10.

Segments

We report our operations through the following segments: (1) Americas; (2) Europe, Middle East and Africa (EMEA); (3) Asia Pacific; (4) Global Investment Management; and (5) Development Services.

The Americas segment is our largest segment of operations and provides a comprehensive range of services throughout the U.S. and in the largest regions of Canada and key markets in Latin America. The primary services offered consist of the following: property sales, property leasing, mortgage services, appraisal and valuation, property management and occupier outsourcing services.

Our EMEA and Asia Pacific segments generally provide services similar to the Americas business segment. The EMEA segment has operations primarily in Europe, while the Asia Pacific segment has operations in Asia, Australia and New Zealand.

Our Global Investment Management business provides investment management services to clients seeking to generate returns and diversification through direct and indirect investments in real estate in North America, Europe and Asia Pacific.

Our Development Services business consists of real estate development and investment activities primarily in the U.S.

Summarized financial information by segment is as follows (dollars in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2016		2015 (1)		2016		2015 (1)
Revenue
Americas	$	1,775,756	$	1,434,489	$	3,359,315	$	2,662,105
EMEA		961,835		585,714		1,809,333		1,079,738
Asia Pacific		356,318		261,828		664,842		470,194
Global Investment Management		95,737		94,053		186,117		204,277
Development Services		17,891		14,422		34,664		26,695

Total revenue	$	3,207,537	$	2,390,506	$	6,054,271	$	4,443,009

EBITDA
Americas	$	208,407	$	213,956	$	381,745	$	384,018
EMEA		36,702		39,479		51,916		57,662
Asia Pacific		20,275		29,724		30,929		44,186
Global Investment Management		25,987		12,948		47,523		50,993
Development Services		18,525		753		50,400		6,289

Total EBITDA	$	309,896	$	296,860	$	562,513	$	543,148

(1)

During 2016, we changed our methodology for allocating certain costs to our reporting segments, including stock compensation, currency hedging and certain intercompany transactions. Prior year amounts have been reclassified to conform with the current year presentation. Such changes had no impact on our consolidated results.

EBITDA represents earnings before net interest expense, write-off of financing costs on extinguished debt, income taxes, depreciation and amortization. EBITDA is not a recognized measurement under GAAP and when analyzing our operating performance, investors should use EBITDA 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 may not be comparable to similarly titled measures of other companies.

We generally use EBITDA to evaluate operating performance and for other discretionary purposes, and we believe that this measure provides a more complete understanding of ongoing operations and enhances comparability of current results to prior periods. We further believe that investors may find EBITDA useful in evaluating our operating performance compared to that of other companies in our industry because EBITDA calculations generally eliminate the effects of acquisitions, which would include impairment charges of goodwill and intangibles created from acquisitions, the effects of financings and income taxes and the accounting effects of capital spending. EBITDA may vary for different companies for reasons unrelated to overall operating performance.

EBITDA is not intended to be a measure of free cash flow for our discretionary use because it does not consider certain cash requirements such as tax and debt service payments. EBITDA may also differ from the amount calculated under similarly titled definitions in our debt instruments, which amounts are further adjusted to reflect certain other cash and non-cash charges and are used by us to determine compliance with financial covenants therein and our ability to engage in certain activities, such as incurring additional debt and making certain restricted payments.

Net interest expense and write-off of financing costs on extinguished debt have been expensed in the segment where incurred. Provision for income taxes has been allocated among our segments by using applicable U.S. and foreign effective tax rates. EBITDA for our segments is calculated as follows (dollars in thousands):


	Three Months Ended June 30,						Six Months Ended June 30,
	2016			2015 (1)			2016			2015 (1)
Americas
Net income attributable to CBRE Group, Inc.	$	90,464		$	111,653		$	161,982		$	194,788
Add:
Depreciation and amortization		63,197			44,591			123,797			87,541
Interest expense, net		22,165			4,247			43,091			7,793
Write-off of financing costs on extinguished debt		—			—			—			2,685
Royalty and management service income		(13,389	)		(1,881	)		(20,157	)		(6,965	)
Provision for income taxes		45,970			55,346			73,032			98,176

EBITDA	$	208,407		$	213,956		$	381,745		$	384,018

EMEA
Net income (loss) attributable to CBRE Group, Inc.	$	7,889		$	10,674		$	(4,246	)	$	386
Add:
Depreciation and amortization		16,257			14,607			31,262			29,399
Interest expense, net		4,326			11,375			7,838			22,822
Royalty and management service expense (income)		4,303			(4,051	)		3,677			(2,861	)
Provision for income taxes		3,927			6,874			13,385			7,916

EBITDA	$	36,702		$	39,479		$	51,916		$	57,662

Asia Pacific
Net income attributable to CBRE Group, Inc.	$	5,062		$	9,192		$	2,492		$	12,978
Add:
Depreciation and amortization		4,297			3,783			8,478			7,629
Interest (income) expense, net		(873	)		991			42			1,889
Royalty and management service expense		8,094			4,913			14,352			7,761
Provision for income taxes		3,695			10,845			5,565			13,929

EBITDA	$	20,275		$	29,724		$	30,929		$	44,186

Global Investment Management
Net income (loss) attributable to CBRE Group, Inc.	$	8,181		$	(6,044	)	$	15,465		$	7,829
Add:
Depreciation and amortization		5,817			7,061			12,437			14,672
Interest expense, net		7,816			7,818			15,513			15,502
Royalty and management service expense		992			1,019			2,128			2,065
Provision for income taxes		3,181			3,094			1,980			10,925

EBITDA	$	25,987		$	12,948		$	47,523		$	50,993

Development Services
Net income (loss) attributable to CBRE Group, Inc.	$	10,072		$	(446	)	$	28,142		$	1,985
Add:
Depreciation and amortization		700			563			1,288			1,210
Interest expense, net		487			321			768			663
Provision for income taxes		7,266			315			20,202			2,431

EBITDA	$	18,525		$	753		$	50,400		$	6,289

(1)