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Telford Acquisition (Tables)

12 Months Ended

Dec. 31, 2020

Summary of Excess Purchase Price Over Estimated Fair Value of Net Assets Acquired

The following represents the summary of the excess purchase price over the fair value of net assets acquired (dollars in thousands):


Purchase price	$	328,502
Less: Final fair value of net assets acquired (see table below)	297,669
Excess purchase price over fair value of net assets acquired	$	30,833

Summary of Aggregate Estimated Fair Values of Assets Acquired and Liabilities Assumed

The following table summarizes the final fair values assigned to the identified assets acquired and liabilities assumed (dollars in thousands):


Assets Acquired:
Cash and cash equivalents	$	7,896
Receivables	6,993
Contract assets, current	31,850
Prepaid expenses	2,704
Property and equipment	2,637
Other intangible assets	26,749
Operating lease assets	6,488
Investments in unconsolidated subsidiaries	79,667
Non-current contract assets	8,015
Real estate under development	208,402
Deferred tax assets, net	2,857
Other assets (current and non-current)	99,429
Total assets acquired	483,687
Liabilities Assumed:
Accounts payable and accrued expenses	47,552
Compensation and employee benefits payable	1,580
Accrued bonus	3,274
Operating lease liabilities	941
Contract liabilities, current	1,949
Income taxes payable	1,813
Line of credit	110,687
Non-current operating lease liabilities	5,547
Other liabilities (current and non-current)	12,675
Total liabilities assumed	186,018
Fair Value of Net Assets Acquired	$	297,669

Schedule of Trademarks Acquired as Part of Business Combination

In connection with the Telford Acquisition, below is a summary of the value allocated to the trademark acquired (dollars in thousands):


				December 31, 2019
Asset Class	Amortization Period	Amount Assigned at Acquisition Date		Accumulated Amortization and Foreign Currency Translation		Net Carrying Value
Trademark	20 Years	$	26,749	$	1,725	$	28,474

Summary of Pro Forma Results Prepared for Comparative Purposes

These unaudited pro forma results have been prepared for comparative purposes only and do not purport to be indicative of what operating results would have been had the Telford Acquisition occurred on January 1, 2018 and may not be indicative of future operating results (dollars in thousands, except share data):


	Year Ended December 31,
	2019		2018
Revenue	$	24,158,427	$	21,803,506
Operating income	1,294,480		1,157,051
Net income attributable to CBRE Group, Inc.	1,321,097		1,121,469
Basic income per share:
Net income per share attributable to CBRE Group, Inc.	$	3.93	$	3.31
Weighted average shares outstanding for basic income per share	335,795,654		339,321,056
Diluted income per share:
Net income per share attributable to CBRE Group, Inc.	$	3.88	$	3.27
Weighted average shares outstanding for diluted income per share	340,522,871		343,122,741