Q 4 2 0 1 8 C O M PA N Y U P D AT E
C U S H M A N & WA K E F I E L D | T H A L H I M E R
WHAT’S NEXT
FROM THE DESK OF
LEE WARFIELD
The year is almost over and it’s been a great one for Thalhimer. WE WELCOMED 66 NEW EMPLOYEES TO THE FIRM WHICH BRINGS US TO 423 TOTAL ASSOCIATES. Our operating groups are on track to substantially exceed projections for the year. We will present the final numbers and recognize top performers in our year end announcements scheduled for 1Q 2019, but here is a quick preview as we close out the year. TRP completed a record six acquisitions so far this year growing its portfolio value to $600 million. These high profile TRP projects feed our brokerage and property management business. TRP has become one of the most recognized and respected developers in the region and a tremendously positive reflection on the Thalhimer brand. Residential property management continues to grow adding approximately 750 units under management and increasing their total portfolio to over 8,000 units. In a typical year, brokerage produces the lion’s share of Thalhimer revenue and income. 2018 was no different. Brokerage turned in another great year with the smaller offices doing particularly well. Commercial property management added 4 million square feet of new business and maintained Thalhimer’s market share dominance. 2018 WASN’T ALL ROSES. We continue to wrestle with the hangover impact caused by the construction subsidiary. MGTCC closed in February leaving behind one active project in Charlotte and a mountain of litigation for which Thalhimer is working to resolve. That project, which is being handled by another contractor, is now 97% complete but the cost has drastically exceeded original projections. This will impact our 2018 corporate financials. Although the progress has been slow and painful, we are closing in on the day when the damage caused by MGTCC is completely behind us.
2018
THALHIMER GIVES WAS A HUGE SUCCESS THIS YEAR. It’s part of our culture and will continue in 2019. In addition to the office camaraderie on volunteer days, we provided financial support to over 20 worthy causes. It feels good to work at a company and with people who support giving back to the communities that give us so much. Thanks to those who participated monetarily or gave your valuable time. I challenge all of our associates to get involved in 2019.
564
LBS OF FOOD DONATED
$1K RAISED
100
VOLUNTEER HOURS
127
LBS OF FOOD DONATED
Thanks to a strong performance by our core real estate groups, our bonus plans remain intact and as previously announced the 401(k) company match is reinstated. Good things are happening! As we approach the end of 2018, I am cognizant of the immense talent within our ranks at Thalhimer. I am grateful for your efforts and proud of our performance. We are strong because of your dedication. I hope that you enjoy time with your family and friends over the holidays and return in 2019 rested and ready for another outstanding year at Thalhimer.
We will close at 4pm this Friday to give everyone a head start on the long holiday weekend. Enjoy!
LET’S KEEP THE POSITIVE MOMENTUM,
