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CBRE Group, Inc. Reports Solid Revenue and Earnings Growth for the First Quarter of 2013

  CBRE Group, Inc. Reports Solid Revenue and Earnings Growth for the First
  Quarter of 2013

Revenue Increases by 9%, while Adjusted Earnings Per Share Rises to $0.16 from
                                    $0.14

Business Wire

LOS ANGELES -- April 25, 2013

CBRE Group, Inc. (NYSE:CBG) today reported financial results for the first
quarter ended March 31, 2013.

First-Quarter 2013 Results

  *Revenue for the quarter totaled $1.5 billion, an increase of 9% (10%
    including revenue from discontinued operations) from $1.3 billion in the
    first quarter of 2012.
  *On a U.S. GAAP basis, net income rose 39% to $37.5 million from $27.0
    million for the first quarter of 2012. GAAP earnings per diluted share
    improved to $0.11 from $0.08.
  *Excluding selected charges^1, net income^2 increased 12% to $51.5 million
    from $45.9 million in the first quarter of 2012. Excluding selected
    charges, earnings per diluted share totaled $0.16 compared with $0.14. For
    the current quarter, selected charges (net of income taxes), which
    primarily related to costs associated with the Company’s recent corporate
    debt refinancing and the ING REIM businesses acquired in 2011, totaled
    $14.0 million. For the same period in 2012, selected charges totaled $18.9
    million, and were primarily related to the acquired ING REIM businesses.
  *Excluding selected charges, Earnings Before Interest Taxes Depreciation
    and Amortization (EBITDA)^3 increased 7% to $161.3 million in the current
    period from $150.5 million in the first quarter of 2012. EBITDA^3
    (including selected charges) rose 14% to $159.8 million for the first
    quarter of 2013, from $140.5 million for the same period a year earlier.
    Selected charges in both periods related to the integration of the ING
    REIM businesses.
  *Foreign currency translation did not have a significant impact on total
    Company results in the current quarter.

Management Commentary

“We had a solid start to 2013 in what is traditionally our seasonally slowest
quarter of the year,” said Robert Sulentic, president and chief executive
officer of CBRE. “While the current recovery remains slower than previous
ones, our first quarter results underscore our people’s effectiveness at
working across markets and business lines to produce solutions for our clients
and growth for CBRE. We were particularly encouraged by the good growth we
achieved in all three regions, led by Europe.”

Revenue rose across nearly all business lines globally, with notable strength
in capital markets-based businesses. Global property sales revenue increased
21%, with EMEA up 44% and Asia Pacific up 61%, as both rebounded from low
activity levels in the prior-year first quarter. Americas property sales
continued to improve steadily, with revenue rising 9% from a year ago.
Commercial mortgage brokerage revenue increased 16%, fueled by continued
strong U.S. investment activity, particularly in the multi-family sector.
During the quarter, for example, CBRE arranged $1 billion of financing for
Goldman Sachs and Greystar to acquire a 27-property multi-family portfolio
totaling more than 8,000 units. Global valuation revenue rose 12%, partly due
to increased investment activity.

Outsourcing (property, facilities and project management for occupiers and
investors) once again grew across all regions, registering an 11% revenue
increase globally. Regional growth was led by EMEA, where the project
management business was quite active. Global Corporate Services (GCS), CBRE’s
outsourcing business for occupier clients, saw revenue (including transaction
management revenue) increase by 12% globally and 15% in the Americas, while
adding 22 new clients, including Alcatel Lucent in Asia Pacific, Honeywell in
the U.S. and the British Council (government agency) in EMEA. All told, 46 GCS
contracts were signed during the quarter.

Leasing revenue rose 3% globally, as steady gains in EMEA (up 6%) and the
Americas (up 5%) were partly offset by a decline in Asia Pacific, reflecting
occupier caution in many of its markets as well as the effect of a weaker yen.

Geographically, EMEA recorded the strongest revenue growth in the first
quarter, as improved performance in France, Germany and the U.K. led to a 16%
revenue gain. In the largest occupier transaction in London in recent years,
CBRE advised technology giant Google on the purchase of a 2.4 acre site from
the King’s Cross Central Limited Partnership, where it will build its new UK
headquarters. The Americas (up 10%) and Asia Pacific (up 9%) both posted solid
revenue increases for the quarter. This growth contributed significantly to a
40-basis point increase in normalized EBITDA margins for the combined regional
services businesses in the quarter.

In March 2013, the Company completed a series of financing transactions, which
will reduce interest expense and which pushed out maturities, improving its
overall balance sheet. As a result, the Company’s amended and restated senior
secured credit agreement now provides for a $715 million term loan facility
and an expanded $1.2 billion revolving credit facility (of which $108.4
million was drawn at March 31, 2013). The Company also sold $800 million of
new 10-year, 5% fixed-rate senior unsecured notes.

In connection with these activities, the Company incurred approximately $28.0
million of financing costs, of which $3.2 million was expensed in the quarter,
along with $10.4 million of previously-deferred financing costs. The combined
expense of $13.6 million was normalized.

Following the completion of all of its refinancing actions – including the
expected redemption in June 2013 of its $450 million, 11.625% senior
subordinated notes due in 2017 and the drawdown of all of the term loans ($300
million is on a delayed-draw basis) -- CBRE will have lowered its total
corporate debt by nearly $500 million and, on a pro forma basis for 2012,
would have reduced annual interest expense by approximately $50 million.

First-Quarter 2013 Segment Results

Americas Region (U.S., Canada and Latin America)

  *Revenue rose 10% to $926.0 million, compared with $845.3 million for the
    first quarter of 2012.
  *EBITDA totaled $106.4 million, up 5% from $101.2 million in last year’s
    first quarter.
  *Operating income totaled $74.6 million compared with $80.8 million for the
    prior-year first quarter. Operating income was adversely affected in the
    first quarter of 2013 by $9.5 million of higher depreciation and
    amortization expense associated with increased technology-related capital
    expenditures and mortgage servicing rights. In connection with these
    mortgage servicing rights, an asset and income are recognized at contract
    inception and the asset is amortized over time. Depreciation and
    amortization expense is included in the calculation of operating income
    but not in EBITDA.
  *EBITDA and operating income reflected increased platform investments
    designed to enhance future growth. These investments will be relatively
    level throughout the year and therefore had a disproportionately larger
    impact in the seasonally slow first quarter.

EMEA Region (primarily Europe)

  *Revenue rose 16% to $228.6 million, compared with $197.4 million for the
    first quarter of 2012. The increase was primarily driven by improved
    performance in France, Germany and the United Kingdom, most notably in
    property sales and outsourcing.
  *Stronger revenue resulted in a significant narrowing of the EBITDA loss,
    which fell to $0.5 million compared with $7.1 million in the prior year
    first quarter.
  *Operating loss also declined markedly to $6.2 million compared with $11.3
    million for the same period in 2012.

Asia Pacific Region (Asia, Australia and New Zealand)

  *Revenue was $181.4 million, an increase of 9% from $167.2 million for the
    first quarter of 2012. The increase reflects improved overall performance
    in several countries, particularly Greater China and Singapore.
  *EBITDA improved to $5.8 million, compared with $2.3 million for last
    year’s first quarter.
  *Operating income improved to $2.9 million, compared with an operating loss
    of $0.4 million for the first quarter of 2012.
  *EBITDA and operating income primarily reflected increased capital markets
    activity and operating efficiencies in Japan.

Global Investment Management Business (investment management operations in the
U.S., Europe and Asia)

  *Revenue increased slightly to $126.6 million from $125.2 million in the
    first quarter of 2012.
  *EBITDA rose 17% to $40.3 million compared with $34.6 million in the first
    quarter of 2012. Excluding selected charges, EBITDA declined to $41.9
    million from $44.6 million in the prior-year first quarter. The decline
    for the quarter was attributable to lower gains on co-investments in real
    estate securities and severance payments.
  *Operating income rose to $30.1 million from $11.4 million for the first
    quarter of 2012. Current-period and prior-period operating income were
    affected by $5.8 million and $23.8 million, respectively, of expenses
    related to the acquisition of the ING REIM businesses.
  *Assets under management totaled $90.7 billion at the end of the first
    quarter, representing a 1% decrease from year-end 2012. The decrease was
    primarily due to negative foreign currency effects and net property
    dispositions, lowering AUM by $2.7 billion, which was partly offset by
    gains of $1.4 billion in the value of the real estate securities and
    direct investment portfolios.

Development Services (real estate development and investment activities
primarily in the U.S.)

  *Revenue totaled $12.4 million, compared with $14.9 million for the first
    quarter of 2012. The revenue decline was attributable to lower rental
    revenue resulting from property dispositions.
  *Operating loss narrowed significantly to $0.2 million from $4.4 million
    for the same period in 2012.
  *EBITDA totaled $7.8 million, compared with $9.5 million in the prior-year
    period. The decrease was largely driven by lower income from property
    sales (primarily reflected in equity earnings) totaling $2.1 million in
    the current quarter. Equity earnings from unconsolidated subsidiaries is
    included in the calculation of EBITDA, but not in revenue or operating
    loss.
  *Development projects in process totaled $4.3 billion, up 2% from year-end
    2012, and the inventory of pipeline deals totaled $1.9 billion, down 10%
    from year-end 2012.

Business Outlook

“Despite the historically slow recovery, we remain positive on the outlook for
CBRE,” said Mr. Sulentic. “Our leading presence in key global markets, broad
offering of best-in-class services, and strong, flexible capital structure
leave us well placed to drive further top- and bottom-line growth and improve
EBITDA margins, while making strategic and operational investments that we
believe will further strengthen our position in the marketplace.”

In light of the foregoing, CBRE continues to expect earnings per share, as
adjusted, to be in the range of $1.40 to $1.45 for full-year 2013.

Conference Call Details

The Company’s first-quarter earnings conference call will be held today
(Thursday, April 25, 2013) at 5:00 p.m. Eastern Time. A webcast will be
accessible through the Investor Relations section of the Company’s website at
www.cbre.com/investorrelations.

The direct dial-in number for the conference call is 800-230-1085 for U.S.
callers and 612-288-0340 for international callers. A replay of the call will
be available starting at 10 p.m. Eastern Time on April 25, 2013, and ending at
midnight Eastern Time on May 2, 2013. The dial-in number for the replay is
800-475-6701 for U.S. callers and 320-365-3844 for international callers. The
access code for the replay is 288243. A transcript of the call will be
available on the Company’s Investor Relations website at
www.cbre.com/investorrelations.

About CBRE Group, Inc.

CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered
in Los Angeles, is the world’s largest commercial real estate services and
investment firm (in terms of 2012 revenue). The Company has approximately
37,000 employees (excluding affiliates), and serves real estate owners,
investors and occupiers through more than 300 offices (excluding affiliates)
worldwide. CBRE offers strategic advice and execution for property sales and
leasing; corporate services; property, facilities and project management;
mortgage banking; appraisal and valuation; development services; investment
management; and research and consulting. Please visit our website at
www.cbre.com.

Note: This release contains forward-looking statements within the meaning of
the ''safe harbor'' provisions of the Private Securities Litigation Reform Act
of 1995, including statements regarding our future growth momentum,
operations, financial performance, and business outlook. These forward-looking
statements involve known and unknown risks, uncertainties and other factors
that may cause the Company’s actual results and performance in future periods
to be materially different from any future results or performance suggested in
forward-looking statements in this release. Any forward-looking statements
speak only as of the date of this release and, except to the extent required
by applicable securities laws, the Company expressly disclaims any obligation
to update or revise any of them to reflect actual results, any changes in
expectations or any change in events. If the Company does update one or more
forward-looking statements, no inference should be drawn that it will make
additional updates with respect to those or other forward-looking statements.
Factors that could cause results to differ materially include, but are not
limited to: general conditions of financial liquidity for real estate
transactions, including the impact of European sovereign debt issues and
recessionary to flat economic growth in many European countries as well as
U.S. fiscal uncertainty; our leverage and our ability to perform under our
credit facilities; the success of our planned redemption of the 11.625% senior
subordinated notes in June 2013; commercial real estate vacancy levels;
employment conditions and their effect on vacancy rates; property values;
rental rates; interest rates; our ability to leverage our platform to grow
revenues and capture market share; continued growth in trends toward use of
outsourced commercial real estate services; our ability to control costs
relative to revenue growth and expand EBITDA margins; our ability to retain
and incentivize producers; our ability to identify, acquire and integrate
synergistic and accretive businesses; expected levels of interest,
depreciation and amortization expense; maintaining our effective tax rate;
realization of values in investment funds to offset related incentive
compensation expense; a decline in asset values in, or a reduction in earnings
or cash flow from, our investment programs, as well as related litigation,
liabilities and reputational harm; and our ability to comply with laws and
regulations related to our international operations, including the
anti-corruption laws of the U.S. and other countries.

Additional information concerning factors that may influence the Company's
financial information is discussed under “Risk Factors”, “Management’s
Discussion and Analysis of Financial Condition and Results of Operations”,
“Quantitative and Qualitative Disclosures About Market Risk” and “Cautionary
Note on Forward-Looking Statements” in our Annual Report on Form 10-K for the
year ended December 31, 2012, as well as in the Company’s press releases and
other periodic filings with the Securities and Exchange Commission. Such
filings are available publicly and may be obtained on the Company’s website at
www.cbre.com or upon written request from the CBRE Investor Relations
Department at investorrelations@cbre.com.

^1 Selected charges include integration and other costs related to
acquisitions, amortization expense related to incentive fees and customer
relationships acquired in the ING REIM and Trammell Crow Company (TCC)
acquisitions and the write-off of financing costs.

^2 A reconciliation of net income attributable to CBRE Group, Inc. to net
income attributable to CBRE Group, Inc., as adjusted for selected charges, is
provided in the section of this press release entitled “Non-GAAP Financial
Measures.”

^3 EBITDA represents earnings before net interest expense, write-off of
financing costs, income taxes, depreciation and amortization, while amounts
shown for EBITDA, as adjusted (or normalized EBITDA), remove the impact of
certain cash and non-cash charges related to acquisitions. Our management
believes that both of these measures are useful in evaluating our operating
performance compared to that of other companies in our industry because the
calculations of EBITDA and EBITDA, as adjusted, generally eliminate the
effects of financing and income taxes and the accounting effects of capital
spending and acquisitions, which would include impairment charges of goodwill
and intangibles created from acquisitions. Such items may vary for different
companies for reasons unrelated to overall operating performance. As a result,
our management uses these measures to evaluate operating performance and for
other discretionary purposes, including as a significant component when
measuring our operating performance under our employee incentive programs.
Additionally, we believe EBITDA and EBITDA, as adjusted, are useful to
investors to assist them in getting a more complete picture of our results
from operations.

However, EBITDA and EBITDA, as adjusted, are not recognized measurements under
U.S. generally accepted accounting principles, or GAAP, and when analyzing our
operating performance, readers should use EBITDA and EBITDA, as adjusted, in
addition to, and not as an alternative for, net income as determined in
accordance with GAAP. Because not all companies use identical calculations,
our presentation of EBITDA and EBITDA, as adjusted, may not be comparable to
similarly titled measures of other companies. Furthermore, EBITDA and EBITDA,
as adjusted, are not intended to be measures of free cash flow for our
management’s discretionary use, as they do not consider certain cash
requirements such as tax and debt service payments. The amounts shown for
EBITDA and EBITDA, as adjusted, also differ from the amounts calculated under
similarly titled definitions in our debt instruments, which are further
adjusted to reflect certain other cash and non-cash charges and are used to
determine compliance with financial covenants and our ability to engage in
certain activities, such as incurring additional debt and making certain
restricted payments.

For a reconciliation of EBITDA and EBITDA, as adjusted to net income
attributable to CBRE Group, Inc., the most comparable financial measure
calculated and presented in accordance with GAAP, see the section of this
press release titled “Non-GAAP Financial Measures.”


CBRE GROUP, INC.
OPERATING RESULTS
FOR THE THREE MONTHS ENDED MARCH 31, 2013 AND 2012
(Dollars in thousands, except share data)
(Unaudited)
                                             
                                               Three Months Ended

                                               March 31,
                                               2013            2012
Revenue                                        $ 1,475,063       $ 1,349,989
                                                                 
Costs and expenses:
Cost of services                                 861,216           787,556
Operating, administrative and other              469,541           440,722
Depreciation and amortization                   46,281           46,457
Total costs and expenses                         1,377,038         1,274,735
                                                                 
Gain on disposition of real estate              3,149            809
Operating income                                 101,174           76,063
                                                                 
Equity income from unconsolidated                9,749             14,386
subsidiaries
Other income                                     2,694             6,588
Interest income                                  2,028             2,303
Interest expense                                 42,395            43,981
Write-off of financing costs                    13,580           -
Income from continuing operations before         59,670            55,359
provision for income taxes
Provision for income taxes                      19,004           25,413
Income from continuing operations                40,666            29,946
Income from discontinued operations, net of     21,189           -
income taxes
Net income                                       61,855            29,946
Less: Net income attributable to                24,309           2,971
non-controlling interests
Net income attributable to CBRE Group, Inc.    $ 37,546          $ 26,975
                                                                   
Basic income per share attributable to CBRE
Group, Inc. shareholders
Income from continuing operations              $ 0.11            $ 0.08
attributable to CBRE Group, Inc.
Income from discontinued operations             -                -
attributable to CBRE Group, Inc.
Net income attributable CBRE Group, Inc.       $ 0.11            $ 0.08
                                                                 
Weighted average shares outstanding for         326,759,455      320,671,395
basic income per share
                                                                 
Diluted income per share attributable to
CBRE Group, Inc. shareholders
Income from continuing operations              $ 0.11            $ 0.08
attributable to CBRE Group, Inc.
Income from discontinued operations             -                -
attributable to CBRE Group, Inc.
Net income attributable to CBRE Group, Inc.    $ 0.11            $ 0.08
                                                                 
Weighted average shares outstanding for         330,802,552      325,738,859
diluted income per share
                                                                 
EBITDA ^(1)                                    $ 159,754         $ 140,523

__________________________

(1) Includes EBITDA related to discontinued operations of $4.4 million for the
three months ended March 31, 2013.


CBRE GROUP, INC.
SEGMENT RESULTS
FOR THE THREE MONTHS ENDED MARCH 31, 2013 AND 2012
(Dollars in thousands)
(Unaudited)
                                    
                                      Three Months Ended

                                      March 31,
                                      2013          2012
Americas
Revenue                               $ 925,972       $ 845,326
Costs and expenses:
Cost of services                        594,021         542,400
Operating, administrative and other     229,486         203,837
Depreciation and amortization          27,833        18,326  
Operating income                      $ 74,632       $ 80,763  
EBITDA                                $ 106,351      $ 101,237 
                                                      
EMEA
Revenue                               $ 228,634       $ 197,386
Costs and expenses:
Cost of services                        145,692         130,132
Operating, administrative and other     83,776          75,266
Depreciation and amortization          5,396         3,291   
Operating loss                        $ (6,230  )     $ (11,303 )
EBITDA                                $ (545    )     $ (7,097  )
                                                      
Asia Pacific
Revenue                               $ 181,431       $ 167,201
Costs and expenses:
Cost of services                        121,503         115,024
Operating, administrative and other     54,124          49,824
Depreciation and amortization          2,882         2,739   
Operating income (loss)               $ 2,922        $ (386    )
EBITDA                                $ 5,847        $ 2,283   
                                                      
Global Investment Management
Revenue                               $ 126,642       $ 125,200
Costs and expenses:
Operating, administrative and other     87,754          94,575
Depreciation and amortization          8,811         19,225  
Operating income                      $ 30,077       $ 11,400  
EBITDA^(1)                            $ 40,326       $ 34,593  
                                                      
Development Services
Revenue                               $ 12,384        $ 14,876
Costs and expenses:
Operating, administrative and other     14,401          17,220
Depreciation and amortization           1,359           2,876
Gain on disposition of real estate     3,149         809     
Operating loss                        $ (227    )     $ (4,411  )
EBITDA^(2)                            $ 7,775        $ 9,507   

_________________________

(1) Includes EBITDA related to discontinued operations of $0.6 million for the
three months ended March 31, 2013.
(2) Includes EBITDA related to discontinued operations of $3.8 million for the
three months ended March 31, 2013.

Non-GAAP Financial Measures

The following measures are considered “non-GAAP financial measures” under SEC
guidelines:

    (i)    Net income attributable to CBRE Group, Inc., as adjusted for
                selected charges
                
        (ii)    Diluted income per share attributable to CBRE Group, Inc, as
                adjusted for selected charges
                
        (iii)   EBITDA and EBITDA, as adjusted for selected charges

The Company believes that these non-GAAP financial measures provide a more
complete understanding of ongoing operations and enhance comparability of
current results to prior periods as well as presenting the effects of selected
charges in all periods presented. The Company believes that investors may find
it useful to see these non-GAAP financial measures to analyze financial
performance without the impact of selected charges that may obscure trends in
the underlying performance of its business.

Net income attributable to CBRE Group, Inc., as adjusted for selected charges
and diluted net income per share attributable to CBRE Group, Inc.
shareholders, as adjusted for selected charges are calculated as follows
(dollars in thousands, except per share data):

                                                 Three Months Ended
                                               
                                                 March 31,
                                                 2013           2012
                                                                 
Net income attributable to CBRE Group, Inc.      $ 37,546        $ 26,975
Amortization expense related to ING REIM and
TCC incentive fees and customer relationships      4,632           11,455
acquired, net of tax
Integration and other costs related to             1,093           7,483
acquisitions, net of tax
Write-off of financing costs, net of tax          8,258          -
Net income attributable to CBRE Group, Inc.,     $ 51,529        $ 45,913
as adjusted
                                                                 
Diluted income per share attributable to CBRE    $ 0.16          $ 0.14
Group, Inc. shareholders, as adjusted
                                                                 
Weighted average shares outstanding for
                                                  330,802,552    325,738,859
diluted income per share
                                                                   

EBITDA and EBITDA, as adjusted for selected charges are calculated as follow
(dollars in thousands):

                                                      Three Months Ended
                                                   
                                                      March 31,
                                                      2013       2012
                                                                  
Net income attributable to CBRE Group, Inc.           $ 37,546    $ 26,975
Add:
Depreciation and amortization^(1)                       46,537      46,457
Interest expense^(2)                                    44,176      43,981
Write-off of financing costs                            13,580      -
Provision for income taxes^(3)                          19,943      25,413
Less:
Interest income                                        2,028      2,303
                                                                  
EBITDA^(4)                                            $ 159,754   $ 140,523
                                                                  
Adjustments:
Integration and other costs related to acquisitions    1,525      9,965
                                                                  
EBITDA, as adjusted ^(4)                              $ 161,279   $ 150,488

_________________________

^(1) Includes depreciation and amortization expense related to discontinued
operations of $0.3 million for the three months ended March 31, 2013.
^(2) Includes interest expense related to discontinued operations of $1.8
million for the three months ended March 31, 2013.
^(3) Includes provision for income taxes related to discontinued operations of
$0.9 million for the three months ended March 31, 2013.
^(4) Includes EBITDA related to discontinued operations of $4.4 million for
the three months ended March 31, 2013.

EBITDA and EBITDA, as adjusted for selected charges for segments are
calculated as follows (dollars in thousands):

                                                 
                                                   Three Months Ended

                                                   March 31,
                                                   2013          2012
Americas
Net income attributable to CBRE Group, Inc.        $ 29,538        $ 33,567
Add:
Depreciation and amortization                        27,833          18,326
Interest expense                                     32,259          35,601
Write-off of deferred financing costs                13,580          -
Royalty and management service income                (10,223 )       (6,617  )
Provision for income taxes                           14,653          21,753
Less:
Interest income                                     1,289         1,393   
EBITDA                                             $ 106,351      $ 101,237 
                                                                   
EMEA
Net loss attributable to CBRE Group, Inc.          $ (5,800  )     $ (9,376  )
Add:
Depreciation and amortization                        5,396           3,291
Interest expense                                     2,005           2,468
Royalty and management service expense               4,141           2,608
Benefit of income taxes                              (2,034  )       (1,410  )
Less:
Interest income                                     4,253         4,678   
EBITDA                                             $ (545    )     $ (7,097  )
                                                                   
Asia Pacific
Net loss attributable to CBRE Group, Inc.          $ (1,449  )     $ (3,135  )
Add:
Depreciation and amortization                        2,882           2,739
Interest expense                                     672             861
Royalty and management service expense               4,663           3,962
Benefit of income taxes                              (809    )       (1,999  )
Less:
Interest income                                     112           145     
EBITDA                                             $ 5,847        $ 2,283   
                                                                   
Global Investment Management
Net income attributable to CBRE Group, Inc.        $ 13,121        $ 3,591
Add:
Depreciation and amortization^(1)                    8,929           19,225
Interest expense^(2)                                 10,490          6,359
Royalty and management service expense               1,419           47
Provision for income taxes                           6,591           5,652
Less:
Interest income                                     224           281     
EBITDA^(3)                                         $ 40,326        $ 34,593
Integration and other costs related to              1,525         9,965   
acquisitions
EBITDA, as adjusted^(3)                            $ 41,851       $ 44,558  
                                                                   
Development Services
Net income attributable to CBRE Group, Inc.        $ 2,136         $ 2,328
Add:
Depreciation and amortization^(4)                    1,497           2,876
Interest expense^(5)                                 2,733           2,972
Provision for income taxes^(6)                       1,542           1,417
Less:
Interest income                                     133           86      
EBITDA^(7)                                         $ 7,775        $ 9,507   
                                                                             

(1) Includes depreciation and amortization expense related to discontinued
operations of $0.1 million for the three months ended March 31, 2013.
(2) Includes interest expense related to discontinued operations of $0.5
million for the three months ended March 31, 2013.
(3) Includes EBITDA related to discontinued operations of $0.6 million for the
three months ended March 31, 2013.
(4) Includes depreciation and amortization expense related to discontinued
operations of $0.1 million for the three months ended March 31, 2013.
(5) Includes interest expense related to discontinued operations of $1.3
million for the three months ended March 31, 2013.
(6) Includes provision for income taxes related to discontinued operations of
$0.9 million for the three months ended March 31, 2013.
(7) Includes EBITDA related to discontinued operations of $3.8 million for the
three months ended March 31, 2013.


CBRE GROUP, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollars in thousands)
(Unaudited)

                                    March 31,              December 31,
                                     2013                    2012
Assets:
Cash and cash equivalents ^(1)       $     518,700           $    1,089,297
Restricted cash                            68,519                 73,676
Receivables, net                           1,206,144              1,262,823
Warehouse receivables ^(2)                 850,621                1,048,340
Real estate assets ^(3)                    289,123                392,860
Goodwill and other                         2,646,649              2,676,395
intangibles, net
Investments in and advances to             212,128                206,798
unconsolidated subsidiaries
Other assets, net                         1,095,756             1,059,353
Total assets                         $     6,887,640         $    7,809,542
Liabilities:
Current liabilities, excluding       $     1,382,131         $    1,663,022
debt
Warehouse lines of credit ^(2)             837,042                1,026,381
Revolving credit facility                  108,407                72,964
5.00% senior notes                         800,000                -
Senior subordinated notes, net             440,929                440,523
Senior secured term loans                  415,000                1,627,746
6.625% senior notes                        350,000                350,000
Other debt                                 8,015                  9,352
Notes payable on real estate               242,632                326,012
^(4)
Other long-term liabilities               597,697               611,730
Total liabilities                          5,181,853              6,127,730
                                                             
CBRE Group, Inc. stockholders’             1,575,271              1,539,211
equity
Non-controlling interests                 130,516               142,601
Total equity                               1,705,787              1,681,812
                                                            
Total liabilities and equity         $     6,887,640         $    7,809,542
                                                             
^(1) Includes $101.9 million and $94.6 million of cash in consolidated funds
and other entities not available for Company use at March 31, 2013 and
December 31, 2012, respectively.
^(2) Represents loan receivables, the majority of which are offset by related
warehouse lines of credit facilities.
^(3) Includes real estate and other assets held for sale, real estate under
development and real estate held for investment.
^(4) Represents notes payable on real estate of which $12.9 million and $13.9
million are recourse to the Company as of March 31, 2013 and December 31,
2012, respectively.

Contact:

CBRE Group, Inc.
Gil Borok
Chief Financial Officer
310.405.8909
or
Nick Kormeluk
Investor Relations
949.809.4308
or
Steve Iaco
Corporate Communications
212.984.6535
 
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