CoStar Group Inc - CSGP STOCK NEWS

CoStar Group, Inc. (NASDAQ: CSGP) will release its first quarter 2023 financial results on April 25, 2023, after market close. A conference call is scheduled for 5:00 PM ET to discuss these results and future outlook. Access to a live audio webcast will be available on CoStar's Investor website, with a replay also provided post-call. Additionally, the company is expected to announce its second quarter 2023 results on July 25, 2023. CoStar, founded in 1987, is a leader in online real estate marketplaces and analytics.

CoStar Group (NASDAQ: CSGP) announced the winners of the 2023 CoStar Impact Awards, acknowledging over 400 commercial real estate (CRE) transactions from 2022 across 128 international markets, including the U.S., Canada, and the U.K.. The awards, now in their second year, celebrate achievements in five categories: Lease of the Year, Sale/Acquisition of the Year, Commercial Development of the Year, Multifamily Development of the Year, and Redevelopment of the Year. Winners were selected by a panel of more than 750 industry professionals, with an emphasis on growth, diversification, and overcoming unique market challenges.

CoStar Group has reported its multifamily rent growth trends for February 2023, indicating a slight recovery with national rents increasing by $2.50 or 0.15% month-over-month for the second consecutive month. However, year-over-year rent growth has decreased to 2.9% from 3.2% in January. Only Baltimore and Philadelphia exhibited growth among the top 40 markets. Indianapolis led the rent growth, while Las Vegas and Phoenix experienced significant declines, showcasing instability in the rental market. Looking ahead, more months of positive growth are crucial to stabilize the market.

News Corp has confirmed that it is no longer pursuing discussions with CoStar Group regarding the potential sale of Move, Inc., the operator of Realtor.com®.

The company remains committed to exploring opportunities that align with its strategy to enhance the value of its Digital Real Estate Services segment and maximize shareholder value moving forward.

News Corp will refrain from making additional comments on this topic until it deems appropriate or mandatory.

CoStar Group, Inc. (NASDAQ: CSGP) reported impressive financial results for the year ended December 31, 2022, with revenue reaching $2.18 billion, a 12% increase from $1.94 billion in 2021. The fourth quarter alone saw revenue of $573 million, up 13% from $507 million in Q4 2021. Net income rose 26% to $369 million, with Q4 net income at $124 million, or $0.31 per diluted share. The company also achieved record new sales bookings of $305 million, a 41% increase. Looking ahead, CoStar anticipates 2023 revenue growth of approximately 13% and expects adjusted EBITDA between $500 million and $520 million for the year.

CoStar Group (NASDAQ: CSGP) has released its 2023 Environmental, Social, and Governance (ESG) Report, showcasing its commitment to ESG practices. The report highlights the establishment of the company's baseline greenhouse gas emissions and plans to complete the CDP Questionnaire this summer. It also emphasizes improved human capital disclosures, diversity initiatives, and a commitment to equity and inclusion. CoStar aims to enhance its transparency and sustainability across operations while positively impacting communities and shareholders.

January 2023 marks a turnaround in multifamily rent growth, breaking a five-month decline. The report by Apartments.com, part of CoStar Group (CSGP), highlights month-over-month rent growth of 0.4% nationally, with strong performances in Midwestern cities like Indianapolis and Cincinnati. However, year-over-year rent growth decreased from 3.6% to 3.2%, indicating ongoing market instability. Despite the positive signs, experts caution that sustained demand is uncertain due to a projected record supply of rental units in 2023. Overall, the rental market shows early signs of potential stabilization amidst fluctuating trends.

Apartments.com, a CoStar Group company, has officially expanded into Canada, providing Canadian consumers with access to a comprehensive rental property listing service. This move addresses significant rental demand driven by rising populations and high mortgage rates, coupled with over 42,000 new rental units currently under construction in Canada. The upgraded platform will enhance the renter experience with tools like 3D property tours and neighborhood profiles. This expansion is expected to increase the number of property listings significantly, aided by ongoing marketing efforts.

SmartRent, a leader in smart home technology, announces a collaboration with Apartments.com, enhancing apartment searching through self-guided tours. This partnership allows potential renters to schedule tours directly on Apartments.com, tapping into an increasing demand for such options, which grew by 63% since the pandemic. The self-guided tours allow properties to display competitive amenities and provide flexibility for renters. Lucas Haldeman, CEO of SmartRent, emphasizes the value this partnership offers to renters and property owners. This development aims to streamline the renting process and convert leads into leases more effectively.