CBRE Group, Inc. (NYSE:CBRE) Q1 2024 Earnings Conference Call May 3, 2024 8:30 AM ET

Company Participants

Brad Burke - Head, Investor Relations & Treasurer
Bob Sulentic - Chair & Chief Executive Officer
Emma Giamartino - Chief Financial Officer

Conference Call Participants

Anthony Paolone - JPMorgan
Steve Sakwa - Evercore ISI
Jade Rahmani - KBW
Stephen Sheldon - William Blair
Michael Griffin - Citi
Peter Abramowitz - Jefferies
Patrick O'Shaughnessy - Raymond James

Operator

Greetings and welcome to the Q1 2024 CBRE Earnings Conference Call. At this time, all participants are on a listen-only mode. A brief question-and-answer session will follow the formal presentation [Operator Instructions] As a reminder, this conference is being recorded.

It is now my pleasure to introduce your host, Brad Burke, Head of Investor Relations and Treasurer. Thank you. You may begin.

Brad Burke

Good morning, everyone, and welcome to CBRE's first quarter 2024 earnings conference call. Earlier today, we posted a presentation deck on our website that you can use to follow along with our prepared remarks, and an Excel file that contains additional supplemental materials.

Before we kick off today's call, I'll remind you that, today's presentation contains forward-looking statements, including without limitation statements concerning our economic outlook our business plans and capital allocation strategy and our financial outlook. Forward-looking statements are predictions, projections and other statements about future events. These statements involve risks and uncertainties that may cause actual results and trends to differ materially from those projected. For a full discussion of the risks and other factors that may impact these forward-looking statements, please refer to this morning's earnings release and our SEC filings.

We have provided reconciliations of the non-GAAP financial measures discussed on our call to the most directly comparable GAAP measures, together with explanations of these measures in our presentation appendix.

I'm joined on today's call by Bob Sulentic, our Chair and CEO; and Emma Giamartino, our Chief Financial Officer.

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

Bob Sulentic

Thank you, Brad, and good morning, everyone. Before I begin, it's important to note that Emma and I regularly reference our performance relative to expectations during these quarterly calls. In all cases, the expectations we are referencing are based on the outlook we provided during our most recent quarterly call.

We started 2024 by delivering core earnings that exceeded our expectations. This was driven in part by solid net revenue growth; however, several notable elements of our performance differed from our plan going into the year. I'll touch on three of them; leasing strength, property sales weakness, and cost pressure.