Welcome to the annual meeting of shareholders. Over the past few years, Colliers has moved to the forefront of our industry and has changed the way investors view the massive growth opportunities in diversified services. The key to our success has been a relentless focus on creating value for clients, investors, and shareholders. For 28 years, we've delivered 20% annualized returns in share value, a record we are extremely proud of. During 2022, investment management, outsourcing and advisory, and leasing all delivered strong growth, more than offsetting the slowdown in capital markets. Having a larger proportion of our revenue coming from recurring services has transformed Colliers into an even more balanced and resilient company. Back in 2021, we established the Enterprise 2025 Plan, an ambitious five-year growth strategy to more than double our profitability and generate more than 65% from recurring revenues.
We just completed the second year of our plan, and I'm pleased to say that we're pacing well ahead of targets. Strategic investments have always played a key role in our growth. During 2022, we invested a record $1 billion in acquisitions to increase market share, expand and diversify services, or extend our geographic reach. As a result, Colliers is better positioned than ever to help clients and investors navigate their greatest challenges. Investment management also grew considerably, finishing the year with $98 billion of assets under management. In six short years, Colliers has become one of the top players in the alternative private capital industry. The defensive nature of the assets we invest in, coupled with our experienced and highly committed investment teams, provides us with another exceptional growth engine for the future. We also grew aggressively in engineering and design and project management.
Acquisitions in the U.K., Australia, and the U.S. allowed us to capture growing demand, leverage client relationships, and increase our capabilities. Finally, in December, we acquired one of the leading capital markets advisors in Norway and Sweden. When you combine this with our strong operations in Denmark and Finland, Colliers is now the number one player in the Nordic region. To match this momentum, I was pleased to appoint Chris McLernon as CEO of Global Real Estate Services. I'm confident Chris will help us further accelerate our growth, enhance collaboration, and give us more bench strength for the future. At the heart of our success are 18,000 of the most enterprising professionals you'll find anywhere. Our culture attracts top talent and empowers our people to do their very best work each and every day.
Through our diversity and inclusion initiatives, we make a point of ensuring our professionals feel they belong and can build thriving careers at Colliers. As a global leader in our industry, we also play an important role in tackling major challenges, such as climate change and inequality. We're doing more every day to weave ESG into the fabric of our organization. During the year, we published our second Global Impact Report and announced bold targets to deliver resilient buildings and inclusive workplaces that promote health and well-being. Another priority is technology, solutions that will enable our professionals to provide better advice by streamlining processes and facilitating improved decision-making. Last year, we enhanced our data management and advisory services by scaling our partnership with Measurabl.
Our proprietary Colliers Mobility Pass allows tenants to supplement their offices through our global network of on-demand flexible spaces, and these are just two examples of our solutions in action. 2022 was a very big year for Colliers, and we're pleased with our strong performance.
In 2022, we significantly strengthened our high-value recurring service lines and delivered strong full-year operating performance. Our consolidated revenues were $4.5 billion, up 13% in local currency relative to the prior year. Adjusted EBITDA was $631 million, up 16%, and adjusted earnings per share were $6.99, up 13% relative to 2021. These solid results build on our history of delivering superior returns to shareholders. Over the past five years, our revenues have grown at a compound annual rate of 13% and adjusted EBITDA at 21%, while operating margins improved more than 400 basis points. Adjusted EPS has grown at a compound annual rate of 17%, and our free cash flow has doubled.
We nearly doubled our assets under management during 2022, with 85% in perpetual or long-dated strategies and 70% in alternative and infrastructure asset classes. It is important to note that the private and defensive nature of the assets in our portfolios brings stability and sustainability to our rapidly growing AUM. At the end of 2022, our financial leverage ratio was 1.8 times, well within our target leverage range. Together with our strong balance sheet and free cash flow, we have ample capacity to continue funding compelling growth opportunities when they arise. Looking ahead, we are well positioned for 2023 and beyond, given our multi-year strategy to transform Colliers into a high value, diversified services company.
Our earnings from recurring revenue streams, which are now at 58% of pro forma adjusted EBITDA, put us on a firm path to our goal of 65% by the end of 2025. It's clear that our enterprising culture, growth mindset, and disciplined approach set us apart from most other companies. I am excited to build on our proven track record and continue delivering exceptional returns for shareholders in the years to come.
Fueled by our achievements and long-term vision, Colliers is stronger and more resilient today than at any other time in our history. I am immensely proud of our strong global brand, our enterprising culture, and our highly committed leadership teams who own 30% of the equity in our company, which provides the ultimate in alignment with shareholders. These characteristics are unique to Colliers. They're hard for others to copy because they've taken years to refine, and our business model empowers our leadership teams around the world to capitalize on opportunity and to create value better than the others. I want to thank our business leaders for their passion and commitment and perseverance. I also would like to acknowledge our board of directors and thank them for their continued commitment. Let me conclude by thanking all of you once again for joining us at this year's annual meeting.