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
	March 31,
	2017		2016 (1)
Revenue
Americas	$	1,692,646	$	1,587,875
EMEA		844,188		840,347
Asia Pacific		341,145		311,359
Global Investment Management		89,566		90,380
Development Services		13,659		16,773
Total revenue	$	2,981,204	$	2,846,734
Adjusted EBITDA
Americas	$	220,400	$	187,214
EMEA		33,864		27,811
Asia Pacific		20,281		12,868
Global Investment Management		25,859		22,915
Development Services		2,804		31,875
Total Adjusted EBITDA	$	303,208	$	282,683

(1)	In 2017, we changed the presentation of the operating results of one of our emerging businesses among our regional services reporting segments. Prior year amounts have been reclassified to conform with the current-year presentation. This change had no impact on our consolidated results.

Adjusted EBITDA is the measure reported to the chief operating decision maker for purposes of making decisions about allocating resources to each segment and assessing performance of each segment. EBITDA represents earnings before net interest expense, income taxes, depreciation and amortization. Amounts shown for adjusted EBITDA further remove (from EBITDA) the impact of certain cash and non-cash charges related to acquisitions, cost-elimination expenses and certain carried interest incentive compensation (reversal) expense to align with the timing of associated revenue.

Adjusted EBITDA is calculated as follows (dollars in thousands):

	Three Months Ended
	March 31,
	2017			2016 (1)
Net income attributable to CBRE Group, Inc.	$	129,597		$	82,167
Add:
Depreciation and amortization		94,037			86,994
Interest expense		34,010			34,790
Provision for income taxes		51,273			50,125
Less:
Interest income		2,411			1,459
EBITDA		306,506			252,617
Adjustments:
Integration and other costs related to acquisitions		11,943			17,173
Cost-elimination expenses (2)		-			12,403
Carried interest incentive compensation (reversal) expense to align with the timing of associated revenue		(15,241	)		490
Adjusted EBITDA	$	303,208		$	282,683

(1)	In 2017, we changed the presentation of the operating results of one of our emerging businesses among our regional services reporting segments. Prior year amounts have been reclassified to conform with the current-year presentation. This change had no impact on our consolidated results.

(2)

Represents cost-elimination expenses relating to a program initiated in the fourth quarter of 2015 and completed in the third quarter of 2016 (our cost-elimination project) to reduce the company’s global cost structure after several years of significant revenue and related cost growth. Cost-elimination expenses incurred during the three months ended March 31, 2016 consisted of $11.8 million of severance costs related to headcount reductions in connection with the program and $0.6 million of third-party contract termination costs.