Guarantor and Nonguarantor Financial Statements (Tables)

12 Months Ended

Dec. 31, 2014

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Condensed Consolidating Balance Sheet

CONDENSED CONSOLIDATING BALANCE SHEET AS OF DECEMBER 31, 2014 (Dollars in thousands)
	Parent		CBRE		Guarantor Subsidiaries		Nonguarantor Subsidiaries		Elimination			Consolidated Total
Current Assets:
Cash and cash equivalents	$	5	$	18,262	$	374,103	$	348,514	$	—		$	740,884
Restricted cash		—		—		630		27,460		—			28,090
Receivables, net		—		—		605,044		1,131,185		—			1,736,229
Warehouse receivables (a)		—		—		339,921		166,373		—			506,294
Trading securities		—		—		115		62,689		—			62,804
Income taxes receivable		19,443		—		—		10,603		(17,337	)		12,709
Prepaid expenses		—		—		62,902		79,817		—			142,719
Deferred tax assets, net		—		—		140,761		65,105		—			205,866
Real estate and other assets held for sale		—		—		—		3,845		—			3,845
Available for sale securities		—		—		663		—		—			663
Other current assets		—		1,185		50,429		32,787		—			84,401
Total Current Assets		19,448		19,447		1,574,568		1,928,378		(17,337	)		3,524,504
Property and equipment, net		—		—		361,899		136,027		—			497,926
Goodwill		—		—		1,196,418		1,137,403		—			2,333,821
Other intangible assets, net		—		—		493,058		309,302		—			802,360
Investments in unconsolidated subsidiaries		—		—		173,738		44,542		—			218,280
Investments in consolidated subsidiaries		3,019,410		2,433,913		914,895		—		(6,368,218	)		—
Intercompany loan receivable		—		2,453,215		700,000		—		(3,153,215	)		—
Real estate under development		—		—		828		3,802		—			4,630
Real estate held for investment		—		—		6,814		30,315		—			37,129
Available for sale securities		—		—		57,714		1,798		—			59,512
Other assets, net		—		33,581		98,139		37,223		—			168,943
Total Assets	$	3,038,858	$	4,940,156	$	5,578,071	$	3,628,790	$	(9,538,770	)	$	7,647,105
Current Liabilities:
Accounts payable and accrued expenses	$	—	$	19,541	$	257,591	$	550,398	$	—		$	827,530
Compensation and employee benefits payable		—		626		346,663		276,525		—			623,814
Accrued bonus and profit sharing		—		—		425,329		363,529		—			788,858
Income taxes payable		—		—		17,337		—		(17,337	)		—
Short-term borrowings:
Warehouse lines of credit (a)		—		—		337,184		164,001		—			501,185
Revolving credit facility		—		—		—		4,840		—			4,840
Other		—		—		16		9		—			25
Total short-term borrowings		—		—		337,200		168,850		—			506,050
Current maturities of long-term debt		—		39,650		2,734		23		—			42,407
Notes payable on real estate		—		—		—		23,229		—			23,229
Other current liabilities		—		1,258		58,357		4,131		—			63,746
Total Current Liabilities		—		61,075		1,445,211		1,386,685		(17,337	)		2,875,634
Long-Term Debt:
5.00% senior notes		—		800,000		—		—		—			800,000
Senior secured term loans		—		605,963		—		—		—			605,963
5.25% senior notes		—		426,813		—		—		—			426,813
Other long-term debt		—		—		—		26		—			26
Intercompany loan payable		779,028		—		1,350,424		1,023,763		(3,153,215	)		—
Total Long-Term Debt		779,028		1,832,776		1,350,424		1,023,789		(3,153,215	)		1,832,802
Notes payable on real estate		—		—		—		19,614		—			19,614
Deferred tax liabilities, net		—		—		87,486		61,747		—			149,233
Non-current tax liabilities		—		—		45,936		67		—			46,003
Pension liability		—		—		—		92,923		—			92,923
Other liabilities		—		26,895		215,101		87,502		—			329,498
Total Liabilities		779,028		1,920,746		3,144,158		2,672,327		(3,170,552	)		5,345,707
Commitments and contingencies		—		—		—		—		—			—
Equity:
CBRE Group, Inc. Stockholders’ Equity		2,259,830		3,019,410		2,433,913		914,895		(6,368,218	)		2,259,830
Non-controlling interests		—		—		—		41,568		—			41,568
Total Equity		2,259,830		3,019,410		2,433,913		956,463		(6,368,218	)		2,301,398
Total Liabilities and Equity	$	3,038,858	$	4,940,156	$	5,578,071	$	3,628,790	$	(9,538,770	)	$	7,647,105

(a) Although CBRE Capital Markets is included among our domestic subsidiaries that jointly and severally guarantee our 5.00% senior notes, 5.25% senior notes and our 2013 Credit Agreement, a substantial majority of warehouse receivables funded under BofA, JP Morgan, Capital One and Fannie Mae ASAP lines of credit are pledged to BofA, JP Morgan, Capital One and Fannie Mae, and accordingly, are not included as collateral for these notes or our other outstanding debt.

CONDENSED CONSOLIDATING BALANCE SHEET

AS OF DECEMBER 31, 2013

(Dollars in thousands)

	Parent		CBRE		Guarantor Subsidiaries		Nonguarantor Subsidiaries		Elimination			Consolidated Total
Current Assets:
Cash and cash equivalents	$	5	$	11,585	$	91,244	$	389,078	$	—		$	491,912
Restricted cash		—		6,871		2,645		51,639		—			61,155
Receivables, net		—		—		487,514		998,975		—			1,486,489
Warehouse receivables (a)		—		—		148,497		233,048		—			381,545
Trading securities		—		—		100		58,342		—			58,442
Income taxes receivable		15,892		18,246		—		28,617		(62,755	)		—
Prepaid expenses		—		—		57,592		67,559		—			125,151
Deferred tax assets, net		—		—		106,721		81,812		—			188,533
Real estate under development		—		—		—		19,133		—			19,133
Other current assets		—		—		34,768		32,684		—			67,452
Total Current Assets		15,897		36,702		929,081		1,960,887		(62,755	)		2,879,812
Property and equipment, net		—		—		329,215		129,381		—			458,596
Goodwill		—		—		1,084,394		1,206,080		—			2,290,474
Other intangible assets, net		—		—		492,357		348,871		—			841,228
Investments in unconsolidated subsidiaries		—		—		136,225		62,471		—			198,696
Investments in consolidated subsidiaries		2,388,905		2,408,755		942,873		—		(5,740,533	)		—
Intercompany loan receivable		—		1,814,112		700,000		—		(2,514,112	)		—
Real estate under development		—		—		822		—		—			822
Real estate held for investment		—		—		1,503		105,496		—			106,999
Available for sale securities		—		—		54,108		2,692		—			56,800
Other assets, net		—		41,724		81,176		42,087		—			164,987
Total Assets	$	2,404,802	$	4,301,293	$	4,751,754	$	3,857,965	$	(8,317,400	)	$	6,998,414
Current Liabilities:
Accounts payable and accrued expenses	$	—	$	18,693	$	161,836	$	636,990	$	—		$	817,519
Compensation and employee benefits payable		—		626		282,756		203,611		—			486,993
Accrued bonus and profit sharing		—		—		308,795		303,319		—			612,114
Income taxes payable		—		—		73,866		—		(62,755	)		11,111
Short-term borrowings:
Warehouse lines of credit (a)		—		—		146,703		227,894		—			374,597
Revolving credit facility		—		28,772		—		113,712		—			142,484
Other		—		—		16		—		—			16
Total short-term borrowings		—		28,772		146,719		341,606		—			517,097
Current maturities of long-term debt		—		39,650		2,568		27		—			42,245
Notes payable on real estate		—		—		—		62,017		—			62,017
Other current liabilities		—		—		51,366		5,278		—			56,644
Total Current Liabilities		—		87,741		1,027,906		1,552,848		(62,755	)		2,605,740
Long-Term Debt:
5.00% senior notes		—		800,000		—		—		—			800,000
Senior secured term loans		—		645,613		—		—		—			645,613
6.625% senior notes		—		350,000		—		—		—			350,000
Other long-term debt		—		—		2,747		75		—			2,822
Intercompany loan payable		509,017		—		1,006,996		998,099		(2,514,112	)		—
Total Long-Term Debt		509,017		1,795,613		1,009,743		998,174		(2,514,112	)		1,798,435
Notes payable on real estate		—		—		—		68,455		—			68,455
Deferred tax liabilities, net		—		—		69,137		91,640		—			160,777
Non-current tax liabilities		—		—		62,059		3,461		—			65,520
Pension liability		—		—		—		68,012		—			68,012
Other liabilities		—		29,034		174,154		92,281		—			295,469
Total Liabilities		509,017		1,912,388		2,342,999		2,874,871		(2,576,867	)		5,062,408
Commitments and contingencies		—		—		—		—		—			—
Equity:
CBRE Group, Inc. Stockholders’ Equity		1,895,785		2,388,905		2,408,755		942,873		(5,740,533	)		1,895,785
Non-controlling interests		—		—		—		40,221		—			40,221
Total Equity		1,895,785		2,388,905		2,408,755		983,094		(5,740,533	)		1,936,006
Total Liabilities and Equity	$	2,404,802	$	4,301,293	$	4,751,754	$	3,857,965	$	(8,317,400	)	$	6,998,414

(a) Although CBRE Capital Markets is included among our domestic subsidiaries that jointly and severally guarantee our 5.00% senior notes, 6.625% senior notes and our 2013 Credit Agreement, a substantial majority of warehouse receivables funded under the BofA, TD Bank, JP Morgan, Capital One, the JP Morgan Master Purchase Agreement and Fannie Mae ASAP lines of credit are pledged to BofA, TD Bank, JP Morgan, Capital One and Fannie Mae, and accordingly, are not included as collateral for these notes or our other outstanding debt.

Condensed Consolidating Statement of Operations

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2014

(Dollars in thousands)

	Parent			CBRE			Guarantor Subsidiaries			Nonguarantor Subsidiaries		Elimination			Consolidated Total
Revenue	$	—		$	—		$	4,892,760		$	4,157,158	$	—		$	9,049,918
Costs and expenses:
Cost of services		—			—			3,094,211			2,517,051		—			5,611,262
Operating, administrative and other		52,233			(906	)		1,173,045			1,214,588		—			2,438,960
Depreciation and amortization		—			—			130,672			134,429		—			265,101
Total costs and expenses		52,233			(906	)		4,397,928			3,866,068		—			8,315,323
Gain on disposition of real estate		—			—			7,003			50,656		—			57,659
Operating (loss) income		(52,233	)		906			501,835			341,746		—			792,254
Equity income from unconsolidated subsidiaries		—			—			95,271			6,443		—			101,714
Other income		—			1			3,661			8,521		—			12,183
Interest income		—			222,738			2,159			4,069		(222,733	)		6,233
Interest expense		—			101,309			158,030			75,429		(222,733	)		112,035
Write-off of financing costs		—			23,087			—			—		—			23,087
Royalty and management service (income) expense		—			—			(24,758	)		24,758		—			—
Income from consolidated subsidiaries		517,293			454,989			128,641			—		(1,100,923	)		—
Income before (benefit of) provision for income taxes		465,060			554,238			598,295			260,592		(1,100,923	)		777,262
(Benefit of) provision for income taxes		(19,443	)		36,945			143,306			102,951		—			263,759
Net income		484,503			517,293			454,989			157,641		(1,100,923	)		513,503
Less: Net income attributable to non-controlling interests		—			—			—			29,000		—			29,000
Net income attributable to CBRE Group, Inc.	$	484,503		$	517,293		$	454,989		$	128,641	$	(1,100,923	)	$	484,503

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2013

(Dollars in thousands)

	Parent			CBRE			Guarantor Subsidiaries			Nonguarantor Subsidiaries			Elimination			Consolidated Total
Revenue	$	—		$	—		$	4,230,354		$	2,954,440		$	—		$	7,184,794
Costs and expenses:
Cost of services		—			—			2,609,700			1,579,689			—			4,189,389
Operating, administrative and other		42,601			9,660			1,007,539			1,044,510			—			2,104,310
Depreciation and amortization		—			—			105,700			84,690			—			190,390
Non-amortizable intangible asset impairment		—			—			—			98,129			—			98,129
Total costs and expenses		42,601			9,660			3,722,939			2,807,018			—			6,582,218
Gain on disposition of real estate		—			—			7,508			6,044			—			13,552
Operating (loss) income		(42,601	)		(9,660	)		514,923			153,466			—			616,128
Equity income from unconsolidated subsidiaries		—			—			61,188			3,234			—			64,422
Other (loss) income		—			(7	)		5,764			7,766			—			13,523
Interest income		—			137,718			2,166			4,109			(137,704	)		6,289
Interest expense		—			120,669			125,058			27,059			(137,704	)		135,082
Write-off of financing costs		—			56,295			—			—			—			56,295
Royalty and management service (income) expense		—			—			(304,652	)		304,652			—			—
Income (loss) from consolidated subsidiaries		343,247			373,914			(240,965	)		—			(476,196	)		—
Income (loss) from continuing operations before (benefit of) provision for income taxes		300,646			325,001			522,670			(163,136	)		(476,196	)		508,985
(Benefit of) provision for income taxes		(15,892	)		(18,246	)		148,756			72,569			—			187,187
Net income (loss) from continuing operations		316,538			343,247			373,914			(235,705	)		(476,196	)		321,798
Income from discontinued operations, net of income taxes		—			—			—			26,997			—			26,997
Net income (loss)		316,538			343,247			373,914			(208,708	)		(476,196	)		348,795
Less: Net income attributable to non-controlling interests		—			—			—			32,257			—			32,257
Net income (loss) attributable to CBRE Group, Inc.	$	316,538		$	343,247		$	373,914		$	(240,965	)	$	(476,196	)	$	316,538

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS FOR THE YEAR ENDED DECEMBER 31, 2012 (Dollars in thousands)
	Parent			CBRE			Guarantor Subsidiaries			Nonguarantor Subsidiaries			Elimination			Consolidated Total
Revenue	$	—		$	—		$	3,788,613		$	2,725,486		$	—		$	6,514,099
Costs and expenses:
Cost of services		—			—			2,318,552			1,423,962			—			3,742,514
Operating, administrative and other		47,344			7,367			931,444			1,016,759			—			2,002,914
Depreciation and amortization		—			—			81,964			87,681			—			169,645
Non-amortizable intangible asset impairment		—			—			—			19,826			—			19,826
Total costs and expenses		47,344			7,367			3,331,960			2,548,228			—			5,934,899
Gain on disposition of real estate		—			—			—			5,881			—			5,881
Operating (loss) income		(47,344	)		(7,367	)		456,653			183,139			—			585,081
Equity income (loss) from unconsolidated subsidiaries		—			—			62,818			(2,089	)		—			60,729
Other income		—			—			1,500			9,593			—			11,093
Interest income		—			133,205			3,370			4,235			(133,167	)		7,643
Interest expense		—			143,500			130,944			33,791			(133,167	)		175,068
Royalty and management service (income) expense		—			—			(38,380	)		38,380			—			—
Income from consolidated subsidiaries		345,262			356,344			67,070			—			(768,676	)		—
Income from continuing operations before (benefit of) provision for income taxes		297,918			338,682			498,847			122,707			(768,676	)		489,478
(Benefit of) provision for income taxes		(17,637	)		(6,580	)		142,503			67,036			—			185,322
Income from continuing operations		315,555			345,262			356,344			55,671			(768,676	)		304,156
Income from discontinued operations, net of income taxes		—			—			—			631			—			631
Net income		315,555			345,262			356,344			56,302			(768,676	)		304,787
Less: Net loss attributable to non-controlling interests		—			—			—			(10,768	)		—			(10,768	)
Net income attributable to CBRE Group, Inc.	$	315,555		$	345,262		$	356,344		$	67,070		$	(768,676	)	$	315,555

Condensed Consolidating Statement of Comprehensive Income (Loss)

CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS)

FOR THE YEAR ENDED DECEMBER 31, 2014

(Dollars in thousands)

	Parent		CBRE			Guarantor Subsidiaries			Nonguarantor Subsidiaries			Elimination			Consolidated Total
Net income	$	484,503	$	517,293		$	454,989		$	157,641		$	(1,100,923	)	$	513,503
Other comprehensive income (loss):
Foreign currency translation loss		—		—			—			(148,589	)		—			(148,589	)
Amounts reclassified from accumulated other comprehensive loss to interest expense, net		—		7,279			—			—			—			7,279
Unrealized (losses) gains on interest rate swaps and interest rate caps, net		—		(5,988	)		—			61			—			(5,927	)
Unrealized holding losses on available for sale securities, net		—		—			(577	)		(364	)		—			(941	)
Pension liability adjustments, net		—		—			—			(30,355	)		—			(30,355	)
Other, net		—		—			549			—			—			549
Total other comprehensive income (loss)		—		1,291			(28	)		(179,247	)		—			(177,984	)
Comprehensive income (loss)		484,503		518,584			454,961			(21,606	)		(1,100,923	)		335,519
Less: Comprehensive income attributable to non-controlling interests		—		—			—			28,913			—			28,913
Comprehensive income (loss) attributable to CBRE Group, Inc.	$	484,503	$	518,584		$	454,961		$	(50,519	)	$	(1,100,923	)	$	306,606

CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS)

FOR THE YEAR ENDED DECEMBER 31, 2013

(Dollars in thousands)

	Parent		CBRE		Guarantor Subsidiaries		Nonguarantor Subsidiaries			Elimination			Consolidated Total
Net income (loss)	$	316,538	$	343,247	$	373,914	$	(208,708	)	$	(476,196	)	$	348,795
Other comprehensive income:
Foreign currency translation gain		—		—		—		7,390			—			7,390
Amounts reclassified from accumulated other comprehensive loss to interest expense, net		—		7,151		—		—			—			7,151
Unrealized gains on interest rate swaps and interest rate caps, net		—		4,317		—		44			—			4,361
Unrealized holding gains on available for sale securities, net		—		—		1,071		80			—			1,151
Pension liability adjustments, net		—		—		—		(5,638	)		—			(5,638	)
Other, net		—		—		279		3,441			—			3,720
Total other comprehensive income		—		11,468		1,350		5,317			—			18,135
Comprehensive income (loss)		316,538		354,715		375,264		(203,391	)		(476,196	)		366,930
Less: Comprehensive income attributable to non-controlling interests		—		—		—		31,471			—			31,471
Comprehensive income (loss) attributable to CBRE Group, Inc.	$	316,538	$	354,715	$	375,264	$	(234,862	)	$	(476,196	)	$	335,459

CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED DECEMBER 31, 2012

(Dollars in thousands)

	Parent		CBRE			Guarantor Subsidiaries			Nonguarantor Subsidiaries			Elimination			Consolidated Total
Net income	$	315,555	$	345,262		$	356,344		$	56,302		$	(768,676	)	$	304,787
Other comprehensive loss:
Foreign currency translation loss		—		—			—			(997	)		—			(997	)
Amounts reclassified from accumulated other comprehensive loss to interest expense, net		—		6,977			—			—			—			6,977
Unrealized losses on interest rate swaps and interest rate caps, net		—		(11,845	)		—			(56	)		—			(11,901	)
Unrealized holding gains (losses) on available for sale securities, net		—		—			522			(47	)		—			475
Pension liability adjustments, net		—		—			—			(947	)		—			(947	)
Other, net		—		—			(871	)		273			—			(598	)
Total other comprehensive loss		—		(4,868	)		(349	)		(1,774	)		—			(6,991	)
Comprehensive income		315,555		340,394			355,995			54,528			(768,676	)		297,796
Less: Comprehensive loss attributable to non-controlling interests		—		—			—			(11,154	)		—			(11,154	)
Comprehensive income attributable to CBRE Group, Inc.	$	315,555	$	340,394		$	355,995		$	65,682		$	(768,676	)	$	308,950

Condensed Consolidating Statement of Cash Flows

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED DECEMBER 31, 2014

(Dollars in thousands)

	Parent			CBRE			Guarantor Subsidiaries			Nonguarantor Subsidiaries			Consolidated Total
CASH FLOWS PROVIDED BY OPERATING ACTIVITIES:	$	23,416		$	94,165		$	345,141		$	199,058		$	661,780
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures		—			—			(109,173	)		(62,069	)		(171,242	)
Acquisition of businesses, including net assets acquired, intangibles and goodwill, net of cash acquired		—			—			(62,071	)		(84,986	)		(147,057	)
Contributions to unconsolidated subsidiaries		—			—			(56,634	)		(2,543	)		(59,177	)
Distributions from unconsolidated subsidiaries		—			—			90,292			13,975			104,267
Net proceeds from disposition of real estate held for investment		—			—			—			77,278			77,278
Additions to real estate held for investment		—			—			—			(10,961	)		(10,961	)
Proceeds from the sale of servicing rights and other assets		—			—			11,655			13,886			25,541
Decrease in restricted cash		—			6,871			2,015			22,003			30,889
Purchase of available for sale securities		—			—			(89,885	)		—			(89,885	)
Proceeds from the sale of available for sale securities		—			—			88,214			—			88,214
Other investing activities, net		—			—			577			—			577
Net cash provided by (used in) investing activities		—			6,871			(125,010	)		(33,417	)		(151,556	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayment of senior secured term loans		—			(39,650	)		—			—			(39,650	)
Proceeds from revolving credit facility		—			1,807,000			—			66,568			1,873,568
Repayment of revolving credit facility		—			(1,835,928	)		—			(163,494	)		(1,999,422	)
Proceeds from issuance of 5.25% senior notes		—			426,875			—			—			426,875
Repayment of 6.25% senior notes		—			(350,000	)		—			—			(350,000	)
Proceeds from notes payable on real estate held for investment		—			—			—			5,022			5,022
Repayment of notes payable on real estate held for investment		—			—			—			(27,563	)		(27,563	)
Proceeds from notes payable on real estate held for sale and under development		—			—			—			8,274			8,274
Repayment of notes payable on real estate held for sale and under development		—			—			—			(80,218	)		(80,218	)
Shares repurchased for payment of taxes on stock awards		(16,685	)		—			—			—			(16,685	)
Proceeds from exercise of stock options		6,203			—			—			—			6,203
Incremental tax benefit from stock options exercised		1,218			—			—			—			1,218
Non-controlling interests contributions		—			—			—			2,938			2,938
Non-controlling interests distributions		—			—			—			(33,971	)		(33,971	)
Payment of financing costs		—			(4,614	)		—			(1,333	)		(5,947	)
(Increase) decrease in intercompany receivables, net		(14,152	)		(98,042	)		65,602			46,592			—
Other financing activities, net		—			—			(2,874	)		163			(2,711	)
Net cash (used in) provided by financing activities		(23,416	)		(94,359	)		62,728			(177,022	)		(232,069	)
Effect of currency exchange rate changes on cash and cash equivalents		—			—			—			(29,183	)		(29,183	)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		—			6,677			282,859			(40,564	)		248,972
CASH AND CASH EQUIVALENTS, AT BEGINNING OF PERIOD		5			11,585			91,244			389,078			491,912
CASH AND CASH EQUIVALENTS, AT END OF PERIOD	$	5		$	18,262		$	374,103		$	348,514		$	740,884
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Cash paid during the period for:
Interest	$	—		$	112,059		$	472		$	6,218		$	118,749
Income tax payments, net	$	—		$	37		$	221,898		$	109,322		$	331,257

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED DECEMBER 31, 2013

(Dollars in thousands)

	Parent			CBRE			Guarantor Subsidiaries			Nonguarantor Subsidiaries			Consolidated Total
CASH FLOWS PROVIDED BY OPERATING ACTIVITIES:	$	24,043		$	5,366		$	663,640		$	52,059		$	745,108
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures		—			—			(112,528	)		(43,830	)		(156,358	)
Acquisition of businesses, including net assets acquired, intangibles and goodwill, net of cash acquired		—			—			(67,095	)		(437,052	)		(504,147	)
Contributions to unconsolidated subsidiaries		—			—			(49,721	)		127			(49,594	)
Distributions from unconsolidated subsidiaries		—			—			63,049			19,181			82,230
Net proceeds from disposition of real estate held for investment		—			—			—			113,241			113,241
Additions to real estate held for investment		—			—			—			(2,559	)		(2,559	)
Proceeds from the sale of servicing rights and other assets		—			—			15,537			16,479			32,016
(Increase) decrease in restricted cash		—			(8	)		1,510			6,967			8,469
Purchase of available for sale securities		—			—			(65,111	)		—			(65,111	)
Proceeds from the sale of available for sale securities		—			—			66,222			3,466			69,688
Other investing activities, net		—			—			4,441			2,690			7,131
Net cash used in investing activities		—			(8	)		(143,696	)		(321,290	)		(464,994	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from senior secured term loans		—			715,000			—			—			715,000
Repayment of senior secured term loans		—			(1,382,237	)		—			(256,780	)		(1,639,017	)
Proceeds from revolving credit facility		—			439,000			—			171,562			610,562
Repayment of revolving credit facility		—			(421,000	)		—			(121,150	)		(542,150	)
Proceeds from issuance of 5.00% senior notes		—			800,000			—			—			800,000
Repayment of 11.625% senior subordinated notes		—			(450,000	)		—			—			(450,000	)
Proceeds from notes payable on real estate held for investment		—			—			—			2,762			2,762
Repayment of notes payable on real estate held for investment		—			—			—			(74,544	)		(74,544	)
Proceeds from notes payable on real estate held for sale and under development		—			—			—			9,526			9,526
Repayment of notes payable on real estate held for sale and under development		—			—			—			(136,528	)		(136,528	)
Shares repurchased for payment of taxes on stock awards		(16,628	)		—			—			—			(16,628	)
Proceeds from exercise of stock options		5,780			—			—			—			5,780
Incremental tax benefit from stock options exercised		9,891			—			—			—			9,891
Non-controlling interests contributions		—			—			—			1,092			1,092
Non-controlling interests distributions		—			—			—			(128,168	)		(128,168	)
Payment of financing costs		—			(28,995	)		—			(327	)		(29,322	)
(Increase) decrease in intercompany receivables, net		(23,086	)		316,147			(1,104,501	)		811,440			—
Other financing activities, net		—			—			(4,311	)		(226	)		(4,537	)
Net cash (used in) provided by financing activities		(24,043	)		(12,085	)		(1,108,812	)		278,659			(866,281	)
Effect of currency exchange rate changes on cash and cash equivalents		—			—			—			(11,218	)		(11,218	)
NET DECREASE IN CASH AND CASH EQUIVALENTS		—			(6,727	)		(588,868	)		(1,790	)		(597,385	)
CASH AND CASH EQUIVALENTS, AT BEGINNING OF PERIOD		5			18,312			680,112			390,868			1,089,297
CASH AND CASH EQUIVALENTS, AT END OF PERIOD	$	5		$	11,585		$	91,244		$	389,078		$	491,912
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Cash paid during the period for:
Interest	$	—		$	106,433		$	450		$	10,267		$	117,150
Income tax payments, net	$	—		$	—		$	113,090		$	90,312		$	203,402

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED DECEMBER 31, 2012

(Dollars in thousands)

	Parent			CBRE			Guarantor Subsidiaries			Nonguarantor Subsidiaries			Consolidated Total
CASH FLOWS PROVIDED BY (USED IN) OPERATING ACTIVITIES:	$	24,525		$	(3,620	)	$	209,943		$	60,233		$	291,081
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures		—			—			(95,578	)		(54,654	)		(150,232	)
Acquisition of businesses, including net assets acquired, intangibles and goodwill, net of cash acquired		—			—			(24,929	)		(27,649	)		(52,578	)
Contributions to unconsolidated subsidiaries		—			—			(29,941	)		(35,499	)		(65,440	)
Distributions from unconsolidated subsidiaries		—			—			58,389			4,588			62,977
Net proceeds from disposition of real estate held for investment		—			—			—			60,805			60,805
Additions to real estate held for investment		—			—			—			(6,181	)		(6,181	)
Proceeds from the sale of servicing rights and other assets		—			—			27,087			13,119			40,206
Increase in restricted cash		—			(2,018	)		2,809			(16,996	)		(16,205	)
Decrease in cash due to deconsolidation of CBRE Clarion U.S., L.P.		—			—			—			(73,187	)		(73,187	)
Purchase of available for sale securities		—			—			(36,355	)		—			(36,355	)
Proceeds from the sale of available for sale securities		—			—			31,751			—			31,751
Other investing activities, net		—			—			7,526			(758	)		6,768
Net cash used in investing activities		—			(2,018	)		(59,241	)		(136,412	)		(197,671	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayment of senior secured term loans		—			(46,000	)		—			(22,146	)		(68,146	)
Proceeds from revolving credit facility		—			—			—			41,270			41,270
Repayment of revolving credit facility		—			—			—			(15,230	)		(15,230	)
Proceeds from notes payable on real estate held for investment		—			—			—			4,652			4,652
Repayment of notes payable on real estate held for investment		—			—			—			(54,036	)		(54,036	)
Proceeds from notes payable on real estate held for sale and under development		—			—			—			22,276			22,276
Repayment of notes payable on real estate held for sale and under development		—			—			—			(21,345	)		(21,345	)
Proceeds from exercise of stock options		20,324			—			—			—			20,324
Incremental tax benefit from stock options exercised		2,930			—			—			—			2,930
Non-controlling interests contributions		—			—			—			16,075			16,075
Non-controlling interests distributions		—			—			—			(48,162	)		(48,162	)
Payment of financing costs		—			(25	)		—			(334	)		(359	)
(Increase) decrease in intercompany receivables, net		(47,732	)		(228,395	)		178,908			97,219			—
Other financing activities, net		(47	)		—			(953	)		62			(938	)
Net cash (used in) provided by financing activities		(24,525	)		(274,420	)		177,955			20,301			(100,689	)
Effect of currency exchange rate changes on cash and cash equivalents		—			—			—			3,394			3,394
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS		—			(280,058	)		328,657			(52,484	)		(3,885	)
CASH AND CASH EQUIVALENTS, AT BEGINNING OF PERIOD		5			298,370			351,455			443,352			1,093,182
CASH AND CASH EQUIVALENTS, AT END OF PERIOD	$	5		$	18,312		$	680,112		$	390,868		$	1,089,297
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Cash paid during the period for:
Interest	$	—		$	135,257		$	23		$	26,665		$	161,945
Income tax payments, net	$	—		$	—		$	127,482		$	90,474		$	217,956