CoStar Group Inc - CSGP STOCK NEWS

CoStar Group (NASDAQ: CSGP) has announced the sublease of an additional 51,000 square feet of office space in Richmond, aimed at supporting over 200 employees. This expansion highlights CoStar's commitment to growth in the region since establishing its headquarters for global research operations in 2016. The new office will enhance local employment and economic vibrancy. Despite trends of businesses reevaluating office footprints, CoStar continues to grow, having recently purchased the Westrock building and planning further expansions.

CoStar Group (NASDAQ: CSGP) has withdrawn its acquisition bid for CoreLogic, citing concerns over rising interest rates impacting the mortgage refinancing market. This decision follows a significant decline in valuations for residential property technology companies. CEO Andrew C. Florance noted that current conditions do not favor aggressive investments in the residential mortgage sector. CoStar acknowledges CoreLogic's value and talent but remains committed to cautious valuation strategies for future acquisitions.

RentPath has reached a settlement with CoStar Group (NASDAQ: CSGP) regarding a $58.75 million break-up fee, with CoStar agreeing to pay $52 million, or 88.5% of the fee, shortly after court approval. This resolution allows RentPath to focus on its upcoming acquisition by Redfin Corp (NASDAQ: RDFN) for $608 million, subject to regulatory approvals. RentPath's CEO describes this as a significant victory, aligning the company with a partner that shares its values and commitment to customer service.

CoStar Group (NASDAQ: CSGP) has proposed to acquire CoreLogic (NYSE: CLGX) for $6.00 per share in cash plus 0.1019 shares of CoStar stock, valuing the deal at approximately $90 to $97 per share. This proposal offers a $17 per share increase over the competing Stone Point and Insight offer, totaling an additional $1.25 billion in value. CoStar asserts that this proposal is superior, providing a 15% premium over CoreLogic's recent closing price and includes $450 million in cash for CoreLogic shareholders. CoStar is prepared to advance the $165 million termination fee of the existing agreement with Stone Point and Insight.

CoStar Group (NASDAQ: CSGP) reported a 19% increase in revenue for 2020, totaling $1.66 billion, compared to $1.4 billion in 2019. The fourth-quarter revenue also rose 19% to $444 million. Net income for the year was $227 million, or $5.93 per diluted share. Adjusted EBITDA for 2020 increased 9% to $553 million. The company saw record performance in its Apartments.com and LoopNet platforms, with revenue growth of 22% and 20%, respectively. CoStar raised $2.7 billion in capital and completed multiple acquisitions.

CoStar Group announces the integration of CMBS loan and property data into its commercial real estate platform. This enhancement includes detailed financials and operating statements for over 100,000 active CMBS loans, totaling $1 trillion. Clients can access valuable insights, such as distressed investment opportunities and financial performance comparisons. The integration aims to empower over 165,000 subscribers with advanced search capabilities, enhancing decision-making in the commercial real estate sector.

CoStar Group (NASDAQ: CSGP) has officially proposed to acquire CoreLogic (NYSE: CLGX) for $95.76 per share, offering CoreLogic shareholders 0.1019 shares of CoStar stock per CoreLogic share. This proposal, delivering a $15.76 per share premium over CoreLogic’s existing deal, reflects CoStar's belief that their offer maximizes shareholder value through significant synergies estimated at $150-$250 million annually. CoStar emphasizes its strong financial track record and the strategic benefits of merging commercial and residential real estate solutions, which could substantially grow the combined entity's addressable market.

CoStar Group (NASDAQ: CSGP) will report its fourth quarter and year-end financial results on February 23, 2021, post-market. A conference call is scheduled for 5:00 PM ET to discuss these results and the company's future outlook. Investors can access a live audio webcast on CoStar's website.

CoStar Group is a leader in commercial real estate data and analytics, maintaining an extensive database and providing various online services that attract around 69 million unique visitors monthly.

CoStar Group, the leader in commercial real estate information, announced a significant milestone for its Apartments.com Network, which achieved one billion website visits in 2020. This growth marks an increase of over 160 million visits compared to last year, positioning it ahead of competitors. The network facilitated a record-breaking 170 million virtual tours and 10 billion property page views. CoStar invested approximately $250 million in marketing, resulting in over 10 billion media impressions, and plans to continue its advertising efforts in 2021.