CB Richard Ellis Group Inc. (CBG) reported third quarter earnings of 4 cents a share. Excluding one-time charges, the company earned 8 cents per share which was a penny down from the Zacks Consensus Estimate of 9 cents. The company had earned 27 cents on an adjusted basis in the year-ago period. CB Richard Ellis reported a net income of $12.4 million or 4 cents a share, down from income of $40.4 million or 19 cents a year earlier. The credit market downturn and the economic recession have significantly impacted major investment sales and leasing markets globally. Increased unemployment levels coupled with store closures by retailers are significantly impacting the commercial real estate market and thereby impacting the company’s earnings. However, the company is experiencing the benefits of the cost containments measures and remains right on track to achieve its goal of reducing annualized operating ...

Jones Lang LaSalle Inc. (JLL), a leading real estate investment trust (REIT), recently reasserted its strategic alliance with Cisco Systems, Inc. (CSCO), a premier global Internet networking services company, and further extended it for five years. The mutually beneficial partnership encompasses transaction management, lease administration, and surplus property management services of the 24 million square feet global portfolio of Cisco. The deal strengthens Jones Lang’s position in the market and offers it an expanded role in the operations of Cisco. Jones Lang had been delivering real estate services to Cisco since 2001. The company offered an established global platform, resources, and expertise that enabled Cisco’s Workplace Resources Group to attain operational excellence. The Real Estate and Workplace Resources Group of Cisco is responsible for construction and development worldwide as well as facility and security operations. Jones Lang is a leading full-service real estate firm that ...

Move, Inc. (MOVE) recently reported sales of $54.6 million in the second quarter of 2009, down 11.1% year over year and about flat on a sequential basis. Move provides a variety of real estate services through a family of websites. These services, which include online media and technology solutions, are provided to real estate industry professionals, advertisers and providers of home and real estate-related products and services. The past two years have been very tough for the company due to a rapid deterioration in the global economy led by the sub-prime mortgage crisis. The situation has not improved much, though the pace of decline has slowed a bit. Adjusted EBITDA (earnings from continuing operations before interest, taxes, stock-based compensation and charges, depreciation, amortization and other non-recurring charges) came in at $7.1 million, compared to $5.7 million in the year-ago quarter and $6.6 million in the ...

Today we are featuring top-performing "Real Estate" equity mutual funds, which primarily invest in equity securities of companies that are part of the real estate sector, real estate services and REIT industries.

Investors can find such funds by checking out the entire list of the Zacks #1 Rank Real Estate Equity Funds.

3 Excellent Examples

Fidelity Real Estate Income (FRIFX) seeks higher than average income with capital growth as a secondary consideration. The fund is non-diversified.

Mark P. Snyderman has been the lead manager at the fund since its inception in February 2003. The fund has an expense ratio of 0.97%.

Ventas Inc. (VTR), MFA Mortgage Investments Inc. and Annaly Capital Management Inc. (NLY)are among the fund's top holdings.

Commonwealth Real Estate Securities (CNREX) was incepted in January 2004. The fund seeks long-term capital appreciation and current income.

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Today we are featuring top-performing "real estate" equity mutual funds thatb invest in equity securities of companies in the real estate, real estate services and REIT sector.

Investors can find such funds by checking out the entire list of the Zacks #1 Rank Real Estate Equity Funds list.

3 Strong Choices

Delaware Global Real Estate Securities A (DLRAX) seeks maximum long-term total return through a combination of current income and capital appreciation. The fund is non-diversified.

The fund primarily invests in securities issued by U.S. companies in the real estate and real estate-related sectors. As of December 2008, its portfolio turnover was 133%.

The fund's top holdings include Simon Property Group Inc. (SPG), Westfield Group (WDC) and Mitsubishi Estate.

JPMorgan International Realty A (JIRAX) was incepted in November 2006 and is been managed by Kay Herr, who

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According to new data from commercial real estate services company Cushman and Wakefield, US office market vacancies jumped in 1Q09. The overall US office vacancy rate was 12.5% in 1Q09, 130 bps higher than year-end 2008. Only one market of the 31 CBDs (central business districts) that Cushman tracks reported occupancy increases -- Dallas, with a 1Q09 vacancy rate of 27.2%, 40 bps better than the previous quarter.Two markets -- Atlanta and Orlando -- held steady, and the rest declined. Year over year (1Q09 vs. 1Q08), vacancy rates declined in six markets that the company tracks: Atlanta, Dallas, Ft. Lauderdale, Silicon Valley, Oakland, and Minneapolis, while increasing in the rest. According to the report, the three US markets with the lowest office vacancy rates are New Haven, Conn (9.2%), Washington (D.C), New York (9.6%) and Portland (10.2%), although each market reported large y/y vacancy jumps.Additionally, ...

Shares of CB Richard Ellis Group Inc. (CBG) gained more than 60% a day after the real estate services company said its lenders have agreed to amend certain terms of their credit agreement.

Among other changes, the allowance for a higher maximum leverage ratio and a lower minimum interest coverage ratio would provide CB Richard Ellis with considerably increased financial flexibility to navigate the ongoing economic downturn.

The company will be able to adjust covenant EBITDA by adding back expenses up to $75 million for cost savings in any four-quarter period through December 31, 2010.

CB Richard Ellis was up 59% to $4.77 in morning trade on the New York Stock Exchange.

"CBG" Free Stock Analysis: Buy? Sell? Hold?Zacks Investment Research

Chicago-based Jones Lang LaSalle, Incorporated (JLL) is a leading full-service real estate firm that provides corporate, financial, and investment management services. The company caters to corporations and other real estate owners, users, and investors worldwide. Jones Lang LaSalle has approximately 180 offices worldwide in about 750 cities and 60 countries.Global commercial real estate markets are rapidly deteriorating. Transaction volumes are declining due to a lack of available financing. As such, we expect revenue to continue trending down well into 2009. The company reported a large decline in capital markets income in the 3rd quarter. In addition, operating and integration expenses are increasing due to acquisition activity in 2007 and 2008. We have slashed our 2009 EPS estimates by 30% in response.Despite softening fundamentals, we still rate JLL a Hold, based primarily on valuation. The company is the best-positioned global real estate services ...

If you had all the money in the world, where would you invest it?

For sovereign wealth funds (SWFs), the answer is commercial real estate. These mega funds are homing in on the sector right now, according to emerging markets expert Irwin Greenstein.

We keep hearing about the real-estate meltdown. But as of the end of September, REITs have been up about 2% for the year -- a far cry from the wreckage of other markets.

Barrron’s analyst Andrew Bary sees potential in R.H. Donnelly, the publisher of yellow pages:

a. Investors long considered yellow-pages publishers stable, high-margin cash cows capable of carrying high debt loads. That perception has changed dramatically in the past year amid advertising declines and fears about whether Americans are forsaking print yellow-pages books for online searches. Reflecting investor concerns, some of R.H. Donnelley’s debt trades for just 50 cents on the dollar, which works out to a yield of over 25%. That may make the bonds a safer play than the shares, which also hold promise.

b. R.H. Donnelley is far from dead. The company expects to generate $475 million to $525 million in free cash flow this year. It has no major debt maturities until 2010. Thus, investors probably get a two-year “look” at Donnelley’s business before possible problems loom in 2010, when it will have $1.4 billion in

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