CoStar Group Inc - CSGP STOCK NEWS

CoStar Group (NASDAQ: CSGP) has appointed Rich Simonelli as Head of Investor Relations and Cyndi Eakin as Chief Accounting Officer, both reporting to CFO Chris Lown. Simonelli returns to CoStar Group from Compass, where he served as Senior VP of Investor Relations, bringing 35 years of experience in investment banking and investor relations. His previous nine-year tenure at CoStar Group positions him well to support the company's investor relations efforts. Eakin, formerly CoStar Group's Controller and most recently Head of Investor Relations, will now oversee corporate accounting, revenue reporting, tax compliance, and financial reporting. CEO Andy Florance praised their expertise and suitability for these roles as the company enters a new growth phase.

Today, Apartments.com, part of the CoStar Group, unveiled its Q2 2024 multifamily rent trends report. The U.S. multifamily market showed strong demand, with 170,000 units absorbed, the highest since Q3 2021. Despite 180,000 new units being delivered, the vacancy rate held steady at 7.8%, marking the first non-increase in nearly three years. National annual rent growth slightly dipped to 0.9% in June. The Midwest and Northeast fared better with a 2.4% annual rent growth, while the West saw only 0.5%. The South struggled with zero annual rent growth due to oversupply. Louisville led in rent growth among top markets with a 4.9% increase, whereas Austin saw a 5.7% decline. Absorptions were strongest in luxury units but rent growth remained weakest in this segment. Improved consumer confidence and lower inflation spurred demand, especially for mid-priced and low-priced properties.

CoStar Group (NASDAQ: CSGP), a leading provider of online real estate marketplaces and analytics, will announce its financial results for Q2 2024 on July 23, 2024, after market close. Management will hold a conference call at 5:00 PM EDT to discuss the results and the company's outlook. A live audio webcast of the call will be available on the CoStar Group's investor relations website.

CoStar Group maintains the largest database of real estate information and operates various online marketplaces, including Apartments.com, LoopNet, and Homes.com. The company attracted 170 million unique visitors in Q1 2024 and has a significant presence in the U.S., Europe, Canada, and Asia.

CoStar Group (NASDAQ: CSGP) has appointed Christian M. Lown as Chief Financial Officer, effective July 1, 2024. Lown, currently EVP and CFO at Freddie Mac, brings over 25 years of experience in banking, finance, and real estate. He will report to CEO Andy Florance and will be responsible for CoStar's financial operations, including accounting, capital oversight, and investor relations. Lown’s expertise is expected to support CoStar’s growth, especially with its expanding Homes.com platform.

CoStar Group (NASDAQ: CSGP), a leader in online real estate marketplaces and analytics, has published its 2024 Environmental, Social, and Governance (ESG) Report.

The report underscores the company's dedication to sustainability, diversity, equity, inclusion (DEI), and responsible governance. In 2023, CoStar signed the Science Based Targets Initiative and improved scores from MSCI, Sustainalytics, ISS, and JUST Capital.

Key achievements include over 1,000 internal promotions, extensive training opportunities, and a diversified supplier network. CoStar also emphasized its commitment to environmental sustainability and social equity.

The report highlights CoStar's values and accomplishments in areas such as sustainability, DEI, community impact, volunteerism, and corporate governance.

Andy Florance, founder and CEO of CoStar Group, was recognized on Commercial Observer's Power 100 List for his influence in commercial real estate. The list, published annually, honors those driving innovation despite economic uncertainty. CoStar Group reported impressive growth in 2023, with $2.46 billion in revenue and over 6,200 employees worldwide. Significant achievements include Homes.com's 156 million unique monthly visitors and the acquisition of UK's OnTheMarket.com. The company also relocated its headquarters to Rosslyn, VA.

Land & Buildings Investment Management, holding over 3% of SmartRent (NYSE: SMRT) shares, sent a public letter to SmartRent's Board highlighting the company's consistent failure to execute its growth strategy and achieve targets since its 2021 listing. Shares have dropped over 80% from their peak. Despite SmartRent's strong market position and valuable assets in the multifamily PropTech sector, Land & Buildings believes the company must explore strategic alternatives, including a potential sale, to maximize shareholder value, potentially earning a 150%+ premium. Operational and governance issues, alongside missed targets and poor communication, have led to a crisis of confidence among shareholders.

CoStar Group, Inc. (NASDAQ: CSGP) successfully launched the monetization of Homes.com in the first quarter of 2024, resulting in $39 million of net new bookings. This contributed to record net new bookings of $86 million for the quarter, with revenue reaching $656 million, a 12% increase year-over-year. CoStar's Founder and CEO, Andy Florance, highlighted the exceptional sales performance, driven by the strong sales launch of Homes.com and significant growth in marketplace traffic. The company's revenue forecast for Homes.com for the full year 2024 has been raised due to the success of the launch. Additionally, CoStar reported its highest quarterly net new bookings and revenue growth across its key businesses, Apartments.com and CoStar. The company anticipates strong revenue and adjusted EBITDA growth for the full year 2024, with revenue expected to range between $2.76 billion to $2.77 billion, representing a 13% year-over-year growth at the midpoint of the range.

CoStar Group, Inc. (CSGP) is set to acquire Matterport in a cash and stock transaction valued at $1.6 billion, aiming to enhance AI and digital twin technology across its product lines. Matterport, a leader in 3D digital twins for real estate, offers dimensionally accurate virtual tours using AI software. The acquisition aligns with CoStar's mission of digitizing real estate, leveraging Matterport's technology in various sectors. CoStar plans to integrate Matterport's solutions into its platforms to enhance user experience and engagement. The transaction, subject to regulatory approvals, signals a strategic move to revolutionize the real estate industry through technology.