false
Q3
0001138118
--12-31
P1M
Cancelable
anytime
us-gaap:OtherAssets
us-gaap:OtherAssets
us-gaap:OtherLiabilitiesCurrent
us-gaap:OtherLiabilitiesCurrent
us-gaap:OtherLiabilitiesNoncurrent
us-gaap:OtherLiabilitiesNoncurrent
0001138118
2020-01-01
2020-09-30
xbrli:shares
0001138118
2020-10-20
iso4217:USD
0001138118
2020-09-30
0001138118
2019-12-31
iso4217:USD
xbrli:shares
0001138118
2020-07-01
2020-09-30
0001138118
2019-07-01
2019-09-30
0001138118
2019-01-01
2019-09-30
0001138118
2018-12-31
0001138118
2019-09-30
0001138118
us-gaap:CommonStockMember
2020-06-30
0001138118
us-gaap:AdditionalPaidInCapitalMember
2020-06-30
0001138118
us-gaap:RetainedEarningsMember
2020-06-30
0001138118
us-gaap:AccumulatedOtherComprehensiveIncomeMember
2020-06-30
0001138118
us-gaap:NoncontrollingInterestMember
2020-06-30
0001138118
2020-06-30
0001138118
us-gaap:RetainedEarningsMember
2020-07-01
2020-09-30
0001138118
us-gaap:NoncontrollingInterestMember
2020-07-01
2020-09-30
0001138118
us-gaap:AdditionalPaidInCapitalMember
2020-07-01
2020-09-30
0001138118
us-gaap:AccumulatedOtherComprehensiveIncomeMember
2020-07-01
2020-09-30
0001138118
us-gaap:CommonStockMember
2020-07-01
2020-09-30
0001138118
us-gaap:CommonStockMember
2020-09-30
0001138118
us-gaap:AdditionalPaidInCapitalMember
2020-09-30
0001138118
us-gaap:RetainedEarningsMember
2020-09-30
0001138118
us-gaap:AccumulatedOtherComprehensiveIncomeMember
2020-09-30
0001138118
us-gaap:NoncontrollingInterestMember
2020-09-30
0001138118
us-gaap:CommonStockMember
2019-06-30
0001138118
us-gaap:AdditionalPaidInCapitalMember
2019-06-30
0001138118
us-gaap:RetainedEarningsMember
2019-06-30
0001138118
us-gaap:AccumulatedOtherComprehensiveIncomeMember
2019-06-30
0001138118
us-gaap:NoncontrollingInterestMember
2019-06-30
0001138118
2019-06-30
0001138118
us-gaap:RetainedEarningsMember
2019-07-01
2019-09-30
0001138118
us-gaap:NoncontrollingInterestMember
2019-07-01
2019-09-30
0001138118
us-gaap:AdditionalPaidInCapitalMember
2019-07-01
2019-09-30
0001138118
us-gaap:AccumulatedOtherComprehensiveIncomeMember
2019-07-01
2019-09-30
0001138118
us-gaap:CommonStockMember
2019-07-01
2019-09-30
0001138118
us-gaap:CommonStockMember
2019-09-30
0001138118
us-gaap:AdditionalPaidInCapitalMember
2019-09-30
0001138118
us-gaap:RetainedEarningsMember
2019-09-30
0001138118
us-gaap:AccumulatedOtherComprehensiveIncomeMember
2019-09-30
0001138118
us-gaap:NoncontrollingInterestMember
2019-09-30
0001138118
us-gaap:CommonStockMember
2019-12-31
0001138118
us-gaap:AdditionalPaidInCapitalMember
2019-12-31
0001138118
us-gaap:RetainedEarningsMember
2019-12-31
0001138118
us-gaap:AccumulatedOtherComprehensiveIncomeMember
2019-12-31
0001138118
us-gaap:NoncontrollingInterestMember
2019-12-31
0001138118
us-gaap:RetainedEarningsMember
2020-01-01
2020-09-30
0001138118
us-gaap:NoncontrollingInterestMember
2020-01-01
2020-09-30
0001138118
us-gaap:AdditionalPaidInCapitalMember
2020-01-01
2020-09-30
0001138118
us-gaap:CommonStockMember
2020-01-01
2020-09-30
0001138118
us-gaap:AccumulatedOtherComprehensiveIncomeMember
2020-01-01
2020-09-30
0001138118
us-gaap:CommonStockMember
2018-12-31
0001138118
us-gaap:AdditionalPaidInCapitalMember
2018-12-31
0001138118
us-gaap:RetainedEarningsMember
2018-12-31
0001138118
us-gaap:AccumulatedOtherComprehensiveIncomeMember
2018-12-31
0001138118
us-gaap:NoncontrollingInterestMember
2018-12-31
0001138118
us-gaap:RetainedEarningsMember
2019-01-01
2019-09-30
0001138118
us-gaap:NoncontrollingInterestMember
2019-01-01
2019-09-30
0001138118
us-gaap:AdditionalPaidInCapitalMember
2019-01-01
2019-09-30
0001138118
us-gaap:CommonStockMember
2019-01-01
2019-09-30
0001138118
us-gaap:AccumulatedOtherComprehensiveIncomeMember
2019-01-01
2019-09-30
0001138118
cbre:TelfordHomesPlcMember
2019-10-01
2019-10-01
iso4217:GBP
xbrli:shares
0001138118
cbre:TelfordHomesPlcMember
2019-10-01
iso4217:GBP
0001138118
us-gaap:WarehouseAgreementBorrowingsMember
2020-01-01
2020-09-30
0001138118
cbre:WarehouseLineOfCreditOneMember
cbre:JPMorganMember
us-gaap:WarehouseAgreementBorrowingsMember
2020-01-01
2020-09-30
0001138118
cbre:WarehouseLineOfCreditTwoMember
cbre:JPMorganMember
us-gaap:WarehouseAgreementBorrowingsMember
2020-01-01
2020-09-30
0001138118
cbre:WarehouseLineOfCreditThreeMember
cbre:CapitalOneMember
us-gaap:WarehouseAgreementBorrowingsMember
2020-01-01
2020-09-30
0001138118
cbre:WarehouseLineOfCreditFourMember
cbre:FannieMaeASAPProgramMember
us-gaap:WarehouseAgreementBorrowingsMember
2020-01-01
2020-09-30
0001138118
cbre:WarehouseLineOfCreditSixMember
cbre:BankOfAmericaMember
us-gaap:WarehouseAgreementBorrowingsMember
2020-01-01
2020-09-30
0001138118
cbre:WarehouseLineOfCreditOneMember
cbre:JPMorganMember
us-gaap:WarehouseAgreementBorrowingsMember
2020-09-30
0001138118
cbre:WarehouseLineOfCreditTwoMember
cbre:JPMorganMember
us-gaap:WarehouseAgreementBorrowingsMember
2020-09-30
0001138118
cbre:WarehouseLineOfCreditFourMember
cbre:FannieMaeASAPProgramMember
us-gaap:WarehouseAgreementBorrowingsMember
2020-09-30
0001138118
cbre:WarehouseLineOfCreditFiveMember
cbre:TDBankMember
us-gaap:WarehouseAgreementBorrowingsMember
2020-09-30
0001138118
cbre:WarehouseLineOfCreditSixMember
cbre:BankOfAmericaMember
us-gaap:WarehouseAgreementBorrowingsMember
2020-09-30
0001138118
cbre:WarehouseLineOfCreditNineMember
cbre:MUFGUnionBankNAMember
us-gaap:WarehouseAgreementBorrowingsMember
2020-09-30
0001138118
us-gaap:WarehouseAgreementBorrowingsMember
2020-09-30
0001138118
cbre:WarehouseLineOfCreditOneMember
cbre:JPMorganMember
us-gaap:WarehouseAgreementBorrowingsMember
2019-12-31
0001138118
cbre:WarehouseLineOfCreditTwoMember
cbre:JPMorganMember
us-gaap:WarehouseAgreementBorrowingsMember
2019-12-31
0001138118
cbre:WarehouseLineOfCreditThreeMember
cbre:CapitalOneMember
us-gaap:WarehouseAgreementBorrowingsMember
2019-12-31
0001138118
cbre:WarehouseLineOfCreditFourMember
cbre:FannieMaeASAPProgramMember
us-gaap:WarehouseAgreementBorrowingsMember
2019-12-31
0001138118
cbre:WarehouseLineOfCreditFiveMember
cbre:TDBankMember
us-gaap:WarehouseAgreementBorrowingsMember
2019-12-31
0001138118
cbre:WarehouseLineOfCreditSixMember
cbre:BankOfAmericaMember
us-gaap:WarehouseAgreementBorrowingsMember
2019-12-31
0001138118
cbre:WarehouseLineOfCreditSevenMember
cbre:BankOfAmericaMember
us-gaap:WarehouseAgreementBorrowingsMember
2019-12-31
0001138118
cbre:WarehouseLineOfCreditNineMember
cbre:MUFGUnionBankNAMember
us-gaap:WarehouseAgreementBorrowingsMember
2019-12-31
0001138118
us-gaap:WarehouseAgreementBorrowingsMember
2019-12-31
xbrli:pure
0001138118
us-gaap:WarehouseAgreementBorrowingsMember
cbre:JPMorganMember
cbre:WarehouseLineOfCreditOneMember
2019-01-01
2019-12-31
0001138118
us-gaap:WarehouseAgreementBorrowingsMember
cbre:JPMorganMember
cbre:WarehouseLineOfCreditTwoMember
2019-01-01
2019-12-31
0001138118
us-gaap:WarehouseAgreementBorrowingsMember
cbre:CapitalOneMember
cbre:WarehouseLineOfCreditThreeMember
2019-01-01
2019-12-31
0001138118
us-gaap:WarehouseAgreementBorrowingsMember
cbre:FannieMaeASAPProgramMember
cbre:WarehouseLineOfCreditFourMember
2019-01-01
2019-12-31
0001138118
us-gaap:WarehouseAgreementBorrowingsMember
cbre:TDBankMember
cbre:WarehouseLineOfCreditFiveMember
2020-01-01
2020-09-30
0001138118
us-gaap:WarehouseAgreementBorrowingsMember
cbre:TDBankMember
cbre:WarehouseLineOfCreditFiveMember
2019-01-01
2019-12-31
0001138118
us-gaap:WarehouseAgreementBorrowingsMember
cbre:BankOfAmericaMember
cbre:WarehouseLineOfCreditSevenMember
2020-01-01
2020-09-30
0001138118
us-gaap:WarehouseAgreementBorrowingsMember
cbre:BankOfAmericaMember
cbre:WarehouseLineOfCreditSevenMember
2019-01-01
2019-12-31
0001138118
us-gaap:WarehouseAgreementBorrowingsMember
cbre:MUFGUnionBankNAMember
cbre:WarehouseLineOfCreditNineMember
2020-01-01
2020-09-30
0001138118
us-gaap:WarehouseAgreementBorrowingsMember
cbre:MUFGUnionBankNAMember
cbre:WarehouseLineOfCreditNineMember
2019-01-01
2019-12-31
0001138118
us-gaap:WarehouseAgreementBorrowingsMember
cbre:JPMorganMember
cbre:WarehouseLineOfCreditOneMember
us-gaap:SubsequentEventMember
2020-10-19
0001138118
us-gaap:WarehouseAgreementBorrowingsMember
cbre:JPMorganMember
cbre:WarehouseLineOfCreditOneMember
srt:ScenarioForecastMember
2021-01-18
0001138118
us-gaap:WarehouseAgreementBorrowingsMember
cbre:JPMorganMember
cbre:WarehouseLineOfCreditOneMember
srt:ScenarioForecastMember
2021-01-18
2021-01-18
0001138118
us-gaap:WarehouseAgreementBorrowingsMember
cbre:JPMorganMember
cbre:WarehouseLineOfCreditTwoMember
us-gaap:SubsequentEventMember
2020-10-19
2020-10-19
0001138118
us-gaap:WarehouseAgreementBorrowingsMember
cbre:TDBankMember
cbre:WarehouseLineOfCreditFiveMember
2020-07-01
0001138118
us-gaap:WarehouseAgreementBorrowingsMember
cbre:TDBankMember
cbre:WarehouseLineOfCreditFiveMember
2020-07-01
2020-07-01
0001138118
us-gaap:WarehouseAgreementBorrowingsMember
cbre:TDBankMember
cbre:WarehouseLineOfCreditFiveMember
2020-09-21
2020-09-21
0001138118
us-gaap:WarehouseAgreementBorrowingsMember
cbre:TDBankMember
cbre:WarehouseLineOfCreditFiveMember
2020-09-21
0001138118
us-gaap:WarehouseAgreementBorrowingsMember
cbre:BankOfAmericaMember
cbre:WarehouseLineOfCreditSixMember
2020-06-10
2020-06-10
0001138118
us-gaap:WarehouseAgreementBorrowingsMember
cbre:BankOfAmericaMember
cbre:WarehouseLineOfCreditSixMember
2020-06-10
0001138118
us-gaap:WarehouseAgreementBorrowingsMember
cbre:BankOfAmericaMember
cbre:WarehouseLineOfCreditSixMember
cbre:SublimitBorrowingMember
2020-06-10
0001138118
us-gaap:WarehouseAgreementBorrowingsMember
cbre:BankOfAmericaMember
cbre:WarehouseLineOfCreditSixMember
cbre:GeneralFacilityMember
2020-07-24
2020-07-24
0001138118
us-gaap:WarehouseAgreementBorrowingsMember
cbre:BankOfAmericaMember
cbre:WarehouseLineOfCreditSixMember
cbre:SublimitBorrowingMember
2020-07-24
2020-07-24
0001138118
us-gaap:WarehouseAgreementBorrowingsMember
cbre:MUFGUnionBankNAMember
cbre:WarehouseLineOfCreditNineMember
2019-06-28
0001138118
us-gaap:WarehouseAgreementBorrowingsMember
2020-08-04
0001138118
us-gaap:WarehouseAgreementBorrowingsMember
2020-09-22
0001138118
us-gaap:WarehouseAgreementBorrowingsMember
srt:MaximumMember
cbre:MUFGUnionBankNAMember
cbre:WarehouseLineOfCreditNineMember
2019-06-28
0001138118
us-gaap:WarehouseAgreementBorrowingsMember
srt:MaximumMember
2019-06-28
0001138118
us-gaap:WarehouseAgreementBorrowingsMember
cbre:MUFGUnionBankNAMember
cbre:WarehouseLineOfCreditNineMember
2020-06-26
2020-06-26
0001138118
us-gaap:WarehouseAgreementBorrowingsMember
2020-08-04
2020-08-04
0001138118
us-gaap:WarehouseAgreementBorrowingsMember
2020-09-22
2020-09-22
0001138118
us-gaap:WarehouseAgreementBorrowingsMember
cbre:MUFGUnionBankNAMember
cbre:WarehouseLineOfCreditNineMember
2020-07-28
2020-07-28
0001138118
us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember
2020-09-30
0001138118
us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember
2019-12-31
0001138118
us-gaap:USTreasurySecuritiesMember
us-gaap:FairValueInputsLevel1Member
us-gaap:FairValueMeasurementsRecurringMember
2020-09-30
0001138118
us-gaap:USTreasurySecuritiesMember
us-gaap:FairValueMeasurementsRecurringMember
2020-09-30
0001138118
us-gaap:USGovernmentAgenciesDebtSecuritiesMember
us-gaap:FairValueInputsLevel2Member
us-gaap:FairValueMeasurementsRecurringMember
2020-09-30
0001138118
us-gaap:USGovernmentAgenciesDebtSecuritiesMember
us-gaap:FairValueMeasurementsRecurringMember
2020-09-30
0001138118
us-gaap:CorporateDebtSecuritiesMember
us-gaap:FairValueInputsLevel2Member
us-gaap:FairValueMeasurementsRecurringMember
2020-09-30
0001138118
us-gaap:CorporateDebtSecuritiesMember
us-gaap:FairValueMeasurementsRecurringMember
2020-09-30
0001138118
us-gaap:AssetBackedSecuritiesMember
us-gaap:FairValueInputsLevel2Member
us-gaap:FairValueMeasurementsRecurringMember
2020-09-30
0001138118
us-gaap:AssetBackedSecuritiesMember
us-gaap:FairValueMeasurementsRecurringMember
2020-09-30
0001138118
us-gaap:MortgageBackedSecuritiesMember
us-gaap:FairValueInputsLevel2Member
us-gaap:FairValueMeasurementsRecurringMember
2020-09-30
0001138118
us-gaap:MortgageBackedSecuritiesMember
us-gaap:FairValueMeasurementsRecurringMember
2020-09-30
0001138118
us-gaap:FairValueInputsLevel1Member
us-gaap:FairValueMeasurementsRecurringMember
2020-09-30
0001138118
us-gaap:FairValueInputsLevel2Member
us-gaap:FairValueMeasurementsRecurringMember
2020-09-30
0001138118
us-gaap:FairValueMeasurementsRecurringMember
2020-09-30
0001138118
us-gaap:USTreasurySecuritiesMember
us-gaap:FairValueMeasurementsRecurringMember
us-gaap:FairValueInputsLevel1Member
2019-12-31
0001138118
us-gaap:USTreasurySecuritiesMember
us-gaap:FairValueMeasurementsRecurringMember
2019-12-31
0001138118
us-gaap:USGovernmentAgenciesDebtSecuritiesMember
us-gaap:FairValueMeasurementsRecurringMember
us-gaap:FairValueInputsLevel2Member
2019-12-31
0001138118
us-gaap:USGovernmentAgenciesDebtSecuritiesMember
us-gaap:FairValueMeasurementsRecurringMember
2019-12-31
0001138118
us-gaap:CorporateDebtSecuritiesMember
us-gaap:FairValueMeasurementsRecurringMember
us-gaap:FairValueInputsLevel2Member
2019-12-31
0001138118
us-gaap:CorporateDebtSecuritiesMember
us-gaap:FairValueMeasurementsRecurringMember
2019-12-31
0001138118
us-gaap:AssetBackedSecuritiesMember
us-gaap:FairValueMeasurementsRecurringMember
us-gaap:FairValueInputsLevel2Member
2019-12-31
0001138118
us-gaap:AssetBackedSecuritiesMember
us-gaap:FairValueMeasurementsRecurringMember
2019-12-31
0001138118
us-gaap:MortgageBackedSecuritiesMember
us-gaap:FairValueMeasurementsRecurringMember
us-gaap:FairValueInputsLevel2Member
2019-12-31
0001138118
us-gaap:MortgageBackedSecuritiesMember
us-gaap:FairValueMeasurementsRecurringMember
2019-12-31
0001138118
us-gaap:FairValueMeasurementsRecurringMember
us-gaap:FairValueInputsLevel1Member
2019-12-31
0001138118
us-gaap:FairValueMeasurementsRecurringMember
us-gaap:FairValueInputsLevel2Member
2019-12-31
0001138118
us-gaap:FairValueMeasurementsRecurringMember
2019-12-31
0001138118
us-gaap:FairValueMeasurementsNonrecurringMember
2020-09-30
0001138118
us-gaap:FairValueMeasurementsNonrecurringMember
us-gaap:FairValueInputsLevel3Member
2020-09-30
0001138118
us-gaap:FairValueMeasurementsNonrecurringMember
2020-01-01
2020-09-30
0001138118
us-gaap:FairValueMeasurementsNonrecurringMember
2019-09-30
0001138118
us-gaap:FairValueMeasurementsNonrecurringMember
us-gaap:FairValueInputsLevel3Member
2019-09-30
0001138118
us-gaap:FairValueMeasurementsNonrecurringMember
2019-01-01
2019-09-30
0001138118
cbre:GlobalWorkplaceSolutionsMember
2020-01-01
2020-09-30
0001138118
cbre:RealEstateInvestmentsMember
2020-01-01
2020-09-30
0001138118
us-gaap:EstimateOfFairValueFairValueDisclosureMember
2020-09-30
0001138118
us-gaap:EstimateOfFairValueFairValueDisclosureMember
2019-12-31
0001138118
us-gaap:CarryingReportedAmountFairValueDisclosureMember
2020-09-30
0001138118
us-gaap:CarryingReportedAmountFairValueDisclosureMember
2019-12-31
0001138118
cbre:FourPointEightSevenFiveSeniorNotesMember
us-gaap:EstimateOfFairValueFairValueDisclosureMember
2020-09-30
0001138118
cbre:FourPointEightSevenFiveSeniorNotesMember
us-gaap:EstimateOfFairValueFairValueDisclosureMember
2019-12-31
0001138118
cbre:FourPointEightSevenFiveSeniorNotesMember
2020-09-30
0001138118
cbre:FourPointEightSevenFiveSeniorNotesMember
2019-12-31
0001138118
cbre:FourPointEightSevenFiveSeniorNotesMember
us-gaap:CarryingReportedAmountFairValueDisclosureMember
2020-09-30
0001138118
cbre:FourPointEightSevenFiveSeniorNotesMember
us-gaap:CarryingReportedAmountFairValueDisclosureMember
2019-12-31
0001138118
cbre:FivePointTwoFivePercentSeniorNotesMember
us-gaap:EstimateOfFairValueFairValueDisclosureMember
2020-09-30
0001138118
cbre:FivePointTwoFivePercentSeniorNotesMember
us-gaap:EstimateOfFairValueFairValueDisclosureMember
2019-12-31
0001138118
cbre:FivePointTwoFivePercentSeniorNotesMember
2020-09-30
0001138118
cbre:FivePointTwoFivePercentSeniorNotesMember
2019-12-31
0001138118
cbre:FivePointTwoFivePercentSeniorNotesMember
us-gaap:CarryingReportedAmountFairValueDisclosureMember
2020-09-30
0001138118
cbre:FivePointTwoFivePercentSeniorNotesMember
us-gaap:CarryingReportedAmountFairValueDisclosureMember
2019-12-31
0001138118
srt:MaximumMember
2020-09-30
0001138118
us-gaap:EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMember
2020-07-01
2020-09-30
0001138118
us-gaap:EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMember
2019-07-01
2019-09-30
0001138118
us-gaap:EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMember
2020-01-01
2020-09-30
0001138118
us-gaap:EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMember
2019-01-01
2019-09-30
0001138118
cbre:SeniorSecuredTermLoanMember
2020-09-30
0001138118
cbre:SeniorSecuredTermLoanMember
2019-12-31
0001138118
cbre:FourPointEightSevenFiveSeniorNotesMember
us-gaap:SeniorNotesMember
2020-09-30
0001138118
cbre:FourPointEightSevenFiveSeniorNotesMember
us-gaap:SeniorNotesMember
2019-12-31
0001138118
cbre:FivePointTwoFivePercentSeniorNotesMember
us-gaap:SeniorNotesMember
2020-09-30
0001138118
cbre:FivePointTwoFivePercentSeniorNotesMember
us-gaap:SeniorNotesMember
2019-12-31
0001138118
cbre:OtherLongTermDebtMember
2020-09-30
0001138118
cbre:OtherLongTermDebtMember
2019-12-31
0001138118
cbre:SeniorSecuredTermLoanMember
2020-01-01
2020-09-30
0001138118
cbre:SeniorSecuredTermLoanMember
2019-01-01
2019-12-31
0001138118
cbre:SeniorSecuredTermLoanMember
srt:MinimumMember
2020-09-30
0001138118
cbre:SeniorSecuredTermLoanMember
srt:MinimumMember
2019-12-31
0001138118
cbre:SeniorSecuredTermLoanMember
srt:MaximumMember
2020-09-30
0001138118
cbre:SeniorSecuredTermLoanMember
srt:MaximumMember
2019-12-31
0001138118
cbre:FourPointEightSevenFiveSeniorNotesMember
us-gaap:SeniorNotesMember
2020-01-01
2020-09-30
0001138118
cbre:FourPointEightSevenFiveSeniorNotesMember
us-gaap:SeniorNotesMember
2019-01-01
2019-12-31
0001138118
cbre:FivePointTwoFivePercentSeniorNotesMember
us-gaap:SeniorNotesMember
2020-01-01
2020-09-30
0001138118
cbre:FivePointTwoFivePercentSeniorNotesMember
us-gaap:SeniorNotesMember
2019-01-01
2019-12-31
0001138118
cbre:TrancheATermLoanFacilityMember
cbre:TwoThousandNineteenCreditAgreementMember
2017-10-31
2017-10-31
0001138118
us-gaap:RevolvingCreditFacilityMember
cbre:TwoThousandNineteenCreditAgreementMember
2020-09-30
0001138118
us-gaap:RevolvingCreditFacilityMember
cbre:TwoThousandNineteenCreditAgreementMember
2020-01-01
2020-09-30
0001138118
cbre:TrancheATermLoanFacilityMember
cbre:TwoThousandNineteenCreditAgreementMember
2020-09-30
0001138118
cbre:TrancheATermLoanFacilityMember
cbre:TwoThousandNineteenCreditAgreementMember
2020-01-01
2020-09-30
iso4217:EUR
0001138118
cbre:EuroTermLoanFacilityMember
cbre:TwoThousandNineteenCreditAgreementMember
2020-09-30
0001138118
cbre:EuroTermLoanFacilityMember
cbre:TwoThousandNineteenCreditAgreementMember
2020-01-01
2020-09-30
0001138118
cbre:TwoThousandNineteenCreditAgreementMember
cbre:CanadianAustralianAndNewZealandSubsidiariesMember
2020-09-30
0001138118
cbre:TwoThousandNineteenCreditAgreementMember
cbre:UnitedKingdomSubsidiaryMember
2020-09-30
0001138118
cbre:TwoThousandNineteenCreditAgreementMember
us-gaap:RevolvingCreditFacilityMember
srt:MinimumMember
2020-01-01
2020-09-30
0001138118
cbre:TwoThousandNineteenCreditAgreementMember
us-gaap:RevolvingCreditFacilityMember
srt:MaximumMember
2020-01-01
2020-09-30
0001138118
cbre:FundedLoanSubjectToLossSharingArrangementsMember
2020-09-30
0001138118
cbre:FundedLoanSubjectToLossSharingArrangementsMember
2019-12-31
0001138118
cbre:WarehouseReceivableMember
2020-09-30
0001138118
cbre:COVID19PandemicMember
2020-09-30
0001138118
cbre:MultifamilySmallBalanceLoanProgramMember
2020-09-30
0001138118
cbre:MultifamilySmallBalanceLoanProgramMember
2019-12-31
0001138118
cbre:FundedLoanNotSubjectToLossSharingArrangementsMember
2020-09-30
0001138118
srt:MaximumMember
2020-01-01
2020-09-30
0001138118
2020-01-01
2020-06-30
0001138118
us-gaap:StockCompensationPlanMember
2020-07-01
2020-09-30
0001138118
us-gaap:StockCompensationPlanMember
2020-01-01
2020-09-30
0001138118
us-gaap:StockCompensationPlanMember
2019-07-01
2019-09-30
0001138118
us-gaap:StockCompensationPlanMember
2019-01-01
2019-09-30
0001138118
us-gaap:CommonStockMember
srt:MaximumMember
2016-10-31
0001138118
us-gaap:CommonStockMember
2016-10-01
2016-10-31
0001138118
us-gaap:CommonStockMember
cbre:ExchangeActMember
2019-01-01
2019-01-31
0001138118
cbre:ExchangeActMember
2019-01-01
2019-01-31
0001138118
us-gaap:CommonStockMember
srt:MaximumMember
2019-02-28
0001138118
us-gaap:CommonStockMember
2019-02-01
2019-02-28
0001138118
us-gaap:CommonStockMember
2019-08-31
0001138118
us-gaap:CommonStockMember
2019-11-30
0001138118
cbre:MarchTwoThousandNineteenProgramMember
cbre:ExchangeActMember
2019-01-01
2019-12-31
0001138118
us-gaap:CommonStockMember
cbre:MarchTwoThousandNineteenProgramMember
cbre:ExchangeActMember
2019-01-01
2019-12-31
0001138118
us-gaap:CommonStockMember
cbre:ExchangeActMember
2020-03-01
2020-03-31
0001138118
2020-04-01
2020-06-30
0001138118
cbre:GlobalWorkplaceSolutionsMember
cbre:GlobalWorkplaceSolutionsMember
2020-07-01
2020-09-30
0001138118
cbre:GlobalWorkplaceSolutionsMember
2020-07-01
2020-09-30
0001138118
cbre:AdvisoryLeasingMember
cbre:AdvisoryServicesMember
2020-07-01
2020-09-30
0001138118
cbre:AdvisoryLeasingMember
2020-07-01
2020-09-30
0001138118
cbre:AdvisorySalesMember
cbre:AdvisoryServicesMember
2020-07-01
2020-09-30
0001138118
cbre:AdvisorySalesMember
2020-07-01
2020-09-30
0001138118
cbre:PropertyAndAdvisoryProjectManagementMember
cbre:AdvisoryServicesMember
2020-07-01
2020-09-30
0001138118
cbre:PropertyAndAdvisoryProjectManagementMember
2020-07-01
2020-09-30
0001138118
cbre:ValuationMember
cbre:AdvisoryServicesMember
2020-07-01
2020-09-30
0001138118
cbre:ValuationMember
2020-07-01
2020-09-30
0001138118
cbre:CommercialMortgageOriginationMember
cbre:AdvisoryServicesMember
2020-07-01
2020-09-30
0001138118
cbre:CommercialMortgageOriginationMember
2020-07-01
2020-09-30
0001138118
cbre:LoanServicingMember
cbre:AdvisoryServicesMember
2020-07-01
2020-09-30
0001138118
cbre:LoanServicingMember
2020-07-01
2020-09-30
0001138118
cbre:InvestmentManagementPropertyManagementBrokerageAndOtherProfessionalServicesMember
cbre:RealEstateInvestmentsMember
2020-07-01
2020-09-30
0001138118
cbre:InvestmentManagementPropertyManagementBrokerageAndOtherProfessionalServicesMember
2020-07-01
2020-09-30
0001138118
cbre:RealEstateDevelopmentServicesMember
cbre:RealEstateInvestmentsMember
2020-07-01
2020-09-30
0001138118
cbre:RealEstateDevelopmentServicesMember
2020-07-01
2020-09-30
0001138118
cbre:AdvisoryServicesMember
2020-07-01
2020-09-30
0001138118
cbre:GlobalWorkplaceSolutionsMember
2020-07-01
2020-09-30
0001138118
cbre:RealEstateInvestmentsMember
2020-07-01
2020-09-30
0001138118
cbre:GlobalWorkplaceSolutionsMember
cbre:GlobalWorkplaceSolutionsMember
2019-07-01
2019-09-30
0001138118
cbre:GlobalWorkplaceSolutionsMember
2019-07-01
2019-09-30
0001138118
cbre:AdvisoryLeasingMember
cbre:AdvisoryServicesMember
2019-07-01
2019-09-30
0001138118
cbre:AdvisoryLeasingMember
2019-07-01
2019-09-30
0001138118
cbre:AdvisorySalesMember
cbre:AdvisoryServicesMember
2019-07-01
2019-09-30
0001138118
cbre:AdvisorySalesMember
2019-07-01
2019-09-30
0001138118
cbre:PropertyAndAdvisoryProjectManagementMember
cbre:AdvisoryServicesMember
2019-07-01
2019-09-30
0001138118
cbre:PropertyAndAdvisoryProjectManagementMember
2019-07-01
2019-09-30
0001138118
cbre:ValuationMember
cbre:AdvisoryServicesMember
2019-07-01
2019-09-30
0001138118
cbre:ValuationMember
2019-07-01
2019-09-30
0001138118
cbre:CommercialMortgageOriginationMember
cbre:AdvisoryServicesMember
2019-07-01
2019-09-30
0001138118
cbre:CommercialMortgageOriginationMember
2019-07-01
2019-09-30
0001138118
cbre:LoanServicingMember
cbre:AdvisoryServicesMember
2019-07-01
2019-09-30
0001138118
cbre:LoanServicingMember
2019-07-01
2019-09-30
0001138118
cbre:InvestmentManagementPropertyManagementBrokerageAndOtherProfessionalServicesMember
cbre:RealEstateInvestmentsMember
2019-07-01
2019-09-30
0001138118
cbre:InvestmentManagementPropertyManagementBrokerageAndOtherProfessionalServicesMember
2019-07-01
2019-09-30
0001138118
cbre:RealEstateDevelopmentServicesMember
cbre:RealEstateInvestmentsMember
2019-07-01
2019-09-30
0001138118
cbre:RealEstateDevelopmentServicesMember
2019-07-01
2019-09-30
0001138118
cbre:AdvisoryServicesMember
2019-07-01
2019-09-30
0001138118
cbre:GlobalWorkplaceSolutionsMember
2019-07-01
2019-09-30
0001138118
cbre:RealEstateInvestmentsMember
2019-07-01
2019-09-30
0001138118
cbre:GlobalWorkplaceSolutionsMember
cbre:GlobalWorkplaceSolutionsMember
2020-01-01
2020-09-30
0001138118
cbre:GlobalWorkplaceSolutionsMember
2020-01-01
2020-09-30
0001138118
cbre:AdvisoryLeasingMember
cbre:AdvisoryServicesMember
2020-01-01
2020-09-30
0001138118
cbre:AdvisoryLeasingMember
2020-01-01
2020-09-30
0001138118
cbre:AdvisorySalesMember
cbre:AdvisoryServicesMember
2020-01-01
2020-09-30
0001138118
cbre:AdvisorySalesMember
2020-01-01
2020-09-30
0001138118
cbre:PropertyAndAdvisoryProjectManagementMember
cbre:AdvisoryServicesMember
2020-01-01
2020-09-30
0001138118
cbre:PropertyAndAdvisoryProjectManagementMember
2020-01-01
2020-09-30
0001138118
cbre:ValuationMember
cbre:AdvisoryServicesMember
2020-01-01
2020-09-30
0001138118
cbre:ValuationMember
2020-01-01
2020-09-30
0001138118
cbre:CommercialMortgageOriginationMember
cbre:AdvisoryServicesMember
2020-01-01
2020-09-30
0001138118
cbre:CommercialMortgageOriginationMember
2020-01-01
2020-09-30
0001138118
cbre:LoanServicingMember
cbre:AdvisoryServicesMember
2020-01-01
2020-09-30
0001138118
cbre:LoanServicingMember
2020-01-01
2020-09-30
0001138118
cbre:InvestmentManagementPropertyManagementBrokerageAndOtherProfessionalServicesMember
cbre:RealEstateInvestmentsMember
2020-01-01
2020-09-30
0001138118
cbre:InvestmentManagementPropertyManagementBrokerageAndOtherProfessionalServicesMember
2020-01-01
2020-09-30
0001138118
cbre:RealEstateDevelopmentServicesMember
cbre:RealEstateInvestmentsMember
2020-01-01
2020-09-30
0001138118
cbre:RealEstateDevelopmentServicesMember
2020-01-01
2020-09-30
0001138118
cbre:AdvisoryServicesMember
2020-01-01
2020-09-30
0001138118
cbre:GlobalWorkplaceSolutionsMember
cbre:GlobalWorkplaceSolutionsMember
2019-01-01
2019-09-30
0001138118
cbre:GlobalWorkplaceSolutionsMember
2019-01-01
2019-09-30
0001138118
cbre:AdvisoryLeasingMember
cbre:AdvisoryServicesMember
2019-01-01
2019-09-30
0001138118
cbre:AdvisoryLeasingMember
2019-01-01
2019-09-30
0001138118
cbre:AdvisorySalesMember
cbre:AdvisoryServicesMember
2019-01-01
2019-09-30
0001138118
cbre:AdvisorySalesMember
2019-01-01
2019-09-30
0001138118
cbre:PropertyAndAdvisoryProjectManagementMember
cbre:AdvisoryServicesMember
2019-01-01
2019-09-30
0001138118
cbre:PropertyAndAdvisoryProjectManagementMember
2019-01-01
2019-09-30
0001138118
cbre:ValuationMember
cbre:AdvisoryServicesMember
2019-01-01
2019-09-30
0001138118
cbre:ValuationMember
2019-01-01
2019-09-30
0001138118
cbre:CommercialMortgageOriginationMember
cbre:AdvisoryServicesMember
2019-01-01
2019-09-30
0001138118
cbre:CommercialMortgageOriginationMember
2019-01-01
2019-09-30
0001138118
cbre:LoanServicingMember
cbre:AdvisoryServicesMember
2019-01-01
2019-09-30
0001138118
cbre:LoanServicingMember
2019-01-01
2019-09-30
0001138118
cbre:InvestmentManagementPropertyManagementBrokerageAndOtherProfessionalServicesMember
cbre:RealEstateInvestmentsMember
2019-01-01
2019-09-30
0001138118
cbre:InvestmentManagementPropertyManagementBrokerageAndOtherProfessionalServicesMember
2019-01-01
2019-09-30
0001138118
cbre:RealEstateDevelopmentServicesMember
cbre:RealEstateInvestmentsMember
2019-01-01
2019-09-30
0001138118
cbre:RealEstateDevelopmentServicesMember
2019-01-01
2019-09-30
0001138118
cbre:AdvisoryServicesMember
2019-01-01
2019-09-30
0001138118
cbre:GlobalWorkplaceSolutionsMember
2019-01-01
2019-09-30
0001138118
cbre:RealEstateInvestmentsMember
2019-01-01
2019-09-30
cbre:Segment
0001138118
us-gaap:CostOfSalesMember
2020-01-01
2020-09-30
0001138118
cbre:OperatingAdministrativeAndOtherMember
2020-01-01
2020-09-30
0001138118
country:US
2020-07-01
2020-09-30
0001138118
country:US
2019-07-01
2019-09-30
0001138118
country:US
2020-01-01
2020-09-30
0001138118
country:US
2019-01-01
2019-09-30
0001138118
country:GB
2020-07-01
2020-09-30
0001138118
country:GB
2019-07-01
2019-09-30
0001138118
country:GB
2020-01-01
2020-09-30
0001138118
country:GB
2019-01-01
2019-09-30
0001138118
cbre:AllOtherCountriesMember
2020-07-01
2020-09-30
0001138118
cbre:AllOtherCountriesMember
2019-07-01
2019-09-30
0001138118
cbre:AllOtherCountriesMember
2020-01-01
2020-09-30
0001138118
cbre:AllOtherCountriesMember
2019-01-01
2019-09-30
0001138118
us-gaap:CostOfSalesMember
2020-07-01
2020-09-30
0001138118
cbre:OperatingAdministrativeAndOtherMember
2020-07-01
2020-09-30
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
☒ |
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended September 30, 2020
or
☐ |
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the Transition Period from _______________ to _______________
Commission File Number
001-32205

CBRE GROUP, INC.
(Exact name of registrant as specified in its charter)
Delaware |
|
94-3391143 |
(State or other jurisdiction of
incorporation or organization) |
|
(I.R.S. Employer
Identification Number) |
|
|
|
2100 McKinney Avenue, 12th Floor
Dallas, Texas |
|
75201 |
(Address of principal executive offices) |
|
(Zip Code) |
|
|
|
(214) 979-6100 |
|
|
(Registrant's telephone number, including area code) |
|
|
Securities registered pursuant to Section 12(b) of the Act:
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered |
Class A Common Stock, $0.01 par value per share |
“CBRE” |
New York Stock Exchange |
Securities registered pursuant to Section 12(g) of the Act:
None
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer |
☒ |
|
Accelerated filer |
☐ |
Non-accelerated filer |
☐ |
|
Smaller reporting company |
☐ |
|
|
|
Emerging growth company |
☐ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
The number of shares of Class A common stock outstanding at October 20, 2020 was 335,456,246.
FORM 10-Q
September 30, 2020
TABLE OF CONTENTS
PART I – FINANCIAL INFORMATION
Item 1. |
Financial Statements |
CBRE GROUP, INC.
CONSOLIDATED BALANCE SHEETS
(Unaudited)
(Dollars in thousands, except share data)
|
|
September 30, |
|
|
December 31, |
|
|
|
2020 |
|
|
2019 |
|
ASSETS |
|
|
|
|
|
|
|
|
Current Assets: |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
1,481,924 |
|
|
$ |
971,781 |
|
Restricted cash |
|
|
164,633 |
|
|
|
121,964 |
|
Receivables, less allowance for doubtful accounts of $111,777 and $72,725 at
September 30, 2020 and December 31, 2019, respectively |
|
|
3,997,998 |
|
|
|
4,466,674 |
|
Warehouse receivables |
|
|
1,211,886 |
|
|
|
993,058 |
|
Prepaid expenses |
|
|
284,947 |
|
|
|
282,741 |
|
Contract assets |
|
|
282,031 |
|
|
|
328,012 |
|
Income taxes receivable |
|
|
62,736 |
|
|
|
93,915 |
|
Other current assets |
|
|
285,220 |
|
|
|
276,319 |
|
Total Current Assets |
|
|
7,771,375 |
|
|
|
7,534,464 |
|
Property and equipment, net |
|
|
818,333 |
|
|
|
836,206 |
|
Goodwill |
|
|
3,744,269 |
|
|
|
3,753,493 |
|
Other intangible assets, net of accumulated amortization of $1,496,563 and $1,358,528 at
September 30, 2020 and December 31, 2019, respectively |
|
|
1,333,917 |
|
|
|
1,379,546 |
|
Operating lease assets |
|
|
1,057,992 |
|
|
|
997,966 |
|
Investments in unconsolidated subsidiaries |
|
|
392,569 |
|
|
|
426,711 |
|
Real estate under development |
|
|
228,038 |
|
|
|
185,508 |
|
Non-current contract assets |
|
|
177,801 |
|
|
|
201,760 |
|
Deferred tax assets, net |
|
|
95,380 |
|
|
|
73,864 |
|
Non-current income taxes receivable |
|
|
39,467 |
|
|
|
139,136 |
|
Other assets, net |
|
|
687,935 |
|
|
|
668,542 |
|
Total Assets |
|
$ |
16,347,076 |
|
|
$ |
16,197,196 |
|
LIABILITIES AND EQUITY |
|
|
|
|
|
|
|
|
Current Liabilities: |
|
|
|
|
|
|
|
|
Accounts payable and accrued expenses |
|
$ |
2,428,845 |
|
|
$ |
2,436,084 |
|
Compensation and employee benefits payable |
|
|
1,222,607 |
|
|
|
1,324,990 |
|
Accrued bonus and profit sharing |
|
|
808,353 |
|
|
|
1,261,974 |
|
Operating lease liabilities |
|
|
189,641 |
|
|
|
168,663 |
|
Contract liabilities |
|
|
132,499 |
|
|
|
108,671 |
|
Income taxes payable |
|
|
50,965 |
|
|
|
30,207 |
|
Short-term borrowings: |
|
|
|
|
|
|
|
|
Warehouse lines of credit (which fund loans that U.S. Government Sponsored Enterprises have
committed to purchase) |
|
|
1,191,834 |
|
|
|
977,175 |
|
Other |
|
|
5,028 |
|
|
|
4,534 |
|
Total short-term borrowings |
|
|
1,196,862 |
|
|
|
981,709 |
|
Current maturities of long-term debt |
|
|
1,526 |
|
|
|
1,814 |
|
Other current liabilities |
|
|
120,974 |
|
|
|
122,339 |
|
Total Current Liabilities |
|
|
6,152,272 |
|
|
|
6,436,451 |
|
Long-term debt, net of current maturities |
|
|
1,783,212 |
|
|
|
1,761,245 |
|
Non-current operating lease liabilities |
|
|
1,125,005 |
|
|
|
1,057,758 |
|
Non-current tax liabilities |
|
|
84,633 |
|
|
|
85,966 |
|
Deferred tax liabilities, net |
|
|
71,892 |
|
|
|
34,593 |
|
Non-current income taxes payable |
|
|
40,562 |
|
|
|
93,647 |
|
Other liabilities |
|
|
495,198 |
|
|
|
454,424 |
|
Total Liabilities |
|
|
9,752,774 |
|
|
|
9,924,084 |
|
Commitments and contingencies |
|
|
— |
|
|
|
— |
|
Equity: |
|
|
|
|
|
|
|
|
CBRE Group, Inc. Stockholders’ Equity: |
|
|
|
|
|
|
|
|
Class A common stock; $0.01 par value; 525,000,000 shares authorized; 335,438,893 and 334,752,283
shares issued and outstanding at September 30, 2020 and December 31, 2019, respectively |
|
|
3,354 |
|
|
|
3,348 |
|
Additional paid-in capital |
|
|
1,064,849 |
|
|
|
1,115,944 |
|
Accumulated earnings |
|
|
6,216,292 |
|
|
|
5,793,149 |
|
Accumulated other comprehensive loss |
|
|
(731,399 |
) |
|
|
(679,748 |
) |
Total CBRE Group, Inc. Stockholders’ Equity |
|
|
6,553,096 |
|
|
|
6,232,693 |
|
Non-controlling interests |
|
|
41,206 |
|
|
|
40,419 |
|
Total Equity |
|
|
6,594,302 |
|
|
|
6,273,112 |
|
Total Liabilities and Equity |
|
$ |
16,347,076 |
|
|
$ |
16,197,196 |
|
The accompanying notes are an integral part of these consolidated financial statements.
1
CBRE GROUP, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(Dollars in thousands, except share data)
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
|
|
September 30, |
|
|
September 30, |
|
|
|
2020 |
|
|
2019 |
|
|
2020 |
|
|
2019 |
|
Revenue |
|
$ |
5,645,142 |
|
|
$ |
5,925,101 |
|
|
$ |
16,915,694 |
|
|
$ |
16,774,684 |
|
Costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenue |
|
|
4,564,579 |
|
|
|
4,687,336 |
|
|
|
13,676,790 |
|
|
|
13,155,160 |
|
Operating, administrative and other |
|
|
794,227 |
|
|
|
809,584 |
|
|
|
2,355,099 |
|
|
|
2,479,857 |
|
Depreciation and amortization |
|
|
127,725 |
|
|
|
111,560 |
|
|
|
357,903 |
|
|
|
323,862 |
|
Asset impairments |
|
|
— |
|
|
|
— |
|
|
|
75,171 |
|
|
|
89,037 |
|
Total costs and expenses |
|
|
5,486,531 |
|
|
|
5,608,480 |
|
|
|
16,464,963 |
|
|
|
16,047,916 |
|
Gain on disposition of real estate |
|
|
52,797 |
|
|
|
9 |
|
|
|
75,132 |
|
|
|
19,266 |
|
Operating income |
|
|
211,408 |
|
|
|
316,630 |
|
|
|
525,863 |
|
|
|
746,034 |
|
Equity income from unconsolidated subsidiaries |
|
|
32,376 |
|
|
|
25,796 |
|
|
|
72,487 |
|
|
|
120,233 |
|
Other income |
|
|
7,947 |
|
|
|
941 |
|
|
|
12,974 |
|
|
|
26,163 |
|
Interest expense, net of interest income |
|
|
17,829 |
|
|
|
21,846 |
|
|
|
51,795 |
|
|
|
67,638 |
|
Write-off of financing costs on extinguished debt |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2,608 |
|
Income before provision for income taxes |
|
|
233,902 |
|
|
|
321,521 |
|
|
|
559,529 |
|
|
|
822,184 |
|
Provision for income taxes |
|
|
49,062 |
|
|
|
63,468 |
|
|
|
119,047 |
|
|
|
169,867 |
|
Net income |
|
|
184,840 |
|
|
|
258,053 |
|
|
|
440,482 |
|
|
|
652,317 |
|
Less: Net income attributable to non-controlling interests |
|
|
708 |
|
|
|
1,454 |
|
|
|
2,258 |
|
|
|
7,578 |
|
Net income attributable to CBRE Group, Inc. |
|
$ |
184,132 |
|
|
$ |
256,599 |
|
|
$ |
438,224 |
|
|
$ |
644,739 |
|
Basic income per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per share attributable to CBRE Group, Inc. |
|
$ |
0.55 |
|
|
$ |
0.76 |
|
|
$ |
1.31 |
|
|
$ |
1.92 |
|
Weighted average shares outstanding for basic income per share |
|
|
335,287,245 |
|
|
|
336,203,747 |
|
|
|
335,128,531 |
|
|
|
336,149,719 |
|
Diluted income per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per share attributable to CBRE Group, Inc. |
|
$ |
0.55 |
|
|
$ |
0.75 |
|
|
$ |
1.30 |
|
|
$ |
1.89 |
|
Weighted average shares outstanding for diluted income per share |
|
|
337,665,848 |
|
|
|
341,100,182 |
|
|
|
338,255,859 |
|
|
|
340,590,007 |
|
The accompanying notes are an integral part of these consolidated financial statements.
2
CBRE GROUP, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
(Dollars in thousands)
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
|
|
September 30, |
|
|
September 30, |
|
|
|
2020 |
|
|
2019 |
|
|
2020 |
|
|
2019 |
|
Net income |
|
$ |
184,840 |
|
|
$ |
258,053 |
|
|
$ |
440,482 |
|
|
$ |
652,317 |
|
Other comprehensive income (loss): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency translation gain (loss) |
|
|
106,201 |
|
|
|
(78,177 |
) |
|
|
(40,237 |
) |
|
|
(79,772 |
) |
Amounts reclassified from accumulated other comprehensive
loss to interest expense, net of tax |
|
|
106 |
|
|
|
377 |
|
|
|
320 |
|
|
|
1,212 |
|
Unrealized gains (losses) on interest rate swaps, net of tax |
|
|
— |
|
|
|
7 |
|
|
|
— |
|
|
|
(104 |
) |
Unrealized holding gains on available for sale debt securities,
net of tax |
|
|
811 |
|
|
|
881 |
|
|
|
1,311 |
|
|
|
2,341 |
|
Other, net |
|
|
— |
|
|
|
7,377 |
|
|
|
(13,045 |
) |
|
|
7,378 |
|
Total other comprehensive income (loss) |
|
|
107,118 |
|
|
|
(69,535 |
) |
|
|
(51,651 |
) |
|
|
(68,945 |
) |
Comprehensive income |
|
|
291,958 |
|
|
|
188,518 |
|
|
|
388,831 |
|
|
|
583,372 |
|
Less: Comprehensive income attributable to non-controlling
interests |
|
|
708 |
|
|
|
1,340 |
|
|
|
2,258 |
|
|
|
7,445 |
|
Comprehensive income attributable to CBRE Group, Inc. |
|
$ |
291,250 |
|
|
$ |
187,178 |
|
|
$ |
386,573 |
|
|
$ |
575,927 |
|
The accompanying notes are an integral part of these consolidated financial statements.
3
CBRE GROUP, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(Dollars in thousands)
|
|
Nine Months Ended |
|
|
|
September 30, |
|
|
|
2020 |
|
|
2019 |
|
CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
|
|
|
|
|
|
Net income |
|
$ |
440,482 |
|
|
$ |
652,317 |
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
357,903 |
|
|
|
323,862 |
|
Amortization and write-off of financing costs on extinguished debt |
|
|
4,632 |
|
|
|
7,196 |
|
Gains related to mortgage servicing rights, premiums on loan sales and sales of other assets |
|
|
(179,506 |
) |
|
|
(191,103 |
) |
Asset impairments |
|
|
75,171 |
|
|
|
89,037 |
|
Net realized and unrealized gains, primarily from investments |
|
|
(12,974 |
) |
|
|
(26,163 |
) |
Provision for doubtful accounts |
|
|
49,498 |
|
|
|
18,083 |
|
Net compensation expense for equity awards |
|
|
41,841 |
|
|
|
98,958 |
|
Equity income from unconsolidated subsidiaries |
|
|
(72,487 |
) |
|
|
(120,233 |
) |
Distribution of earnings from unconsolidated subsidiaries |
|
|
103,796 |
|
|
|
145,588 |
|
Proceeds from sale of mortgage loans |
|
|
11,565,281 |
|
|
|
15,786,800 |
|
Origination of mortgage loans |
|
|
(11,727,227 |
) |
|
|
(15,381,864 |
) |
Increase in warehouse lines of credit |
|
|
214,659 |
|
|
|
19,849 |
|
Increase in advance warehouse funding |
|
|
— |
|
|
|
(376,707 |
) |
Tenant concessions received |
|
|
28,617 |
|
|
|
18,367 |
|
Purchase of equity securities |
|
|
(8,932 |
) |
|
|
(81,369 |
) |
Proceeds from sale of equity securities |
|
|
11,210 |
|
|
|
45,333 |
|
Increase in real estate under development |
|
|
(68,178 |
) |
|
|
(3,356 |
) |
Decrease (increase) in receivables, prepaid expenses and other assets (including contract and
lease assets) |
|
|
610,058 |
|
|
|
(644,586 |
) |
(Decrease) increase in accounts payable and accrued expenses and other liabilities (including
contract and lease liabilities) |
|
|
(128,693 |
) |
|
|
158,708 |
|
Decrease in compensation and employee benefits payable and accrued bonus and profit sharing |
|
|
(550,932 |
) |
|
|
(194,592 |
) |
Decrease (increase) in net income taxes receivable/payable |
|
|
118,736 |
|
|
|
(132,583 |
) |
Other operating activities, net |
|
|
(12,313 |
) |
|
|
(36,793 |
) |
Net cash provided by operating activities |
|
|
860,642 |
|
|
|
174,749 |
|
CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
|
|
|
|
|
|
Capital expenditures |
|
|
(190,546 |
) |
|
|
(196,031 |
) |
Acquisition of businesses, including net assets acquired, intangibles and goodwill, net of cash
acquired |
|
|
(25,923 |
) |
|
|
(14,844 |
) |
Contributions to unconsolidated subsidiaries |
|
|
(72,058 |
) |
|
|
(84,648 |
) |
Distributions from unconsolidated subsidiaries |
|
|
66,409 |
|
|
|
20,960 |
|
Other investing activities, net |
|
|
15,631 |
|
|
|
2,864 |
|
Net cash used in investing activities |
|
|
(206,487 |
) |
|
|
(271,699 |
) |
The accompanying notes are an integral part of these consolidated financial statements.
4
CBRE GROUP, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)
(Unaudited)
(Dollars in thousands)
|
|
Nine Months Ended |
|
|
|
September 30, |
|
|
|
2020 |
|
|
2019 |
|
CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
|
|
|
|
|
|
Proceeds from senior term loans |
|
|
— |
|
|
|
300,000 |
|
Repayment of senior term loans |
|
|
— |
|
|
|
(300,000 |
) |
Proceeds from revolving credit facility |
|
|
835,671 |
|
|
|
2,683,000 |
|
Repayment of revolving credit facility |
|
|
(835,671 |
) |
|
|
(2,631,000 |
) |
Proceeds from notes payable on real estate |
|
|
40,263 |
|
|
|
5,243 |
|
Repayment of notes payable on real estate |
|
|
(24,704 |
) |
|
|
— |
|
Repurchase of common stock |
|
|
(50,028 |
) |
|
|
(94,088 |
) |
Acquisition of businesses (cash paid for acquisitions more than three months after purchase date) |
|
|
(34,400 |
) |
|
|
(36,089 |
) |
Units repurchased for payment of taxes on equity awards |
|
|
(41,627 |
) |
|
|
(16,573 |
) |
Non-controlling interest contributions |
|
|
1,977 |
|
|
|
46,513 |
|
Non-controlling interest distributions |
|
|
(2,471 |
) |
|
|
(3,798 |
) |
Other financing activities, net |
|
|
(334 |
) |
|
|
(5,171 |
) |
Net cash used in financing activities |
|
|
(111,324 |
) |
|
|
(51,963 |
) |
Effect of currency exchange rate changes on cash and cash equivalents and restricted cash |
|
|
9,981 |
|
|
|
(12,726 |
) |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS AND
RESTRICTED CASH |
|
|
552,812 |
|
|
|
(161,639 |
) |
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, AT BEGINNING
OF PERIOD |
|
|
1,093,745 |
|
|
|
863,944 |
|
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, AT END OF PERIOD |
|
$ |
1,646,557 |
|
|
$ |
702,305 |
|
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: |
|
|
|
|
|
|
|
|
Cash paid during the period for: |
|
|
|
|
|
|
|
|