebottom"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom"><p class="bwcellpmargin">323,714,703 </p></td> <td></td> <td class="bwdoublebottom"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom"><p class="bwcellpmargin">326,380,448 </p></td> <td></td> <td class="bwdoublebottom"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom"><p class="bwcellpmargin">323,584,637 </p></td></tr> <tr><td></td> <td></td> <td colspan="2"></td> <td></td> <td colspan="2"></td> <td></td> <td colspan="2"></td> <td></td> <td colspan="2"> </td></tr> <tr><td class="bwpadl0 bwvertalignt bwalignl" colspan="13"><p class="bwcellpmargin">EBITDA and EBITDA, as adjusted for selected charges are calculated as follow (dollars in thousands): </p></td></tr> <tr><td></td> <td></td> <td colspan="2"></td> <td></td> <td colspan="2"></td> <td></td> <td colspan="2"></td> <td></td> <td colspan="2"> </td></tr> <tr><td class="bwpadl0 bwvertalignt bwalignl"></td> <td class="bwpadl0 bwvertalignt bwalignl"></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignt bwalignc" colspan="5"><b>Three Months Ended</b> </td> <td class="bwpadl0 bwvertalignt bwalignc"></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignt bwalignc" colspan="5"><b>Nine Months Ended</b> </td></tr> <tr><td class="bwpadl0 bwpadb1 bwvertalignt bwalignl"></td> <td class="bwpadl0 bwpadb1 bwvertalignt bwalignl"></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignt bwalignc bwsinglebottom" colspan="5"><b>September 30,</b> </td> <td class="bwpadl0 bwpadb1 bwvertalignt bwalignc"></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignt bwalignc bwsinglebottom" colspan="5"><b>September 30,</b> </td></tr> <tr><td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc bwsinglebottom" colspan="2"><b>2012</b> </td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc bwsinglebottom" colspan="2"><b>2011</b> </td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc bwsinglebottom" colspan="2"><b>2012</b> </td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc bwsinglebottom" colspan="2"><b>2011</b> </td></tr> <tr><td></td> <td></td> <td colspan="2"></td> <td></td> <td colspan="2"></td> <td></td> <td colspan="2"></td> <td></td> <td colspan="2"> </td></tr> <tr><td class="bwpadl0 bwvertalignt bwalignl">Net income attributable to CBRE Group, Inc. </td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">39,709 </td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">63,807 </td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">142,557 </td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">159,399 </td></tr> <tr><td class="bwpadl0 bwvertalignt bwalignl">Add: </td> <td></td> <td colspan="2"></td> <td></td> <td colspan="2"></td> <td></td> <td colspan="2"></td> <td></td> <td colspan="2"></td></tr> <tr><td class="bwpadl3 bwvertalignt bwalignl">Depreciation and amortization<sup>(1)</sup> </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">40,102 </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">31,308 </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">124,895 </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">80,396 </td></tr> <tr><td class="bwpadl3 bwvertalignt bwalignl">Non-amortizable intangible asset impairment </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">19,826 </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">- </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">19,826 </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">- </td></tr> <tr><td class="bwpadl3 bwvertalignt bwalignl">Interest expense<sup>(2)</sup> </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">43,651 </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">39,080 </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">132,043 </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">108,367 </td></tr> <tr><td class="bwpadl3 bwvertalignt bwalignl">Provision for income taxes </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">22,160 </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">47,290 </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">102,353 </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">117,032 </td></tr> <tr><td class="bwpadl0 bwvertalignb bwalignl">Less: </td> <td></td> <td colspan="2"></td> <td></td> <td colspan="2"></td> <td></td> <td colspan="2"></td> <td></td> <td colspan="2"></td></tr> <tr><td class="bwpadl3 bwpadb1 bwvertalignb bwalignl">Interest income </td> <td></td> <td class="bwsinglebottom"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">1,895 </td> <td></td> <td class="bwsinglebottom"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">2,493 </td> <td></td> <td class="bwsinglebottom"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">5,783 </td> <td></td> <td class="bwsinglebottom"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">7,063 </td></tr> <tr><td></td> <td></td> <td colspan="2"></td> <td></td> <td colspan="2"></td> <td></td> <td colspan="2"></td> <td></td> <td colspan="2"> </td></tr> <tr><td class="bwpadl0 bwvertalignb bwalignl">EBITDA<sup>(3)</sup> </td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">163,553 </td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">178,992 </td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">515,891 </td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">458,131 </td></tr> <tr><td></td> <td></td> <td colspan="2"></td> <td></td> <td colspan="2"></td> <td></td> <td colspan="2"></td> <td></td> <td colspan="2"> </td></tr> <tr><td class="bwpadl0 bwvertalignb bwalignl">Adjustments: </td> <td></td> <td colspan="2"></td> <td></td> <td colspan="2"></td> <td></td> <td colspan="2"></td> <td></td> <td colspan="2"></td></tr> <tr><td class="bwpadl3 bwvertalignb bwalignl">Cost containment expenses </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">17,578 </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">- </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">17,578 </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">- </td></tr> <tr><td class="bwpadl3 bwvertalignb bwalignl">Integration and other costs related to acquisitions </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">14,215 </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">9,921 </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">33,313 </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">23,704 </td></tr> <tr><td class="bwpadl3 bwpadb1 bwvertalignb bwalignl">Write-down of impaired assets </td> <td></td> <td class="bwsinglebottom"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">- </td> <td></td> <td class="bwsinglebottom"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">5,889 </td> <td></td> <td class="bwsinglebottom"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">- </td> <td></td> <td class="bwsinglebottom"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">5,889 </td></tr> <tr><td></td> <td></td> <td colspan="2"></td> <td></td> <td colspan="2"></td> <td></td> <td colspan="2"></td> <td></td> <td colspan="2"> </td></tr> <tr><td class="bwpadl0 bwpadb3 bwvertalignb bwalignl">EBITDA, as adjusted <sup>(3)</sup> </td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">195,346 </td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">194,802 </td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">566,782 </td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">487,724 </td></tr></tbody></table> <p>_________________________ </p> <table class="bwtablemarginb" cellspacing="0"><tbody><tr><td class="bwpadl0 bwnowrap bwpadr0 bwvertalignt bwalignl"><sup>(1)</sup> </td> <td class="bwpadl0 bwvertalignt bwalignl"> </td> <td class="bwpadl0 bwvertalignt bwalignl">Includes depreciation and amortization related to discontinued operations of $0.5 million for the nine months ended September 30, 2011. </td></tr> <tr><td class="bwpadl0 bwnowrap bwpadr0 bwvertalignt bwalignl"><sup>(2)</sup> </td> <td class="bwpadl0 bwvertalignt bwalignl"></td> <td class="bwpadl0 bwvertalignt bwalignl">Includes interest expense related to discontinued operations of $1.4 million for the nine months ended September 30, 2011. </td></tr> <tr><td class="bwpadl0 bwnowrap bwpadr0 bwvertalignt bwalignl"><sup>(3)</sup> </td> <td class="bwpadl0 bwvertalignt bwalignl"></td> <td class="bwpadl0 bwvertalignt bwalignl">Includes EBITDA related to discontinued operations of $1.9 million for the nine months ended September 30, 2011. </td></tr></tbody></table> <table class="bwtablemarginb" cellspacing="0"><tbody><tr><td colspan="17"> </td></tr> <tr><td class="bwpadl0 bwvertalignt bwalignl" colspan="17"><p class="bwcellpmargin">EBITDA and EBITDA, as adjusted for selected charges for segments are calculated as follows (dollars in thousands): </p></td></tr> <tr><td colspan="17"> </td></tr> <tr><td class="bwpadl0 bwvertalignt"></td> <td class="bwpadl0 bwvertalignt bwalignl"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignm bwalignc" colspan="7"><b>Three Months Ended</b> </td> <td class="bwpadl0 bwvertalignt bwalignc"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignm bwalignc" colspan="7"><b>Nine Months Ended</b> </td></tr> <tr><td class="bwpadl0 bwpadb1 bwvertalignt"></td> <td class="bwpadl0 bwpadb1 bwvertalignt bwalignl"></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignm bwalignc bwsinglebottom" colspan="7"><b>September 30,</b> </td> <td class="bwpadl0 bwpadb1 bwvertalignt bwalignc"></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignm bwalignc bwsinglebottom" colspan="7"><b>September 30,</b> </td></tr> <tr><td></td> <td></td> <td class="bwsinglebottom"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc bwsinglebottom"><b>2012</b> </td> <td class="bwsinglebottom"> </td> <td> </td> <td class="bwsinglebottom"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc bwsinglebottom"><b>2011</b> </td> <td class="bwsinglebottom"> </td> <td></td> <td class="bwsinglebottom"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc bwsinglebottom"><b>2012</b> </td> <td class="bwsinglebottom"> </td> <td> </td> <td class="bwsinglebottom"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc bwsinglebottom"><b>2011</b> </td> <td class="bwsinglebottom"> </td></tr> <tr><td class="bwpadl0 bwvertalignt bwalignl"><p class="bwcellpmargin"><span class="bwuline"><b>Americas</b></span> </p></td> <td></td> <td colspan="3"></td> <td></td> <td colspan="3"></td> <td></td> <td colspan="3"></td> <td></td> <td colspan="3"></td></tr> <tr><td class="bwpadl0 bwvertalignb bwalignl">Net income attributable to CBRE Group, Inc. </td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">48,403 </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">54,908 </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">142,634 </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">136,432 </td> <td></td></tr> <tr><td class="bwpadl0 bwvertalignb bwalignl">Add: </td> <td></td> <td colspan="3"></td> <td></td> <td colspan="3"></td> <td></td> <td colspan="3"></td> <td></td> <td colspan="3"></td></tr> <tr><td class="bwpadl3 bwvertalignb bwalignl">Depreciation and amortization </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">20,744 </td> <td></td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">15,855 </td> <td></td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">58,555 </td> <td></td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">43,517 </td> <td></td></tr> <tr><td class="bwpadl3 bwvertalignb bwalignl">Interest expense </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">35,403 </td> <td></td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">30,197 </td> <td></td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">106,367 </td> <td></td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">81,769 </td> <td></td></tr> <tr><td class="bwpadl3 bwvertalignb bwalignl">Royalty and management service income </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">(6,921 </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl">) </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">(7,188 </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl">) </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">(20,779 </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl">) </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">(20,703 </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl">) </td></tr> <tr><td class="bwpadl3 bwvertalignb bwalignl">Provision for income taxes </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">32,283 </td> <td></td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">34,196 </td> <td></td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">96,000 </td> <td></td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">83,523 </td> <td></td></tr> <tr><td class="bwpadl0 bwvertalignb bwalignl">Less: </td> <td></td> <td colspan="3"></td> <td></td> <td colspan="3"></td> <td></td> <td colspan="3"></td> <td></td> <td colspan="3"></td></tr> <tr><td class="bwpadl3 bwpadb1 bwvertalignb bwalignl">Interest income </td> <td></td> <td class="bwsinglebottom"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">1,163 </td> <td class="bwsinglebottom"> </td> <td></td> <td class="bwsinglebottom"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">1,812 </td> <td class="bwsinglebottom"> </td> <td></td> <td class="bwsinglebottom"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">3,473 </td> <td class="bwsinglebottom"> </td> <td></td> <td class="bwsinglebottom"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">4,879 </td> <td class="bwsinglebottom"> </td></tr> <tr><td class="bwpadl0 bwvertalignb bwalignl">EBITDA </td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">128,749 </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">126,156 </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">379,304 </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">319,659 </td> <td></td></tr> <tr><td class="bwpadl3 bwpadb1 bwvertalignb bwalignl">Integration and other costs related to acquisitions </td> <td></td> <td class="bwsinglebottom"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">- </td> <td class="bwsinglebottom"> </td> <td></td> <td class="bwsinglebottom"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">10 </td> <td class="bwsinglebottom"> </td> <td></td> <td class="bwsinglebottom"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">- </td> <td class="bwsinglebottom"> </td> <td></td> <td class="bwsinglebottom"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">116 </td> <td class="bwsinglebottom"> </td></tr> <tr><td class="bwpadl0 bwpadb3 bwvertalignb bwalignl">EBITDA, as adjusted </td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">128,749 </td> <td class="bwdoublebottom"> </td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">126,166 </td> <td class="bwdoublebottom"> </td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">379,304 </td> <td class="bwdoublebottom"> </td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">319,775 </td> <td class="bwdoublebottom"> </td></tr> <tr><td></td> <td></td> <td colspan="3"></td> <td></td> <td colspan="3"></td> <td></td> <td colspan="3"></td> <td></td> <td colspan="3"> </td></tr> <tr><td></td> <td></td> <td colspan="3"></td> <td></td> <td colspan="3"></td> <td></td> <td colspan="3"></td> <td></td> <td colspan="3"> </td></tr> <tr><td class="bwpadl0 bwvertalignt bwalignl"><p class="bwcellpmargin"><span class="bwuline"><b>EMEA</b></span> </p></td> <td></td> <td colspan="3"></td> <td></td> <td colspan="3"></td> <td></td> <td colspan="3"></td> <td></td> <td colspan="3"></td></tr> <tr><td class="bwpadl0 bwvertalignb bwalignl">Net (loss) income attributable to CBRE Group, Inc. </td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">(17,893 </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl">) </td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">3,929 </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">(18,956 </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl">) </td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">14,321 </td> <td></td></tr> <tr><td class="bwpadl0 bwvertalignb bwalignl">Add: </td> <td></td> <td colspan="3"></td> <td></td> <td colspan="3"></td> <td></td> <td colspan="3"></td> <td></td> <td colspan="3"></td></tr> <tr><td class="bwpadl3 bwvertalignb bwalignl">Depreciation and amortization </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">3,181 </td> <td></td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">3,191 </td> <td></td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">9,674 </td> <td></td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">7,706 </td> <td></td></tr> <tr><td class="bwpadl3 bwvertalignb bwalignl">Non-amortizable intangible asset impairment </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">19,826 </td> <td></td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">- </td> <td></td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">19,826 </td> <td></td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">- </td> <td></td></tr> <tr><td class="bwpadl3 bwvertalignb bwalignl">Interest expense </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">2,175 </td> <td></td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">30 </td> <td></td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">6,738 </td> <td></td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">187 </td> <td></td></tr> <tr><td class="bwpadl3 bwvertalignb bwalignl">Royalty and management service expense </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">3,182 </td> <td></td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">3,507 </td> <td></td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">8,966 </td> <td></td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">9,660 </td> <td></td></tr> <tr><td class="bwpadl3 bwvertalignb bwalignl">(Benefit of) provision for income taxes </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">(13,473 </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl">) </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">10,680 </td> <td></td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">(11,339 </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl">) </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">14,468 </td> <td></td></tr> <tr><td class="bwpadl0 bwvertalignb bwalignl">Less: </td> <td></td> <td colspan="3"></td> <td></td> <td colspan="3"></td> <td></td> <td colspan="3"></td> <td></td> <td colspan="3"></td></tr> <tr><td class="bwpadl3 bwpadb1 bwvertalignb bwalignl">Interest income </td> <td></td> <td class="bwsinglebottom"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">5,139 </td> <td class="bwsinglebottom"> </td> <td></td> <td class="bwsinglebottom"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">248 </td> <td class="bwsinglebottom"> </td> <td></td> <td class="bwsinglebottom"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">14,402 </td> <td class="bwsinglebottom"> </td> <td class="bwsinglebottom"> </td> <td class="bwsinglebottom"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">872 </td> <td class="bwsinglebottom"> </td></tr> <tr><td class="bwpadl0 bwvertalignb bwalignl">EBITDA </td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">(8,141 </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl">) </td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">21,089 </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">507 </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">45,470 </td> <td></td></tr> <tr><td class="bwpadl3 bwpadb1 bwvertalignb bwalignl">Cost containment expenses </td> <td></td> <td class="bwsinglebottom"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">15,331 </td> <td class="bwsinglebottom"> </td> <td></td> <td class="bwsinglebottom"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">- </td> <td class="bwsinglebottom"> </td> <td></td> <td class="bwsinglebottom"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">15,331 </td> <td class="bwsinglebottom"> </td> <td></td> <td class="bwsinglebottom"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">- </td> <td class="bwsinglebottom"> </td></tr> <tr><td class="bwpadl0 bwpadb3 bwvertalignb bwalignl">EBITDA, as adjusted </td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">7,190 </td> <td class="bwdoublebottom"> </td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">21,089 </td> <td class="bwdoublebottom"> </td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">15,838 </td> <td class="bwdoublebottom"> </td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">45,470 </td> <td class="bwdoublebottom"> </td></tr> <tr><td></td> <td></td> <td colspan="3"></td> <td></td> <td colspan="3"></td> <td></td> <td colspan="3"></td> <td></td> <td colspan="3"> </td></tr> <tr><td></td> <td></td> <td colspan="3"></td> <td></td> <td colspan="3"></td> <td></td> <td colspan="3"></td> <td></td> <td colspan="3"> </td></tr> <tr><td class="bwpadl0 bwvertalignt bwalignl"><p class="bwcellpmargin"><span class="bwuline"><b>Asia Pacific</b></span> </p></td> <td></td> <td colspan="3"></td> <td></td> <td colspan="3"></td> <td></td> <td colspan="3"></td> <td></td> <td colspan="3"></td></tr> <tr><td class="bwpadl0 bwvertalignb bwalignl">Net income attributable to CBRE Group, Inc. </td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">10,001 </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">6,585 </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">17,670 </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">15,672 </td> <td></td></tr> <tr><td class="bwpadl0 bwvertalignb bwalignl">Add: </td> <td></td> <td colspan="3"></td> <td></td> <td colspan="3"></td> <td></td> <td colspan="3"></td> <td></td> <td colspan="3"></td></tr> <tr><td class="bwpadl3 bwvertalignb bwalignl">Depreciation and amortization </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">2,905 </td> <td></td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">2,979 </td> <td></td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">8,458 </td> <td></td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">6,950 </td> <td></td></tr> <tr><td class="bwpadl3 bwvertalignb bwalignl">Interest expense </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">1,124 </td> <td></td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">1,395 </td> <td></td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">3,188 </td> <td></td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">2,624 </td> <td></td></tr> <tr><td class="bwpadl3 bwvertalignb bwalignl">Royalty and management service expense </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">3,704 </td> <td></td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">3,468 </td> <td></td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">11,700 </td> <td></td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">10,314 </td> <td></td></tr> <tr><td class="bwpadl3 bwvertalignb bwalignl">(Benefit of) provision for income taxes </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">(1,182 </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl">) </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">7,550 </td> <td></td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">1,653 </td> <td></td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">17,085 </td> <td></td></tr> <tr><td class="bwpadl0 bwvertalignb bwalignl">Less: </td> <td></td> <td colspan="3"></td> <td></td> <td colspan="3"></td> <td></td> <td colspan="3"></td> <td></td> <td colspan="3"></td></tr> <tr><td class="bwpadl3 bwpadb1 bwvertalignb bwalignl">Interest income </td> <td></td> <td class="bwsinglebottom"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">104 </td> <td class="bwsinglebottom"> </td> <td></td> <td class="bwsinglebottom"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">160 </td> <td class="bwsinglebottom"> </td> <td></td> <td class="bwsinglebottom"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">622 </td> <td class="bwsinglebottom"> </td> <td></td> <td class="bwsinglebottom"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">949 </td> <td class="bwsinglebottom"> </td></tr> <tr><td class="bwpadl0 bwvertalignb bwalignl">EBITDA </td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">16,448 </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">21,817 </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">42,047 </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">51,696 </td> <td></td></tr> <tr><td class="bwpadl3 bwvertalignb bwalignl">Cost containment expenses </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">2,247 </td> <td></td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">- </td> <td></td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">2,247 </td> <td></td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">- </td> <td></td></tr> <tr><td class="bwpadl3 bwpadb1 bwvertalignb bwalignl">Integration and other costs related to acquisitions </td> <td></td> <td class="bwsinglebottom"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">- </td> <td class="bwsinglebottom"> </td> <td></td> <td class="bwsinglebottom"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">512 </td> <td class="bwsinglebottom"> </td> <td></td> <td class="bwsinglebottom"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">- </td> <td class="bwsinglebottom"> </td> <td></td> <td class="bwsinglebottom"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">1,896 </td> <td class="bwsinglebottom"> </td></tr> <tr><td class="bwpadl0 bwpadb3 bwvertalignb bwalignl">EBITDA, as adjusted </td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">18,695 </td> <td class="bwdoublebottom"> </td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">22,329 </td> <td class="bwdoublebottom"> </td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">44,294 </td> <td class="bwdoublebottom"> </td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">53,592 </td> <td class="bwdoublebottom"> </td></tr> <tr><td></td> <td></td> <td colspan="3"></td> <td></td> <td colspan="3"></td> <td></td> <td colspan="3"></td> <td></td> <td colspan="3"> </td></tr> <tr><td></td> <td></td> <td colspan="3"></td> <td></td> <td colspan="3"></td> <td></td> <td colspan="3"></td> <td></td> <td colspan="3"> </td></tr> <tr><td class="bwpadl0 bwvertalignt bwalignl"><p class="bwcellpmargin"><span class="bwuline"><b>Global Investment Management</b></span> </p></td> <td></td> <td colspan="3"></td> <td></td> <td colspan="3"></td> <td></td> <td colspan="3"></td> <td></td> <td colspan="3"></td></tr> <tr><td class="bwpadl0 bwvertalignb bwalignl">Net income (loss) attributable to CBRE Group, Inc. </td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">291 </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">(17 </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl">) </td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">1,957 </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">(12,249 </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl">) </td></tr> <tr><td class="bwpadl0 bwvertalignb bwalignl">Add: </td> <td></td> <td colspan="3"></td> <td></td> <td colspan="3"></td> <td></td> <td colspan="3"></td> <td></td> <td colspan="3"></td></tr> <tr><td class="bwpadl3 bwvertalignb bwalignl">Depreciation and amortization<sup>(1)</sup> </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">10,524 </td> <td></td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">6,281 </td> <td></td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">39,803 </td> <td></td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">13,472 </td> <td></td></tr> <tr><td class="bwpadl3 bwvertalignb bwalignl">Interest expense<sup>(2)</sup> </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">7,162 </td> <td></td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">4,097 </td> <td></td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">20,981 </td> <td></td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">14,186 </td> <td></td></tr> <tr><td class="bwpadl3 bwvertalignb bwalignl">Royalty and management service expense </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">35 </td> <td></td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">213 </td> <td></td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">113 </td> <td></td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">729 </td> <td></td></tr> <tr><td class="bwpadl3 bwvertalignb bwalignl">Provision for (benefit of) income taxes </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">4,966 </td> <td></td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">(4,156 </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl">) </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">15,911 </td> <td></td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">(1,223 </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl">) </td></tr> <tr><td class="bwpadl0 bwvertalignb bwalignl">Less: </td> <td></td> <td colspan="3"></td> <td></td> <td colspan="3"></td> <td></td> <td colspan="3"></td> <td></td> <td colspan="3"></td></tr> <tr><td class="bwpadl3 bwpadb1 bwvertalignb bwalignl">Interest income </td> <td></td> <td class="bwsinglebottom"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">320 </td> <td class="bwsinglebottom"> </td> <td></td> <td class="bwsinglebottom"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">264 </td> <td class="bwsinglebottom"> </td> <td></td> <td class="bwsinglebottom"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">840 </td> <td class="bwsinglebottom"> </td> <td></td> <td class="bwsinglebottom"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">301 </td> <td class="bwsinglebottom"> </td></tr> <tr><td class="bwpadl0 bwvertalignb bwalignl">EBITDA<sup>(3)</sup> </td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">22,658 </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">6,154 </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">77,925 </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">14,614 </td> <td></td></tr> <tr><td class="bwpadl3 bwvertalignb bwalignl">Integration and other costs related to acquisitions </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">14,215 </td> <td></td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">9,399 </td> <td></td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">33,313 </td> <td></td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">21,692 </td> <td></td></tr> <tr><td class="bwpadl3 bwpadb1 bwvertalignb bwalignl">Write-down of impaired assets </td> <td></td> <td class="bwsinglebottom"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">- </td> <td class="bwsinglebottom"> </td> <td></td> <td class="bwsinglebottom"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">4,455 </td> <td class="bwsinglebottom"> </td> <td></td> <td class="bwsinglebottom"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">- </td> <td class="bwsinglebottom"> </td> <td></td> <td class="bwsinglebottom"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">4,455 </td> <td class="bwsinglebottom"> </td></tr> <tr><td class="bwpadl0 bwpadb3 bwvertalignb bwalignl">EBITDA, as adjusted<sup>(3)</sup> </td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">36,873 </td> <td class="bwdoublebottom"> </td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">20,008 </td> <td class="bwdoublebottom"> </td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">111,238 </td> <td class="bwdoublebottom"> </td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">40,761 </td> <td class="bwdoublebottom"> </td></tr> <tr><td></td> <td></td> <td colspan="3"></td> <td></td> <td colspan="3"></td> <td></td> <td colspan="3"></td> <td></td> <td colspan="3"> </td></tr> <tr><td></td> <td></td> <td colspan="3"></td> <td></td> <td colspan="3"></td> <td></td> <td colspan="3"></td> <td></td> <td colspan="3"> </td></tr> <tr><td class="bwpadl0 bwvertalignt bwalignl"><p class="bwcellpmargin"><span class="bwuline"><b>Development Services</b></span> </p></td> <td></td> <td colspan="3"></td> <td></td> <td colspan="3"></td> <td></td> <td colspan="3"></td> <td></td> <td colspan="3"></td></tr> <tr><td class="bwpadl0 bwvertalignb bwalignl">Net (loss) income attributable to CBRE Group, Inc. </td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">(1,093 </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl">) </td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">(1,598 </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl">) </td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">(748 </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl">) </td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">5,223 </td> <td></td></tr> <tr><td class="bwpadl0 bwvertalignb bwalignl">Add: </td> <td></td> <td colspan="3"></td> <td></td> <td colspan="3"></td> <td></td> <td colspan="3"></td> <td></td> <td colspan="3"></td></tr> <tr><td class="bwpadl3 bwvertalignb bwalignl">Depreciation and amortization </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">2,748 </td> <td></td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">3,002 </td> <td></td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">8,405 </td> <td></td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">8,751 </td> <td></td></tr> <tr><td class="bwpadl3 bwvertalignb bwalignl">Interest expense </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">2,691 </td> <td></td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">3,361 </td> <td></td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">8,602 </td> <td></td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">9,601 </td> <td></td></tr> <tr><td class="bwpadl3 bwvertalignb bwalignl">(Benefit of) provision for income taxes </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">(434 </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl">) </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">(980 </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl">) </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">128 </td> <td></td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">3,179 </td> <td></td></tr> <tr><td class="bwpadl0 bwvertalignb bwalignl">Less: </td> <td></td> <td colspan="3"></td> <td></td> <td colspan="3"></td> <td></td> <td colspan="3"></td> <td></td> <td colspan="3"></td></tr> <tr><td class="bwpadl3 bwpadb1 bwvertalignb bwalignl">Interest income </td> <td></td> <td class="bwsinglebottom"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">73 </td> <td class="bwsinglebottom"> </td> <td></td> <td class="bwsinglebottom"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">9 </td> <td class="bwsinglebottom"> </td> <td></td> <td class="bwsinglebottom"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">279 </td> <td class="bwsinglebottom"> </td> <td></td> <td class="bwsinglebottom"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">62 </td> <td class="bwsinglebottom"> </td></tr> <tr><td class="bwpadl0 bwvertalignb bwalignl">EBITDA </td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">3,839 </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">3,776 </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">16,108 </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">26,692 </td> <td></td></tr> <tr><td class="bwpadl3 bwpadb1 bwvertalignb bwalignl">Write-down of impaired assets </td> <td></td> <td class="bwsinglebottom"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">- </td> <td class="bwsinglebottom"> </td> <td></td> <td class="bwsinglebottom"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">1,434 </td> <td class="bwsinglebottom"> </td> <td></td> <td class="bwsinglebottom"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">- </td> <td class="bwsinglebottom"> </td> <td></td> <td class="bwsinglebottom"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">1,434 </td> <td class="bwsinglebottom"> </td></tr> <tr><td class="bwpadl0 bwpadb3 bwvertalignb bwalignl">EBITDA, as adjusted </td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">3,839 </td> <td class="bwdoublebottom"> </td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">5,210 </td> <td class="bwdoublebottom"> </td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">16,108 </td> <td class="bwdoublebottom"> </td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">28,126 </td> <td class="bwdoublebottom"> </td></tr></tbody></table> <p>_________________________ </p> <table class="bwtablemarginb" cellspacing="0"><tbody><tr><td class="bwpadl0 bwnowrap bwpadr0 bwvertalignt bwalignl">(1) </td> <td class="bwpadl0 bwvertalignt bwalignl"> </td> <td class="bwpadl0 bwvertalignt bwalignl">Includes depreciation and amortization related to discontinued operations of $0.5 million for the nine months ended September 30, 2011. </td></tr> <tr><td class="bwpadl0 bwnowrap bwpadr0 bwvertalignt bwalignl">(2) </td> <td class="bwpadl0 bwvertalignt bwalignl"></td> <td class="bwpadl0 bwvertalignt bwalignl">Includes interest expense related to discontinued operations of $1.4 million for the nine months ended September 30, 2011. </td></tr> <tr><td class="bwpadl0 bwnowrap bwpadr0 bwvertalignt bwalignl">(3) </td> <td class="bwpadl0 bwvertalignt bwalignl"></td> <td class="bwpadl0 bwvertalignt bwalignl">Includes EBITDA related to discontinued operations of $1.9 million for the nine months ended September 30, 2011. </td></tr></tbody></table> <table class="bwtablemarginb" cellspacing="0"><tbody><tr><td colspan="7"> </td></tr> <tr><td class="bwpadl0 bwvertalignt bwalignc" colspan="7"><p class="bwcellpmargin"><i><b>CBRE GROUP, INC.</b></i> </p></td></tr> <tr><td class="bwpadl0 bwvertalignt bwalignc" colspan="7"><p class="bwcellpmargin"><i><b>CONDENSED CONSOLIDATED BALANCE SHEETS</b></i> </p></td></tr> <tr><td class="bwpadl0 bwvertalignt bwalignc" colspan="7"><p class="bwcellpmargin"><i><b>(Dollars in thousands)</b></i> </p></td></tr> <tr><td class="bwpadl0 bwvertalignt bwalignc" colspan="7"><p class="bwcellpmargin"><i><b>(Unaudited)</b></i> </p></td></tr> <tr><td colspan="7"> </td></tr> <tr><td></td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignt bwalignc" colspan="2"><b>September 30,</b> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignt bwalignc" colspan="2"><b>December 31,</b> </td></tr> <tr><td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc bwsinglebottom" colspan="2"><b>2012</b> </td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc bwsinglebottom" colspan="2"><b>2011</b> </td></tr> <tr><td class="bwpadl0 bwvertalignt bwalignl">Assets: </td> <td></td> <td colspan="2"></td> <td></td> <td colspan="2"></td></tr> <tr><td class="bwpadl3 bwvertalignt bwalignl">Cash and cash equivalents <sup>(1)</sup> </td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">776,260 </td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">1,093,182 </td></tr> <tr><td class="bwpadl3 bwvertalignt bwalignl">Restricted cash </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">64,600 </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">67,138 </td></tr> <tr><td class="bwpadl3 bwvertalignt bwalignl">Receivables, net </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">1,127,992 </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">1,135,371 </td></tr> <tr><td class="bwpadl3 bwvertalignt bwalignl">Warehouse receivables <sup>(2)</sup> </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">465,794 </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">720,061 </td></tr> <tr><td class="bwpadl3 bwvertalignt bwalignl">Real estate assets <sup>(3)</sup> </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">465,369 </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">464,468 </td></tr> <tr><td class="bwpadl3 bwvertalignt bwalignl">Goodwill and other intangibles, net </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">2,615,027 </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">2,622,732 </td></tr> <tr><td class="bwpadl3 bwvertalignt bwalignl">Investments in and advances to unconsolidated subsidiaries </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">214,231 </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">166,832 </td></tr> <tr><td class="bwpadl3 bwpadb1 bwvertalignt bwalignl">Other assets, net </td> <td></td> <td class="bwsinglebottom"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">1,039,504 </td> <td></td> <td class="bwsinglebottom"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">949,359 </td></tr> <tr><td class="bwpadl0 bwpadb3 bwvertalignt bwalignl">Total assets </td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">6,768,777 </td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">7,219,143 </td></tr> <tr><td></td> <td></td> <td colspan="2"></td> <td></td> <td colspan="2"> </td></tr> <tr><td class="bwpadl0 bwvertalignt bwalignl"><p class="bwcellpmargin">Liabilities: </p></td> <td></td> <td colspan="2"></td> <td></td> <td colspan="2"></td></tr> <tr><td class="bwpadl3 bwvertalignt bwalignl">Current liabilities, excluding debt </td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">1,344,636 </td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">1,688,034 </td></tr> <tr><td class="bwpadl3 bwvertalignt bwalignl">Warehouse lines of credit <sup>(2)</sup> </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">458,306 </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">713,362 </td></tr> <tr><td class="bwpadl3 bwvertalignt bwalignl">Revolving credit facility </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">72,658 </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">44,825 </td></tr> <tr><td class="bwpadl3 bwvertalignt bwalignl">Senior secured term loans </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">1,643,308 </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">1,683,561 </td></tr> <tr><td class="bwpadl3 bwvertalignt bwalignl">Senior subordinated notes, net </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">440,129 </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">439,016 </td></tr> <tr><td class="bwpadl3 bwvertalignt bwalignl">Senior notes </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">350,000 </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">350,000 </td></tr> <tr><td class="bwpadl3 bwvertalignt bwalignl">Other debt </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">9,139 </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">125 </td></tr> <tr><td class="bwpadl3 bwvertalignt bwalignl">Notes payable on real estate <sup>(4)</sup> </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">365,590 </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">372,912 </td></tr> <tr><td class="bwpadl3 bwpadb1 bwvertalignt bwalignl">Other long-term liabilities </td> <td></td> <td class="bwsinglebottom"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">565,905 </td> <td></td> <td class="bwsinglebottom"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">510,145 </td></tr> <tr><td class="bwpadl0 bwvertalignt bwalignl">Total liabilities </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">5,249,671 </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">5,801,980 </td></tr> <tr><td></td> <td></td> <td colspan="2"></td> <td></td> <td colspan="2"> </td></tr> <tr><td class="bwpadl0 bwvertalignt bwalignl">CBRE Group, Inc. stockholders’ equity </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">1,340,432 </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">1,151,481 </td></tr> <tr><td class="bwpadl0 bwpadb1 bwvertalignt bwalignl">Non-controlling interests </td> <td></td> <td class="bwsinglebottom"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">178,674 </td> <td></td> <td class="bwsinglebottom"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">265,682 </td></tr> <tr><td class="bwpadl0 bwvertalignt bwalignl">Total equity </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">1,519,106 </td> <td></td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">1,417,163 </td></tr> <tr><td></td> <td></td> <td class="bwsinglebottom" colspan="2"> </td> <td></td> <td class="bwsinglebottom" colspan="2"> </td></tr> <tr><td class="bwpadl0 bwpadb3 bwvertalignt bwalignl">Total liabilities and equity </td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">6,768,777 </td> <td></td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">$ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">7,219,143 </td></tr></tbody></table> <table class="bwtablemarginb" cellspacing="0"><tbody><tr><td></td> <td> </td> <td></td></tr> <tr><td class="bwpadl0 bwnowrap bwpadr0 bwvertalignt bwalignl"><p class="bwcellpmargin"><sup>(1)</sup> </p></td> <td></td> <td class="bwpadl0 bwvertalignt bwalignl"><p class="bwcellpmargin">Includes $66.9 million and $208.1 million of cash in consolidated funds and other entities not available for Company use at September 30, 2012 and December 31, 2011, respectively. </p></td></tr> <tr><td class="bwpadl0 bwnowrap bwpadr0 bwvertalignt bwalignl"><p class="bwcellpmargin"><sup>(2)</sup> </p></td> <td></td> <td class="bwpadl0 bwvertalignt bwalignl"><p class="bwcellpmargin">Represents loan receivables, the majority of which are offset by related warehouse lines of credit facilities. </p></td></tr> <tr><td class="bwpadl0 bwnowrap bwpadr0 bwvertalignt bwalignl"><p class="bwcellpmargin"><sup>(3)</sup> </p></td> <td></td> <td class="bwpadl0 bwvertalignt bwalignl"><p class="bwcellpmargin">Includes real estate and other assets held for sale, real estate under development and real estate held for investment. </p></td></tr> <tr><td class="bwpadl0 bwnowrap bwpadr0 bwvertalignt bwalignl"><p class="bwcellpmargin"><sup>(4)</sup> </p></td> <td></td> <td class="bwpadl0 bwvertalignt bwalignl"><p class="bwcellpmargin">Represents notes payable on real estate of which $13.6 million are recourse to the Company as of both September 30, 2012 and December 31, 2011. </p></td></tr></tbody></table> <p> </p>
CBRE success at API NSW Excellence in Property Awards
<p class="ms-rteElement-P"><span lang="EN-AU"><strong>Sydney, 24 October 2012-</strong> </span><span lang="EN-AU">CBRE has secured the prestigious Property Valuation Award for the second consecutive year at the Australian Property Institute NSW Excellence in Property Awards 2012.</span><span lang="EN-AU"> </span></p> <p class="ms-rteElement-P"><span lang="EN-AU">CBRE Regional Director Valuation & Advisory Services David Bruce-Clarke took out the Award for the Valuation Report for the Uniting Care Ageing portfolio in NSW/ACT. </span></p> <p class="ms-rteElement-P"><span lang="EN-AU">The award is made to an individual who has demonstrated an exceptional level of understanding of a client’s valuation instruction and provided a report that has addressed all relevant issues.</span></p> <p class="ms-rteElement-P"><span>CBRE’s Managing Director NSW James Patterson the award was fitting recognition for David's achievements in the Retirement Housing & Healthcare valuation sector.</span><span lang="EN-AU"></span></p> <p class="ms-rteElement-P"><span lang="EN-AU">The API NSW awards celebrate and recognise outstanding achievements in the property profession.</span><span lang="EN-AU"><span> </span></span></p> <p class="ms-rteElement-P"><span style="text-decoration:underline">About CBRE Group, Inc.<br /></span><span>CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services firm (in terms of 2011 revenue).<span> </span>The Company has approximately 34,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our Web site at <a href="/"><span>www.cbre.com</span></a>.</span></p>
CBRE to Join Other Fortune 500 Companies at Core Tech 2012
<p class="ms-rteElement-P"><span><strong>Los Angeles </strong></span><span><strong>– October 23, 2012</strong></span><span><strong> </strong></span><span>–</span><span> CBRE Group, Inc. will again join other leading Fortune 500 corporations and public institutions at the third annual technology conference for the corporate real estate industry – CoRE Tech 2012. This networking and educational event for corporate and institutional real estate practitioners will be held at the Hyatt Regency O'Hare in Chicago, IL on November 13 and 14. The event is produced by Realcomm, a worldwide research and event company focusing on the intersection of technology, innovation and real estate operations.</span> <span> </span></p> <p class="ms-rteElement-P"><span>With its theme "FAST FORWARD >> Transforming Corporate Real Estate Operations Through Technology, Automation & Innovation," CoRE Tech 2012 will focus on recent innovations in a number of technology areas that have spurred a fundamental shift in the way corporate real estate portfolios are operated.</span><span> </span></p> <p class="ms-rteElement-P"><span>“We are delighted to again have the support of forward-thinking, global corporate real estate executives from major corporations such as CBRE, Microsoft, Bank of America, GSA, IBM, Shell, Walmart, Zurich Insurance Group, and many others,” said Jim Young, CEO of Realcomm. “As technology continues to significantly redefine the industry, CoRE Tech is the only conference that provides critical and on target information to assist with the transformation of the way this industry will operate in the years to come.”</span><span> </span></p> <p class="ms-rteElement-P"><span>The education program will feature sessions on topics including the following: The Big Picture – Defining Technology’s Role in Creating a Comprehensive Strategy for Corporate Real Estate; Innovation Showcase – Top Corporate Real Estate Technologies for 2012; Organization Convergence – Are All Corporate Real Estate Stakeholders Communicating About Technology, Automation and Workflow Integration? The Integrated Enterprise – Creating a Comprehensive, Consolidated Information Platform for Managing and Operating Corporate Real Estate; </span></p> <p class="ms-rteElement-P"><span>Smart Buildings / Smart Campuses – Technology’s Radical Impact on How Corporate America Will Monitor and Manage Real Estate; and Data Analytics and 3D Visualization – Communicating in a Way Everyone Will Understand.</span><span> </span></p> <p class="ms-rteElement-P"><span>“We are pleased to once again participate in this meaningful dialogue with our industry colleagues, who are indeed early adopters and are routinely uncovering the true value and impact of technology on the integration of corporate real estate and shared services functions,” said Don Goldstein, global CIO of CBRE. </span><span> </span></p> <p class="ms-rteElement-P"><span>Mr. Goldstein is a conference advisor and will be speaking at the event, along with Xavier Menendez, senior managing director of Global Corporate Services.</span><span><span> </span></span></p> <p class="ms-rteElement-P"><span>For more information or to register, visit <a href="http://www.realcomm.com/coretech-2012">www.realcomm.com/coretech-2012</a><span> </span></span><span> </span></p> <p class="ms-rteElement-P"><span style="text-decoration:underline">About CBRE Group, Inc.<br /></span><span>CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services firm (in terms of 2011 revenue).<span> </span>The Company has approximately 34,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our Web site at <a href="/"><span>www.cbre.com</span></a></span></p>
CBRE success at REIV Awards for Excellence
<p><strong>Melbourne, 19 October 2012</strong> - CBRE has secured two of the leading commercial awards at the Real Estate Institute of Victoria’s Awards for Excellence.</p> <p>CBRE Associate Director, Industrial & Logistics Services, David Aiello took out the prestigious Commercial Salesperson of the Year award. This is the fourth year running that a CBRE professional has secured the Commercial Salesperson title.</p> <p>CBRE Director, Asset Services, Fiona Flett was meanwhile recognised as the Commercial Property Manager of the Year. CBRE professionals have secured this title in three of the past four years.</p> <p>CBRE also received marketing awards for the best Commercial Sales campaign with a budget in excess of $30,000 and for the best Development Site Sales campaign.</p> <p>The REIV awards recognise outstanding achievements and innovation in all fields of real estate practice.</p> <p>CBRE’s Senior Managing Director, Victoria, Matt Haddon attributed the company’s ongoing success at the REIV awards to the outstanding efforts of all staff across the Victorian business.</p> <p>For Australian/international news or global stories, follow us on Twitter: <a href="http://twitter.com/cbreAustralia" target="_blank">@cbreAustralia</a>.</p> <p><span style="text-decoration:underline">About CBRE Group,Inc.</span><br /> CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services firm (in terms of 2011 revenue). The Company has approximately 34,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our Web site at www.cbre.com.</p>
CBRE Group, Inc. Reports Continued, Moderate Improvement in U.S. Commercial Real Estate in the Third Quarter of 2012
<p class="ms-rteElement-P"><span><strong>Los Angeles, October 10, 2012 </strong>–</span><span> The U.S. commercial real estate market continued to show moderate improvement across all property sectors in the third quarter (Q3) of 2012, according to the latest analysis from CBRE Group, Inc.</span><span> </span></p> <ul type="disc" style="margin-top:0in"><li><p class="ms-rteElement-P"><span>Vacancy in the nation’s office buildings continued to decline, falling 20 basis points (bps) during Q3 to 15.5%. </span></p></li> <li><p class="ms-rteElement-P"><span>National industrial availability</span><span>1</span><span> dropped 10 </span><span>bps</span><span> during Q3 to 13.1%, continuing a two-year favorable trend. </span></p></li> <li><p class="ms-rteElement-P"><span>Retail properties continued to see modest improvement in availability, which fell 10 bps to 12.9%, during Q3.</span></p></li> <li><p class="ms-rteElement-P"><span>Demand for the nation’s apartment buildings continued to be strong, with vacancy in Q3 at 4.6%, a decrease of 40 bps from a year ago. <br /><br /></span><span>“Real estate occupancy continues to improve slowly, mirroring the sluggish economic recovery,” said Jon Southard, Managing Director of CBRE’s Econometric Advisors group. “However, local conditions continue to vary widely. The majority of markets did see more space occupied than in the prior quarter, but in many markets, the occupancy increase was not enough to significantly decrease the total space available.”</span><span> </span></p></li></ul> <p class="ms-rteElement-P"><span><strong>Office Market</strong><br /></span><span>Slow job creation did not derail the office recovery in Q3, with the national office vacancy rate declining by 20 bps to reach 15.5%. The vacancy rate has declined by 70 bps on a year-to-year basis, indicating that the office recovery is continuing despite economic headwinds. The national suburban vacancy rate fell by 10 bps to 17.3% while the national downtown vacancy rate also fell by 10 bps to reach 12.4%. Occupancy improved in 36 markets, including 16 markets where vacancy decreased by at least 50 bps. Technology- and energy-driven markets continued to set the pace, including San Jose, Boston, Portland, Fort Worth and Austin.</span><span> </span></p> <p class="ms-rteElement-P"><span>“Although low construction activity has helped office markets throughout the recovery, in the near term, job growth remains below what is needed to sustain more meaningful demand for office space,” said Mr. Southard. “Furthermore the uncertainty about the economic implications of the “fiscal cliff”2 has restrained absorption in key markets like Washington DC. If the fiscal cliff is resolved soon, this could boost private- sector confidence and make way for stronger nationwide job growth and office absorption in 2013 and 2014.”</span><span> </span></p> <p class="ms-rteElement-P"><span><strong>Industrial Market<br /></strong></span><span>Q3 2012, with an availability rate of 13.1%, is the ninth consecutive quarter in which industrial availability has declined.</span> <span>Over the past two years, the industrial market has seen a slow but steady decline in availability, which is now 150 bps below its pre-recession peak. The recovery continues to be broad based with 36 markets reporting declining availability rates, 15 showing an increase and nine unchanged.</span> <span>The availability drop during the quarter was led by Minneapolis, Jacksonville and Hartford (all at -90 bps). Chicago and Los Angeles, the nation’s two largest markets, were each down by 20 bps.</span><span> </span></p> <p class="ms-rteElement-P"><span><strong>Retail Market</strong><br /></span><span>Despite a continued cautious approach by retailers toward taking new space, the national retail availability rate declined slightly to 12.9% in Q3 2012, down 10 bps compared to the previous quarter and down 30 bps compared to the rate one year ago. A majority of the retail markets recorded either flat or declining availability rates compared to Q2 2012.<span> </span>Notable top performers included Cleveland, Jacksonville, Bakersfield, Charlotte and Cincinnati; each of these markets recorded a decline of at least 100 bps.<span> </span>On the other end of the spectrum, markets such as Las Vegas, Indianapolis, Tampa and Fresno recorded increases in availability rates of at least 50 bps in Q3.<span> </span>Compared with a year ago, some markets have made strides toward availability rates coming down from the highs set following the recent recession, with those farthest below including Bakersfield, Ventura, Cleveland and Cincinnati. </span><span> </span></p> <p class="ms-rteElement-P"><span><strong>Apartment Market</strong><br /></span><span>Expansion in apartment fundamentals continued but the pace slowed in Q3 2012. The vacancy rate for Q3 2012 dropped to 4.6%, 40 basis point (bps) below its year ago level. The four-quarter trailing average remains near 5%, or 30 bps below the long-term (20-year) average.</span> <span>Compared with a year ago, vacancy rates declined in 52 markets in our coverage space, with the biggest year-over-year declines in vacancy (150 bps or more) in Charlotte, Houston, Dayton, Phoenix, and West Palm Beach.<span> </span>Markets with the lowest vacancy rates (3% or lower) included Pittsburgh, Minneapolis, Oakland, San Jose, Columbus, Cleveland, Edison, Salt Lake City, and Newark.</span> <span>With the continuing gains in occupancy, effective rent growth will remain strong and apartment fundamentals should continue strengthening throughout the remainder of 2012.<span> </span>However, apartment starts have also picked up rapidly, and while new supply is still low relative to the average of the past 20 years, it is on pace to catch up with this historical norm by the end of the year.<span> </span></span><span> </span></p> <p class="ms-rteElement-P"><span>1 </span><span>Availability is space that is actively being marketed and available for tenant build-out within 12 months.</span></p> <p class="ms-rteElement-P"><span>2 </span><span>“Fiscal cliff”</span><span> refers to the expiration of certain U.S. tax benefits and the automatic reduction of certain U.S. government spending at the end of 2012 if the U.S. Congress does not take any action to the contrary. </span><span><span> </span></span></p> <p class="ms-rteElement-P"><span style="text-decoration:underline"><strong>About CBRE Group, Inc.<br /></strong></span><span>CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services firm (in terms of 2011 revenue).<span> </span>The Company has approximately 34,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our Web site at www.cbre.com.</span></p>
Gary Beban Wins Innovator Award From University of Wisconsin-Madison’s Graaskamp Center For Real Estate
<p class="ms-rteElement-P"><span><strong>Los Angeles – October 1, 2012 </strong>–</span><span> CBRE Group, Inc. is pleased to announce that Gary Beban, senior executive managing director of Global Corporate Services at CBRE, has been presented with the Innovator Award by the University of Wisconsin-Madison’s James A. Graaskamp Center for Real Estate. The Innovator Award was developed by the university based on the belief that rich history cannot be established without continually implementing innovation. <span> </span></span><span> </span></p> <p class="ms-rteElement-P"><span>“Gary was selected based on his executive leadership role at CBRE, and, markedly, for his early pioneering effort that ultimately lead to CBRE’s rise to the industry’s global leader,” says Michael Brennan, executive director for the Graaskamp Center. “We applaud Gary for his ability to lead transformational change during his time as president and his still-constant encouragement of others for innovative thinking.”</span><span> </span></p> <p class="ms-rteElement-P"><span>Mr. Beban joined the Los Angeles office of CBRE in 1971. In 1975, he worked to establish the company’s first Chicago office as the company began expanding nationally. Mr. Beban served as the company’s president of brokerage from 1987 to 1998. During this time as president, he was a key player in achieving the company’s overall vision, which was to create the preeminent global, vertically integrated market leader in commercial real estate as set forth by former CEO Jim Didion. </span><span> </span></p> <p class="ms-rteElement-P"><span>Together, Mr. Didion and Mr. Beban diversified the company’s service revenues to lessen the dependence on brokerage. The team helped to broaden the company’s service platform to include Global Corporate Services and numerous other advisory service business lines that still exist today, and ramped up the talent in the investment sales division, a step that was unheard of at the time.</span><span> </span></p> <p class="ms-rteElement-P"><span>Also during his tenure as president, Mr. Beban supported the implementation of a sales training program and the foundation of CBU (CB Commercial Center) to help brokers refine their expertise with data integration, demographic analysis, marketing, and presentation skills.</span><span> </span></p> <p class="ms-rteElement-P"><span>“Gary has been an outstanding CBRE leader and professional for decades,” says Brett White, CBRE’s chief executive officer. “He helped to engrain a culture of loyalty, mutual respect, innovation, and collaboration that helped CBRE and our professionals to succeed. Gary speaks regularly to our young professionals at CBRE University, helping them to understand the company’s rich history and inspiring them to realize their full potential. It is fitting for Gary to win this award and I offer him my congratulations.” </span> </p> <p class="ms-rteElement-P"><span style="text-decoration:underline">About CBRE Group, Inc.</span><br style="text-decoration:underline" /><span>CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services firm (in terms of 2011 revenue). The company has approximately 34,000 employees (excluding affiliates) and serves real estate owners, investors, and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities, and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. To learn more, please visit <a href="/">www.cbre.com</a> online.</span></p>
CBRE Group, Inc. Launches Worldwide Real Green Research Challenge
<p class="ms-rteElement-P"><span><strong>Los Angeles – September 25, 2012 </strong>– </span><span>CBRE Group, Inc., (NYSE:CBG) today announced the launch of the Real Green Research Challenge (RGRC), a four-year, US$1 million commitment to fund leading-edge sustainability research and innovation relating to commercial real estate. The program was unveiled today at The Climate Group’s Climate Week NYC.</span> <span> </span></p> <p class="ms-rteElement-P"><span>CBRE is accepting submissions for research proposals, with the goal of developing solutions to the industry’s critical environmental challenges.</span><span> </span></p> <p class="ms-rteElement-P"><span>“We’ve seen growing market awareness of commercial buildings’ impact on the environment,” said Bob Sulentic, CBRE’s President. “This has inspired new thinking and innovation in sustainability research. However, people with good ideas often lack financial support and access to real-time market data and insight into building construction, occupancy and management that only a global firm like CBRE can provide. Our RGRC program will help to unleash innovation by connecting ideas with funding and with CBRE’s unparalleled information and people resources.” </span><span> </span></p> <p class="ms-rteElement-P"><span>Over the next four years, CBRE will award up to US$1 million to fund independent academic research into sustainable real estate practices. Selected applicants will receive up to $250,000 for basic research and implementation, with initial funding in February 2013. In addition to monetary funds, RGRC-funded projects will have access to CBRE’s global market data and resources, which can help them to commercialize their ideas. </span><span> </span></p> <p class="ms-rteElement-P"><span>"Commercial buildings can generate serious environmental impacts for both current and future generations. However, smart research and innovation can significantly reduce these impacts,” said Mark Kenber, CEO of The Climate Group. “Therefore we support CBRE’s efforts with the RGRC and applaud its commitment to bringing its resources to bear for positive environmental change."</span><span> </span></p> <p class="ms-rteElement-P"><span>CBRE has assembled an authoritative panel of internal and external global experts and thought-leaders to evaluate research proposals. The judges include members of academia, non-governmental organizations and industry. The types of research the RGRC program will fund include productivity studies, large-scale predictive modeling, energy efficiency technologies, data management programs, diagnostic tools, and market-wide availability.</span><span> </span></p> <p class="ms-rteElement-P"><span>“We are pleased to announce the creation of the industry’s first dedicated funding mechanism to support substantive research for commercial real estate,” said Dave Pogue, CBRE’s Global Director of Sustainability and head of the global sustainability taskforce that developed the RGRC. “Through this collaborative approach, we hope to create a meaningful impact in sustainable commercial real estate practices.” </span><span> </span></p> <p class="ms-rteElement-P"><span>Full details about the RGRC, its evaluation criteria, and terms and conditions are available at <a href="/rgrc">www.cbre.com/rgrc</a>. Submissions will be accepted at <a href="/rgrc">www.cbre.com/rgrc</a> through December 31, 2012.</span><span> </span></p> <div><span style="text-decoration:underline">About CBRE Group, Inc.</span><br style="text-decoration:underline" /><span>CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services firm (in terms of 2011 revenue). The company has approximately 34,000 employees (excluding affiliates) and serves real estate owners, investors, and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities, and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. To learn more, please visit <a href="/">www.cbre.com</a> online.</span></div>
CBRE GROUP, Inc. Strengthens Its Asia Pacific Platform with Acquisition of Affiliate in Vietnam
<p class="ms-rteElement-P"><span><strong>Hong Kong</strong></span><span><strong>, September 24, 2012</strong> – CBRE Group, Inc. (NYSE:CBG) today announced that it has acquired its affiliate company in Vietnam, CB Richard Ellis (Vietnam) Co., Ltd. (“CBRE Vietnam”). The acquisition strengthens the Company’s Asia Pacific platform, and particularly its ability to offer fully integrated services in the rapidly growing Southeast Asia region. </span><span> </span></p> <p class="ms-rteElement-P"><span>A CBRE affiliate for nearly 10 years, CBRE Vietnam is a leading service provider in that country, with a leading market share across most service lines. It offers a wide range of services, including property sales, office and retail leasing, occupier advisory services, residential project marketing, property and facilities management, project management, consulting, research and valuation.</span><span> </span></p> <p class="ms-rteElement-P"><span>Marc Townsend, Managing Director, and Richard Leech, Executive Director, will continue to lead the operations in Vietnam following the acquisition. Mr. Townsend and Mr. Leech have jointly managed the Vietnam affiliate since its founding in 2003. CBRE Vietnam has a staff of more than 160 people and serves clients from offices in Ho Chi Minh City, Da Nang and Hanoi. </span><span> </span></p> <p class="ms-rteElement-P"><span lang="EN-GB">“We are very excited to be aligning more closely with the CBRE platform,” said Mr. Townsend. “While we have been serving international investors and occupiers in Vietnam for years, we will now have more resources to enhance and expand our service offering, and further tap into CBRE’s premier global network.”</span><span lang="EN-GB"> </span></p> <p class="ms-rteElement-P"><span lang="EN-GB">Rob Blain, chairman and CEO of CBRE Asia Pacific, said: “Although current market conditions are challenging in Vietnam, we believe the country has strong long-term growth potential as a low-cost business hub, particularly as its market-based economy matures. CBRE Vietnam will be a key pillar in our service delivery platform in the emerging economies across Southeast Asia. These operations complement our market-leading position in Singapore, China and elsewhere in the region. We are extremely pleased that Marc, Richard and their entire team have chosen to join with us to build our future in Southeast Asia.</span><span>”</span><span> </span><span> </span><span lang="EN-GB"><span> </span></span></p> <p class="ms-rteElement-P"><span style="text-decoration:underline">About CBRE Group, Inc.<br /></span><span>CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services firm (in terms of 2011 revenue). The Company has approximately 34,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at </span><a href="/"><span>www.cbre.com</span></a><span>.</span><span> </span></p> <p class="ms-rteElement-P"><span>“Safe Harbor” Statement Under the U.S. Private Securities Litigation Reform Act of 1995</span></p> <p class="ms-rteElement-P"><span>Certain of the statements in this release regarding the acquisition of CBRE Vietnam that do not concern purely historical data are forward-looking statements within the meaning of the ''safe harbor'' provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements involve risks and uncertainties, including, but not limited to our ability to successfully integrate CBRE Vietnam with our existing Asia Pacific operations,, our ability to leverage the combined platform to grow market share in Vietnam and across Southeast Asia, and risks unique to emerging markets characterized by heavy government involvement in the economy, as well as other risks and uncertainties discussed in CBRE’s filings with the U.S. Securities and Exchange Commission (SEC). Any forward-looking statements speak only as of the date of this release and, except to the extent required by applicable securities laws, CBRE expressly disclaims any obligation to update or revise any of them to reflect actual results, any changes in expectations or any change in events. If CBRE does update one or more forward-looking statements, no inference should be drawn that it will make additional updates with respect to those or other forward-looking statements. For additional information concerning factors that may cause actual results to differ from those anticipated in the forward-looking statements, and risks to CBRE’s business in general, please refer to the Company’s SEC filings, including its Annual Report on Form <span>10-K for the fiscal year ended December 31, 2011 and its Quarterly Report on Form 10-Q for the quarter ended June 30, 2012. Such filings are available publicly and may be obtained off the Company's website at www.cbre.com or upon request from the CBRE Investor Relations Department at </span></span><span><a href="mailto:investorrelations@cbre.com"><span>investorrelations@cbre.com</span></a></span><span>.</span></p>
CBRE Group, Inc. Named World’s Leading Real Estate Advisor In 2012 Euromoney Awards
<p class="ms-rteElement-P"><span><strong>Los Angeles, September 20, 2012</strong></span><span><strong> </strong>– CBRE Group, Inc. has been named the top global real estate advisor and consultancy firm in the 2012 Euromoney Real Estate Awards. This is the fifth time in eight years that CBRE has won the prestigious award. </span><span> </span></p> <p class="ms-rteElement-P"><span>Euromoney</span><span>, a leading international finance publication, annually surveys its readers – corporate and financial-decision makers in more than 160 countries – to identify the best advisors, developers and banks in the real estate market on a global, regional and individual country basis.<span> </span></span><span> </span></p> <p class="ms-rteElement-P"><span>In addition to winning the overall Global Real Estate Advisor and Consultancy award, CBRE won global awards in the Valuation, Agency/Leasing and Research categories. The firm was also voted number one advisor and consultancy firm in North America, Western Europe, Central and Eastern Europe, as well as in 18 individual countries. Overall, CBRE won 65 individual awards.</span><span> </span></p> <p class="ms-rteElement-P"><span>“These awards reflect the trust our clients place in CBRE and the respect of our peers,” said Brett White, CBRE’s chief executive officer. “Winning the top global accolade as well as the many regional awards reflects the consistently high caliber of our services around the world, our commitment to our clients, and our ability to deliver superior results across market cycles.”</span><span><span> </span></span></p> <p class="ms-rteElement-P"><span style="text-decoration:underline">About CBRE Group, Inc.<br /></span><span>CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services firm (in terms of 2011 revenue).<span> </span>The Company has approximately 34,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our Web site at </span><span><a href="/"><span>www.cbre.com</span></a></span><span>.</span></p>
CBRE Group, Inc. To Provide Property Management Consultancy Services For Shanghai Tower
<p class="ms-rteElement-P"><span><strong><img class="ms-rtePosition-2" src="/AssetLibrary/Shanghai-Tower-signing-web.jpg" alt="" style="margin:5px 15px" />Los Angeles, September 19, 2012</strong> –</span><span> CBRE Group Inc. (NYSE:CBG) today announced that it has been selected by Shanghai Tower Construction & Development Co., Ltd. to provide property management consultancy services for the iconic Shanghai Tower—a 2,073-ft. (632-m.) super-tall skyscraper currently under construction in the Lujiazui district of Shanghai, China. When completed in 2015, the </span><span>6.18</span><span> million-sq.-ft. (5</span><span>74</span><span>,000-sq.-m.) mixed-use tower will be one of </span><span>the </span><span>most renowned commercial properties </span><span>in China and around</span><span> the world.</span> <span> </span></p> <p class="ms-rteElement-P"><span>“Shanghai Tower will be one of the most prestigious properties we have ever managed, and a symbol of China’s distinguished position in the global economy,” said Brett White, Chief Executive Officer of CBRE. “We look forward to working with Chairman Kong Qing Wei and his team to establish the highest-caliber services for this world-class asset. Together, we will make Shanghai Tower one of the most desirable corporate and retail destinations in the world.”</span><span> </span></p> <p class="ms-rteElement-P"><span>“Shanghai Tower is not only designed to international standards, but it also strives to adopt a best-in-class approach to operational management. CBRE’s property management services, supported by international best practices and wide ranging industry expertise, will enable Shanghai Tower to achieve the highest level of property management. We hope that both parties will collaborate closely to jointly pursue ‘</span><span>the highest, noblest and most exquisite</span><span>’</span><span> development objectives associated with Shanghai Tower</span><span>,” said Kong Qing Wei, Chairman of Shanghai Tower.</span><span> </span></p> <p class="ms-rteElement-P"><span>CBRE will initially serve as consultant to Shanghai Tower Construction & Development in developing property management and building operations strategies for Shanghai Tower. Upon completion of construction, CBRE will assume property management </span><span>consultancy </span><span>responsibilities in relation to </span><span>the</span><span> tower. As part of its engagement, CBRE has assembled an integrated, international team of professionals who will provide advice based on best-in-class</span><span> </span><span>practices developed at similar CBRE-managed assets worldwide.</span><span> </span></p> <p class="ms-rteElement-P"><span>Designed by Gensler, Shanghai Tower will feature high-quality office space, a luxury hotel, a world-class retail complex, an observation deck, and other entertainment and cultural venues. The tower will also be one of the most advanced super-tall skyscrapers in the world in terms of sustainability, designed to achieve both LEED® Gold certification and the China Green Building Three Star rating. The tower will anchor Shanghai’s Lujiazui district, which is rapidly emerging as one of the leading financial centers in East Asia.</span><span> </span></p> <p class="ms-rteElement-P"><span>The CBRE team responsible for this assignment includes Chris Brooke, President and Chief Executive Officer, China; Sam Cuccurullo, Executive Managing Director, Asset Services, Asia Pacific; Tony Long, President, Global Asset Services; Mary Ann Tighe, Chief Executive Officer, New York Tri-State; and Andy To, Executive Director, Asset Services, China.</span><span><span> </span></span></p> <p class="ms-rteElement-P"><span><span></span></span> </p> <p class="ms-rteElement-P"><span style="text-decoration:underline"><strong>About CBRE Group, Inc.</strong><br /></span><span>CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services firm (in terms of 2011 revenue). The Company has approximately 34,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our Web site at </span><a href="/"><span>www.cbre.com</span></a><span>.</span><span> </span> </p> <p class="ms-rteElement-P"><span>About Shanghai Tower Construction & Development Co., Ltd..</span> </p> <p class="ms-rteElement-P"><span>Formed on December 5, 2007, the Shanghai Tower Construction & Development Co., Ltd., represents an equity partnership between the Shanghai Chengtou Corp., the Luijiazui Finance & Trade Zone Development Co., Ltd., and the Shanghai Construction Group. These three shareholders are jointly funding the development and construction of Shanghai Tower with registered capital of RMB 5.4 billion. Driven to pursue the “highest, noblest and most exquisite” design and development objectives for Shanghai Tower, the corporation is leveraging more than 10 years of construction management and market expertise to deliver a landmark building worthy of Shanghai’s place on the world stage.</span></p>
CBRE Group, Inc Selected For 2012 InformationWeek 500
<p class="ms-rteElement-P"><strong>Los Angeles, September 13, 2012 – </strong>CBRE Group, Inc. today announced it has again been selected for the prestigious <em>InformationWeek</em> 500. CBRE’s inclusion in the 2012 list marks the sixth consecutive year the Company has been represented in the publication’s annual list which identifies and honors the nation's most innovative users of information technology. </p> <p class="ms-rteElement-P"> </p> <p class="ms-rteElement-P">A key reason for CBRE’s selection was the development of a fully integrated on-line auction solution, CBRE MarketPlace. While other systems existed to auction commercial properties, none were able to leverage the power of a full-service commercial real estate firm as its backbone. Through CBRE MarketPlace, investors, property owners, and real estate professionals now have one time-saving platform to collaborate and achieve their business goals. The proprietary and innovative service offers online auction capability as well as a single listing search site for all CBRE property and loan sale offerings.</p> <p class="ms-rteElement-P"> </p> <p class="ms-rteElement-P">“We work hard to support our professionals with innovative technology to deliver the industry’s best client service. MarketPlace is one example of that commitment,” said Don Goldstein, Chief Information Officer for CBRE. </p> <p class="ms-rteElement-P"> </p> <p class="ms-rteElement-P">“The <em>InformationWeek</em> 500 has recognized the most innovative users of business technology for 24 years, and this year’s innovations were particularly impressive,” said InformationWeek Editor In Chief Rob Preston. “What the editors looked for are unconventional approaches—new technologies, new models, new ways of grabbing business opportunities and solving complex business problems with IT.”</p> <p class="ms-rteElement-P"> </p> <p class="ms-rteElement-P">Additional details on the<em> InformationWeek </em>500 can be found online at <a href="http://www.informationweek.com/iw500/http" target="_blank">www.informationweek.com/iw500/</a>.</p> <p class="ms-rteElement-P"> </p> <p class="ms-rteElement-P"><span style="text-decoration:underline">About CBRE Group, Inc.</span><br />CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services firm (in terms of 2011 revenue). The Company has approximately 34,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at <a href="/">www.cbre.com</a>. </p> <p class="ms-rteElement-P"> </p> <div><br /></div> <div> </div>
CBRE Group Inc. Acquires Franc Warwick
<p class="ms-rteElement-P"><strong>London, 7 September 2012 – </strong>CBRE Group, Inc., the global commercial real estate advisor, today announced that it has acquired Franc Warwick Chartered Surveyors, one of the UK’s leading specialist real estate investment firms, further strengthening the company’s leadership in the UK market. </p> <p class="ms-rteElement-P"> </p> <p class="ms-rteElement-P">Led by the highly respected Franco Sidoli, Franc Warwick, a firm he co-founded in 1988, is regarded as one of the leading UK commercial real estate investment specialists. The business focuses on capital market transactions, corporate acquisitions and sales, shopping centres, hotels and leisure, industrial and high street retail. The firm is particularly active in the central London market.</p> <p class="ms-rteElement-P"> </p> <p class="ms-rteElement-P">The firm’s client list underlines its exceptional reputation, with clients including F&C REIT, Max Property Group Plc, Prestbury, Land Securities Plc, Conygar Investment Company PLC, AREA, Minerva, Resolution and Gatehouse Bank. </p> <p class="ms-rteElement-P"> </p> <p class="ms-rteElement-P">The Franc Warwick team will be integrated into CBRE’s Capital Markets group and will have a particular focus on investment transactions, including acquisitions, with Franco Sidoli serving as an Executive Director.</p> <p class="ms-rteElement-P"> </p> <p class="ms-rteElement-P">CBRE was the most active capital markets advisor in the UK and Central London in H1 2012, according to Property Data. Recent transactions completed by CBRE’s Capital Markets teams include: the Sentrum portfolio by Digital Realty for £715 million; Plantation Place, London for £491 million; Devonshire Square, London for £340 million, and the acquisition of the UK Logistics Fund by Segro and Moorfield REF II for £314 million.</p> <p class="ms-rteElement-P"> </p> <p class="ms-rteElement-P">Mike Strong, Chairman & CEO of Europe, Middle East and Africa, CBRE, said: </p> <p class="ms-rteElement-P"> </p> <p class="ms-rteElement-P">“We continue to invest in our business in areas of critical importance to our clients to ensure that we can offer them the best possible advice in any market in which we operate. Our long term strategy has seen CBRE perform very strongly throughout periods of market uncertainty region-wide and globally. Bringing on board a professional of Franco’s calibre is a great endorsement of our business and our strategic outlook, and I would like to add my welcome to him and his team.”</p> <p class="ms-rteElement-P"> </p> <p class="ms-rteElement-P">Franco Sidoli commented:</p> <p class="ms-rteElement-P"> </p> <p class="ms-rteElement-P">“The UK’s, and more specifically London’s, property sector is an increasingly international market, attracting capital from all corners of the globe. Access to a truly global network of highly experienced investment and other experts is becoming an intrinsic part of our market. It is also increasingly fundamental to the best possible investment advice to have insight in, and access to, all aspects of the occupational markets. With this in mind, CBRE is the natural home for me and my team. The company truly excels at forging strong client relationships globally and innovating in a challenging market place. I look forward to becoming part of this firm.”</p> <p class="ms-rteElement-P"> </p> <p class="ms-rteElement-P">Martin Samworth, UK Managing Director, CBRE added:</p> <p class="ms-rteElement-P"> </p> <p class="ms-rteElement-P">“Franco and his team are highly regarded in the investment markets as individuals who develop a partnership style of working with their clients and are greatly attuned to their objectives. This is an approach we prize at CBRE. Across the UK, CBRE has a strong presence in the investment market across the UK and we are particularly proud of our recent successes in the London, occupier and shopping centre markets. The addition of Franco and his team is very exciting and will greatly add to our excellent UK offering as well as our business across the board.”</p> <p class="ms-rteElement-P"> </p> <p class="ms-rteElement-P" style="text-align:center"><strong>E</strong><strong>NDS</strong></p> <p class="ms-rteElement-P"> </p> <p class="ms-rteElement-P"><br /></p> <p class="ms-rteElement-P"> </p> <p class="ms-rteElement-P"><span style="text-decoration:underline">About CBRE Group, Inc.</span><br />CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services firm (in terms of 2011 revenue). The Company has approximately 34,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.</p> <p class="ms-rteElement-P"> </p> <p class="ms-rteElement-P"><span style="text-decoration:underline">“Safe Harbor” Statement Under the U.S. Private Securities Litigation Reform Act of 1995</span><br />Certain of the statements in this release regarding the acquisition of Franc Warwick Chartered Surveyors that do not concern purely historical data are forward-looking statements within the meaning of the ''safe harbor'' provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements involve risks and uncertainties, including, but not limited to, the ability of the parties to successfully integrate the operations of Franc Warwick with the existing CBRE Capital Markets operations in the UK, and the ability to leverage the combined operations to capture a larger share of the real estate investment market in the UK, as well as other risks and uncertainties discussed in CBRE’s filings with the U.S. Securities and Exchange Commission (SEC). Any forward-looking statements speak only as of the date of this release and, except to the extent required by applicable securities laws, CBRE expressly disclaims any obligation to update or revise any of them to reflect actual results, any changes in expectations or any change in events. If CBRE does update one or more forward-looking statements, no inference should be drawn that it will make additional updates with respect to those or other forward-looking statements. For additional information concerning factors that may cause actual results to differ from those anticipated in the forward-looking statements, and risks to CBRE’s business in general, please refer to the Company’s SEC filings, including its Annual Report on Form 10-K for the fiscal year ended December 31, 2011 and its Quarterly Report on Form 10-Q for the quarter ended June 30, 2012. Such filings are available publicly and may be obtained off the Company's website at www.cbre.com or upon request from the CBRE Investor Relations Department at investorrelations@cbre.com</p> <p class="ms-rteElement-P"> </p> <div><br /></div> <div> </div>
More than 750 CBRE Professionals to “Get Out and Give Back” Through Housing Rebuilding Projects for Those in Need Across the U.S.
<strong>Los Angeles, CA – September 10, 2012 –</strong> More than 750 CBRE professionals in over 20 offices across the U.S. will “Get Out and Give Back” by volunteering to help rebuild housing in their communities in September and October as part of CBRE’s BuildMonth 2012. This annual effort is the signature event of the CBRE Shelter Program, which focuses on providing shelter and housing to individuals in need. The initiative is a cornerstone of CBRE Cares, the Company’s corporate philanthropy program. <div><br /></div> <div>“Giving back to our communities has always been a priority for CBRE and its professionals, and the CBRE Shelter Program provides our employees with creative and inspiring ways to assist their neighbors in need,” said Laura O’Brien, CBRE’s global director of human resources and workplace strategy. “The incredible success of the BuildMonth program since its inception in 2010 is testament to what CBRE can achieve when we combine our community-outreach initiatives with the enthusiasm of our people to support those in need. We look forward to what this year’s BuildMonth program will bring.”</div> <div><br /></div> <div>CBRE professionals from offices in California, Florida, Georgia, Hawaii, Indiana, Massachusetts, Michigan, Minnesota, Nevada, New York, Ohio, Texas and Washington will take part in BuildMonth 2012. The Company will provide employees with paid time off for their participation in these projects.</div> <div><span class="Apple-tab-span" style="white-space:pre"> </span></div> <div>During the BuildMonth event, CBRE volunteers will help renovate and refurbish private homes, homeless shelters and other facilities alongside CBRE Cares Shelter Program charitable partners Rebuilding Together and HomeAid, as well as Habitat for Humanity. These organizations are leaders in working to preserve and revitalize affordable homeownership and build and maintain dignified housing for the homeless. This collaborative effort is designed to improve the housing options in low-income communities across the country.</div> <div><br /></div> <div>In addition to the CBRE volunteers who will participate in BuildMonth 2012, more than 275 professionals have already pitched in at other Shelter Program rebuilding projects throughout the year. These included a Kickoff to Rebuild Super Bowl neighborhood revitalization project in Indianapolis, Indiana, in February; and a renovation effort as part of the CBRE Women’s Networking Forum in Chicago, Illinois, in May.</div> <div><br /></div> <div>BuildMonth is the flagship event of the CBRE Shelter Program, which focuses on providing shelter and housing to those in need by improving housing options in low-income communities across the country. CBRE Cares is governed and executed by the CBRE Foundation, an independent, non-profit, public-benefit corporation that funds CBRE’s philanthropic initiatives. To learn more about CBRE Cares and the Shelter Program, please visit www.cbre.com/cbrecares.</div> <div><br /></div> <div><span class="Apple-tab-span" style="white-space:pre"> </span></div> <div style="text-decoration:underline">About CBRE Group, Inc.</div> <div>CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services firm (in terms of 2011 revenue). The Company has approximately 34,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our Web site at www.cbre.com.</div> <div><br /></div> <div style="text-decoration:underline">About Rebuilding Together</div> <div>Rebuilding Together believes that everyone deserves to live in a safe and healthy home. Our focus provides critical repairs, accessibility modifications and energy efficient upgrades to low-income homes and community centers at no cost to service recipients. Our impact extends beyond the individuals served to revitalize and stabilize vulnerable neighborhoods and communities across the country. Our 200 local affiliates complete 10,000 rebuild projects a year thanks to the efforts of nearly 200,000 volunteers from corporate partners, skilled trades professionals and everyday good citizens. Join us — visit www.RebuildingTogether.org.</div> <div><br /></div> <div style="text-decoration:underline">About HomeAid</div> <div>HomeAid is a leading national non-profit provider of housing for homeless families and individuals. Through the generosity of builders, their trades and their suppliers, HomeAid has completed 285 housing projects nationwide at a cost of more than $179 million, of which $85 million has been donated by the building industry. HomeAid currently has 40 additional projects in development. HomeAid’s facilities offer 2,200,000 bed-nights annually through HomeAid’s network of 18 active chapters in 12 states. For more information about HomeAid, call 1.888.3HOMEAID or visit www.homeaid.org.</div> <div><br /></div>
Steven Quick Joins CBRE Global Corporate Services As Executive Managing Director
<p class="ms-rteElement-P"><span><strong>Los Angeles, CA – August 22, 2012</strong></span><span><strong> </strong>– CBRE Group, Inc. announced today that Steven Quick, </span><span>one of the industry’s leading commercial real estate outsourcing professionals, has joined the firm as Executive Managing Director in the company’s Global Corporate Services line of business.</span><span> </span></p> <p class="ms-rteElement-P"><span>Mr. Quick’s responsibilities will include </span><span>further developing the company’s Global Corporate Services platform, refining market strategies in key industry verticals and collaborating with CBRE’s business development leaders on large multi-region global pursuits. </span><span>He will be based in the company’s Chicago, Illinois, office.</span><span> </span></p> <p class="ms-rteElement-P"><span>“Steven is a globally known and respected leader </span><span>who adds considerable firepower to our team</span><span>,” said Ken Loeber, CBRE’s Global Chief Sales Officer, for Global Corporate Services. “He will be a tremendous resource for CBRE, helping deliver best-in-class results to colleagues and clients alike.”</span><span> </span></p> <p class="ms-rteElement-P"><span>Mr. Quick has more than 20 years of experience in the real estate and workplace industry in senior leadership roles, spanning general management, customer relationship management, sales management, directing business strategy and marketing, and finance. Most recently, Mr. Quick was vice president and general manager for Johnson Controls (JCI) Global WorkPlace Solutions in the Europe, the Middle East and Africa (EMEA) region. In this role, he was responsible for the overall results of a global business spanning more than 100 countries.</span><span> </span></p> <p class="ms-rteElement-P"><span>Prior to joining JCI, Mr. Quick held leadership positions with EMCOR Facility Services, Inc., where he served as senior vice president of the facilities business. He also spent nearly ten years at Waste Management, Inc. and was a partner at Moran, Quick and Associates, LLC, a certified public accounting firm based in Fort Lauderdale, Florida. He started his career at Deloitte in Chicago.</span><span> </span></p> <p class="ms-rteElement-P"><span>Mr. Quick has also been a leader in the commercial real estate industry including serving as a member of the Board of Directors of CoreNet Global, where he was also recently elected to serve as Treasurer. He is also an active member in the American Institute of Certified Public Accountants.</span><span> </span></p> <p class="ms-rteElement-P"><span>Mr. Quick has a Bachelor of Science degree in accounting from Illinois State University and a Masters of Business Administration in finance and management from the University of South Florida.</span><span><span> </span></span></p> <p class="ms-rteElement-P"><span>About CBRE Group, Inc.<br /></span><span>CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services firm (in terms of 2011 revenue).<span> </span>The Company has approximately 34,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our Web site at <a href="/"><span>www.cbre.com</span></a>.</span></p>
CBRE Group, Inc. Joins Center for Climate And Energy Solutions’ Business Environmental Leadership Council (BELC)
<p class="ms-rteElement-P"><strong></strong><strong>Los Angeles – August 13, 2012</strong> – CBRE Group, Inc. announced today it has joined the Center for Climate and Energy Solutions’ (C2ES) Business Environmental Leadership Council (BELC), the largest US-based association of corporations focused on addressing the challenges of climate change.</p> <p class="ms-rteElement-P"> </p> <p class="ms-rteElement-P">“Our partnership with C2ES is a reflection of our longstanding, leading environmental commitment,” says Larry Midler, CBRE’s Executive Vice President responsible for the company’s Corporate Responsibility and Sustainability programs. “At CBRE, we recognize the responsibility that comes with our industry leadership position. We look forward to engaging with C2ES and other businesses in the BELC to advance solutions related to climate change.”</p> <p class="ms-rteElement-P"> </p> <p class="ms-rteElement-P">CBRE adopted a new environmental sustainability policy in July 2012 committing to measure and report its internal carbon footprint as well as supply chain emissions by 2013. The company will also develop standards and policies to reduce energy and resource consumption and waste production and report those results. For areas under the company’s control, CBRE will establish annual reduction targets and verify progress through continued development of environmental management programs. It is also taking steps to establish at least 70% of its corporate facilities over 20,000 square feet in space or buildings with recognized green building standards by 2017. </p> <p class="ms-rteElement-P"> </p> <p class="ms-rteElement-P">“Buildings provide a huge energy efficiency opportunity, and as the global commercial real estate leader, CBRE will join other BELC members delivering effective solutions that work for the environment and the economy,” said C2ES President Eileen Claussen. “The BELC’s growth from 13 original members in 1998 to 36 today is a testament to the business community’s commitment to addressing climate change. CBRE recognizes that this issue isn’t going away, and we commend them for taking an active role in helping to meet our climate and energy challenges.”</p> <p class="ms-rteElement-P"> </p> <p class="ms-rteElement-P">Launched in 1998 with 13 companies, the BELC now has 36 members representing over $2 trillion in combined revenue and more than 3.5 million employees. Membership includes mainly Fortune 500 companies representing a diverse group of industries including energy, automobiles, manufacturing, chemicals, metals, mining, forest products, consumer goods and high technology. Individually and collectively, these companies are demonstrating that it is possible to take action to address energy and climate challenges while maintaining competitive excellence, growth, and profitability. </p> <p class="ms-rteElement-P"> </p> <p class="ms-rteElement-P"><span style="text-decoration:underline">About CBRE Group, Inc.</span><br />CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services firm (in terms of 2011 revenue). The Company has approximately 34,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our Web site at www.cbre.com.</p> <p class="ms-rteElement-P"> </p> <p class="ms-rteElement-P"><span style="text-decoration:underline">About C2ES</span><br />The Center for Climate and Energy Solutions (C2ES) is an independent non-profit, non-partisan organization promoting strong policy and action to address the twin challenges of energy and climate change. Launched in November 2011, C2ES is the successor to the Pew Center on Global Climate Change, long recognized in the United States and abroad as an influential and pragmatic voice on climate issues. C2ES is led by Eileen Claussen, who previously led the Pew Center and is the former U.S. Assistant Secretary of State for Oceans and International Environmental and Scientific Affairs.</p> <p class="ms-rteElement-P"> </p> <div><br /></div>
Global Office Rents and Real Estate Values Little Changed During Q2 2012
<p><strong>Los Angeles, August 9, 2012</strong> - Global office rents and real estate values increased modestly during Q2 2012, with both the CBRE Global Office Rent and Global Capital Value Indices, rising by 0.3%. The modest increases reflect the global economic slowdown that continues to hamper the real estate recovery.</p> <p>"Rental rates and capital value improvements have slowed dramatically following considerable recoveries during 2011," said Dr. Raymond Torto, CBRE Global Chief Economist. "However, despite the economic uncertainty, this quarter provided evidence, that while both occupiers and investors remain highly cost conscious, they are also forging ahead with expansions or investments in prime spaces. This dynamic has helped to bolster rental rates and capital values ever-so-slightly, and particularly in the U.S. market."</p> <p>CBRE Global Office Rent Indices</p> <ul><li>The U.S. leasing market is noticeably stronger than other regions as rent growth has remained positive while other regions have flattened. As a result, the Americas region recorded both the strongest quarter-over-quarter and year-over-year growth rates-1.0% and 3.0%, respectively.</li> <li>Asia Pacific rents were essentially flat during the quarter, and significantly short of the 13.4% annual increase witnessed in Q2 2011</li> <li>Regional performance varied widely. For example, Hong Kong quickly rebounded after the recession and reached its pre-recession rental peak in 2011. However, since then, Hong Kong rents have softened as occupiers seek to contain costs. Meanwhile, Bangkok rents continue to move higher propelled by continued strong demand and limited future supply of Grade A stock in the best locations.</li> <li>Amidst weak occupier sentiments in EMEA, the EMEA Rent Index was slightly negative once again this quarter, reflecting the uncertainty surrounding the European Sovereign Debt Crisis. Regional differences exist in EMEA as markets in more stable economies such as the Nordics and Germany have performed better, and some markets-such as Dusseldorf and Munich—are expected to see continued upward movement in rents in the near term.</li></ul> <p style="text-align:center"> </p> <div style="text-align:center"><img src="/AssetLibrary/080912a.jpg" alt="" /> </div> <p> </p> <p>CBRE Global Capital Value Indices</p> <ul><li>With the exception of the Americas, the Global and Regional Capital Value Indices have seen little or no improvement since Q3 2011.</li> <li>The relative strength of the Americas (posting a 1.5% quarterly growth) has driven the Global Capital Value index upward at a modest rate. However, the global growth rate has been weakened by the EMEA Capital Value Index, which fell 1.0% this quarter (its third consecutive quarterly setback). Meanwhile, the Asia Pacific Index level has held steady for the past several quarters.</li> <li>Risk-averse sentiment continues drive property investors toward the highly liquid, gateway markets. As such, asset values have strengthened most in the U.S. gateway markets—including New York, Chicago, San Francisco and Boston—due in part to these markets’ supply of trophy assets and their perceived liquidity.</li> <li>Asia Pacific has not seen much change in the first half of 2012, but notably, it is the only index where property values returned in 2011 to its pre-recession peak back.</li></ul> <p style="text-align:center"> </p> <div style="text-align:center"><img src="/AssetLibrary/080912b.jpg" alt="" /> </div> <p> </p> <p>The CBRE Indices were created by CBRE Research. The Global Office Rent Index is comprised of data from 123 cities around the world. The Global Capital Value Index uses the same sample for EMEA and Asia Pacific, while the Americas data is derived from the National Council of Real Estate Investment Fiduciaries (NCREIF) and is not built up city by city the same way as is the rent index data. The base period for the indices is Q1 2001.</p> <p>To speak with a CBRE expert, please contact Robert McGrath (212.984.8267 or Robert.McGrath@cbre.com).</p> <p><span style="text-decoration:underline">About CBRE Group, Inc.</span><br style="text-decoration:underline" />CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services firm (in terms of 2011 revenue). The Company has approximately 34,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management;</p>
CBRE Group, Inc. Appoints Mike Gerard to President, U.S. Central Division
<p class="ms-rteElement-P"><span><strong>Los Angeles, CA – August 2, 2012</strong></span><span><strong> </strong>– CBRE Group, Inc. announced today that </span><span>Mike Gerard has been named President of the company’s U.S. Central Division, a geographic region with more than 25 offices in nine states.</span><span> </span></p> <p class="ms-rteElement-P"><span>“Mike is a highly accomplished professional who has both a deep understanding of our business and our culture of continuous improvement and excellence in client service,” said Cal Frese, CBRE’s CEO of the Americas. “Mike has routinely distinguished himself as one of our strongest and most effective leaders, and we are pleased to have him leading our Central Division.”</span><span> </span></p> <p class="ms-rteElement-P"><span>Mr. Gerard has served as Chief Learning Officer since early 2011, with responsibility for CBRE University, and other learning and development programs. Mr. Gerard was instrumental in substantially enhancing the program, offering training and instruction for more than 600 participants. Mr. Gerard will continue to provide executive oversight for CBRE University. Andrea Lipton, Corporate Director of Learning & Development, has been promoted to Vice President and will run the University’s day-to-day operations.</span><span> </span></p> <p class="ms-rteElement-P"><span>Prior to becoming Chief Learning Officer, Mr. Gerard served as Executive Managing Director with responsibility for CBRE’s Midwest Region, comprising eight offices in five states. He joined CBRE in 2005 as Managing Director of the company’s Detroit office. Mr. Gerard also serves on the Company’s Americas Operating Management Board, a committee of senior executives that helps to set policy, strategic direction and best practices for CBRE’s Americas operations.</span><span> </span></p> <p class="ms-rteElement-P"><span>With 22 years in the industry, Mr. Gerard is well-versed in all aspects of commercial real estate, and has served as an advisor to major corporations and institutional owners. Prior to joining CBRE, Mr. Gerard was an Executive Vice President and Managing Director with Grubb & Ellis, where he provided guidance on strategic planning, organizational direction, and the pursuit of long-term marketing objectives. Throughout his career he has closed more than 990 lease and sale transactions with an aggregate consideration of over $1 billion.</span><span><span> </span></span></p> <p class="ms-rteElement-P"><span style="text-decoration:underline">About CBRE Group, Inc.<br /></span><span>CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services firm (in terms of 2011 revenue).<span> </span>The Company has approximately 34,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our Web site at <a href="/"><span>www.cbre.com</span></a>.</span></p>
CBRE Group, Inc. Reports 29% Earnings Per Share Growth for the Second Quarter of 2012 on 13% Revenue Increase
<p class="ms-rteElement-P"><strong>LOS ANGELES - CBRE Group, Inc</strong>. <strong></strong>(NYSE:CBG) today reported strong revenue and earnings growth for the second quarter ended June 30, 2012. </p> <p class="ms-rteElement-P"><span>Second-Quarter 2012 Results</span> </p> <ul><li><p class="ms-rteElement-P">Revenue for the quarter totaled $1.6 billion, an increase of 13% from $1.4 billion in the second quarter of 2011. </p></li> <li><p class="ms-rteElement-P">Excluding selected charges1, net income2 totaled $88.0 million, or $0.27 per diluted share, for the current quarter, up 31% and 29%, respectively, from $67.0 million, or $0.21 per diluted share, in the second quarter of 2011. Selected charges (net of income taxes), which primarily related to the ING REIM businesses acquired in 2011, totaled $12.1 million and $5.8 million for the three months ended June 30, 2012 and 2011, respectively. </p></li> <li><p class="ms-rteElement-P">On a U.S. GAAP basis, net income totaled $75.9 million, or $0.23 per diluted share, for the second quarter of 2012, an increase of 24% and 21%, respectively, from $61.2 million, or $0.19 per diluted share, for the second quarter of 2011. </p></li> <li><p class="ms-rteElement-P">Excluding selected charges, Earnings Before Interest Taxes Depreciation and Amortization (EBITDA) 3 increased 28% to $220.9 million for the second quarter of 2012 from $172.4 million a year earlier. EBITDA3 (including selected charges) also rose 28% to $211.8 million for the second quarter of 2012, from $166.1 million for the same period last year. Selected charges, which primarily related to the acquisition of the ING REIM businesses in 2011, reduced EBITDA by $9.1 million and $6.3 million for the quarters ended June 30, 2012 and 2011, respectively. </p></li></ul> <p class="ms-rteElement-P"><span>Management Commentary</span> </p> <p class="ms-rteElement-P">“CBRE’s key strengths – people, brand and diverse platform – served us well amid elevated global economic uncertainty during the second quarter,” said Brett White, the Company’s chief executive officer. “Despite tepid economic growth around the world, we once again produced double-digit revenue gains, with notably strong performance in the Americas, solid growth in Asia Pacific, and increased contributions from our global investment management operations. As we execute our growth strategy, we continue to be highly focused on cost discipline as well, which also contributed to significant bottom-line improvement during the quarter.” </p> <p class="ms-rteElement-P">Global revenue rose during the quarter in every business line. CBRE’s capital markets businesses performed very well, particularly in the Americas. Global property sales revenue increased 16%, with all regions showing improvement. The Americas set the pace with a 23% rise in property sales revenue. Both EMEA and Asia Pacific posted modest increases, notwithstanding the ongoing euro zone financial difficulties and slowing economic activity in both regions. Mortgage brokerage (predominantly an Americas business) saw revenue climb 36%, reflecting continued improvement in the U.S. debt financing market. </p> <p class="ms-rteElement-P">Global investment management operations continued to make significant contributions to the Company’s overall performance, bolstered by the ING REIM acquisitions in the second half of 2011. Revenue from this business line more than doubled compared with a year earlier. Overall, global investment management accounted for 7% of total Company revenue and 13% of normalized EBITDA – up from approximately 4% of both revenue and normalized EBITDA in the second quarter of 2011. </p> <p class="ms-rteElement-P">Outsourcing revenue rose by double digits for the seventh consecutive quarter, with a 10% increase globally. The Company continues to on-board new outsourcing clients at a brisk pace, with 24 new contracts signed during the period – a Company record for one quarter. Among these new clients are three each in the healthcare and government sectors – vertical markets that the Company has targeted for growth opportunities – as well as major corporate wins with Monsanto, Samsung and SONY. All told, CBRE signed 54 outsourcing contracts – renewals, new clients and expansions of existing relationships – during the second quarter of 2012. </p> <p class="ms-rteElement-P">On a global basis, leasing revenue increased slightly, reflecting generally soft market conditions in many parts of the world. Despite these challenges, the Americas and Asia Pacific produced moderate leasing revenue growth. </p> <p class="ms-rteElement-P">During the second quarter, the Company enhanced its commercial real estate services platform in EMEA with the acquisition of its former affiliate in Turkey, one of the world’s fastest-growing economies. </p> <p class="ms-rteElement-P">“The recovery continues to progress, but at a historically slow pace and with a high degree of inconsistency and uncertainty across global markets and business lines,” Mr. White said. “Nevertheless, CBRE has a history of performing well for clients amid these market conditions. We are therefore cautiously optimistic about our business, and remain comfortable with our ability to deliver on the full-year earnings per share outlook we announced early this year.” </p> <p class="ms-rteElement-P"><span>Second-Quarter 2012 Segment Results</span> </p> <p class="ms-rteElement-P"><span>Americas Region</span> (U.S., Canada and Latin America) </p> <ul><li><p class="ms-rteElement-P">Revenue rose 13% to $1.0 billion, compared with $897.8 million for the second quarter of 2011. </p></li> <li><p class="ms-rteElement-P">EBITDA totaled $149.3 million, up 29% from $115.4 million in last year’s second quarter. </p></li> <li><p class="ms-rteElement-P">Operating income rose 30% to $127.9 million from $98.2 million for the prior-year second quarter. </p></li> <li><p class="ms-rteElement-P">Improved revenue was evident in all business lines across the region. </p></li></ul> <p class="ms-rteElement-P"><span>EMEA Region</span> (primarily Europe) </p> <ul><li><p class="ms-rteElement-P">Revenue totaled $248.2 million, compared with $261.1 million for the second quarter of 2011. </p></li> <li><p class="ms-rteElement-P">In line with the revenue trend, the region reported EBITDA of $15.7 million compared with $21.4 million in the prior year second quarter. </p></li> <li><p class="ms-rteElement-P">Operating income totaled $12.6 million, compared with $18.9 million for the same period in 2011. </p></li> <li><p class="ms-rteElement-P">The weaker results reflected the impact of Europe’s continuing economic difficulties related to sovereign debt issues as well as the effect of negative currency movement. While the region experienced lower leasing activity, sales revenue improved modestly, despite the macro environment and effects of currency. </p></li> <li><p class="ms-rteElement-P">Total revenue grew modestly in Germany, the Netherlands and the United Kingdom, but this was offset by reduced revenue in other countries, most notably in France, which had a particularly strong second quarter in 2011. </p></li></ul> <p class="ms-rteElement-P"><span>Asia Pacific Region</span> (Asia, Australia and New Zealand) </p> <ul><li><p class="ms-rteElement-P">Revenue rose 7% to $201.2 million from $188.5 million for the second quarter of 2011. </p></li> <li><p class="ms-rteElement-P">EBITDA totaled $23.3 million, up 34% from $17.4 million in last year’s second quarter. </p></li> <li><p class="ms-rteElement-P">Operating income rose 30% to $20.7 million, compared with $16.0 million for the second quarter of 2011. </p></li> <li><p class="ms-rteElement-P">The improved results reflect higher revenues in Australia, India, Japan and Singapore. </p></li></ul> <p class="ms-rteElement-P"><span>Global Investment Management Business</span> (investment management operations in the U.S., Europe and Asia) </p> <ul><li><p class="ms-rteElement-P">Revenue more than doubled to $119.7 million from $57.6 million in the second quarter of 2011. </p></li> <li><p class="ms-rteElement-P">EBITDA, before selected charges, totaled $29.8 million, up from $7.3 million in the prior-year second quarter. Including these charges, current-quarter EBITDA rose to $20.7 million from $2.5 million in the second quarter of 2011. </p></li> <li><p class="ms-rteElement-P">Operating income totaled $12.9 million, compared with an operating loss of $3.6 million for the second quarter of 2011. </p></li> <li><p class="ms-rteElement-P">The improved revenue, EBITDA and operating performance were in large part driven by contributions from the ING REIM businesses acquired in the second half of 2011. </p></li> <li><p class="ms-rteElement-P">Assets under management totaled $91.2 billion at the end of the second quarter, representing a 3% decrease from year-end 2011. The decrease was caused, in part, by a non-traded REIT’s decision to internalize its management. </p></li></ul> <p class="ms-rteElement-P"><span>Development Services</span> (real estate development and investment activities primarily in the U.S.) </p> <ul><li><p class="ms-rteElement-P">Revenue increased slightly to $17.8 million, compared with $17.2 million for the second quarter of 2011. </p></li> <li><p class="ms-rteElement-P">Operating loss totaled $1.4 million as compared with operating income of $0.7 million for the same period in 2011. </p></li> <li><p class="ms-rteElement-P">EBITDA totaled $2.8 million, compared with $9.4 million in the prior-year period. Second-quarter 2011 EBITDA benefited from gains on the sale of properties (reflected in equity income from unconsolidated subsidiaries and gain on disposition of real estate, partially offset by non-controlling interests activity), which did not occur to the same extent in the current quarter. Equity income from unconsolidated subsidiaries and non-controlling interests are included in the calculation of EBITDA, but not in operating income. </p></li> <li><p class="ms-rteElement-P">Development projects in process totaled $4.7 billion, down $0.2 billion from year-end 2011. The inventory of pipeline deals totaled $1.4 billion, up $0.2 billion from year-end 2011. </p></li></ul> <p class="ms-rteElement-P"><span>Six-Month Results</span> </p> <ul><li><p class="ms-rteElement-P">Revenue for the six months ended June 30, 2012 totaled $3.0 billion, an increase of 13% from $2.6 billion in the six months ended June 30, 2011. </p></li> <li><p class="ms-rteElement-P">Excluding selected charges1, net income2 totaled $133.9 million, or $0.41 per diluted share, for the current-year-to-date period, up 25% and 24%, respectively, from $107.6 million, or $0.33 per diluted share, in the prior-year period. Selected charges (net of income taxes), primarily related to the ING REIM businesses acquired in 2011, totaled $31.1 million and $12.0 million for the six months ended June 30, 2012 and 2011, respectively. </p></li> <li><p class="ms-rteElement-P">On a U.S. GAAP basis, net income totaled $102.8 million, or $0.32 per diluted share, for the six months ended June 30, 2012, an increase of 8% and 7%, respectively, from $95.6 million, or $0.30 per diluted share, in the same period in 2011. </p></li> <li><p class="ms-rteElement-P">Excluding selected charges, EBITDA increased 27% to $371.4 million for the first six months of 2012 from $292.9 million a year earlier. EBITDA (including selected charges) rose 26% to $352.3 million for the current six-month period, from $279.1 million for the same period a year earlier. Selected charges, primarily related to the acquisition of the ING REIM businesses in 2011, reduced EBITDA by $19.1 million and $13.8 million for the six months ended June 30, 2012 and 2011, respectively. </p></li></ul> <p class="ms-rteElement-P"><span>Conference Call Details</span> </p> <p class="ms-rteElement-P">The Company’s second-quarter earnings conference call will be held on Tuesday, July 31, 2012 at 5:00 p.m. Eastern Time. A webcast will be accessible through the Investor Relations section of the Company’s Web site at <a href="http://cts.businesswire.com/ct/CT?id=smartlink&url=http://www.cbre.com/investorrelations&esheet=50361498&lan=en-US&anchor=www.cbre.com/investorrelations&index=1&md5=b4bf705d30408aa91a0a5958b3a6fd9b">www.cbre.com/investorrelations</a>. </p> <p class="ms-rteElement-P">The direct dial-in number for the conference call is 800-230-1092 for U.S. callers and 612-234-9960 for international callers. A replay of the call will be available starting at 10 p.m. Eastern Time on July 31, 2012, and ending at midnight Eastern Time on August 6, 2012. The dial-in number for the replay is 800-475-6701 for U.S. callers and 320-365-3844 for international callers. The access code for the replay is 253707. A transcript of the call will be available on the Company’s Investor Relations Web site at <a href="http://cts.businesswire.com/ct/CT?id=smartlink&url=http://www.cbre.com/investorrelations&esheet=50361498&lan=en-US&anchor=www.cbre.com/investorrelations&index=2&md5=bf8535bec5488e04871ce7c200020f45">www.cbre.com/investorrelations</a>. </p> <p class="ms-rteElement-P"> </p> <p class="ms-rteElement-P"><span>About CBRE Group, Inc.</span> </p> <p class="ms-rteElement-P">CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services firm (in terms of 2011 revenue). The Company has approximately 34,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our Web site at <a href="http://cts.businesswire.com/ct/CT?id=smartlink&url=http://www.cbre.com/&esheet=50361498&lan=en-US&anchor=www.cbre.com&index=3&md5=f5c7bf1b0ca56aa2bf739366c1eb6d21">www.cbre.com</a>. </p> <p class="ms-rteElement-P"> </p> <p class="ms-rteElement-P">Note: This release contains forward-looking statements within the meaning of the ''safe harbor'' provisions of the Private Securities Litigation Reform Act of 1995, including statements regarding our future growth momentum, operations, financial performance, business outlook, and ability to successfully integrate the ING REIM businesses. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results and performance in future periods to be materially different from any future results or performance suggested in forward-looking statements in this release. Any forward-looking statements speak only as of the date of this release and, except to the extent required by applicable securities laws, the Company expressly disclaims any obligation to update or revise any of them to reflect actual results, any changes in expectations or any change in events. If the Company does update one or more forward-looking statements, no inference should be drawn that it will make additional updates with respect to those or other forward-looking statements. Factors that could cause results to differ materially include, but are not limited to: general conditions of financial liquidity for real estate transactions, including the impact of the European sovereign debt crisis; our leverage and our ability to perform under our credit facilities; commercial real estate vacancy levels; employment conditions and their effect on vacancy rates; property values; rental rates; interest rates; our ability to leverage our platform to grow revenues and capture market share; continued growth in trends toward use of outsourced real estate services; our ability to control costs relative to revenue growth and expand EBITDA margins; our ability to retain and incentivize producers; our ability to identify, acquire and integrate synergistic and accretive businesses; expected levels of interest, depreciation and amortization expense resulting from completed acquisitions; realization of values in investment funds to offset related incentive compensation expense; a decline in asset values in, or a reduction in earnings or cash flow from, our investment programs, as well as related litigation, liabilities and reputational harm; and our ability to comply with laws and regulations related to our international operations, including the anti-corruption laws of the U.S. and other countries. </p> <p class="ms-rteElement-P"> </p> <p class="ms-rteElement-P">Additional information concerning factors that may influence the Company's financial information is discussed under “Risk Factors”, “Management’s Discussion and Analysis of Financial Condition and Results of Operations”, “Quantitative and Qualitative Disclosures About Market Risk” and “Forward-Looking Statements” in our Annual Report on Form 10-K for the year ended December 31, 2011, and under “Management’s Discussion and Analysis of Financial Condition and Results of Operations”, “Quantitative and Qualitative Disclosures About Market Risk” and “Forward-Looking Statements” in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2012, as well as in the Company’s press releases and other periodic filings with the Securities and Exchange Commission. Such filings are available publicly and may be obtained on the Company’s Web site at <a href="http://cts.businesswire.com/ct/CT?id=smartlink&url=http://www.cbre.com&esheet=50361498&lan=en-US&anchor=www.cbre.com&index=4&md5=b736f552b44a5ab8c6735f365d18d268">www.cbre.com</a> or upon written request from the CBRE Investor Relations Department at <a href="mailto:investorrelations@cbre.com">investorrelations@cbre.com</a>. </p> <p class="ms-rteElement-P">1 Selected charges include integration and other costs related to acquisitions and amortization expense related to incentive fees and customer relationships acquired in the ING REIM and Trammell Crow Company (TCC) acquisitions. </p> <p class="ms-rteElement-P">2 A reconciliation of net income attributable to CBRE Group, Inc. to net income attributable to CBRE Group, Inc., as adjusted for selected charges, is provided in the section of this press release entitled “Non-GAAP Financial Measures.” </p> <p class="ms-rteElement-P">3 EBITDA represents earnings before net interest expense, write-off of financing costs, income taxes, depreciation and amortization, while amounts shown for EBITDA, as adjusted (or normalized EBITDA), remove the impact of certain cash and non-cash charges related to acquisitions. Our management believes that both of these measures are useful in evaluating our operating performance compared to that of other companies in our industry because the calculations of EBITDA and EBITDA, as adjusted, generally eliminate the effects of financing and income taxes and the accounting effects of capital spending and acquisitions, which would include impairment charges of goodwill and intangibles created from acquisitions. Such items may vary for different companies for reasons unrelated to overall operating performance. As a result, our management uses these measures to evaluate operating performance and for other discretionary purposes, including as a significant component when measuring our operating performance under our employee incentive programs. Additionally, we believe EBITDA and EBITDA, as adjusted, are useful to investors to assist them in getting a more complete picture of our results from operations. </p> <p class="ms-rteElement-P">However, EBITDA and EBITDA, as adjusted, are not recognized measurements under U.S. generally accepted accounting principles, or GAAP, and when analyzing our operating performance, readers should use EBITDA and EBITDA, as adjusted, in addition to, and not as an alternative for, net income as determined in accordance with GAAP. Because not all companies use identical calculations, our presentation of EBITDA and EBITDA, as adjusted, may not be comparable to similarly titled measures of other companies. Furthermore, EBITDA and EBITDA, as adjusted, are not intended to be measures of free cash flow for our management’s discretionary use, as they do not consider certain cash requirements such as tax and debt service payments. The amounts shown for EBITDA and EBITDA, as adjusted, also differ from the amounts calculated under similarly titled definitions in our debt instruments, which are further adjusted to reflect certain other cash and non-cash charges and are used to determine compliance with financial covenants and our ability to engage in certain activities, such as incurring additional debt and making certain restricted payments. </p> <p class="ms-rteElement-P">For a reconciliation of EBITDA and EBITDA, as adjusted to net income attributable to CBRE Group, Inc., the most comparable financial measure calculated and presented in accordance with GAAP, see the section of this press release titled “Non-GAAP Financial Measures.” </p> <table class="bwtablemarginb" cellspacing="0"><tbody><tr><td></td> <td><p class="ms-rteElement-P"> </p></td> <td colspan="6"></td> <td><p class="ms-rteElement-P"> </p></td> <td colspan="5"></td></tr> <tr><td colspan="14"><p class="ms-rteElement-P">CBRE GROUP, INC. </p></td></tr> <tr><td colspan="14"><p class="ms-rteElement-P">OPERATING RESULTS </p></td></tr> <tr><td colspan="14"><p class="ms-rteElement-P">FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2012 AND 2011 </p></td></tr> <tr><td colspan="14"><p class="ms-rteElement-P">(Dollars in thousands, except share data) </p></td></tr> <tr><td colspan="14"><p class="ms-rteElement-P">(Unaudited) </p></td></tr> <tr><td></td> <td></td> <td colspan="6"></td> <td></td> <td colspan="5"><p class="ms-rteElement-P"> </p></td></tr> <tr><td></td> <td></td> <td class="bwpadl0 bwvertalignt bwalignc bwsinglebottom" colspan="6"><p class="ms-rteElement-P">Three Months Ended </p> <p class="ms-rteElement-P">June 30, </p></td> <td></td> <td class="bwpadl0 bwvertalignt bwalignc bwsinglebottom" colspan="5"><p class="ms-rteElement-P">Six Months Ended </p> <p class="ms-rteElement-P">June 30, </p></td></tr> <tr><td></td> <td></td> <td><p class="ms-rteElement-P"> </p></td> <td><p class="ms-rteElement-P">2012 </p></td> <td><p class="ms-rteElement-P"> </p></td> <td><p class="ms-rteElement-P"> </p></td> <td><p class="ms-rteElement-P"> </p></td> <td><p class="ms-rteElement-P">2011 </p></td> <td><p class="ms-rteElement-P"> </p></td> <td><p class="ms-rteElement-P"> </p></td> <td><p class="ms-rteElement-P">2012 </p></td> <td><p class="ms-rteElement-P"> </p></td> <td><p class="ms-rteElement-P"> </p></td> <td><p class="ms-rteElement-P">2011 </p></td></tr> <tr><td><p class="ms-rteElement-P">Revenue </p></td> <td></td> <td><p class="ms-rteElement-P">$ </p></td> <td><p class="ms-rteElement-P">1,601,117 </p></td> <td></td> <td></td> <td><p class="ms-rteElement-P">$ </p></td> <td><p class="ms-rteElement-P">1,422,218 </p></td> <td></td> <td><p class="ms-rteElement-P">$ </p></td> <td><p class="ms-rteElement-P">2,951,106 </p></td> <td></td> <td><p class="ms-rteElement-P">$ </p></td> <td><p class="ms-rteElement-P">2,607,323 </p></td></tr> <tr><td></td> <td></td> <td colspan="3"></td> <td></td> <td colspan="2"></td> <td></td> <td colspan="2"></td> <td></td> <td colspan="2"><p class="ms-rteElement-P"> </p></td></tr> <tr><td><p class="ms-rteElement-P">Costs and expenses: </p></td> <td></td> <td colspan="3"></td> <td></td> <td colspan="2"></td> <td></td> <td colspan="2"></td> <td></td> <td colspan="2"></td></tr> <tr><td><p class="ms-rteElement-P">Cost of services </p></td> <td></td> <td></td> <td><p class="ms-rteElement-P">908,143 </p></td> <td></td> <td></td> <td></td> <td><p class="ms-rteElement-P">839,822 </p></td> <td></td> <td></td> <td><p class="ms-rteElement-P">1,695,699 </p></td> <td></td> <td></td> <td><p class="ms-rteElement-P">1,553,577 </p></td></tr> <tr><td><p class="ms-rteElement-P">Operating, administrative and other </p></td> <td></td> <td></td> <td><p class="ms-rteElement-P">482,377 </p></td> <td></td> <td></td> <td></td> <td><p class="ms-rteElement-P">432,856 </p></td> <td></td> <td></td> <td><p class="ms-rteElement-P">923,099 </p></td> <td></td> <td></td> <td><p class="ms-rteElement-P">809,881 </p></td></tr> <tr><td><p class="ms-rteElement-P">Depreciation and amortization </p></td> <td></td> <td><p class="ms-rteElement-P"> </p></td> <td><p class="ms-rteElement-P">38,336 </p></td> <td><p class="ms-rteElement-P"> </p></td> <td></td> <td><p class="ms-rteElement-P"> </p></td> <td><p class="ms-rteElement-P">25,385 </p></td> <td></td> <td><p class="ms-rteElement-P"> </p></td> <td><p class="ms-rteElement-P">84,793 </p></td> <td></td> <td><p class="ms-rteElement-P"> </p></td> <td><p class="ms-rteElement-P">48,563 </p></td></tr> <tr><td><p class="ms-rteElement-P">Total costs and expenses </p></td> <td></td> <td></td> <td><p class="ms-rteElement-P">1,428,856 </p></td> <td></td> <td></td> <td></td> <td><p class="ms-rteElement-P">1,298,063 </p></td> <td></td> <td></td> <td><p class="ms-rteElement-P">2,703,591 </p></td> <td></td> <td></td> <td><p class="ms-rteElement-P">2,412,021 </p></td></tr> <tr><td></td> <td></td> <td colspan="3"></td> <td></td> <td colspan="2"></td> <td></td> <td colspan="2"></td> <td></td> <td colspan="2"><p class="ms-rteElement-P"> </p></td></tr> <tr><td><p class="ms-rteElement-P">Gain on disposition of real estate </p></td> <td></td> <td><p class="ms-rteElement-P"> </p></td> <td><p class="ms-rteElement-P">439 </p></td> <td><p class="ms-rteElement-P"> </p></td> <td></td> <td><p class="ms-rteElement-P"> </p></td> <td><p class="ms-rteElement-P">6,027 </p></td> <td></td> <td><p class="ms-rteElement-P"> </p></td> <td><p class="ms-rteElement-P">1,248 </p></td> <td></td> <td><p class="ms-rteElement-P"> </p></td> <td><p class="ms-rteElement-P">7,999 </p></td></tr> <tr><td></td> <td></td> <td colspan="3"></td> <td></td> <td colspan="2"></td> <td></td> <td colspan="2"></td> <td></td> <td colspan="2"><p class="ms-rteElement-P"> </p></td></tr> <tr><td><p class="ms-rteElement-P">Operating income </p></td> <td></td> <td></td> <td><p class="ms-rteElement-P">172,700 </p></td> <td></td> <td></td> <td></td> <td><p class="ms-rteElement-P">130,182 </p></td> <td></td> <td></td> <td><p class="ms-rteElement-P">248,763 </p></td> <td></td> <td></td> <td><p class="ms-rteElement-P">203,301 </p></td></tr> <tr><td></td> <td></td> <td colspan="3"></td> <td></td> <td colspan="2"></td> <td></td> <td colspan="2"></td> <td></td> <td colspan="2"><p class="ms-rteElement-P"> </p></td></tr> <tr><td><p class="ms-rteElement-P">Equity income from unconsolidated subsidiaries </p></td> <td></td> <td></td> <td><p class="ms-rteElement-P">2,609 </p></td> <td></td> <td></td> <td></td> <td><p class="ms-rteElement-P">17,068 </p></td> <td></td> <td></td> <td><p class="ms-rteElement-P">16,995 </p></td> <td></td> <td></td> <td><p class="ms-rteElement-P">32,247 </p></td></tr> <tr><td><p class="ms-rteElement-P">Other (loss) income </p></td> <td></td> <td></td> <td><p class="ms-rteElement-P">(2,104 </p></td> <td><p class="ms-rteElement-P">) </p></td> <td></td> <td></td> <td><p class="ms-rteElement-P">- </p></td> <td></td> <td></td> <td><p class="ms-rteElement-P">4,484 </p></td> <td></td> <td></td> <td><p class="ms-rteElement-P">- </p></td></tr> <tr><td><p class="ms-rteElement-P">Interest income </p></td> <td></td> <td></td> <td><p class="ms-rteElement-P">1,585 </p></td> <td></td> <td></td> <td></td> <td><p class="ms-rteElement-P">1,902 </p></td> <td></td> <td></td> <td><p class="ms-rteElement-P">3,888 </p></td> <td></td> <td></td> <td><p class="ms-rteElement-P">4,570 </p></td></tr> <tr><td><p class="ms-rteElement-P">Interest expense </p></td> <td></td> <td><p class="ms-rteElement-P"> </p></td> <td><p class="ms-rteElement-P">44,411 </p></td> <td><p class="ms-rteElement-P"> </p></td> <td></td> <td><p class="ms-rteElement-P"> </p></td> <td><p class="ms-rteElement-P">34,216 </p></td> <td></td> <td><p class="ms-rteElement-P"> </p></td> <td><p class="ms-rteElement-P">88,392 </p></td> <td></td> <td><p class="ms-rteElement-P"> </p></td> <td><p class="ms-rteElement-P">67,934 </p></td></tr> <tr><td><p class="ms-rteElement-P">Income from continuing operations before provision for income taxes </p></td> <td></td> <td></td> <td><p class="ms-rteElement-P">130,379 </p></td> <td></td> <td></td> <td></td> <td><p class="ms-rteElement-P">114,936 </p></td> <td></td> <td></td> <td><p class="ms-rteElement-P">185,738 </p></td> <td></td> <td></td> <td><p class="ms-rteElement-P">172,184 </p></td></tr> <tr><td><p class="ms-rteElement-P">Provision for income taxes </p></td> <td></td> <td><p class="ms-rteElement-P"> </p></td> <td><p class="ms-rteElement-P">54,780 </p></td> <td><p class="ms-rteElement-P"> </p></td> <td></td> <td><p class="ms-rteElement-P"> </p></td> <td><p class="ms-rteElement-P">46,336 </p></td> <td></td> <td><p class="ms-rteElement-P"> </p></td> <td><p class="ms-rteElement-P">80,193 </p></td> <td></td> <td><p class="ms-rteElement-P"> </p></td> <td><p class="ms-rteElement-P">69,742 </p></td></tr> <tr><td><p class="ms-rteElement-P">Income from continuing operations </p></td> <td></td> <td></td> <td><p class="ms-rteElement-P">75,599 </p></td> <td></td> <td></td> <td></td> <td><p class="ms-rteElement-P">68,600 </p></td> <td></td> <td></td> <td><p class="ms-rteElement-P">105,545 </p></td> <td></td> <td></td> <td><p class="ms-rteElement-P">102,442 </p></td></tr> <tr><td><p class="ms-rteElement-P">Income from discontinued operations, net of income taxes </p></td> <td></td> <td><p class="ms-rteElement-P"> </p></td> <td><p class="ms-rteElement-P">- </p></td> <td><p class="ms-rteElement-P"> </p></td> <td></td> <td><p class="ms-rteElement-P"> </p></td> <td><p class="ms-rteElement-P">6,267 </p></td> <td></td> <td><p class="ms-rteElement-P"> </p></td> <td><p class="ms-rteElement-P">- </p></td> <td></td> <td><p class="ms-rteElement-P"> </p></td> <td><p class="ms-rteElement-P">16,911 </p></td></tr> <tr><td><p class="ms-rteElement-P">Net income </p></td> <td></td> <td></td> <td><p class="ms-rteElement-P">75,599 </p></td> <td></td> <td></td> <td></td> <td><p class="ms-rteElement-P">74,867 </p></td> <td></td> <td></td> <td><p class="ms-rteElement-P">105,545 </p></td> <td></td> <td></td> <td><p class="ms-rteElement-P">119,353 </p></td></tr> <tr><td><p class="ms-rteElement-P">Less: Net (loss) income attributable to non-controlling interests </p></td> <td></td> <td><p class="ms-rteElement-P"> </p></td> <td><p class="ms-rteElement-P">(274 </p></td> <td><p class="ms-rteElement-P">) </p></td> <td></td> <td><p class="ms-rteElement-P"> </p></td> <td><p class="ms-rteElement-P">13,644 </p></td> <td></td> <td><p class="ms-rteElement-P"> </p></td> <td><p class="ms-rteElement-P">2,697 </p></td> <td></td> <td><p class="ms-rteElement-P"> </p></td> <td><p class="ms-rteElement-P">23,761 </p></td></tr> <tr><td><p class="ms-rteElement-P">Net income attributable to CBRE Group, Inc. </p></td> <td></td> <td><p class="ms-rteElement-P">$ </p></td> <td><p class="ms-rteElement-P">75,873 </p></td> <td><p class="ms-rteElement-P"> </p></td> <td></td> <td><p class="ms-rteElement-P">$ </p></td> <td><p class="ms-rteElement-P">61,223 </p></td> <td></td> <td><p class="ms-rteElement-P">$ </p></td> <td><p class="ms-rteElement-P">102,848 </p></td> <td></td> <td><p class="ms-rteElement-P">$ </p></td> <td><p class="ms-rteElement-P">95,592 </p></td></tr> <tr><td></td> <td></td> <td><p class="ms-rteElement-P"> </p></td> <td><p class="ms-rteElement-P"> </p></td> <td></td> <td></td> <td><p class="ms-rteElement-P"> </p></td> <td><p class="ms-rteElement-P"> </p></td> <td></td> <td colspan="2"></td> <td></td> <td colspan="2"></td></tr> <tr><td><p class="ms-rteElement-P">Basic income per share attributable to CBRE Group, Inc. shareholders </p></td> <td></td> <td colspan="3"></td> <td></td> <td colspan="2"></td> <td></td> <td colspan="2"></td> <td></td> <td colspan="2"></td></tr> <tr><td><p class="ms-rteElement-P">Income from continuing operations attributable to CBRE Group, Inc. </p></td> <td></td> <td><p class="ms-rteElement-P">$ </p></td> <td><p class="ms-rteElement-P">0.24 </p></td> <td></td> <td></td> <td><p class="ms-rteElement-P">$ </p></td> <td><p class="ms-rteElement-P">0.19 </p></td> <td></td> <td><p class="ms-rteElement-P">$ </p></td> <td><p class="ms-rteElement-P">0.32 </p></td> <td></td> <td><p class="ms-rteElement-P">$ </p></td> <td><p class="ms-rteElement-P">0.30 </p></td></tr> <tr><td><p class="ms-rteElement-P">Income from discontinued operations attributable to CBRE Group, Inc. </p></td> <td></td> <td><p class="ms-rteElement-P"> </p></td> <td><p class="ms-rteElement-P">- </p></td> <td><p class="ms-rteElement-P"> </p></td> <td></td> <td><p class="ms-rteElement-P"> </p></td> <td><p class="ms-rteElement-P">- </p></td> <td></td> <td><p class="ms-rteElement-P"> </p></td> <td><p class="ms-rteElement-P">- </p></td> <td></td> <td><p class="ms-rteElement-P"> </p></td> <td><p class="ms-rteElement-P">- </p></td></tr> <tr><td><p class="ms-rteElement-P">Net income attributable CBRE Group, Inc. </p></td> <td></td> <td><p class="ms-rteElement-P">$ </p></td> <td><p class="ms-rteElement-P">0.24 </p></td> <td><p class="ms-rteElement-P"> </p></td> <td></td> <td><p class="ms-rteElement-P">$ </p></td> <td><p class="ms-rteElement-P">0.19 </p></td> <td></td> <td><p class="ms-rteElement-P">$ </p></td> <td><p class="ms-rteElement-P">0.32 </p></td> <td></td> <td><p class="ms-rteElement-P">$ </p></td> <td><p class="ms-rteElement-P">0.30 </p></td></tr> <tr><td></td> <td></td> <td colspan="3"></td> <td></td> <td colspan="2"></td> <td></td> <td colspan="2"></td> <td></td> <td colspan="2"><p class="ms-rteElement-P"> </p></td></tr> <tr><td><p class="ms-rteElement-P">Weighted average shares outstanding for basic income per share </p></td> <td></td> <td><p class="ms-rteElement-P"> </p></td> <td><p class="ms-rteElement-P">320,852,344 </p></td> <td><p class="ms-rteElement-P"> </p></td> <td></td> <td><p class="ms-rteElement-P"> </p></td> <td><p class="ms-rteElement-P">317,698,275 </p></td> <td></td> <td><p class="ms-rteElement-P"> </p></td> <td><p class="ms-rteElement-P">320,761,873 </p></td> <td></td> <td><p class="ms-rteElement-P"> </p></td> <td><p class="ms-rteElement-P">317,133,967 </p></td></tr> <tr><td></td> <td></td> <td colspan="3"></td> <td></td> <td colspan="2"></td> <td></td> <td colspan="2"></td> <td></td> <td colspan="2"><p class="ms-rteElement-P"> </p></td></tr> <tr><td><p class="ms-rteElement-P">Diluted income per share attributable to CBRE Group, Inc. shareholders </p></td> <td></td> <td colspan="3"></td> <td></td> <td colspan="2"></td> <td></td> <td colspan="2"></td> <td></td> <td colspan="2"></td></tr> <tr><td><p class="ms-rteElement-P">Income from continuing operations attributable to CBRE Group, Inc. </p></td> <td></td> <td><p class="ms-rteElement-P">$ </p></td> <td><p class="ms-rteElement-P">0.23 </p></td> <td></td> <td></td> <td><p class="ms-rteElement-P">$ </p></td> <td><p class="ms-rteElement-P">0.19 </p></td> <td></td> <td><p class="ms-rteElement-P">$ </p></td> <td><p class="ms-rteElement-P">0.32 </p></td> <td></td> <td><p class="ms-rteElement-P">$ </p></td> <td><p class="ms-rteElement-P">0.30 </p></td></tr> <tr><td><p class="ms-rteElement-P">Income from discontinued operations attributable to CBRE Group, Inc. </p></td> <td></td> <td><p class="ms-rteElement-P"> </p></td> <td><p class="ms-rteElement-P">- </p></td> <td><p class="ms-rteElement-P"> </p></td> <td></td> <td><p class="ms-rteElement-P"> </p></td> <td><p class="ms-rteElement-P">- </p></td> <td></td> <td><p class="ms-rteElement-P"> </p></td> <td><p class="ms-rteElement-P">- </p></td> <td></td> <td><p class="ms-rteElement-P"> </p></td> <td><p class="ms-rteElement-P">- </p></td></tr> <tr><td><p class="ms-rteElement-P">Net income attributable to CBRE Group, Inc. </p></td> <td></td> <td><p class="ms-rteElement-P">$ </p></td> <td><p class="ms-rteElement-P">0.23 </p></td> <td><p class="ms-rteElement-P"> </p></td> <td></td> <td><p class="ms-rteElement-P">$ </p></td> <td><p class="ms-rteElement-P">0.19 </p></td> <td></td> <td><p class="ms-rteElement-P">$ </p></td> <td><p class="ms-rteElement-P">0.32 </p></td> <td></td> <td><p class="ms-rteElement-P">$ </p></td> <td><p class="ms-rteElement-P">0.30 </p></td></tr> <tr><td></td> <td></td> <td colspan="3"></td> <td></td> <td colspan="2"></td> <td></td> <td colspan="2"></td> <td></td> <td colspan="2"><p class="ms-rteElement-P"> </p></td></tr> <tr><td><p class="ms-rteElement-P">Weighted average shares outstanding for diluted income per share </p></td> <td></td> <td><p class="ms-rteElement-P"> </p></td> <td><p class="ms-rteElement-P">326,081,681 </p></td> <td><p class="ms-rteElement-P"> </p></td> <td></td> <td><p class="ms-rteElement-P"> </p></td> <td><p class="ms-rteElement-P">324,093,042 </p></td> <td></td> <td><p class="ms-rteElement-P"> </p></td> <td><p class="ms-rteElement-P">325,910,274 </p></td> <td></td> <td><p class="ms-rteElement-P"> </p></td> <td><p class="ms-rteElement-P">323,510,069 </p></td></tr> <tr><td></td> <td></td> <td colspan="3"></td> <td></td> <td colspan="2"></td> <td></td> <td colspan="2"></td> <td></td> <td colspan="2"><p class="ms-rteElement-P"> </p></td></tr> <tr><td><p class="ms-rteElement-P">EBITDA (1) </p></td> <td></td> <td><p class="ms-rteElement-P">$ </p></td> <td><p class="ms-rteElement-P">211,815 </p></td> <td><p class="ms-rteElement-P"> </p></td> <td class="bwpadl0 bwpadb3 bwvertalignt bwalignr"></td> <td><p class="ms-rteElement-P">$ </p></td> <td><p class="ms-rteElement-P">166,095 </p></td> <td></td> <td><p class="ms-rteElement-P">$ </p></td> <td><p class="ms-rteElement-P">352,338 </p></td> <td></td> <td><p class="ms-rteElement-P">$ </p></td> <td><p class="ms-rteElement-P">279,139 </p></td></tr></tbody></table> <p class="ms-rteElement-P">__________________________ </p> <p class="ms-rteElement-P">(1) Includes EBITDA related to discontinued operations of $0.8 million and $1.9 million for the three and six months ended June 30, 2011, respectively. </p> <table class="bwtablemarginb" cellspacing="0"><tbody><tr><td></td> <td><p class="ms-rteElement-P"> </p></td> <td colspan="3"></td> <td><p class="ms-rteElement-P"> </p></td> <td colspan="3"></td></tr> <tr><td colspan="9"><p class="ms-rteElement-P">CBRE GROUP, INC. </p></td></tr> <tr><td colspan="9"><p class="ms-rteElement-P">SEGMENT RESULTS </p></td></tr> <tr><td colspan="9"><p class="ms-rteElement-P">FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2012 AND 2011 </p></td></tr> <tr><td colspan="9"><p class="ms-rteElement-P">(Dollars in thousands) </p></td></tr> <tr><td colspan="9"><p class="ms-rteElement-P">(Unaudited) </p></td></tr> <tr><td></td> <td></td> <td colspan="3"></td> <td></td> <td colspan="3"><p class="ms-rteElement-P"> </p></td></tr> <tr><td></td> <td></td> <td class="bwpadl0 bwvertalignt bwalignc bwsinglebottom" colspan="3"><p class="ms-rteElement-P">Three Months Ended </p> <p class="ms-rteElement-P">June 30, </p></td> <td></td> <td class="bwpadl0 bwvertalignt bwalignc bwsinglebottom" colspan="3"><p class="ms-rteElement-P">Six Months Ended </p> <p class="ms-rteElement-P">June 30, </p></td></tr> <tr><td></td> <td></td> <td><p class="ms-rteElement-P">2012 </p></td> <td><p class="ms-rteElement-P"> </p></td> <td><p class="ms-rteElement-P">2011 </p></td> <td></td> <td><p class="ms-rteElement-P">2012 </p></td> <td><p class="ms-rteElement-P"> </p></td> <td><p class="ms-rteElement-P">2011 </p></td></tr> <tr><td><p class="ms-rteElement-P"><span>Americas</span> </p></td> <td></td> <td></td> <td></td> <td></td> <td></td> <td></td> <td></td> <td></td></tr> <tr><td><p class="ms-rteElement-P">Revenue </p></td> <td></td> <td><p class="ms-rteElement-P">$ 1,014,193 </p></td> <td></td> <td><p class="ms-rteElement-P">$ 897,828 </p></td> <td></td> <td><p class="ms-rteElement-P">$ 1,859,519 </p></td> <td></td> <td><p class="ms-rteElement-P">$ 1,647,943 </p></td></tr> <tr><td><p class="ms-rteElement-P">Costs and expenses: </p></td> <td></td> <td></td> <td></td> <td></td> <td></td> <td></td> <td></td> <td></td></tr> <tr><td><p class="ms-rteElement-P">Cost of services </p></td> <td></td> <td><p class="ms-rteElement-P">637,624 </p></td> <td></td> <td><p class="ms-rteElement-P">567,338 </p></td> <td class="bwpadl0 bwvertalignb bwalignl"></td> <td><p class="ms-rteElement-P">1,180,024 </p></td> <td></td> <td><p class="ms-rteElement-P">1,044,667 </p></td></tr> <tr><td><p class="ms-rteElement-P">Operating, administrative and other </p></td> <td></td> <td><p class="ms-rteElement-P">229,212 </p></td> <td></td> <td><p class="ms-rteElement-P">217,473 </p></td> <td class="bwpadl0 bwvertalignb bwalignl"></td> <td><p class="ms-rteElement-P">433,049 </p></td> <td></td> <td><p class="ms-rteElement-P">414,890 </p></td></tr> <tr><td><p class="ms-rteElement-P">Depreciation and amortization </p></td> <td></td> <td><p class="ms-rteElement-P">19,485 </p></td> <td></td> <td><p class="ms-rteElement-P">14,831 </p></td> <td class="bwpadl0 bwpadb1 bwvertalignb bwalignl"></td> <td><p class="ms-rteElement-P">37,811 </p></td> <td></td> <td><p class="ms-rteElement-P">27,662 </p></td></tr> <tr><td><p class="ms-rteElement-P">Operating income </p></td> <td></td> <td><p class="ms-rteElement-P">$ 127,872 </p></td> <td></td> <td><p class="ms-rteElement-P">$ 98,186 </p></td> <td class="bwpadl0 bwpadb3 bwvertalignb bwalignl"></td> <td><p class="ms-rteElement-P">$ 208,635 </p></td> <td></td> <td><p class="ms-rteElement-P">$ 160,724 </p></td></tr> <tr><td><p class="ms-rteElement-P">EBITDA </p></td> <td></td> <td><p class="ms-rteElement-P">$ 149,318 </p></td> <td></td> <td><p class="ms-rteElement-P">$ 115,375 </p></td> <td class="bwpadl0 bwpadb3 bwvertalignb bwalignl"></td> <td><p class="ms-rteElement-P">$ 250,555 </p></td> <td></td> <td><p class="ms-rteElement-P">$ 193,503 </p></td></tr> <tr><td></td> <td></td> <td></td> <td></td> <td></td> <td></td> <td></td> <td></td> <td><p class="ms-rteElement-P"> </p></td></tr> <tr><td><p class="ms-rteElement-P"><span>EMEA</span> </p></td> <td></td> <td></td> <td></td> <td></td> <td></td> <td></td> <td></td> <td></td></tr> <tr><td><p class="ms-rteElement-P">Revenue </p></td> <td></td> <td><p class="ms-rteElement-P">$ 248,244 </p></td> <td></td> <td><p class="ms-rteElement-P">$ 261,087 </p></td> <td></td> <td><p class="ms-rteElement-P">$ 445,630 </p></td> <td></td> <td><p class="ms-rteElement-P">$ 466,055 </p></td></tr> <tr><td><p class="ms-rteElement-P">Costs and expenses: </p></td> <td></td> <td></td> <td></td> <td></td> <td class="bwpadl0 bwvertalignb bwalignl"></td> <td></td> <td></td> <td></td></tr> <tr><td><p class="ms-rteElement-P">Cost of services </p></td> <td></td> <td><p class="ms-rteElement-P">145,625 </p></td> <td></td> <td><p class="ms-rteElement-P">155,738 </p></td> <td class="bwpadl0 bwvertalignb bwalignl"></td> <td><p class="ms-rteElement-P">275,757 </p></td> <td></td> <td><p class="ms-rteElement-P">287,011 </p></td></tr> <tr><td><p class="ms-rteElement-P">Operating, administrative and other </p></td> <td></td> <td><p class="ms-rteElement-P">86,823 </p></td> <td></td> <td><p class="ms-rteElement-P">84,195 </p></td> <td class="bwpadl0 bwvertalignb bwalignl"></td> <td><p class="ms-rteElement-P">162,089 </p></td> <td></td> <td><p class="ms-rteElement-P">154,977 </p></td></tr> <tr><td><p class="ms-rteElement-P">Depreciation and amortization </p></td> <td></td> <td><p class="ms-rteElement-P">3,202 </p></td> <td></td> <td><p class="ms-rteElement-P">2,253 </p></td> <td class="bwpadl0 bwpadb1 bwvertalignb bwalignl"></td> <td><p class="ms-rteElement-P">6,493 </p></td> <td></td> <td><p class="ms-rteElement-P">4,515 </p></td></tr> <tr><td><p class="ms-rteElement-P">Operating income </p></td> <td></td> <td><p class="ms-rteElement-P">$ 12,594 </p></td> <td></td> <td><p class="ms-rteElement-P">$ 18,901 </p></td> <td class="bwpadl0 bwpadb3 bwvertalignb bwalignl"></td> <td><p class="ms-rteElement-P">$ 1,291 </p></td> <td></td> <td><p class="ms-rteElement-P">$ 19,552 </p></td></tr> <tr><td><p class="ms-rteElement-P">EBITDA </p></td> <td></td> <td><p class="ms-rteElement-P">$ 15,745 </p></td> <td></td> <td><p class="ms-rteElement-P">$ 21,375 </p></td> <td class="bwpadl0 bwpadb3 bwvertalignb bwalignl"></td> <td><p class="ms-rteElement-P">$ 8,648 </p></td> <td></td> <td><p class="ms-rteElement-P">$ 24,381 </p></td></tr> <tr><td></td> <td></td> <td></td> <td></td> <td></td> <td></td> <td></td> <td></td> <td><p class="ms-rteElement-P"> </p></td></tr> <tr><td><p class="ms-rteElement-P"><span>Asia Pacific</span> </p></td> <td></td> <td></td> <td></td> <td></td> <td></td> <td></td> <td></td> <td></td></tr> <tr><td><p class="ms-rteElement-P">Revenue </p></td> <td></td> <td><p class="ms-rteElement-P">$ 201,245 </p></td> <td></td> <td><p class="ms-rteElement-P">$ 188,546 </p></td> <td></td> <td><p class="ms-rteElement-P">$ 368,446 </p></td> <td></td> <td><p class="ms-rteElement-P">$ 349,046 </p></td></tr> <tr><td><p class="ms-rteElement-P">Costs and expenses: </p></td> <td></td> <td></td> <td></td> <td></td> <td></td> <td></td> <td></td> <td></td></tr> <tr><td><p class="ms-rteElement-P">Cost of services </p></td> <td></td> <td><p class="ms-rteElement-P">124,894 </p></td> <td></td> <td><p class="ms-rteElement-P">116,746 </p></td> <td class="bwpadl0 bwvertalignb bwalignl"></td> <td><p class="ms-rteElement-P">239,918 </p></td> <td></td> <td><p class="ms-rteElement-P">221,899 </p></td></tr> <tr><td><p class="ms-rteElement-P">Operating, administrative and other </p></td> <td></td> <td><p class="ms-rteElement-P">52,817 </p></td> <td></td> <td><p class="ms-rteElement-P">53,862 </p></td> <td class="bwpadl0 bwvertalignb bwalignl"></td> <td><p class="ms-rteElement-P">102,641 </p></td> <td></td> <td><p class="ms-rteElement-P">95,966 </p></td></tr> <tr><td><p class="ms-rteElement-P">Depreciation and amortization </p></td> <td></td> <td><p class="ms-rteElement-P">2,814 </p></td> <td></td> <td><p class="ms-rteElement-P">1,988 </p></td> <td class="bwpadl0 bwpadb1 bwvertalignb bwalignl"></td> <td><p class="ms-rteElement-P">5,553 </p></td> <td></td> <td><p class="ms-rteElement-P">3,971 </p></td></tr> <tr><td><p class="ms-rteElement-P">Operating income </p></td> <td></td> <td><p class="ms-rteElement-P">$ 20,720 </p></td> <td></td> <td><p class="ms-rteElement-P">$ 15,950 </p></td> <td class="bwpadl0 bwpadb3 bwvertalignb bwalignl"></td> <td><p class="ms-rteElement-P">$ 20,334 </p></td> <td></td> <td><p class="ms-rteElement-P">$ 27,210 </p></td></tr> <tr><td><p class="ms-rteElement-P">EBITDA </p></td> <td></td> <td><p class="ms-rteElement-P">$ 23,316 </p></td> <td></td> <td><p class="ms-rteElement-P">$ 17,437 </p></td> <td class="bwpadl0 bwpadb3 bwvertalignb bwalignl"></td> <td><p class="ms-rteElement-P">$ 25,599 </p></td> <td></td> <td><p class="ms-rteElement-P">$ 29,879 </p></td></tr> <tr><td></td> <td></td> <td></td> <td></td> <td></td> <td></td> <td></td> <td></td> <td><p class="ms-rteElement-P"> </p></td></tr> <tr><td><p class="ms-rteElement-P"><span>Global Investment Management</span> </p></td> <td></td> <td></td> <td></td> <td></td> <td></td> <td></td> <td></td> <td></td></tr> <tr><td><p class="ms-rteElement-P">Revenue </p></td> <td></td> <td><p class="ms-rteElement-P">$ 119,674 </p></td> <td></td> <td><p class="ms-rteElement-P">$ 57,554 </p></td> <td></td> <td><p class="ms-rteElement-P">$ 244,874 </p></td> <td></td> <td><p class="ms-rteElement-P">$ 107,876 </p></td></tr> <tr><td><p class="ms-rteElement-P">Costs and expenses: </p></td> <td></td> <td></td> <td></td> <td></td> <td class="bwpadl0 bwvertalignb bwalignl"></td> <td></td> <td></td> <td></td></tr> <tr><td><p class="ms-rteElement-P">Operating, administrative and other </p></td> <td></td> <td><p class="ms-rteElement-P">96,719 </p></td> <td></td> <td><p class="ms-rteElement-P">57,942 </p></td> <td class="bwpadl0 bwvertalignb bwalignl"></td> <td><p class="ms-rteElement-P">191,294 </p></td> <td></td> <td><p class="ms-rteElement-P">103,498 </p></td></tr> <tr><td><p class="ms-rteElement-P">Depreciation and amortization </p></td> <td></td> <td><p class="ms-rteElement-P">10,054 </p></td> <td></td> <td><p class="ms-rteElement-P">3,171 </p></td> <td class="bwpadl0 bwpadb1 bwvertalignb bwalignl"></td> <td><p class="ms-rteElement-P">29,279 </p></td> <td></td> <td><p class="ms-rteElement-P">6,666 </p></td></tr> <tr><td><p class="ms-rteElement-P">Operating income (loss) </p></td> <td></td> <td><p class="ms-rteElement-P">$ 12,901 </p></td> <td></td> <td><p class="ms-rteElement-P">$ (3,559) </p></td> <td class="bwpadl0 bwpadb3 bwvertalignb bwalignl"></td> <td><p class="ms-rteElement-P">$ 24,301 </p></td> <td></td> <td><p class="ms-rteElement-P">$ (2,288) </p></td></tr> <tr><td><p class="ms-rteElement-P">EBITDA(1) </p></td> <td></td> <td><p class="ms-rteElement-P">$ 20,674 </p></td> <td></td> <td><p class="ms-rteElement-P">$ 2,470 </p></td> <td class="bwpadl0 bwpadb3 bwvertalignb bwalignl"></td> <td><p class="ms-rteElement-P">$ 55,267 </p></td> <td></td> <td><p class="ms-rteElement-P">$ 8,460 </p></td></tr> <tr><td></td> <td></td> <td></td> <td></td> <td></td> <td></td> <td></td> <td></td> <td><p class="ms-rteElement-P"> </p></td></tr> <tr><td><p class="ms-rteElement-P"><span>Development Services</span> </p></td> <td></td> <td></td> <td></td> <td></td> <td></td> <td></td> <td></td> <td></td></tr> <tr><td><p class="ms-rteElement-P">Revenue </p></td> <td></td> <td><p class="ms-rteElement-P">$ 17,761 </p></td> <td></td> <td><p class="ms-rteElement-P">$ 17,203 </p></td> <td></td> <td><p class="ms-rteElement-P">$ 32,637 </p></td> <td></td> <td><p class="ms-rteElement-P">$ 36,403 </p></td></tr> <tr><td><p class="ms-rteElement-P">Costs and expenses: </p></td> <td></td> <td></td> <td></td> <td></td> <td class="bwpadl0 bwvertalignb bwalignr"></td> <td></td> <td></td> <td class="bwpadl0 bwvertalignb bwalignr"></td></tr> <tr><td><p class="ms-rteElement-P">Operating, administrative and other </p></td> <td></td> <td><p class="ms-rteElement-P">16,806 </p></td> <td></td> <td><p class="ms-rteElement-P">19,384 </p></td> <td class="bwpadl0 bwvertalignb bwalignr"></td> <td><p class="ms-rteElement-P">34,026 </p></td> <td></td> <td><p class="ms-rteElement-P">40,550 </p></td></tr> <tr><td><p class="ms-rteElement-P">Depreciation and amortization </p></td> <td></td> <td><p class="ms-rteElement-P">2,781 </p></td> <td></td> <td><p class="ms-rteElement-P">3,142 </p></td> <td class="bwpadl0 bwvertalignb bwalignr"></td> <td><p class="ms-rteElement-P">5,657 </p></td> <td></td> <td><p class="ms-rteElement-P">5,749 </p></td></tr> <tr><td><p class="ms-rteElement-P">Gain on disposition of real estate </p></td> <td></td> <td><p class="ms-rteElement-P">439 </p></td> <td></td> <td><p class="ms-rteElement-P">6,027 </p></td> <td></td> <td><p class="ms-rteElement-P">1,248 </p></td> <td></td> <td><p class="ms-rteElement-P">7,999 </p></td></tr> <tr><td><p class="ms-rteElement-P">Operating (loss) income </p></td> <td></td> <td><p class="ms-rteElement-P">$ (1,387) </p></td> <td></td> <td><p class="ms-rteElement-P">$ 704 </p></td> <td class="bwpadl0 bwpadb3 bwvertalignb bwalignl"></td> <td><p class="ms-rteElement-P">$ (5,798) </p></td> <td><p class="ms-rteElement-P"> </p></td> <td><p class="ms-rteElement-P">$ (1,897) </p></td></tr> <tr><td><p class="ms-rteElement-P">EBITDA </p></td> <td></td> <td><p class="ms-rteElement-P">$ 2,762 </p></td> <td></td> <td><p class="ms-rteElement-P">$ 9,438 </p></td> <td><p class="ms-rteElement-P"> </p></td> <td><p class="ms-rteElement-P">$ 12,269 </p></td> <td></td> <td><p class="ms-rteElement-P">$ 22,916 </p></td></tr></tbody></table> <p class="ms-rteElement-P">_________________________ </p> <p class="ms-rteElement-P">(1) Includes EBITDA related to discontinued operations of $0.8 million and $1.9 million for the three and six months ended June 30, 2011, respectively. </p> <p class="ms-rteElement-P"><span>Non-GAAP Financial Measures</span> </p> <p class="ms-rteElement-P">The following measures are considered “non-GAAP financial measures” under SEC guidelines: </p> <p class="ms-rteElement-P">(i) Net income attributable to CBRE Group, Inc., as adjusted for selected charges </p> <p class="ms-rteElement-P">(ii) Diluted income per share attributable to CBRE Group, Inc, as adjusted for selected charges </p> <p class="ms-rteElement-P">(iii) EBITDA and EBITDA, as adjusted for selected charges </p> <p class="ms-rteElement-P">The Company believes that these non-GAAP financial measures provide a more complete understanding of ongoing operations and enhance comparability of current results to prior periods as well as presenting the effects of selected charges in all periods presented. The Company believes that investors may find it useful to see these non-GAAP financial measures to analyze financial performance without the impact of selected charges that may obscure trends in the underlying performance of its business. </p> <p class="ms-rteElement-P">Net income attributable to CBRE Group, Inc., as adjusted for selected charges and diluted net income per share attributable to CBRE Group, Inc. shareholders, as adjusted for selected charges are calculated as follows (dollars in thousands, except per share data): </p> <table class="bwtablemarginb" cellspacing="0"><tbody><tr><td></td> <td><p class="ms-rteElement-P"> </p></td> <td class="bwpadl0 bwvertalignt bwalignc bwsinglebottom" colspan="5"><p class="ms-rteElement-P">Three Months Ended </p> <p class="ms-rteElement-P">June 30, </p></td> <td><p class="ms-rteElement-P"> </p></td> <td class="bwpadl0 bwvertalignt bwalignc bwsinglebottom" colspan="5"><p class="ms-rteElement-P">Six Months Ended </p> <p class="ms-rteElement-P">June 30, </p></td></tr> <tr><td></td> <td></td> <td><p class="ms-rteElement-P"> </p></td> <td><p class="ms-rteElement-P">2012 </p></td> <td><p class="ms-rteElement-P"> </p></td> <td><p class="ms-rteElement-P"> </p></td> <td><p class="ms-rteElement-P">2011 </p></td> <td></td> <td><p class="ms-rteElement-P"> </p></td> <td><p class="ms-rteElement-P">2012 </p></td> <td><p class="ms-rteElement-P"> </p></td> <td><p class="ms-rteElement-P"> </p></td> <td><p class="ms-rteElement-P">2011 </p></td></tr> <tr><td></td> <td></td> <td colspan="2"></td> <td></td> <td colspan="2"></td> <td></td> <td colspan="2"></td> <td></td> <td colspan="2"><p class="ms-rteElement-P"> </p></td></tr> <tr><td><p class="ms-rteElement-P">Net income attributable to CBRE Group, Inc. </p></td> <td></td> <td><p class="ms-rteElement-P">$ </p></td> <td><p class="ms-rteElement-P">75,873 </p></td> <td></td> <td><p class="ms-rteElement-P">$ </p></td> <td><p class="ms-rteElement-P">61,223 </p></td> <td></td> <td><p class="ms-rteElement-P">$ </p></td> <td><p class="ms-rteElement-P">102,848 </p></td> <td></td> <td><p class="ms-rteElement-P">$ </p></td> <td><p class="ms-rteElement-P">95,592 </p></td></tr> <tr><td><p class="ms-rteElement-P">Integration and other costs related to acquisitions, net of tax </p></td> <td></td> <td></td> <td><p class="ms-rteElement-P">7,254 </p></td> <td></td> <td></td> <td><p class="ms-rteElement-P">3,910 </p></td> <td></td> <td></td> <td><p class="ms-rteElement-P">14,737 </p></td> <td></td> <td></td> <td><p class="ms-rteElement-P">8,379 </p></td></tr> <tr><td><p class="ms-rteElement-P">Amortization expense related to ING REIM and TCC incentive fees and customer relationships acquired, net of tax </p></td> <td></td> <td><p class="ms-rteElement-P"> </p></td> <td><p class="ms-rteElement-P">4,906 </p></td> <td></td> <td><p class="ms-rteElement-P"> </p></td> <td><p class="ms-rteElement-P">1,840 </p></td> <td></td> <td><p class="ms-rteElement-P"> </p></td> <td><p class="ms-rteElement-P">16,361 </p></td> <td></td> <td><p class="ms-rteElement-P"> </p></td> <td><p class="ms-rteElement-P">3,604 </p></td></tr> <tr><td><p class="ms-rteElement-P">Net income attributable to CBRE Group, Inc., as adjusted </p></td> <td></td> <td><p class="ms-rteElement-P">$ </p></td> <td><p class="ms-rteElement-P">88,033 </p></td> <td></td> <td><p class="ms-rteElement-P">$ </p></td> <td><p class="ms-rteElement-P">66,973 </p></td> <td></td> <td><p class="ms-rteElement-P">$ </p></td> <td><p class="ms-rteElement-P">133,946 </p></td> <td></td> <td><p class="ms-rteElement-P">$ </p></td> <td><p class="ms-rteElement-P">107,575 </p></td></tr> <tr><td></td> <td></td> <td colspan="2"></td> <td></td> <td colspan="2"></td> <td></td> <td colspan="2"></td> <td></td> <td colspan="2"><p class="ms-rteElement-P"> </p></td></tr> <tr><td><p class="ms-rteElement-P">Diluted income per share attributable to CBRE Group, Inc. shareholders, as adjusted </p></td> <td></td> <td><p class="ms-rteElement-P">$ </p></td> <td><p class="ms-rteElement-P">0.27 </p></td> <td></td> <td><p class="ms-rteElement-P">$ </p></td> <td><p class="ms-rteElement-P">0.21 </p></td> <td></td> <td><p class="ms-rteElement-P">$ </p></td> <td><p class="ms-rteElement-P">0.41 </p></td> <td></td> <td><p class="ms-rteElement-P">$ </p></td> <td><p class="ms-rteElement-P">0.33 </p></td></tr> <tr><td></td> <td></td> <td colspan="2"></td> <td></td> <td colspan="2"></td> <td></td> <td colspan="2"></td> <td></td> <td colspan="2"><p class="ms-rteElement-P"> </p></td></tr> <tr><td class="bwpadl0 bwpadb3 bwvertalignt bwalignl"><p class="ms-rteElement-P">Weighted average shares outstanding for </p> <p class="ms-rteElement-P">diluted income per share </p></td> <td></td> <td><p class="ms-rteElement-P"> </p></td> <td><p class="ms-rteElement-P">326,081,681 </p></td> <td></td> <td><p class="ms-rteElement-P"> </p></td> <td><p class="ms-rteElement-P">324,093,042 </p></td> <td></td> <td><p class="ms-rteElement-P"> </p></td> <td><p class="ms-rteElement-P">325,910,274 </p></td> <td></td> <td><p class="ms-rteElement-P"> </p></td> <td><p class="ms-rteElement-P">323,510,069 </p></td></tr> <tr><td></td> <td></td> <td colspan="2"></td> <td></td> <td colspan="2"></td> <td></td> <td colspan="2"></td> <td></td> <td colspan="2"><p class="ms-rteElement-P"> </p></td></tr> <tr><td colspan="13"><p class="ms-rteElement-P">EBITDA and EBITDA, as adjusted for selected charges are calculated as follow (dollars in thousands): </p></td></tr> <tr><td></td> <td></td> <td colspan="2"></td> <td></td> <td colspan="2"></td> <td></td> <td colspan="2"></td> <td></td> <td colspan="2"><p class="ms-rteElement-P"> </p></td></tr> <tr><td></td> <td></td> <td class="bwpadl0 bwvertalignt bwalignc bwsinglebottom" colspan="5"><p class="ms-rteElement-P">Three Months Ended </p> <p class="ms-rteElement-P">June 30, </p></td> <td></td> <td class="bwpadl0 bwvertalignt bwalignc bwsinglebottom" colspan="5"><p class="ms-rteElement-P">Six Months Ended </p> <p class="ms-rteElement-P">June 30, </p></td></tr> <tr><td></td> <td></td> <td><p class="ms-rteElement-P"> </p></td> <td><p class="ms-rteElement-P">2012 </p></td> <td></td> <td><p class="ms-rteElement-P"> </p></td> <td><p class="ms-rteElement-P">2011 </p></td> <td></td> <td><p class="ms-rteElement-P"> </p></td> <td><p class="ms-rteElement-P">2012 </p></td> <td></td> <td><p class="ms-rteElement-P"> </p></td> <td><p class="ms-rteElement-P">2011 </p></td></tr> <tr><td></td> <td></td> <td colspan="2"></td> <td></td> <td colspan="2"></td> <td></td> <td colspan="2"></td> <td></td> <td colspan="2"><p class="ms-rteElement-P"> </p></td></tr> <tr><td><p class="ms-rteElement-P">Net income attributable to CBRE Group, Inc. </p></td> <td></td> <td><p class="ms-rteElement-P">$ </p></td> <td><p class="ms-rteElement-P">75,873 </p></td> <td></td> <td><p class="ms-rteElement-P">$ </p></td> <td><p class="ms-rteElement-P">61,223 </p></td> <td></td> <td><p class="ms-rteElement-P">$ </p></td> <td><p class="ms-rteElement-P">102,848 </p></td> <td></td> <td><p class="ms-rteElement-P">$ </p></td> <td><p class="ms-rteElement-P">95,592 </p></td></tr> <tr><td><p class="ms-rteElement-P">Add: </p></td> <td></td> <td colspan="2"></td> <td></td> <td colspan="2"></td> <td></td> <td colspan="2"></td> <td></td> <td colspan="2"></td></tr> <tr><td><p class="ms-rteElement-P">Depreciation and amortization(1) </p></td> <td></td> <td></td> <td><p class="ms-rteElement-P">38,336 </p></td> <td></td> <td></td> <td><p class="ms-rteElement-P">25,619 </p></td> <td></td> <td></td> <td><p class="ms-rteElement-P">84,793 </p></td> <td></td> <td></td> <td><p class="ms-rteElement-P">49,088 </p></td></tr> <tr><td><p class="ms-rteElement-P">Interest expense(2) </p></td> <td></td> <td></td> <td><p class="ms-rteElement-P">44,411 </p></td> <td></td> <td></td> <td><p class="ms-rteElement-P">34,819 </p></td> <td></td> <td></td> <td><p class="ms-rteElement-P">88,392 </p></td> <td></td> <td></td> <td><p class="ms-rteElement-P">69,287 </p></td></tr> <tr><td><p class="ms-rteElement-P">Provision for income taxes </p></td> <td></td> <td></td> <td><p class="ms-rteElement-P">54,780 </p></td> <td></td> <td></td> <td><p class="ms-rteElement-P">46,336 </p></td> <td></td> <td></td> <td><p class="ms-rteElement-P">80,193 </p></td> <td></td> <td></td> <td><p class="ms-rteElement-P">69,742 </p></td></tr> <tr><td><p class="ms-rteElement-P">Less: </p></td> <td></td> <td colspan="2"></td> <td></td> <td colspan="2"></td> <td></td> <td colspan="2"></td> <td></td> <td colspan="2"></td></tr> <tr><td><p class="ms-rteElement-P">Interest income </p></td> <td></td> <td><p class="ms-rteElement-P"> </p></td> <td><p class="ms-rteElement-P">1,585 </p></td> <td></td> <td><p class="ms-rteElement-P"> </p></td> <td><p class="ms-rteElement-P">1,902 </p></td> <td></td> <td><p class="ms-rteElement-P"> </p></td> <td><p class="ms-rteElement-P">3,888 </p></td> <td></td> <td><p class="ms-rteElement-P"> </p></td> <td><p class="ms-rteElement-P">4,570 </p></td></tr> <tr><td></td> <td></td> <td colspan="2"></td> <td></td> <td colspan="2"></td> <td></td> <td colspan="2"></td> <td></td> <td colspan="2"><p class="ms-rteElement-P"> </p></td></tr> <tr><td><p class="ms-rteElement-P">EBITDA(3) </p></td> <td></td> <td><p class="ms-rteElement-P">$ </p></td> <td><p class="ms-rteElement-P">211,815 </p></td> <td></td> <td><p class="ms-rteElement-P">$ </p></td> <td><p class="ms-rteElement-P">166,095 </p></td> <td></td> <td><p class="ms-rteElement-P">$ </p></td> <td><p class="ms-rteElement-P">352,338 </p></td> <td></td> <td><p class="ms-rteElement-P">$ </p></td> <td><p class="ms-rteElement-P">279,139 </p></td></tr> <tr><td></td> <td></td> <td colspan="2"></td> <td></td> <td colspan="2"></td> <td></td> <td colspan="2"></td> <td></td> <td colspan="2"><p class="ms-rteElement-P"> </p></td></tr> <tr><td><p class="ms-rteElement-P">Adjustments: </p></td> <td></td> <td colspan="2"></td> <td></td> <td colspan="2"></td> <td></td> <td colspan="2"></td> <td></td> <td colspan="2"></td></tr> <tr><td><p class="ms-rteElement-P">Integration and other costs related to acquisitions </p></td> <td></td> <td><p class="ms-rteElement-P"> </p></td> <td><p class="ms-rteElement-P">9,133 </p></td> <td></td> <td><p class="ms-rteElement-P"> </p></td> <td><p class="ms-rteElement-P">6,272 </p></td> <td></td> <td><p class="ms-rteElement-P"> </p></td> <td><p class="ms-rteElement-P">19,098 </p></td> <td></td> <td><p class="ms-rteElement-P"> </p></td> <td><p class="ms-rteElement-P">13,783 </p></td></tr> <tr><td></td> <td></td> <td colspan="2"></td> <td></td> <td colspan="2"></td> <td></td> <td colspan="2"></td> <td></td> <td colspan="2"><p class="ms-rteElement-P"> </p></td></tr> <tr><td><p class="ms-rteElement-P">EBITDA, as adjusted (3) </p></td> <td></td> <td><p class="ms-rteElement-P">$ </p></td> <td><p class="ms-rteElement-P">220,948 </p></td> <td></td> <td><p class="ms-rteElement-P">$ </p></td> <td><p class="ms-rteElement-P">172,367 </p></td> <td></td> <td><p class="ms-rteElement-P">$ </p></td> <td><p class="ms-rteElement-P">371,436 </p></td> <td></td> <td><p class="ms-rteElement-P">$ </p></td> <td><p class="ms-rteElement-P">292,922 </p></td></tr></tbody></table> <p class="ms-rteElement-P">_________________________ </p> <div><p class="ms-rteElement-P">(1) Includes depreciation and amortization related to discontinued operations of $0.2 million and $0.5 million for the three and six months ended June 30, 2011, respectively.</p> <p class="ms-rteElement-P">(2) Includes interest expense related to discontinued operations of $0.6 million and $1.4 million for the three and six months ended June 30, 2011, respectively.</p> <p class="ms-rteElement-P">(3) Includes EBITDA related to discontinued operations of $0.8 million and $1.9 million for the three and six months ended June 30, 2011, respectively. </p></div> <p class="ms-rteElement-P">EBITDA and EBITDA, as adjusted for selected charges for segments are calculated as follows (dollars in thousands): </p> <table class="bwtablemarginb" cellspacing="0"><tbody><tr><td></td> <td><p class="ms-rteElement-P"> </p></td> <td class="bwpadl0 bwvertalignm bwalignc bwsinglebottom" colspan="7"><p class="ms-rteElement-P">Three Months Ended </p> <p class="ms-rteElement-P">June 30, </p></td> <td><p class="ms-rteElement-P"> </p></td> <td class="bwpadl0 bwvertalignm bwalignc bwsinglebottom" colspan="7"><p class="ms-rteElement-P">Six Months Ended </p> <p class="ms-rteElement-P">June 30, </p></td></tr> <tr><td></td> <td></td> <td><p class="ms-rteElement-P"> </p></td> <td><p class="ms-rteElement-P">2012 </p></td> <td><p class="ms-rteElement-P"> </p></td> <td><p class="ms-rteElement-P"> </p></td> <td><p class="ms-rteElement-P"> </p></td> <td><p class="ms-rteElement-P">2011 </p></td> <td><p class="ms-rteElement-P"> </p></td> <td></td> <td><p class="ms-rteElement-P"> </p></td> <td><p class="ms-rteElement-P">2012 </p></td> <td><p class="ms-rteElement-P"> </p></td> <td><p class="ms-rteElement-P"> </p></td> <td><p class="ms-rteElement-P"> </p></td> <td><p class="ms-rteElement-P">2011 </p></td> <td><p class="ms-rteElement-P"> </p></td></tr> <tr><td><p class="ms-rteElement-P"><span>Americas</span> </p></td> <td></td> <td colspan="3"></td> <td></td> <td colspan="3"></td> <td></td> <td colspan="3"></td> <td></td> <td colspan="3"></td></tr> <tr><td><p class="ms-rteElement-P">Net income attributable to CBRE Group, Inc. </p></td> <td></td> <td><p class="ms-rteElement-P">$ </p></td> <td><p class="ms-rteElement-P">60,664 </p></td> <td></td> <td></td> <td><p class="ms-rteElement-P">$ </p></td> <td><p class="ms-rteElement-P">52,015 </p></td> <td></td> <td></td> <td><p class="ms-rteElement-P">$ </p></td> <td><p class="ms-rteElement-P">94,231 </p></td> <td></td> <td></td> <td><p class="ms-rteElement-P">$ </p></td> <td><p class="ms-rteElement-P">81,524 </p></td> <td></td></tr> <tr><td><p class="ms-rteElement-P">Add: </p></td> <td></td> <td colspan="3"></td> <td></td> <td colspan="3"></td> <td></td> <td colspan="3"></td> <td></td> <td colspan="3"></td></tr> <tr><td><p class="ms-rteElement-P">Depreciation and amortization </p></td> <td></td> <td></td> <td><p class="ms-rteElement-P">19,485 </p></td> <td></td> <td></td> <td></td> <td><p class="ms-rteElement-P">14,831 </p></td> <td></td> <td></td> <td></td> <td><p class="ms-rteElement-P">37,811 </p></td> <td></td> <td></td> <td></td> <td><p class="ms-rteElement-P">27,662 </p></td> <td></td></tr> <tr><td><p class="ms-rteElement-P">Interest expense </p></td> <td></td> <td></td> <td><p class="ms-rteElement-P">35,363 </p></td> <td></td> <td></td> <td></td> <td><p class="ms-rteElement-P">25,740 </p></td> <td></td> <td></td> <td></td> <td><p class="ms-rteElement-P">70,964 </p></td> <td></td> <td></td> <td></td> <td><p class="ms-rteElement-P">51,572 </p></td> <td></td></tr> <tr><td><p class="ms-rteElement-P">Royalty and management service income </p></td> <td></td> <td></td> <td><p class="ms-rteElement-P">(7,241 </p></td> <td><p class="ms-rteElement-P">) </p></td> <td></td> <td></td> <td><p class="ms-rteElement-P">(6,895 </p></td> <td><p class="ms-rteElement-P">) </p></td> <td></td> <td></td> <td><p class="ms-rteElement-P">(13,858 </p></td> <td><p class="ms-rteElement-P">) </p></td> <td></td> <td></td> <td><p class="ms-rteElement-P">(13,515 </p><