CBRE GROUP, INC. - CBRE STOCK NEWS

Gateway Fiber, a rapidly expanding internet service provider, has announced a significant leadership change. Co-founder and CEO Heath Sellenriek is stepping down but will remain involved as an Independent Director on the Board. The company has appointed Chris Surdo, the current President, as the new CEO.

Surdo, who joined Gateway Fiber in 2020 as CFO before becoming President in 2022, has been instrumental in the company's recent achievements. Under his leadership, Gateway Fiber has expanded its footprint in eastern Missouri, Minnesota, and western Massachusetts. The transition is described as a planned step to ensure the company's continued focus on customers, communities, and employees.

GMH Communities has officially named two residential buildings in the Central Station mixed-use development in downtown Phoenix. The east building is named 'The Maeve Central Station' and the west building is 'ANOVA Central Station'. This luxury residential community, set to open in mid 2025, will feature:

• 22 stories of student housing at ANOVA Central Station
• 33-story high-rise accommodations at The Maeve
• 60,000 sq ft of office space
• 30,000 sq ft of retail space
• Two levels of underground parking

The development, a collaboration between GMH, CBRE Investment Management, Medistar Corp, Layton Construction, and Multistudio, aims to transform downtown Phoenix by combining living, working, and recreational spaces near public transit.

Redaptive, a sustainability solutions provider, is relocating its headquarters to a larger 25,000-square-foot space in Denver's LoDo district. This move follows significant company growth, with employee numbers increasing more than fivefold in just over a year. The new office at McGregor Square can accommodate further expansion, potentially doubling the Denver-based workforce.

The company, which moved to Denver from San Francisco in 2019, cited the city's growing economy, sustainability focus, and talent pool as key factors in its decision. Redaptive recently secured $475 million in financing to support its mission of helping companies reduce building emissions and meet sustainability goals across the U.S., Canada, and Europe.

MainStay CBRE Global Infrastructure Megatrends Term Fund (NYSE: MEGI) announced its August 2024 monthly distribution of $0.1250 per common share, reflecting a current annualized distribution rate of 11.30% based on the closing price of $13.27 as of August 13, 2024. The distribution rate based on the Fund's NAV of $14.87 is 10.09%. Important dates include the ex-dividend date (August 26, 2024), record date (August 26, 2024), and payable date (August 30, 2024).

The distribution sources are estimated as follows: net investment income (89%), net realized short-term capital gains (4%), and net realized long-term capital gains (7%). The Fund's average annual total return as of July 31, 2024, is -2.47% in relation to NAV. Cumulative total return for the fiscal period ending July 31, 2024, is 1.87%.

The Board of Trustees reviews distributions quarterly, aiming to align them with net investment income and realized gains. Future earnings and distribution rates are not guaranteed.

Zimmer Biomet (NYSE: ZBH) reported strong Q2 2024 financial results, with net sales of $1.942 billion, up 3.9% year-over-year and 5.6% on a constant currency basis. Diluted earnings per share were $1.18, while adjusted diluted EPS reached $2.01. The company's performance was driven by customer demand for its diversified products and strong international business. Zimmer Biomet updated its 2024 reported revenue guidance due to currency expectations but reaffirmed constant currency revenue growth and adjusted EPS guidance. Notable highlights include the acquisition of OrthoGrid Systems, a partnership with THINK Surgical for robotic systems, and a co-marketing agreement with RevelAi Health for AI-powered technology.

The CBRE Global Real Estate Income Fund (NYSE: IGR) has appointed Peter F. Finnerty as an independent Trustee to its Board, effective July 31, 2024. Finnerty brings extensive experience in the mutual funds industry, financial reporting, and risk management. He previously led PwC's Mutual Funds Practice and served as the US Mutual Fund Leader for PricewaterhouseCoopers L.L.P. Finnerty is a Certified Public Accountant and an Audit Committee Financial Expert. CBRE Investment Management, the parent company, manages $142.5 billion in assets as of June 30, 2024, operating globally in real assets investment management.

CBRE Group (NYSE: CBRE) reported its Q2 2024 financial results, highlighting a 9% revenue increase and an 11% net revenue rise. The company witnessed a 14% increase in Resilient Business net revenue, driven by Turner's 18% growth. Advisory transaction revenue, including leasing and capital markets, grew 5%, with US leasing revenue up 13% and mortgage origination fees up 20%. However, GAAP EPS declined 34% to $0.42, and Core EPS fell 2% to $0.81. Free cash flow improved by nearly $300 million, with an annual forecast of over $1 billion. Segment-wise, Global Workplace Solutions net revenue rose 15.5%, while Real Estate Investments revenue saw a 9.2% decline. The company made capital investments worth $1.3 billion YTD and repurchased 0.6 million shares. Despite challenges, CBRE increased its full-year Core EPS outlook to $4.70-$4.90.

MainStay CBRE Global Infrastructure Megatrends Term Fund (NYSE: MEGI) has announced its monthly distribution for July 2024 of $0.1250 per common share. The Fund's current annualized distribution rate is 11.39% based on the closing price of $13.17 on July 11, 2024, and 10.11% based on the NAV of $14.83. The ex-dividend date, record date, and payable date are all set for July 25, 2024, with payment on July 31, 2024.

The Fund's distribution is derived entirely from net investment income. As of June 30, 2024, the Fund reported an average annual total return of -5.10% since inception, and a cumulative total return of 5.11% for the current fiscal period. The Fund's Board of Trustees reviews the distribution quarterly, aiming to distribute an amount closely approximating the Fund's net investment income and net realized capital gains during the year.

The CBRE Global Real Estate Income Fund (NYSE: IGR) has announced three monthly distributions of $0.06 per share for July, August, and September 2024, totaling $0.18 per share. Key dates include the declaration date of July 8, 2024, and payable dates on July 31, August 30, and September 30, 2024. The annualized distribution rate is 14.3% based on a market price of $5.03 on July 5, 2024.

Additionally, a webinar is scheduled for July 30, 2024, to discuss market conditions and portfolio updates. The Fund’s cumulative total return for 2024 is -7.74%, with a cumulative distribution rate of 6.72%. The average annual total return over the past five years is 1.69%, with an average annual distribution rate of 9.09%. The Fund noted that a portion of distributions may constitute a return of capital. For further details, visit the Fund’s website.