Caliber Reports Second Quarter 2024 Results

About this update from Calibercos Inc.

[{"type":"text","content":" SCOTTSDALE, Ariz.--(BUSINESS WIRE)--\nCaliber (NASDAQ: CWD; “CaliberCos Inc.”), a real estate investor, developer, and asset manager, today reported results for the second quarter ended on June 30, 2024.\n\n\nAs previously communicated, Caliber has simplified the presentation of its financial statements through the deconsolidation of certain entities’ assets, liabilities, revenues, and expenses from the Company’s financials. Caliber’s GAAP financial metrics are impacted by the timing of deconsolidation. As such, periods presented may not be comparable due to the deconsolidation of certain entities.\n\n\nSecond Quarter 2024 Financial Highlights (compared to second quarter 2023)\n\n\n\nTotal revenue of $8.2 million, a 60.0% decrease, reflecting the deconsolidation of Caliber Hospitality, LP and the Caliber Hospitality Trust (“CHT”) in March 2024. Caliber estimates total revenue would have increased had the deconsolidated asset results not been included in the Q2 2023 comparison period.\n\n\n\nPlatform revenue of $4.2 million, a 24.9% increase\n\n\nAsset management revenue of $4.2 million driving the stated results\n\n\n\nNo significant performance allocations were earned\n\n\n\n\n\n\n\nNet loss attributable to Caliber of $4.7 million, or $0.22 per diluted share, compared to net loss attributable to Caliber of $5.7 million or $0.29 per diluted share\n\n\n\nCaliber Adjusted EBITDA loss of $2.5 million, compared to Caliber Adjusted EBITDA loss of $2.3 million\n\n\n\nFair value assets under management (“FV AUM”) of $773.2 million, a 4.3% increase compared to December 31, 2023, primarily due to the acquisition of our West Ridge property in Colorado, net market appreciation, and construction activity, partially offset by land parcel sales at Johnstown and the sale of a self-storage property\n\n\n\nManaged capital of $469.8 million, a 7.4% increase compared to December 31, 2023, with originations of $38.0 million, partially offset by redemptions of $5.9 million\n\n\n\nManagement Commentary\n\n\n“Our second quarter performance was in line with our expectations, with asset management revenue up nearly 25% year-over-year,” said Chris Loeffler, CEO of Caliber. “We are on track to achieve the $6.5 million in annualized cost savings from our recent cost reduction initiatives, with a partial impact expected in the second half of the year. Cali...

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