Residential real estate brokerage leader Realogy Corp.'s lackluster results for the fourth quarter and full year 2011 reflect the housing market's continuing slump. It may be most appropriate, however, to view the company's flat net revenues and net earnings loss year-over-year from the perspective of the glass half full, given that its bonds traded for single-digit cents on the dollar in early 2009. Besides slashing expenses, Realogy, which is owned by investment firm Apollo Management, stayed afloat by revamping its capital structure to extend debt maturities and improve its leverage ratios.

Tony Hull, Realogy's CFO and treasurer since it was spun off from Cendant Corp. in 2006, discusses the company's ongoing moves to improve its capital structure and what a housing market recovery will mean for Realogy.

T&R: What has Realogy done recently to buttress its finances?