MARCUS & MILLICHAP - MMI STOCK NEWS

Marcus & Millichap, Inc. (NYSE: MMI) will report its financial results for the first quarter ended March 31, 2023 on Friday, May 5, 2023, prior to market open. A webcast and conference call will follow at 10:30 a.m. Eastern Time hosted by CEO Hessam Nadji and CFO Steve DeGennaro. The call aims to discuss the company's performance and outlook, which follows a strong 2022 with closed transactions totaling approximately $86.3 billion. Investors can access the live broadcast via the company's website and there will be a replay available from 1:30 p.m. ET on the same day until May 19, 2023.

IAC has completed an $80 million cash acquisition of the land beneath its New York City headquarters at 555 West 18th Street. This strategic move consolidates ownership of a landmark building designed by architect Frank Gehry and is part of IAC's commitment to the evolving Chelsea area. Chairman Barry Diller emphasized the building's role in fostering creativity and collaboration amidst Chelsea's transformation. The acquisition was facilitated by Institutional Property Advisors, a division of Marcus & Millichap, highlighting the importance of this iconic property in IAC's portfolio. The company, known for building category-leading businesses, aims to evolve while adhering to its principles of financially disciplined opportunism.

Marcus & Millichap, a leading commercial real estate brokerage, reported a record annual revenue of $1.3 billion for 2022, a slight increase from $1.296 billion in 2021. However, the fourth quarter saw a significant decline in total revenue, dropping 47% to $262.4 million, compared to $495.1 million in Q4 2021. Net income for Q4 was $7.9 million ($0.20 per share), down from $62 million ($1.53 per share) in the previous year. Despite these challenges, MMI remains optimistic about long-term growth, citing strong market demand and continued investments in technology and talent.

Marcus & Millichap (NYSE: MMI) has declared a semi-annual dividend of $0.25 per share, totaling approximately $10.4 million. This dividend is set for payment on April 6, 2023, to shareholders recorded by the close of business on March 14, 2023. The company specializes in commercial real estate investment sales, financing, and advisory services, with 1,994 professionals and 82 offices across the U.S. and Canada. In 2021, Marcus & Millichap closed 13,255 transactions with a sales volume of approximately $84.4 billion.

Marcus & Millichap (NYSE:MMI) has entered into an exclusive representation agreement with Deep South Studios LLC to secure joint venture equity for the development of Deep South Studios Phase I, a 262,560-square-foot film and television production facility in New Orleans. This site will be the largest of its kind in the Southeastern United States, with construction expected to complete in 12 to 18 months. The project aims to raise over $100 million and is projected to generate $10.4 million in net-operating income, translating to approximately $173 million at a 6% cap rate. The facility will feature six sound stages and is strategically located near key infrastructure.

Marcus & Millichap, Inc. (NYSE: MMI) announced plans to report its fourth-quarter financial results for the period ending December 31, 2022, on February 17, 2023, before the market opens. A conference call and webcast will be held at 10:30 a.m. Eastern Time on the same day, featuring President and CEO Hessam Nadji and CFO Steve DeGennaro. For investors unable to attend, a telephonic replay will be available until March 3, 2023. Marcus & Millichap is a key player in commercial real estate investment, boasting 1,994 professionals across 82 offices, successfully closing over 13,255 transactions amounting to $84.4 billion in sales volume in 2021.