The CBRE Switzerland High Street Snapshot Q3 2020 - a snapshot about the market for retailers and landlords with retail space in Switzerland . A total of 14 transactions completed in Q4 taking the total number of residential deals to 36 in 2020. DOWNLOAD REPORT Effective November 18, users of the formerly known "Global Research Gateway" will no longer be required to log in to access CBRE research reports. Divided by: Trailing twelve month adjusted EBITDA. Revenue from property management and advisory project management services slipped 2% (3% local currency), but edged up 2% (1% local currency) on a fee revenue basis. ... ERIX is CBRE’s Global Research Application that records aggregated comparable property market data for over 200 global cities. The segment’s overall revenue growth was constrained by sharply lower lease and sales activity for GWS occupier clients. 1 Local currency percentage change is calculated by comparing current-period results at prior-period exchange rates versus prior-period results. The company also uses adjusted EBITDA and adjusted EPS as significant components when measuring our operating performance under our employee incentive compensation programs. 2020. The shorter-term issues arising from the pandemic will continue to weigh on real estate throughout 2021, though each sector will be affected differently. Nevertheless, GWS achieved robust adjusted EBITDA growth in all regions globally. Explore and download Saudi Arabia Entertainment 2020 prepared by CBRE Research and Report team. The majority of the costs incurred in the third quarter were related to transformation initiatives that were being contemplated prior to the onset of the Covid-19 pandemic and reflect the outcome of an in-depth strategic review. If you believe this is incorrect please contact [email protected], Ireland Residential Investment MarketView Q4 2020. cbre-label-related. With the market becoming increasingly mature, the €1 billion investment threshold was passed for the first time. “Our third quarter performance highlights the progress CBRE has made in building a more resilient business since the last downturn occurred more than a decade ago,” said Bob Sulentic, president & chief executive officer of CBRE. FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2019, Less: Net income (loss) attributable to non-controlling interests, Carried interest incentive compensation reversal to align with the timing of associated revenue, Investments in and advances to unconsolidated subsidiaries, Current liabilities, excluding debt and operating lease liabilities, Warehouse lines of credit (which fund loans that U.S. Government Sponsored Enterprises have committed to purchase) (2). Facilities management growth was notably strong in the U.S. and Continental Europe. CBRE Roundtable | 2020 U.S. Life Sciences Report CBRE recently hosted a roundtable discussion covering our latest research and market perspectives from this booming sector. Hana has 10 units, totaling nearly 500,000 sq. Project management fee revenue also increased strongly, up 13% (12% local currency), as construction activity and capital projects resumed after second-quarter shutdowns, especially in Continental Europe and the U.K. The following table presents highlights of the GWS segment performance (dollars in millions): CBRE’s GWS segment performed very well despite the ongoing challenges from Covid-19. ft., including five that are open and five that are expected to be open by early next year. Includes $99.4 million and $70.5 million of cash in consolidated funds and other entities not available for company use as of September 30, 2020 and December 31, 2019, respectively. While annual residential investment was down 27% on 2019, it represents a highly robust outturn given the challenging market conditions experienced in 2020. You have reached your report download limit for today. With respect to adjusted revenue: the company believes that investors may find this measure useful to analyze the financial performance of our Real Estate Investments segment because it is more reflective of this segment’s total operations. The latest reports, research and tools from the world's leading commercial real estate services provider ... Flanders Office MarketView Q2 2020. Any forward-looking statements speak only as of the date of this press release and, except to the extent required by applicable securities laws, the company expressly disclaims any obligation to update or revise any of them to reflect actual results, any changes in expectations or any change in events. Looking for insights and development trends of the Industrial, Residential, Retail and Office markets in Q3 2020 and beyond? Net income attributable to CBRE Group, Inc., as adjusted (or adjusted net income), and diluted income per share attributable to CBRE Group, Inc. shareholders, as adjusted (or adjusted EPS), are calculated as follows (dollars in thousands, except share and per share data): Non-cash depreciation and amortization expense related to certain assets attributable to acquisitions, Carried interest incentive compensation expense (reversal) to align with the timing of associated revenue, Costs associated with workforce optimization efforts (2), Costs associated with our reorganization, including cost-savings initiatives (3), Net income attributable to CBRE Group, Inc. shareholders, as adjusted, Diluted income per share attributable to CBRE Group, Inc. shareholders, as adjusted. February 10, 2021. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services; and development services. GAAP net income decreased 28% (31% local currency) to $184 million and earnings per share decreased 28% (30% local currency) to $0.55, compared with the prior-year period. Primarily represents severance costs related to headcount reductions in connection with our reorganization announced in the third quarter of 2018 that became effective January 1, 2019. The U.K. multifamily development business (Telford Homes), acquired in October 2019, added $3.2 million of adjusted EBITDA during the quarter. The company has more than 100,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 530 offices (excluding affiliates) worldwide. Investment in the startup of the company’s flexible workspace business, Hana, contributed a loss of $9.6 million, in line with expectations. GAAP EPS of $0.55 & Adjusted EPS of $0.73 for Q3. The loan servicing portfolio increased 13% from a year ago to approximately $253 billion. 11 Cash represents cash and cash equivalents (excluding restricted cash) and excludes $99.4 million of cash in consolidated funds and other entities not available for company use at September 30, 2020. CBRE & MD Property | Residential Rent Collection & Occupancy in Dublin - June 2020 Research and Reports. In primo piano. The following table presents highlights of the Advisory Services segment performance (dollars in millions): Adjusted EBITDA on fee revenue margin (6). However, business innovation and diversification are the key to continued economic success and while Bangalore’s business hub is based on finance, telecommunications and banking, new sectors including biotechnology will be key. 4 Adjusted net income and adjusted earnings per diluted share (or adjusted EPS) exclude the effect of select items from GAAP net income and GAAP earnings per diluted share as well as adjust the provision for income taxes for such charges. Global Workplace Solutions (GWS) Nevertheless, adjusted EBITDA rose 12% (11% local currency), driven primarily by increased asset management fees, most of which are recurring, and prudent cost-management actions. This represented a 25% decrease on the 48 transactions. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the ‘unsubscribe’ section below. Read More See All Our Singapore Research Reports. The charges are cash expenditures primarily for severance costs incurred related to this effort. CBRE Group, Inc. (NYSE:CBRE) today reported financial results for the third quarter ended September 30, 2020. After submitting your request, you will receive an activation email to the requested email address. Adjusted revenue also removes the impact of fair value adjustments to real estate assets acquired in the Telford acquisition (purchase accounting) that were sold in the period. January 23, 2020. Deutschland ViewPoint - Real Estate Financing Market Q1 2021. external-link. logo. The increase reflected net capital inflows and favorable foreign currency movement. “The resilient aspects of our business, coupled with our moves to quickly align expenses with reduced market demand, are helping us weather the sharp, Covid-driven fall in property leasing and sales.”, Commenting on the macro environment, Mr. Sulentic said: “At the present time, Covid is putting downward pressure on parts of our business and creating larger opportunities in other parts. Refinancing activity continued to be a prime catalyst of loan originations. Research and Reports ; Local Reports. This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including statements regarding the company’s future growth momentum, operations, market share, business outlook, capital deployment, acquisition integration and financial performance. With respect to free cash flow: the company believes that investors may find this measure useful to analyze the cash flow generated from operations after accounting for cash outflows to support operations and capital expenditures. Additional information concerning factors that may influence the company’s financial information is discussed under “Risk Factors,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” “Quantitative and Qualitative Disclosures About Market Risk” and “Cautionary Note on Forward-Looking Statements” in our Annual Report on Form 10-K for the year ended December 31, 2019, our Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2020, as well as in the company’s press releases and other periodic filings with the Securities and Exchange Commission (SEC). Despite the adverse Covid-19 impact, however, internal efforts to improve cash management resulted in markedly increased free cash flow. September 10, 2020. More than 80% of this portfolio consists of multifamily, industrial and health care assets as well as office buildings that are at least 90% leased. With the multifamily sector having evolved from its embryonic stage in Ireland, we expect to see continued strong demand from investors for product in 2021. Economic Overviews Overview of economic conditions in Vietnam and Ho Chi Minh City or Hanoi, with an eye towards factors impacting the property market and a review of infrastructure developments. However, all lenders remained conservative in their underwriting standards. CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2019 revenue). U.S. real estate development contributed $46.5 million of adjusted EBITDA in the third quarter, compared with just $2.7 million in the year-earlier third quarter. LOS ANGELES--(BUSINESS WIRE)-- CBRE Group, Inc. (NYSE:CBRE) today reported financial results for the third quarter ended September 30, 2020. https://www.businesswire.com/news/home/20201029005352/en/. Download report MarketView Snapshot Office Bern Q2 2020. CBRE Cambodia | Phnom Penh Marketview for Q2 2020. The latest reports, research and tools from the world's leading commercial real estate services provider. With respect to net debt: the company believes that investors use this measure when calculating the company’s net leverage ratio. Valuation revenue declined 10% (11% local currency). CBRE Group, Inc. (NYSE:CBRE) today reported financial results for the third quarter ended September 30, 2020. The adjusted EBITDA measure calculated herein may also differ 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. Research and Reports. Segment. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. We are delighted to share our comprehensive report for Q2 2020 Marketview with you where you will be able to find an update on all real estate sectors. By providing your email address below, you are providing consent to CBRE to send you the requested Investor Email Alert updates. “Our third quarter performance highlights the progress CBRE has made in building a more resilient business since the last downturn occurred more than a decade ago,” said Bob Sulentic, president & chief executive officer of CBRE. FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2020, Equity income from unconsolidated subsidiaries, Less: Net income attributable to non-controlling interests, Costs associated with transformation initiatives (1), Costs incurred related to legal entity restructuring, Carried interest incentive compensation expense to align with the timing of associated revenue, Impact of fair value adjustments to real estate assets acquired in the Telford Acquisition (purchase accounting) that were sold in period, Integration and other costs related to acquisitions. The following table presents highlights of CBRE performance (dollars in millions, except per share data. In particular, continued weakness in higher-margin property lease and sales revenue drove a sharp decline in adjusted EBITDA for the quarter. News. New contract activity for the quarter was strong, with growth accelerating from the second quarter, reflecting some improvement in macro conditions. These units are primarily private workspaces designed to meet the needs of large enterprises. Factors that could cause results to differ materially include, but are not limited to: disruptions in general economic, political and regulatory conditions, particularly in geographies or industry sectors where our business may be concentrated; volatility or adverse developments in the securities, capital or credit markets, interest rate increases and conditions affecting the value of real estate assets, inside and outside the United States; poor performance of real estate investments or other conditions that negatively impact clients’ willingness to make real estate or long-term contractual commitments and the cost and availability of capital for investment in real estate; disruptions to business, market and operational conditions related to the Covid-19 pandemic and the impact of government rules and regulations intended to mitigate the effects of this pandemic, including, without limitation, rules and regulations that impact us as a loan originator and servicer for U.S. Government Sponsored Enterprises; foreign currency fluctuations and changes in currency restrictions, trade sanctions and import-export and transfer pricing rules; changes in U.S. and international law and regulatory environments (including relating to anti-corruption, anti-money laundering, trade sanctions, tariffs, currency controls and other trade control laws), particularly in Asia, Africa, Russia, Eastern Europe and the Middle East, due to the level of political instability in those regions; our ability to compete globally, or in specific geographic markets or business segments that are material to us; our ability to identify, acquire and integrate accretive businesses; costs and potential future capital requirements relating to businesses we may acquire; integration challenges arising out of companies we may acquire; our ability to retain and incentivize key personnel; our ability to manage organizational challenges associated with our size; negative publicity or harm to our brand and reputation; increases in unemployment and general slowdowns in commercial activity; trends in pricing and risk assumption for commercial real estate services; the effect of significant changes in capitalization rates across different property types; a reduction by companies in their reliance on outsourcing for their commercial real estate needs, which would affect our revenues and operating performance; client actions to restrain project spending and reduce outsourced staffing levels; declines in lending activity of U.S. Government Sponsored Enterprises, regulatory oversight of such activity and our mortgage servicing revenue from the commercial real estate mortgage market; our ability to further diversify our revenue model to offset cyclical economic trends in the commercial real estate industry; our ability to attract new user and investor clients; our ability to retain major clients and renew related contracts; our ability to leverage our global services platform to maximize and sustain long-term cash flow; our ability to continue investing in our platform and client service offerings; our ability to maintain expense discipline; the emergence of disruptive business models and technologies; the ability of our investment management business to maintain and grow assets under management and achieve desired investment returns for our investors, and any potential related litigation, liabilities or reputational harm possible if we fail to do so; our ability to manage fluctuations in net earnings and cash flow, which could result from poor performance in our investment programs, including our participation as a principal in real estate investments; our leverage under our debt instruments as well as the limited restrictions therein on our ability to incur additional debt, and the potential increased borrowing costs to us from a credit-ratings downgrade; the ability of our indirect subsidiary, CBRE Capital Markets, Inc. to periodically amend, or replace, on satisfactory terms, the agreements for its warehouse lines of credit; variations in historically customary seasonal patterns that cause our business not to perform as expected; litigation and its financial and reputational risks to us; our exposure to liabilities in connection with real estate advisory and property management activities and our ability to procure sufficient insurance coverage on acceptable terms; liabilities under guarantees, or for construction defects, that we incur in our development services business; our and our employees’ ability to execute on, and adapt to, information technology strategies and trends; cybersecurity threats or other threats to our information technology networks, including the potential misappropriation of assets or sensitive information, corruption of data or operational disruption; our ability to comply with laws and regulations related to our global operations, including real estate licensure, tax, labor and employment laws and regulations, as well as the anti-corruption laws and trade sanctions of the U.S. and other countries; changes in applicable tax or accounting requirements; any inability for us to implement and maintain effective internal controls over financial reporting; and the effect of implementation of new accounting rules and standards or the impairment of our goodwill and intangible assets. Facilities management, which accounted for 84% of the segment’s fee revenue and is largely contractual, rose 9% (8% local currency). These initiatives are expected to drive material cost structure benefits going forward. While the pipeline of new business opportunities continued to be strong, the pandemic’s continuing effects are causing some occupiers to extend their decision-making timelines or place some decisions temporarily on hold. You must click the activation link in order to complete your subscription. For any investor relations related questions please contact us at: 5 Free cash flow is calculated as cash flow from operations, less capital expenditures (reflected in the investing section of the consolidated statement of cash flows). In addition, investment management achieved solid adjusted EBITDA growth for the period. The majority of expenses incurred were cash in nature and primarily related to employee separation benefits, lease termination costs and professional fees. Please visit our website at www.cbre.com. Corporate Information. At CBRE, we promise to treat your data with respect and will not share your information with any third party. Reconciliations are shown below (dollars in thousands): Plus: Pass through costs also recognized as revenue. Italy Flex Office Report. CBRE Hotels Research analyzed the performance of 840 hotels that reported paying a management fee each year from 2009 through 2019 for CBRE’s annual Trends® survey and studied some more recent trends from CBRE’s monthly survey of operating performance during 2020. “We ended 2020 on a high note with adjusted earnings per share for the quarter reaching an all-time high and adjusted EBITDA growing by 9%,” said Bob Sulentic, CBRE’s president and chief executive officer. The decrease in GAAP EPS largely reflected costs associated with transformation initiatives, which have been excluded from adjusted EPS, and the negative impacts of the Covid-19 pandemic. About one-third of the margin expansion is related to structural changes to the cost base. A transcript of the call will be available on the company’s Investor Relations website at https://ir.cbre.com. Corporate Responsibility. The slower revenue growth reflected lower fees associated with the prepayment of loan balances.
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