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CoStar Group, Inc. (CSGP) is a leading provider of information, analytics, and online marketplaces for the real estate industry, primarily operating in the United States and the United Kingdom. The company offers a comprehensive real estate database and operates a prominent online marketplace for real estate and apartment listings, catering to various commercial property types such as office, retail, industrial, multifamily, commercial land, mixed-use, and hospitality . CoStar Group's principal product lines include CoStar, Information Services, and Multifamily, with subscription-based services accounting for a significant portion of its revenue .
- CoStar - Provides a subscription-based platform offering commercial real estate intelligence, including data on properties, tenants, and market status.
- Multifamily - Offers advertising services for rental units through its flagship brand, Apartments.com, and earns transaction-based revenue from tenant applications and rental payment processing.
- Information Services - Delivers real estate and lease management solutions, along with benchmarking and analytics for the hospitality industry.
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Andrew C. Florance ExecutiveBoard | CEO, President, and Founder | None | Founder of CoStar Group in 1987, continuously serving as CEO, led the company to become a leading provider of commercial real estate information and analytics. | View Report → |
Christian Lown Executive | CFO | None | Appointed CFO in July 2024, former EVP and CFO at Freddie Mac, extensive experience in finance and capital oversight. | |
Cyndi Eakin Executive | Chief Accounting Officer | None | CAO since July 2024, previously SVP of Investor Relations and VP Controller at CoStar, responsible for accounting and financial reporting. | |
Frank A. Simuro Executive | Chief Technology Officer | None | Joined CoStar in 1999, oversaw development of key products, contributed to residential product development. | |
Frederick G. Saint Executive | President, Marketplaces | None | Responsible for product, marketing, and business development for Apartments.com and other platforms, achieved revenue growth targets. | |
Lisa C. Ruggles Executive | SVP, Global Operations | None | Joined CoStar in 1999, pivotal in launching research coverage in the U.S. and UK, established research headquarters in Richmond, VA. | |
Rich Simonelli Executive | Head of Investor Relations | None | Head of Investor Relations since July 2024, previously VP of Investor Relations at CoStar, recognized as a top IR professional. | |
Scott T. Wheeler Executive | CFO (until June 15, 2024) | None | CFO since 2016, announced retirement effective June 15, 2024, led financial operations during significant growth. | |
Angelique G. Brunner Board | Director | Founder and CEO of EB5 Capital, Board of Trustees at Brown University, Board of Governors at Watson Institute, Executive Board Member at Marriott-Sorenson Center, and more. | Joined CoStar's Board in 2023, over 25 years in finance and real estate, founder of EB5 Capital, extensive boardroom experience. | |
Christopher J. Nassetta Board | Director | CEO and President of Hilton Worldwide Holdings, Member of Executive Committee of World Travel & Tourism Council, Advisory Board Member at McIntire School of Commerce, and more. | Director since 2002, CEO of Hilton, extensive roles in travel and tourism sectors. | |
John W. Hill Board | Director | Founder and CEO of J Hill Group | Director since 2012, founder of J Hill Group. | |
Laura Cox Kaplan Board | Director | Director at The Policy Circle, The Bush School of Government and Public Service, Running Start, Creator and Host of She Said/She Said Podcast. | Director since 2016, former Principal-in-Charge at PwC, extensive experience in governance and public policy. | |
Louise S. Sams Board | Director | None | Director since 2019, former EVP and General Counsel of Turner Broadcasting, expertise in legal and corporate governance. | |
Michael R. Klein Board | Chairman of the Board | Vice Chairman of Tutor Perini Corporation, Founder and Chairman of Gun Violence Archive, Director of ThinkFood Group, Chairman of The Shakespeare Theatre Company, and more. | Founding member of CoStar Group, instrumental in strategic direction and governance, extensive knowledge in real estate and technology industries. | |
Robert W. Musslewhite Board | Director | Director at Ascend Learning and Iodine Software, Member of Economic Club of Washington, D.C.. | Director since 2019, over 20 years in executive management, former CEO of Definitive Healthcare and The Advisory Board Company. |
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"Given that core bookings were down 34% in the quarter and 38% year-to-date , how do you anticipate this will impact revenue growth in 2025, and what strategies are you implementing to mitigate these headwinds?"
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"With the aggressive investment in Homes.com already impacting margins , can you provide more clarity on how next year's investment levels will trend relative to this year, and what impact this will have on overall profitability?"
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"You have set ambitious targets to expand the Homes.com sales force to over 600 by the end of 2025 ; what challenges do you foresee in scaling the sales team so rapidly, and how will you ensure consistent sales productivity and effective onboarding?"
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"Homes.com operates in a highly competitive market dominated by established players like Zillow and Realtor.com ; what specific strategies are you employing to capture market share from these entrenched competitors, and how sustainable is your current growth trajectory?"
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"While Homes.com's unaided awareness and Net Promoter Score have increased significantly , how are you translating this increased consumer engagement into meaningful revenue growth, and can you provide evidence that this is leading to higher sales conversions for your agent members?"
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Visual Lease | 2024 | CoStar Group entered into a merger agreement to acquire Visual Lease for $272.5 million in cash, with Visual Lease becoming a wholly-owned subsidiary; the deal includes a $17.5 million termination fee under certain conditions and is expected to close in Q4 2024, enhancing CoStar’s lease management capabilities. |
Matterport | 2024 | The acquisition involves a cash and stock deal valued at an estimated $1.6 billion enterprise value, with Matterport stockholders receiving $2.75 in cash and $2.75 in CoStar stock per share; the transaction carries an $85 million termination fee and is subject to regulatory reviews, with a strategic focus on leveraging Matterport’s 3D digital twin technology. |
OnTheMarket | 2023 | This deal, valued at approximately £99 million (around $120 million) and executed via a court-sanctioned scheme of arrangement, is funded with cash on hand and aims to provide CoStar a strategic entry into the UK residential property market, with significant planned investments in sales and marketing. |
Business Immo | 2022 | Acquired for €6 million (approximately $6 million) with the assumption of debt, this acquisition resulted in the recognition of $8 million in goodwill and $4 million in intangible assets, strengthening CoStar’s international presence in France by enhancing its online commercial real estate news platform. |
Recent press releases and 8-K filings for CSGP.
- Revenue Growth: Reported Q1 revenue of $732 million, marking a 12% increase year-over-year ( ).
- Adjusted EBITDA Surge: Adjusted EBITDA increased to $66 million, a 429% rise from Q1 2024 ().
- Segment Performance: Strong performance in key segments such as Apartments.com (up 11% to $282 million) and LoopNet with record net new bookings, alongside robust commercial segment results ( ).
- Strategic Initiatives: Executed capital allocation measures including a share repurchase of 240,000 shares for $18.5 million and advanced strategic investments like the potential acquisition of Domain Group, as well as integration efforts with Matterport and Homes.com ( ).
- Matterport Impact: The Matterport acquisition contributed a $31 million negative impact on net income, resulting in a net loss of $15 million for the quarter ().
- Three new independent directors (Christine McCarthy, John Berisford, Rachel Glaser) have been appointed to the Board, replacing retiring members, with the Board now comprised of eight directors (index 0).
- Louise Sams was named independent Board Chair and the Board has established a Capital Allocation Committee to review the company’s capital priorities and significant investments (index 0).
- The company entered into Support Agreements with the D. E. Shaw Group and Third Point, ensuring the new directors’ nominations are included in the 2025 Annual Meeting slate and reinforcing governance enhancements (index 0).