CoStar Group, Inc. - $CSGP STOCK NEWS

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.

CoStar Group has been named a 2024 Top Workplace in Richmond by the Richmond Times-Dispatch based on employee surveys. This recognition reflects the company's focus on building strong teams and providing a positive work environment. CoStar Group prioritizes employee investment, with high retention rates and extensive training programs.

Mohr Logistics Park (MLP) wins the 2024 'Commercial Development of the Year' CoStar Impact Award in the Indianapolis market. The park, spanning 475 acres in Whiteland, IN, showcases innovation and sustainability with high-quality industrial tenants like Cooper Tire, NFI Industries, and DHL. Despite a devastating tornado in 2023, MLP's resilience and community collaboration led to the successful rebuild of a million-square-foot warehouse in just seven months, earning praise and recognition.

Apartments.com, a CoStar Group online marketplace, released a report on U.S. multifamily rent trends for Q1 2024. Demand rebounded strongly with 104,400 units absorbed, but 140,000 new units led to a 7.8% vacancy rate. Annual rent growth was 0.7%, with Midwest and Northeast markets outperforming. Luxury market rent growth was negative at -0.3%, while mid-priced 3-Star properties saw positive growth at 1.3%. The multifamily market is expected to add 495,000 units in 2024, a 20% decrease from 2023.

CoStar Group, Inc. (NASDAQ: CSGP) will announce financial results for Q1 2024 on April 23, 2024, followed by a conference call discussing the results and outlook. Investors can access a live audio webcast and replay on the CoStar Group website.

CoStar Group (NASDAQ: CSGP) announces the winners of the 2024 CoStar Impact Awards, celebrating outstanding commercial real estate projects and transactions across the UK, US, and Canada. The awards recognized 35 UK winners across three categories, highlighting projects that positively influence markets. Notable winners include Fenwick and Henderson Park for significant acquisitions and developments.