CBRE Group, Inc. (NYSE:CBG) Q3 2016 Earnings Conference Call - Preliminary Transcript

Oct 27, 2016 • 08:00 am ET


CBRE Group, Inc. (NYSE:CBG) Q3 2016 Earnings Conference Call - Preliminary Transcript


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Greetings, and welcome to the CBRE Third Quarter Earnings Conference Call. At this time, all participants are in listen-only mode. A brief question-and-answer session will follow the formal presentation. As a reminder, this conference is being recorded.

I would now like to turn the conference over to your host, Steve Iaco with Investor Relations. Mr. Iaco, you may begin.

Steve Iaco

Thank you and welcome to CBRE's third quarter 2016 earnings conference call. Earlier today, we issued a press release announcing our financial results for the quarter and the first nine months of the year. This release is posted on the home page of our website,

This conference call is being webcast through the Investor Relations section of our website. There you can also find a presentation slide deck, which you can use to follow along with our prepared remarks. An audio archive of the webcast will be posted to the website later today and a transcript of our call will be posted tomorrow.

Now, please turn to slide labeled forward-looking statements. This presentation contains statements that are forward looking within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include statements regarding CBRE's future growth momentum, operations, market share, business outlook, and financial performance expectations. These statements should be considered estimates only, and actual results may ultimately differ from these estimates.

Except to the extent required by securities laws, we undertake no obligation to update or publicly revise any forward-looking statements we may make today. For a full discussion of the risks and other factors that may impact any forward-looking statements, please refer to our Third Quarter 2016 Earnings Report furnished on Form 8-K and our most recent Quarterly and Annual Reports on Form 10-Q and Form 10-K. These results are filed with the SEC and are available at

During this presentation, we may make certain statements that refer to non-GAAP financial measures as defined by SEC regulations. Where required by these regulations, we have provided reconciliations of these measures to what we believe are the most directly comparable GAAP measures. Those reconciliations, together with explanations of these measures, can be found within the appendix of this presentation.

Please turn to Slide 3. Participating on our call today are Bob Sulentic, our President and Chief Executive Officer; Jim Groch, our Chief Financial Officer; and Gil Borok, our Deputy Chief Financial Officer and Chief Accounting Officer.

Now, please turn to Slide 4 as I turn the call over to Bob.

Bob Sulentic

Thank you, Steve, and good morning, everyone. By now you've read our press release detailing CBRE's financial results for the third quarter of 2016, which Jim will discuss shortly. Our results are solid and largely in line with our and the market's expectations. Our performance is notable when viewed against the exceptionally strong growth we posted in last year's Q3 and a backdrop of lower property sales volumes in most markets.

In this environment, CBRE's premier position in commercial real estate with a deep diverse market-leading service