Cushman & Wakefield plc Ordinary Shares - CWK STOCK NEWS

Cushman & Wakefield (NYSE: CWK) reported Q3 2024 financial results with revenue of $2.3 billion, up 3% from Q3 2023. Global leasing revenue grew 13%, driven by industrial and office leasing in Americas and APAC. Net income was $33.7 million, improving from a $33.9 million loss in Q3 2023. Adjusted EBITDA was $142.5 million, down 5% with margin at 8.7%. The company fully repaid its 2025 term loan and improved free cash flow by over $140 million year-to-date. Services and Capital markets revenue declined by 2% and 4% respectively.

Cushman & Wakefield (NYSE: CWK) has successfully repriced approximately $1.0 billion of its Term Loan due 2030, reducing the interest rate by 50 basis points from Term SOFR plus 3.75% to Term SOFR plus 3.25%. The maturity and other terms remain substantially unchanged.

Additionally, the company has fully extinguished its 2025 Term Loan through prepayments, including a $48 million payment on October 1, 2024, and a $50 million payment in August 2024. This brings the total debt repayment for the year to $200 million.

With these actions, Cushman & Wakefield now has no funded debt maturities until 2028, positioning the company to capitalize on market growth opportunities as the commercial real estate market recovers.

Cushman & Wakefield (NYSE: CWK) has announced the release of its third quarter 2024 financial results on Monday, November 4, 2024, after the close of trading at 4:05 p.m. ET. The company will host a conference call at 5:00 p.m. ET on the same day to discuss the financial results. Investors and interested parties can access the call through various methods:

1. Dial-in: 1-844-825-9789 (domestic) or 1-412-317-5180 (international)
2. Webcast: Available through Cushman & Wakefield's IR website
3. Audio replay: Accessible on the company's IR website after the call

The passcode for the conference call is 3755792. This announcement provides shareholders and analysts with the opportunity to review and discuss Cushman & Wakefield's financial performance for the third quarter of 2024.

Cushman & Wakefield (NYSE: CWK) released a research report highlighting a 3% vacancy rate in data centers across the Americas, with over 80% of new constructions pre-leased. AI and cloud data center demand surged in early 2024, pushing lease rates higher. Despite expanding supply, demand outpaces availability, leading to declining vacancy rates. Developers are exploring rural markets for power options due to power availability concerns. The report notes growth in markets like Virginia (13.2GW), Atlanta (3.8GW), and Phoenix (2.9GW). Operators are collaborating with power companies for alternative energy solutions, including wind, solar, and battery storage. The trend towards rural expansion is expected to continue as AI data centers and hyperscale facilities grow.

CoStar Group, a leading provider of online real estate marketplaces and analytics, has announced an agreement with Cushman & Wakefield to be its primary commercial real estate information provider in Canada. This partnership will give Cushman & Wakefield's 600 Canada-based employees access to CoStar's comprehensive data and analytics platform, covering properties across various sectors in major Canadian cities.

The collaboration aims to enhance Cushman & Wakefield's research capabilities, helping brokers better serve clients, close more deals, and increase commissions. CoStar's platform offers direct access to property data, enabling quick outputs for professionals and clients. The partnership aligns Cushman & Wakefield's Canadian professionals with their U.S. counterparts, who have been using CoStar's services for over two decades.

CoStar Group maintains a strong presence in Canada, tracking data on over 300,000 properties with a team of 80+ dedicated researchers. This agreement further solidifies CoStar's position as the preferred data source among leading commercial real estate brokerage firms in Canada.

Cushman & Wakefield (NYSE: CWK) has released a comprehensive report titled 'Reimagining Cities: Disrupting the Urban Doom Loop', analyzing 15 U.S. cities to identify their current real estate portfolios and optimal product mix for future success. The study, developed with Places Platform, , reveals that cities, especially downtowns, have violated portfolio theory in real estate markets, with 70% of square footage dedicated to offices.

Key findings include:

• The optimal real estate mix for most cities is 42% Work, 32% Live, and 26% Play
• Walkable urban areas account for 3% of city landmass but 37% of tax revenues and 57% of GDP
• Four strategies to revitalize cities: decrease Work space, increase Live space, boost for-sale housing, and enhance Play components

The report emphasizes the need for action to prevent urban doom loops and proposes solutions for creating more balanced, sustainable urban environments.

Cushman & Wakefield (NYSE: CWK) has released its 2023 Sustainability Report, highlighting the firm's global impact and performance in key sustainability areas. The report showcases progress towards future targets aimed at creating a more sustainable and inclusive future for stakeholders.

Key achievements include:

• 40% of the total workforce comprised of women
• Approximately $840 million spent with diverse suppliers in North America
• 15% reduction in total Scope 1 and 2 GHG emissions from 2022
• 58% of the firm's operations electricity sourced from renewable sources
• Energy and sustainability services provided for over 60,120 buildings, totaling about 1.13 billion square feet

The firm was recently named one of the World's Most Sustainable Companies 2024 by TIME, demonstrating its commitment to environmental and social responsibility.

Cushman & Wakefield (NYSE: CWK) has been recognized as one of America's Greatest Workplaces for Parents and Families 2024 by Newsweek and Plant-A Insights Group, receiving a top five-star rating. This accolade highlights the company's commitment to creating an inclusive, flexible, and supportive environment for working parents and caregivers.

The recognition was based on data from over 113,000 working parents, providing more than 693,000 company reviews. Key factors considered included corporate programs benefiting families, social media ratings, and employee reviews. Cushman & Wakefield's PACT (Parents and Caregivers Together) employee resource group plays a important role in supporting parents and caregivers within the organization.

This achievement underscores Cushman & Wakefield's dedication to fostering a family-friendly workplace that enables employees to excel professionally while managing their personal responsibilities.

Cushman & Wakefield (NYSE: CWK) has announced the hiring of Miles Treaster as President, Capital Markets, Americas, effective September 1, 2024. Treaster, an industry veteran with over 20 years of experience in institutional real estate debt and equity capital markets, will oversee all operations and shape the long-term vision of the Capital Markets group. His role will focus on strengthening the platform, driving scalable growth, and integrating AI technology and data.

Treaster's extensive background includes founding Five Horizons, a real estate investment and advisory firm, and leadership roles at Westbrook Partners and DRA Advisory He will be based in San Francisco and will oversee the company's investor services business across North and South America. This strategic hire demonstrates Cushman & Wakefield's commitment to growing its institutional Capital Markets platform and transforming its approach to advising investor clients.