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美國
證券交易委員會
華盛頓特區20549
表格 10-Q
☒ 根據1934年證券交易法第13或15(d)條款提交的季度報告
截至2024年6月30日季度結束 2024年9月30日
或
☐ 根據1934年證券交易法第13條或第15(d)條進行的過渡報告
(Commission File Number)
委員會檔案編號 001-32205
CBRE_green.jpg
CBRE集團股份有限公司。
（依憑章程所載的完整登記名稱）
___________________________________________________________
特拉華州94-3391143
(成立地或組織其他管轄區)（聯邦稅號）
2121北珍珠街, 300套房, Dallas, 德克薩斯州
75201
(總部辦公地址)（郵政編碼）
(214) 979-6100
(註冊人電話號碼，包括區號)
_____________________________________________________________________________________
根據法案第12(b)條規定註冊的證券：
每種類別的名稱交易標的（s）每個註冊交易所的名稱
A類普通股票，每股價值0.01美元「CBRE」紐約證券交易所

請以勾選方式表明公司已依據1934年證券交易所法第13條或第15(d)條的規定在過去12個月內（或在公司被要求提交該等報告的較短期間內）提交了所有的報告，並在過去90天內受到該等提交要求的約束。是  ☒不☐
請在勾選符號上註明，是否在過去的12個月內（或更短的時間內，如果註冊人需提交此類文件），根據Regulation S-t第405條規定向本章第232.405條提交所需提交的每個交互式資料檔案。是  ☒不☐
請勾選該申報者是否為大型快速申報者、快速申報者、非快速申報者、小型報告公司或新興成長公司。請參閱交易所法案第1202條中“大型快速申報者”、“快速申報者”、“小型報告公司”和“新興成長公司”的定義。
大型加速歸檔人☒加速歸檔人☐
非加速歸檔人☐小型報告公司☐
新興成長型企業☐
如果是新兴成长型公司，请勾选标记，以表明注册人已选择不使用根据《交易法》第13(a)条规定提供的任何新的或修订的财务会计准则的延期过渡期来遵守。☐
在核准書上打勾表示公司是否為殼公司（如交易所法規定的第1202條所定義）。 是☐不☒
2024年10月21日，A級普通股的股份數為 306,017,984.

目錄

表格10-Q
2024年9月30日
目 錄
頁面

目錄
財務報表第一部分
第一項：基本報表。
CBRE集團股份有限公司。
合併資產負債表
(未經查核)
（金額以百萬美元計算，股票數據除外）
九月三十日，
2024		12月31日，
2023
資產
流動資產：
現金及現金等價物$1,025 $1,265 
限制性現金132 106 
應收帳款，減去可疑帳戶的折扣$113 15.1102 於
截至2024年9月30日和2023年12月31日，分別
6,705 6,370 
倉庫應收賬款1,438 675 
合同資產496 443 
預付款項361 333 
所得稅應收157 159 
其他流動資產302 315 
所有流動資产總額10,616 9,666 
$1,803 15.11,576 於
分別為2024年9月30日及2023年12月31日
936 907 
商譽5,778 5,129 
其他無形資產，減去累積攤提$的淨額為2,483 15.12,179 於
分別為2024年9月30日和2023年12月31日
2,372 2,081 
經營租賃資產1,122 1,030 
對未綜合子公司的投資（金額為$930 15.1997 按公平價值衡量為從
2024年9月30日和2023年12月31日
1,334 1,374 
非流動合同資產96 75 
開發中的房地產業457 300 
逾期所得稅應收款68 78 
递延所得税資產，淨值392 361 
其他資產，淨額1,674 1,547 
總資產$24,845 $22,548 
負債和權益
當前負債：
應付帳款和應計費用$3,851 $3,562 
薪酬及員工福利應付款1,241 1,459 
應計獎金和利潤分享1,223 1,556 
營業租賃負債229 242 
合約負債329 298 
應納所得稅款75 217 
倉儲信貸額度（用於資助美國政府贊助企業已承諾購買的貸款）1,422 666 
循環授信額度683 — 
其他短期借款4 16 
長期負債的當期到期38 9 
其他流動負債335 218 
全部流动负债9,430 8,243 
shares issued and outstanding3,277 2,804 
非流動經營租賃負債1,205 1,089 
非流動所得稅應付款— 30 
非流動稅務負債155 157 
递延所得税负债，净额253 255 
其他負債969 903 
總負債15,289 13,481 
股權：
CBRE集團股東權益:
A級普通股; $0.01 面額為0.0001； 525,000,000 授權股份為 306,010,388 和 304,889,140 股票份額
發行股份並已於2024年9月30日及2023年12月31日出售及持有份額，分別
3 3 
資本公積額額外增資— — 
累積盈餘9,584 9,188 
累積其他全面損失(895)(924)
CBRE Group, Inc.股東權益合計8,692 8,267 
非控制股權864 800 
股東權益總額9,556 9,067 
負債及股東權益總計$24,845 $22,548 
附注是這些綜合基本報表的重要部分。
1
目錄
CBRE集團股份有限公司。
綜合營運狀況表
(未經查核)
(金額以百萬美元為單位，股份和每股數據除外)
結束於三個月的期間
九月三十日，		九個月結束了
九月三十日，
2024202320242023
營業收入$9,036 $7,868 $25,363 $22,999 
成本及費用:
營業成本 7,252 6,397 20,521 18,583 
營業、行政和其他1,237 1,058 3,538 3,356 
折舊與攤提178 149 497 465 
總費用及支出8,667 7,604 24,556 22,404 
（損失）出售房地產所獲利(1)5 12 18 
營收368 269 819 613 
從非合併附屬公司的股權（虧損）收入(4)(13)(77)121 
其他收益12 14 26 22 
利息費用，扣除利息收入64 38 163 110 
稅前收入312 232 605 646 
所得税费用67 31 70 114 
凈利潤245 201 535 532 
少數股東應佔淨利潤減少20 10 54 23 
歸屬於CBRE Group, Inc.的凈利潤$225 $191 $481 $509 
每股基本收益：
每股凈利潤歸屬於CBRE Group, Inc.$0.73 $0.62 $1.57 $1.64 
基本每股收益的加權平均股份306,253,811 307,854,518 306,269,264 309,716,456 
每股稀釋收益
每股歸屬於CBRE集團的凈利潤。$0.73 $0.61 $1.56 $1.62 
稀釋後每股收益的加權平均股份。308,305,013 312,221,133 308,281,111 313,944,855 
附註是這些合併財務報表的一部分。
2
目錄
CBRE GROUP，INC。
綜合收益綜合表
(未經審計)
(金額單位：百萬美元)
三個月之內結束
2020年9月30日		九個月結束
2020年9月30日
2024202320242023
淨收入$245 $201 $535 $532 
其他綜合收益（損失）：
外匯翻譯收益（損失）178 (145)63 (71)
可供出售債務證券未實現的持有收益，稅後淨額1 — 4 — 
其他，稅後淨額。1 1 — 7 
其他綜合收益（損失）總額180 (144)67 (64)
綜合收益425 57 602 468 
由非控制權益享有者承擔的綜合收益（損失）64 (19)92 20 
歸屬於CBRE集團的綜合收益$361 $76 $510 $448 
附註是這些合併財務報表的一部分。
3
目錄
CBRE GROUP，INC。
綜合現金流量表
(未經審計)
(金額單位：百萬美元)

九個月結束
2020年9月30日
20242023
經營活動產生的現金流量：
淨收入$535 $532 
調整淨利潤以便於(使用於)經營活動的現金流量:
折舊和攤銷497 465 
融資成本攤銷5 4 
與抵押服務權益相關的收益，貸款銷售保費以及其他資產銷售收入(111)(79)
房地產資產處置增益(12)(18)
主要來自投資的淨實現和未實現收益(10)(4)
應收賬款減值準備16 13 
股權獎勵的淨補償支出112 73 
未納入合併的子公司權益損失（收入）77 (121)
從未納入合併的子公司分配收益43 189 
抵押貸款出售所得7,479 7,081 
抵押貸款發放(8,212)(7,611)
增加庫存信貸額度756 546 
收到租戶特許權21 8 
股權證券的購買(56)(11)
股權證券出售所得80 10 
房地產業發展增加(6)— 
應收賬款、預付費用和其他資產增加（包括合同和租賃資產）(134)(227)
應付賬款及已計提費用和其他負債增加（減少）（包括合同和租賃負債）68 (293)
補償和僱員福利減少，應付累進獎金和利潤分享減少(525)(669)
淨利潤所得稅應收/應付增加(157)(165)
其他經營活動，淨額(98)(96)
經營活動產生的淨現金流量368 (373)
投資活動產生的現金流量：
資本支出(214)(211)
收購企業，包括淨資產和商譽，扣除現金收購(1,052)(170)
對非合併子公司的出資(110)(105)
從非合併子公司的分配48 28 
房地產資產的收購和開發(212)(103)
出售房地產資產的收入6 55 
其他投資活動，淨額40 (31)
投資活動產生的淨現金流出(1,494)(537)
附註是這些合併財務報表的一部分。
4
目錄
CBRE GROUP，INC。
合併現金流量表（續）
(未經審計)
(金額單位：百萬美元)

九個月結束
2020年9月30日
20242023
籌資活動產生的現金流量：
可轉借款項收益3,213 3,836 
償還循環授信額度(2,530)(3,341)
來自高級貸款的收入— 749 
償還高級貸款— (437)
來自房地產業應付票據的收入51 60 
償還房地產業應付票據— (39)
發行所得款項 5.500％優先票據
495 — 
發行所得款項 5.950％優先票據
— 975 
回購普通股(110)(646)
收購企業（購買日後三個月以上支付現金用於收購）(23)(127)
回購單位以支付股權激勵獎勵稅款(105)(54)
非控制權益的貢獻22 2 
非控制權益的分配(39)(1)
其他籌資活動的淨金額(47)(71)
籌資活動產生的現金淨額927 906 
貨幣匯率變動對現金及現金等價物和受限現金的影響(15)(48)
現金和現金等價物以及限制性現金的淨減少(214)(52)
現金及現金等價物和受限現金，期初1,371 1,405 
現金及現金等價物和受限現金，期末$1,157 $1,353 
現金流補充說明：
期間支付的現金用於：
利息$307 $128 
淨所得稅支付$351 $383 
非現金投資和籌資活動:
遞延和/或有償款項$15 $— 
附注是這些綜合基本報表的重要部分。
5
目錄
CBRE集團股份有限公司。
股東權益合併報表
(未經查核)
（以百萬美元計）

CBRE集團股東
A級
公共的
股票		額外的
實收資本
資本金		累計
盈餘		累計
其他
綜合虧損		非符合定性標準的
控制
利益		總計
2024年6月30日餘額$3 $— $9,384 $(1,031)$833 $9,189 
凈利潤— — 225 — 20 245 
股權獎勵的報酬費用— 43 — — — 43 
為支付股權獎勵稅款而回購的單位— (8)— — — (8)
回購普通股— (37)(25)— — (62)
貨幣翻譯收益— — — 134 44 178 
可供出售債務證券的未實現持有盈利(扣除稅款後)— — — 1 — 1 
非控制權益的捐款— — — — 5 5 
非控制權益的分配— — — — (9)(9)
投資資產的去合併— — — — (24)(24)
其他— 2 — 1 (5)(2)
2024年9月30日結餘$3 $— $9,584 $(895)$864 $9,556 

CBREGROUP, INC. 股東'
A級
公共的
股票		額外的
實收資本
資本金		累計
盈餘		累計
其他
綜合虧損		非符合定性標準的
控制
利益		總計
2023年6月30日結餘$3 $13 $9,011 $(929)$796 $8,894 
凈利潤— — 191 — 10 201 
股本獎勵的補償費用— 34 — — — 34 
為支付股本獎勵稅款而回購的單位— — (4)— — (4)
回購普通股— (47)(469)— — (516)
外幣翻譯損失— — — (116)(29)(145)
其他— — (4)1 — (3)
截至2023年9月30日的結餘$3 $— $8,725 $(1,044)$777 $8,461 
附注是這些綜合基本報表的重要部分。
6
目錄
CBRE集團股份有限公司。
綜合權益表（續）
(未經查核)
（以百萬美元計）

CBRE集團股東
A級
公共的
股票		額外的
實收資本
資本金		累計
盈餘		累計
其他
綜合虧損		非符合定性標準的
控制
利益		總計
2023年12月31日餘額$3 $— $9,188 $(924)$800 $9,067 
凈利潤— — 481 — 54 535 
股權獎勵的報酬費用— 112 — — — 112 
為支付股權獎勵稅款而回購的單位— (54)(51)— — (105)
回購普通股— (76)(34)— — (110)
貨幣翻譯收益— — — 25 38 63 
可供出售債務證券的未實現持有盈利(扣除稅款後)— — — 4 — 4 
非控制權益的捐款— — — — 22 22 
非控制權益的分配— — — — (39)(39)
取得非控股權益— — — — 22 22 
投資資產的去合併— — — — (24)(24)
其他— 18 — — (9)9 
2024年9月30日結餘$3 $— $9,584 $(895)$864 $9,556 
CBRE集團股東
A級
公共的
股票		額外的
實收資本
資本金		累計
盈餘		累計
其他
綜合虧損		非符合定性標準的
控制
利益		總計
2022年12月31日結餘$3 $— $8,833 $(983)$753 $8,606 
凈利潤— — 509 — 23 532 
股權獎勵的報酬費用— 73 — — — 73 
為支付股權獎勵稅款而回購的單位— (17)(37)— — (54)
回購普通股— (47)(583)— — (630)
外匯翻譯虧損 — — — (68)(3)(71)
非控制權益的捐款— — — — 2 2 
非控制權益的分配— — — — (1)(1)
其他— (9)3 7 3 4 
截至2023年9月30日的結餘$3 $— $8,725 $(1,044)$777 $8,461 
附注是這些綜合基本報表的重要部分。
7
目錄
CBRE集團股份有限公司。
基本報表附註
(未經查核)

1.    報告基礎
閱讀本10-Q表（季度報告）的讀者應參照CBRE Group, Inc.的審計基本財務報表和附註，CBRE Group, Inc.是一家特拉華州註冊的公司（這些財務報表中可能會提到“CBRE”，“公司”，“我們”，“我們”和“我們的”），截至2023年12月31日年終，這些報表已納入我們的。 2023年年報10-k（2023年年報）,提交給美國證券交易委員會（SEC）的文件，也可在我們的網站（www.cbre.com）上找到，因為我們從本季度報告中刪除了某些補充揭示，這些揭示在上述基本財務報表中已大致包含。您還應查閱我們綜合財務報表附註中的第2條“重要會計政策”有關論述。2023年度報告進一步討論我們的重要會計政策和估計，請查閱我們的綜合財務報表附註中的2號註。
財務報表準備
附帶的合併財務報表已根據Form 10-Q季度報告適用的規則編製，並包括瞭解除財務報表呈現所需的所有信息和註腳，但不包括美國通行的會計準則（GAAP）或年度財務報表所要求的所有披露。 我們的合併財務報表已根據美國通行的會計準則編製，這些準則要求管理層對未來事件進行估計和假設。這些估計和基本假設會影響我們合併財務報表和相關附註中報告的金額，均基於我們的最佳判斷。我們會持續根據歷史經驗和其他因素，包括考慮當前經濟環境，評估我們的估計和假設，並在事實和情況需要時調整這些估計和假設。 實際結果可能與這些估計和假設有所不同。
2.    新會計準則
尚待採納的最近會計準則頒布
2023年11月，財務會計準則委員會（FASB）發布了《會計標準更新（ASU）2023-07》。 「節段報告（主題280）：改進可報告節段披露。」 此更新通過要求上市實體：1）在年度和中期基礎上披露向首席營運決策者（CODM）定期提供並納入每個報告節段盈利或損失衡量中的重要節段費用， 2）在年度和中期基礎上，按可報告節段披露其他節段項額及其組成描述， 3）提供主題280在中期所要求的標示所有年度關於可報告節段盈利或損失和資產的披露， 4）披露CODM的職稱和職位以及CODM如何使用報告節段盈利或損失衡量來評估節段表現並決定如何分配資源的說明， 5）如果實體只有一個可報告節段，則在本更新要求的所有披露和主題280中的所有現有節段披露均應提供。此ASU還澄清，除了符合GAAP測量原則的措施外，上市實體不妨提報CODM在評估節段表現和決定如何分配資源時使用的節段盈利或損失的其他措施。此指南將於2023年12月15日後開始的財政年度和2024年12月15日後開始的財政年度內中期產生效應。我們正在評估此指南對我們的合併財務報表和相關披露將有的影響。
2023年12月，FASB發布了ASU 2023-09「 「所得稅披露的改進。」 這項ASU要求關於報告實體有效稅率調解的細分信息，以及關於已付所得稅的信息，並將於2024年12月15日後開始的年度期間生效。新要求應適用於預期基礎，並有選擇性地以回溯方式應用。允許提前採用。我們正在評估ASU 2023-09對我們的合併基本報表和相關披露的影響。
8
目錄
CBRE集團股份有限公司。
附註於綜合基本報表（續）
(未經查核)
3.    J&J世界服務收購
2024年2月27日，我們收購了J&J Worldwide Services (J&J)的百分之某某股權，該公司是美國聯邦政府工程服務、基地支援運營和設施維護的領先提供商。J&J主要通過長期固定價格合同為美國國防部提供服務，並作為我們全球工作場所解決方案 (GWS) 部門的一部分。這一收購與我們的併購策略中的關鍵要素一致，重點是加強我們的技術服務能力，提高收入的持久性和長期增長，擴大我們在GWS部門內的政府客戶基礎。 100軍工股
J&J併購案已根據FASb會計準則編碼（ASC）第805主題“”，被視為業務組合。業務組合”，並且採用會計進貨方法來處理這筆收購。我們在2024年2月通過發行當月成立了一筆新的債券，總額為$500總額为0.90亿美元的可转换资本债券，到期日为2027年，即初始债券。 5.500償還日期為2029年4月1日的優先票據；（二）根據我們現有的2023信貸協議的循環信貸資金借款；以及（三）手頭現金。更多關於上述債務工具的資訊，請參見註釋8。
以下總結了J&J收購的交易結束時轉移的考慮（金額以百萬美元計算）：
現金代價
$808 
延遲支付和條件付款
11 
總考慮價格$819 

購買價格包含 $7 百萬的條件性考慮款，代表收購當日公允價值，可以達到最多 $250 百萬毛值的未來潛在賺取支付，基於 2025 年和 2026 年日歷年度達到某些績效閾值。
以下為超出資產買入價格而產生之淨資產公平價值的摘要（以百萬美元計）：
購買價格$819 
減少：已收購淨資產預估公允價值（見下表）347 
購買價格超出已收購淨資產預估公允價值$472 
有關J&J收購的初步購買會計調整已記錄在附帶的合併基本報表中。超出公允價值的購買價格，以及受控股權已記錄於商譽中。從J&J收購而來的商譽主要包含協同效應和提供頂尖工程服務、基本支援運營和設施維護服務的機會。從所產生的商譽中，約有$115 百分之百股權亦可以作為稅務抵減
收購的資產和負債被記錄為其估計的公平值。業務組合的收購價格分攤是暫定的，主要涉及無形資產，並且在相應的計量期內可能會發生變化，但不得超出自收購日期起一年。計量期調整將在確定調整金額的報告期內得到承認。此類調整可能具有重大性。
9
目錄
CBRE集團股份有限公司。
附註於綜合基本報表（續）
(未經查核)
下表概述了2024年2月27日收購日期確定的資產賦值和承擔的負債的初始公允價值（單位：百萬美元）:
取得資產:
現金及現金等價物$26 
應收賬款，淨額91 
合同資產19 
預付款項2 
其他流動資產2 
物業及設備，扣除折舊後淨值11 
其他無形資產淨值297 
經營租賃資產6 
對未合併子公司的投資20 
其他資產，淨額9 
總資產收購483 
負責的負債：
應付帳款和應計費用54 
薪酬及員工福利應付款8 
合約負債1 
應納所得稅款1 
其他流動負債3 
非流動經營租賃負債3 
递延所得税负债，净额57 
其他負債3 
總承擔負債130 
已取得非控制權益6 
收購資產的估計公允價值$347 
關於J&J收購，以下是歸屬於所收購無形資產的初步價值總結（以百萬美元計）：
截至2024年9月30日
資產類別攤銷
周期		金額
已分配
收購
日期		累積攤提淨攜帶
價值
客戶關係
9-12 年
$174 $9 $165 
備料量
4-6 年
111 15 96 
商標3 年10 2 8 
科技5 年2 — 2 
截至2024年9月30日三個月的附屬綜合業務損益表中，包括營業收入、營運虧損和淨虧損分別為$115 百萬和3百萬和$52024年9月30日九個月的附屬綜合業務損益表中，包括營業收入、營運虧損和淨虧損分別為$262百萬美元8百萬和$8分別為J&J收購負責的2024年9月30日九個月，這不包括總直接交易和整合成本總計$17百萬美元1和42024年第一、第二和第三季度分別與J&J收購有關，分別出現在未經審核的前瞻性結果中，合計達上百萬美元。
顧客關係和积压工作量的公允價值是使用多期超額盈利法（MPEEM）確定的，這是收入方法的一種形式。MPEEm是折現現金流法的具體應用。 MPEEm背後的原則是無形資產的價值等於僅歸因於該特定無形資產的增量現金流的現值。該估計使用了某些難以觀察的關鍵輸入，例如預測現金流的時間，增長率，預期合同續期概率，折現率和壽命評估。
10
目錄
CBRE集團股份有限公司。
附註於綜合基本報表（續）
(未經查核)
商標的公允價值和現有的科技是通過使用免除權利旅館方法確定的，這是收入法的一種形式，並依賴於像預計現金流量的時間、增長率和權利金率等關鍵的不可觀察輸入。免除權利旅館方法的基本原則是，如果沒有對主體無形資產的所有權，使用該無形資產的用戶將不得不向該資產的所有者進行一系列支付，以換取使用該資產的權利。通過收購無形資產，使用者避免了這些支付。
未經審核的資料披露，假設J&J收購發生在2023年1月1日，用於揭示2024年和2023年截至9月30日的三個月和九個月的資料。這些包括針對受收購無形資產所做的增加攤銷費用的某些調整（分別為截至2023年9月30日的三個月約為$百萬，截至2024年和2023年的九個月分別約為$百萬），以及與長期融資相關的利息費用的增加（分別為截至2023年9月30日的三個月約為$百萬，截至2024年和2023年的九個月分別約為$百萬）。2024年第三季發生的直接交易和整合成本為$百萬。5截至2023年9月30日的三個月約為$百萬，截至2024年和2023年的九個月分別約為$百萬）以及與長期融資相關的增加利息費用（截至2023年9月30日的三個月約為$百萬，截至2024年和2023年的九個月分別約為$百萬）所作的某些調整。2024年第三季發生的直接交易和整合成本為$百萬。3百萬和$14截至2023年9月30日的三個月約為$百萬，截至2024年和2023年的九個月分別約為$百萬）以及與長期融資相關的增加利息費用（截至2023年9月30日的三個月約為$百萬，截至2024年和2023年的九個月分別約為$百萬）所作的某些調整。2024年第三季發生的直接交易和整合成本為$百萬。7截至2023年9月30日的三個月約為$百萬，截至2024年和2023年的九個月分別約為$百萬）以及與長期融資相關的增加利息費用（截至2023年9月30日的三個月約為$百萬，截至2024年和2023年的九個月分別約為$百萬）所作的某些調整。2024年第三季發生的直接交易和整合成本為$百萬。4百萬和$21截至2023年9月30日的三個月約為$百萬，截至2024年和2023年的九個月分別約為$百萬）以及與長期融資相關的增加利息費用（截至2023年9月30日的三個月約為$百萬，截至2024年和2023年的九個月分別約為$百萬）所作的某些調整。2024年第三季發生的直接交易和整合成本為$百萬。4截至2023年9月30日的三個月約為$百萬，截至2024年和2023年的九個月分別約為$百萬）以及與長期融資相關的增加利息費用（截至2023年9月30日的三個月約為$百萬，截至2024年和2023年的九個月分別約為$百萬）所作的某些調整。2024年第三季發生的直接交易和整合成本為$百萬。12024年第二季度的支出為2,000萬美元，172024年第一季度的支出為1,200萬美元，以及22023年第四季度的支出為1,500萬美元，以及所有重新擬定調整的稅務影響都包含在未經審計的資料處理結果中。
這些未經核數的合併業績結果僅供比較之用，並不意味著如果J&J收購在2023年1月1日發生，營運業績將如何，並且可能不代表未來營運業績（金額以百萬美元計算，股份和每股數據除外）：
三個月之內結束
2020年9月30日		九個月結束
2020年9月30日
2024202320242023
營業收入$9,036 $7,986 $25,434 $23,341 
營業利潤373 272 833 581 
歸屬CBRE集團的淨利潤229 190 490 469 
每股基本收益:
歸屬於CBRE集團的每股淨利潤$0.75 $0.62 $1.60 $1.51 
基本每股收益的加權平均股數306,253,811 307,854,518 306,269,264 309,716,456 
每股攤薄收益:
歸屬於CBRE集團的每股淨利潤$0.74 $0.61 $1.59 $1.49 
稀釋每股收益的加權平均股數308,305,013 312,221,133 308,281,111 313,944,855 
其他收購
在截至九個月的期間內 2024年9月30日，公司完成了 六個 填補業務收購，包括 兩個 在諮詢服務板塊和 四個 在集團服務板塊，合計購買價格約爲$295現金和非現金考量總額達XXX百萬。所得資產和負債主要是運營資本性質。截至2024年9月30日完成的所有收購的運營結果已包含在公司合併財務報告中 根據各自購買日期，自XXX以來公司合併財務報告中包含了2024年9月30日完成的所有收購。這些收購對公司的合併財務狀況影響不大，因此未提供財務基礎信息。
以下表格顯示了公司按類別將購買價格分配給商譽和其他無形資產的情況（單位：百萬美元）：
在收購日期分配的金額加權平均壽命
（年）
商譽$114 無數據
客戶關係146 12年
其他無形資產8 4年
總費用$268 
11
目錄
CBRE GROUP，INC。
附註 合併基本報表（續）
(未經審計)
4.    倉庫應收款項和倉庫信貸額度
我們的全資子公司世邦魏理仕資本市場有限公司（CBRE Capital Markets，Inc.）是聯邦住房貸款抵押貸款公司（Freddie Mac）批准的多戶家庭計劃Plus賣方/服務商，也是經批准的聯邦全國抵押貸款協會（Fannie Mae）聚合和協商交易的賣方/服務商。此外，世邦魏理仕資本市場的全資子公司世邦魏理仕多家庭資本有限公司（CBRE MCI）是經批准的房利美委託承保和服務（DUS）賣方/服務商，世邦魏理仕資本市場的全資子公司世邦魏理仕HMF, Inc.（CBRE HMF）是美國住房和城市發展部（HUD）批准的非監管聯邦住房管理局（FHA）第二章抵押貸款 Geee，一家經批准的多戶家庭加速處理（MAP）貸款機構，也是經批准的政府全國抵押貸款協會（Ginnie Mae）的抵押貸款支持證券（MBS）發行人。根據這些安排，在通過倉庫信貸額度的收益發放貸款之前，我們要麼獲得房地美或房利美的合同貸款購買承諾，要麼獲得經確認的發行和購買房利美或金妮美MBS的遠期交易承諾，這些承諾將由貸款擔保。倉庫信貸額度通常在一段時間內償還 一個月 房地美或房利美購買貸款的時期，或者房利美或金妮·美MBS結算時，我們保留還本付息權。貸款按現行市場利率提供資金。我們爲所有倉庫應收賬款選擇公允價值期權。截至2024年9月30日和2023年12月31日，隨附的合併資產負債表中包含的所有倉庫應收賬款要麼承諾由房地美收購，要麼已確認發行和收購房利美或金妮美MBS的遠期貿易承諾，這些承諾將由標的貸款擔保。
我們倉庫應收賬款的滾存情況如下（單位：百萬美元）：
2023年12月31日期初餘額$675 
抵押貸款發放8,212 
貸款銷售溢價收益21 
抵押貸款出售所得款項：
抵押貸款出售(7,458)
貸款銷售溢價現金收款(21)
抵押貸款出售所得(7,479)
倉儲應收賬款中包含的抵押服務權淨增長9 
2024年9月30日的期末餘額$1,438 
12
目錄
世邦魏理仕集團有限公司
合併財務報表附註（續）
（未經審計）
以下表格總結了截至2024年9月30日和2023年12月31日我們倉庫信貸額度情況（單位：百萬美元）：
2024年9月30日2023年12月31日
出借人當前
到期日		定價最高
設備
規模		搬運
數值		最高
設備
規模		搬運
數值
摩根大通銀行，N.A. (摩根大通)12/13/2024
每日浮動擔保隔夜融資利率（SOFR）加 1.50%,
帶有SOFR調整的 0.05%
$1,335 $948 $1,335 $613 
摩根大通（業務融資活動）12/13/2024
每日浮動SOFR加 2.75%,
帶有SOFR調整的 0.05%
15 — 15 — 
房利美多戶即融資賬款協議和即融資出售協議（ASAP）計劃可取消
隨時
每日浮動的SOFR利率加 1.45%,
具有SOFR底線的 0.25%
650 69 650 7 
TD銀行，N.A.（TD銀行） (1)
7/15/2025
每日浮動的SOFR利率加 1.25%,
具有SOFR調整的 0.10%
600 70 600 28 
美國銀行，N.A.（BofA） (2)
5/21/2025
每日浮動的SOFR利率加 1.25%,
具有一個SOFR調整值的 0.10%
350 335 350 18 
美國銀行 (2)
5/21/2025
每日浮動的SOFR加 1.25%,
具有一個SOFR調整值的 0.10%
250 — 250 — 
$3,200 $1,422 $3,200 $666 
________________________________________________________________________________________________________________________________________
(1)截至2024年7月31日，該設施以最大總本金金額$300 百萬美元，提供未承諾的$300 百萬美元臨時授信額度，並於2025年7月15日到期。SOFR利率調整爲 1.25%。SOFR調整率在延期後仍爲 0.10%。截至2024年9月30日，未使用的未承諾$300 百萬美元臨時授信額度。
(2)2024年5月22日起，該設施已續約至2025年5月21日，並且在續約時沒有對SOFR利率或SOFR調整率進行任何更改。
2024年9月30日結束的九個月中，我們的最大待償債務額度爲$1.7 十億美元的倉儲信貸貸款本金未償還。
13
目錄
CBRE GROUP，INC。
附註 合併基本報表（續）
(未經審計)
5.    可變利益實體（VIEs）
我們在房地產業投資（REI）部門持有對某些可變利益，這些利益未被合併，因爲我們被確定不是主要受益人。我們與這些實體的關係是通過股權共同投資和費用安排形式。 截至2024年9月30日和2023年12月31日，我們對未被合併的VIE承擔的最大損失風險如下（以百萬美元計）：
2024年9月30日2023年12月31日
非合併關聯公司的投資$190 $165 
股本合作承諾39 58 
損失風險最大值$229 $223 
6.    公允價值衡量
FASB ASC主題820《公允價值計量和披露》 （主題820）將公允價值定義爲在計量日期隨市場參與者之間進行有序交易時將獲得的出售資產的價格或支付轉讓負債的價格。主題820還建立了一個三級公允價值層次結構，優先考慮用於計量公允價值的輸入。該層次結構要求實體最大化利用可觀察輸入，並最小化使用不可觀察輸入。用於計量公允價值的三級輸入如下：
•一級-在活躍市場上的、與相同資產或負債券配對的報價價格。
•二級——除一級行情之外的可觀察輸入，例如在活躍市場上的類似資產和負債的行情報價，在不活躍的市場上相同或類似資產和負債的報價，或者是可觀測的市場數據所可證實或確認的其他輸入。
•3級 - 受到很少或無市場活動支持的不可觀察輸入，對資產或負債的公允價值具有重大影響。這包括某些定價模型、折現現金流量法和類似技術，使用重要的不可觀察輸入。
對於開發定期公平價值衡量所使用的估值技術和輸入，與我們披露的情況相比，沒有發生重大變化。 2013年12月31日提交給SEC的年度報告；.
以下表格顯示截至2024年9月30日和2023年12月31日以百萬美元計的資產和負債的公允價值。
截至2024年9月30日
使用公平價值進行測量和記錄
一級二級三級總費用
資產
可供出售債務證券：
美國國庫債券$3 $— $— $3 
企業債券— 33 — 33 
資產支持證券— 7 — 7 
可供出售債務證券總額3 40 — 43 
股票投資17 — — 17 
對未納入合併報表的子公司的投資78 — 468 546 
倉儲應收賬款— 1,438 — 1,438 
其他— — 37 37 
公平價值下的全部資產$98 $1,478 $505 $2,081 
負債
或有事項考慮— — 37 37 
其他負債— 14 — 14 
公允價值下的總負債$— $14 $37 $51 
14
目錄
CBRE GROUP，INC。
附註 合併基本報表（續）
(未經審計)
截至2023年12月31日
使用公允價值進行測量和記錄
一級二級三級總費用
資產
可供出售債務證券：
美國國庫債券$12 $— $— $12 
美國聯邦機構發行的債務證券— 11 — 11 
企業債券— 44 — 44 
資產支持證券— 1 — 1 
可供出售債務證券總額12 56 — 68 
股票投資41 — — 41 
非合併關聯公司的投資168 — 477 645 
倉儲應收賬款— 675 — 675 
其他— — 16 16 
公平價值下的全部資產$221 $731 $493 $1,445 
負債
或有事項考慮— — 36 36 
其他負債— 5 — 5 
公允價值下的總負債$— $5 $36 $41 
我們可供出售債務證券的公允價值衡量取自獨立定價服務，其利用可觀察市場數據，包括報價市場價格、經銷商報價、市場利差、現金流、美國國債收益曲線、交易水平、市場共識的預付速度、信用信息以及工具條款和條件。
股票一般根據估值日最後報告的交易價格進行估值，如果估值日沒有發生交易，則根據該日的買盤和賣盤價格均值確定。上述表格不包括$143 如非上市公司投資按成本減值覈算的非可交易權益投資將分別於2024年9月30日和2023年12月31日計入資本投資中，這部分投資包括在附表合併資產負債表中的「其他資產淨額」中。
倉儲應收賬款的公允價值主要是根據鎖定的購買價格計算的。截至2024年9月30日和2023年12月31日，在所附合並資產負債表中包括的所有倉儲應收賬款，要麼已獲承諾由Freddie Mac購買，要麼已確認了發行和購買Fannie Mae或Ginnie Mae抵押支持證券的遠期交易承諾，這些證券將由基礎貸款擔保（見注4）。這些資產被分類爲公允價值層次中的二級，因爲絕大多數輸入都是可以直接觀察到的。
截至2024年9月30日和2023年12月31日，使用NAV的未納入綜合資產負債表的投資的公允價值分別爲$384萬美元和352 百萬美元，而未根據權益法覈算的公允價值投資分別爲$20萬美元和19 百萬美元。這些投資適用於不需要包括在公允價值層次結構中的實用豁免規定，因此已從上述表格中排除。
15
目錄
CBRE GROUP，INC。
附註 合併基本報表（續）
(未經審計)
以下表格展示了以重複性使用重要不可觀察輸入（Level 3）計量的資產和負債的協調（單位：百萬美元）：
對非合併子公司的投資其他資產待定對價
2024年6月30日的餘額$457 $31 $40 
轉賬（轉出）— — — 
公允價值淨變動11 2 1 
購入 / 增加— 4 — 
出售 / 付款— — (4)
2024年9月30日餘額$468 $37 $37 
2023年12月31日的餘額$477 $16 $36 
轉入（轉出）— — — 
公允價值淨變動(9)12 (2)
購入 / 增加— 9 9 
出售 / 付款— — (6)
2024年9月30日餘額$468 $37 $37 
上表中包含的公允價值變動淨額，如下所示列入淨利潤：
使用不可觀察輸入計量的資產 / 負債類別
基本報表
非合併關聯公司的投資聯營公司的股權（損失）收益
其他資產（負債）其他收入
待定對價（短期）
應付賬款及應計費用
未出現條件款項（長期）
其他負債
下表顯示了截至2024年9月30日某些Level 3工具的重要不可觀察輸入，用於重複公允價值計量。
估值技巧不可觀察的輸入區間加權平均
對非合併子公司的投資貼現現金流貼現率17 %— 
Monte Carlo波動性
35% - 61%
37 %
貼現率25 %— 
其他貼現現金流貼現率17 %— 
或有事項考慮Monte Carlo波動性21 %— 
貼現率
5 %— 
估計的折扣付款
貼現率
5% - 6%
6 %
截至2024年9月30日的三個月和九個月內，我們記錄了涉及我們股權法下的一項投資的非現金資產減值費用$9百萬。在截至2023年9月30日的三個月和九個月內，沒有資產減值費用或其他重大的非經常性公允價值計量調整記錄。 否 在截至2023年9月30日的三個月和九個月內，沒有資產減值費用或其他重大的非經常性公允價值計量調整記錄。
FASb ASC主題825要求披露有關金融工具的公允價值信息，無論是否在附帶的合併資產負債表中認可。我們的金融工具如下： 「金融工具」 要求披露有關金融工具的公允價值信息，無論是否在附帶的合併資產負債表中認可。我們的金融工具如下：
•現金及現金等價物和受限制現金 這些餘額包括現金及現金等價物以及剩餘期限不足三個月的限制性現金。由於這些工具的短期到期日，賬面價值近似於公允價值。
16
目錄
世邦魏理仕集團有限公司
合併財務報表附註（續）
（未經審計）
•應收賬款，減少壞賬準備 由於其短期性質，公允價值接近賬面價值。
•倉庫應收款項 這些餘額以公允價值計量。價值的主要來源要麼是來自Freddie Mac的合同購買承諾，要麼是已確認的Fannie Mae或Ginnie Mae MBS發行和購買的遠期交易承諾（見附註4）。
•非合併子公司的投資 – 其中部分投資按照上文所述的公允價值計量。包括我們在公開和非公開實體中的股權投資和相關權益。我們持有Altus Power, Inc. (Altus)的普通股被視爲一級，並且根據活躍市場上的報價進行公允價值衡量。我們持有Altus的對準股份以及在Industrious和其他某些非控股權益投資方面被視爲三級，這些投資通過蒙特卡洛方法和折現現金流進行公允價值衡量。Altus的普通股和對準股份的估值取決於其股價，可能會因市場條件的不同而波動並且容易受到廣泛波動的影響。從三級轉出的活動代表在Altus中將部分對準股份轉換爲普通股的年度轉換（見注7）。
•可供出售的債務證券 - 主要由我們全資子公司持有，這些投資按公允價值計量。
•股票的權益 這些投資主要由我們全資擁有的保險子公司持有，並按其公允價值列報。
•其他資產和負債 包括（i）被指定爲三級的循環設施的未資助承諾的公平價值。 估值基於折現現金流技術，其中重要輸入是預期未來現金流量的金額和時間、市場可比以及恢復假設；（ii）跨貨幣互換的公平價值反映了根據市場對未來現貨外匯匯率的預期，根據互換協議預期支付和收款的現值。 淨現值計算的額外輸入可能包括合同條款、交易對手信用風險和折現率。 這些被指定爲二級。
•相關的或有事項 與業務收購相關的待定條件相關公允價值是使用蒙特卡洛模擬或基於金融目標達成水平的未來支付的概率加權現值來估計的。
•短期借款 這部分餘額的大部分代表我們全資子公司CBRE資本市場和循環授信額度下的未償金額。由於這些工具的短期性質和/或利率期貨的浮動性質，公允價值接近賬面價值（見第4和第8條註釋）。
•高級貸款和高級票據 以下表格顯示了截至2024年9月30日和2023年12月31日我們的長期債務的預估公允價值和實際賬面價值（單位：百萬美元）。預估公允價值是根據經銷商報價確定的（屬於公允價值層次2）。實際賬面價值已減去未攤銷的債券發行成本和折扣（請參見注8）。
估算公允價值
賬面價值
金融工具
2024年9月30日2023年12月31日2024年9月30日2023年12月31日
優先期貸款
$748 $746 $756 $752 
5.950％優先票據
1,073 1,049 975 974 
4.875％優先票據
603 600 598 597 
5.500％優先票據
522 — 495 — 
2.500％優先票據
437 424 491 490 
•房地產業上的應付票據 截至2024年9月30日和2023年12月31日，我們房地產業上的應付票據帶拖欠債務發行成本淨值分別爲$182萬美元和124 百萬美元。這些借款具有固定利率或以市場指數爲基礎加收利率的浮動利率。雖然我們房地產業上的應付票據可能存在部分公允價值與其賬面價值不同的情況，但根據這些貸款的條款與當前市場條件或其他
17
目錄
CBRE GROUP，INC。
附註 合併基本報表（續）
(未經審計)
鑑於借款方實體的特定因素，我們認爲我們應付票據的公允價值與其賬面價值並無顯著差異。
7.    投資非合併財務報表中的關聯企業
對未納入合併範圍的子公司投資採用權益法會計處理。我們在權益法投資中所擁有的投資份額百分比各不相同，一般範圍在 1可以降低至0.75%每年50%. 以下表格代表了按公允價值選擇收益法和權益法覈算的未納入合併範圍子公司的組成（以百萬美元計）：
投資類型2024年9月30日2023 年 12 月 31 日
房地產投資（項目和基金）
$705 $661 
對Altus的投資：
A 類普通股 (1)
78 168 
校準份額 (2)
9 56 
小計87224
其他 (3)
542 489
對未合併子公司的總投資$1,334 $1,374 
________________________________________________________________________________________________________________________________________
(1)CBRE持有 24,557,823和頁面。24,556,012 2024年9月30日和2023年12月31日，分別持有Altus Class A普通股，代表大約的所有權 和 15.4%.
(2)這些對齊股份也稱爲B類普通股，將根據特定總回報門檻的實現自動轉換爲 Altus A類普通股，基於合併後的第一個計量日期上 Altus A類普通股的相關計量日期內超過 七 財政年度在合併後的第三個計量日期2024年3月31日。 201,250 股份自動轉化爲對齊股份 2,011 A類普通股的股份，其中CBRE有權享有 1,811股份。
(3)包括我們在Industrious和其他非公開實體的投資。
以權益法覈算的實體合併壓縮財務信息如下（金額單位：百萬美元）：
三個月已結束
九月三十日		九個月已結束
九月三十日
2024202320242023
收入$797 $786 $2,760 $5,443 
營業收入243 242 898 3,810 
淨收益（虧損） (1)
1 (464)(1,235)107 
________________________________________________________________________________________________________________________________________
(1)淨利潤中包括對非合併投資基金中已實現和未實現的收益和損失，以及對非合併子公司投資中的房地產項目出售所實現的收益和損失。這些已實現和未實現的收益和損失不包括在營業收入和營業利潤中。
18
目錄
CBRE GROUP，INC。
附註 合併基本報表（續）
(未經審計)
8.    長期債務和短期借款
長期債務
長期債務包括以下內容（金額單位：百萬美元）：
2020年9月30日
2024		12月31日
2023
2028年到期的高級貸款
$758 $755 
5.9502034年到期的優先票據，減去未攤銷折扣
977 976 
4.8752026年到期的優先票據，減去未攤銷折扣
599 599 
5.5002029年到期的優先票據，減去未攤銷折扣
496 — 
2.5002031年到期的優先票據，減去未攤銷折扣
495 494 
所有長期債務3,325 2,824 
減：長期債務的流動成份38 9 
減：未攤銷債務發行成本10 11 
長期債務總額，減去流動部分$3,277 $2,804 
我們與第三方貸款人保持信貸設施，用於各種目的。2023年7月10日，CBRE Group, Inc.，CBRE Services, Inc.（CBRE Services）和Relam Amsterdam Holdings b.V.，CBRE Services的全資子公司，簽訂了一份新的 5年期 無抵押優先信貸協議（2023年信貸協議），到期日為2028年7月10日，該協議提供了一個包括（i）總額為歐元的專項貸款在€367百萬和（ii）總額為美元的專項貸款在$350百萬，兩者都要求從2024年12月31日開始進行每季度的本金支付，直至2028年7月10日到期。2023年信貸協議下的專項貸款款項用於償還先前2022年信貸協議下的所有剩餘償還的優先專項貸款，支付相關費用和支出以及其他一般企業目的。我們簽署了一項跨貨幣互換來對沖與此交易相關的外幣風險敞口。
根據 2023 年信貸協議以歐元計價的貸款利率，利率等於 (i) 適用百分比加 (ii) 根據我們的選擇，(1) 適用利息期的歐元債券利率，或 (2) 以每日簡單歐元短期利率（ESTR）決定的利率。根據 2023 年信貸協議以美元計價的貸款，利率相等於 (i) 適用百分比，加上 (ii) 根據我們的選擇，(1) 適用利息期的定期 SOFRR 利率加上 10 基準點（「調整的定期 SOFRR」）或 (2) 以參照 (x) 最高利率、(y) 聯邦基金利率加 1% 的 1/2以及 (z) 由 CME Group 基準行政有限公司發布的 (A) 定期 SOFR 利率總和 (B) 1.00百分比。根據 2023 年信貸協議下的貸款適用利率是根據我們的信貸評級（定義於 2023 年信貸協議中的定義）決定。截至 2024 年 9 月 30 日，我們有（i）美元408根據 2023 年信貸協議未償還的百萬歐元定期貸款（利率為 1.25百分比加歐元債券）和 (ii) 元348根據 2023 年信貸協議未償還的百萬美元定期貸款貸款（利率為 1.25百分比加調整期限 SOFRR），除去未攤銷債務發行成本，包括在附帶的綜合資產負債表中。
2023年信貸協議下的借款由CBRE Group, Inc.和CBRE Services優先提供擔保。
2023年信貸協議還要求我們保持一個最低的綜合EBITDA（在2023年信貸協議中定義）與綜合利息費用的覆蓋比率。 2.00和一個最大的槓桿比率，即總債務減去可用現金與綜合EBITDA（在2023年信貸協議中定義）的。 4.25（在2023年信貸協議中定義）之後的前四個完整財政季度結束時，每個財政季度末我們都必須達到這些標準。 4.75此外，2023年信貸協議還包含其他慣例的肯定和否定條款以及違約事件。截至2024年9月30日，我們已與該協議下的條款達到合規。
19
目錄
CBRE集團股份有限公司。
附註於綜合基本報表（續）
(未經查核)
二零二四年二月二十三日，世邦魏理仕服務發行美元500總本金額百萬 5.500二零二零二年四月一日到期的優先票據百分比 ( 5.500優先票據百分比)，價格等於 99.837其面值的百分比。 5.500百分比高級債券是世邦魏理仕服務所承擔的無抵押債務，其優先於其目前及未來的全部次級債務。 5.500百分比高級債券由 CBRE 集團股份有限公司以優先級方式保證，利率累計為 5.500每年百分比，由 2024 年 10 月 1 日起，每年 4 月 1 日及 10 月 1 日起，每半年派息。 5.500百分比優先票據可於 2029 年 3 月 1 日或之後按我們的選擇全部或部分兌換，以兌換價格為 100該日本金額的百分比，加上累計及未付利息（如有），但不包括贖回日期。在 2029 年 3 月 1 日之前的任何時間，我們可以以等於 (1) 的更高價格兌換全部或部分債券 100要贖回債券的本金總額的百分比及 (2) 於二零二九年三月一日償還剩餘定期支付本金及利息之當前價值的總額，假設債券於 2029 年 3 月 1 日到期，以調整利率等於國庫利率加以半年折扣至贖回日期 20 基準積分，減去兌換日期的累計利息，在任何一種情況下，加上到贖回日期的累計和未付利息（如有）。
2023年6月23日，CBRE Services發行了總額為$1.0億美元的優先票據，到期日為2034年8月15日（該 5.950%優先票據）以面值 5.950%的價格發行。這些 98.174%優先票據是CBRE Services的無抵押債務，高於其所有現有和未來的次級債務。這些 5.950%優先票據由CBRE Group, Inc.提供高級擔保。利息以 5.950%的利率每年計息，並且 5.950 應付款 半年一次 逾期支付 每年2月15日和8月15日 每年的開始 2024年2月15日。 5.950% 高級我們可選擇在2034年5月15日或之後，全部或部分贖回債券，贖回價為 100當日本金額的% ，加上從但不包括贖回日直到到期日的應計但未支付之利息。在2034年5月15日之前的任何時間，我們可將全部或部分債券按照 100債券面額% 以及剩餘正本和應計利息的現值之和，假設該債券於2034年5月15日到期，在貼現率為國庫券利率加 40 bp的半年基礎上，減去到買入日已計利息，並加上在買入日直到贖回日的應計但未支付之利息。
在2021年3月18日，CBRE Services發行了$500總額为0.90亿美元的可转换资本债券，到期日为2027年，即初始债券。 2.500％到期日為2031年4月1日的優先票據（即 2.500％的優先票據），發行價為面額的 98.451％。這些優先票據是CBRE Services的無抵押債務，優於其目前和未來的所有次級債務。 2.500％的優先票據得到CBRE Group, Inc.的全額優先保證。利息以每年 2.500％的利率計提，並於每年4月1日和10月1日進行後付半年付息。 2.500％的優先票據 2.500此次發行的債券可由我們選擇，在2031年1月1日後，全部或部分贖回，贖回價為 100當日本金額的%加上截至贖回日期的應計未付利息，若有的話，但不包括贖回日前的利息。在2031年1月1日之前的任何時間，我們可能按照以下較大者贖回所有或部分債券（1） 100所贖回的債券的%的本金金額；及（2）在2021年1月1日前，假設債券於2021年1月1日到期，貼現到贖回日時剩餘本金和應計利息的完至2021年1月1日的排定付款的現值的合計，按半年基礎以調整利率計算，調整後的利率等於國庫券利率加 20 個基點，減去贖回日前的應計未付利息，再加上，無論哪種情況，截至贖回日未付利息，若有的話，但不包括贖回日期。
二零一五年八月十三日，世邦魏理仕服務發行美元600總本金額百萬 4.875二零二六年三月一日到期的優先票據百分比 ( 4.875優先票據百分比)，價格等於 99.24其面值的百分比。 4.875百分比高級債券是世邦魏理仕服務所承擔的無抵押債務，其優先於其目前及未來的全部次級債務。 4.875百分比高級債券由 CBRE 集團股份有限公司以優先級方式保證，利率累計為 4.875每年百分比，每年三月一日及九月一日均每半年派息。 4.875百分比高級債券可根據我們的選擇，在 2025 年 12 月 1 日之前，全部或部分兌換，以等於 (1) 以更高的贖回價格 100本金額的百分比 4.875要贖回的優先債券百分比及 (2) 截至 2025 年 12 月 1 日止剩餘定期支付本金及利息的現值總額 (不包括截至贖回日期累積的任何部分)，以調整後的庫務利率（如適用於這些債券的契約定義），以半年度折扣至贖回日期。此外，在 2025 年 12 月 1 日或之後的任何時間， 4.875百分之優先票據可由我們全部或部分兌換，以等於以下的贖回價格 100本金額的百分比，加上贖回日期的累計及未付利息（如有）（但不包括）。如果發生控制權變更觸發事件（如適用於這些票據的契約定義），我們有義務提出購買當時未償還的款項 4.875以贖回價格為百分比高級債券 101截至購買日期之本金額的百分比，加上累計及未付利息（如有）。
20
目錄
CBRE集團股份有限公司。
附註於綜合基本報表（續）
(未經查核)
控制我們的資產的契約中， 5.950％優先票據， 5.500％優先票據， 4.875％優先票據以及 2.500％優先票據（1）包含限制性契約，其中限制了我們創建或允許抵押資產來擔保債務、進行賣後租回交易、進行整合或合併的能力，並要求票據由CBRE Group, Inc.以及擔保2023年信貸協議或循環信貸協議的任何國內子公司以資深優先方式共同及互相擔保。這些契約還包括其他慣例的肯定和否定契約以及違約事件。截至2024年9月30日，我們遵守了債務工具下的契約。
短期借款
循環授信協議
2022年8月5日，我們簽訂了一份新的高級無擔保循環授信協議 5年 （即循環授信協議）。該循環授信協議爲CBRE Services提供了一項高級無擔保循環信貸額度，承諾額度總額高達$3.5億美元，到期日爲2027年8月5日。借款利率爲（i）根據CBRE Services的選擇，即（a）由芝加哥商品交易所基準管理有限公司公佈的一個期限SOFR利率，適用利率期內或（b）參照以下方式確定的基礎利率，即（1）由富國銀行確定的基準利率，（2）聯邦基金利率加上1/2的百分點，以及（3）由（x）芝加哥商品交易所基準管理有限公司公佈的一個期限爲一個月的SOFR利率和（y） 1.00點子之和，再加（ii） 10 一個等於適用利率的利率（如果基於SOFR利率的借款，則爲 0.630可以降低至0.75%每年1.100%，如果基於基礎利率的借款，則爲 0.0可以降低至0.75%每年0.100在每種情況下，根據我們的債務評級（在循環信用協議中定義）。適用利率還受循環信用協議中指定與實現某些可持續目標相關的特定增加和/或減少的影響。
《循環信貸協議》要求我們根據循環信貸額度承諾的總額（無論是否已使用）支付費用。此外，該《循環信貸協議》還包括不超過$的信用證容量300百萬的總額。
《循環授信協議》還要求我們維持一個將合併稅前息稅折舊攤銷前利潤（如《循環授信協議》中定義）比合並利息費用的最低覆蓋比率 2.00x 和將債務總額減去可用現金按合併稅前息稅折舊攤銷前利潤（如《循環授信協議》中定義）比率的最大槓桿比率的《循環授信協議》中定義) 4.25x（在完成符合《循環授信協議》中定義的符合條件的收購之後的首四個完整財政季度的情況下， 4.75x）截至每個財政季度結束。此外，《循環授信協議》還包括其他習慣的積極和消極契約和違約事件。截至2024年9月30日，我們遵守了該協議下的契約。
截至2024年9月30日，未償還的金額爲美元。683在循環信貸協議下，未償還的金額爲美元，以及百萬美元的信用證。截至2023年12月31日，10未償還的金額在循環信貸協議下。信用證是在正常業務過程中發行的，會減少我們根據循環信貸協議的借款金額。 否 未償還的金額在循環信貸協議下。信用證是在正常業務過程中發行的，會減少我們根據循環信貸協議的借款金額。
Turner & Townsend 循環信貸設施
Turner & Townsend保持着一項£的循環信用額度。120 百萬英鎊循環信用額度，根據2022年3月31日簽訂的信貸協議，另有額外的加碼選擇權，額度爲£20 百萬英鎊，到期日爲2027年3月31日。截至2024年9月30日， 否 循環授信額度尚未被使用。截至2023年12月31日，該循環授信額度尚有$10 百萬英鎊（£8 百萬英鎊）尚未使用。
倉儲授信
CBRE資本市場與第三方貸方擁有倉庫信貸額度，旨在資助將要轉售的抵押貸款，並與房利美達成了資金安排，用於將某些已關閉的多戶住宅貸款的一部分出售給房利美。這些倉庫信貸額度僅對CBRE資本市場適用，並由我們相關的倉庫應收款項擔保。有關更多信息，請參閱附註4。
21
目錄
CBRE GROUP，INC。
附註 合併基本報表（續）
(未經審計)
9.    租約
我們是全球開發業務中辦公空間租賃、租賃車輛以及土地租賃合同中的承租人。有時，我們會在REI領域的開發項目中籤訂地上租賃合同。這些安排構成了我們租賃負債和使用權資產的重要部分。我們監控我們的服務安排，以評估它們是否符合租賃的定義。
與我們的租賃相關的補充資產負債表信息如下（單位：百萬美元）：
類別分類九月三十日
2024		十二月三十一日
2023
資產
正在運營經營租賃資產$1,122 $1,030 
融資其他資產，淨額231 210 
租賃資產總額$1,353 $1,240 
負債
當前：
正在運營經營租賃負債$229 $242 
融資其他流動負債41 36 
非當前：
正在運營非流動經營租賃負債1,205 1,089 
融資其他負債88 72 
租賃負債總額$1,563 $1,439 
關於我們經營和融資租賃的現金流補充信息和非現金交易活動如下（金額單位：百萬美元）：
九個月結束
2020年9月30日
20242023
新的資產租賃負債所獲得的租賃權資產$89 $116 
通過新融資租賃負債取得的使用權資產58 37 
經營租賃使用權資產的其他非現金增加(減少) (1)
132 (7)
融資租賃使用權資產的其他非現金減少 (1)
(9)(2)
________________________________________________________________________________________________________________________________________
(1)由於租賃變更/重新計量和終止，租賃資產的非現金活動發生變化。.
10.    承諾和事後約定
我們參與了一些已經發生或受到威脅的訴訟事務，這些事務源於我們業務的日常經營。我們認爲超過負債準備金額的損失不太可能會顯著，但訴訟本質上是不確定的，如果一個或多個事項在特定期間解決的金額顯著超出我們預期的金額，可能會對我們的基本報表產生重大不利影響。
2008年1月，世邦魏理仕資本市場的全資子公司世邦魏理仕MCI根據房利美的委託承保和服務貸款人計劃（DUS計劃）與房利美簽訂協議，爲擁有五套或更多單元的多戶住宅提供融資。根據DUS計劃，世邦魏理仕MCI在未經房利美事先批准的情況下發起、承保、關閉和提供貸款，並且通常需要分擔根據DUS計劃發放的貸款損失的三分之一。世邦魏理仕MCI已爲未付本金餘額的貸款提供了資金43.8 截至 2024 年 9 月 30 日，已達到 10 億美元，其中40.4十億美元受此類損失分擔安排的約束。根據與房利美達成的協議，世邦魏理仕MCI必須根據房利美製定的公式公佈現金儲備或其他可接受的抵押品，以便在發生損失時提供足夠的資本。截至2024年9月30日和2023年12月31日，世邦魏理仕MCI的收入爲美元160百萬和美元140根據這一儲備金安排分別開具了100萬張信用證，並且記錄的負債約爲美元61百萬和美元67百萬美元分別用於支付其在該安排下的貸款損失擔保義務。房利美在DUS計劃下的追索權僅限於世邦魏理仕MCI的資產，其資產總額約爲美元2.4 十億美元（包括美元）786截至2024年9月30日，數百萬筆倉庫應收賬款，其中絕大多數是根據倉庫信貸額度抵押的，因此房利美無法獲得。
22
目錄
CBRE GROUP，INC。
附註 合併基本報表（續）
(未經審計)
CBRE資本市場參與Freddie Mac的多戶住宅小額貸款（SBL）計劃。在SBL計劃下，CBRE資本市場有特定的回購和損失賠償責任。如果CBRE資本市場發起的任何SBL貸款在寬限期後仍處於違約狀態，從貸款發放後的12個月內發生違約並且此類貸款沒有被提前證券化，我們可能有義務回購。此外，CBRE資本市場可能需要承擔損失，但不得超過 10不提前證券化並在12個月回購期後進入違約狀態的任何SBL貸款的原始本金金額的%。CBRE資本市場必須發佈現金儲備或其他可接受的抵押品，以確保在觸發這些義務時提供足夠的資金。截至2024年9月30日和2023年12月31日，CBRE資本市場已根據此儲備安排發佈了一張價值5百萬美元的保函信用證。
信用證
我們持有的信用證總額爲$269截至2024年9月30日，我們持有的未計入已在我們綜合資產負債表上計提子公司未決索賠準備和與營運租賃相關的信用證，總額爲$165在前述段落中提及的截至2024年9月30日的CBRE資本市場信用證總額爲$，佔當日未償信用證總額的大部分$269剩餘的信用證主要由我們根據業務常規操作執行，並在各自協議到期時到期。
保證
我們的擔保總額爲$236截至2024年9月30日，我們的擔保總額爲百萬美元，不包括與養老金責任、合併負債和已在我們合併資產負債表中已計提的其他責任相關的擔保，也不包括與經營租賃相關的擔保。這筆$236主要代表我們在業務日常運作中籤署的擔保，包括在我們海外業務中管理和供應商合同的各種擔保，這些擔保將於各自協議的到期日終止。
此外，截至2024年9月30日，我們已爲第三方的發展項目發佈了許多非追索權利排除、完工和預算保證。這些保證在我們的行業中很常見，是我們在房地產投資業務的正常經營過程中提供的。非追索權利排除保證通常要求我們的項目主體借款人不會實施指定的不當行爲，如果這些行爲發生，我們可能需要承擔全部或部分該實體所承擔債務或其他損失的責任。完工和預算保證通常要求我們在規定的時間框架內和/或在規定預算內完成相關項目的施工，如果超出了這樣的時間框架或預算，我們可能需要承擔完成成本。雖然不能保證一切，但我們不認爲會在這些保證下遭受任何重大損失。
履約和付款按金
在業務的日常過程中，我們被某些客戶要求爲與我們的項目相關的合同承諾提供履約和付款債券。這些債券爲客戶提供保證，即公司將按合同條款履行，我們將支付分包商和供應商。如果我們未能按合同履行或支付分包商和供應商，客戶可能要求保證人根據債券進行支付或提供服務。我們必須償還保證人發生的費用或支出。截至2024年9月30日和2023年12月31日，未償還的履約和付款債券金額約爲$7881百萬美元和242百萬。
購買價格包括$1,500萬的有條件的考慮因素，表示對2025年和2026年日曆內基於實現某些績效閾值的未來潛在收益支出的總額，即最高爲$3,000萬美元的未實現增值額。
我們的業務收購購買價格經常包括遞延和有條件的考慮。截至2024年9月30日和2023年12月31日，我們分別持有短期遞延和有條件的考慮$2831百萬美元和264 百萬，分別包括在應付賬款和應計費用中，以及長期遞延和有條件的考慮$2851百萬美元和266 百萬，分別包括在附表中的其他負債中。
23
目錄
CBRE GROUP，INC。
附註 合併基本報表（續）
(未經審計)
間接稅：美國銷售和使用稅責任
該公司在進行業務的美國各州和外國司法管轄區中，部分而非全部受間接稅收的影響。此類稅收從客戶處收取並匯入各州。不時，我們會接受這些州的審計，可能會發生和解、利息和罰款。截至2024年9月30日和2023年12月31日，我們分別爲銷售和使用稅準備了$25萬美元和3 百萬的儲備金。2024年第二季度和第三季度確認的應計淨增額，與某些正在進行的州審計以及一次審計的結算有關。根據FASB ASC 450《待定事項》， 「待定事項」， 該公司爲待定事項設立了應計淨額，包括與非所得稅有關的不確定性，當公司認爲已經發生了損失並且損失金額可以合理估計時。根據可用信息，該公司持續評估和評估存在間接稅收關係的司法管轄區，並將根據未來提供的新信息調整其估計的負債。
其他
我們房地產業(REI)部門戰略的一個重要部分是與客戶共同投資我們的資本在某些房地產投資中。對於我們的投資基金，我們通常在特定基金的股權中共同投資少數權益。截至2024年9月30日，我們對共同投資基金有未來總承諾額達$154 百萬美元。此外，我們在我們的合併帳戶上對房地產開發項目進行有選擇的投資，或者與我們的客戶合作，在非合併房地產項目中作爲項目權益的 50最高百分之%s的主要投資者進行共同投資。截至2024年9月30日，我們對合並和非合併項目分別有未撥資本承諾達$1531百萬美元和51 百萬美元。
有關特福德火災安全整改準備金，請參閱附註15。
11.    所得稅
我們的合併所得稅準備金爲美元67 截至2024年9月30日的三個月爲百萬美元，而所得稅準備金爲美元31 截至2023年9月30日的三個月，爲百萬美元。美元的增加36 百萬美元主要與收入的增加有關。我們的有效稅率提高到 21.5截至2024年9月30日的三個月，百分比從 13.2截至2023年9月30日的三個月的百分比。
我們在合併基礎上的所得稅準備金爲$70 截至2024年9月30日的九個月的所得稅準備金爲$ million，而2019年9月30日截至的九個月的所得稅準備金爲 $ million，截至2023年9月30日的九個月所得稅準備金爲$114   million。$ million的減少主要與未認可的稅務條款的逆轉有關。我們的有效稅率從截至2024年9月30日的九個月的44%下降到了2024年9月30日結束的九個月的 11.6%。 17.6%
2024年9月30日結束的三個月內，我們的有效稅率與美國聯邦法定稅率21.0％有所不同，主要是由於美國州稅和有利的永久賬面稅差異。
2024年9月30日結束的九個月的實際稅率與美國聯邦法定稅率21.0%有所不同，主要是由於對未確認稅項的逆轉、美國州稅以及有利的永久性賬面稅差異。
截至2024年9月30日及2023年12月31日，公司的未認列總稅收利益為$348 百萬美元和413 百萬，分別為。$65 百萬，主要與各稅務管轄區的稅務審計結案和時效限制的到期有關。
24
目錄
CBRE集團股份有限公司。
附註於綜合基本報表（續）
(未經查核)
12.    每股收益和股東權益
CBRE Group, Inc.股東每股基本和稀釋收入的計算如下（金額以百萬美元為單位，股數和每股數據除外）：
結束於三個月的期間
九月三十日，		九個月結束了
九月三十日，
2024202320242023
每股基本收益
歸屬於CBRE Group, Inc.股東的凈利潤$225 $191 $481 $509 
基本每股收益的加權平均股份306,253,811 307,854,518 306,269,264 309,716,456 
歸屬於CBRE Group, Inc.股東的每股基本收益$0.73 $0.62 $1.57 $1.64 
每股稀釋收益
歸屬於CBRE Group, Inc.股東的凈利潤$225 $191 $481 $509 
基本每股收益的加權平均股份306,253,811 307,854,518 306,269,264 309,716,456 
具條件發行股份的稀釋效應2,051,202 4,366,615 2,011,847 4,228,399 
稀釋後每股收益的加權平均股份。308,305,013 312,221,133 308,281,111 313,944,855 
歸屬於CBRE Group, Inc.股東的每股稀釋收益$0.73 $0.61 $1.56 $1.62 
截至2024年9月30日止的三個月和九個月， 5,875 和 238,815分別，應計股份中的有條件發行股份被排除在稀釋每股收益的計算之外，因為如果包括這些股份將具有抵消稀釋效應。
截至2023年9月30日止，三個月和九個月， 326,762 和 345,108分別由於可能發行股份的問題，未參與稀釋每股收益的計算，因為如果包括它們將產生防稀釋作用。
於2021年11月19日，我們的董事會授權購回高達$2.0十億美元的A類普通股，到 五年後 2022年8月18日，我們的董事會授權額外的$2.0十億美元，將此計劃下獲授權的回購金額總額提升至$4.0 十億美元。截至2024年9月30日結束的三個月，我們用手頭現金以每股$ 567,209 的平均價格回購了股我們的普通股，總共109.20 價值$。62 在2021年計劃下，截至2024年9月30日的九個月內，我們回購了百萬股。 1,121,950 ，我們以每股$美元的平均價格回購了我們的普通股。98.35 每股$美元的價格，在2021年計劃下使用手頭現金進行回購，總額達$百萬。110 在2021年計劃下，截至2024年9月30日，我們尚有約$十億的剩餘額度。1.4在2021年計劃下，截至2023年9月30日的三個月內，我們回購了百萬股。 6,213,921 使用手頭現金回購了我們的普通股，總額達$百萬。516 在2023年9月30日結束的九個月內，我們使用手頭現金回購了百萬股。 7,582,094 使用手頭現金回購了我們的普通股，總額達$百萬。630 百萬美元之間。
25
目錄
CBRE集團股份有限公司。
附註於綜合基本報表（續）
(未經查核)
13.    客戶合同的營業收入
我們依照FASB ASC 606《會計準則官網主題606》，向客戶記錄營業收入。客戶合同的營業收入營業收入在我們向客戶轉移已承諾服務的控制時或之後認列，金額應反映我們預計為取得這些服務而有權收取的代價。
分項營業收入
以下表格代表來自與客戶合約的營業收入依服務類型和/或部門的細分（以百萬美元計）：
2024年9月30日結束的三個月
顧問
服務		全球貨幣
工作場所
解決方案		房地產業
投資		公司、其他和結轉數合併
主題 606 營業收入:
設施管理$— $4,370 $— $— $4,370 
項目管理— 1,976 — — 1,976 
顧問租賃984 — — — 984 
顧問銷售422 — — — 422 
房地產管理567 — — (7)560 
評估變動178 — — — 178 
商業抵押貸款辦理 (1)
44 — — — 44 
貸款服務 (2)
16 — — — 16 
投資管理— — 196 — 196 
發展服務— — 104 — 104 
Topic 606 營業收入2,211 6,346 300 (7)8,850 
不屬於Topic 606 營業收入範圍：
商業抵押貸款辦理119 — — — 119 
貸款服務65 — — — 65 
開發服務 (3)
— — 2 — 2 
不在主題606營業收入總額184 — 2 — 186 
總營業收入$2,395 $6,346 $302 $(7)$9,036 
截至二零二三年九月三十日止三個月
諮詢
服務		全球
工作場所
解決方案		房地產
投資		企業、其他和淘汰合併
主題 606 收入：
設施管理$— $3,844 $— $— $3,844 
項目管理— 1,805 — — 1,805 
諮詢租賃827 — — — 827 
顧問銷售370 — — — 370 
物業管理465 — — (4)461 
估值163 — — — 163 
商業抵押貸款產生 (1)
37 — — — 37 
貸款服務 (2)
20 — — — 20 
投資管理— — 137 — 137 
開發服務— — 66 — 66 
主題 606 收入1,882 5,649 203 (4)7,730 
超出主題 606 收入範圍：
商業抵押貸款產生70 — — — 70 
貸款服務61 — — — 61 
開發服務 (3)
— — 7 — 7 
超出主題範圍內的總收入 606131 — 7 — 138 
總收入$2,013 $5,649 $210 $(4)$7,868 

26
目錄
CBRE集團股份有限公司。
附註於綜合基本報表（續）
(未經查核)
2024年9月30日結束的九個月
顧問
服務
全球職場
解決方案
房地產業
投資		公司、其他和結轉數合併
主題 606 營業收入:
設施管理$— $12,563 $— $— $12,563 
項目管理— 5,536 — — 5,536 
顧問租賃2,607 — — — 2,607 
顧問銷售1,133 — — — 1,133 
房地產管理1,620 — — (16)1,604 
評估變動528 — — — 528 
商業抵押貸款辦理 (1)
117 — — — 117 
貸款服務 (2)
59 — — — 59 
投資管理— — 494 — 494 
發展服務— — 262 — 262 
Topic 606 營業收入6,064 18,099 756 (16)24,903 
不屬於Topic 606 營業收入範圍：
商業抵押貸款辦理266 — — — 266 
貸款服務188 — — — 188 
開發服務 (3)
— — 6 — 6 
不在主題606營業收入總額454 — 6 — 460 
總營業收入$6,518 $18,099 $762 $(16)$25,363 
截至二零二三年九月三十日止九個月
諮詢
服務		全球
工作場所
解決方案		房地產
投資		企業、其他和淘汰合併
主題 606 收入：
設施管理$— $11,210 $— $— $11,210 
項目管理— 5,203 — — 5,203 
諮詢租賃2,350 — — — 2,350 
顧問銷售1,135 — — — 1,135 
物業管理1,409 — — (12)1,397 
估值508 — — — 508 
商業抵押貸款產生 (1)
94 — — — 94 
貸款服務 (2)
56 — — — 56 
投資管理— — 436 — 436 
開發服務— — 243 — 243 
主題 606 收入5,552 16,413 679 (12)22,632 
超出主題 606 收入範圍：
商業抵押貸款產生174 — — — 174 
貸款服務182 — — — 182 
開發服務 (3)
— — 11 — 11 
超出主題範圍內的總收入 606356 — 11 — 367 
總收入$5,908 $16,413 $690 $(12)$22,999 
________________________________________________________________________________________________________________________________________
(1)我們通過與第三方貸款人聯繫安排融資來獲取費用。這些費用屬於606主題的範疇。
(2)我們持有的房屋貸款服務合同所賺取的貸款服務費用屬於主題606的範圍。
(3)不在範圍內的發展服務營業收入代表來自根據FASB ASC主題842範疇內出售型租賃轉移的銷售利潤， “租賃。”
合約資產和負債
我們的合同資產總額為$592 100萬美元（122萬港元）。496 百萬，其中為當期資產)和$517 100萬美元（122萬港元）。443 百萬，其中為當期資產)，截至2024年9月30日和2023年12月31日。
27
目錄
CBRE集團股份有限公司。
附註於綜合基本報表（續）
(未經查核)
我們合同負債總額為$329 百萬（其中全部為當前部分），分別截至2024年9月30日和2023年12月31日，其中$304 100萬美元（122萬港元）。298 百萬屬當前部分），分別截至2024年9月30日的三個月和九個月內，我們認列的營業收入為$16 百萬美元和206 百萬，分別截至2023年12月31日合同負債餘額中。絕大多數合同負債會在90天內認列為營業收入。
14.    業務分部
各部門的財務摘要如下（金額以百萬美元計）：
結束於三個月的期間
九月三十日，		九個月結束了
九月三十日，
2024202320242023
營業收入
咨詢服務$2,395 $2,013 $6,518 $5,908 
全球工作場所解決方案6,346 5,649 18,099 16,413 
房地產投資302 210 762 690 
企業、其他和調整項目 (1)
(7)(4)(16)(12)
營業總收入$9,036 $7,868 $25,363 $22,999 
分段營業利潤
咨詢服務$414 $277 $1,020 $862 
全球工作場所方案318 251 808 714 
房地產投資67 7 111 171 
報告的總分部營業利潤$799 $535 $1,939 $1,747 
________________________________________________________________________________________________________________________________________
(1)Eliminations represent revenue from transactions with other operating segments. See Note 13.
Reconciliation of total reportable segment operating profit to net income is as follows (dollars in millions):
Three Months Ended
September 30,		Nine Months Ended
September 30,
2024202320242023
Net income attributable to CBRE Group, Inc.$225 $191 $481 $509 
Net income attributable to non-controlling interests20 10 54 23 
Net income245 201 535 532 
Adjustments to increase (decrease) net income:
Depreciation and amortization178 149 497 465 
Interest expense, net of interest income64 38 163 110 
Provision for income taxes67 31 70 114 
Costs associated with efficiency and cost-reduction initiatives41 4 137 145 
Charges related to indirect tax audit / settlement25 — 39 — 
Carried interest incentive compensation (reversal) expense to align with the timing of associated revenue(4)(8)12 (2)
Costs incurred related to legal entity restructuring— 4 2 4 
Integration and other costs related to acquisitions (1)
22 5 30 60 
Provision associated with Telford’s fire safety remediation efforts
33 — 33 — 
Impact of fair value non-cash adjustments related to unconsolidated equity investments9 — 9 — 
Corporate and other loss, including eliminations119 111 412 319 
Total reportable segment operating profit$799 $535 $1,939 $1,747 
________________________________________________________________________________________________________________________________________
(1)During the first quarter of 2024, we incurred integration and other costs related to acquisitions of $18 million in deal and integration costs, offset by reversal of $22 million in previously recognized transaction-related bonus expense due to change in estimate.
Our chief operating decision maker (CODM) is not provided with total asset information by segment and accordingly, does not measure or allocate total assets on a segment basis. As a result, we have not disclosed any asset information by segment.
28
Table of contents
CBRE GROUP, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Unaudited)
Geographic Information
Revenue in the table below is allocated based upon the country in which services are performed (dollars in millions):
Three Months Ended
September 30,		Nine Months Ended
September 30,
2024202320242023
Revenue
United States$5,210 $4,274 $14,302 $12,630 
United Kingdom1,257 1,100 3,537 3,152 
All other countries2,569 2,494 7,524 7,217 
Total revenue$9,036 $7,868 $25,363 $22,999 
On June 24, 2024, we announced plans to combine our project management business with our Turner & Townsend subsidiary and expect this transaction to close early 2025. We intend to organize our operations around, and publicly report our financial results on, four reportable segments in 2025. For the remainder of 2024, we will continue to report our financial results under our existing reportable segments given this is how the CODM currently manages the business.
15.     Telford Fire Safety Remediation
The accompanying consolidated balance sheets include an estimated liability of approximately $226 million (of which $110 million was current) and $192 million (of which $82 million was current) as of September 30, 2024 and December 31, 2023, respectively, related to the remediation efforts. The balance increased as of September 30, 2024 based on additional information obtained and evaluations performed allowing for a more refined estimate on a building-by-building basis.
Management obtained additional fire safety assessments, reviewed various inputs and assumptions, including bids from subcontractors, and believes the above balance remains our best estimate of future losses associated with overall remediation efforts.
The estimated remediation costs for in-scope buildings are subjective, highly complex and dependent on a number of variables outside of Telford Homes’ control. These include, but are not limited to, individual remediation requirements for each building, the time required for the remediation to be completed, cost of construction or remediation materials, availability of construction materials, potential discoveries made during remediation that could necessitate incremental work, investigation costs, availability of qualified fire safety engineers, potential business disruption costs, potential changes to or new regulations and regulatory approval. We will continue to assess new information as it becomes available during the remediation process and adjust our estimated liability accordingly.
29
Table of contents
CBRE GROUP, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Unaudited)
16.     Restructuring Activities
The company continued to execute various restructuring activities during the third quarter of 2024 to simplify management and workforce structure and improve efficiencies in its operations. The following tables present the detail of expenses incurred by segment during the three and nine months ended September 30, 2024 (dollars in millions):
Three Months Ended September 30, 2024
Advisory
Services		Global
Workplace
Solutions		Real Estate
Investments		CorporateConsolidated
Employee separation benefits$13 $11 $4 $4 $32 
Professional fees and other— — — 32 32 
Total$13 $11 $4 $36 $64 
Nine Months Ended September 30, 2024
Advisory
Services		Global
Workplace
Solutions		Real Estate
Investments		CorporateConsolidated
Employee separation benefits$13 $40 $4 $55 $112 
Professional fees and other— — — 71 71 
Total$13 $40 $4 $126 $183 
During the nine months ended September 30, 2023, total restructuring charges of $154 million were incurred, of which $147 million were incurred during the three months ended March 31, 2023.
The following table shows ending liability balances associated with major cash-based charges (dollars in millions):
Employee separation benefitsProfessional fees and other
Balance at December 31, 2023
$13 $— 
Expense incurred112 58 
Payments made(100)(33)
Balance at September 30, 2024$25 $25 
We expect these restructuring activities to be substantially completed by the end of fiscal year 2024.
Ending balance related to employee separation benefits is included in “Compensation and employee benefits payable” in the accompanying consolidated balance sheets. Of the total charges incurred, $29 million is included within the “Cost of revenue” line item and $83 million is included in the “Operating, administrative and other” line item in the accompanying consolidated statement of operations for the nine months ended September 30, 2024.
Ending balance related to professional fees and other is included in “Accounts payable and accrued expenses” in the accompanying consolidated balance sheets. The majority of charges are included within the “Operating, administrative and other” line item in the accompanying consolidated statement of operations for the nine months ended September 30, 2024.
30
Table of contents
Item 2.    Management’s Discussion and Analysis of Financial Condition and Results of Operations
Management’s Discussion and Analysis of Financial Condition and Results of Operations (MD&A) provides the reader with management’s perspective on our financial condition, results of operations, liquidity and certain other factors that may affect future results. The MD&A in this Quarterly Report on Form 10-Q (Quarterly Report) for CBRE Group, Inc. for the three and nine months ended September 30, 2024 should be read in conjunction with our consolidated financial statements and related notes included in our 2023 Annual Report on Form 10-K (2023 Annual Report) as well as the unaudited financial statements included elsewhere in this Quarterly Report.
In addition, the statements and assumptions in this Quarterly Report that are not statements of historical fact are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 or Section 21E of the Securities Exchange Act of 1934, each as amended, including, in particular, statements about our plans, strategies and prospects as well as estimates of industry growth for the next quarter and beyond. For important information regarding these forward-looking statements, please see the discussion below under the caption “Cautionary Note on Forward-Looking Statements.”
Business Environment
The operating environment for commercial real estate continued to improve in the third quarter of 2024. Most notably, office leasing activity accelerated in the third quarter as greater certainty about the economic outlook supports occupier decision making across primary and secondary markets, particularly in the U.S. and Europe. Increased liquidity, lower borrowing costs and improved investor sentiment resulted an increase in investment sales for the first time since 2022. As capital returns to real estate, opportunities to harvest gains from real estate development and investment management portfolios are expected to increase.
Capital Allocation
We used $62 million in the quarter for share repurchases, while maintaining substantial liquidity to finance future growth.
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Results of Operations
The following table sets forth items derived from our consolidated statements of operations for the three and nine months ended September 30, 2024 and 2023 (dollars in millions):
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Revenue:
Net revenue:
Facilities management$1,780 19.6 %$1,455 18.5 %$5,030 19.8 %$4,289 18.7 %
Property management543 6.0 %444 5.6 %1,548 6.1 %1,345 5.9 %
Project management872 9.7 %777 9.9 %2,512 9.9 %2,277 9.9 %
Valuation178 2.0 %163 2.1 %528 2.1 %508 2.2 %
Loan servicing81 0.9 %81 1.0 %247 1.0 %238 1.0 %
Advisory leasing984 10.9 %827 10.5 %2,607 10.3 %2,350 10.2 %
Capital markets:
Advisory sales422 4.7 %370 4.7 %1,133 4.5 %1,135 4.9 %
Commercial mortgage origination163 1.8 %107 1.4 %383 1.5 %268 1.2 %
Investment management196 2.2 %137 1.7 %494 1.9 %436 1.9 %
Development services106 1.2 %73 0.9 %268 1.1 %254 1.1 %
Corporate, other and eliminations(7)(0.1)%(4)0.0 %(16)(0.1)%(12)(0.1)%
Total net revenue5,318 58.9 %4,430 56.3 %14,734 58.1 %13,088 56.9 %
Pass-through costs also recognized as revenue3,718 41.1 %3,438 43.7 %10,629 41.9 %9,911 43.1 %
Total revenue9,036 100.0 %7,868 100.0 %25,363 100.0 %22,999 100.0 %
Costs and expenses:
Cost of revenue7,252 80.2 %6,397 81.3 %20,521 80.9 %18,583 80.8 %
Operating, administrative and other1,237 13.7 %1,058 13.4 %3,538 13.9 %3,356 14.6 %
Depreciation and amortization178 2.0 %149 1.9 %497 2.0 %465 2.0 %
Total costs and expenses8,667 95.9 %7,604 96.6 %24,556 96.8 %22,404 97.4 %
(Loss) gain on disposition of real estate(1)0.0 %5 0.1 %12 0.0 %18 0.1 %
Operating income368 4.1 %269 3.4 %819 3.2 %613 2.8 %
Equity (loss) income from unconsolidated subsidiaries(4)0.0 %(13)(0.2)%(77)(0.3)%121 0.5 %
Other income12 0.1 %14 0.2 %26 0.1 %22 0.1 %
Interest expense, net of interest income64 0.7 %38 0.5 %163 0.6 %110 0.5 %
Income before provision for income taxes312 3.5 %232 2.9 %605 2.4 %646 2.8 %
Provision for income taxes67 0.8 %31 0.4 %70 0.3 %114 0.5 %
Net income245 2.7 %201 2.6 %535 2.1 %532 2.3 %
Less: Net income attributable to non-controlling interests20 0.2 %10 0.1 %54 0.2 %23 0.1 %
Net income attributable to CBRE Group, Inc.$225 2.5 %$191 2.4 %$481 1.9 %$509 2.2 %
Core EBITDA$688 7.6 %$436 5.5 %$1,618 6.4 %$1,472 6.4 %
Three Months Ended September 30, 2024 Compared to the Three Months Ended September 30, 2023
We reported consolidated net income of $225 million for the quarter, an increase of 17.8% from $191 million in the same period in 2023. Over the same time period, revenue increased 14.8% to $9.0 billion.
The revenue increase reflected an increase across all lines of businesses in the Advisory Services segment, with strong growth in leasing, particularly for office space, commercial mortgage origination, and property management, as well as continued strong growth in the Global Workplace Solutions (GWS) segment. Overall, revenue from our Resilient Businesses (comprised of facilities management, project management, property management, loan servicing, asset management fees in our investment management business and valuations), which generally grow across market cycles, increased approximately 12.6% in the quarter. Our Transactional Businesses (sales, leasing, mortgage origination, carried interest and incentive fees in our
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investment management business, and development fees), which are subject to market cycles, saw revenue increase 25.7% in the quarter. Lower interest rates drove an increase in property sales and commercial mortgage origination, along with leasing, which was up 19.0%, in the Advisory Services segment and investment and development activities in the Real Estate Investments (REI) segment, both of which are sensitive to market cycles and interest rate fluctuations.
Foreign currency translation had a 0.6% negative impact on revenue, reflecting the weakness in the Brazilian real, Canadian dollar and Mexican peso partially offset by strength in the British pound sterling.
Cost of revenue increased 13.4% during the quarter due to the strong revenue growth noted previously, consisting of higher pass-through costs, higher compensation, higher transaction commissions, and higher indirect reimbursed costs. Foreign currency translation had a 0.5% positive impact on total cost of revenue. Cost of revenue decreased to 80.2% of total revenue from 81.3% in the third quarter 2023, driven by growth in our Advisory Services segment revenue that generally has higher gross margin.
Operating, administrative and other expenses increased by 16.9%, primarily due to $61 million of restructuring charges (employee separation benefits, contract termination fees, consulting charges, etc.) and an indirect tax accrual in the third quarter of 2024 versus $4 million recorded in the same period in the prior year. In addition, we recorded higher incentive compensation expense compared to the same quarter in the prior year to align with improved business performance. Foreign currency translation had a 0.3% positive impact on total operating, administrative and other expenses during the quarter. Operating expenses as a percentage of revenue slightly increased to 13.7% in the third quarter 2024 from 13.4% in the third quarter 2023, reflecting higher operating expenses related to restructuring charges and the indirect tax accrual.
Depreciation and amortization expense increased by 19.5% during the quarter, reflecting higher amortization expense related to intangibles from recent acquisitions such as J&J Worldwide Services.
We incurred an equity loss of $4 million versus an equity loss of $13 million in last year’s third quarter. This was mainly due to lower net unrealized losses related to equity investments.
Interest expense, net of interest income, increased by 68.4%, compared with the third quarter 2023. This increase was primarily due to the impact of higher interest rates, increased borrowings on the revolving credit facilities, and the issuance of new debt in 2024.
Our provision for income taxes on a consolidated basis was $67 million for the three months ended September 30, 2024 as compared to a provision for income taxes of $31 million for the three months ended September 30, 2023. The increase of $36 million is primarily related to an increase in earnings. Our effective tax rate increased to 21.5% for the three months ended September 30, 2024 from 13.2% for the three months ended September 30, 2023. Our effective tax rate for the three months ended September 30, 2024 is different than the U.S. federal statutory tax rate of 21.0%, primarily due to U.S. state taxes and favorable permanent book tax differences.
The Organization for Economic Co-operation & Development (OECD) Pillar Two Model Rules established a minimum global effective tax rate of 15% on country-by-country profits for large multinational companies. European Union member states along with many other countries have adopted, or expect to adopt, the OECD Pillar Two Model effective January 1, 2024 or thereafter. The OECD and other countries continue to publish guidelines and legislation which include transition and safe harbor rules. The Pillar Two top-up taxes are not expected to have a material impact to our financial statements for 2024. However, we continue to monitor new legislative changes and assess the global impact of the Pillar Two Model Rules, including the potential applicability and impact of the under-taxed profits rule that is effective in 2025.
Nine Months Ended September 30, 2024 Compared to the Nine Months Ended September 30, 2023
We reported consolidated net income of $481 million for the nine months ended September 30, 2024 on revenue of $25.4 billion as compared to consolidated net income of $509 million on revenue of $23.0 billion for the nine months ended September 30, 2023.
The revenue increase reflected growth in property management, leasing activity, particularly for office space, commercial mortgage origination, loan servicing, and continued strong growth in the GWS segment. Although we began to see an increase in property sales in our Advisory Services segment due to lower interest rates in the third quarter of 2024, higher interest rates for the first half of 2024 continued to weigh on property sales in the Advisory Services segment and investment
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and development activities in the REI segment, both of which are sensitive to market cycles and interest rates. Overall, revenue from our Resilient Businesses increased 10.1% for the period. Our Transactional Businesses saw revenue edge up 11.0%.
Foreign currency translation had a 0.4% negative impact on total revenue during the nine months ended September 30, 2024, primarily driven by weakness in the Japanese yen, partially offset by strength in the British pound sterling.
Cost of revenue increased 10.4% during the nine months ended September 30, 2024 as compared to the same period in 2023 due to revenue growth, consisting of higher pass-through costs, higher compensation, and higher indirect reimbursed costs. Foreign currency translation had a 0.4% positive impact on total cost of revenue. Cost of revenue increased slightly to 80.9% of total revenue from 80.8%, driven by higher cost to support growth in GWS revenues.
Operating, administrative and other expenses increased 5.4% as compared to the same period last year. The company incurred approximately $171 million in restructuring and an indirect tax accrual this year versus $145 million recorded in the same period in the prior year, and higher compensation expense. This was partially offset by bonus expense reversal as part of the restructuring activities and lower bonus expense related to the REI segment to align with overall expected segment performance. Foreign currency translation had a 0.2% positive impact on total operating expenses during the nine months ended September 30, 2024. Operating expenses as a percentage of revenue decreased to 13.9% from 14.6%, as operating expenses grew slower than revenue.
Depreciation and amortization expense increased by 6.9% during the nine months ended September 30, 2024 as compared to the same period in 2023, reflecting higher depreciation and amortization expense related to assets acquired from recent acquisitions such as J&J Worldwide Services.
We incurred an equity loss of $77 million during the nine months ended September 30, 2024 compared to equity income of $121 million in the same period in 2023. This was mainly due to an unusually large development asset disposition in first-quarter 2023 that did not recur in 2024. In addition, we recorded higher unrealized losses related to our non-core strategic equity investment in Altus Power, Inc. (Altus) in the nine months ended September 30, 2024.
Other income increased to $26 million from $22 million, reflecting positive fair value adjustments on certain financial instruments related to our investment in Industrious this year as compared to the same period last year.
Interest expense, net of interest income, increased by 48.2% for the nine months ended September 30, 2024 as compared to the same period in 2023. This increase was primarily due to the impact of higher interest rates, during most of the period, increased borrowings on the revolving credit facilities, and the issuance of new debt during the first quarter of 2024 and in late second-quarter 2023.
Our provision for income taxes on a consolidated basis was $70 million for the nine months ended September 30, 2024 as compared to a provision for income taxes of $114 million for the nine months ended September 30, 2023. The decrease of $44 million is primarily related to the reversal of unrecognized tax positions. Our effective tax rate decreased to 11.6% for the nine months ended September 30, 2024 from 17.6% for the nine months ended September 30, 2023. Our effective tax rate for the nine months ended September 30, 2024 is different than the U.S. federal statutory tax rate of 21.0% primarily due to the reversal of unrecognized tax positions, U.S. state taxes, and favorable permanent book tax differences.
The Organization for Economic Co-operation & Development (OECD) Pillar Two Model Rules established a minimum global effective tax rate of 15% on country-by-country profits for large multinational companies. European Union member states along with many other countries have adopted, or expect to adopt, the OECD Pillar Two Model effective January 1, 2024 or thereafter. The OECD and other countries continue to publish guidelines and legislation which include transition and safe harbor rules. The Pillar Two top-up taxes are not expected to have a material impact to our financial statements for 2024. However, we continue to monitor new legislative changes and assess the global impact of the Pillar Two Model Rules, including the potential applicability and impact of the under-taxed profits rule that is effective in 2025.
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Segment Operations
On June 24, 2024, we announced plans to combine our project management business with our Turner & Townsend subsidiary and expect this transaction to close in early 2025. We intend to organize our operations around, and publicly report our financial results on, four reportable segments in 2025. For the remainder of 2024, we will continue to report our financial results under our existing reportable segments given this is how the chief operating decision maker currently manages the business.
As of September 30, 2024, we organize our operations around, and publicly report our financial results on, three global business segments: (1) Advisory Services; (2) Global Workplace Solutions; and (3) Real Estate Investments.
Advisory Services provides a comprehensive range of services globally, including property leasing, capital markets (property sales and mortgage origination), mortgage sales and servicing, property management, and valuation. Global Workplace Solutions provides a broad suite of integrated, contractually based outsourcing services to occupiers of real estate, including facilities management and project management. Real Estate Investments includes investment management services provided globally and development services in the U.S., U.K. and Continental Europe.
We also have a Corporate and Other segment. Corporate primarily consists of corporate overhead costs. Other consists of activities from strategic non-core non-controlling equity investments and is considered an operating segment but does not meet the aggregation criteria for presentation as a separate reportable segment and is, therefore, combined with Corporate and reported as Corporate and other. It also includes eliminations related to inter-segment revenue. For additional information on our segments, see Note 14 of the Notes to Consolidated Financial Statements (Unaudited) set forth in Item 1 of this Quarterly Report.
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Advisory Services
The following table summarizes our results of operations for our Advisory Services operating segment for the three and nine months ended September 30, 2024 and 2023 (dollars in millions):
Three Months Ended September 30,
Nine Months Ended September 30,
2024202320242023
Revenue:
Net revenue:
Property management$543 22.7 %$444 22.1 %$1,548 23.7 %$1,345 22.8 %
Valuation178 7.4 %163 8.1 %528 8.1 %508 8.6 %
Loan servicing81 3.4 %81 4.0 %247 3.8 %238 4.0 %
Advisory leasing984 41.1 %827 41.1 %2,607 40.0 %2,350 39.8 %
Capital markets:
Advisory sales422 17.6 %370 18.4 %1,133 17.4 %1,135 19.2 %
Commercial mortgage origination163 6.8 %107 5.3 %383 5.9 %268 4.5 %
Total segment net revenue2,371 99.0 %1,992 99.0 %6,446 98.9 %5,844 98.9 %
Pass-through costs also recognized as revenue24 1.0 %21 1.0 %72 1.1 %64 1.1 %
Total segment revenue2,395 100.0 %2,013 100.0 %6,518 100.0 %5,908 100.0 %
Costs and expenses:
Cost of revenue1,478 61.7 %1,253 62.3 %3,985 61.1 %3,613 61.2 %
Operating, administrative and other517 21.6 %497 24.7 %1,529 23.5 %1,518 25.7 %
Depreciation and amortization70 2.9 %66 3.2 %202 3.1 %215 3.6 %
Total costs and expenses2,065 86.2 %1,816 90.2 %5,716 87.7 %5,346 90.5 %
Operating income330 13.8 %197 9.8 %802 12.3 %562 9.5 %
Equity income from unconsolidated subsidiaries1 0.0 %1 0.0 %1 0.0 %3 0.1 %
Other income— 0.0 %11 0.7 %2 0.0 %15 0.3 %
Add-back: Depreciation and amortization70 2.9 %66 3.2 %202 3.1 %215 3.6 %
Adjustments:
Costs associated with efficiency and cost-reduction initiatives13 0.6 %2 0.1 %13 0.2 %67 1.1 %
Segment operating profit and segment operating profit on revenue margin$414 17.3 %$277 13.8 %$1,020 15.6 %$862 14.6 %
Segment operating profit on net revenue margin17.5 %13.9 %15.8 %14.8 %
Three Months Ended September 30, 2024 Compared to the Three Months Ended September 30, 2023
Revenue increased 19.0% during the quarter. Global leasing revenue rose 19.0%, driven by Americas which grew 19.9%, including 24.1% in the United States and the United Kingdom, which grew 31.3%. Property sales revenue was up 14.1%, reflecting the impact of lower interest rates and improving credit conditions. The company’s loan origination business benefited from higher loan origination fees driven by increased financing activity, resulting from lower interest rates. Property management grew 22.3% fueled by growth across regions and in the U.S. and continued growth from the Brookfield portfolio. Foreign currency translation had a 0.5% negative impact on total revenue during the quarter, primarily driven by weakness in the Brazilian real, partially offset by strength in the British pound sterling.
Cost of revenue increased 18.0%, primarily reflecting business growth, higher reimbursable expenses in property management and higher professional compensation as bonuses reset. Foreign currency translation had a 0.4% positive impact on total cost of revenue. Cost of revenue decreased to 61.7% of total revenue from 62.3% in the 2023 third quarter, primarily due to growth in leasing and sales, which have higher margins.
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Operating, administrative and other expenses increased by 4.0%, primarily due to incentive compensation expense increases in the current quarter to align with business performance. Foreign currency translation had a 0.8% positive impact on total operating expenses.
In connection with the origination and sale of mortgage loans for which the company retains servicing rights, we record servicing assets or liabilities based on the fair value of the retained mortgage servicing rights (MSRs) on the date the loans are sold. Upon origination of a mortgage loan held for sale, the fair value of the mortgage servicing rights to be retained is included in the forecasted proceeds from the anticipated loan sale and results in a net gain (which is reflected in revenue). Subsequent to the initial recording, MSRs are amortized (within amortization expense) and carried at the lower of amortized cost or fair value in other intangible assets in the accompanying consolidated balance sheets. They are amortized in proportion to and over the estimated period that the servicing income is expected to be received.
For the three months ended September 30, 2024, MSRs contributed $38 million to operating income, offset by $36 million of amortization of related intangible assets. The MSR contribution to third quarter 2023 operating income was $22 million and amortization totaled $35 million.
Depreciation and amortization expense increased 6.1% primarily due to higher amortization of mortgage servicing rights as described above.
Nine Months Ended September 30, 2024 Compared to the Nine Months Ended September 30, 2023
Revenue increased 10.3% for the nine months ended September 30, 2024 as compared to the nine months ended September 30, 2023. Global leasing revenue rose 10.9%, driven by Americas which grew 12.4%, including 14.6% in the United States and the United Kingdom, which grew 10.6%. Property sales revenue was down 0.2%, reflecting high interest rates and difficult credit conditions in the first half of 2024, offset by an increase in property sales in the third quarter 2024, driven by lower interest rates. The company’s loan origination business benefited from higher loan fees and a significant increase in interest earnings on escrow balances. Property management also grew solidly, up 15.1%. Foreign currency translation had a 0.5% negative impact on total revenue during the nine months ended September 30, 2024, primarily driven by weakness in Japanese yen, partially offset by strength in the British pound sterling.
Cost of revenue increased 10.3%, primarily reflecting business growth, higher reimbursable expenses in property management, higher professional compensation and higher commission expense. Foreign currency translation had a 0.4% positive impact on total cost of revenue. Cost of revenue slightly decreased to 61.1% of total revenue from 61.2% for the same period in 2023 due to growth in leasing and improving sales.
Operating, administrative and other expenses slightly increased by 0.7% for the nine months ended September 30, 2024 as compared to the same period in 2023, driven by higher variable employee compensation costs. The increase was partially offset by lower restructuring expenses as the Advisory Services segment recorded significant restructuring expenses in the first half of 2023, as the segment went through rapid cost take out that did not recur this year. Foreign currency translation also had a 0.4% positive impact on total operating expenses.
For the nine months ended September 30, 2024, MSRs contributed $74 million to operating income, offset by $104 million of amortization of related intangible assets. For the nine months ended September 30, 2023, MSRs contributed $60 million to operating income, offset by $109 million of amortization of related intangible assets. The increase was associated with higher origination activity given an increase in financing activities in the third quarter of 2024.
Depreciation and amortization expense decreased 6.0% primarily due to lower amortization of mortgage servicing rights as described above and due to accelerated depreciation expense recorded in the first half of 2023, as part of cost savings initiatives that did not recur this year.
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Global Workplace Solutions
The following table summarizes our results of operations for our Global Workplace Solutions (GWS) operating segment for the three and nine months ended September 30, 2024 and 2023 (dollars in millions):
Three Months Ended September 30,
Nine Months Ended September 30,
2024202320242023
Revenue:
Net revenue:
Facilities management$1,780 28.1 %$1,455 25.8 %$5,030 27.8 %$4,289 26.1 %
Project management872 13.7 %777 13.7 %2,512 13.9 %2,277 13.9 %
Total segment net revenue2,652 41.8 %2,232 39.5 %7,542 41.7 %6,566 40.0 %
Pass-through costs also recognized as revenue3,694 58.2 %3,417 60.5 %10,557 58.3 %9,847 60.0 %
Total segment revenue6,346 100.0 %5,649 100.0 %18,099 100.0 %16,413 100.0 %
Costs and expenses:
Cost of revenue5,716 90.1 %5,104 90.3 %16,372 90.5 %14,844 90.4 %
Operating, administrative and other329 5.2 %303 5.4 %980 5.4 %932 5.7 %
Depreciation and amortization90 1.4 %66 1.2 %242 1.3 %196 1.2 %
Total costs and expenses6,135 96.7 %5,473 96.9 %17,594 97.2 %15,972 97.3 %
Operating income211 3.3 %176 3.1 %505 2.8 %441 2.7 %
Equity (loss) income from unconsolidated subsidiaries(9)(0.1)%1 0.0 %(5)0.0 %1 0.0 %
Other income1 0.0 %1 0.0 %3 0.0 %3 0.0 %
Add-back: Depreciation and amortization90 1.4 %66 1.2 %242 1.3 %196 1.2 %
Adjustments:
Integration and other costs related to acquisitions (1)
5 0.1 %5 0.1 %13 0.1 %21 0.1 %
Costs associated with efficiency and cost-reduction initiatives11 0.2 %2 0.0 %41 0.2 %52 0.3 %
Impact of fair value non-cash adjustments related to unconsolidated equity investments9 0.1 %— 0.0 %9 0.1 %— 0.0 %
Segment operating profit and segment operating profit on revenue margin$318 5.0 %$251 4.4 %$808 4.5 %$714 4.3 %
Segment operating profit on net revenue margin12.0 %11.3 %10.7 %10.9 %
________________________________________________________________________________________________________________________________________
(1)During the first quarter of 2024, we incurred integration and other costs related to acquisitions of $18 million in deal and integration costs, offset by reversal of $22 million in previously recognized transaction-related bonus expense due to change in estimate.
Three Months Ended September 30, 2024 Compared to the Three Months Ended September 30, 2023
Revenue increased 12.3%, reflecting a double-digit increase in facilities management, led by the Enterprise and Local businesses, and growth in project management due to continued strong performance from Turner & Townsend. Foreign currency translation had a 0.7% negative impact on total revenue during the quarter, primarily driven by weakness in the Mexican peso, partially offset by strength in the British pound sterling.
Cost of revenue increased 12.0%, driven by higher pass-through costs and increased professional compensation. Foreign currency translation had a 0.6% positive impact on total cost of revenue. Cost of revenue was 90.1% of total revenue, slightly down from 90.3% in the third quarter 2023.
Operating, administrative and other expenses increased 8.6%, primarily due to higher employee compensation expenses, and restructuring expenses such as severance. Foreign currency translation had a negligible impact on total operating expenses during the quarter.
Depreciation and amortization expense increased 36.4%, reflecting higher amortization expense related to intangibles from recent acquisitions such as J&J Worldwide Services.
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Nine Months Ended September 30, 2024 Compared to the Nine Months Ended September 30, 2023
Revenue increased 10.3% for the nine months ended September 30, 2024 as compared to the same period in 2023, reflecting a double-digit increase in facilities management, led by the Enterprise and Local business, and growth in project management due to continued strong growth from Turner & Townsend. Foreign currency translation had a 0.4% negative impact on total revenue, primarily driven by weakness in the Japanese yen, partially offset by strength in the British pound sterling.
Cost of revenue increased 10.3%, driven by higher pass-through costs, higher indirect reimbursed costs, and increased professional compensation to support the growth in the business. Foreign currency translation had a 0.4% positive impact on total cost of revenue. Cost of revenue was 90.5% of total revenue, a slight increase from 90.4% for the nine months ended September 30, 2023, primarily due to a shift in composition of revenue with more revenue coming from facilities management, supported by the J&J acquisition, which generally has lower margins as compared to project management.
Operating, administrative and other expenses increased 5.2%, primarily due to restructuring charges incurred related to cost savings initiatives and the inclusion of J&J’s operating results since acquisition at the end of February 2024. Foreign currency translation also had a 0.3% positive impact on total operating expenses during the nine months ended September 30, 2024.
Depreciation and amortization expense increased 23.5% primarily due to increased amortization expense on intangibles related to the J&J and certain other in-fill acquisitions.
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Real Estate Investments
The following table summarizes our results of operations for our Real Estate Investments (REI) operating segment for the three and nine months ended September 30, 2024 and 2023 (dollars in millions):
Three Months Ended September 30,
Nine Months Ended September 30,
2024202320242023
Revenue:
Investment management$196 64.9 %$137 65.0 %$494 64.8 %$436 63.1 %
Development services106 35.1 %73 35.0 %268 35.2 %254 36.9 %
Total segment revenue302 100.0 %210 100.0 %762 100.0 %690 100.0 %
Costs and expenses:
Cost of revenue60 19.9 %43 20.4 %161 21.1 %133 19.2 %
Operating, administrative and other229 75.8 %153 73.1 %586 76.9 %582 84.4 %
Depreciation and amortization4 1.3 %3 1.4 %10 1.3 %13 1.8 %
Total costs and expenses293 97.0 %199 94.9 %757 99.3 %728 105.4 %
(Loss) gain on disposition of real estate(1)(0.3)%5 2.6 %12 1.6 %18 2.6 %
Operating income (loss)8 2.7 %16 7.7 %17 2.3 %(20)(2.8)%
Equity income (loss) from unconsolidated subsidiaries14 4.7 %(4)(1.7)%29 3.8 %160 23.1 %
Other income (loss)8 2.6 %— (0.2)%6 0.8 %(1)(0.1)%
Add-back: Depreciation and amortization4 1.3 %3 1.4 %10 1.3 %13 1.8 %
Adjustments:
Carried interest incentive compensation (reversal) expense to align with the timing of associated revenue(4)(1.3)%(8)(4.1)%12 1.6 %(2)(0.3)%
Costs associated with efficiency and cost-reduction initiatives4 1.3 %— 0.0 %4 0.5 %21 3.1 %
Provision associated with Telford’s fire safety remediation efforts33 10.9 %— 0.0 %33 4.3 %— 0.0 %
Segment operating profit and segment operating profit on revenue margin$67 22.2 %$7 3.1 %$111 14.6 %$171 24.8 %
Three Months Ended September 30, 2024 Compared to the Three Months Ended September 30, 2023
Revenue increased 43.8% for the current quarter. This reflected an increase in incentive fees in our investment management and development services lines of business. Foreign currency translation had a negligible impact on total revenue.
Cost of revenue increased 39.5%, and was 19.9% of total revenue – down from 20.4% in the same period in 2023. We incurred higher construction costs related to real estate development as compared to the same period in 2023. Foreign currency translation had a negligible impact on total cost of revenue during the quarter.
Operating, administrative and other expenses increased 49.7% primarily due to an increase in incentive compensation in our development services and investment management line of business consistent with higher revenue growth. Foreign currency translation had a 0.7% negative impact on total operating expenses.
We recorded equity income from unconsolidated subsidiaries of approximately $14 million versus equity loss of $4 million in the third quarter 2023, primarily due to higher co-investment returns in investment management and sales of equity method investments in development services. Gain on disposition of real estate decreased by $6 million compared with third quarter 2023 given limited disposition activity.
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A roll forward of our AUM by product type for the three months ended September 30, 2024 is as follows (dollars in billions):
FundsSeparate AccountsSecuritiesTotal
Balance at June 30, 2024$64.5 $69.1 $8.9 $142.5 
Inflows1.0 1.0 0.2 2.2 
Outflows(0.2)(0.7)(0.3)(1.2)
Market appreciation1.7 1.9 1.2 4.8 
Balance at September 30, 2024$67.0 $71.3 $10.0 $148.3 
AUM generally refers to the properties and other assets with respect to which we provide (or participate in) oversight, investment management services and other advice, and which generally consist of real estate properties or loans, securities portfolios and investments in operating companies and joint ventures. Our AUM is intended principally to reflect the extent of our presence in the real estate market, not the basis for determining our management fees. Our assets under management consist of:
•the total fair market value of the real estate properties and other assets either wholly-owned or held by joint ventures and other entities in which our sponsored funds or investment vehicles and client accounts have invested or to which they have provided financing. Committed (but unfunded) capital from investors in our sponsored funds is not included in this component of our AUM. The value of development properties is included at estimated completion cost. In the case of real estate operating companies, the total value of real properties controlled by the companies, generally through joint ventures, is included in AUM; and
•the net asset value of our managed securities portfolios, including investments (which may be comprised of committed but uncalled capital) in private real estate funds under our fund of funds investments.
Our calculation of AUM may differ from the calculations of other asset managers, and as a result, this measure may not be comparable to similar measures presented by other asset managers.
Nine Months Ended September 30, 2024 Compared to the Nine Months Ended September 30, 2023
Revenue increased 10.4% for the nine months ended September 30, 2024 as compared to the same period in 2023. This reflected an increase in incentive fees in our investment management and development services lines of business. The increase was partially offset by lower real estate development sales revenue. Foreign currency translation had a 0.4% positive impact on total revenue during the nine months ended September 30, 2024, primarily driven by strength in the British pound sterling, partially offset by weakness in the Japanese yen.
Cost of revenue increased 21.1% for the nine months ended September 30, 2024 as compared to the same period in 2023 due to higher construction costs incurred on our real estate development projects. Foreign currency translation had a 2.3% negative impact on total cost of revenue during the nine months ended September 30, 2024.
Operating, administrative and other expenses increased 0.7%, primarily due to an increase in incentive compensation in our development services and investment management line of business consistent with higher revenue growth, partially offset by lower bonus expense to align with overall segment performance, and $21 million in charges associated with the company’s efficiency and cost-reduction initiatives incurred during the nine months ended September 30, 2023 with no such cost in 2024. Foreign currency translation had a 0.5% negative impact on total operating expenses during the nine months ended September 30, 2024.
We recorded equity income from unconsolidated subsidiaries of approximately $29 million during the nine months ended September 30, 2024 as compared to equity income of $160 million in the same period in 2023, which included an unusually large gain on a development portfolio asset sale. Gain on disposition of real estate decreased by $6 million compared to the same period in 2023.
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A roll forward of our AUM by product type for the nine months ended September 30, 2024 is as follows (dollars in billions):
FundsSeparate AccountsSecuritiesTotal
Balance at December 31, 2023$65.3 $72.8 $9.4 $147.5 
Inflows3.0 4.1 0.7 7.8 
Outflows(1.6)(5.4)(1.1)(8.1)
Market appreciation (depreciation)0.3 (0.2)1.0 1.1 
Balance at September 30, 2024$67.0 $71.3 $10.0 $148.3 
We describe above how we calculate AUM. Also, as noted above, our calculation of AUM may differ from the calculations of other asset managers, and as a result, this measure may not be comparable to similar measures presented by other asset managers.
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Corporate and Other
Our Corporate segment primarily consists of corporate overhead costs. Other consists of activities from strategic non-core non-controlling equity investments and is considered an operating segment but does not meet the aggregation criteria for presentation as a separate reportable segment and is, therefore, combined with our core Corporate function and reported as Corporate and other. The following table summarizes our results of operations for our core Corporate and other segment for the three and nine months ended September 30, 2024 and 2023 (dollars in millions):
Three Months Ended September 30, (1)
Nine Months Ended September 30, (1)
2024202320242023
Elimination of inter-segment revenue$(7)$(4)$(16)$(12)
Costs and expenses:
Cost of revenue (2)
(2)(3)3 (7)
Operating, administrative and other162 105 443 324 
Depreciation and amortization14 14 43 41 
Total costs and expenses174 116 489 358 
Operating loss(181)(120)(505)(370)
Equity loss from unconsolidated subsidiaries(10)(11)(102)(43)
Other income3 2 15 5 
Add-back: Depreciation and amortization14 14 43 41 
Adjustments:
Costs associated with efficiency and cost-reduction initiatives13 — 79 5 
Charges related to indirect tax audit / settlement25 — 39 — 
Costs incurred related to legal entity restructuring— 4 2 4 
Integration and other costs related to acquisitions17 — 17 39 
Segment operating loss
$(119)$(111)$(412)$(319)
________________________________________________________________________________________________________________________________________
(1)Percentage of revenue calculations are not meaningful and therefore not included.
(2)Primarily relates to inter-segment eliminations.
Three Months Ended September 30, 2024 Compared to the Three Months Ended September 30, 2023
Core corporate
Operating, administrative and other expenses for our core corporate functions rose 54.3% to $162 million for the third quarter of 2024, mainly due to an increase in our provision related to indirect taxes, increased charges associated with employee separation and certain one-time charges related to acquisitions. In addition, we recorded higher incentive compensation expense due to improving earnings.
Other (non-core)
We recorded an equity loss of $10 million, reflecting the lower value of our investment in publicly traded Altus Power, Inc. (Altus), offset by equity income from investments in other unconsolidated subsidiaries. This compares with a $11 million loss in third-quarter 2023, reflecting the market value of our Altus ownership interest.
Nine Months Ended September 30, 2024 Compared to the Nine Months Ended September 30, 2023
Core corporate
Operating, administrative and other expenses for our core corporate functions rose 36.7% to $443 million for the nine months ended September 30, 2024, due to an increase in our provision related to indirect taxes, increased charges associated with employee separation and certain one-time charges related to acquisitions. In addition, we recorded higher incentive compensation expense due to improving earnings.
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Other (non-core)
We recorded equity loss of $102 million, reflecting the lower value of our investment in Altus, offset by equity income from investments in other unconsolidated subsidiaries. This compares with a $43 million loss during the same period in 2023, reflecting the market value of our Altus ownership interest. We recorded positive fair value adjustment on our investment portfolio in Industrious which partially offset the losses from Altus and generated positive other income of $11 million.
Liquidity and Capital Resources
We believe that we can satisfy our working capital and funding requirements with internally generated cash flow and, as necessary, borrowings under our revolving credit facilities. Our expected capital requirements for 2024 include up to $312 million of anticipated capital expenditures, net of tenant concessions. During the nine months ended September 30, 2024, we incurred $193 million of capital expenditures, net of tenant concessions received. As of September 30, 2024, we had aggregate future commitments of $154 million related to co-investments funds in our REI segment, $36 million of which is expected to be funded in 2024. Additionally, as of September 30, 2024, we are committed to fund additional capital of $153 million and $51 million to consolidated and unconsolidated projects, respectively, within our REI segment. As of September 30, 2024, we had $3.0 billion of borrowings available under our revolving credit facilities (under both the Revolving Credit Agreement, as described below, and the Turner & Townsend revolving credit facility) and $1.0 billion of cash and cash equivalents.
We have historically relied on our internally generated cash flow and our revolving credit facilities to fund our working capital, capital expenditure and general investment requirements (including in-fill acquisitions) and have not sought other external sources of financing to help fund these requirements. In the absence of extraordinary events, large strategic acquisitions or large returns of capital to shareholders, we anticipate that our cash flow from operations and our revolving credit facilities would be sufficient to meet our anticipated cash requirements for the foreseeable future, and at a minimum for the next 12 months. Given compensation is our largest expense and our sales and leasing professionals are generally paid on a commission and/or bonus basis that correlates with their revenue production, the negative effect of difficult market conditions is partially mitigated by the inherent variability of our compensation cost structure. We may seek to take advantage of market opportunities to refinance existing debt instruments, as we have done in the past, with new debt instruments at interest rates, maturities and terms we deem attractive. We may also, from time to time in our sole discretion, purchase, redeem, or retire our existing senior notes, through tender offers, in privately negotiated or open market transactions, or otherwise.
In February 2024, we conducted a new issuance for $500 million in aggregate principal amount of 5.500% senior notes due in 2029 (the 5.500% senior notes) generating net proceeds of $495 million which included debt issuance cost of $1 million related to this issuance.
As noted above, we believe that any future significant acquisitions we may make could require us to obtain additional debt or equity financing. In the past, we have been able to obtain such financing for material transactions on terms that we believed to be reasonable. However, it is possible that we may not be able to obtain acquisition financing on favorable terms, or at all, in the future.
Our long-term liquidity needs, other than those related to ordinary course obligations and commitments such as operating leases, are generally comprised of the following elements. The first is the repayment of the outstanding and anticipated principal amounts of our long-term indebtedness. If our cash flow is insufficient to repay our long-term debt when it comes due, then we expect that we would need to refinance such indebtedness or otherwise amend its terms to extend the maturity dates. We cannot make any assurances that such refinancing or amendments would be available on attractive terms, if at all.
The second long-term liquidity need is the payment of obligations related to acquisitions. Our acquisition structures often include deferred and/or contingent purchase consideration in future periods that are subject to the passage of time or achievement of certain performance metrics and other conditions. As of September 30, 2024 and December 31, 2023, we had accrued deferred purchase and contingent consideration totaling $568 million ($283 million of which was a current liability) and $530 million ($264 million of which was a current liability), respectively, which was included in “Accounts payable and accrued expenses” and in “Other long-term liabilities” in the accompanying consolidated balance sheets set forth in Item 1 of this Quarterly Report.
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The third, as described in Note 12 of the Notes to Consolidated Financial Statements (Unaudited) set forth in Item 1 of this Quarterly Report, in November 2021, our board of directors authorized a program for the company to repurchase up to $2.0 billion of our Class A common stock over five years, effective November 19, 2021 (the 2021 program). In August 2022, our board of directors authorized an additional $2.0 billion, bringing the total authorized repurchase amount under the 2021 program to a total of $4.0 billion. During the three months ended September 30, 2024, we repurchased 567,209 shares of our Class A common stock with an average price of $109.20 per share using cash on hand for an aggregate of $62 million. During the nine months ended September 30, 2024, we repurchased 1,121,950 shares of our Class A common stock with an average price of $98.35 per share using cash on hand for an aggregate of $110 million. During the period October 1, 2024 through October 21, 2024, we repurchased 21,324 shares of our Class A common stock with an average price of $119.48 per share using cash on hand for an aggregate of $3 million. As of both September 30, 2024 and October 21, 2024, we had $1.4 billion of capacity remaining under the 2021 program.
Our stock repurchases have been funded with cash on hand and we intend to continue funding future repurchases with existing cash. We may utilize our stock repurchase programs to continue offsetting the impact of our stock-based compensation program and on a more opportunistic basis if we believe our stock presents a compelling investment compared to other discretionary uses. The timing of any future repurchases and the actual amounts repurchased will depend on a variety of factors, including the market price of our common stock, general market and economic conditions and other factors.
Historical Cash Flows
Operating Activities
Net cash provided by operating activities totaled $368 million for the nine months ended September 30, 2024 as compared to net cash used in operating activities of $373 million during the nine months ended September 30, 2023. The primary drivers that contributed to the increase in net cash provided by operating activities were as follows: (1) working capital movements, driven by lesser outflows related to accounts payable and accrued expenses and lower accounts receivable due to better collections which lagged during the nine months ended September 30, 2023 and (2) higher net cash flows from operations, driven by revenue growth.
Investing Activities
Net cash used in investing activities totaled $1,494 million for the nine months ended September 30, 2024, an increase of $957 million as compared to the nine months ended September 30, 2023. The increase was primarily due to the acquisition of J&J Worldwide Services in February 2024 and Direct Line Global in June 2024.
Financing Activities
Net cash provided by financing activities totaled $927 million for the nine months ended September 30, 2024 as compared to $906 million for the nine months ended September 30, 2023. The increased inflow was primarily driven by lower outflow related to share repurchases, net proceeds from the revolver, and deferred purchase considerations, partially offset by lower fixed term debt financing, and higher payment of taxes on equity awards.
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Indebtedness
We use a variety of financing arrangements, both long-term and short-term, to fund our operations in addition to cash generated from operating activities. We also use several funding sources to avoid becoming overly dependent on one financing source, and to lower funding costs.
Long-Term Debt
On July 10, 2023, CBRE Group, Inc., CBRE Services, Inc. (CBRE Services) and Relam Amsterdam Holdings B.V., a wholly-owned subsidiary of CBRE Services, entered into a new 5-year senior unsecured Credit Agreement (2023 Credit Agreement) maturing on July 10, 2028, which refinanced and replaced the previous credit agreement. The 2023 Credit Agreement provides for a senior unsecured term loan credit facility comprised of (i) tranche A Euro-denominated term loans in an aggregate principal amount of €367 million and (ii) tranche A U.S. Dollar-denominated term loans in an aggregate principal amount of $350 million with weighted average interest rate of 5.3% as of September 30, 2024, both requiring quarterly principal payments beginning on December 31, 2024 and continuing through maturity on July 10, 2028. The proceeds of the term loans under the 2023 Credit Agreement were applied to the repayment of all remaining outstanding senior term loans, approximately $437 million, under the previous credit agreement, the payment of related fees and expenses and other general corporate purposes.
On February 23, 2024, CBRE Services issued $500 million in aggregate principal amount of 5.500% senior notes due April 1, 2029 (the 5.500% senior notes) at a price equal to 99.837% of their face value. The 5.500% senior notes are unsecured obligations of CBRE Services and are guaranteed on a senior basis by CBRE Group, Inc. Interest accrues at a rate of 5.500% per year and is payable semi-annually in arrears on April 1 and October 1 of each year, beginning on October 1, 2024.
On June 23, 2023, CBRE Services issued $1.0 billion in aggregate principal amount of 5.950% senior notes due August 15, 2034 (the 5.950% senior notes) at a price equal to 98.174% of their face value. The 5.950% senior notes are unsecured obligations of CBRE Services and are guaranteed on a senior basis by CBRE Group, Inc. Interest accrues at a rate of 5.950% per year and is payable semi-annually in arrears on February 15 and August 15 of each year.
On March 18, 2021, CBRE Services issued $500 million in aggregate principal amount of 2.500% senior notes due April 1, 2031 (the 2.500% senior notes) at a price equal to 98.451% of their face value. The 2.500% senior notes are unsecured obligations of CBRE Services and are guaranteed on a senior basis by CBRE Group, Inc. Interest accrues at a rate of 2.500% per year and is payable semi-annually in arrears on April 1 and October 1 of each year.
On August 13, 2015, CBRE Services issued $600 million in aggregate principal amount of 4.875% senior notes due March 1, 2026 (the 4.875% senior notes) at a price equal to 99.24% of their face value. The 4.875% senior notes are unsecured obligations of CBRE Services and are guaranteed on a senior basis by CBRE Group, Inc. Interest accrues at a rate of 4.875% per year and is payable semi-annually in arrears on March 1 and September 1 of each year.
The indentures governing our 5.950% senior notes, 5.500% senior notes, 4.875% senior notes and 2.500% senior notes contain restrictive covenants that, among other things, limit our ability to create or permit liens on assets securing indebtedness, enter into sale/leaseback transactions and enter into consolidations or mergers.
The term loan borrowings under the 2023 Credit Agreement are fully and unconditionally guaranteed by CBRE Group, Inc. and CBRE Services. Our Revolving Credit Agreement, 5.950% senior notes, 5.500% senior notes, 4.875% senior notes and 2.500% senior notes are fully and unconditionally guaranteed by CBRE Group, Inc.
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Combined summarized financial information for CBRE Group, Inc. (parent) and CBRE Services (subsidiary issuer) is as follows (dollars in millions):
September 30, 2024December 31, 2023
Balance Sheet Data:
Current assets$15 $7 
Non-current assets1,732 1,733 
Total assets$1,747 $1,740 
Current liabilities$759 $48 
Non-current liabilities (1)
3,642 2,994 
Total liabilities (1)
$4,401 $3,042 
Nine Months Ended
September 30,
20242023
Statement of Operations Data:
Revenue$— $— 
Operating loss(2)(1)
Net loss(115)(49)
________________________________________________________________________________________________________________________________________
(1)Includes $1.1 billion and $933 million of intercompany loan payables to non-guarantor subsidiaries as of September 30, 2024 and December 31, 2023, respectively. All intercompany balances and transactions between CBRE Group, Inc. and CBRE Services have been eliminated.
For additional information on all of our long-term debt, see Note 11 of the Notes to Consolidated Financial Statements set forth in Item 8 included in our 2023 Annual Report and Note 8 of the Notes to Consolidated Financial Statements (Unaudited) set forth in Item 1 of this Quarterly Report.

Short-Term Borrowings
On August 5, 2022, we entered into a new 5-year senior unsecured Revolving Credit Agreement (the Revolving Credit Agreement). The Revolving Credit Agreement provides for a senior unsecured revolving credit facility available to CBRE Services with commitments in an aggregate principal amount of up to $3.5 billion and a maturity date of August 5, 2027.
The Revolving Credit Agreement requires us to pay a fee based on the total amount of the revolving credit facility commitment (whether used or unused). In addition, the Revolving Credit Agreement also includes capacity for letters of credit not to exceed $300 million in the aggregate.
As of September 30, 2024, $683 million was outstanding under the Revolving Credit Agreement, as well as $10 million of letters of credit. As of December 31, 2023, no amount was outstanding under the Revolving Credit Agreement. As of October 21, 2024, $640 million was outstanding under the Revolving Credit Agreement. Letters of credit are issued in the ordinary course of business and would reduce the amount we may borrow under the Revolving Credit Agreement.
In addition, Turner & Townsend maintains a £120 million revolving credit facility pursuant to a credit agreement dated March 31, 2022, with an additional accordion option of £20 million, that matures on March 31, 2027. As of September 30, 2024, no amount was outstanding under this revolving credit facility. As of December 31, 2023, $10 million (£8 million) was outstanding under this revolving credit facility.
For additional information on all of our short-term borrowings, see Notes 5 and 11 of the Notes to Consolidated Financial Statements set forth in Item 8 included in our 2023 Annual Report and Notes 4 and 8 of the Notes to Consolidated Financial Statements (Unaudited) set forth in Item 1 of this Quarterly Report.
We also maintain warehouse lines of credit with certain third-party lenders. See Note 4 of the Notes to Consolidated Financial Statements (Unaudited) set forth in Item 1 of this Quarterly Report.
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Off –Balance Sheet Arrangements
We do not have off-balance sheet arrangements that we believe could have a material current or future impact on our financial condition, liquidity or results of operations. Our off-balance sheet arrangements are described in Note 10 of the Notes to Consolidated Financial Statements (Unaudited) set forth in Item 1 of this Quarterly Report and are incorporated by reference herein.
Critical Accounting Policies and Estimates
Our consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States, or GAAP, which require us to make estimates and assumptions that affect reported amounts. The estimates and assumptions are based on historical experience and on other factors that we believe to be reasonable. Actual results may differ from those estimates. We believe that the following critical accounting policies represent the areas where more significant judgments and estimates are used in the preparation of our consolidated financial statements. A discussion of such critical accounting policies, which include revenue recognition, business combinations, goodwill and other intangible assets, income taxes, contingencies, and investments in unconsolidated subsidiaries – fair value option can be found in our 2023 Annual Report. There have been no material changes to these policies and estimates as of September 30, 2024.
New Accounting Pronouncements
See Note 2 of the Notes to Consolidated Financial Statements (Unaudited) set forth in Item 1 of this Quarterly Report.
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Non-GAAP Financial Measures
Net revenue, segment operating profit on revenue margin, segment operating profit on net revenue margin, and core EBITDA are not recognized measurements under accounting principles generally accepted in the United States, or GAAP. When analyzing our operating performance, investors should use these measures in addition to, and not as an alternative for, their most directly comparable financial measure calculated and presented in accordance with GAAP. We generally use these non-GAAP financial measures to evaluate operating performance and for other discretionary purposes. We believe these measures provide a more complete understanding of ongoing operations, enhance comparability of current results to prior periods and may be useful for investors to analyze our financial performance because they eliminate the impact of selected costs and charges that may obscure the underlying performance of our business and related trends. Because not all companies use identical calculations, our presentation of net revenue and core EBITDA may not be comparable to similarly titled measures of other companies.
Net revenue is gross revenue less costs largely associated with subcontracted vendor work performed for clients and generally has no margin. Segment operating profit on revenue margin is computed by dividing segment operating profit by revenue and provides a comparable profitability measure against our peers. Segment operating profit on net revenue margin is computed by dividing segment operating profit by net revenue and is a better indicator of the segment’s margin since it does not include the diluting effect of pass-through revenue which generally has no margin.
We use core EBITDA as an indicator of the company’s operating financial performance. Core EBITDA represents earnings before the portion attributable to non-controlling interests, net interest expense, write-off of financing costs on extinguished debt, income taxes, depreciation and amortization, asset impairments, adjustments related to carried interest incentive compensation expense to align with the timing of associated revenue, costs incurred related to legal entity restructuring, efficiency and cost-reduction initiatives, charges related to indirect tax audit / settlement, integration and other costs related to acquisitions, provision associated with Telford’s fire safety remediation efforts, and the impact of fair value adjustments related to unconsolidated equity investments. We believe that investors may find this measure useful in evaluating our operating performance compared to that of other companies in our industry because their calculations generally eliminate the effects of acquisitions, which would include impairment charges of goodwill and intangibles created from acquisitions, the effects of financings and income taxes and the accounting effects of capital spending.
Core EBITDA is not intended to be measures of free cash flow for our discretionary use because it does not consider certain cash requirements such as tax and debt service payments. This measure may also differ from the amounts calculated under similarly titled definitions in our credit facilities and debt instruments, which are further adjusted to reflect certain other cash and non-cash charges and are used by us to determine compliance with financial covenants therein and our ability to engage in certain activities, such as incurring additional debt. We also use core EBITDA as a significant component when measuring our operating performance under our employee incentive compensation programs.

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Core EBITDA is calculated as follows (dollars in millions):
Three Months Ended
September 30,		Nine Months Ended
September 30,
2024202320242023
Net income attributable to CBRE Group, Inc.$225 $191 $481 $509 
Net income attributable to non-controlling interests20 10 54 23 
Net income245 201 535 532 
Adjustments:
Depreciation and amortization178 149 497 465 
Interest expense, net of interest income64 38 163 110 
Provision for income taxes67 31 70 114 
Costs associated with efficiency and cost-reduction initiatives41 4 137 145 
Charges related to indirect tax audit / settlement25 — 39 — 
Integration and other costs related to acquisitions (1)
22 5 30 60 
Carried interest incentive compensation (reversal) expense to align with the timing of associated revenue
(4)(8)12 (2)
Costs incurred related to legal entity restructuring— 4 2 4 
Net fair value adjustments on strategic non-core investments8 12 91 44 
Impact of fair value non-cash adjustments related to unconsolidated equity investments9 — 9 — 
Provision associated with Telford’s fire safety remediation efforts33 — 33 — 
Core EBITDA$688 $436 $1,618 $1,472 
________________________________________________________________________________________________________________________________________
(1)During the first quarter of 2024, we incurred integration and other costs related to acquisitions of $18 million in deal and integration costs, offset by reversal of $22 million in previously recognized transaction-related bonus expense due to change in estimate.
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Cautionary Note on Forward-Looking Statements
This Quarterly Report contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act. The words “anticipate,” “believe,” “could,” “should,” “propose,” “continue,” “estimate,” “expect,” “intend,” “may,” “plan,” “predict,” “project,” “will,” “forecast,” “target,” and similar terms and phrases are used in this Quarterly Report to identify forward-looking statements. Except for historical information contained herein, the matters addressed in this Quarterly Report are forward-looking statements. These statements relate to analyses and other information based on forecasts of future results and estimates of amounts not yet determinable. These statements also relate to our future prospects, developments and business strategies.
These forward-looking statements are made based on our management’s expectations and beliefs concerning future events affecting us and are subject to uncertainties and factors relating to our operations and business environment, all of which are difficult to predict and many of which are beyond our control. These uncertainties and factors could cause our actual results to differ materially from those matters expressed in or implied by these forward-looking statements.
The following factors are among those, but are not only those, that may cause actual results to differ materially from the forward-looking statements:
•disruptions in general economic, political and regulatory conditions and significant public health events, particularly in geographies or industry sectors where our business may be concentrated;
•volatility or adverse developments in the securities, capital or credit markets, interest rate increases and conditions affecting the value of real estate assets, inside and outside the U.S.;
•poor performance of real estate investments or other conditions that negatively impact clients’ willingness to make real estate or long-term contractual commitments and the cost and availability of capital for investment in real estate;
•foreign currency fluctuations and changes in currency restrictions, trade sanctions and import/export and transfer pricing rules;
•our ability to compete globally, or in specific geographic markets or business segments that are material to us;
•our ability to identify, acquire and integrate accretive businesses;
•costs and potential future capital requirements relating to companies we may acquire;
•integration challenges arising out of companies we may acquire;
•increases in unemployment and general slowdowns in commercial activity;
•trends in pricing and risk assumption for commercial real estate services;
•the effect of significant changes in capitalization rates across different property types;
•a reduction by companies in their reliance on outsourcing for their commercial real estate needs, which would affect our revenues and operating performance;
•client actions to restrain project spending and reduce outsourced staffing levels;
•our ability to further diversify our revenue model to offset cyclical economic trends in the commercial real estate industry;
•our ability to attract new occupier and investor clients;
•our ability to retain major clients and renew related contracts;
•our ability to leverage our global services platform to maximize and sustain long-term cash flow;
•our ability to continue investing in our platform and client service offerings;
•our ability to maintain expense discipline;
•the emergence of disruptive business models and technologies;
•negative publicity or harm to our brand and reputation;
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•the failure by third parties we do business with to comply with service level agreements or regulatory or legal requirements;
•the ability of our investment management business to maintain and grow assets under management and achieve desired investment returns for our investors, and any potential related litigation, liabilities or reputational harm possible if we fail to do so;
•our ability to manage fluctuations in net earnings and cash flow, which could result from poor performance in our investment programs, including our participation as a principal in real estate investments;
•the ability of CBRE Capital Markets to periodically amend, or replace, on satisfactory terms, the agreements for its warehouse lines of credit;
•declines in lending activity of U.S. GSEs, regulatory oversight of such activity and our mortgage servicing revenue from the commercial real estate mortgage market;
•changes in U.S. and international law and regulatory environments (including relating to anti-corruption, anti-money laundering, trade sanctions, tariffs, currency controls and other trade control laws), particularly in Asia, Africa, Russia, Eastern Europe and the Middle East, due to the level of political instability in those regions;
•litigation and its financial and reputational risks to us;
•our exposure to liabilities in connection with real estate advisory and property management activities and our ability to procure sufficient insurance coverage on acceptable terms;
•our ability to retain, attract and incentivize key personnel;
•our ability to manage organizational challenges associated with our size;
•liabilities under guarantees, or for construction defects, that we incur in our development services business;
•our leverage under our debt instruments as well as the limited restrictions therein on our ability to incur additional debt, and the potential increased borrowing costs to us from a credit-ratings downgrade;
•our and our employees’ ability to execute on, and adapt to, information technology strategies and trends;
•cybersecurity threats or other threats to our information technology networks, including the potential misappropriation of assets or sensitive information, corruption of data or operational disruption;
•our ability to comply with laws and regulations related to our global operations, including real estate licensure, tax, labor and employment laws and regulations, fire and safety building requirements and regulations, as well as data privacy and protection regulations, ESG matters, and the anti-corruption laws and trade sanctions of the U.S. and other countries;
•changes in applicable tax or accounting requirements;
•any inability for us to implement and maintain effective internal controls over financial reporting;
•the effect of implementation of new accounting rules and standards or the impairment of our goodwill and intangible assets;
•the performance of our equity investments in companies we do not control; and
•the other factors described elsewhere in this Quarterly Report on Form 10-Q, included under the headings “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Critical Accounting Policies and Estimates,” “Quantitative and Qualitative Disclosures About Market Risk” and Part II, Item 1A, “Risk Factors” or as described in our 2023 Annual Report, in particular in Part I, Item 1A “Risk Factors”, or as described in the other documents and reports we file with the Securities and Exchange Commission (SEC).
Forward-looking statements speak only as of the date the statements are made. You should not put undue reliance on any forward-looking statements. We assume no obligation to update forward-looking statements to reflect actual results, changes in assumptions or changes in other factors affecting forward-looking information, except to the extent required by applicable securities laws. If we do update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements. Additional information concerning these and other risks and uncertainties is contained in our other periodic filings with the SEC.
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Investors and others should note that we routinely announce financial and other material information using our Investor Relations website (https://ir.cbre.com), SEC filings, press releases, public conference calls and webcasts. We use these channels of distribution to communicate with our investors and members of the public about our company, our services and other items of interest. Information contained on our website is not part of this Quarterly Report or our other filings with the SEC.
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Item 3.    Quantitative and Qualitative Disclosures About Market Risk
The information in this section should be read in connection with the information on market risk related to changes in interest rates and non-U.S. currency exchange rates in Part II, Item 7A, “Quantitative and Qualitative Disclosures About Market Risk” in our 2023 Annual Report.
Our exposure to market risk primarily consists of foreign currency exchange rate fluctuations related to our international operations and changes in interest rates on debt obligations. We manage such risk primarily by managing the amount, sources, and duration of our debt funding and by using derivative financial instruments. We apply Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 815, “Derivatives and Hedging,” when accounting for derivative financial instruments. In all cases, we view derivative financial instruments as a risk management tool and, accordingly, do not use derivatives for trading or speculative purposes.
International Operations
We conduct a significant portion of our business and employ a substantial number of people outside the U.S. As a result, we are subject to risks associated with doing business globally. Our Real Estate Investments (REI) business segment has significant euro and British pound denominated assets under management (AUM), as well as associated revenue and earnings in Europe. In addition, our Global Workplace Solutions (GWS) business segment also derives significant revenue and earnings in foreign currencies, such as the euro and British pound sterling. Fluctuations in foreign currency exchange rates may continue to produce corresponding changes in our AUM, revenue and earnings.
Our foreign operations expose us to fluctuations in foreign exchange rates. These fluctuations may impact the value of our cash receipts and payments in terms of our functional (reporting) currency, which is the U.S. dollar.
Our businesses could suffer from adverse effects of high interest rates, a rapid increase in interest rates, limited access to debt capital or liquidity constraints, downturns in general macroeconomic conditions, regulatory or financial market uncertainty, or unforeseen disruptions such as public health crises and geopolitical events like the wars in Ukraine and in the Middle East (or the perception that such disruptions may occur).
During the three and nine months ended September 30, 2024, approximately 42.3% and 43.6% of our revenue was transacted in foreign currencies, respectively. The following table sets forth our revenue derived from our most significant currencies (dollars in millions):
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
United States dollar$5,211 57.7 %$4,277 54.4 %$14,305 56.4 %$12,642 55.0 %
British pound sterling1,257 13.9 %1,100 14.0 %3,537 13.9 %3,152 13.7 %
Euro775 8.6 %746 9.5 %2,271 9.0 %2,125 9.2 %
Canadian dollar248 2.7 %285 3.6 %788 3.1 %865 3.8 %
Australian dollar249 2.8 %222 2.8 %677 2.7 %633 2.8 %
Indian rupee189 2.1 %165 2.1 %543 2.1 %478 2.1 %
Chinese yuan113 1.3 %125 1.6 %343 1.4 %372 1.6 %
Japanese yen109 1.2 %114 1.4 %339 1.3 %343 1.5 %
Swiss franc126 1.4 %110 1.4 %353 1.4 %307 1.3 %
Singapore dollar110 1.2 %99 1.3 %310 1.2 %294 1.3 %
Other currencies (1)
649 7.1 %625 7.9 %1,897 7.5 %1,788 7.7 %
Total revenue$9,036 100.0 %$7,868 100.0 %$25,363 100.0 %$22,999 100.0 %
________________________________________________________________________________________________________________________________________
(1)Approximately 45 currencies comprise 7.1% and 7.9% of our revenue for the three months ended September 30, 2024 and 2023, respectively. Approximately 45 and 46 currencies comprise 7.5% and 7.7% of our revenues for the nine months ended September 30, 2024 and 2023, respectively.
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Although we operate globally, we report our results in U.S. dollars. As a result, the strengthening or weakening of the U.S. dollar will positively or negatively impact our reported results. A hypothetical 10% adverse change in the value of the U.S. dollar relative to the British pound sterling during the nine months ended September 30, 2024, would have decreased pre-tax income by $1 million. A hypothetical 10% adverse change in the value of the U.S. dollar relative to the euro would have increased pre-tax income by $9 million. These hypothetical calculations estimate the impact of translating results into U.S. dollars and do not include an estimate of the impact that a 10% change in the U.S. dollar against other currencies would have had on our foreign operations.
Fluctuations in foreign currency exchange rates may result in corresponding fluctuations in revenue and earnings as well as the assets under management for our investment management business, which could have a material adverse effect on our business, financial condition and operating results. Due to the constantly changing currency exposures to which we are subject and the volatility of currency exchange rates, we cannot predict the effect of exchange rate fluctuations upon future operating results. In addition, fluctuations in currencies relative to the U.S. dollar may make it more difficult to perform period-to-period comparisons of our reported results of operations. Our international operations also are subject to, among other things, political instability and changing regulatory environments, which affect the currency markets and which as a result may adversely affect our future financial condition and results of operations. We routinely monitor these risks and related costs and evaluate the appropriate amount of oversight to allocate towards business activities in foreign countries where such risks and costs are particularly significant.
Interest Rates
We manage our interest expense by using a combination of fixed and variable rate debt. We have entered into interest rate swap agreements to attempt to hedge the variability of future interest payments due to changes in interest rates.
The estimated fair value of our senior term loans was approximately $748 million at September 30, 2024. Based on dealers’ quotes, the estimated fair values of our 5.950% senior notes, 5.500% senior notes, 4.875% senior notes and 2.500% senior notes were $1.1 billion, $522 million, $603 million and $437 million, respectively, at September 30, 2024.
We utilize sensitivity analyses to assess the potential effect on our variable rate debt. If interest rates were to increase 100 basis points on our outstanding variable rate debt at September 30, 2024, the net impact of the additional interest cost would be a decrease of $11 million on pre-tax income and cash provided by operating activities for the nine months ended September 30, 2024.
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Item 4.    Controls and Procedures
Disclosure Controls and Procedures
Rule 13a-15(e) and 15d-15(e) of the Securities and Exchange Act of 1934, as amended, requires that we conduct an evaluation of the effectiveness of our disclosure controls and procedures as of the end of the period covered by this Quarterly Report, and we have a disclosure policy in furtherance of the same. This evaluation is designed to ensure that all corporate disclosure is complete and accurate in all material respects. The evaluation is further designed to ensure that all information required to be disclosed in our SEC reports is accumulated and communicated to management to allow timely decisions regarding required disclosures and recorded, processed, summarized and reported within the time periods and in the manner specified in the SEC’s rules and forms. Any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives. Our Chief Executive Officer and Chief Financial Officer supervise and participate in this evaluation, and they are assisted by members of our Disclosure Committee. Our Disclosure Committee consists of our General Counsel, our Chief Accounting Officer, our Senior Officers of significant business lines and other select employees.
We conducted the required evaluation, and our Chief Executive Officer and Chief Financial Officer have concluded that our disclosure controls and procedures (as defined by Securities Exchange Act Rule 13a-15(e)) were effective as of September 30, 2024 to accomplish their objectives at the reasonable assurance level.
Changes in Internal Control Over Financial Reporting
There have been no changes in our internal control over financial reporting during the fiscal quarter ended September 30, 2024 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
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PART II – OTHER INFORMATION

Item 1.    Legal Proceedings

There have been no material changes to our legal proceedings as previously disclosed in our 2023 Annual Report.

Item 1A.    Risk Factors

There have been no material changes to our risk factors as previously disclosed in our 2023 Annual Report.

Item 2.    Unregistered Sales of Equity Securities and Use of Proceeds
Open market share repurchase activity during the three months ended September 30, 2024 was as follows (dollars in millions, except per share amounts):
PeriodTotal
Number of
Shares
Purchased		Average
Price Paid
per Share		Total Number
of Shares Purchased
as Part of
Publicly Announced
Plans or Programs
Approximate Dollar Value of Shares That May Yet Be Purchased Under the Plans or Programs (1)
July 1, 2024 - July 31, 2024
95,802 $91.33 95,802 
August 1, 2024 - August 31, 2024
325,325 111.34 325,325 
September 1, 2024 - September 30, 2024
146,082 116.13 146,082 
567,209 $109.20 567,209 $1,356 
_______________________________
(1)In November 2021, our board of directors authorized a program for the company to repurchase up to $2.0 billion of our Class A common stock over five years, effective November 19, 2021 (the 2021 program). In August 2022, our board of directors authorized an additional $2.0 billion under this program, bringing the total authorized amount under the 2021 program to a total of $4.0 billion. During the third quarter of 2024, we repurchased an aggregate of $62 million of our common stock under the 2021 program. The remaining $1.4 billion in the table represents the amount available to repurchase shares under the 2021 program as of September 30, 2024.
Our stock repurchase program does not obligate us to acquire any specific number of shares. Under this program, shares may be repurchased in privately negotiated and/or open market transactions, including under plans complying with Rule 10b5-1 under the Exchange Act. Our stock repurchases have been funded with cash on hand and we intend to continue funding future repurchases with existing cash. We may utilize our stock repurchase programs to continue offsetting the impact of our stock-based compensation program and on a more opportunistic basis if we believe our stock presents a compelling investment compared to other discretionary uses. The timing of any future repurchases and the actual amounts repurchased will depend on a variety of factors, including the market price of our common stock, general market and economic conditions and other factors.
Item 5.    Other Information
During the three months ended September 30, 2024, our Chief Financial Officer, Emma E. Giamartino, entered into a Rule 10b5-1 Trading Plan (the “Trading Plan”) to sell shares of the company’s Class A common stock. The Trading Plan is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c).
The table below provides certain information regarding Ms. Giamartino’s Trading Plan.

NamePlan Adoption DateMaximum Number of Shares that May Be Sold Under the PlanPlan Expiration Date
Emma E. GiamartinoAugust 16, 202415,574August 29, 2025
Trading under the Trading Plan may commence no sooner than November 15, 2024 and will end on the earlier of the applicable date set forth above and the date on which all the shares in the Trading Plan are sold. Ms. Giamartino’s Trading Plan was adopted during an authorized trading period and when she was not in possession of material non-public information. The transactions under Ms. Giamartino’s Trading Plan will be disclosed publicly through Form 144 and Form 4 filings with the Securities and Exchange Commission.
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Item 6.    Exhibits
Incorporated by Reference
Exhibit No.Exhibit DescriptionFormSEC File No.ExhibitFiling DateFiled Herewith
3.18-K001-322053.105/23/2018
3.28-K001-322053.102/17/2023
22.1X
31.1X
31.2X
32X
101.INSInline XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document)X
101.SCHInline XBRL Taxonomy Extension Schema DocumentX
101.CALInline XBRL Taxonomy Extension Calculation Linkbase DocumentX
101.DEFInline XBRL Taxonomy Extension Definition Linkbase DocumentX
101.LABInline XBRL Taxonomy Extension Label Linkbase DocumentX
101.PREInline XBRL Taxonomy Extension Presentation Linkbase DocumentX
104Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)X


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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
CBRE GROUP, INC.
Date: October 24, 2024
/s/ EMMA E. GIAMARTINO
Emma E. Giamartino
Chief Financial Officer (Principal Financial Officer)
Date: October 24, 2024
/s/ LINDSEY S. CAPLAN
Lindsey S. Caplan
Chief Accounting Officer (Principal Accounting Officer)
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