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HFF, Inc. Reports Fourth Quarter And Full Year 2012 Financial And Transaction Production Results

Stocks in this article: HF

HFF, Inc. (NYSE: HF) reported today its financial and production volume results for the fourth quarter and full year of 2012. Based on transaction volume, HFF, Inc. (the Company), through its Operating Partnerships, Holliday Fenoglio Fowler, L.P. (HFF LP) and HFF Securities L.P. (HFF Securities and, collectively with HFF LP, the Operating Partnerships), is one of the leading and largest full-service commercial real estate financial intermediaries in the U.S. providing commercial real estate and capital markets services to both the users and providers of capital in the commercial real estate sector.

Consolidated Earnings

Fourth Quarter Results

Since going public in 2007, the Company recorded its highest quarterly revenue of $97.3 million for the fourth quarter of 2012, an increase of $21.4 million, or approximately 28.1%, compared to $75.9 million in the fourth quarter of 2011. The Company generated operating income of $21.6 million for the fourth quarter of 2012, which was also a new high-watermark for any quarter and represents an increase of $3.2 million, or approximately 17.4%, compared to $18.4 million for the fourth quarter of 2011. This increase in operating income is primarily attributable to the $21.4 million increase in revenue which was partially offset by (a) increases in the Company’s compensation-related costs and expenses associated with, in part, (i) the net growth in headcount of 76 new associates over the past twelve months, (ii) an increase in our incentive compensation including firm and office profit participation expenses directly tied to performance-based metrics and (iii) an increase in compensation expenses directly tied to transaction professionals recruited in 2009 and 2010 who have successfully achieved contractual performance-based metrics, and (b) increased operating, administrative and other costs related, in part, to the Company’s headcount growth and production volume, such as office expansion-related occupancy costs and travel and entertainment expenses.

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