See accompanying report of independent registered public accounting firm.

CBRE Group, Inc.

SCHEDULE III—REAL ESTATE INVESTMENTS AND ACCUMULATED DEPRECIATION

December 31, 2013

(Dollars in thousands)


			Initial Cost									Balance at December 31, 2013
Description	Related Encumbrances		Land		Buildings and Improvements		Other		Costs Subsequent to Acquisition			Land		Buildings and Improvements		Other		Total(A), (B),(C)		Accumulated Depreciation (A), (D)			Depreciable Lives in Years (D)		Date of Construction		Date Acquired
REAL ESTATE UNDER DEVELOPMENT (CURRENT)
Mixed Use (Multi-family/Retail)
Union at Carrollton Square, Carrollton, TX		19,470		—		—		—		19,133			667		18,466		—		19,133		—			—		2012		2011

REAL ESTATE UNDER DEVELOPMENT (NON-CURRENT)
Land
105 Commerce, Hazel Township, PA		—		610		—		—		212			822		—		—		822		—			—		N/A		2011

REAL ESTATE HELD FOR INVESTMENT
Industrial
MROTC, Oklahoma City, OK		8,932		3,223		3,347		—		2,885			4,274		4,927		254		9,455		(3,193	)		39		2006		2006
MROTC Steel Hangers, Oklahoma City, OK		10,612		—		2,470		740		10,273			—		13,483		—		13,483		(4,869	)		39		2006		2006
Land
150 Beachview, Jekyll Island, GA		—		—		—		2,900		(566	)		80		—		2,254		2,334		—			—		N/A		2009
Arrowood, Charlotte, NC		—		321		—		—		(321	)		—		—		—		—		—			—		N/A		2006
Buccaneer, Jekyll Island, GA		—		—		—		9,600		(6,730	)		72		—		2,798		2,870		—			—		N/A		2009
Centre Point Commons, Bradenton, FL		—		383		—		—		(3	)		380		—		—		380		—			—		N/A		2006
CG Sunland, Phoenix, AZ		—		1,472		—		—		176			1,648		—		—		1,648		—			—		N/A		2006
Fairway Centre, Pasadena, TX		—		50		—		—		334			384		—		—		384		—			—		N/A		2006
Lakeline Retail, Cedar Park, TX		—		5		—		—		—			5		—		—		5		—			—		N/A		2006
SA Crossroads II, San Antonio, TX		—		2,131		—		—		(1,530	)		601		—		—		601		—			—		N/A		2006
Sierra Corporate Center, Reno, NV		—		2,056		—		—		(998	)		1,058		—		—		1,058		—			—		N/A		2006
TCEP, Austin, TX		—		1,456		—		—		41			1,497		—		—		1,497		—			—		N/A		2008
Mixed-Use (Multi-family/Residential)
Tranquility Lake, Pearland, TX (E)		17,927		3,510		17,490		—		—			3,510		17,490		—		21,000		(2,956	)		30		2003		2010
San Miguel, San Antonio, TX (E)		23,758		2,145		23,205		—		400			2,145		23,605		—		25,750		(3,916	)		30		2004		2010
Office
814 Commerce, Oak Brook, IL		21,653		4,784		8,217		—		2,517			3,299		12,219		—		15,518		(2,409	)		39		1972		2007
Cascade Station Office II, Portland, OR		6,145		1,233		282		—		7,357			1,886		6,986		—		8,872		(2,063	)		39		2008		2007
Meriden—530 Preston Avenue, Meriden, CT		5,282		1,194		4,271		698		840			1,148		5,830		25		7,003		(1,589	)		39		1986		2008
Meriden—538 Preston Avenue, Meriden, CT		6,843		1,079		4,837		1,292		1,217			1,264		7,142		19		8,425		(1,966	)		39		1989		2008
Retail
Westlake Crossing, Humble, TX		9,850		2,834		—		—		7,439			3,415		6,858		—		10,273		(596	)		39		2009		2006

Total		130,472	$	28,486	$	64,119	$	15,230	$	42,676		$	28,155	$	117,006	$	5,350	$	150,511	$	(23,557	)

(A)	Includes costs and depreciation subsequent to December 20, 2006, the date we acquired Trammell Crow Company.

(B)	The aggregate cost for Federal Income Tax purposes is $169.3 million.

(C)

Reflects write downs for impairments of real estate and provisions for loss on real estate held for sale totaling $14.7 million on assets we own at December 31, 2013. These charges were recorded in 2008 through 2012 as a result of capital market turmoil and weak real estate fundamentals in the United States.

(D)	Land, real estate under development and real estate held for sale are not depreciated.

(E)

In December 2009, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) 2009-17, “Consolidations (Topic 810): Improvements to Financial Reporting by Enterprises Involved with Variable Interest Entities.” We adopted this ASU effective January 1, 2010 and as a result, we began consolidating certain variable interest entities (eight commercial properties) that were not previously consolidated by us. As of December 31, 2013, two such properties remain on our books. See Note 4 of the Notes to Consolidated Financial Statements.

CBRE Group, Inc.

NOTE TO SCHEDULE III—REAL ESTATE INVESTMENTS AND ACCUMULATED DEPRECIATION

DECEMBER 31, 2013

(Dollars in thousands)

Changes in real estate investments and accumulated depreciation for the year ended December 31 were as follows:


	Total
	2013			2012
Real estate investments:
Balance at beginning of year	$	412,061		$	500,824
Additions and improvements		31,035			43,885
Dispositions		(292,099	)		(104,454	)
Other adjustments (1)		(486	)		(28,194	)

Balance at end of year		$150,511			$412,061

Accumulated depreciation:
Balance at beginning of year		($32,878	)		($40,724	)
Depreciation expense		(6,445	)		(13,470	)
Dispositions		15,766			21,316

Balance at end of year		($23,557	)		($32,878	)

(1)	Includes impairment charges and amortization of lease intangibles and tenant origination costs.