Bob. you Thank
I’ll fourth advisory outlook, our to quarter of each results turning X. Before first XXXX Slide on our with segments, for discuss starting
management healthy business. more respectively, than driven transactional XX% pronounced which by originally partially declined a our by by from SOPs in businesses was Advisory our expected higher offset net revenue decline XX% property slightly and and margin growth
by mortgage For by Capital last accentuated in decline. revenue QX, combined with robust this markets, line increasing extent year’s declined sales in which capital growth year’s origination was expectations. and markets XX%, XX%, our the revenue of
in FX the to against the was nearly X% easy In and globally in slowdown leasing office in currency, than total, lease Seattle. EMEA local was revenue by a we after slightly due global revenue decline increased Americas, was translation third a U.S., both the year prior New and revenue prior expected Boston, XX% with and X% bigger Leasing increasing Asia year office below comparisons. wholly In date leasing activity albeit down York, Francisco both notable relatively in year Outside through XX% to down San headwinds. quarter, revenue Pacific.
The XX% decline QX versus prepayments in record XXXX. rates mortgage rising amid loan in fewer servicing was attributable to prepayments
by Overall X%. but offset prepayments, new by increased was to not in decrease servicing in revenue XX% this advisory XX%, total the declined cost Excluding loan revenue. enough
Turner driven GWS grew increase net Turning that management & by facilities with In increased half organic of and improvement management coming by partly GWS growth. to XX% project Slide with up with SOP by business X, excluding mix. XX% up local currency, net revenue Townsend X% by XX% margin XX%. revenue revenue from increased
In GWS for this Townsend full our underwriting. up scope client & often for Turner of represented ever highest renewed our a the $X contracts increased interest, exceeded Turner total, XX% our totaling of Townsend & continued since client XXXX relationships. acquiring XX% billion. original renewal, with year over to first year has grow impressively. coming
from Looking expansion XXXX, to up GWS of ended first client The forward, just year well generation pipeline half and our we the level continued demand year-end clients XXXX. existing be over revenue renewals expect from outsourcing XX% reflecting XXXX base. as the mandates over as
an REI declined strong in unusually to Slide year comparison. against to $XX just QX SOP prior million Turning X,
year. a development $X in the into half, consistent $XX posted expectations this timing SOP loss primarily the to in Telford, a million SOP to reflects dispositions, development due global million were development Our U.S. our of heavily Lower business which year’s U.K. assets loss our weighted with going business. first
a initial underwriting, increased business, our forward. exceed also costs in-depth we We now fire of we reserve. financial performance safety the going will and an Telford handful down improve expect review projects our Following to we believe where wrote Telford of
AUM by management billion billion management part versus net FX $X $X movements in losses due driven positive which grew inflows quarter. of to SOPs offset Investment co-investment declines. and declined gain a sequentially, mark-to-market the $X in billion of capital year Investment prior
management Excluding nearly flat co-investment losses, quarter. gains and with SOP investment prior was the year
outlook in X, will to will our Turning U.S. is end following to near base outlook unemployment case, Should moderate U.S. down, the the increase X%, change. would XXXX, above but macroeconomic our from XX-year and treasury the The inflation year Slide the end XXXX a will change also underpinned by X% outlook this experience recession short, business economic Fed’s trending the clearly yields under will target assumptions. year X.X%.
mid single leasing we expect be by decline property digit single This growth digit in revenue segment, a driven in In mid decline. more decline resilient in to by will offset our advisory and business high lines a sales. of mid-teens
We offset to SOP relatively expect margin digits to in both better decline double cost by cost lower initiatives digits single partially low businesses growth as savings inflation. general high and
business, year in half back be of In we the subdued accelerate the the and will of year. number transactions expect half in the of the first our property sales
business expirations. level to leasing of to an continue lease We expect benefit our from elevated
been to pace. faster office in the a EMEA has U.S., While at have APAC and the seen return slow return occupancy
than Americas the result, be less in to we pressed these expect a As XXXX. regions
revenue than in revenue low to expect and we pressure. SOP business sales as double of digit and recent expect For in support growth less incremental investment and Within FX well property offset we tuck-in growth. management margins accelerating more slightly investments as kinds valuations, support savings to growth and new with increasing both acquisitions, cost as inflation GWS, due
benefiting sectors and expected is deliver. use grow, technology new that and believe of where the in estate driving services healthcare demand wins notably Our All for facilities management major business best we to positioned is client CBRE real is to from outsourcing increased are expansions. changing
continued our We bottom project management business. including in businesses, top double line our & digit and momentum from also Townsend Turner growth expect
equal development our expect over alone. Within just business, with the from of expect portfolio, of in X% and in-process January expected of development we billion we million SOP $XXX and we’ve million SOP mid SOP nearly REI range $XXX management. $XX segment, TCC our our in Within investment roughly over contributions closed
developed from industrial XXXX a extremely of with well portfolio for that environment assets SOP believe current expected has is the we business in market our deals. positioned TCC approximately Our XX% of
our While now improvement is challenged, we remains do into incorporated approximately versus $XX expect Telford adding cost significant SOP business XXXX. XXXX versus inflation results, million to projected as
only corporate M&A segments, XXXX XXXX our Consistent for to rise XXXX a said, lower outlook business modest core continue also we approach main full current use flat a growth versus capital. rate incremental outlook, tax our both we Beyond overhead support and repurchase, with which and the our That rate. in a cash assumes XXXX appetite year a could roughly expect of our year, levels last we to earnings not do have share to anticipate ending position. above strong and three net of
digits to development SOP. over we half in high XXXX by single the summary, versus core In to expect decline EBITDA with attributable decline
We decline and low to higher expect This core number core double because benefits in mid is EPS to XXXX, of rate we not decline one-time than that digits by when amortization than a tax a depreciation recur. EBITDA higher will of and the had more versus XXXX.
seasonality back to half EPS of two-thirds than earnings we of nearly historically we pronounced the in year, expect Lastly, core more full experienced. a the year
cost with in year. $XXX be saw containment The entirety XXXX will our by embedded expect Fourth remainder $XX the announced last million, rate is benefit and quarter program the a end cost guidance. in we run we cost a results program approximately of the XXXX. $XXX in nearly The containment million reflected our of this of benefit quarter cost in million
We the pressures expect general to support make to inflation us counteract enable cost efforts continued containment future to our us will growth. and that investments allow
Due likely is XX XXXX implied our transaction guidance between which refreshed would by XXXX, to financial we to $X by year-end year, meaningful slip absent $X allocation. XX target to EPS real estate Last core downturn, and achieve now months. capital our the CBRE
basis As recovery. would I core growth The drivers not the EPS of established largely noted unchanged. following COVID a on previously, achieve be were our this XXXX the how there targets recession we that are
a At XXXX compound high the EPS It needing also growth core have digit target, $X.XX, downturns. achieved that significant represents midpoint two from XXXX since will to projection. through teens manage double our EPS CAGR of CBRE despite core
In closing, of for ability outperform periods prospects and strength market excited growth, the long we to of our remain brand, our CBRE’s during term weakness. about
open we’ll Operator, that, With line for the questions.
