11.

Guarantor and Nonguarantor Financial Statements

The following condensed consolidating financial information includes condensed consolidating balance sheets as of September 30, 2016 and December 31, 2015, condensed consolidating statements of operations and condensed consolidating statements of comprehensive income (loss) for the three and nine months ended September 30, 2016 and 2015 and condensed consolidating statements of cash flows for the nine months ended September 30, 2016 and 2015 of:

•

CBRE Group, Inc., as the parent; CBRE, as the subsidiary issuer; the guarantor subsidiaries; the nonguarantor subsidiaries;

•

Elimination entries necessary to consolidate CBRE Group, Inc., as the parent, with CBRE and its guarantor and nonguarantor subsidiaries; and

•

CBRE Group, Inc., on a consolidated basis.

Investments in consolidated subsidiaries are presented using the equity method of accounting. The principal elimination entries eliminate investments in consolidated subsidiaries and intercompany balances and transactions.

CONDENSED CONSOLIDATING BALANCE SHEET

AS OF SEPTEMBER 30, 2016

(Dollars in thousands)


	Parent		CBRE		Guarantor Subsidiaries		Nonguarantor Subsidiaries		Eliminations			Consolidated Total
ASSETS
Current Assets:
Cash and cash equivalents	$	5	$	12,487	$	24,015	$	409,839	$	—		$	446,346
Restricted cash		—		—		6,966		63,789		—			70,755
Receivables, net		—		—		932,035		1,467,126		—			2,399,161
Warehouse receivables (1)		—		—		976,721		665,673		—			1,642,394
Income taxes receivable		1,287		1,043		21,373		64,857		—			88,560
Prepaid expenses		—		—		76,532		118,647		—			195,179
Other current assets		—		9,377		62,490		141,215		—			213,082

Total Current Assets		1,292		22,907		2,100,132		2,931,146		—			5,055,477
Property and equipment, net		—		—		388,208		162,571		—			550,779
Goodwill		—		—		1,647,160		1,397,924		—			3,045,084
Other intangible assets, net		—		—		797,362		617,469		—			1,414,831
Investments in unconsolidated subsidiaries		—		—		199,721		50,162		—			249,883
Investments in consolidated subsidiaries		4,104,563		4,103,473		2,428,313		—		(10,636,349	)		—
Intercompany loan receivable		—		2,729,242		700,000		—		(3,429,242	)		—
Deferred tax assets, net		—		—		61,372		84,450		(39,473	)		106,349
Other assets, net		—		23,521		229,904		100,942		—			354,367

Total Assets	$	4,105,855	$	6,879,143	$	8,552,172	$	5,344,664	$	(14,105,064	)	$	10,776,770

LIABILITIES AND EQUITY
Current Liabilities:
Accounts payable and accrued expenses	$	—	$	7,351	$	396,882	$	961,295	$	—		$	1,365,528
Compensation and employee benefits payable		—		626		397,483		343,085		—			741,194
Accrued bonus and profit sharing		—		—		361,649		247,330		—			608,979
Income taxes payable		—		—		—		46,866		—			46,866
Short-term borrowings:
Warehouse lines of credit (which fund loans that U.S. Government Sponsored Entities have committed to purchase) (1)		—		—		969,180		649,911		—			1,619,091
Revolving credit facility		—		83,000		—		—		—			83,000
Other		—		—		16		—		—			16

Total short-term borrowings		—		83,000		969,196		649,911		—			1,702,107
Current maturities of long-term debt		—		45,000		—		27		—			45,027
Other current liabilities		—		4,841		40,047		12,275		—			57,163

Total Current Liabilities		—		140,818		2,165,257		2,260,789		—			4,566,864
Long-Term Debt, net:
Long-term debt, net		—		2,614,889		—		9		—			2,614,898
Intercompany loan payable		1,170,830		—		1,949,876		308,536		(3,429,242	)		—

Total Long-Term Debt, net		1,170,830		2,614,889		1,949,876		308,545		(3,429,242	)		2,614,898
Deferred tax liabilities, net		—		—		—		124,828		(39,473	)		85,355
Non-current tax liabilities		—		—		91,350		417		—			91,767
Other liabilities		—		18,873		242,216		175,294		—			436,383

Total Liabilities		1,170,830		2,774,580		4,448,699		2,869,873		(3,468,715	)		7,795,267
Commitments and contingencies		—		—		—		—		—			—
Equity:
CBRE Group, Inc. Stockholders’ Equity		2,935,025		4,104,563		4,103,473		2,428,313		(10,636,349	)		2,935,025
Non-controlling interests		—		—		—		46,478		—			46,478

Total Equity		2,935,025		4,104,563		4,103,473		2,474,791		(10,636,349	)		2,981,503

Total Liabilities and Equity	$	4,105,855	$	6,879,143	$	8,552,172	$	5,344,664	$	(14,105,064	)	$	10,776,770

(1)

Although CBRE Capital Markets is included among our domestic subsidiaries that jointly and severally guarantee our 5.00% senior notes, 4.875% senior notes, 5.25% senior notes and our 2015 Credit Agreement, a substantial majority of warehouse receivables funded under TD Bank, N.A. (TD Bank), JP Morgan Chase Bank, N.A. (JP Morgan), Fannie Mae ASAP, Bank of America (BofA) and Capital One, N.A. (Capital One) lines of credit are pledged to TD Bank, JP Morgan, Fannie Mae, BofA and Capital One, and accordingly, are not included as collateral for these notes or our other outstanding debt.

CONDENSED CONSOLIDATING BALANCE SHEET

AS OF DECEMBER 31, 2015

(Dollars in thousands)


	Parent		CBRE		Guarantor Subsidiaries		Nonguarantor Subsidiaries		Eliminations			Consolidated Total
ASSETS
Current Assets:
Cash and cash equivalents	$	5	$	8,479	$	147,410	$	384,509	$	—		$	540,403
Restricted cash		—		—		6,421		66,343		—			72,764
Receivables, net		—		—		860,776		1,610,964		—			2,471,740
Warehouse receivables (1)		—		—		1,397,094		370,013		—			1,767,107
Income taxes receivable		25,912		6,365		10,552		48,779		(32,277	)		59,331
Prepaid expenses		—		—		77,109		95,813		—			172,922
Other current assets		—		9,236		62,386		149,334		—			220,956

Total Current Assets		25,917		24,080		2,561,748		2,725,755		(32,277	)		5,305,223
Property and equipment, net		—		—		382,897		146,926		—			529,823
Goodwill		—		—		1,626,618		1,459,379		—			3,085,997
Other intangible assets, net		—		—		844,611		605,858		—			1,450,469
Investments in unconsolidated subsidiaries		—		—		184,508		33,435		—			217,943
Investments in consolidated subsidiaries		3,699,642		3,796,841		2,360,544		—		(9,857,027	)		—
Intercompany loan receivable		—		2,590,949		700,000		—		(3,290,949	)		—
Deferred tax assets, net		—		—		68,971		105,754		(39,473	)		135,252
Other assets, net		—		22,055		176,835		94,346		—			293,236

Total Assets	$	3,725,559	$	6,433,925	$	8,906,732	$	5,171,453	$	(13,219,726	)	$	11,017,943

LIABILITIES AND EQUITY
Current Liabilities:
Accounts payable and accrued expenses	$	—	$	31,616	$	395,509	$	1,056,994	$	—		$	1,484,119
Compensation and employee benefits payable		—		626		388,251		316,193		—			705,070
Accrued bonus and profit sharing		—		—		479,106		387,788		—			866,894
Income taxes payable		—		—		69,121		45,350		(32,277	)		82,194
Short-term borrowings:
Warehouse lines of credit (which fund loans that U.S. Government Sponsored Entities have committed to purchase) (1)		—		—		1,388,033		362,748		—			1,750,781
Other		—		—		16		—		—			16

Total short-term borrowings		—		—		1,388,049		362,748		—			1,750,797
Current maturities of long-term debt		—		34,375		—		53		—			34,428
Other current liabilities		—		1,063		31,474		38,118		—			70,655

Total Current Liabilities		—		67,680		2,751,510		2,207,244		(32,277	)		4,994,157
Long-Term Debt, net:
Long-term debt, net		—		2,645,101		—		10		—			2,645,111
Intercompany loan payable		1,012,907		—		2,043,433		234,609		(3,290,949	)		—

Total Long-Term Debt, net		1,012,907		2,645,101		2,043,433		234,619		(3,290,949	)		2,645,111
Deferred tax liabilities, net		—		—		—		139,834		(39,473	)		100,361
Non-current tax liabilities		—		—		87,483		1,184		—			88,667
Other liabilities		—		21,502		227,465		181,610		—			430,577

Total Liabilities		1,012,907		2,734,283		5,109,891		2,764,491		(3,362,699	)		8,258,873
Commitments and contingencies		—		—		—		—		—			—
Equity:
CBRE Group, Inc. Stockholders’ Equity		2,712,652		3,699,642		3,796,841		2,360,544		(9,857,027	)		2,712,652
Non-controlling interests		—		—		—		46,418		—			46,418

Total Equity		2,712,652		3,699,642		3,796,841		2,406,962		(9,857,027	)		2,759,070

Total Liabilities and Equity	$	3,725,559	$	6,433,925	$	8,906,732	$	5,171,453	$	(13,219,726	)	$	11,017,943

(1)

Although CBRE Capital Markets is included among our domestic subsidiaries that jointly and severally guarantee our 5.00% senior notes, 4.875% senior notes, 5.25% senior notes and our 2015 Credit Agreement, a substantial majority of warehouse receivables funded under TD Bank, Capital One, BofA, JP Morgan and Fannie Mae ASAP lines of credit are pledged to TD Bank, Capital One, BofA, JP Morgan and Fannie Mae, and accordingly, are not included as collateral for these notes or our other outstanding debt.

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2016

(Dollars in thousands)


	Parent			CBRE			Guarantor Subsidiaries			Nonguarantor Subsidiaries		Eliminations			Consolidated Total
Revenue	$	—		$	—		$	1,611,836		$	1,581,651	$	—		$	3,193,487
Costs and expenses:
Cost of services		—			—			1,149,943			1,102,840		—			2,252,783
Operating, administrative and other		1,165			(158	)		353,420			332,103		—			686,530
Depreciation and amortization		—			—			54,423			38,302		—			92,725

Total costs and expenses		1,165			(158	)		1,557,786			1,473,245		—			3,032,038
Gain on disposition of real estate		—			—			—			11,043		—			11,043

Operating (loss) income		(1,165	)		158			54,050			119,449		—			172,492
Equity income from unconsolidated subsidiaries		—			—			24,287			385		—			24,672
Other income		—			—			278			1,078		—			1,356
Interest income		—			33,550			592			428		(33,550	)		1,020
Interest expense		—			34,809			24,921			11,093		(33,550	)		37,273
Royalty and management service (income) expense		—			—			(2,972	)		2,972		—			—
Income from consolidated subsidiaries		104,881			105,560			65,474			—		(275,915	)		—

Income before (benefit of) provision for income taxes		103,716			104,459			122,732			107,275		(275,915	)		162,267
(Benefit of) provision for income taxes		(447	)		(422	)		17,172			35,111		—			51,414

Net income		104,163			104,881			105,560			72,164		(275,915	)		110,853
Less: Net income attributable to non-controlling interests		—			—			—			6,690		—			6,690

Net income attributable to CBRE Group, Inc.	$	104,163		$	104,881		$	105,560		$	65,474	$	(275,915	)	$	104,163

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2015

(Dollars in thousands)


	Parent			CBRE			Guarantor Subsidiaries			Nonguarantor Subsidiaries			Eliminations			Consolidated Total
Revenue	$	—		$	—		$	1,467,392		$	1,245,167		$	—		$	2,712,559
Costs and expenses:
Cost of services		—			—			965,317			808,343			—			1,773,660
Operating, administrative and other		19,466			(9,499	)		322,593			294,345			—			626,905
Depreciation and amortization		—			—			40,737			34,310			—			75,047

Total costs and expenses		19,466			(9,499	)		1,328,647			1,136,998			—			2,475,612
Gain on disposition of real estate		—			—			3,087			67			—			3,154

Operating (loss) income		(19,466	)		9,499			141,832			108,236			—			240,101
Equity income from unconsolidated subsidiaries		—			—			16,346			896			—			17,242
Other income (loss)		—			—			77			(5,022	)		—			(4,945	)
Interest income		—			43,535			577			581			(43,535	)		1,158
Interest expense		—			29,857			28,456			15,921			(43,535	)		30,699
Royalty and management service (income) expense		—			—			(400	)		400			—			—
Income from consolidated subsidiaries		160,973			146,587			62,936			—			(370,496	)		—

Income before (benefit of) provision for income taxes		141,507			169,764			193,712			88,370			(370,496	)		222,857
(Benefit of) provision for income taxes		(7,616	)		8,791			47,125			24,566			—			72,866

Net income		149,123			160,973			146,587			63,804			(370,496	)		149,991
Less: Net income attributable to non-controlling interests		—			—			—			868			—			868

Net income attributable to CBRE Group, Inc.	$	149,123		$	160,973		$	146,587		$	62,936		$	(370,496	)	$	149,123

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2016

(Dollars in thousands)


	Parent			CBRE			Guarantor Subsidiaries			Nonguarantor Subsidiaries		Eliminations			Consolidated Total
Revenue	$	—		$	—		$	4,751,526		$	4,496,232	$	—		$	9,247,758
Costs and expenses:
Cost of services		—			—			3,304,291			3,216,338		—			6,520,629
Operating, administrative and other		3,358			(1,584	)		1,061,778			946,786		—			2,010,338
Depreciation and amortization		—			—			165,087			104,900		—			269,987

Total costs and expenses		3,358			(1,584	)		4,531,156			4,268,024		—			8,800,954
Gain on disposition of real estate		—			—			3,659			12,203		—			15,862

Operating (loss) income		(3,358	)		1,584			224,029			240,411		—			462,666
Equity income from unconsolidated subsidiaries		—			—			114,504			2,398		—			116,902
Other income (loss)		—			1			(203	)		8,655		—			8,453
Interest income		—			99,119			2,163			3,382		(99,119	)		5,545
Interest expense		—			103,425			74,331			30,413		(99,119	)		109,050
Royalty and management service (income) expense		—			—			(26,740	)		26,740		—			—
Income from consolidated subsidiaries		310,069			311,747			107,849			—		(729,665	)		—

Income before (benefit of) provision for income taxes		306,711			309,026			400,751			197,693		(729,665	)		484,516
(Benefit of) provision for income taxes		(1,287	)		(1,043	)		89,004			78,904		—			165,578

Net income		307,998			310,069			311,747			118,789		(729,665	)		318,938
Less: Net income attributable to non-controlling interests		—			—			—			10,940		—			10,940

Net income attributable to CBRE Group, Inc.	$	307,998		$	310,069		$	311,747		$	107,849	$	(729,665	)	$	307,998

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2015

(Dollars in thousands)


	Parent			CBRE			Guarantor Subsidiaries			Nonguarantor Subsidiaries			Eliminations			Consolidated Total
Revenue	$	—		$	—		$	3,966,854		$	3,188,714		$	—		$	7,155,568
Costs and expenses:
Cost of services		—			—			2,532,091			2,020,320			—			4,552,411
Operating, administrative and other		44,972			(16,421	)		908,592			831,695			—			1,768,838
Depreciation and amortization		—			—			116,546			98,952			—			215,498

Total costs and expenses		44,972			(16,421	)		3,557,229			2,950,967			—			6,536,747
Gain on disposition of real estate		—			—			3,228			6,912			—			10,140

Operating (loss) income		(44,972	)		16,421			412,853			244,659			—			628,961
Equity income (loss) from unconsolidated subsidiaries		—			—			40,258			(872	)		—			39,386
Other income (loss)		—			1			1,336			(6,264	)		—			(4,927	)
Interest income		—			151,263			79,450			3,194			(229,050	)		4,857
Interest expense		—			157,559			104,231			50,327			(229,050	)		83,067
Write-off of financing costs on extinguished debt		—			2,685			—			—			—			2,685
Royalty and management service (income) expense		—			—			(4,266	)		4,266			—			—
Income from consolidated subsidiaries		394,820			390,232			106,841			—			(891,893	)		—

Income before (benefit of) provision for income taxes		349,848			397,673			540,773			186,124			(891,893	)		582,525
(Benefit of) provision for income taxes		(17,241	)		2,853			150,541			70,090			—			206,243

Net income		367,089			394,820			390,232			116,034			(891,893	)		376,282
Less: Net income attributable to non-controlling interests		—			—			—			9,193			—			9,193

Net income attributable to CBRE Group, Inc.	$	367,089		$	394,820		$	390,232		$	106,841		$	(891,893	)	$	367,089

CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME

FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2016

(Dollars in thousands)


	Parent		CBRE		Guarantor Subsidiaries		Nonguarantor Subsidiaries			Eliminations			Consolidated Total
Net income	$	104,163	$	104,881	$	105,560	$	72,164		$	(275,915	)	$	110,853
Other comprehensive income (loss):
Foreign currency translation loss		—		—		—		(15,940	)		—			(15,940	)
Amounts reclassified from accumulated other comprehensive loss to interest expense, net		—		1,720		—		—			—			1,720
Unrealized gains on interest rate swaps, net		—		788		—		—			—			788
Unrealized holding gains on available for sale securities, net		—		—		348		—			—			348
Other, net		—		—		—		2			—			2

Total other comprehensive income (loss)		—		2,508		348		(15,938	)		—			(13,082	)
Comprehensive income		104,163		107,389		105,908		56,226			(275,915	)		97,771
Less: Comprehensive income attributable to non-controlling interests		—		—		—		6,768			—			6,768

Comprehensive income attributable to CBRE Group, Inc.	$	104,163	$	107,389	$	105,908	$	49,458		$	(275,915	)	$	91,003

CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS)

FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2015

(Dollars in thousands)


	Parent		CBRE			Guarantor Subsidiaries			Nonguarantor Subsidiaries			Eliminations			Consolidated Total
Net income	$	149,123	$	160,973		$	146,587		$	63,804		$	(370,496	)	$	149,991
Other comprehensive loss:
Foreign currency translation loss		—		—			—			(69,728	)		—			(69,728	)
Fees associated with termination of interest rate swaps, net		—		(3,748	)		—			—			—			(3,748	)
Amounts reclassified from accumulated other comprehensive loss to interest expense, net		—		1,873			—			—			—			1,873
Unrealized losses on interest rate swaps, net		—		(2,924	)		—			—			—			(2,924	)
Unrealized holding losses on available for sale securities, net		—		—			(1,024	)		(158	)		—			(1,182	)
Other, net		—		—			(18	)		—			—			(18	)

Total other comprehensive loss		—		(4,799	)		(1,042	)		(69,886	)		—			(75,727	)
Comprehensive income (loss)		149,123		156,174			145,545			(6,082	)		(370,496	)		74,264
Less: Comprehensive income attributable to non-controlling interests		—		—			—			861			—			861

Comprehensive income (loss) attributable to CBRE Group, Inc.	$	149,123	$	156,174		$	145,545		$	(6,943	)	$	(370,496	)	$	73,403

CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2016

(Dollars in thousands)


	Parent		CBRE			Guarantor Subsidiaries			Nonguarantor Subsidiaries			Eliminations			Consolidated Total
Net income	$	307,998	$	310,069		$	311,747		$	118,789		$	(729,665	)	$	318,938
Other comprehensive income (loss):
Foreign currency translation loss		—		—			—			(101,654	)		—			(101,654	)
Amounts reclassified from accumulated other comprehensive loss to interest expense, net		—		5,196			—			—			—			5,196
Unrealized losses on interest rate swaps, net		—		(3,327	)		—			—			—			(3,327	)
Unrealized holding gains on available for sale securities, net		—		—			862			131			—			993
Other, net		—		—			(759	)		2			—			(757	)

Total other comprehensive income (loss)		—		1,869			103			(101,521	)		—			(99,549	)
Comprehensive income		307,998		311,938			311,850			17,268			(729,665	)		219,389
Less: Comprehensive income attributable to non-controlling interests		—		—			—			11,057			—			11,057

Comprehensive income attributable to CBRE Group, Inc.	$	307,998	$	311,938		$	311,850		$	6,211		$	(729,665	)	$	208,332

CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS)

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2015

(Dollars in thousands)


	Parent		CBRE			Guarantor Subsidiaries			Nonguarantor Subsidiaries			Eliminations			Consolidated Total
Net income	$	367,089	$	394,820		$	390,232		$	116,034		$	(891,893	)	$	376,282
Other comprehensive loss:
Foreign currency translation loss		—		—			—			(117,640	)		—			(117,640	)
Fees associated with termination of interest rate swaps, net		—		(3,748	)		—			—			—			(3,748	)
Amounts reclassified from accumulated other comprehensive loss to interest expense, net		—		5,477			—			—			—			5,477
Unrealized losses on interest rate swaps, net		—		(5,435	)		—			—			—			(5,435	)
Unrealized holding losses on available for sale securities, net		—		—			(1,053	)		(58	)		—			(1,111	)

Total other comprehensive loss		—		(3,706	)		(1,053	)		(117,698	)		—			(122,457	)
Comprehensive income (loss)		367,089		391,114			389,179			(1,664	)		(891,893	)		253,825
Less: Comprehensive income attributable to non-controlling interests		—		—			—			9,170			—			9,170

Comprehensive income (loss) attributable to CBRE Group, Inc.	$	367,089	$	391,114		$	389,179		$	(10,834	)	$	(891,893	)	$	244,655

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2016

(Dollars in thousands)


	Parent			CBRE			Guarantor Subsidiaries			Nonguarantor Subsidiaries			Consolidated Total
CASH FLOWS PROVIDED BY (USED IN) OPERATING ACTIVITIES:	$	65,900		$	(9,453	)	$	(80,074	)	$	(29,562	)	$	(53,189	)
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures		—			—			(81,359	)		(52,998	)		(134,357	)
Acquisition of GWS, including net assets acquired, intangibles and goodwill		—			—			3,256			(13,733	)		(10,477	)
Acquisition of businesses (other than GWS), including net assets acquired, intangibles and goodwill, net of cash acquired		—			—			(1,249	)		(20,817	)		(22,066	)
Contributions to unconsolidated subsidiaries		—			—			(36,693	)		(20,602	)		(57,295	)
Distributions from unconsolidated subsidiaries		—			—			116,072			3,467			119,539
Net proceeds from disposition of real estate held for investment		—			—			—			44,326			44,326
Proceeds from the sale of servicing rights and other assets		—			—			11,982			15,177			27,159
Increase in restricted cash		—			—			(545	)		(1,078	)		(1,623	)
Purchase of available for sale securities		—			—			(31,413	)		—			(31,413	)
Proceeds from the sale of available for sale securities		—			—			29,560			—			29,560
Other investing activities, net		—			—			(1,305	)		(1,669	)		(2,974	)

Net cash used in investing activities		—			—			8,306			(47,927	)		(39,621	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayment of senior term loans		—			(23,125	)		—			—			(23,125	)
Proceeds from revolving credit facility		—			2,195,000			—			—			2,195,000
Repayment of revolving credit facility		—			(2,112,000	)		—			—			(2,112,000	)
Proceeds from notes payable on real estate held for investment		—			—			—			7,274			7,274
Repayment of notes payable on real estate held for investment		—			—			—			(33,516	)		(33,516	)
Proceeds from notes payable on real estate held for sale and under development		—			—			—			15,110			15,110
Repayment of notes payable on real estate held for sale and under development		—			—			—			(4,102	)		(4,102	)
Repayment of short-term borrowings and other loans, net		—			—			—			(483	)		(483	)
Shares repurchased for payment of taxes on equity awards		(27,796	)		—			—			—			(27,796	)
Proceeds from exercise of stock options		915			—			—			—			915
Non-controlling interest contributions		—			—			—			1,478			1,478
Non-controlling interest distributions		—			—			—			(12,800	)		(12,800	)
Payment of financing costs		—			(5,460	)		—			(141	)		(5,601	)
(Increase) decrease in intercompany receivables, net		(39,019	)		(40,954	)		(50,454	)		130,427			—
Other financing activities, net		—			—			(1,173	)		(20	)		(1,193	)

Net cash (used in) provided by financing activities		(65,900	)		13,461			(51,627	)		103,227			(839	)
Effect of currency exchange rate changes on cash and cash equivalents		—			—			—			(408	)		(408	)

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		—			4,008			(123,395	)		25,330			(94,057	)
CASH AND CASH EQUIVALENTS, AT BEGINNING OF PERIOD		5			8,479			147,410			384,509			540,403

CASH AND CASH EQUIVALENTS, AT END OF PERIOD	$	5		$	12,487		$	24,015		$	409,839		$	446,346

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Cash paid during the period for:
Interest	$	—		$	115,698		$	—		$	2,574		$	118,272

Income taxes, net	$	—		$	—		$	123,231		$	101,898		$	225,129

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2015

(Dollars in thousands)


	Parent			CBRE			Guarantor Subsidiaries			Nonguarantor Subsidiaries			Consolidated Total
CASH FLOWS PROVIDED BY (USED IN) OPERATING ACTIVITIES:	$	31,155		$	(13,282	)	$	106,066		$	18,471		$	142,410
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures		—			—			(45,646	)		(39,678	)		(85,324	)
Acquisition of GWS, including net assets acquired, intangibles and goodwill, net of cash acquired		—			—			(730,307	)		(691,356	)		(1,421,663	)
Acquisition of businesses (other than GWS), including net assets acquired, intangibles and goodwill, net of cash acquired		—			—			(94,498	)		(8,642	)		(103,140	)
Contributions to unconsolidated subsidiaries		—			—			(44,279	)		(1,513	)		(45,792	)
Distributions from unconsolidated subsidiaries		—			—			37,876			4,862			42,738
Net proceeds from disposition of real estate held for investment		—			—			—			3,584			3,584
Proceeds from the sale of servicing rights and other assets		—			—			9,512			11,922			21,434
Increase in restricted cash		—			—			(6,329	)		(35,535	)		(41,864	)
Purchase of available for sale securities		—			—			(31,919	)		—			(31,919	)
Proceeds from the sale of available for sale securities		—			—			33,063			—			33,063
Other investing activities, net		—			—			(1,290	)		(1,773	)		(3,063	)

Net cash used in investing activities		—			—			(873,817	)		(758,129	)		(1,631,946	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from senior term loans		—			900,000			—			—			900,000
Repayment of senior term loans		—			(651,863	)		—			—			(651,863	)
Proceeds from revolving credit facility		—			2,107,500			—			—			2,107,500
Repayment of revolving credit facility		—			(1,707,000	)		—			(4,512	)		(1,711,512	)
Proceeds from issuance of 4.875% senior notes, net		—			595,440			—			—			595,440
Repayment of notes payable on real estate held for investment		—			—			—			(1,173	)		(1,173	)
Proceeds from notes payable on real estate held for sale and under development		—			—			—			12,584			12,584
Proceeds from short-term borrowings and other loans, net		—			—			—			15,862			15,862
Shares repurchased for payment of taxes on equity awards		(24,517	)		—			—			—			(24,517	)
Proceeds from exercise of stock options		6,755			—			—			—			6,755
Incremental tax benefit from stock options exercised		2,270			—			—			—			2,270
Non-controlling interest contributions		—			—			—			4,691			4,691
Non-controlling interest distributions		—			—			—			(13,595	)		(13,595	)
Payment of financing costs		—			(30,046	)		—			(84	)		(30,130	)
(Increase) decrease in intercompany receivables, net		(15,667	)		(1,213,184	)		446,801			782,050			—
Other financing activities, net		—			—			(2,113	)		(29	)		(2,142	)

Net cash (used in) provided by financing activities		(31,159	)		847			444,688			795,794			1,210,170
Effect of currency exchange rate changes on cash and cash equivalents		—			—			—			(21,161	)		(21,161	)

NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS		(4	)		(12,435	)		(323,063	)		34,975			(300,527	)
CASH AND CASH EQUIVALENTS, AT BEGINNING OF PERIOD		5			18,262			374,103			348,514			740,884

CASH AND CASH EQUIVALENTS, AT END OF PERIOD	$	1		$	5,827		$	51,040		$	383,489		$	440,357

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Cash paid during the period for:
Interest	$	—		$	79,527		$	83		$	1,212		$	80,822

Income taxes, net	$	—		$	—		$	126,421		$	84,213		$	210,634