Welcome to our dedicated page for Walker & Dunlop news (Ticker: WD), a resource for investors and traders seeking the latest updates and insights on Walker & Dunlop stock.
Walker & Dunlop, Inc. reports developments in commercial real estate finance and advisory services, with recurring updates on mortgage banking volume, revenues, servicing fees, and the performance of its Capital Markets and Servicing & Asset Management activities. The company originates, sells, and services multifamily and other commercial real estate financing products, including Agency executions tied to Fannie Mae, Freddie Mac, Ginnie Mae, HUD and the Federal Housing Administration.
Company news also covers arranged debt and equity capital for multifamily, affordable housing, hospitality, self-storage and other commercial real estate assets. Updates frequently describe refinancing, construction financing, institutional advisory mandates, LIHTC affordable equity capabilities, servicing portfolio growth, credit exposure from indemnified or repurchased loans, and management commentary on capital markets conditions.
Walker & Dunlop reported a strong second quarter of 2022, with total revenues of $340.8 million, up 21% year over year. Total transaction volume reached $22.5 billion, marking a 67% increase compared to Q2 2021. Despite these gains, net income fell to $54.3 million, a 3% decline from the previous year, attributed to decreased non-cash mortgage servicing rights revenues. The company declared a quarterly dividend of $0.60 per share for Q3 2022 and reported adjusted EBITDA growth of 43% to $94.8 million. As of June 30, 2022, the servicing portfolio was valued at $119.0 billion.
Walker & Dunlop, based in Bethesda, Md., announced on August 1, 2022, the expansion of its HUD Production team in Chicago with the hiring of Brett Murphy as Senior Director. Murphy will enhance the FHA seniors housing business by leveraging Walker & Dunlop's diverse financing platform. Previously, he led seniors housing and healthcare transactions at Lancaster Pollard and has extensive experience in various financial institutions. In 2021, Walker & Dunlop was ranked the #3 HUD lender, originating approximately $737 million in seniors housing transactions.
Walker & Dunlop structured $105 million in financing for The Verona at Landover Hills, a multifamily property in Prince George's County, Maryland, featuring 727 units. The acquisition is part of a joint venture with Goldman Sachs' Urban Investment Group, targeting affordable housing solutions aligned with their One Million Black Women initiative, a $10 billion investment strategy. The property now operates under new affordability restrictions, responding to the growing demand for affordable housing in a market where rental prices are outpacing income growth.
Walker & Dunlop has expanded its property sales team, WDIS, through the acquisition of Avalon Real Estate Partners, a prominent Atlanta-based land brokerage. This acquisition aims to enhance WDIS's capabilities in land investment sales, a new specialty area for the firm. Managing Directors Brent Story and his team bring over 45 years of collective experience and a robust pipeline of transactions valued at over $700 million. Walker & Dunlop aims to grow its property sales volume to $25 billion by 2025, reflecting a strategic move to expand its advisory services in commercial real estate.
Walker & Dunlop announced the appointment of Carol McNerney as Chief Marketing Officer. With over 20 years of marketing experience across various industries, including commercial real estate, McNerney previously led marketing at SThree and Information Builders. Her role will focus on advancing Walker & Dunlop's brand strategy as part of their ambitious growth goals under the 'Drive to '25' initiative. She succeeds Susan Weber, who will now serve as chief of staff.
Walker & Dunlop has announced a programmatic joint venture with Good + West to develop a portfolio of build-for-rent (BFR) housing in Texas, with plans for at least four developments worth approximately $400 million over the next four years. The partnership aims to leverage the growing demand for BFR properties, particularly within the Dallas and Austin metro areas, driven by demographic trends and job growth. The first project, Perch Denton, a 195-unit property, is set to be completed in 2023. Walker & Dunlop has closed over $1 billion in the BFR sector, further positioning itself in this emerging market.
Walker & Dunlop announced its sponsorship of the Rutgers Center for Real Estate on July 19, 2022, aiming to enhance career opportunities in commercial real estate for students, particularly from minority backgrounds. The partnership includes hands-on learning, mentorship, and paid internships. Students will engage in competitions to apply their knowledge in real-world scenarios. This initiative underscores Walker & Dunlop's commitment to diversity and inclusion, striving to build a more representative talent pool in the industry.
Walker & Dunlop, a leading provider of capital in commercial real estate, announced it will release its second quarter 2022 results before market opens on August 4, 2022. A webcast discussing these results will take place on the same day at 8:30 a.m. Eastern time. Interested parties can access the webcast through the provided link or by phone. Walker & Dunlop is recognized for its premier brand and technology, with a commitment to diversity and creating positive change in communities.
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Walker & Dunlop has promoted Meghan Czechowski to Senior Vice President and head of its technology-enabled valuation business, Apprise. Czechowski will oversee growth strategies, leveraging technology to enhance the appraisal process, enabling valuations to be completed 25% faster than competitors. With over 15 years of experience and a track record of valuing $150 billion in commercial properties, she aims to further transform the commercial real estate sector. Apprise utilizes AI and analytics to provide data-driven insights to clients across the U.S., specializing in FIRREA- and USPAP-compliant appraisals.