Separately a report issued this morning by Real Capital Analytics ranked CBRE as the No. 1 firm in US investment sales for the sixth year in a row, with $48 billion in US sales. Its sales represented an 18% market share and equaled the combined totals of the next three firms.
CBRE's net income for the fourth quarter ended Dec. 31 rose to $95.4 million, or $1.24 per diluted share, compared with net income of $66.4 million, or 88 cents per diluted share in the fourth quarter of 2004. Revenue for the fourth quarter climbed to $956 million from $798.2 million.
For the full year, the company earned net income of $217.3 million, or $2.84 per share, compared with $64.7 million, or 91 cents, for 2004. Full-year revenue climbed $545.5 million to $2.9 billion.Excluding one-time items, the company would have earned net income of $99.9 million, or $1.29 per share in the fourth quarter. On a full-year basis, it would have earned $3 per share, compared with $1.65 in 2004.
Brett White, CBRE's president and CEO, cited "robust flows of investment capital into commercial real estate," as well as "a steady strengthening of leasing market fundamentals on a global basis" as key reasons for the higher revenue and earnings. But White also credited "the success of our people in seizing increased market share."
CBRE reported higher sales and earnings in all three of its major divisions: the Americas, Europe and Asia. Among other factors, the company cited improved leasing activity, continued high volume of investment sales, increased appraisal and valuation activities as factors in the increases.
The company also spotlighted its global investment management business, which consists of investment management operations in the US, Europe and Asia. Globally, the company's assets under management grew 15% during the year to $17.3 billion at year-end. During the year, the investment management business made more than $5 billion of acquisitions throughout North America, Europe and Asia, along with $2.3 billion in sales.
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