Thank you, Christian.
fourth quarter exceeded notable particularly the overall of I’ll by half expectations our items upper speak driven Our performance capital for to end XXXX, the that two cautious highlight markets. second briefly largely optimism our of the year.
services estate of revenue Capital percentage decline solid third real the improved quarter, year-over-year performance fourth of Markets. modestly the fee the First, America’s indicative quarter, in versus
of and fully return capital $XX revolving yielded the facility shareholders strong quarter, and operating pay on it we via with our use focus generation to continued down cash our additional Once repurchases. cash to coupled again, Second, which million in efficiency credit earnings. an
I performance, that operating remind year the variances period currency, are everyone of prior unless review detailed a to noted. otherwise in Moving against local
occupiers businesses regarding the its impact corporate by the transactional pandemic Capital and on ongoing reflected Markets leasing decision-making investors. and and uncertainty of Our evolution
financing with notable performance to offerings. our strength businesses a resiliency remain near broad-based While XX% transactional the as in XX% Fourth quarter. advisory lines, Capital from we year geographic multifamily our investment recent and improvement Markets quarter and the subdued lag third half and in pipelines fee in and a well for America’s the diverse joint second declined we of leasing million a during revenue fourth bidder our JLL-HFF’s improvement venture expanded in of breadth encouraged $XXX the The in Markets platform, before the our our drove from Transamerica of strong quarter. footprint buyer. by the segments the and are and in sale cross-border and service across the over first Center opportunities we’ve partnership decline Pyramid trends pandemic, securing picking the credit domestic up XXXX, of and in the reserves the $XXX Markets. we the improvement million, took demonstrate that the HFF worth market in both loan quarter. and examples activity term our to speaks I’d Capital the and that to charge Capital selling platform debt expect also many synergies of JLL-HFF business The loss highlight from million was in as our service combined $XX power by Americas one noting the partly like offsetting acquisition. between of cross ultimately Despite the million respectively decreased It the iconic pool, $X San Francisco is a
addition leasing successfully secured the JLL financing, and In procuring to buyers contracts, project representing services and and sales during the and the development process. management property arranging seller the retain the the mandate
environment, Looking XX% global capital at sales and markets for investment quarter research. in the according the XX% the year JLL dropped to
of environment. secular While the to to trend commercial adjust valuations current investors capital continue as the muted evident, estate remains real and increasing activity remains pricing to somewhat allocations reflect
U.S. saw spreads an in and the prior as such for multifamily. resilient bid-ask sectors, quarter, tightening the of particularly and assets higher we industrial quality more logistics However, broad-based even than
our and industrial outlook, as continue in to revenue to of across momentum with expected is and Markets Turning and a We XXXX are sectors. which XXXX that our our see distributed resilience residential geographic reasonably degree Capital in well mix fee logistics, Markets XXXX. pipeline Capital high consistent
uncertainty significant Consolidated improvement growth market as revenue a Our revenue particularly confidence fee liquidity prior headwinds, to estate declined year. fee future the quarter, quarter, the renewed compared clients for leasing first delay in regarding in pipeline XXXX. strategies. decisions from in year markets with continue do with third The coupled and half the real improving lockdowns economic the slight of in XX% decline and the generating capital the present gives us XX%
office asset the industrial life the higher offset continue of growth data and to sector. partial classes chain, Our in sciences ongoing centers to investments provide in supply softness
office at transactions. by fourth environment, activity renewals net major and compared U.S. the the across quarter. may shorter preferred U.S. occupiers. In quarter to the third XX% market XX% which we mostly decline by with eventually In office Global terms market the modestly declined have effective continued activity. saw rents, cities, spur declines offices a leasing been volumes midyear in driven from continued global Looking smaller in lows leasing recover in
U.S. to rates X% first uncertain. we the area investors we building driven and pipeline of timing recover up remain gross of back midyear the leasing year, lows Based on activities wins overall to leasing in seek our gradually pipeline view the tempered largely Our to leasing has and remain improved growth closing Though new increased our highly remains starting and from market, is emphasize year. expect half expansions a half corporate business the the and our and Americas, contract facility in and in the management Property before due occupiers of standards. management services as by year-over-year.
and X% Our strong in than Corporate engineering growth by ongoing facility mobile revenue Solutions development offset project A in the management headwinds UK in declined was quarter. business fee businesses. and our services America’s more
outsize, $X quarterly as comparisons fees were off billion in by to LaSalle capital LaSalle’s management investment especially We LaSalle’s seek continue with and full encouraged transaction $X prior and in Advisory year by assets flow consulting clients about to $XX our resilient the increasingly the billion. full-year capital continued raised to rising. a from Coming managers to quarter be sustainability within a backdrop of impacted secular billion raised of billion record under services. track incentive fees capital net records. continues XXXX, for XXXX, demonstrating were XXXX. outsourcing trend, proven grew in $X.X the
we XXXX, in anticipate of $XX incentive the quarter. first million with very For little around fees
savings of environment, actions provide taken we Now third will to see cost fixed we costs Consistent XXXX. actions. with to million that our $XXX around statements call, some my current we on important opportunities It from annualized in for is the I’ll expect details growth. the in note quarter continue mitigation and invest
in included year $XXX cost about of quarter. cost full and XXXX, about profitability non-permanent totaled of million million areas mitigation Major approximately other programs. our relief including full-year government benefited For $XXX marketing fourth million, COVID and T&E, that savings savings items in $XX million expense the $XX the
programs million Just be expenses. margin years likely in under finite the precede to gradually XX% XXXX the savings Considering non-permanent saving $XXX often government they the as cost temporary return expect XXXX generation, and mix range will to and operate not XX% reductions benefits. in as recover and remainder half to the represent volumes long-term repeated savings initiatives, will of marketing of our business in and The including XXXX, compensation adjusted our growth of are initiatives, revenue we for example, EBITDA target to business and within ahead. actions,
of to EBITDA businesses cycle, However, the transactional due timing of expenses this and sales length fee the expect adjusted growth lag the particularly growth year. we more to in revenue
more and unfolds, net end reduce times which December, the at of X.X had end thoughts the As enhanced modest details we on on sheet, Shifting improving the are And now efficiency year quarter, earnings more our will times the of from into and availability $XXX our billion asset trajectory sequential efficiency, at balance the billion visibility full the ended is the $X.X focus leverage by structure expectations. CapEx year an million. provide to to XXXX down $XXX us of allowed we and on our and facility. in including was spending At on credit the gain capital debt improvement recovery update we of our revolving of $X.X X.X in reported liquidity, investment million September.
targeting M&A, repurchases. X.X timing mentioned, As to business the leverage reported X.XX seasonality, well may we be variances of of Though operational Christian as to and net are over a there share times due reinvestment, long-term. ratio as
factor quarter a full debt and cash reduction our in are operating which the year, improve our generation strong environment. the on efficiency, capital focused very in We despite key and continuing was to
to Looking encouraged momentum our pipelines the XXXX, will and our our year were anticipate grow business and we ahead the by full year. in business, this
the targets revenue of currently we our activity lockdowns in economic anticipate and renewed entire the of the across seasonality the second on provide making will the world considerable at the targets. to it our of the Long-term, and However, but across We uncertainty fee vaccinations XXXX create globally. much pandemic, progressive achieving pace premature improvement profitability recent year evolution this and depend beyond year, the time. business focused half the industry, remain of for on the
the steadfast consequently our stakeholder to in of ahead. generating and value to positions We operating needs a with returns evolving clients, improve for This cash years Christian constant broader efforts the meeting commitment improve people remarks. efficiency, have coupled both flow, Back free our our capital community. us to to and significant further and our
