Exhibit 12
CBRE GROUP, INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in thousands)
| Nine Months Ended September 30, 2017 |
Year Ended December 31, | |||||||||||||||||||||||
| 2016 | 2015 | 2014 | 2013 | 2012 | ||||||||||||||||||||
| Income (loss) from continuing operations before provision for income taxes |
$ | 723,073 | $ | 880,726 | $ | 879,730 | $ | 777,262 | $ | 508,985 | $ | 489,478 | ||||||||||||
| Less: Equity income (loss) from unconsolidated subsidiaries |
158,236 | 197,351 | 162,849 | 101,714 | 64,422 | 60,729 | ||||||||||||||||||
| Income (loss) from continuing operations attributable to non-controlling interests |
4,181 | 12,091 | 11,745 | 29,000 | 7,569 | (9,697 | ) | |||||||||||||||||
| Add: Distributed earnings of unconsolidated subsidiaries |
17,612 | 29,031 | 36,630 | 27,903 | 33,302 | 20,199 | ||||||||||||||||||
| Fixed charges |
165,914 | 227,505 | 198,996 | 209,839 | 260,327 | 245,322 | ||||||||||||||||||
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| Total earnings before fixed charges |
$ | 744,182 | $ | 927,820 | $ | 940,762 | $ | 884,290 | $ | 730,623 | $ | 703,967 | ||||||||||||
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| Fixed charges: |
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| Portion of rent expense representative of the interest factor (1) |
$ | 61,991 | $ | 82,654 | $ | 77,431 | $ | 74,717 | $ | 68,950 | $ | 70,254 | ||||||||||||
| Interest expense |
103,923 | 144,851 | 118,880 | 112,035 | 135,082 | 175,068 | ||||||||||||||||||
| Write-off of financing costs |
— | — | 2,685 | 23,087 | 56,295 | — | ||||||||||||||||||
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| Total fixed charges |
$ | 165,914 | $ | 227,505 | $ | 198,996 | $ | 209,839 | $ | 260,327 | $ | 245,322 | ||||||||||||
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| Ratio of earnings to fixed charges |
4.49 | 4.08 | 4.73 | 4.21 | 2.81 | 2.87 | ||||||||||||||||||
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| (1) | Represents one-third of operating lease costs, which approximates the portion that relates to the interest portion. |