11.	Guarantor and Nonguarantor Financial Statements

The following condensed consolidating financial information includes condensed consolidating balance sheets as of September 30, 2017 and December 31, 2016, condensed consolidating statements of operations and condensed consolidating statements of comprehensive income for the three and nine months ended September 30, 2017 and 2016 and condensed consolidating statements of cash flows for the nine months ended September 30, 2017 and 2016 of:

•

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

•

Elimination entries necessary to consolidate CBRE Group, Inc., as the parent, with CBRE Services 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, 2017

(Dollars in thousands)

			CBRE		Guarantor		Nonguarantor					Consolidated
	Parent		Services		Subsidiaries		Subsidiaries		Eliminations			Total
ASSETS
Current Assets:
Cash and cash equivalents	$	7	$	7,721	$	446,123	$	501,754	$	—		$	955,605
Restricted cash		—		—		2,048		82,746		—			84,794
Receivables, net		—		—		1,069,509		1,773,617		—			2,843,126
Warehouse receivables (1)		—		—		1,002,000		432,910		—			1,434,910
Income taxes receivable		587		4,399		—		61,425		(25	)		66,386
Prepaid expenses		—		—		77,336		140,713		—			218,049
Other current assets		—		—		60,622		141,242		—			201,864
Total Current Assets		594		12,120		2,657,638		3,134,407		(25	)		5,804,734
Property and equipment, net		—		—		400,273		173,993		—			574,266
Goodwill		—		—		1,684,808		1,450,400		—			3,135,208
Other intangible assets, net		—		—		753,706		646,993		—			1,400,699
Investments in unconsolidated subsidiaries		—		—		188,353		45,281		—			233,634
Investments in consolidated subsidiaries		5,143,175		4,988,534		2,807,898		—		(12,939,607	)		—
Intercompany loan receivable		—		2,690,873		700,000		—		(3,390,873	)		—
Deferred tax assets, net		—		—		30,673		94,250		(30,673	)		94,250
Other assets, net		—		18,306		275,452		115,465		—			409,223
Total Assets	$	5,143,769	$	7,709,833	$	9,498,801	$	5,660,789	$	(16,361,178	)	$	11,652,014
LIABILITIES AND EQUITY
Current Liabilities:
Accounts payable and accrued expenses	$	—	$	7,788	$	482,449	$	1,015,623	$	—		$	1,505,860
Compensation and employee benefits payable		—		626		412,761		350,167		—			763,554
Accrued bonus and profit sharing		—		—		413,826		313,240		—			727,066
Income taxes payable		—		—		34,581		47,550		(25	)		82,106
Short-term borrowings:										—
Warehouse lines of credit (which fund loans that U.S. Government Sponsored Enterprises have committed to purchase) (1)		—		—		999,172		417,081		—			1,416,253
Other		—		—		16		—		—			16
Total short-term borrowings		—		—		999,188		417,081		—			1,416,269
Current maturities of long-term debt		—		—		—		10		—			10
Other current liabilities		—		84		40,500		15,928		—			56,512
Total Current Liabilities		—		8,498		2,383,305		2,159,599		(25	)		4,551,377
Long-Term Debt, net:
Long-term debt, net		—		2,551,568		—		—		—			2,551,568
Intercompany loan payable		1,348,299		—		1,826,325		216,249		(3,390,873	)		—
Total Long-Term Debt, net		1,348,299		2,551,568		1,826,325		216,249		(3,390,873	)		2,551,568
Deferred tax liabilities, net		—		—		—		156,455		(30,673	)		125,782
Non-current tax liabilities		—		—		16,037		1,814		—			17,851
Other liabilities		—		6,592		284,600		262,408		—			553,600
Total Liabilities		1,348,299		2,566,658		4,510,267		2,796,525		(3,421,571	)		7,800,178
Commitments and contingencies		—		—		—		—		—			—
Equity:
CBRE Group, Inc. Stockholders’ Equity		3,795,470		5,143,175		4,988,534		2,807,898		(12,939,607	)		3,795,470
Non-controlling interests		—		—		—		56,366		—			56,366
Total Equity		3,795,470		5,143,175		4,988,534		2,864,264		(12,939,607	)		3,851,836
Total Liabilities and Equity	$	5,143,769	$	7,709,833	$	9,498,801	$	5,660,789	$	(16,361,178	)	$	11,652,014

(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 JP Morgan, TD Bank, BofA, Fannie Mae ASAP and Capital One lines of credit are pledged to JP Morgan, TD Bank, BofA, Fannie Mae and Capital One.

CONDENSED CONSOLIDATING BALANCE SHEET

AS OF DECEMBER 31, 2016

(Dollars in thousands)

			CBRE		Guarantor		Nonguarantor					Consolidated
	Parent		Services		Subsidiaries		Subsidiaries		Eliminations			Total
ASSETS
Current Assets:
Cash and cash equivalents	$	7	$	16,889	$	264,121	$	481,559	$	—		$	762,576
Restricted cash		—		—		6,967		61,869		—			68,836
Receivables, net		—		—		943,028		1,662,574		—			2,605,602
Warehouse receivables (1)		—		—		687,454		588,593		—			1,276,047
Income taxes receivable		1,915		17,364		8,170		37,456		(19,279	)		45,626
Prepaid expenses		—		—		78,296		105,811		—			184,107
Other current assets		—		1,421		64,576		113,659		—			179,656
Total Current Assets		1,922		35,674		2,052,612		3,051,521		(19,279	)		5,122,450
Property and equipment, net		—		—		395,749		165,007		—			560,756
Goodwill		—		—		1,669,683		1,311,709		—			2,981,392
Other intangible assets, net		—		—		793,525		617,514		—			1,411,039
Investments in unconsolidated subsidiaries		—		—		189,455		42,783		—			232,238
Investments in consolidated subsidiaries		4,226,629		4,076,265		2,314,549		—		(10,617,443	)		—
Intercompany loan receivable		—		2,684,421		700,000		—		(3,384,421	)		—
Deferred tax assets, net		—		—		72,325		90,334		(57,335	)		105,324
Other assets, net		—		22,229		240,707		103,452		—			366,388
Total Assets	$	4,228,551	$	6,818,589	$	8,428,605	$	5,382,320	$	(14,078,478	)	$	10,779,587
LIABILITIES AND EQUITY
Current Liabilities:
Accounts payable and accrued expenses	$	—	$	30,049	$	409,470	$	1,006,919	$	—		$	1,446,438
Compensation and employee benefits payable		—		626		402,719		369,577		—			772,922
Accrued bonus and profit sharing		—		—		506,715		383,606		—			890,321
Income taxes payable		—		—		40,946		36,684		(19,279	)		58,351
Short-term borrowings:										—
Warehouse lines of credit (which fund loans that U.S. Government Sponsored Enterprises have committed to purchase) (1)		—		—		680,473		574,180		—			1,254,653
Other		—		—		16		—		—			16
Total short-term borrowings		—		—		680,489		574,180		—			1,254,669
Current maturities of long-term debt		—		—		—		11		—			11
Other current liabilities		—		—		81,590		21,127		—			102,717
Total Current Liabilities		—		30,675		2,121,929		2,392,104		(19,279	)		4,525,429
Long-Term Debt, net:
Long-term debt, net		—		2,548,123		—		3		—			2,548,126
Intercompany loan payable		1,214,064		—		1,916,675		253,682		(3,384,421	)		—
Total Long-Term Debt, net		1,214,064		2,548,123		1,916,675		253,685		(3,384,421	)		2,548,126
Deferred tax liabilities, net		—		—		—		128,054		(57,335	)		70,719
Non-current tax liabilities		—		—		53,422		620		—			54,042
Other liabilities		—		13,162		260,314		250,550		—			524,026
Total Liabilities		1,214,064		2,591,960		4,352,340		3,025,013		(3,461,035	)		7,722,342
Commitments and contingencies		—		—		—		—		—			—
Equity:
CBRE Group, Inc. Stockholders’ Equity		3,014,487		4,226,629		4,076,265		2,314,549		(10,617,443	)		3,014,487
Non-controlling interests		—		—		—		42,758		—			42,758
Total Equity		3,014,487		4,226,629		4,076,265		2,357,307		(10,617,443	)		3,057,245
Total Liabilities and Equity	$	4,228,551	$	6,818,589	$	8,428,605	$	5,382,320	$	(14,078,478	)	$	10,779,587

(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 BofA, Fannie Mae ASAP, JP Morgan, Capital One and TD Bank lines of credit are pledged to BofA, Fannie Mae, JP Morgan, Capital One and TD Bank.

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2017

(Dollars in thousands)

				CBRE			Guarantor			Nonguarantor					Consolidated
	Parent			Services			Subsidiaries			Subsidiaries		Eliminations			Total
Revenue	$	—		$	—		$	1,774,112		$	1,775,865	$	—		$	3,549,977
Costs and expenses:
Cost of services		—			—			1,256,664			1,256,713		—			2,513,377
Operating, administrative and other		770			756			374,966			328,406		—			704,898
Depreciation and amortization		—			—			60,610			41,981		—			102,591
Total costs and expenses		770			756			1,692,240			1,627,100		—			3,320,866
Gain on disposition of real estate		—			—			5,315			865		—			6,180
Operating (loss) income		(770	)		(756	)		87,187			149,630		—			235,291
Equity income from unconsolidated subsidiaries		—			—			65,439			2,395		—			67,834
Other income		—			—			455			1,313		—			1,768
Interest income		—			30,651			1,352			1,777		(30,651	)		3,129
Interest expense		—			33,577			22,660			8,897		(30,651	)		34,483
Royalty and management service (income) expense		—			—			(4,389	)		4,389		—			—
Income from consolidated subsidiaries		196,791			199,062			99,222			—		(495,075	)		—
Income before (benefit of) provision for income taxes		196,021			195,380			235,384			141,829		(495,075	)		273,539
(Benefit of) provision for income taxes		(296	)		(1,411	)		36,322			41,563		—			76,178
Net income		196,317			196,791			199,062			100,266		(495,075	)		197,361
Less: Net income attributable to non-controlling interests		—			—			—			1,044		—			1,044
Net income attributable to CBRE Group, Inc.	$	196,317		$	196,791		$	199,062		$	99,222	$	(495,075	)	$	196,317

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2016

(Dollars in thousands)

				CBRE			Guarantor			Nonguarantor					Consolidated
	Parent			Services			Subsidiaries			Subsidiaries		Eliminations			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 NINE MONTHS ENDED SEPTEMBER 30, 2017

(Dollars in thousands)

				CBRE			Guarantor			Nonguarantor					Consolidated
	Parent			Services			Subsidiaries			Subsidiaries		Eliminations			Total
Revenue	$	—		$	—		$	5,046,641		$	4,826,755	$	—		$	9,873,396
Costs and expenses:
Cost of services		—			—			3,504,306			3,414,712		—			6,919,018
Operating, administrative and other		1,532			1,643			1,078,709			941,619		—			2,023,503
Depreciation and amortization		—			—			176,035			120,979		—			297,014
Total costs and expenses		1,532			1,643			4,759,050			4,477,310		—			9,239,535
Gain on disposition of real estate		—			—			5,543			13,320		—			18,863
Operating (loss) income		(1,532	)		(1,643	)		293,134			362,765		—			652,724
Equity income from unconsolidated subsidiaries		—			—			154,769			3,467		—			158,236
Other income		—			1			1,481			7,587		—			9,069
Interest income		—			91,250			3,891			3,076		(91,250	)		6,967
Interest expense		—			101,087			67,276			26,810		(91,250	)		103,923
Royalty and management service (income) expense		—			—			(11,088	)		11,088		—			—
Income from consolidated subsidiaries		524,024			531,104			227,120			—		(1,282,248	)		—
Income before (benefit of) provision for income taxes		522,492			519,625			624,207			338,997		(1,282,248	)		723,073
(Benefit of) provision for income taxes		(587	)		(4,399	)		93,103			107,696		—			195,813
Net income		523,079			524,024			531,104			231,301		(1,282,248	)		527,260
Less: Net income attributable to non-controlling interests		—			—			—			4,181		—			4,181
Net income attributable to CBRE Group, Inc.	$	523,079		$	524,024		$	531,104		$	227,120	$	(1,282,248	)	$	523,079

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2016

(Dollars in thousands)

				CBRE			Guarantor			Nonguarantor					Consolidated
	Parent			Services			Subsidiaries			Subsidiaries		Eliminations			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 COMPREHENSIVE INCOME

FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2017

(Dollars in thousands)

			CBRE		Guarantor			Nonguarantor					Consolidated
	Parent		Services		Subsidiaries			Subsidiaries		Eliminations			Total
Net income	$	196,317	$	196,791	$	199,062		$	100,266	$	(495,075	)	$	197,361
Other comprehensive income:
Foreign currency translation gain		—		—		—			64,711		—			64,711
Amounts reclassified from accumulated other comprehensive loss to interest expense, net		—		1,260		—			—		—			1,260
Unrealized gains on interest rate swaps, net		—		25		—			—		—			25
Unrealized holding gains on available for sale securities, net		—		—		331			8		—			339
Other, net		—		—		(4	)		—		—			(4	)
Total other comprehensive income		—		1,285		327			64,719		—			66,331
Comprehensive income		196,317		198,076		199,389			164,985		(495,075	)		263,692
Less: Comprehensive income attributable to non-controlling interests		—		—		—			1,227		—			1,227
Comprehensive income attributable to CBRE Group, Inc.	$	196,317	$	198,076	$	199,389		$	163,758	$	(495,075	)	$	262,465

CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME

FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2016

(Dollars in thousands)

			CBRE		Guarantor		Nonguarantor						Consolidated
	Parent		Services		Subsidiaries		Subsidiaries			Eliminations			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

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2017

(Dollars in thousands)

				CBRE		Guarantor			Nonguarantor					Consolidated
	Parent			Services		Subsidiaries			Subsidiaries		Eliminations			Total
Net income	$	523,079		$	524,024	$	531,104		$	231,301	$	(1,282,248	)	$	527,260
Other comprehensive (loss) income:
Foreign currency translation gain		—			—		—			204,147		—			204,147
Amounts reclassified from accumulated other comprehensive loss to interest expense, net		—			4,148		—			—		—			4,148
Unrealized gains on interest rate swaps, net		—			102		—			—		—			102
Unrealized holding gains on available for sale securities, net		—			—		2,056			183		—			2,239
Other, net		(2	)		—		(18	)		—		—			(20	)
Total other comprehensive (loss) income		(2	)		4,250		2,038			204,330		—			210,616
Comprehensive income		523,077			528,274		533,142			435,631		(1,282,248	)		737,876
Less: Comprehensive income attributable to non-controlling interests		—			—		—			4,544		—			4,544
Comprehensive income attributable to CBRE Group, Inc.	$	523,077		$	528,274	$	533,142		$	431,087	$	(1,282,248	)	$	733,332

CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2016

(Dollars in thousands)

			CBRE			Guarantor			Nonguarantor						Consolidated
	Parent		Services			Subsidiaries			Subsidiaries			Eliminations			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 CASH FLOWS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2017

(Dollars in thousands)

				CBRE			Guarantor			Nonguarantor			Consolidated
	Parent			Services			Subsidiaries			Subsidiaries			Total
CASH FLOWS PROVIDED BY (USED IN) OPERATING ACTIVITIES:	$	69,358		$	(7,513	)	$	129,361		$	56,062		$	247,268
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures		—			—			(68,566	)		(33,040	)		(101,606	)
Acquisition of businesses (other than GWS), including net assets acquired, intangibles and goodwill, net of cash acquired		—			—			(39,937	)		(19,457	)		(59,394	)
Contributions to unconsolidated subsidiaries		—			—			(33,582	)		(3,077	)		(36,659	)
Distributions from unconsolidated subsidiaries		—			—			172,868			4,638			177,506
Decrease (increase) in restricted cash		—			—			4,919			(15,939	)		(11,020	)
Purchase of available for sale securities		—			—			(29,408	)		—			(29,408	)
Proceeds from the sale of available for sale securities		—			—			25,618			—			25,618
Other investing activities, net		—			—			892			264			1,156
Net cash provided by (used in) investing activities		—			—			32,804			(66,611	)		(33,807	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from revolving credit facility		—			911,000			—			—			911,000
Repayment of revolving credit facility		—			(911,000	)		—			—			(911,000	)
Proceeds from notes payable on real estate held for investment		—			—			—			79			79
Repayment of notes payable on real estate held for investment		—			—			—			(1,324	)		(1,324	)
Proceeds from notes payable on real estate held for sale and under development		—			—			—			3,341			3,341
Repayment of notes payable on real estate held for sale and under development		—			—			—			(10,777	)		(10,777	)
Units repurchased for payment of taxes on equity awards		(29,549	)		—			—			—			(29,549	)
Non-controlling interest contributions		—			—			—			3,410			3,410
Non-controlling interest distributions		—			—			—			(6,643	)		(6,643	)
Payment of financing costs		—			—			—			(21	)		(21	)
(Increase) decrease in intercompany receivables, net		(40,288	)		(1,655	)		22,982			18,961			—
Other financing activities, net		479			—			(3,145	)		(7	)		(2,673	)
Net cash (used in) provided by financing activities		(69,358	)		(1,655	)		19,837			7,019			(44,157	)
Effect of currency exchange rate changes on cash and cash equivalents		—			—			—			23,725			23,725
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS		—			(9,168	)		182,002			20,195			193,029
CASH AND CASH EQUIVALENTS, AT BEGINNING OF PERIOD		7			16,889			264,121			481,559			762,576
CASH AND CASH EQUIVALENTS, AT END OF PERIOD	$	7		$	7,721		$	446,123		$	501,754		$	955,605
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Cash paid during the period for:
Interest	$	—		$	111,795		$	—		$	31		$	111,826
Income taxes, net	$	—		$	—		$	80,156		$	124,072		$	204,228

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2016

(Dollars in thousands)

				CBRE			Guarantor			Nonguarantor			Consolidated
	Parent			Services			Subsidiaries			Subsidiaries			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 businesses (other than GWS), including net assets acquired, intangibles and goodwill, net of cash acquired		—			—			(1,249	)		(20,817	)		(22,066	)
Acquisition of GWS, including net assets acquired, intangibles and goodwill		—			—			3,256			(13,733	)		(10,477	)
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
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		—			—			10,677			13,508			24,185
Net cash provided by (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	)
Shares repurchased for payment of taxes on equity awards		(27,796	)		—			—			—			(27,796	)
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		915			—			(1,173	)		(503	)		(761	)
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