Cushman posts operating income of $11M in the third quarter

Company refinanced its corporate debt

National /
Nov.November 14, 2018 06:15 PM

225 West Wacker Drive in Chicago and Brett White (Credit: iStock and Hines)

Cushman & Wakefield reported revenues of $2.07 billion during the third quarter, an increase of 21 percent over the same time last year.

Expenses during the quarter rose 17 percent on the year to $2.06 billion, for operating income on the quarter of $11 million.

“We’re making good progress in our financial, operational and strategic growth objectives,” CEO Brett White said on the company’s third-quarter earnings call Tuesday evening.

It was Cushman’s second earnings call since the company went public with its $765 million initial public offering in August.

Cushman was saddled with a significant amount of debt following the IPO, and during the third quarter the company refinanced its debt facilities. Cushman issued $2.7 billion of first-lien debt that carries a seven-year maturity.

The company paid off its second lien, and completed a new revolving credit facility of $810 million with a five-year maturity.

Fee revenue in the Americas grew 20 percent in the quarter, driven by a 34 percent increase in leasing growth and 25 percent in capital markets, the company said. White also said he expects strong office leasing numbers to continue into 2019.

Cushman’s stock price late Wednesday afternoon was at $18.65 per share, up from its IPO price of $17 per share.


Related Articles

arrow_forward_ios
From left: McSam Hotel Group's Sam Chang and SL Green's Marc Holliday with 711 Seventh Avenue  (Getty, Google Mpas, SL Green)
Times Square hotel developer sues neighbors over delayed demolition
Times Square hotel developer sues neighbors over delayed demolition
Napa Valley hot-air-balloon business lists for $12M
Napa Valley hot-air-balloon business lists for $12M
Napa Valley hot-air-balloon business lists for $12M
A photo illustration of the proposed Lower Platte River Corridor (Getty, Plan Preserve Play NE)
Nebraska lawmakers mull digging $1B recreation lake
Nebraska lawmakers mull digging $1B recreation lake
Illustration of Stefan Soloviev (HaydenSoloviev, CC BY-SA 4.0, via Wikimedia Commons, Getty)
Soloviev bets long-dormant Midtown East site in casino sweepstakes
Soloviev bets long-dormant Midtown East site in casino sweepstakes
CHIP's Jay Martin and HCR Commissioner RuthAnne Visnauskas (Getty)
Lies, damn lies, and statistics: Did rent-stabilized vacancies really fall?
Lies, damn lies, and statistics: Did rent-stabilized vacancies really fall?
PulteGroup's Ryan R. Marshall and RedFin's Glenn Kelman (PulteGroup, RedFin, Getty)
Wall Street is bidding up housing stocks again
Wall Street is bidding up housing stocks again
Empire Capital Holdings' Josh Rahmani, Hakimian Capital's Michael Hakimian, RXR's Scott Rechler and 1330 6th Avenue (Getty, Hakimian Capital, Empire Capital Holdings, 1330aofa.com)
Empire Capital, partners close on $320M deal for 1330 Sixth Ave
Empire Capital, partners close on $320M deal for 1330 Sixth Ave
Urban Commons' Salvatore G. Takoushian with Wagner at the Battery
Urban Commons puts FiDi hotel into bankruptcy
Urban Commons puts FiDi hotel into bankruptcy
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...