CoStar Group Inc - CSGP STOCK NEWS

CoStar Group (NASDAQ: CSGP) has commenced construction on a new research and technology center in Richmond, Virginia. This 1-million-square-foot facility is projected to create over 2,000 jobs in various sectors including research, technology, and operations. The expansion will solidify CoStar's position as the largest technology company in Richmond, complementing its existing workforce of over 1,500 employees. The project emphasizes sustainability with energy-efficient designs and green spaces, aligning with CoStar's commitment to community and economic growth.

CoStar Group announces the second annual CoStar Impact Awards, recognizing outstanding commercial real estate projects in the US, Canada, and the UK. Submissions for projects completed in 2022 are now open, with categories such as Lease of the Year and Commercial Development of the Year. A panel of industry professionals will select winners from 128 major markets. Winning projects from 2021 included high-value developments in Chicago and Miami. The awards promote innovation and growth in commercial real estate.

CoStar Group, Inc. (NASDAQ: CSGP) reported a 12% increase in revenue to $557 million for Q3 2022, up from $499 million in Q3 2021. Net income was $72 million or $0.18 per diluted share, while non-GAAP net income rose 19% to $118 million or $0.30 per diluted share. Net new bookings surged 62% year-over-year to $76 million. The company raised its FY revenue guidance to $2.175-$2.180 billion. CoStar's EBITDA for Q3 was $129 million. CFO Scott Wheeler noted strong product performance and a resilient subscription model.

CoStar Group has been recognized in the inaugural Commercial Observer Power Proptech list, highlighting the industry's leading individuals. CEO Andrew Florance is celebrated for his efforts in transforming a dorm room project into a company that is now part of the S&P 500 Index.

In 2022, CoStar continued its global expansion, acquiring Business Immo and BureauxLocaux.com, and launching the Citysnap app in collaboration with NY's REBNY. Florance emphasizes long-term investments in proptech innovation, strong shareholder support, and a commitment to digitizing the commercial real estate sector.

CoStar Group (NASDAQ: CSGP) has completed the acquisition of Fairmas Benchmarking from Fairmas GmbH, enhancing its STR hospitality information business. Fairmas Benchmarking has served over 1,400 hotels since its launch in 2004. This acquisition allows CoStar to expand its offerings in Germany, covering over 2,200 hotels and 320,000 rooms alongside STR's existing data. CEO Andrew Florance stated the acquisition will provide significant value to clients, with plans for new products and data sets. The integration aims to strengthen STR's position in the European hospitality market.

CoStar Group (NASDAQ: CSGP) will announce its third-quarter 2022 financial results on October 25, 2022, after market close, with a conference call at 5:00 PM EDT to discuss results and the company's outlook. A live webcast will be available on the CoStar website, and a replay will follow. Moreover, the company plans to release its fourth-quarter and full-year results on February 21, 2023. CoStar Group is a prominent provider of commercial real estate data and analytics, maintaining a robust database to support clients in understanding market conditions.

The latest report from Apartments.com, a CoStar Group company, reveals a significant downturn in the multifamily rental market for Q3 2022. National asking rents decreased by 0.4%, dropping from $1,641 to $1,634, while vacancy rates rose to 5.4%. Despite a year-over-year increase of 5.8%, quarterly metrics indicate a potential slowdown ahead, particularly with approximately 110,000 new units expected to hit the market in Q4. Major declines were noted in Sunbelt markets, including Las Vegas and Orlando, while some Midwest cities showed positive growth.

CoStar Group (NASDAQ: CSGP) CEO Andrew Florance received two accolades at the 10th Annual CEO World Awards: Globee Visionary Leader of the Year and Globee CEO of the Year (Technology). Under his leadership for 36 years, CoStar has grown significantly, now employing over 5,200 people across 14 countries and earning its place in the S&P 500 Index. Despite market fluctuations, the company has prioritized growth through innovation and expansion, focusing on enhancing its services for clients and employees.

CoStar Group has priced its offering of 10,656,436 shares of common stock at $70.38 per share, with the closing anticipated on September 20, 2022. The proceeds will fund strategic acquisitions, business growth, and general corporate purposes. Goldman Sachs & Co. LLC and J.P. Morgan act as joint book-running managers. The offering is part of an effective shelf registration statement filed with the SEC. Investors are encouraged to review the accompanying prospectus for detailed information.