CBRE Group 10-Q 2025-03-31

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 March 31, 2025

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 No.)
2121 North Pearl Street, Suite 300, Dallas, Texas						75201
(Address of principal executive offices)						(Zip Code)

(214) 979-6100

(Registrant’s telephone number, including area code)

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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

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 April 21, 2025 was 298,104,853.

FORM 10-Q

March 31, 2025

TABLE OF CONTENTS

PART I – FINANCIAL INFORMATION						Page
Item 1.			Financial Statements (Unaudited)
			Consolidated Balance Sheets at March 31, 2025 and December 31, 2024			1
			Consolidated Statements of Operations for the three months ended March 31, 2025 and 2024			2
			Consolidated Statements of Comprehensive Income for the three months ended March 31, 2025 and 2024			3
			Consolidated Statements of Cash Flows for the three months ended March 31, 2025 and 2024			4
			Consolidated Statements of Equity for the three months ended March 31, 2025 and 2024			5
			Notes to Consolidated Financial Statements			6
Item 2.			Management’s Discussion and Analysis of Financial Condition and Results of Operations			27
Item 3.			Quantitative and Qualitative Disclosures About Market Risk			47
Item 4.			Controls and Procedures			49
PART II – OTHER INFORMATION
Item 1.			Legal Proceedings			50
Item 1A.			Risk Factors			50
Item 2.			Unregistered Sales of Equity Securities and Use of Proceeds			50
Item 5.			Other Information			51
Item 6.			Exhibits			54
Signatures						55

PART I – FINANCIAL INFORMATION

CBRE GROUP, INC.

CONSOLIDATED BALANCE SHEETS

(Unaudited)

(Dollars in millions, except share data)

			March 31, 2025						December 31, 2024
ASSETS
Current Assets:
Cash and cash equivalents			$	1,382					$	1,114
Restricted cash			131						107
Receivables, less allowance for doubtful accounts of $108 and $101 at March 31, 2025 and December 31, 2024, respectively			6,753						7,005
Warehouse receivables			1,192						561
Contract assets			411						400
Prepaid expenses			332						332
Income taxes receivable			103						130
Other current assets			527						321
Total Current Assets			10,831						9,970
Property and equipment, net of accumulated depreciation and amortization of $1,904 and $1,795 at March 31, 2025 and December 31, 2024, respectively			950						914
Goodwill			6,260						5,621
Other intangible assets, net of accumulated amortization of $2,601 and $2,494 at March 31, 2025 and December 31, 2024, respectively			2,497						2,298
Operating lease assets			1,881						1,198
Investments in unconsolidated subsidiaries (with $565 and $890 at fair value at March 31, 2025 and December 31, 2024, respectively)			982						1,295
Non-current contract assets			92						89
Real estate under development			371						505
Non-current income taxes receivable			80						75
Deferred tax assets, net			556						538
Other assets, net			1,866						1,880
Total Assets			$	26,366					$	24,383
LIABILITIES AND EQUITY
Current Liabilities:
Accounts payable and accrued expenses			$	3,939					$	4,102
Compensation and employee benefits payable			1,357						1,419
Accrued bonus and profit sharing			942						1,695
Operating lease liabilities			274						200
Contract liabilities			403						375
Income taxes payable			111						209
Warehouse lines of credit (which fund loans that U.S. Government Sponsored Enterprises have committed to purchase)			1,178						552
Revolving credit facility			—						132
Other short-term borrowings			1,598						222
Current maturities of long-term debt			666						36
Other current liabilities			400						345
Total Current Liabilities			10,868						9,287
Long-term debt, net of current maturities			3,207						3,245
Non-current operating lease liabilities			1,940						1,307
Non-current tax liabilities			167						160
Deferred tax liabilities, net			245						247
Other liabilities			935						945
Total Liabilities			17,362						15,191
Mezzanine Equity:
Redeemable non-controlling interests in consolidated entities			371						—
Equity:
CBRE Group, Inc. Stockholders’ Equity:
Class A common stock; $0.01 par value; 525,000,000 shares authorized; 299,584,021 and 302,052,229 shares issued and outstanding at March 31, 2025 and December 31, 2024, respectively			3						3
Additional paid-in capital			—						—
Accumulated earnings			9,386						9,567
Accumulated other comprehensive loss			(1,107)						(1,159)
Total CBRE Group, Inc. Stockholders’ Equity			8,282						8,411
Non-controlling interests			351						781
Total Equity			8,633						9,192
Total Liabilities and Equity			$	26,366					$	24,383

The accompanying notes are an integral part of these consolidated financial statements.

CBRE GROUP, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

(Dollars in millions, except share and per share data)

			Three Months Ended March 31,
			2025						2024
Revenue			$	8,910					$	7,935
Costs and expenses:
Cost of revenue			7,265						6,475
Operating, administrative and other			1,192						1,111
Depreciation and amortization			177						158
Total costs and expenses			8,634						7,744
Gain on disposition of real estate			—						13
Operating income			276						204
Equity income (loss) from unconsolidated subsidiaries			16						(58)
Other income			1						9
Interest expense, net of interest income			50						36
Income before provision for (benefit from) income taxes			243						119
Provision for (benefit from) income taxes			52						(29)
Net income			191						148
Less: Net income attributable to non-controlling interests			28						22
Net income attributable to CBRE Group, Inc.			$	163					$	126
Basic income per share:
Net income per share attributable to CBRE Group, Inc.			$	0.54					$	0.41
Weighted average shares outstanding for basic income per share			300,288,602						305,808,212
Diluted income per share:
Net income per share attributable to CBRE Group, Inc.			$	0.54					$	0.41
Weigh

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Management’s Discussion and Analysis of Financial Condition and Results of Operations (MD&A) provides the reader with management’s perspective on our financial condition, results of operations, liquidity and certain other factors that may affect future results. The MD&A in this Quarterly Report on Form 10-Q (Quarterly Report) for CBRE Group, Inc. for the three months ended March 31, 2025 should be read in conjunction with our consolidated financial statements and related notes included in our 2024 Annual Report on Form 10-K (2024 Annual Report) as well as the unaudited financial statements included elsewhere in this Quarterly Report.

In addition, the statements and assumptions in this Quarterly Report that are not statements of historical fact are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 or Section 21E of the Securities Exchange Act of 1934, each as amended, including, in particular, statements about our plans, strategies and prospects as well as estimates of industry growth for the next quarter and beyond. For important information regarding these forward-looking statements, please see the discussion below under the caption “Cautionary Note on Forward-Looking Statements.”

Business Environment

The operating environment for commercial real estate improved in the first quarter of 2025, continuing the recovery that began in 2024. This was evident in real estate leasing, notably demand for office space in the U.S. Improved liquidity and investor sentiment also led to a continued increase in real estate sales and financing activity. Outsourcing services continued to gain favor with major corporations and other large occupiers of space, boosting demand for facilities and project management services. The business outlook, however, has been clouded by the extreme market volatility triggered by the imposition of sharply increased tariffs on U.S. trading partners and the rapid changes in U.S. trade policy. We continue to assess the impact of market volatility on our clients’ investment, occupancy and capital deployment decisions and on general economic growth in the U.S. and globally.

Capital Allocation

We repurchased approximately $407 million worth of shares in the first quarter and nearly $600 million this year through April 21, 2025, while maintaining substantial liquidity to finance future growth.

Results of Operations

The following table sets forth items derived from our consolidated statements of operations for the three months ended March 31, 2025 and 2024 (dollars in millions):

			Three Months Ended March 31,
			2025 (1)												2024 (1)
Revenue:
Net revenue:
Facilities management			$	1,865					20.9		%				$	1,603					20.2		%
Property management			562						6.3		%				414						5.2		%
Project management			774						8.7		%				725						9.1		%
Advisory leasing			862						9.7		%				733						9.2		%
Valuation			183						2.1		%				167						2.1		%
Loan servicing			120						1.3		%				118						1.5		%
Other portfolio services			69						0.8		%				79						1.0		%
Capital markets:
Advisory sales			360						4.0		%				325						4.1		%
Commercial mortgage origination			88						1.0		%				58						0.7		%
Investment management			154						1.7		%				149						1.9		%
Development services			79						0.9		%				79						1.0		%
Corporate, other and eliminations			(4)						0.0		%				(6)						(0.1)		%
Total net revenue			5,112						57.4		%				4,444						56.0		%
Pass-through costs also recognized as revenue			3,798						42.6		%				3,491						44.0		%
Total revenue			8,910						100.0		%				7,935						100.0		%
Costs and expenses:
Cost of revenue			7,265						81.5		%				6,475						81.6		%
Operating, administrative and other			1,192						13.4		%				1,111						14.0		%
Depreciation and amortization			177						2.0		%				158						2.0		%
Total costs and expenses			8,634						96.9		%				7,744						97.6		%
Gain on disposition of real estate			—						0.0		%				13						0.2		%
Operating income			276

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The information in this section should be read in connection with the information on market risk related to changes in interest rates and non-U.S. currency exchange rates in Part II, Item 7A, “Quantitative and Qualitative Disclosures About Market Risk” in our 2024 Annual Report.

Our exposure to market risk primarily consists of foreign currency exchange rate fluctuations related to our international operations and changes in interest rates on debt obligations. We manage such risk primarily by managing the amount, sources, and duration of our debt funding and by using derivative financial instruments. We apply Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 815, “Derivatives and Hedging,” when accounting for derivative financial instruments. In all cases, we view derivative financial instruments as a risk management tool and, accordingly, do not use derivatives for trading or speculative purposes.

International Operations

We conduct a significant portion of our business and employ a substantial number of people outside the U.S. As a result, we are subject to risks associated with doing business globally. Our Investment Management business has significant euro and British pound denominated assets under management (AUM), as well as associated revenue and earnings in Europe. In addition, our Building Operations & Experience (BOE) and Project Management business also derives significant revenue and earnings in foreign currencies, such as the euro and British pound sterling. Fluctuations in foreign currency exchange rates may continue to produce corresponding changes in our AUM, revenue and earnings.

Our foreign operations expose us to fluctuations in foreign exchange rates. These fluctuations may impact the value of our cash receipts and payments in terms of our functional (reporting) currency, which is the U.S. dollar.

Our businesses could suffer from adverse effects of rapid and unpredictable changes to trade policy, disputes with countries that have close trading ties with the U.S., high interest rates, limited access to debt capital or liquidity constraints, downturns in general macroeconomic conditions, regulatory or financial market uncertainty, public health crises and geopolitical conflicts (or the perception that any such events may occur).

During the three months ended March 31, 2025, approximately 42.0% of our revenue was transacted in foreign currencies. The following table sets forth our revenue derived from our most significant currencies (dollars in millions):

			Three Months Ended March 31,
			2025												2024
United States dollar			$	5,170					58.0		%				$	4,423					55.7		%
British pound sterling			1,234						13.8		%				1,085						13.7		%
Euro			766						8.6		%				718						9.0		%
Canadian dollar			252						2.8		%				288						3.6		%
Indian rupee			214						2.4		%				178						2.2		%
Australian dollar			182						2.0		%				192						2.4		%
Japanese yen			125						1.4		%				126						1.6		%
Swiss franc			112						1.3		%				111						1.4		%
Chinese yuan			106						1.2		%				107						1.3		%
Singapore dollar			102						1.1		%				101						1.3		%
Other currencies (1)			647						7.4		%				606						7.8		%
Total revenue			$	8,910					100.0		%				$	7,935					100.0		%

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(1)Approximately 46 currencies comprise 7.4% of our revenue for the three months ended March 31, 2025, and approximately 44 currencies comprise 7.8% of our revenue for the three months ended March 31, 2024.

Although we operate globally, we report our results in U.S. dollars. As a result, the strengthening or weakening of the U.S. dollar will negatively or positively impact our reported results. A hypothetical 10% increase in the value of the U.S. dollar relative to the British pound sterling during the three months ended March 31, 2025, would have decreased pre-tax income by $4 million. A hypothetical 10% increase in the value of the U.S. dollar relative to the euro would have increased pre-tax income by $5 million. These hypothetical calculations estimate the impact of translating results into U.S. dollars and do not include an estimate of the impact that a 10% change in the U.S. dollar against other currencies would have had on our foreign operations.

Fluctuations in foreign currency exchange rates may result in corresponding fluctuations in revenue and earnings as well as the assets under management for our investment management business, which could have a material adverse effect on our business, financial condition and operating results. Due to the constantly changing currency exposures to which we are subject and the volatility of currency exchange rates, we cannot predict the effect of exchange rate fluctuations upon future operating results. In addition, fluctuations in currencies relative to the U.S. dollar may make it more difficult to perform period-to-period comparisons of our reported results of operations. Our international operations also are subject to, among other things, political instability and changing tax, trade and regulatory environments, which affect the currency markets and which as a result may adversely affect our future financial condition and results of operations. We routinely monitor these risks and related costs and evaluate the appropriate amount of oversight to allocate towards business activities in foreign countries where such risks and costs are particularly significant.

Interest Rates

We manage our interest expense by using a combination of fixed and variable rate debt. We have entered into interest rate swap agreements to attempt to hedge the variability of future interest payments due to changes in interest rates.

The estimated fair value of our senior term loans was approximately $1.3 billion at March 31, 2025. Based on dealers’ quotes, the estimated fair values of our 5.950% senior notes, 5.500% senior notes, 4.875% senior notes and 2.500% senior notes were $1.0 billion, $513 million, $600 million and $436 million, respectively, at March 31, 2025.

We utilize sensitivity analyses to assess the potential effect on our variable rate debt. If interest rates were to increase 100 basis points on our outstanding variable rate debt as of March 31, 2025, the net impact of the additional interest cost would be a decrease of $7 million on pre-tax income for the three months ended March 31, 2025.

Disclosure Controls and Procedures

Rule 13a-15(e) and 15d-15(e) of the Securities and Exchange Act of 1934, as amended, requires that we conduct an evaluation of the effectiveness of our disclosure controls and procedures as of the end of the period covered by this Quarterly Report, and we have a disclosure policy in furtherance of the same. This evaluation is designed to ensure that all corporate disclosure is complete and accurate in all material respects. The evaluation is further designed to ensure that all information required to be disclosed in our SEC reports is accumulated and communicated to management to allow timely decisions regarding required disclosures and recorded, processed, summarized and reported within the time periods and in the manner specified in the SEC’s rules and forms. Any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives. Our Chief Executive Officer and Chief Financial Officer supervise and participate in this evaluation, and they are assisted by members of our Disclosure Committee. Our Disclosure Committee consists of our General Counsel, our Chief Accounting Officer, our Senior Officers of significant business lines and other select employees.

We conducted the required evaluation, and our Chief Executive Officer and Chief Financial Officer have concluded that our disclosure controls and procedures (as defined by Securities Exchange Act Rule 13a-15(e)) were effective as of March 31, 2025 to accomplish their objectives at the reasonable assurance level.

Changes in Internal Control Over Financial Reporting

There have been no changes in our internal control over financial reporting during the fiscal quarter ended March 31, 2025 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II – OTHER INFORMATION

Item 1. Legal Proceedings

There have been no material changes to our legal proceedings as previously disclosed in our 2024 Annual Report.

There have been no material changes to our risk factors as previously disclosed in our 2024 Annual Report.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

Open market share repurchase activity during the three months ended March 31, 2025 was as follows (dollars in millions, except per share amounts):

Period			Total Number of Shares Purchased			Average Price Paid per Share			Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs						Approximate Dollar Value of Shares That May Yet Be Purchased Under the Plans or Programs (1)
January 1, 2025 - January 31, 2025			1,885,655			$	131.36		1,885,655
February 1, 2025 - February 28, 2025			623,922			140.29			623,922
March 1, 2025 - March 31, 2025			552,395			130.05			552,395
			3,061,972			$	132.94		3,061,972						$	5,415

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(1)In November 2024, our Board authorized an additional $5.0 billion to our existing $4.0 billion share repurchase program (as amended, the 2024 program) bringing the total authorized amount under the 2024 program to a total of $9.0 billion as of March 31, 2025. The Board also extended the term of the 2024 program through December 31, 2029. During the first quarter of 2025, we repurchased an aggregate of $407 million of our common stock under the 2024 program. The remaining $5.4 billion in the table represents the amount available to repurchase shares under the 2024 program as of March 31, 2025.

Our stock repurchase program does not obligate us to acquire any specific number of shares. Under this program, shares may be repurchased in privately negotiated and/or open market transactions, including under plans complying with Rule 10b5-1 under the Exchange Act. Our stock repurchases have been funded with cash on hand and we intend to continue funding future repurchases with existing cash. We may utilize our stock repurchase programs to continue offsetting the impact of our stock-based compensation program and on a more opportunistic basis if we believe our stock presents a compelling investment compared to other discretionary uses. The timing of any future repurchases and the actual amounts repurchased will depend on a variety of factors, including the market price of our common stock, general market and economic conditions and other factors.

During the three months ended March 31, 2025, our Chief Operating Officer and Chief Executive Officer, Advisory Services, Vikram Kohli, our Chief Accounting Officer, Lindsey Caplan, and Mr. Caplan’s spouse, Alison Caplan, each entered into a Rule 10b5-1 Trading Plan (collectively, the Trading Plans) to sell shares of the company’s Class A common stock. The Trading Plans are intended to satisfy the affirmative defense conditions of Rule 10b5-1(c).

The table below provides certain information regarding the Trading Plans.

Name			Plan Adoption Date			Trade Commencement Date			Maximum Number of Shares that May Be Sold Under the Plan			Plan Expiration Date
Vikram Kohli			February 25, 2025			August 11, 2025			2,000			November 28, 2025
Lindsey Caplan			February 14, 2025			May 19, 2025			3,598			February 20, 2026
Alison Caplan			February 14, 2025			May 19, 2025			4,172			February 20, 2026

Trading under the Trading Plans may commence no sooner than as indicated in the table above and will end on the earlier of the applicable date set forth above and the date on which all the shares in the applicable Trading Plan are sold. These Trading Plans were adopted during an authorized trading period and when Messrs. Kohli and Caplan and Ms. Caplan were not in possession of material non-public information. The transactions under the Trading Plans will be disclosed publicly through Form 144 and Form 4 filings with the Securities and Exchange Commission.

Supplemental Unaudited Recasted Segment Results

The following table sets forth supplemental recasted segment financial information for each of the three years ended December 31, 2024, including Net revenue by segment and by line of business and Segment operating profit (loss), based on the new segments as described in Note 15 – Segments of the Notes to Consolidated Financial Statements (Unaudited) set forth in Item 1 of this Quarterly Report (dollars in millions):

						Year Ended December 31,
						2024						2023						2022
Net revenue:
Advisory leasing						$	3,895					$	3,468					$	3,838
Advisory sales						1,767						1,606						2,517
Valuation						751						716						764
Loan servicing						497						441						330
Commercial mortgage origination						430						301						545
Other portfolio services						328						325						388
Advisory Services net revenue						7,668						6,857						8,382
Facilities management						7,143						6,023						5,385
Property management						1,897						1,606						1,482
Building Operations & Experience net revenue						9,040						7,629						6,867
Project Management net revenue						3,139						2,855						2,434
Investment management						650						592						595
Development services						388						360						515
Real Estate Investments revenue						1,038						952						1,110
Corporate, other and eliminations						(17)						(17)						(16)
Total net revenue						20,868						18,276						18,777
Pass-through costs also recognized as revenue						14,899						13,673						12,051
Total revenue						$	35,767					$	31,949					$	30,828

Summarized financial information by segment is as follows (dollars in millions):

Year Ended December 31, 2024						Advisory Services						Building Operations & Experience						Project Management						Real Estate Investments						Corporate, other and eliminations (2)						Consolidated
Net revenue						$	7,668					$	9,040					$	3,139					$	1,038					$	(17)					$	20,868
Pass-through costs also recognized as revenue						61						11,168						3,670						—						—						14,899
Total revenue						7,729						20,208						6,809						1,038						(17)						35,767
Costs and expenses:
Cost of revenue						4,477						18,234						5,850						224						26						28,811
Operating, administrative and other						1,793						1,194						439						862						723						5,011
Depreciation and amortization						259						234						111						13						57						674
Total costs and expenses						6,529						19,662						6,400						1,099						806						34,496
Gain on disposition of real estate						—						—						—						142						—						142
Operating income (loss)						1,200						546						409						81						(823)						1,413
Equity (loss) income from unconsolidated subsidiaries						(8)						6						—						117						(134)						(19)
Other income						2						4						2						6						25						39
Add-back: Depreciation and amortization						259						234						111						13						57						674
Adjustments:
Other segment adjustments (1)						49						104						(22)						44						305						480
Segment operating profit (loss)						$	1,502					$	894					$	500					$	261					$	(570)					$	2,587
Net fair value adjustments on strategic non-core investments																																				117
Core EBITDA																																				$	2,704

Year Ended December 31, 2023						Advisory Services						Building Operations & Experience						Project Management						Real Estate Investments						Corporate, other and eliminations (2)						Consolidated
Net revenue						$	6,857					$	7,629					$	2,855					$	952					$	(17)					$	18,276
Pass-through costs also recognized as revenue						50						10,178						3,445						—						—						13,673
Total revenue						6,907						17,807						6,300						952						(17)						31,949
Costs and expenses:
Cost of revenue						3,996						16,070						5,426						186						(3)						25,675
Operating, administrative and other						1,769						1,081						468						784						460						4,562
Depreciation and amortization						272						158						121						15						56						622
Total costs and expenses						6,037						17,309						6,015						985						513						30,859
Gain on disposition of real estate						—						—						—						27						—						27
Operating income (loss)						870						498						285						(6)						(530)						1,117
Equity income from unconsolidated subsidiaries						2						2						1						216						27						248
Other income						38						8						2						—						13						61
Add-back: Depreciation and amortization						272						158						121						15						56						622
Adjustments:
Other segment adjustments (1)						44						49						20						14						66						193
Segment operating profit (loss)						$	1,226					$	715					$	429					$	239					$	(368)					$	2,241
Net fair value adjustments on strategic non-core investments																																				(32)
Core EBITDA																																				$	2,209

Year Ended December 31, 2022						Advisory Services						Building Operations & Experience						Project Management						Real Estate Investments						Corporate, other and eliminations (2)						Consolidated
Net revenue						$	8,382					$	6,867					$	2,434					$	1,110					$	(16)					$	18,777
Pass-through costs also recognized as revenue						124						10,625						1,302						—						—						12,051
Total revenue						8,506						17,492						3,736						1,110						(16)						30,828
Costs and expenses:
Cost of revenue						5,004						15,912						3,012						322						(11)						24,239
Operating, administrative and other						1,804						927						404						1,082						432						4,649
Depreciation and amortization						294						150						120						16						33						613
Asset impairments						10						—						—						49						—						59
Total costs and expenses						7,112						16,989						3,536						1,469						454						29,560
Gain on disposition of real estate						—						—						—						244						—						244
Operating income (loss)						1,394						503						200						(115)						(470)						1,512
Equity income (loss) from unconsolidated subsidiaries						14						2						—						380						(167)						229
Other income (loss)						1						4						3						(1)						(19)						(12)
Add-back: Depreciation and amortization						294						150						120						16						33						613
Add-back: Asset impairments						10						—						—						49						—						59
Adjustments:
Other segment adjustments (1)						46						29						39						189						45						348
Segment operating profit (loss)						$	1,759					$	688					$	362					$	518					$	(578)					$	2,749
Net fair value adjustments on strategic non-core investments																																				175
Core EBITDA																																				$	2,924

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(1)Other segment adjustments, as defined in Note 19 – Segments of our 2024 Annual Report.

(2)Eliminations represent revenue from transactions between operating segments.