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Appreciate Holdings, operating under the ticker SFR, recently released preliminary unaudited financial results for Q1 2023. The total revenue was approximately $6.7 million, reflecting a decline of 3.7% compared to the same period in 2022, primarily due to decreased transactions in the Marketplace segment. Revenue from the Management segment surged 29.7% to approximately $6.5 million, with a noteworthy doubling of revenue from Institutional clients. Conversely, Marketplace segment revenue plummeted 90.1% to only $0.2 million. Gross profit for Q1 was approximately $3.1 million, down 3.6% year-over-year. Adjusted EBITDA showcased a loss of $1.7 million, worsening from a loss of $0.3 million in Q1 2022. As of March 31, 2023, the company reported $0.2 million in cash and approximately $12.2 million in total debt.
Appreciate Holdings, Inc. (SFR), the parent company of Renters Warehouse, reported preliminary unaudited financial results for the full year ended December 31, 2022. The company achieved approximately $28.3 million in total revenue, reflecting a 1.4% increase from 2021. Management revenue rose by 3.5% to $22.5 million, driven largely by a 28.8% growth in its institutional segment. However, marketplace revenue declined by 5.9% to $5.8 million, with total transactions down 14.5% year-over-year. Gross profit reached $13.2 million, up 4.2%, but adjusted EBITDA showed a loss of $2.0 million, worsening from a loss of $0.9 million in 2021. As of year-end, cash and equivalents were approximately $0.1 million against total debt of $11.1 million.
Appreciate Holdings Inc. (NASDAQ: SFR) received a written notice from Nasdaq on April 19, 2023, due to its failure to file its Annual Report on Form 10-K for the fiscal year ended December 31, 2022, on time. As a result, the company is not in compliance with the Nasdaq Listing Rule 5250(c)(1). The company has until June 19, 2023, to submit a compliance plan to Nasdaq. If accepted, it may obtain an extension of up to 180 days, allowing until October 16, 2023, to regain compliance. However, it is uncertain if Nasdaq will accept the plan or if the company can comply within the extension period. Despite this, the notice does not immediately affect the trading of the company's securities. Appreciate is actively working on completing its Form 10-K.
Appreciate Holdings, Inc. (NASDAQ: SFR) has announced its expansion into the West Palm Beach, Florida market, increasing its management of single-family rental homes to over 120 in the area. This move, supported by a partnership with an institutional client, strengthens Appreciate's presence in Florida, where it now operates in six markets due to growing demand for single-family rentals. President Kevin Ortner emphasized the company's commitment to providing comprehensive investment solutions. The expansion aligns with ongoing trends of inbound migration to Florida, enhancing the company's service offerings in attractive, high-demand markets.
Appreciate Holdings, Inc. (NASDAQ: SFR) will participate in multiple investor conferences in Q1 2023. Key events include the IMN Build-to-Rent Land and Homebuilding Forum from March 2-3 in Nashville, the 35th Annual ROTH Conference from March 12-14 in Dana Point, and the Sidoti Small-Cap Virtual Conference on March 22-23, where Appreciate will also present.
The company, parent of Renters Warehouse, operates a comprehensive SFR marketplace and offers services in over 40 markets. For more details, potential investors are encouraged to connect with the investor relations team.
Appreciate Holdings (NASDAQ: SFR) has expanded into the Memphis, Tennessee market as part of its strategy to support investors in lucrative regions. The move coincides with rising mortgage rates, boosting single-family rentals (SFR) attractiveness. The Memphis market was launched in partnership with an institutional client, reflecting a focus on high-yield southeastern markets. With over 25% of one to four unit properties renter-occupied, Appreciate aims to provide an end-to-end SFR management solution leveraging proprietary data from thousands of transactions.
Appreciate Holdings (NASDAQ: SFR), a leading end-to-end Single Family Rental marketplace, has expanded its operations into Indianapolis, Indiana, marking its presence in 42 markets nationwide. This strategic move, grounded in nearly two decades of industry experience, aims to capitalize on a market known for strong rent growth, with gross yields approximately 35% higher than the national average. Appreciate emphasizes its commitment to providing substantial investment opportunities for both retail and institutional investors, as well as future market entries planned for 2023.
