Thanks, Kristyn and good morning everyone. As you have seen, we ended 2020 on a high note with adjusted EPS for the quarter reaching an all-time high and adjusted EBITDA growing 9%. This capped a year of significant challenges stemming from COVID, but also one that brought to the forefront CBRE’s competitive advantages, our ability to capture often overlooked industry opportunities and the resiliency we’ve built into the business over the past decade. This resilience has allowed us to offset the steep decline in sales and lease transactions and the pandemic’s unique effects on the office market.

Today, CBRE is more diversified than ever before across four key dimensions: property types, lines of business, geographic markets and clients. A few examples will bring definition to this. While office remains an important property type for us, its negative effects have been tempered by our large and growing presence in industrial, data centers and multi-family. Leasing is a key line of business for us that has been under pressure. However, other lines of business, such as GSE financing, investment management and facilities management, have all continued to grow. Geographically, New York, London and San Francisco are key markets for us, but our presence in Asia is robust and growing and our significant activity in Europe and second-tier U.S. markets has held up relatively well. We serve many clients that have been negatively impacted by COVID, but do a huge amount of business with technology, life science and other clients that have thrived over the past year. Reflecting how large companies increasingly rely on CBRE, nearly 90% of our 100 largest clients purchased four or more services in 2020, up from less than a quarter a decade ago.

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