Costar Group Inc Stock Price, News & Analysis

CoStar Group (NASDAQ: CSGP) announced its participation in the upcoming Stephens NASH24 Conference. CFO Chris Lown and Head of Investor Relations Rich Simonelli will engage in a fireside chat on Tuesday, November 19, 2024, at 10:00 a.m. ET. The presentation will be accessible via webcast, with both live and recorded versions available on CoStar's Investor Relations website for at least 30 days.

CoStar Group, founded in 1987, operates as a leading provider of online real estate marketplaces, information, and analytics. The company's portfolio includes prominent platforms like Apartments.com, LoopNet, Homes.com, and various international property portals. Their websites attracted over 163 million average monthly unique visitors in Q3 2024.

CoStar Group (NASDAQ: CSGP) has announced its participation in the upcoming KBW Fintech Conference. CFO Chris Lown and Head of Investor Relations Rich Simonelli will engage in a fireside chat on November 14, 2024, at 12:40 p.m. ET. The presentation will be accessible via webcast, with both live and recorded versions available on the company's investor relations website for at least 30 days.

CoStar Group, established in 1987, operates as a leading provider of online real estate marketplaces, information, and analytics. The company manages several prominent platforms including Apartments.com, LoopNet, Homes.com, and various international property portals. Their websites attracted over 163 million average monthly unique visitors in Q3 2024.

CoStar Group (NASDAQ: CSGP) has opened nominations for its fourth annual CoStar Impact Awards, recognizing outstanding commercial real estate projects across 129 markets in the US, Canada, and UK. The awards will evaluate projects completed in 2024 across categories including Lease of the Year, Commercial Development, Multifamily Development, Redevelopment, and Sale/Acquisition. Winners will be selected by panels of industry professionals and receive trophies and promotion on CoStar's platform. Notable past winners include a sustainable logistics hub in Ottawa, a 76-story mixed-use condominium in Toronto, and a LEED-certified warehouse on Long Island. Nominations are open through January 31, 2025.

CoStar Group (NASDAQ: CSGP) has announced its fourth annual CoStar Impact Awards, recognizing outstanding commercial real estate projects across 129 markets in the US, Canada, and UK. The awards will evaluate projects completed in 2024 across categories including Lease of the Year, Commercial Development, Multifamily Development, Redevelopment, and Sale/Acquisition.

Winners will be selected by panels of industry professionals based on their project's influence, growth potential, and ability to overcome market challenges. Notable past winners include a sustainable logistics hub in Ottawa, a 76-story mixed-use development in Toronto, and a LEED-certified warehouse on Long Island. Nominations are open through January 31, 2025, and judge applications are due by November 14, 2024.

CoStar Group (NASDAQ: CSGP) has completed the acquisition of Visual Lease, a lease administration and accounting platform. Visual Lease, founded in 1996, serves over 1,500 organizations across various sectors. The merger aims to enhance CoStar's Real Estate Manager business line by combining Visual Lease's lease management expertise with CoStar's data analytics capabilities. The integration will provide comprehensive lease management and accounting solutions, strengthen relationships with service providers, and expand technology partnerships. Visual Lease's GASB experience and ESG analytics will enhance CoStar's offerings for government customers and sustainability solutions.

CoStar Group (NASDAQ: CSGP) announced an agreement with Gartner to secure office space at 1201 Wilson Boulevard in Arlington, Virginia, for its headquarters relocation in early 2025. Gartner will pay a $48 million early termination fee and retain approximately 49,000 square feet through 2032. The 552,000-square-foot LEED Platinum-certified building, recently purchased by CoStar, will accommodate the company's expansion from Washington, DC. CoStar's revenue has grown from $252 million in 2011 to $2.46 billion in 2023, with employee count increasing from 1,000 to over 6,400.

CoStar Group (NASDAQ: CSGP) has announced a definitive agreement to acquire Visual Lease, a leading lease administration and accounting platform. This strategic acquisition will enhance CoStar's Real Estate Manager business line and provide additional lease management and accounting value to corporations of all sizes. Visual Lease, founded in 1996, serves over 1,500 organizations across various sectors.

The combination aims to create a more comprehensive service offering by integrating CoStar Group's industry expertise with Visual Lease's diverse customer base and lease portfolio management expertise. The acquisition is expected to enhance functionality for businesses of all sizes and increase integration opportunities with key technology partners.

CoStar Group plans to provide additional information about the Visual Lease acquisition during its earnings conference call on October 22, 2024.

CoStar Group reported strong Q3 2024 results with revenue of $693 million, up 11% year-over-year. Net income increased 176% from Q2 2024 to $53 million, with earnings per diluted share of $0.13. EBITDA rose 320% to $51 million, while Adjusted EBITDA grew 86% to $76 million, exceeding guidance by 54%.

The company's commercial information and marketplace businesses achieved 43% profit margins. Average monthly unique visitors increased 28% year-over-year to 163 million. Homes.com's unaided awareness rose from 4% to 33% since February 2024. In the UK, OnTheMarket saw significant growth in traffic, visitors, agents, leads, and listings.

CoStar Group updated its 2024 outlook, projecting full-year revenue of $2.72-$2.73 billion and Q4 revenue of $693-$703 million. Adjusted EBITDA guidance for 2024 was raised to $205-$215 million, with Q4 expected at $76-$86 million. The company forecasts full-year non-GAAP EPS of $0.67-$0.69 and Q4 non-GAAP EPS of $0.21-$0.23.

Apartments.com, a CoStar Group marketplace, released its Q3 2024 multifamily rent trends report. Key findings include:

• 176,000 units absorbed, highest since Q3 2021
• 178,000 new units delivered, smallest supply-demand gap in 3 years
• Vacancy rate dropped 10 basis points to 7.8%
• National average annual asking rent growth eased to 1.1%
• Washington, DC led top 50 markets with 3.5% annual rent growth
• Austin saw the largest decline at -4.7% annual rent growth
• 4&5-Star units led absorption but had weakest rent growth (0.3%)
• 3-Star properties showed stronger performance with 1.5% rent growth
• 636,000 new units projected for 2024, a 40-year record

The report suggests varied market performance for the rest of 2024 and early 2025, with Sun Belt and luxury properties facing potential weakness due to oversupply.