Slides
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October 22, 2026 Q3 2026 Earnings Presentation
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© 202 6 CBRE, INC. | 2 This presentation contains statements that are forward looking within the meaning of the Private Securities Litigation Reform Ac t of 1995, including, but not limited to, statements concerning our business outlook, our business plans, capital allocation strategy, as well as our earnings , net leverage, and free cash flow outlook. These statements involve risks and uncertainties that may cause actual results and trends to differ materially from those pro jec ted. Except to the extent required by applicable securities laws, we undertake no obligation to update or publicly revise any of the forward - looking statements tha t you may hear today. Please refer to our third quarter earnings release, furnished on Form 8 - K, our SEC filings on Form 10 - K and Form 10 - Q, respectively, and in particular an y discussion of risk factors or forward - looking statements therein, which are available on the SEC’s website (www.sec.gov), for a full discussion of the risks and other factors that may impact any forward - looking statements that you may hear today. We may make certain statements during the course of this presentation, which include references to “non - GAAP financial measures,” as defined by SEC regulations. Where required by these regulations, we have provided reconcili ations of these measures to what we believe are the most directly comparable GAAP measures, which are included in the appendix. When citing financial performa nce relative to expectations, we are referring to actual results against the outlook provided on our Q 2 2026 earnings call, unless otherwise noted. Forward Looking Statements
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© 202 6 CBRE, INC. | 3 Three Months Ended September 30, 2026 2025 % Change Revenue $11,517 $10,221 13% Pass - Through Costs 4,691 4,212 11% GAAP Net Income 443 363 22% Core Net Income 599 481 25% Core EBITDA 1,001 779 28% GAAP EPS $1.52 $1.21 26% Core EPS $2.05 $1.60 28% – Resilient Businesses revenue grew 13%, while Transactional Businesses grew 11% in the third quarter. – Core EBITDA grew 28% and Core EPS grew 28% year - on - year . This marked the sixth consecutive quarter of at least 18% Core EPS growth. – Infrastructure services revenue, which includes Critical Infrastructure Services and our transportation, energy and data center work in Project Management and Advisory Services, grew 50% to $4.5 billion on a trailing 12 - month basis. Consolidated Results Summary QTD Financials, $ in millions, except per share figures, % change for consolidated results in USD
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© 202 6 CBRE, INC. | 4 – Revenue growth of 11% led by strong growth in sales . – Global leasing revenue grew 6%, with notable strength in the U.K. In the U.S., industrial leasing activity rose 16%, hitting a record in the third quarter. – Global property sales revenue grew 2 8%. U.S. sales revenue rose 37% , led by strength in industrial and retail . Outside the US, sales revenue grew 8% in EMEA, and 10% in Asia Pacific. – Mortgage origination revenue grew 1%. Increased activity with private capital sources was largely offset by lower government age ncy lending. Revenue was negatively impacted by net non - cash mortgage servicing rights (OMSRs), which reduced the growth rate by twelve percentage points . – Advisory SOP grew 16%. Advisory Services $ in millions, totals may not sum due to rounding Financial Commentary, % change in USD 1. Other Advisory includes Commercial Mortgage Originations, Loan Servicing, Valuations and Other Portfolio Services . $403 $467 Q3'25 Q3'26 Segment Operating Profit $1,144 $1,213 $545 $697 $510 $531 $2,199 $2,441 Q3'25 Q3'26 Revenue $14 $16 Q3'25 Q3'26 Pass - through Costs ◼ Leasing ◼ Sales ◼ Other Adv (1)
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© 202 6 CBRE, INC. | 5 – Revenue grew 1 7 %, with pass - through costs up 17%. – Critical infrastructure services revenue increased 80 % driven by strong hyperscaler demand for our data center services solutions as well as contributions from Pearce Services. – Facilities management revenue grew 13%. Growth in enterprise facilities management was led by technology, financial services and energy clients, while local facilities management saw more than 25% growth in the Americas. – BOE SOP increased 21 %. Building Operations & Experience $ in millions, totals may not sum due to rounding Financial Commentary, % change in USD $289 $349 Q3'25 Q3'26 Segment Operating Profit $4,771 $5,401 $657 $711 $414 $744 $5,842 $6,856 Q3'25 Q3'26 Revenue $3,118 $3,641 Q3'25 Q3'26 Pass - through Costs ◼ Facilities Mgmt ◼ Property Mgmt ◼ Critical Infra
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© 202 6 CBRE, INC. | 6 – Revenue grew 3%, while pass - through costs declined 4%. – Revenue growth was driven by double - digit growth in infrastructure services. Overall growth rate was tempered by weaker corporat e capital spending on real estate. – Project Management SOP grew 9%, despite a one - time cost in APAC, which lowered the growth rate by six percentage points. Project Management $ in millions, totals may not sum due to rounding Financial Commentary, % change in USD $148 $162 Q3'25 Q3'26 Segment Operating Profit $1,978 $2,035 Q3'25 Q3'26 Revenue $1,080 $1,034 Q3'25 Q3'26 Pass - through Costs
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© 202 6 CBRE, INC. | 7 – SOP showed strong growth year - over - year, led by profits from the data center land program. – The in - process and pipeline development portfolio ended the quarter at $29.6B, unchanged from the second quarter. – Investment Management revenue was up 4 %, led by higher recurring asset management fees and increased incentive fees . Operating profit was below last year’s third quarter, reflecting lower co - investment returns. – AUM ended the quarter at more than $15 5 billion, in line with the prior quarter’s level. Real Estate Investments $ in millions, totals may not sum due to rounding Financial Commentary, % change in USD $143 $145 $63 $49 $5 $9 $211 $203 Q3'25 Q3'26 Revenue $73 $166 Q3'25 Q3'26 Segment Operating Profit ◼ Asset Mgmt Fees ◼ Development ◼ Other
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© 202 6 CBRE, INC. | 8 Capital Allocation and Free Cash Flow TTM Free Cash Flow, $ in millions Net Leverage $930 $1,564 $2,154 $1,369 $202 $1,543 $1,652 $1,832 76% 150% 120% 73% 16% 98% 86% 78% 2019 2020 2021 2022 2023 2024 2025 Q3'26 FCF FCF Conversion 0.1x 0.7x 1.0x 1.3x 1.4x 0.0x 0.5x 1.0x 1.5x 2.0x 2022 2023 2024 2025 Q3'26 Net Leverage Middle of Target Range High-End of Target Range – We generated approximately $1.8 billion of free cash flow on a trailing 12 - month b asis , reflecting 78% conversion. – Year - to - date (as of October 20), we have repurchased nearly $1.2B worth of shares . – Net leverage ended the quarter at 1.4x. We expect to end the year with slightly above 1x of net leverage.
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© 202 6 CBRE, INC. | 9 – We are maintaining our previously stated 2026 Core EPS guidance of $7.80 - $7.90, reflecting 23% growth at the midpoint. – Advisory Services is expected to moderate driven by increased pressure on capital markets from higher interest rates. – BOE SOP expected to grow less than previously stated due to lower expectations for Enterprise Facilities Management. – Higher REI SOP than previously guided, driven by Development. – For 2027, we continue to see a path to 15% Core EPS growth. 2026 Outlook Advisory Services Building Op s & Experience Project Management Real Estate Investments Lower than the previously stated ~20% SOP growth Lower than the previously stated ~25% SOP growth Maintain mid - teens SOP growth SOP ahead of prior expectations, led by Development gains Consolidated Guidance 2026 Core EPS range of $7.80 - $7.90 CBRE has not reconciled the (non - GAAP) Core EPS forward - looking guidance included in this presentation to the most directly comp arable GAAP measure because this cannot be done without unreasonable effort due to the variability and low visibility with respect to costs related to acquisitions, carried interest incentive compensation and financing costs, which are potenti al adjustments to future earnings. We expect the variability of these items to have a potentially unpredictable, and a potential ly significant, impact on our future GAAP financial results.
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Supplemental Slides
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© 202 6 CBRE, INC. | 11 The following measures are considered “non - GAAP financial measures” under SEC guidelines: i. Core net income attributable to CBRE Group, Inc. stockholders, as adjusted (which we also refer to as “core adjusted net inco me” ) ii. Core EBITDA iii. Core EPS iv. Business line operating profit/loss v. Net debt vi. Free cash flow vii. Free cash flow conversion These measures are not recognized measurements under United States generally accepted accounting principles (GAAP). When anal yzi ng 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. Because n ot all companies use identical calculations, our presentation of these measures may not be comparable to similarly titled measures of other companies. Our management generally uses these non - GAAP financial measures to evaluate operating performance and for other discretionary pu rposes. The company believes 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 financia l p erformance because they eliminate the impact of selected charges that may obscure trends in the underlying performance of our business. The company further uses certain of these measures, and believes that they are useful to investo rs, for purposes described below. With respect to core EBITDA, core EPS, core adjusted net income, and business line operating profit/loss, the company believe s t hat investors may find these measures useful in evaluating our operating performance compared to that of other companies in our industry because their calculations generally eliminate the accounting effects of acquisitions, which would inc lude impairment charges of goodwill and intangibles created from acquisitions, the effects of financings and income tax and the accounting effects of capital spending. The presentation of core adjusted net income, excluding amortization of i nta ngible assets acquired in business combinations, is useful to investors as a supplemental measure to evaluate the company’s ongoing operating performance. While amortization expense of acquisition - related intangible assets is excluded from co re adjusted net income, the revenue generated from the acquired intangible assets is not excluded. All of these measures may vary for different companies for reasons unrelated to overall operating performance. In the case of core EBITDA, th is measure is not intended to be a measure of free cash flow for our management’s discretionary use because it does not consider cash requirements such as tax and debt service payments. The core EBITDA measure calculated herein may also di ffer from the amounts calculated under similarly titled definitions in our credit facilities and debt instruments, which amounts 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. The company also uses segment operating profit and core EPS as significant components when measuring our operating performanc e u nder our employee incentive compensation programs. With respect to free cash flow and free cash flow conversion, the company believes that investors may find this measure usefu l t o analyze the cash flow generated from operations and real estate investment and development activities after accounting for cash outflows to support operations and capital expenditures. With respect to net debt, the company believes t hat investors use this measure when calculating the company’s net leverage ratio. With respect to core EBITDA, core EPS and core adjusted net income, the company believes that investors may find these measur es useful to analyze the underlying performance of operations without the impact of strategic non - core equity investments that are not directly related to our business segments. These can be volatile and are often non - cash in nature. Non - GAAP Financial Measures
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© 202 6 CBRE, INC. | 12 Core adjusted Net Income and Core adjusted Earnings Per Diluted Share: Core adjusted net income and core earnings per diluted share (or core EPS) exclude the effect of select items from U.S. GAAP net income and U.S. GAAP earnings per diluted share. Adjustments during the periods presented included non - cash amortization expense related to intangible assets attributable to acquisitions, interest expense related to indirect tax audits and settlements, write - off of financing costs on extinguished debt, impact of adjustments on non - controlling interest, the tax impact of adjusted items and strategic no n - core investments, net non - cash mortgage servicing rights, integration and other costs related to acquisitions, carried interest incentive compensation expense to align with the timing of associated revenue, charges related to indirect t ax audits and settlements, net results related to the wind - down of certain businesses, impact of fair value non - cash adjustments related to unconsolidated equity investments, business and finance transformation, costs associated with efficien cy and cost - reduction initiatives, provision associated with Telford’s fire safety remediation efforts, and net fair value adjustments on strategic non - core investments. Core EBITDA: Core EBITDA represents earnings before the portion attributable to non - controlling interests, depreciation and amortization, ass et impairments, net interest expense, write - off of financing costs on extinguished debt, income taxes, further adjusted for net non - cash mortgage servicing rights, integration and other costs related to acquisitions, carried inter est incentive compensation expense to align with the timing of associated revenue, charges related to indirect tax audits and settlements, net results related to the wind - down of certain businesses, impact of fair value non - cash adjustments re lated to unconsolidated equity investments, business and finance transformation, non - cash pension buy - out settlement loss, costs associated with efficiency and cost - reduction initiatives, net fair value adjustments on strategic non - co re investments, and provision associated with Telford’s fire safety remediation efforts. Free Cash Flow: Free cash flow is calculated as cash flow provided by operations, plus gain on sale of real estate assets, less capital expen dit ures (reflected in the investing section of the consolidated statement of cash flows). Free Cash Flow Conversion: Free cash flow conversion is calculated as Free Cash Flow divided by Core adjusted Net Income. Liquidity: includes cash available for company use, as well as availability under the Company’s revolving credit facilities and commerci al paper program. Net Debt (net cash): calculated as total debt (excluding non - recourse debt) less cash and cash equivalents. Net Leverage : calculated as net debt divided by trailing twelve - month core EBITDA. Segment operating profit: Segment operating profit is the measure reported to the chief operating decision maker (CODM) for purposes of assessing perfo rma nce and allocating resources to each segment. Segment operating profit represents earnings, inclusive of non - controlling interests, before net interest expense, write - off of financing costs on exting uished debt, income taxes, depreciation and amortization and asset impairments, as well as adjustments related to the following: net non - cash mortgage servicing rights, integration and other costs related to acquisitions, carried interest incenti ve compensation expense to align with the timing of associated revenue, charges related to indirect tax audits and settlements, net results related to the wind - down of certain businesses, the impact of fair value non cash adjustments related t o unconsolidated equity investments, business and finance transformation, costs associated with efficiency and cost - reduction initiatives, and provision associated with Telford’s fire safety remediation efforts. Business line operating profit: contribution from each line of business to the respective reportable segment’s operating profit. Resilient businesses: include facilities management, critical infrastructure services, property management, project management, loan servicing, val uat ions, other portfolio services and recurring investment management fees. Transactional businesses: include property sales, leasing, mortgage origination, carry interest and incentive fees in the investment management busines s, and development fees. Definitions
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© 202 6 CBRE, INC. | 13 QTD Financials, $ in millions Advisory Services Three Months Ended September 30, 2026 2025 % Change Disaggregated Revenue Advisory L easing 1,213 1,144 6% Advisory S ales 697 545 28% Commercial M ortgage O rigination 101 100 1% Valuation 206 194 6% Loan Servicing 126 127 (1)% Other Portfolio Services Revenue 98 89 10% Pass - through costs 1 16 14 14% 1. Pass - through costs also recognized as revenue .
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© 202 6 CBRE, INC. | 14 QTD Financials, $ in millions Real Estate Investments Three Months Ended September 30, 2026 2025 % Change Asset m anagement f ees $145 $143 1% Acquisition, d isposition & o ther 8 5 60% Carried interest 1 — n/a Development 49 63 (22)% REI Revenue $203 $211 (4)% REI Segment Operating Profit $166 $73 127% Business Line Operating Profit to Segment Operating Profit Investment M anagement operating profit $38 $43 (12)% Development o perating p rofit 128 35 266% Segment o verhead o perating profit ( Loss ) — (5) n/a REI Segment Operating Profit $166 $73 127%
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© 202 6 CBRE, INC. | 15 CBRE Capital Structure, $ in millions, totals may not sum due to rounding Debt, Leverage and Liquidity September 30, December 31, 2026 2025 Commercial paper program 1,195 852 Senior term loans, net 1,171 1,251 Senior notes, net 4,534 3,793 Current portion LTD 69 71 Other debt and short - term borrowings 9 10 Total Debt $6,978 $5,977 less: Cash (1,683) (1,864) Net Debt $5,295 $4,113 TTM Core EBITDA 3,902 3,157 Net Leverage 1.4x 1.3x Cash 1,683 1,864 Available r evolving c redit f acilities 3,282 3,820 Liquidity $4,965 $5,684
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© 202 6 CBRE, INC. | 16 Free Cash Flow and Net Leverage TTM Free Cash Flow, $ in millions Net Leverage, $ in millions Trailing Twelve Months Ended, Sep - 26 Dec - 25 Dec - 24 Dec - 23 Dec - 22 Dec - 21 Dec - 20 Dec - 19 Net cash provided by Operating Activities $1,403 $1,559 $1,708 $480 $1,629 $2,364 $1,831 $1,223 Add: Gain on disposition of real estate 894 459 142 27 n/a n/a n/a n/a Less: Capital expenditures (465) (366) (307) (305) (260) (210) (267) (294) Free Cash Flow 1,832 1,652 1,543 202 1,369 2,154 1,564 930 As of, Sep - 26 Dec - 25 Dec - 24 Dec - 23 Dec - 22 Revolving Credit Facilities $ — $ — $132 $ — $178 Commercial Paper Program 1,195 852 175 — — Senior term loans (1) 1,171 1,251 682 743 — Senior notes (1) 4,534 3,793 2,563 2,061 1,085 Current portion LTD 69 71 36 9 428 Other debt (2) 9 10 47 16 43 Total Debt 6,978 5,977 3,635 2,8 29 1,734 Less: Cash (1,683) (1,864) (1,114) (1,265) (1,318) Net Debt (Cash) 5,295 4,113 2,521 1,56 4 416 TTM Core EBITDA 3,902 3,157 2,581 2,125 2,790 Net Leverage 1.4x 1.3x 1.0x 0.7x 0.1x 1. Outstanding amounts are reflected net of unamortized discount and debt issuance costs. 2. Includes outstanding balances of $44M, $10M and $32M as of December 31, 2024, 2023 and 2022, respectively, related to the 120 M G BP Turner & Townsend revolver. Effective June 30, 2026, the Turner & Townsend credit agreement for the revolving credit facility was terminated.
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© 202 6 CBRE, INC. | 17 Twelve Months Ended, Three Months Ended September 30, December 31, September 30, 2026 2025 2024 2023 2022 2026 2025 Net income attributable to CBRE Group, Inc. $1,381 $1,157 $968 $986 $1,407 $443 $363 Net income attributable to non - controlling interests 138 120 68 41 17 37 33 Net income 1,519 1,277 1,036 1,027 1,424 480 396 Adjustments: Depreciation and amortization 707 583 536 478 449 184 145 Asset impairments — — — — 59 — — Interest expense, net of interest income 238 216 215 149 69 62 50 Write - off of financing costs on extinguished debt — 2 — — 2 — — Provision for income taxes 425 317 182 250 234 131 90 Net non - cash mortgage servicing rights 12 (5) 15 60 30 6 (5) Integration and other costs related to acquisitions 289 303 93 62 40 76 60 Carried interest incentive compensation expense (reversal) to align with the timing of associated revenue 2 10 8 (7) (4) 12 3 Charges related to indirect tax audits and settlements — (1) 76 — — — — Net results related to the wind - down of certain businesses 66 74 — — — 6 30 Impact of fair value non - cash adjustments related to unconsolidated equity investments — 2 9 — — — — Business and finance transformation 168 101 — — — 35 10 Non - cash pension buy - out settlement loss 147 147 — — — — — Costs associated with efficiency and cost - reduction initiatives (7) — 259 159 118 — — Costs incurred related to legal entity restructuring — — 2 13 13 — — Provision associated with Telford’s fire safety remediation efforts 300 132 33 — 186 — — One - time gain associated with remeasuring an investment in an unconsolidated subsidiary to fair value as of the date the remaining controlling interest was acquired — — — (34) — — — Impact of fair value adjustments to real estate assets acquired in the Telford Acquisition (purchase accounting) that were sold in period — — — — (5) — — Net fair value adjustments on strategic non - core investments 36 (1) 117 (32) 175 9 — Core EBITDA 3,902 3,157 2,581 2,125 2,790 1,001 779 Reconciliation of Net Income to Core EBITDA $ in millions, totals may not sum due to rounding
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© 202 6 CBRE, INC. | 18 Twelve Months Ended, September 30, December 31, 2026 2025 2024 2023 2022 2021 2020 2019 Net income attributable to CBRE Group, Inc. $1,381 1,157 968 986 1,407 1,837 752 1,282 Adjustments: Non - cash amortization expense related to intangible assets attributable to acquisitions 229 226 199 167 166 86 76 81 Asset impairments — — — — 59 — 89 90 Interest expense related to indirect tax audits and settlements 8 4 16 — — — — — Write - off of financing costs on extinguished debt — 2 — — 2 — 76 3 Impact of adjustments on non - controlling interest — — (18) (33) (40) (4) — — Net non - cash mortgage servicing rights 12 (5) 15 60 30 (13) (85) (59) Integration and other costs related to acquisitions 289 303 93 62 40 45 2 15 Carried interest incentive compensation (reversal) expense to align with the timing of associated revenue 2 10 8 (7) (4) 50 (23) 13 Charges related to indirect tax audits and settlements — (1) 76 — — — — — Net results related to the wind - down of certain businesses 66 74 — — — — — — Impact of fair value non - cash adjustments related to unconsolidated equity investments — 2 9 — — — — — Business and finance transformation 168 101 — — — — — — Non - cash pension buy - out settlement loss 147 147 — — — — — — Costs associated with efficiency and cost - reduction initiatives (7) — 259 159 118 — — — Costs incurred related to legal entity restructuring — — 2 13 13 — 9 7 Provision associated with Telford’s fire safety remediation efforts 300 132 33 — 186 — — — Impact of fair value adjustments to real estate assets acquired in the Telford Acquisition (purchase accounting) that were sold in period — — — — (5) (6) 12 9 One - time gain associated with remeasuring an investment in an unconsolidated subsidiary to fair value as of the date the remaining controlling interest was acquired — — — (34) — — — — Net gain on deconsolidation upon merger of the SPAC with and into Altus Power, net of associated costs — — — — — (156) — — Costs associated with workforce optimization efforts — — — — — — 38 — Costs associated with transformation initiatives — — — — — — 155 — Depreciation expense related to transformation initiatives — — — — — — 20 — Costs associated with our reorganization, including cost - savings initiatives — — — — — — — 50 Net fair value adjustments on strategic non - core investments 36 (1) 117 (32) 175 (54) 2 (3) Tax impact of adjusted items and strategic non - core investments (289) (234) (195) (97) (262) 16 (77) (271) Core net income attributable to CBRE Group, Inc., as adjusted $2,342 $1,917 $1,582 $1,244 $1,885 $1,801 $1,046 $1,217 Reconciliation of Net Income to Core Net Income $ in millions, totals may not sum due to rounding
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© 202 6 CBRE, INC. | 19 CBRE has not reconciled the (non - GAAP) Core EPS forward - looking guidance included in this presentation to the most directly comp arable GAAP measure because this cannot be done without unreasonable effort due to the variability and low visibility with respect to costs related to acquisitions, carried interest incentive compensat ion and financing costs, which are potential adjustments to future earnings. We expect the variability of these items to have a potentially unpredictable, and a potentially significant, impact on our future GAAP fina nci al results. Reconciliation of Net Income to Core EPS $ in millions, except per share data, totals may not sum due to rounding Three Months Ended September 30, 2026 2025 Net income attributable to CBRE Group, Inc. $443 $363 Adjustments: Non - cash amortization expense related to intangible assets attributable to acquisitions 56 55 Interest expense related to indirect tax audits and settlements 4 1 Net non - cash mortgage servicing rights 6 (5) Integration and other costs related to acquisitions 76 60 Carried interest incentive compensation expense to align with the timing of associated revenue 12 3 Net results related to the wind - down of certain businesses 6 30 Business and finance transformation 35 10 Net fair value adjustments on strategic non - core investments 9 — Tax impact of adjusted items and strategic non - core investments (48) (36) Core net income attributable to CBRE Group, Inc., as adjusted $599 $481 Core diluted income per share attributable to CBRE Group, Inc., as adjusted $2.05 $1.60 Weighted - average shares outstanding for diluted income per share 291.6 300.3