Bridge Investment Group Holdings Inc. - BRDG STOCK NEWS

Bridge Investment Group Holdings reported fourth-quarter net income of $18.2 million and annual net income of $272.4 million for 2022. The earnings per share for Class A common stock were $(0.04) for the quarter and $0.92 for the year. Distributable earnings for the quarter were $35.6 million ($0.21 per share) and $187.9 million ($1.10 per share) for the year. The company declared a quarterly dividend of $0.17 per share. Additionally, Bridge announced a definitive agreement to acquire Newbury Partners LLC for $320.1 million, expanding into the private equity secondaries market.

Bridge Investment Group Holdings (NYSE: BRDG) has announced a definitive agreement to acquire Newbury Partners for $320.1 million. This acquisition aims to enhance Bridge's position in the rapidly growing private equity secondaries market, which has seen increased demand. With approximately $48.5 billion in assets under management post-transaction, Bridge expects significant near- and long-term growth opportunities. The acquisition is anticipated to be immediately accretive to core earnings metrics. The deal is expected to close in the first half of 2023, pending regulatory approvals.

Bridge Investment Group Holdings Inc. (NYSE: BRDG) announced the close of its Multifamily Fund V, raising $2.26 billion in equity commitments, marking it as the largest dedicated multifamily fund ever raised.

This fund will focus on value-add Class B multifamily housing in high-growth markets. The strategy leverages conservative financing and an in-house management team of over 1,500 employees, aiming to enhance property value and generate resilient income streams for investors.

CEO Jonathan Slager expressed optimism regarding the multifamily market's favorable conditions, expecting strong demand to surpass supply.

Bridge Investment Group Holdings announced the promotion of Lourdes Fisher to Senior Managing Director and four colleagues to Managing Director as part of their leadership expansion. Robert Morse, Executive Chairman, praised Fisher's contributions to the Client Solutions Group. The newly promoted Managing Directors include Allison Ramirez, Scott Kirk, Cynthia Adams, and Patrick Brooks. Additionally, Garrett Behling has been promoted to Chief Accounting Officer, overseeing corporate accounting. Bridge manages approximately $43.8 billion in assets across various real estate sectors, emphasizing its commitment to leadership development and operational excellence.

Bridge Investment Group Holdings Inc. (NYSE: BRDG) announced the appointment of Adam Haughton as Chief Investment Officer of Bridge Renewable Energy, effective December 12, 2022. This partnership with Lumen Energy Inc. aims to produce clean energy by developing renewable energy infrastructure on commercial properties, addressing the growing demand for green energy. Haughton brings over 15 years of solar investment expertise and previously served as Chief Investment Officer at New Energy Solar Manager. His appointment is seen as a strategic move to enhance the company’s energy transition efforts and provide competitive energy pricing for owners and tenants.

Bridge Net Lease has acquired a Class-A manufacturing and distribution asset in Port St. Lucie, South Florida, totaling 411,852 square feet. The facility is fully leased to TAMCO, a City Electric Supply Company division, under a long-term net lease. Constructed in 2020, the asset features 40’ clear heights and includes land for potential expansion. This acquisition supports Bridge's strategy of acquiring mission-critical assets in prime growth markets with creditworthy tenants. This addition enhances Bridge's portfolio by increasing its weighted average lease term and cap rate, solidifying its presence in the Southeastern US market.

T-Mobile (TMUS) has announced an exclusive agreement with ExteNet Systems to deploy digital wireless infrastructure in large venues, marking an industry first. This partnership aims to enhance 5G capabilities and streamline T-Mobile's network assets post-merger with Sprint. Under the contract, ExteNet will manage the infrastructure deployment for venues, ensuring faster rollout times. This agreement, effective October 1, 2022, also includes a collaboration with MGM Resorts to enhance connectivity across 25 properties, which serve over 70 million visitors annually.

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.

Bridge Investment Group Holdings Inc. (NYSE: BRDG) and KB Asset Management announced a strategic partnership to enhance KBAM's overseas real estate investment capabilities. This collaboration aims to identify equity capital commitments of at least $1 billion from KBAM and $2 billion from third-party investors for U.S. investments over the next four years. The partnership will utilize Bridge’s U.S. real estate investment network, aiming to diversify KBAM’s portfolio and improve returns for Korean investors.