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Bridge Investment Group Holdings Inc. Reports Third Quarter 2022 Results
Rhea-AI Impact
(Moderate)
Rhea-AI Sentiment
(Neutral)
Tags
Rhea-AI Summary
Bridge Investment Group Holdings reported a net income of $32.2 million for Q3 2022, equating to $0.17 per share. The distributable earnings for the operating company were $49.8 million, or $0.29 per share after-tax. Fundraising inflows reached $1.3 billion, raising total assets under management to $43.8 billion. The company declared a quarterly dividend of $0.27 per share, payable December 16, 2022. Despite a tightening credit market, demand in the U.S. real estate sector remains strong.
Positive
Net income increased to $32.2 million for Q3 2022.
Distributable Earnings reached $49.8 million, or $0.29 per share.
Fundraising inflows totaled $1.3 billion, contributing to a 38% year-over-year increase in assets under management to $43.8 billion.
Successful final closing of the Workforce and Affordable Housing Fund II, raising $1.74 billion.
Negative
Significant drop in transaction activity due to tightening credit markets and rising interest rates.
SALT LAKE CITY--(BUSINESS WIRE)--
Bridge Investment Group Holdings Inc. (NYSE: BRDG) (“Bridge” or the “Company”) today reported its financial results for the third quarter ended September 30, 2022.
Net Income was $32.2 million for the quarter ended September 30, 2022. On a basic and diluted basis, net income attributable to Bridge per share of Class A common stock was $0.17.
Distributable Earnings of Bridge Investment Group Holdings LLC (the “Operating Company”) was $49.8 million, or $0.29 per share after-tax, for the quarter ended September 30, 2022. Fee Related Earnings to the Operating Company was $41.6 million for the quarter ended September 30, 2022.
Robert Morse, Bridge’s Executive Chairman, remarked “Bridge delivered another quarter of strong results with fundraising inflows of $1.3 billion, driven by continued demand for our flagship residential rental strategies, which contributed to a 38% increase in assets under management year over year to $43.8 billion. During the quarter we completed the final closing of our Workforce and Affordable Housing Fund II, which raised $1.74 billion in equity commitments, almost three times the amount raised in the predecessor fund. While the volatile market environment remains a headwind for the industry overall, we believe that our carefully curated focus on select U.S. real estate sectors backed by long-term secular tailwinds and a value-add approach remains attractive as an investment thesis for our investors worldwide.”
Jonathan Slager, Bridge’s Chief Executive Officer, added “Despite the significant drop in transaction activity that has resulted from a dramatic tightening of the credit markets and the rapid increase in interest rates, commercial real estate fundamentals for most of our specialized segments remain healthy. Even with the backdrop of market uncertainty, we had significant investment realizations in the third quarter demonstrating the demand that still exists for U.S. real estate, particularly multifamily assets. Additionally, we have $3.9 billion of dry powder to take advantage of opportunities generated from the dislocation created by the debt markets, as they arise. Our vertical integration and focus on the value-add sector continues to be a strength in a difficult environment.”
Common Dividend
Bridge declared a quarterly dividend of $0.27 per share of its Class A common stock, payable on December 16, 2022 to its Class A common stockholders of record at the close of business on December 2, 2022.
Additional Information
Bridge Investment Group Holdings Inc. issued a full detailed presentation of its third quarter 2022 results, which can be viewed on the Investors section of our website at www.bridgeig.com. The presentation is titled “Third Quarter 2022 Earnings Presentation.”
Conference Call and Webcast Information
The Company will host a conference call on November 9, 2022 at 8:30 a.m. ET to discuss its third quarter 2022 results. Interested parties may access the conference call live over the phone by dialing 1-866-682-6100 (domestic) or 1-862-298-0702 (international) and requesting Bridge Investment Group Holdings Inc.’s Third Quarter 2022 Earnings Conference Call. Participants are asked to dial in a few minutes prior to the call to register for the event. The event will also be available live via webcast which can be accessed here or from our Investor Relations website https://ir.bridgeig.com.
An audio replay of the conference call will be available approximately three hours after the conference call until 11:59 p.m. ET on November 23, 2022 and can be accessed by dialing 1-877-660-6853 (domestic) or 1-201-612-7415 (international), and providing the passcode 13733634.
About Bridge Investment Group
Bridge is a leading, vertically integrated real estate investment manager, diversified across specialized asset classes, with approximately $43.8 billion of assets under management as of September 30, 2022. Bridge combines its nationwide operating platform with dedicated teams of investment professionals focused on select U.S. real estate verticals: residential rental, office, development, logistics properties, net lease, real estate-backed credit, solar infrastructure and proptech.
Forward-Looking Statements
This earnings release contains certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, which relate to future events or our future performance or financial condition. All statements other than statements of historical facts may be forward-looking statements. In some cases, you can identify forward-looking statements by terms such as “outlook,” “could,” “believes,” “expects,” “potential,” “opportunity,” “continues,” “may,” “will,” “should,” “over time,” “seeks,” “predicts,” “intends,” “plans,” “estimates,” “anticipates,” “foresees” or negative versions of those words, other comparable words or other statements that do not relate to historical or factual matters. Accordingly, we caution you that any such forward-looking statements are based on our beliefs, assumptions and expectations as of the date made, taking into account all information available to us at that time. These statements are not guarantees of future performance, conditions or results and involve a number of risks and uncertainties that are difficult to predict and beyond our control. Actual results may differ materially from those express or implied in the forward-looking statements as a result of a number of factors, including but not limited to those risks described from time to time in our filings with the Securities and Exchange Commission. Any forward-looking statement speaks only as of the date on which it is made. Bridge undertakes no duty to publicly update any forward-looking statements made herein or on the webcast/conference call, whether as a result of new information, future developments or otherwise, except as required by law.
Nothing in this press release constitutes an offer to sell or solicitation of an offer to buy any securities of the Company or any investment fund managed by the Company or its affiliates.
