CBRE Group, Inc. Appoints Robert Fessler as Managing Director for Cincinnati Office, Effective September 1, 2014
Aug 18 14
CBRE Group, Inc. named Robert Fessler as managing director of the firm's Cincinnati office, effective September 1, 2014. Fessler fills the position that has been vacant since Ken Murawski died in February. Fessler is a senior commercial real estate executive with more than 25 yeas of leasing, development, acquisitions and management experience. Before joining CBRE, Fessler was senior vice president of sales and asset management for the Corporex Family of Cos.
CBRE Announce New Middle East Appointments
Aug 13 14
With more than seven years of experience in valuation, with the last three being in the Middle East, Louise Liddell joins the CBRE team as an Associate Director, Valuation Consultancy. Based out of Dubai, she will be responsible for valuations in the Middle East and North Africa region for CBRE's clientele offering a wide range of services that include bank lending, financial reporting and IPO amongst others. Prior to joining CBRE, Louise worked with JLL MENA within their valuation team. She has extensive valuation experience in advising lending institutions, property funds and corporate entities that include the likes of Dubai Properties Group, Aldar and Al Futtaim Group Real Estate. CBRE also appointed Erik Volkers as a Senior Consultant, Research and Consultancy. With more than eight years of experience in real estate advisory services, he will offer CBRE clientele with a full spectrum of research and consultancy services that include market research, development strategies and (financial) feasibility studies. Before joining CBRE Middle East, Erik worked for a consultancy firm in the Netherlands which excelled in providing financial services for real estate and area developments.
CBRE Group, Inc. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2014; Revises Earnings Guidance for the Full Year of 2014
Jul 29 14
CBRE Group, Inc. reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2014. For the quarter, revenue was $2,126,806,000 against $1,742,014,000 a year ago. Operating income was $206,006,000 against $187,624,000 a year ago. Income from continuing operations before provision for income taxes was $194,310,000 against $116,944,000 a year ago. Income from continuing operations was $130,199,000 or $0.32 per basic and diluted share against $71,129,000 or $0.21 per basic and diluted share a year ago. Net income attributable to the company was $105,464,000 or $0.32 per basic and diluted share against $69,902,000 or $0.21 per basic and diluted share a year ago. EBITDA was $260,194,000 against $240,480,000 a year ago. EBITDA was impacted by lower mortgage origination activity with Government Sponsored Enterprises (GSEs) and the timing of development sales. Adjusted net income attributable to the company was $118,709,000 or $0.36 per diluted share against $101,782,000 or $0.31 per diluted share a year ago. It was, primarily due to refinancing activities last year. This benefit was offset by a $10.6 million increase in normalized amortization and depreciation expense. Adjusted EBITDA was $262,761,000 against $243,124,000 a year ago. Revenue grew 6% and normalized EBITDA increased 15%.
For the six months, revenue was $3,987,648,000 against $3,217,077,000 a year ago. Operating income was $318,487,000 against $288,798,000 a year ago. Income from continuing operations before provision for income taxes was $300,154,000 against $176,614,000 a year ago. Income from continuing operations was $198,141,000 or $0.52 per basic and diluted share against $111,795,000 or $0.31 per diluted share a year ago. Net income attributable to the company was $173,127,000 or $0.52 per basic and diluted share against $107,448 000 or $0.32 per diluted share a year ago. EBITDA was $457,400,000 against $400,234,000 a year ago. Adjusted net income attributable to the company was $201,083,000 or $0.60 per diluted share against $153,311,000 or $0.46 per diluted share a year ago. Adjusted EBITDA was $461,530,000 against $404,403,000 a year ago. The company also reported that it will face much more challenging earnings comparisons in the second half, due to the nearly $90 million of EBITDA from carried interest it generated in last year's second half.
In light of CBRE's strong performance in the first half of 2014, with adjusted earnings per share up 30% and an active transactional pipeline, the company now expects full-year earnings per share, as adjusted, to be in the range of $1.60 to $1.65, an increase of $0.05 per share from its initial guidance. The company continues to expect the normalized tax rate to be approximately 35%. This upside is driven largely by transactional activity, which is anticipating entirety in the fourth quarter.