CaliberCos Reports Significant Q3 Revenue and EBITDA Growth
Thursday, Nov 14, 2024 6:32 am ET
3min read CaliberCos Inc., a real estate investor, developer, and asset manager, reported robust financial results for the third quarter ended September 30, 2024, with significant revenue and earnings growth. The company's strategic cost-reduction initiatives and strategic acquisitions contributed to this impressive performance.
CaliberCos' Platform revenue, which excludes certain consolidated assets and funds, surged by 98.9% compared to the prior year's same quarter, reaching $7.4 million. This remarkable growth was primarily driven by higher fee income from loan placements and offerings. The company's strategic cost-reduction initiatives also played a crucial role in boosting Platform Adjusted EBITDA by 259.6% to $2.4 million and turning Platform earnings positive to $0.2 million.
The acquisition of the West Ridge property in Colorado and Canyon Corporate Plaza property in Arizona contributed to an 8.9% increase in Fair Value Assets Under Management (FV AUM) to $807.0 million. This acquisition, along with net market appreciation and construction activity, helped drive CaliberCos' revenue growth.
CaliberCos' launch of its Qualified Opportunity Zone Fund Roll-Up program also significantly impacted its managed capital and overall revenue. The program resulted in a $14 million increase in managed capital, contributing to the company's 10.9% growth in managed capital to $485.3 million.
The deconsolidation of certain variable interest entities' assets, liabilities, revenues, and expenses affected CaliberCos' GAAP consolidated financial statements. This resulted in a 33.6% decrease in total consolidated revenue to $11.3 million. However, Caliber estimates that total revenue would have increased had the deconsolidated asset results not been excluded.
CaliberCos' CEO, Chris Loeffler, attributed the company's strong performance to its strategic and tactical progress towards consistent, profitable growth. Despite market volatility in fundraising and commercial real estate, CaliberCos' strategic cost-reduction initiatives and acquisitions have positioned the company for continued success.
In conclusion, CaliberCos' significant Q3 revenue and EBITDA growth can be attributed to its strategic cost-reduction initiatives, strategic acquisitions, and the successful launch of its Qualified Opportunity Zone Fund Roll-Up program. As the company continues to execute its growth strategy, investors can expect CaliberCos to maintain its momentum in the coming quarters.
CaliberCos' Platform revenue, which excludes certain consolidated assets and funds, surged by 98.9% compared to the prior year's same quarter, reaching $7.4 million. This remarkable growth was primarily driven by higher fee income from loan placements and offerings. The company's strategic cost-reduction initiatives also played a crucial role in boosting Platform Adjusted EBITDA by 259.6% to $2.4 million and turning Platform earnings positive to $0.2 million.
The acquisition of the West Ridge property in Colorado and Canyon Corporate Plaza property in Arizona contributed to an 8.9% increase in Fair Value Assets Under Management (FV AUM) to $807.0 million. This acquisition, along with net market appreciation and construction activity, helped drive CaliberCos' revenue growth.
CaliberCos' launch of its Qualified Opportunity Zone Fund Roll-Up program also significantly impacted its managed capital and overall revenue. The program resulted in a $14 million increase in managed capital, contributing to the company's 10.9% growth in managed capital to $485.3 million.
CWD Basic EPS, Basic EPS YoY
The deconsolidation of certain variable interest entities' assets, liabilities, revenues, and expenses affected CaliberCos' GAAP consolidated financial statements. This resulted in a 33.6% decrease in total consolidated revenue to $11.3 million. However, Caliber estimates that total revenue would have increased had the deconsolidated asset results not been excluded.
CaliberCos' CEO, Chris Loeffler, attributed the company's strong performance to its strategic and tactical progress towards consistent, profitable growth. Despite market volatility in fundraising and commercial real estate, CaliberCos' strategic cost-reduction initiatives and acquisitions have positioned the company for continued success.
In conclusion, CaliberCos' significant Q3 revenue and EBITDA growth can be attributed to its strategic cost-reduction initiatives, strategic acquisitions, and the successful launch of its Qualified Opportunity Zone Fund Roll-Up program. As the company continues to execute its growth strategy, investors can expect CaliberCos to maintain its momentum in the coming quarters.
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