CBRE (CBRE) 8-K Results of Operations and Financial Condition

Exhibit 99.1

	Twelve Months Ended		Three Months Ended
	December 31, 2004		December 31, 2004		September 30, 2004		June 30, 2004		March 31, 2004
Americas
Revenue	$	1,660,307	$	541,089	$	416,149	$	384,468	$	318,601
Costs and expenses:
Cost of services	924,856		310,602		232,746		207,612		173,896
Operating, administrative and other	569,195		160,907		135,456		146,823		126,009
Depreciation and amortization	37,514		11,525		8,706		7,310		9,973
Merger-related charges	22,038		—		4,040		10,381		7,617
Operating income	$	106,704	$	58,055	$	35,201	$	12,342	$	1,106
EBITDA	$	154,506	$	73,554	$	46,857	$	21,290	$	12,805
EMEA
Revenue	$	459,741	$	166,844	$	104,762	$	108,309	$	79,826
Costs and expenses:
Cost of services	206,258		73,257		49,413		47,363		36,225
Operating, administrative and other	207,326		59,477		49,464		52,364		46,021
Depreciation and amortization	12,050		2,170		1,908		2,325		5,647
Merger-related charges	3,205		—		—		1,163		2,042
Operating income (loss)	$	30,902	$	31,940	$	3,977	$	5,094	$	(10,109	)
EBITDA	$	42,433	$	34,129	$	5,836	$	7,179	$	(4,711	)
Asia Pacific
Revenue	$	151,034	$	50,422	$	37,342	$	37,710	$	25,560
Costs and expenses:
Cost of services	72,651		22,362		18,552		17,636		14,101
Operating, administrative and other	57,354		18,208		13,659		14,303		11,184
Depreciation and amortization	2,476		621		605		616		634
Operating income (loss)	$	18,553	$	9,231	$	4,526	$	5,155	$	(359	)
EBITDA	$	21,584	$	9,995	$	5,354	$	5,665	$	570
Global Investment Management
Revenue	$	94,014	$	39,834	$	16,746	$	20,429	$	17,005
Costs and expenses:
Operating, administrative and other	76,017		28,284		14,647		17,049		16,037
Depreciation and amortization	2,817		540		1,121		579		577
Merger-related charges	331		—		—		30		301
Operating income	$	14,849	$	11,010	$	978	$	2,771	$	90
EBITDA	$	26,817	$	16,769	$	3,801	$	4,826	$	1,421
Consolidated
Revenue	$	2,365,096	$	798,189	$	574,999	$	550,916	$	440,992
Costs and expenses:
Cost of services	1,203,765		406,221		300,711		272,611		224,222
Operating, administrative and other	909,892		266,876		213,226		230,539		199,251
Depreciation and amortization	54,857		14,856		12,340		10,830		16,831
Merger-related charges	25,574		—		4,040		11,574		9,960
Operating income (loss)	$	171,008	$	110,236	$	44,682	$	25,362	$	(9,272	)
EBITDA	$	245,340	$	134,447	$	61,848	$	38,960	$	10,085

	Twelve Months Ended			Three Months Ended
	December 31, 2004			December 31, 2004		September 30, 2004			June 30, 2004			March 31, 2004
Americas
Operating income	$	106,704		$	58,055	$	35,201		$	12,342		$	1,106
Add:
Depreciation and amortization	37,514			11,525		8,706			7,310			9,973
Equity income from unconsolidated subsidiaries	10,288			3,974		2,950			1,638			1,726
EBITDA	$	154,506		$	73,554	$	46,857		$	21,290		$	12,805
EMEA
Operating income (loss)	$	30,902		$	31,940	$	3,977		$	5,094		$	(10,109	)
Add:
Depreciation and amortization	12,050			2,170		1,908			2,325			5,647
Equity (loss) income from unconsolidated subsidiaries	(519		)	19		(49		)	(240		)	(249		)
EBITDA	$	42,433		$	34,129	$	5,836		$	7,179		$	(4,711	)
Asia Pacific
Operating income (loss)	$	18,553		$	9,231	$	4,526		$	5,155		$	(359	)
Add:
Depreciation and amortization	2,476			621		605			616			634
Equity income (loss) from unconsolidated subsidiaries	555			143		223			(106		)	295
EBITDA	$	21,584		$	9,995	$	5,354		$	5,665		$	570
Global Investment Management
Operating income	$	14,849		$	11,010	$	978		$	2,771		$	90
Add:
Depreciation and amortization	2,817			540		1,121			579			577
Equity income from unconsolidated subsidiaries	9,151			5,219		1,702			1,476			754
EBITDA	$	26,817		$	16,769	$	3,801		$	4,826		$	1,421
Consolidated
Operating income (loss)	$	171,008		$	110,236	$	44,682		$	25,362		$	(9,272	)
Add:
Depreciation and amortization	54,857			14,856		12,340			10,830			16,831
Equity income from unconsolidated subsidiaries	19,475			9,355		4,826			2,768			2,526
EBITDA	$	245,340		$	134,447	$	61,848		$	38,960		$	10,085

	Twelve Months Ended		Three Months Ended
	December 31, 2004		December 31, 2004		September 30, 2004		June 30, 2004		March 31, 2004
Americas
Operating income	$	106,704	$	58,055	$	35,201	$	12,342	$	1,106
Amortization expense relating to net revenue backlog acquired in the Insignia acquisition	9,717		2,794		2,530		901		3,492
Merger-related charges related to the Insignia acquisition	22,038		—		4,040		10,381		7,617
Integration costs related to the Insignia acquisition	11,638		2,063		2,073		2,779		4,723
One-time compensation expense related to the initial public offering	15,000		—		—		15,000		—
Operating income, as adjusted	$	165,097	$	62,912	$	43,844	$	41,403	$	16,938
EMEA
Operating income (loss)	$	30,902	$	31,940	$	3,977	$	5,094	$	(10,109	)
Amortization expense relating to net revenue backlog acquired in the Insignia acquisition	3,324		—		—		—		3,324
Merger-related charges related to the Insignia acquisition	3,205		—		—		1,163		2,042
Integration costs related to the Insignia acquisition	2,701		518		890		665		628
Operating income, as adjusted	$	40,132	$	32,458	$	4,867	$	6,922	$	(4,115	)
Asia Pacific
Operating income (loss)	$	18,553	$	9,231	$	4,526	$	5,155	$	(359	)
Global Investment Management
Operating income	$	14,849	$	11,010	$	978	$	2,771	$	90
Merger-related charges related to the Insignia acquisition	331		—		—		30		301
Operating income, as adjusted	$	15,180	$	11,010	$	978	$	2,801	$	391
Consolidated
Operating income (loss)	$	171,008	$	110,236	$	44,682	$	25,362	$	(9,272	)
Amortization expense relating to net revenue backlog acquired in the Insignia acquisition	13,041		2,794		2,530		901		6,816
Merger-related charges related to the Insignia acquisition	25,574		—		4,040		11,574		9,960
Integration costs related to the Insignia acquisition	14,339		2,581		2,963		3,444		5,351
One-time compensation expense related to the initial public offering	15,000		—		—		15,000		—
Operating income, as adjusted	$	238,962	$	115,611	$	54,215	$	56,281	$	12,855

	Twelve Months Ended			Three Months Ended
	December 31, 2003			December 31, 2003			September 30, 2003			June 30, 2003		March 31, 2003
Americas
Revenue	$	1,155,461		$	417,676		$	312,207		$	233,920	$	191,658
Costs and expenses:
Cost of services	609,629			228,677			165,020			120,936		94,996
Operating, administrative and other	438,425			146,881			119,848			89,792		81,904
Depreciation and amortization	56,865			20,595			27,740			4,328		4,202
Merger-related charges	20,367			4,475			14,154			1,738		—
Operating income (loss)	$	30,175		$	17,048		$	(14,555	)	$	17,126	$	10,556
EBITDA	$	95,113		$	41,010		$	15,161		$	22,645	$	16,297
EMEA
Revenue	$	298,725		$	140,812		$	65,315		$	49,275	$	43,323
Costs and expenses:
Cost of services	135,864			65,091			30,395			20,818		19,560
Operating, administrative and other	136,644			54,071			34,427			24,677		23,469
Depreciation and amortization	31,110			17,362			11,996			873		879
Merger-related charges	15,958			12,055			2,331			1,572		—
Operating (loss) income	$	(20,851	)	$	(7,767	)	$	(13,834	)	$	1,335	$	(585	)
EBITDA	$	10,053		$	9,726		$	(2,067	)	$	2,226	$	168
Asia Pacific
Revenue	$	107,501		$	38,266		$	27,023		$	25,352	$	16,860
Costs and expenses:
Cost of services	50,935			18,174			12,406			11,312		9,043
Operating, administrative and other	46,802			14,424			11,762			11,561		9,055
Depreciation and amortization	2,226			486			554			601		585
Merger-related charges	492			492			—			—		—
Operating income (loss)	$	7,046		$	4,690		$	2,301		$	1,878	$	(1,823	)
EBITDA	$	9,633		$	5,422		$	2,897		$	2,529	$	(1,215	)
Global Investment Management
Revenue	$	68,387		$	24,503		$	18,831		$	13,170	$	11,883
Costs and expenses:
Operating, administrative and other	56,506			18,730			14,638			11,391		11,747
Depreciation and amortization	2,421			608			781			527		505
Operating income (loss)	$	9,460		$	5,165		$	3,412		$	1,252	$	(369	)
EBITDA	$	18,018		$	7,212		$	4,722		$	4,321	$	1,763
Consolidated
Revenue	$	1,630,074		$	621,257		$	423,376		$	321,717	$	263,724
Costs and expenses:
Cost of services	796,428			311,942			207,821			153,066		123,599
Operating, administrative and other	678,377			234,106			180,675			137,421		126,175
Depreciation and amortization	92,622			39,051			41,071			6,329		6,171
Merger-related charges	36,817			17,022			16,485			3,310		—
Operating income (loss)	$	25,830		$	19,136		$	(22,676	)	$	21,591	$	7,779
EBITDA	$	132,817		$	63,370		$	20,713		$	31,721	$	17,013

	Twelve Months Ended			Three Months Ended
	December 31, 2003			December 31, 2003			September 30, 2003			June 30, 2003		March 31, 2003
Americas
Operating income (loss)	$	30,175		$	17,048		$	(14,555	)	$	17,126	$	10,556
Add:
Depreciation and amortization	56,865			20,595			27,740			4,328		4,202
Equity income from unconsolidated subsidiaries	8,073			3,367			1,976			1,191		1,539
EBITDA	$	95,113		$	41,010		$	15,161		$	22,645	$	16,297
EMEA
Operating (loss) income	$	(20,851	)	$	(7,767	)	$	(13,834	)	$	1,335	$	(585	)
Add:
Depreciation and amortization	31,110			17,362			11,996			873		879
Equity (loss) income from unconsolidated subsidiaries	(206		)	131			(229		)	18		(126		)
EBITDA	$	10,053		$	9,726		$	(2,067	)	$	2,226	$	168
Asia Pacific
Operating income (loss)	$	7,046		$	4,690		$	2,301		$	1,878	$	(1,823	)
Add:
Depreciation and amortization	2,226			486			554			601		585
Equity income from unconsolidated subsidiaries	361			246			42			50		23
EBITDA	$	9,633		$	5,422		$	2,897		$	2,529	$	(1,215	)
Global Investment Management
Operating income (loss)	$	9,460		$	5,165		$	3,412		$	1,252	$	(369	)
Add:
Depreciation and amortization	2,421			608			781			527		505
Equity income from unconsolidated subsidiaries	6,137			1,439			529			2,542		1,627
EBITDA	$	18,018		$	7,212		$	4,722		$	4,321	$	1,763
Consolidated
Operating income (loss)	$	25,830		$	19,136		$	(22,676	)	$	21,591	$	7,779
Add:
Depreciation and amortization	92,622			39,051			41,071			6,329		6,171
Equity income from unconsolidated subsidiaries	14,365			5,183			2,318			3,801		3,063
EBITDA	$	132,817		$	63,370		$	20,713		$	31,721	$	17,013

	Twelve Months Ended			Three Months Ended
	December 31, 2003			December 31, 2003			September 30, 2003			June 30, 2003		March 31, 2003
Americas
Operating income (loss)	$	30,175		$	17,048		$	(14,555	)	$	17,126	$	10,556
Amortization expense relating to net revenue backlog acquired in the Insignia acquisition	34,491			13,932			20,559
Merger-related charges related to the Insignia acquisition	20,367			4,475			14,154			1,738		—
Integration costs related to the Insignia acquisition	10,667			7,758			2,909			—		—
Operating income, as adjusted	$	95,700		$	43,213		$	23,067		$	18,864	$	10,556
EMEA
Operating (loss) income	$	(20,851	)	$	(7,767	)	$	(13,834	)	$	1,335	$	(585	)
Amortization expense relating to net revenue backlog acquired in the Insignia acquisition	24,617			14,191			10,426
Merger-related charges related to the Insignia acquisition	15,958			12,055			2,331			1,572		—
Integration costs related to the Insignia acquisition	2,973			2,459			514			—		—
Operating income, as adjusted	$	22,697		$	20,938		$	(563	)	$	2,907	$	(585	)
Asia Pacific
Operating income (loss)	$	7,046		$	4,690		$	2,301		$	1,878	$	(1,823	)
Merger-related charges related to the Insignia acquisition	492			492			—			—		—
Operating income, as adjusted	$	7,538		$	5,182		$	2,301		$	1,878	$	(1,823	)
Global Investment Management
Operating income (loss)	$	9,460		$	5,165		$	3,412		$	1,252	$	(369	)
Consolidated
Operating income (loss)	$	25,830		$	19,136		$	(22,676	)	$	21,591	$	7,779
Amortization expense relating to net revenue backlog acquired in the Insignia acquisition	59,108			28,123			30,985			—		—
Merger-related charges related to the Insignia acquisition	36,817			17,022			16,485			3,310		—
Integration costs related to the Insignia acquisition	13,640			10,217			3,423			—		—
Operating income, as adjusted	$	135,395		$	74,498		$	28,217		$	24,901	$	7,779