Walker & Dunlop, Inc. - WD STOCK NEWS

Walker & Dunlop has secured $113 million in acquisition financing for Franklin 299, a Class-A multifamily property in the Bay Area. The financing was arranged for Acacia Capital through Fannie Mae, with the deal closing in just 19 days. The 304-unit property, built in 2015, features studio, one-, and two-bedroom residences, including 11 direct-access townhomes. Located in Redwood City between San Francisco and San Jose, the property offers premium amenities including a rooftop deck, fitness center, and swimming pool. The community's strategic location provides access to major employment centers in San Francisco, Oyster Point, the Peninsula, and Silicon Valley.

Walker & Dunlop (NYSE: WD) reported strong Q3 2024 results with total transaction volume up 36% to $11.6 billion. The company achieved total revenues of $292.3 million, up 9% year-over-year, and net income of $28.8 million, up 34%. Diluted earnings per share increased 33% to $0.85. The servicing portfolio grew to $134.1 billion, up 4% from the previous year. Property sales volume surged 44% to $3.6 billion, while debt financing volume increased 33% to $8.0 billion. The company declared a quarterly dividend of $0.65 per share for Q4 2024.

Walker & Dunlop has facilitated a $110 million refinancing for an 18-property multifamily portfolio in New York City. The portfolio, acquired in 2021 by a joint venture between Davean Holdings and Meadow Partners, comprises 112 multifamily units and 29 commercial units in prime NYC locations including the East Village and Park Slope. The company's New York Capital Markets team secured Hudson Bay Capital as the lender. In 2023, Walker & Dunlop's Capital Markets group sourced capital for transactions totaling nearly $12 billion from non-Agency capital providers.

Walker & Dunlop has achieved the #2 ranking among HUD lenders for fiscal year 2024, closing loans totaling $637 million and representing 7.7% of total HUD volume. The company secured prominent positions across multiple categories, ranking #2 in Overall HUD Lending, Affordable Lending, and Multifamily Lending, #4 in Construction Lending, and #7 in Healthcare and Seniors Lending.

The company's FHA Finance team has demonstrated growth in market share despite market volatility, maintaining a 100% success rate on closing firm applications to HUD. Their platform offers comprehensive HUD financing solutions across various asset classes, including seniors housing, multifamily units, and healthcare, specializing in both new construction loans and refinancing.

Walker & Dunlop, Inc. has expanded its Investment Sales business into the Hospitality sector with the addition of Jonathan (Jay) Morrow as senior managing director. Morrow will lead the company's hospitality practice, focusing on origination and execution of hospitality investment sales and capital placement across the United States. This strategic move follows Walker & Dunlop's success in multifamily investment sales.

The hospitality investment sales market has shown resilience post-pandemic, with annual volume increasing from $12.8 billion in 2020 to $49 billion in 2022. Walker & Dunlop's expansion into hospitality aims to provide additional products and services to institutional investors who invest across various asset classes.

Morrow brings over 15 years of experience from Hodges Ward Elliott, where he completed over $20 billion in lodging transactions. Walker & Dunlop has already demonstrated expertise in the hospitality sector, with notable deals including the $754M Aman New York Hotel & Residences and the $325M Moxy and AC hotel Los Angeles.

Walker & Dunlop, Inc. (NYSE: WD) has announced the details for its third quarter 2024 earnings conference call. The company will release its Q3 2024 results before the market opens on November 7, 2024. A conference call to discuss the quarterly results is scheduled for 8:30 a.m. Eastern time on the same day.

Investors and analysts can access the call by dialing (888) 256-1007 from within the United States or (773) 305-6853 from outside the country, using the Confirmation Code: 1186507. Additionally, a simultaneous webcast of the call will be available through a provided link. For those unable to attend the live call, a webcast replay will be accessible on the company's Investor Relations website.

Walker & Dunlop has been named to the 2024 Fortune Best Workplaces in Financial Services & Insurance List for the eighth time. This recognition, based on a survey of over 194,000 employees at certified companies, places Walker & Dunlop among the top 50 best companies to work for in the country.

Paula Pryor, executive vice president and chief human resources officer, attributes this honor to the company's valued culture, 'The Walker Way'. She emphasizes that employees trust senior management, take pride in client service, feel they can be themselves, and rely on colleague support.

The list, determined by Great Place To Work, uses a proprietary methodology to evaluate organizations based on over 1.3 million survey responses. Companies are selected for their ability to offer positive outcomes for employees across various demographics and job roles.

Walker & Dunlop has arranged $137,288,000 in financing for LUKA on the Common, a 398-unit, 30-story luxury apartment complex in Downtown Boston. The Walker & Dunlop Boston Investment Sales team facilitated the sale of the property from AvalonBay Communities to Carmel Partners. Simultaneously, the Multifamily Finance team secured the acquisition financing through Fannie Mae, structuring it as a five-year, full interest-only loan with an early-rate lock.

The property, formerly known as AVA Theater District, is located in the Boston Common multifamily market and boasts the highest possible walk and transit score of 100. This transaction marks the highest price paid for an apartment complex in the market in over a year, highlighting the strong multifamily fundamentals in Boston driven by supply and employment growth in life sciences and healthcare sectors.

Walker & Dunlop, a leader in seniors housing financing, has released its 2024 Seniors Housing Outlook report, highlighting growth opportunities and increased demand in the sector. The report comes as demographic shifts project that one in five Americans will be 65 or older by 2050, up from 17% in 2020. This demographic change is expected to boost demand for seniors housing significantly.

The report notes that while the industry faces challenges such as rising operational costs and regulatory complexities, it also presents opportunities for innovation in technology and new service offerings. Operational performance in 2024 shows improvement, with increasing occupancy rates and gradually improving profit margins, although not yet at pre-pandemic levels. Rent growth has been a key factor in driving revenue.

Walker & Dunlop has closed $600 million in seniors housing through Q2 2024, involving 28 assets across 11 states, totaling 2,955 units. An additional $361 million is under agreement. The company will be showcasing the report at the NIC Conference in Washington, DC, starting September 23, 2024.