Colin DyerThank you, operator, and hello to everybody joining us for this review of our results for the second quarter and first half of 2011. With me today on the call is Lauralee Martin, our Chief Operating and Financial Officer, and Lauralee will review our performance in detail in a few minutes. To summarize our results, we were encouraged by another successful quarter of strong revenue growth. Second quarter revenue totaled $845 million, up 24% in U.S. dollars and 17% in local currency terms compared to the second quarter of 2010. Year-to-date revenue was $1.5 billion, an increase of 22% over the first half of 2010 or 17% in local currency terms. We reported net income of $44 million or $0.99 per share for the quarter, up from $32 million, $0.72 per share for the second quarter of 2010. Adjusting for restructuring charges and other acquisition costs, net income was $50 million, or $1.12 per share. First half net income was $45 million or $1.02 a share compared to $32 million, $0.73 a share one year ago. Adjusted for net -- adjusted net income was $51 million or $1.15 per share. The highlight in the quarter was our successful completion of the merger with King Sturge, the highly regarded international property consulting firm, and joining forces with King Sturge makes us the clear industry leader in the U.K. and continental Europe, greatly enhancing our platform and our ability to provide clients with the best service in the region. In doing this, we welcome more than 1,600 new colleagues to our combined firm and look forward to what we'll be able to achieve together going forward. Before Lauralee discusses our results in detail, I'd like to put them in context by looking at conditions in both the global economy and in real estate markets around the world. According to IHS Global Insight's latest projections, the global economy is expected to grow at 3.3% in 2011, and that is down marginally from earlier estimates. Growth in advanced countries is projected to average 2.2%, while most emerging economies continue to be strong and their growth is expected to average 6.5% this year. So broadly speaking, the multispeed global recovery continues. However, we have seen confidence weaken recently amongst both our corporate and investor clients, as concerns about government finances in a number of countries, job growth stagnation in certain economies, and political tensions in the Middle East have affected the mood of both businesses and consumers.
To give you a sense of conditions in global real estate markets, we posted slides in the Investor Relations section of our website, that's at joneslanglasalle.com. Slide 3 shows the Jones Lang LaSalle investment sales clock, which we update each quarter and which is a picture of conditions in major markets around the world at different stages of the real estate cycle. You can see that in the second quarter of 2010, some investment sales markets we still find in the bottom of the cycle, while more had begun to reflect rising capital values. One year later, values are rising now in most markets and only a few major markets remain at the bottom of the cycle.Global direct commercial investment totaled more than $100 billion in the first quarter -- second quarter, 50% higher than the second quarter of 2010. All these regions -- all 3 regions registered dollar growth in market volumes compared to a year ago, led by the Americas with a gain of 128% to $49 billion, although that was obviously from a low base, while in Europe, year-on-year market volumes were up 18% in U.S. dollar terms to $36 billion, but that meant they were flat in euro terms. Volumes increased 11% in Asia, to $19 billion, but were also flat in local currency terms. Compared to the first quarter of the year, Americas volumes increased by 56%, but EMEA and Asia Pacific investment volumes were both down by 2% and 32%, respectively. This is an unusual picture, because the normal seasonal pattern is for Q2 volumes to exceed Q1, and it reflects the pausing sentiment that I referred to a moment ago. Capital values for prime assets continue to grow strongly in many top tier office markets, increasing at an annual rate of 20% across 23 major markets worldwide. The pace of growth is slowing however, but here, compression disappears in most advanced markets with a notable exception of the U.S. Read the rest of this transcript for free on seekingalpha.com