Gains Related to Mortgage Servicing Rights, Premiums on Loan Sales and Sales of Other Assets
Gain Associated with Remeasuring Our Investment in a Previously Unconsolidated Subsidiary to Fair Value as of the Date We Acquired the Remaining Interest
Gain on Disposition of Real Estate Assets
Net Realized and Unrealized Gains, Primarily from Investments
Provision for Doubtful Accounts
Asset Impairments
Deferred Income Taxes
Equity Income from Investments
Gain Recognized Upon Deconsolidation of SPAC
Other Non-Cash Adjustments to Net Income
Distribution of Earnings from Unconsolidated Subsidiaries
Changes in Trade Receivables
—
-858
-848
-572
-919
-759
Change in Receivables
Change in Receivables, Prepaid Expenses and Other Assets (Including Contract and Lease Assets)
Changes in Inventories
—
—
—
-6
—
—
Change in Real Estate Under Development
Change in Real Estate Held for Sale and Under Development
Changes in Accounts Payable
538
426
508
538
315
271
Change in Accounts Payable and Accrued Expenses
Change in Accounts Payable and Accrued Expenses and Other Liabilities (Including Contract and Lease Liabilities)
Changes in Accrued Expenses
300
207
171
206
-29
-150
Accrued Compensation Expenses
Changes in Income Taxes Payable
-55
-109
-41
-8
-89
-93
Income Taxes, Net
Changes in Other Operating Activities
27
-1,160.5
-1,156.5
-739
-1,024.5
-802
Sale of Mortgage Loans
Origination of Mortgage Loans
Warehouse Lines of Credit
Tenant Concessions Received
Purchase of Equity Securities
Proceeds from Sale of Equity Securities
Proceeds from Securities Sold, Not Yet Purchased
Securities Purchased to Cover Short Sales
Change in Prepaid Expenses and Other Assets
Change in Real Estate Under Development
Change in Receivables, Prepaid Expenses and Other Assets (Including Contract and Lease Assets)
Change in Real Estate Held for Sale and Under Development
Change in Other Liabilities
Other Operating Activities, Net
Cash from Operating Activities
1,678
1,424
1,654
1,708
1,221
1,031
Net Cash Provided by Operating Activities
Investing Activities
Sep '25
Jun '25
Mar '25
Dec '24
Sep '24
Jun '24
Mar '24
Dec '23
Sep '23
Jun '23
Mar '23
Dec '22
Sep '22
Jun '22
Capital Expenditure
-732
-697
-699
-696
-588
-612
Capital Expenditures
Acquisition and Development of Real Estate Assets
Proceeds from Sale of Property, Plant & Equipment
—
—
—
235
—
—
Proceeds from Disposition of Real Estate Assets
Proceeds from Sale of Intangible Assets
—
—
—
—
—
—
Proceeds from the Sale of Servicing Rights and Other Assets
Purchases of Investments
—
—
—
—
—
—
Purchase of Equity Securities
Purchase of Available for Sale Debt Securities
Purchase of Available for Sale Securities
Investment in Altus Power, Inc. Class a Stock
Purchase of Marketable Securities - Special Purpose Acquisition Company Trust Account
Proceeds from Sale of Investments
—
—
—
—
—
—
Proceeds from Sale of Equity Securities
Proceeds from the Sale of Available for Sale Debt Securities
Proceeds from the Sale of Available for Sale Securities
Proceeds from Sale of Marketable Securities - Special Purpose Acquisition Company Trust Account
Payments for Business Acquisitions
-346
-327
-587
-1,067
-1,085
-1,088
Acquisition of GWS, Including Net Assets Acquired, Intangibles and Goodwill
Acquisition of Global Workplace Solutions, Including Net Assets Acquired, Intangibles and Goodwill, Net of Cash Acquired
Acquisition of Businesses (Other Than GWS), Including Net Assets Acquired, Intangibles and Goodwill, Net of Cash Acquired
Payments for Business Acquired, Net of Cash Acquired
Other Investing Activities
68
24
-116
14
-13
-28
Capital Contributions Related to Investments
Distributions from Unconsolidated Subsidiaries
Change in Restricted Cash
Other Investing Activities, Net
Cash from Investing Activities
-684
-674
-1,076
-1,514
-1,638
-1,618
Net Cash Provided by Investing Activities
Financing Activities
Sep '25
Jun '25
Mar '25
Dec '24
Sep '24
Jun '24
Mar '24
Dec '23
Sep '23
Jun '23
Mar '23
Dec '22
Sep '22
Jun '22
Issuance of Short-Term Debt
—
262.5
3,103
4,348
3,383
3,305
Proceeds from Revolving Credit Facility
Proceeds from Commercial Paper
Repayments of Short-Term Debt
—
-2,674
-3,923
-4,041
-3,373
-2,948
Repayment of Revolving Credit Facility
Net Issuance / (Repayments) of Short-Term Debt
—
-2,411.5
-820
307
10
357
Issuance of Long-Term Debt
—
—
247.5
495
1,222.5
1,462.5
Proceeds from Notes Payable on Real Estate Held for Sale and Under Development
Proceeds from Senior Term Loans
Proceeds from Notes Payable on Real Estate
Proceeds from Issuance of Senior Notes
Repayments of Long-Term Debt
—
-13.5
—
-9
—
—
Repayment of 5.25% Senior Notes
Repayment of Notes Payable on Real Estate Held for Investment
Repayment of Notes Payable on Real Estate Held for Sale and Under Development
Repayment of Debt Assumed in Acquisition of Telford Homes
Repayment of Senior Term Loans
Repayment of Notes Payable on Real Estate
Net Issuance / (Repayments) of Long-Term Debt
—
-13.5
247.5
486
1,222.5
1,462.5
Repurchases of Common Shares
—
-1,260
-1,045
-732
-129
-582
Repurchase of Common Stock
Units Repurchased for Payment of Taxes on Equity Awards
Net Issuance / (Repurchases) of Common Shares
—
-1,260
-1,045
-732
-129
-582
Other Financing Activities
-143
-103
-45
-282
-142
-160
Sale of Non-Controlling Interest - Special Purpose Acquisition Company
Acquisition of Businesses
Non-Controlling Interest Contributions
Non-Controlling Interest Distributions
Payment of Financing Costs
Redemption of Non-Controlling Interest-Special Purpose Acquisition Company and Payment of Deferred Underwriting Commission
