Colin DyerThank you, operator. Hello to everybody joining us for a review of our third quarter and year-to-date results. Our Chief Operating and Financial Officer, Lauralee Martin, is here with me today in Chicago, and she'll be reviewing our performance in detail in a few minutes. Firstly, to summarize our results. In the third quarter, we reported adjusted net income of $50 million, and that's $1.12 per share, which is a 30% increase over the same period a year ago. Year-to-date adjusted net income was $101 million or $2.27 per share, which is a 25% increase on the first 9 months of 2010. Third quarter revenue, was $903 million a 28% increase in US dollars, 23% in local currency from the third quarter last year. And revenue totaled $2.4 billion for the first 9 months of the year, which is 24% increase, 90% in local currency. And our Board of Directors has declared a $0.15 per share dividend. So in addition to this healthy revenue and earnings picture, we did continue to make selective strategic investments in profitable growth. In Asia Pacific, we became the leading real estate services firm in Indonesia, the world's fourth most populous country, with the acquisition of Procon, a top competitor in an active emerging market. And in October, we acquired DST International in Singapore, both as part of our plan to establish full complementive high-end residential property services in the regions. Both acquisitions build on the leadership position, with we've earned in other key Asian markets such as China and India, and support our aim to establish the firm as the clear industry leader in all of the high-growth Asia Pacific economies. Also in October, we established a market-leading presence in the U.S. Pacific Northwest by merging with Pacific Real Estate Partners. In EMEA, we're making good progress with the King Sturge integration combining offices quickly, so the mixed teams of former King Sturge and legacy Jones Lang LaSalle colleagues are now located and working together to service our clients. We can see our market leadership reflected in such industry rankings as property [indiscernible] UK investment agents table where we're now far and away the number 1 in UK property sales.
And finally on the acquisition front, LaSalle Investment Management transition and -- finally on the acquisition front at LaSalle Investment Management, transition and integration activities following our acquisition of Trinity Funds Management in Australia are progressing on schedule. Lauralee will share details in her comments that Trinity is part of our push to expand and deepen LaSalle's global access to and distribution of real estate investment capital.To put our results in context and summarize current conditions in global real estate markets, we posted slides in the investor relations sector of our website joneslanglasalle.com. Slide 3 shows the Jones Lang LaSalle investment sales clock, which we update quarterly. It's a snapshot chart of conditions in major markets around the world at different stages of the real estate cycle. Capital values for prime offices continue to grow in virtually all major markets during the third quarter, increasing by 14% year-on-year across 23 major world markets. Global investment sales volumes held steady during the quarter totaling just under $100 billion, about the same as in quarter 2 with 36% higher than in quarter 3 2010. Market volumes in the Americas at $37 billion were down by 24% from a very strong second quarter with most of the pullback in secondary markets, while the appetite for core assets, particularly in major markets, remain strong. Year-on-year market volume gains were impressive in the Americas, up 56% from the third quarter of 2010. Investment volumes in the European markets were also strong with $41 billion transacted during the quarter, a 15% increase on quarter 2, and a 38% increase above a year ago. And in Asia-Pacific, transaction volumes totaled $21 billion, a 13% increase over the second quarter and 7% of our Q3 2010 levels. Prime office yields held steadily in most major global markets during the third quarter, thanks to attractive spreads and continued robust investor demand for high-quality well assets. Read the rest of this transcript for free on seekingalpha.com