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Business Segments (Tables)

3 Months Ended

Mar. 31, 2025

Segment Reporting [Abstract]

Summarized Unaudited Financial Information by Business Segments

Summarized financial information by business segment is as follows.

Real Estate Management Services						Three Months Ended March 31,
(in millions)									2025			2024
Workplace Management									$	3,263.6		2,871.7
Project Management									747.5			656.4
Property Management									445.6			429.7
Portfolio Services and Other									112.7			111.4
Revenue									$	4,569.4		4,069.2
Less:
Platform compensation and benefits									$	431.6		400.5
Platform operating, administrative and other									139.2			128.6
Gross contract costs									3,930.3			3,469.1
Add:
Equity earnings									0.4			1.1
Other segment items									(2.4)			(0.7)
Adjusted EBITDA									$	66.3		71.4
Depreciation and amortization(1)									$	30.6		28.0

(1) Excludes the noncontrolling interest portion of amortization of acquisition-related intangibles which is not attributable to common shareholders.

Leasing Advisory						Three Months Ended March 31,
(in millions)									2025			2024
Leasing									$	566.1		497.3
Advisory, Consulting and Other									20.0			23.1
Revenue									$	586.1		520.4
Less:
Platform compensation and benefits									$	426.8		381.8
Platform operating, administrative and other									60.4			57.6
Gross contract costs									2.0			6.4
Add:
Equity losses									—			—
Other segment items									0.1			0.2
Adjusted EBITDA									$	97.0		74.8
Depreciation and amortization									$	12.0		9.1

Capital Markets Services						Three Months Ended March 31,
(in millions)									2025			2024
Investment Sales, Debt/Equity Advisory and Other									$	312.6		258.7
Value and Risk Advisory									81.6			80.2
Loan Servicing									41.1			38.7
Revenue									$	435.3		377.6
Less:
Platform compensation and benefits									$	329.5		287.6
Platform operating, administrative and other									70.7			60.8
Gross contract costs									1.1			13.6
Add:
Equity earnings									1.6			0.1
Other segment items									13.0			9.3
Adjusted EBITDA									$	48.6		25.0
Depreciation and amortization									$	18.9		16.4

Investment Management						Three Months Ended March 31,
(in millions)									2025			2024
Advisory fees									$	89.3		92.3
Transaction fees and other									8.5			8.9
Incentive fees									0.7			2.2
Revenue									$	98.5		103.4
Less:
Platform compensation and benefits									$	58.3		61.3
Platform operating, administrative and other									16.3			12.9
Gross contract costs									8.2			8.4
Add:
Other segment items									0.1			0.2
Adjusted EBITDA									$	15.8		21.0
Depreciation and amortization									$	2.9		2.0
Equity losses									$	(6.1)		(3.9)

Software and Technology Solutions						Three Months Ended March 31,
(in millions)									2025			2024
Revenue									$	57.1		53.9
Less:
Platform compensation and benefits									$	45.5		47.3
Platform operating, administrative and other									14.5			10.5
Gross contract costs									0.7			1.2
Add:
Other segment items									0.7			—
Adjusted EBITDA									$	(2.9)		(5.1)
Depreciation and amortization									$	6.3		4.5
Equity losses									$	(21.5)		(1.0)

The following table is a reconciliation of Adjusted EBITDA to Net income attributable to common shareholders.

						Three Months Ended March 31,
(in millions)									2025			2024
Adjusted EBITDA - Real Estate Management Services									$	66.3		71.4
Adjusted EBITDA - Leasing Advisory									97.0			74.8
Adjusted EBITDA - Capital Markets Services									48.6			25.0
Adjusted EBITDA - Investment Management									15.8			21.0
Adjusted EBITDA - Software and Technology Solutions									(2.9)			(5.1)
Adjusted EBITDA - Consolidated									$	224.8		187.1
Adjustments:
Restructuring and acquisition charges									$	(19.7)		(1.7)
Interest on employee loans, net of forgiveness									1.6			1.0
Equity losses - Investment Management and Software and Technology Solutions(1)									(28.7)			(4.9)
Credit losses on convertible note investments									(0.5)			—
Net non-cash MSR and mortgage banking derivative activity									(12.9)			(9.0)
Interest expense, net of interest income									(24.6)			(30.5)
Income tax provision									(14.0)			(15.9)
Depreciation and amortization(1)									(70.7)			(60.0)
Net income attributable to common shareholders									$	55.3		66.1

(1) This adjustment excludes the noncontrolling interest portion which is not attributable to common shareholders.

X

- Definition

Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 25
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-25

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

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X

- References

No definition available.

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