Cbre Group Stock Price, News & Analysis

CBRE Group, Inc. reported Q1 2023 results with GAAP EPS declining 68% to $0.37 and core EPS down 34% to $0.92. Revenue reached $7.411 billion, a slight increase of 1.1% year-over-year. However, net revenue fell 4.5% to $4.181 billion. The company faced a significant drop in property sales, leading to a 70.2% decrease in net income at $117 million. The Global Workplace Solutions segment saw an 11.1% revenue increase, while the Advisory Services segment reported a 17.5% revenue decline. Despite these challenges, CBRE maintains its full-year guidance, expecting core EPS to decline by low-to-mid double digits in 2023 before surpassing previous peaks in 2024. The company highlights resilience in certain business areas and cost management efforts.

The MainStay CBRE Global Infrastructure Megatrends Fund (NYSE: MEGI) has declared its monthly distribution of $0.1083 per common share for April 2023, representing an annualized distribution rate of 6.5% based on its IPO price of $20.00. The distribution schedule includes an ex-dividend date on April 21, 2023, a record date on April 24, 2023, and a payable date on April 28, 2023.

As of April 30, 2023, the current distribution is sourced primarily from net investment income, accounting for 68% of the total, while cumulative distributions for the fiscal year to date total $1.1913. It is notable that the Fund's annualized total return since inception is -5.08%.

CBRE Group, Inc. (NYSE:CBRE) has announced the appointment of Croft Young as Chief Investment Officer, effective July. Young, a seasoned investment banker with 14 years at Morgan Stanley, brings extensive M&A experience with involvement in over $175 billion in transactions, enhancing CBRE's strategic growth potential. With $4.8 billion in liquidity at year-end 2022, the firm is well-positioned for future M&A endeavors. CBRE's global Corporate Development and Strategy teams will report to Young, who previously served in the U.S. Marine Corps and holds degrees from the University of North Carolina. Bob Sulentic, CBRE's CEO, expressed enthusiasm for Young's addition due to his proven M&A track record in real estate.

CBRE Global Real Estate Income Fund (NYSE: IGR) recently concluded its transferable rights offering, which ended on April 6, 2023. The offering provided rights holders the opportunity to subscribe for up to 23,378,100 additional common shares at a subscription price of $5.03 per share. The offering grossed approximately $117.6 million. Although the offer was oversubscribed, the fund will not utilize the secondary oversubscription option, and excess payments from those who oversubscribed will be returned. Shares from the offering are expected to be issued on or about April 14, 2023. The final subscription price turned out to be lower than initially estimated, which will lead to refunds for certain subscribing rights holders.