Appreciate Announces Preliminary Full Year 2022 Results
26 April 2023 - 8:40AM
Appreciate Holdings, Inc. (“Appreciate” or the “Company”)
(
NASDAQ: SFR), the parent holding company of
Renters Warehouse (“Renters Warehouse”), a leading end-to-end
Single-Family Rental (“SFR”) marketplace and management platform,
today announced selected preliminary unaudited financial results
for its full year ended December 31, 2022.
The Company notes that the results described in
this press release are preliminary and subject to audit and
accordingly may materially change.
Full Year 2022 Preliminary Unaudited
Financial Results:
- Preliminary full-year 2022 revenue
was approximately $28.3 million, up 1.4% compared with 2021. Full
year Management revenue was approximately $22.5 million, up 3.5%
compared to 2021, led by an estimated 28.8% increase in revenue
from the Company’s institutional segment. Full-year Marketplace
revenue declined by an estimated 5.9% to $5.8 million, after
growing for the first three quarters of the year.
- Total managed property count as of
December 31, 2022 was 8,004, excluding Franchise properties, an
increase of 11.9% over the corresponding figure at December 31,
2021. The increase in the number of homes was primarily driven by
growth in the Company’s Institutional business.
- Total Marketplace transactions for
the twelve months ended December 31, 2022 approximated 695
transactions, a decrease of approximately 14.5% as compared to the
year ended December 31, 2021, primarily due to a sharp decline in
transactions in the fourth quarter.
- Preliminary full-year 2022 gross
profit was approximately $13.2 million, up 4.2% compared with
2021.
- Preliminary full-year adjusted
EBITDA approximated a loss of $2.0 million, versus a loss of $0.9
million in 2021.
- Preliminary unrestricted cash &
cash equivalents at year-end 2022 were approximately $0.1 million,
and preliminary total debt principal at year end approximated $11.1
million.
The Company is working to complete and file its
Annual Report on Form 10-K for the fiscal year ended December 31,
2022.
About AppreciateAppreciate, the
parent holding company of Renters Warehouse, is a leading
end-to-end SFR marketplace and management platform. The company
offers a full-service platform for investing in and managing SFR
properties, including a proprietary online marketplace and
full-service brokerage teams in over 40 markets. For more
information, visit appreciate.rent.
Forward-Looking StatementsThis
press release contains “forward-looking statements” within the
meaning of Section 27A of the Securities Act and Section 21E of the
Exchange Act. Our forward-looking statements include, but are not
limited to, statements regarding our management team’s
expectations, hopes, beliefs, intentions or strategies regarding
the future. In addition, any statements that refer to projections,
forecasts or other characterizations of future events or
circumstances, including any underlying assumptions, are
forward-looking statements. The words “anticipate,” “believe,”
“continue,” “could,” “estimate,” “expect,” “intends,” “may,”
“might,” “plan,” “possible,” “become,” “potential,” “predict,”
“project,” “should,” “would,” “opportunity,” “mission,” “goal,”
“positioned” and similar expressions may identify forward-looking
statements, but the absence of these words does not mean that a
statement is not forward-looking.
The forward-looking statements contained in this
press release are based on our current expectations and beliefs
concerning future developments and their potential effects on us
taking into account information currently available to us. There
can be no assurance that future developments affecting us will be
those that we have anticipated. These forward-looking statements
involve a number of risks, uncertainties (some of which are beyond
our control) or other assumptions that may cause actual results or
performance to be materially different from those expressed or
implied by these forward-looking statements. These risks include,
but are not limited to:
- trends in the real estate industry,
the real estate financing industry, movements in interest rates and
Appreciate’s market size, including with respect to the potential
total addressable market in the industry;
- Appreciate’s growth prospects; new
product and service offerings Appreciate may introduce in the
future;
- debt defaults and substantial
service provider obligations and the need for or failure to obtain
additional capital;
- the price of Appreciate’s
securities, including volatility resulting from changes in the
highly competitive industry in which Appreciate operates and plans
to operate, variations in performance across competitors, changes
in laws and regulations affecting Appreciate’s business and changes
in Appreciate’s capital structure;
- the ability to implement business
plans, forecasts, and other expectations as well as identify and
realize additional opportunities;
- and other risks and uncertainties
indicated from time to time in filings made with the SEC.
These risks are not exhaustive. New risk factors
emerge from time to time and it is not possible for our management
to predict all risk factors, nor can we assess the impact of all
factors on our business or the extent to which any factor, or
combination of factors, may cause actual results to differ
materially from those contained in any forward-looking statements.
Should one or more of these risks or uncertainties materialize,
they could cause our actual results to differ materially from the
forward-looking statements.
A forward-looking statement is neither a
prediction nor a guarantee of future events or circumstances, and
those future events or circumstances may not occur. We are under no
obligation, and we expressly disclaim any obligation, to update or
alter any forward-looking statements, whether as a result of new
information, future events or otherwise.
Investor Relations Contact:Gateway Investor
RelationsCody Slach, Ralf Esper(949) 574-3860SFR@gatewayir.com
Media Relations Contact:Gateway PRZach Kadletz,
Anna Rutter(949) 574-3860SFR@gatewayir.com
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