Segments (Tables)

9 Months Ended

Sep. 30, 2016

Summarized Financial Information by Segment

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2016		2015 (1)		2016		2015 (1)
Revenue
Americas	$	1,770,369	$	1,556,648	$	5,129,684	$	4,218,753
EMEA		956,492		737,863		2,765,825		1,817,601
Asia Pacific		358,320		285,337		1,023,162		755,531
Global Investment Management		91,807		114,094		277,924		318,371
Development Services		16,499		18,617		51,163		45,312

Total revenue	$	3,193,487	$	2,712,559	$	9,247,758	$	7,155,568

EBITDA
Americas	$	186,274	$	197,379	$	568,019	$	581,397
EMEA		49,774		56,666		101,690		114,328
Asia Pacific		26,744		33,252		57,673		77,438
Global Investment Management		6,054		29,397		53,577		80,390
Development Services		15,709		9,883		66,109		16,172

Total EBITDA	$	284,555	$	326,577	$	847,068	$	869,725

(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 Calculation by Segment

EBITDA for our segments is calculated as follows (dollars in thousands):


	Three Months Ended September 30,						Nine Months Ended September 30,
	2016			2015 (1)			2016			2015 (1)
Americas
Net income attributable to CBRE Group, Inc.	$	69,176		$	92,008		$	231,158		$	286,796
Add:
Depreciation and amortization		62,545			47,209			186,342			134,750
Interest expense, net		21,492			9,692			64,583			17,485
Write-off of financing costs on extinguished debt		—			—			—			2,685
Royalty and management service income		(3,138	)		(2,703	)		(23,295	)		(9,668	)
Provision for income taxes		36,199			51,173			109,231			149,349

EBITDA	$	186,274		$	197,379		$	568,019		$	581,397

EMEA
Net income attributable to CBRE Group, Inc.	$	23,524		$	24,535		$	19,278		$	24,921
Add:
Depreciation and amortization		19,385			15,175			50,647			44,574
Interest expense, net		4,078			10,834			11,916			33,656
Royalty and management service (income) expense		(2,992	)		(1,452	)		685			(4,313	)
Provision for income taxes		5,779			7,574			19,164			15,490

EBITDA	$	49,774		$	56,666		$	101,690		$	114,328

Asia Pacific
Net income attributable to CBRE Group, Inc.	$	11,576		$	16,665		$	14,068		$	29,643
Add:
Depreciation and amortization		4,479			3,728			12,957			11,357
Interest expense, net		1,250			800			1,292			2,689
Royalty and management service expense		5,277			3,581			19,629			11,342
Provision for income taxes		4,162			8,478			9,727			22,407

EBITDA	$	26,744		$	33,252		$	57,673		$	77,438

Global Investment Management
Net (loss) income attributable to CBRE Group, Inc.	$	(7,830	)	$	10,717		$	7,635		$	18,546
Add:
Depreciation and amortization		5,673			8,423			18,110			23,095
Interest expense, net		7,611			8,060			23,124			23,562
Royalty and management service expense		853			574			2,981			2,639
(Benefit of) provision for income taxes		(253	)		1,623			1,727			12,548

EBITDA	$	6,054		$	29,397		$	53,577		$	80,390

Development Services
Net income attributable to CBRE Group, Inc.	$	7,717		$	5,198		$	35,859		$	7,183
Add:
Depreciation and amortization		643			512			1,931			1,722
Interest expense, net		1,822			155			2,590			818
Provision for income taxes		5,527			4,018			25,729			6,449

EBITDA	$	15,709		$	9,883		$	66,109		$	16,172

(1)