18.

Segments

We report our operations through the following segments: (1) Americas, (2) 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):

	Year Ended December 31,
		2017	2016 (1)		2015 (1)
Revenue
Americas	$	7,860,239	$	7,246,459	$	6,201,676
EMEA		4,164,789		3,884,596		2,984,312
Asia Pacific		1,729,309		1,499,320		1,143,479
Global Investment Management		377,644		369,800		460,700
Development Services		77,627		71,414		65,643
Total revenue	$	14,209,608	$	13,071,589	$	10,855,810
Depreciation and amortization
Americas	$	289,338	$	254,118	$	198,986
EMEA		72,322		66,619		68,263
Asia Pacific		18,258		17,810		15,609
Global Investment Management		24,123		25,911		29,020
Development Services		2,073		2,469		2,218
Total depreciation and amortization	$	406,114	$	366,927	$	314,096

(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.

	Year Ended December 31,
		2017	2016 (1)		2015 (1)
Equity income from unconsolidated subsidiaries
Americas	$	18,789	$	17,892	$	18,413
EMEA		1,553		1,817		1,934
Asia Pacific		397		223		83
Global Investment Management		7,923		7,243		5,972
Development Services		181,545		170,176		136,447
Total equity income from unconsolidated subsidiaries	$	210,207	$	197,351	$	162,849
Adjusted EBITDA
Americas	$	1,013,864	$	950,355	$	858,174
EMEA		305,743		271,648		212,687
Asia Pacific		175,900		141,912		117,557
Global Investment Management		94,373		83,151		134,240
Development Services		119,654		113,937		90,066
Total Adjusted EBITDA	$	1,709,534	$	1,561,003	$	1,412,724

(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, write-off of financing costs on extinguished debt, 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):

	Year Ended December 31,
	2017			2016			2015
Net income attributable to CBRE Group, Inc.	$	691,479		$	571,973		$	547,132
Add:
Depreciation and amortization		406,114			366,927			314,096
Interest expense		136,814			144,851			118,880
Write-off of financing costs on extinguished debt		—			—			2,685
Provision for income taxes		466,147			296,662			320,853
Less:
Interest income		9,853			8,051			6,311
EBITDA		1,690,701			1,372,362			1,297,335
Adjustments:
Integration and other costs related to acquisitions		27,351			125,743			48,865
Carried interest incentive compensation (reversal) expense to align with the timing of associated revenue		(8,518	)		(15,558	)		26,085
Cost-elimination expenses (2)		—			78,456			40,439
Adjusted EBITDA	$	1,709,534		$	1,561,003		$	1,412,724

(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 years ended December 31, 2016 and 2015 consisted of $73.6 million and $32.6 million, respectively, of severance costs related to headcount reductions in connection with the program and $4.9 million and $7.8 million, respectively, of third-party contract termination costs. The total amount for each period does have a cash impact.

	Year Ended December 31,
		2017		2016		2015
	(Dollars in thousands)
Capital expenditures
Americas	$	127,135	$	134,046	$	94,376
EMEA		28,716		35,452		33,092
Asia Pacific		19,360		19,179		7,911
Global Investment Management		2,776		2,273		3,558
Development Services		55		255		527
Total capital expenditures	$	178,042	$	191,205	$	139,464

	December 31,
		2017		2016
	(Dollars in thousands)
Identifiable assets
Americas	$	5,599,820	$	5,555,400
EMEA		3,005,122		2,592,800
Asia Pacific		888,992		712,271
Global Investment Management		1,075,691		913,563
Development Services		164,455		188,762
Corporate		749,750		816,791
Total identifiable assets	$	11,483,830	$	10,779,587

Identifiable assets by segment are those assets used in our operations in each segment. Corporate identifiable assets primarily include cash and cash equivalents available for general corporate use and net deferred tax assets.

	December 31,
		2017		2016
	(Dollars in thousands)
Investments in unconsolidated subsidiaries
Americas	$	39,105	$	20,202
EMEA		852		388
Asia Pacific		6,581		5,802
Global Investment Management		83,430		87,501
Development Services		108,033		118,345
Total investments in unconsolidated subsidiaries	$	238,001	$	232,238

Geographic Information

Revenue in the table below is allocated based upon the country in which services are performed (dollars in thousands):

	Year Ended December 31,
		2017		2016		2015
Revenue
United States	$	7,424,249	$	6,917,221	$	5,991,826
United Kingdom		2,104,517		2,008,776		1,861,199
All other countries		4,680,842		4,145,592		3,002,785
Total revenue	$	14,209,608	$	13,071,589	$	10,855,810

The long-lived assets in the table below are comprised of net property and equipment (dollars in thousands).

	December 31,
		2017		2016
Property and equipment, net
United States	$	432,102	$	396,608
United Kingdom		61,335		61,327
All other countries		124,302		102,821
Total property and equipment, net	$	617,739	$	560,756