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The results for both quarters are after an adjustment of USD1.3m to reflect the impact of the non-controlling interest of HFF Holdings LLC in the operating partnerships, Holliday Fenoglio Fowler LP and HFF Securities LP.
HFF's third quarter 2009 revenues were USD20.6m, a decrease of 33.6% from the third quarter 2008. Revenues increased by 25.6% compared with the second quarter of 2009, however.
The year-on-year revenue decrease is due to reduced transactional activity directly attributable to the combined effects of losses and write-offs incurred by global financial institutions resulting in continuing overall liquidity and credit constraints in the debt and equity markets, together with a continued deep recession in the US and other global economies.
EBITDA for the third quarter was USD4.3m, an increase from USD3.1m in the same period last year.
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