Welcome to our dedicated page for Costar Group news (Ticker: CSGP), a resource for investors and traders seeking the latest updates and insights on Costar Group stock.
CoStar Group, Inc. (NASDAQ: CSGP) is widely described in its own communications as a global leader in commercial real estate information, analytics, online marketplaces, and 3D digital twin technology. The CoStar Group news stream features updates from the parent company and from key brands such as CoStar, LoopNet, Apartments.com, Homes.com, Domain, STR, Ten-X, OnTheMarket, Matterport, Visual Lease, and CoStar Real Estate Manager.
News items commonly include market research and forecasts covering office leasing activity, multifamily rent trends, national home price appreciation, commercial real estate yields, and retail market performance. For example, recent releases have discussed U.S. office leasing volumes, regional and metro-level rent growth patterns, and projections for yields across commercial property types. Homes.com and Apartments.com reports provide detailed views of residential and multifamily markets, while CoStar-branded releases address commercial sectors and capital markets.
Other announcements focus on corporate and financial developments at CoStar Group, such as long-term outlooks, capital allocation decisions, share repurchase authorizations, and governance or compensation program updates approved by the Board of Directors and its committees. Brand-level news from Visual Lease and CoStar Real Estate Manager highlights survey findings on lease portfolio management, finance and real estate priorities, and the use of data and technology in decision-making.
Investors, analysts, and real estate professionals who follow CSGP news can use this page to review company and brand press releases that illustrate how CoStar Group applies its data, analytics, marketplaces, and technology across commercial and residential real estate. The feed aggregates these updates so readers can monitor market commentary, platform developments, and corporate disclosures in one place.
CoStar Group (NASDAQ: CSGP) announced the completion of its $156 million cash acquisition of Homes.com, following FTC approval. This acquisition aims to enhance the online real estate experience for buyers, sellers, and agents by integrating Homes.com with Homesnap, which CoStar acquired in December 2020. CoStar plans to provide a marketplace that connects agents to clients without commission cuts, retaining agents' leads. Homes.com is projected to generate an incremental $10 million in revenue but will incur approximately $15 million in negative adjusted EBITDA for 2021 due to a business model transition.
CoStar Group (NASDAQ:CSGP) reported Q1 2021 revenue of $458 million, a 17% increase from Q1 2020. Net income stood at $74 million ($1.88/share), with non-GAAP net income at $108 million ($2.75/share), reflecting a 20% growth. EBITDA rose 35% to $136 million. CoStar's sales team booked $52 million in net new bookings, a 10% increase year-over-year. The company also raised its 2021 revenue guidance to $1.930-$1.945 billion, anticipating 17% growth. The outlook includes adjusted EBITDA of $645-$655 million for the year, an 18% year-over-year rise.
CoStar Group (NASDAQ: CSGP) has announced a definitive agreement to acquire Homes.com from Dominion Enterprises for $156 million in cash. Homes.com is a prominent residential listing portal serving over 500,000 agents with 5 million monthly visitors and nearly 1.8 million property listings. This acquisition aims to enhance CoStar's offerings by merging Homes.com with its existing platform Homesnap, potentially generating $5-10 million in additional revenue in the latter half of 2021. The deal is expected to close in the first half of 2021, subject to regulatory approval.
CoStar Group (NASDAQ: CSGP) will release its Q1 2021 financial results on April 27, 2021, after market close. A conference call to discuss the results and future outlook is scheduled for 5:00 PM EDT on the same day. The company anticipates announcing its Q2 2021 results on July 27, Q3 results on October 26, and full-year results on February 22, 2022. CoStar is a leading provider of commercial real estate data and analytics, maintaining the largest database in the industry.
CoStar Group (NASDAQ: CSGP) has announced the sublease of an additional 51,000 square feet of office space in Richmond, aimed at supporting over 200 employees. This expansion highlights CoStar's commitment to growth in the region since establishing its headquarters for global research operations in 2016. The new office will enhance local employment and economic vibrancy. Despite trends of businesses reevaluating office footprints, CoStar continues to grow, having recently purchased the Westrock building and planning further expansions.
CoStar Group (NASDAQ: CSGP) has withdrawn its acquisition bid for CoreLogic, citing concerns over rising interest rates impacting the mortgage refinancing market. This decision follows a significant decline in valuations for residential property technology companies. CEO Andrew C. Florance noted that current conditions do not favor aggressive investments in the residential mortgage sector. CoStar acknowledges CoreLogic's value and talent but remains committed to cautious valuation strategies for future acquisitions.
RentPath has reached a settlement with CoStar Group (NASDAQ: CSGP) regarding a $58.75 million break-up fee, with CoStar agreeing to pay $52 million, or 88.5% of the fee, shortly after court approval. This resolution allows RentPath to focus on its upcoming acquisition by Redfin Corp (NASDAQ: RDFN) for $608 million, subject to regulatory approvals. RentPath's CEO describes this as a significant victory, aligning the company with a partner that shares its values and commitment to customer service.
CoStar Group (NASDAQ: CSGP) has proposed to acquire CoreLogic (NYSE: CLGX) for $6.00 per share in cash plus 0.1019 shares of CoStar stock, valuing the deal at approximately $90 to $97 per share. This proposal offers a $17 per share increase over the competing Stone Point and Insight offer, totaling an additional $1.25 billion in value. CoStar asserts that this proposal is superior, providing a 15% premium over CoreLogic's recent closing price and includes $450 million in cash for CoreLogic shareholders. CoStar is prepared to advance the $165 million termination fee of the existing agreement with Stone Point and Insight.
CoStar Group (NASDAQ: CSGP) reported a 19% increase in revenue for 2020, totaling $1.66 billion, compared to $1.4 billion in 2019. The fourth-quarter revenue also rose 19% to $444 million. Net income for the year was $227 million, or $5.93 per diluted share. Adjusted EBITDA for 2020 increased 9% to $553 million. The company saw record performance in its Apartments.com and LoopNet platforms, with revenue growth of 22% and 20%, respectively. CoStar raised $2.7 billion in capital and completed multiple acquisitions.
CoStar Group announces the integration of CMBS loan and property data into its commercial real estate platform. This enhancement includes detailed financials and operating statements for over 100,000 active CMBS loans, totaling $1 trillion. Clients can access valuable insights, such as distressed investment opportunities and financial performance comparisons. The integration aims to empower over 165,000 subscribers with advanced search capabilities, enhancing decision-making in the commercial real estate sector.
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