For the first quarter of 2008, the company recorded a total of $5.3 million of incentive compensation expense related to carry interest revenue, all of which related to future periods'' revenue. Total assets under management grew by nearly 12% from year-end 2007 to $42.2 billion at the end of the first quarter, reflecting strength in fundraising efforts and an active acquisition program.

In the development services segment, which consists of real estate development and investment activities primarily in the U.S., revenue totaled $27.7 million for the first quarter of 2008, a 61.8% increase compared to $17.1 million recorded in the first quarter of 2007.

This segment reported an operating loss of $10.3 million for the first quarter of 2008, compared with an operating loss of $10.7 million for the same period last year. Development projects in process as of March 31, 2008 totaled $6.3 billion, up nearly 15% from year ago levels and down slightly from year-end 2007. The inventory of pipeline deals as of March 31, 2008 stood at $2.8 billion.

CB Richard Ellis stock (CBG: chart) rose 65 cents to $23.20.