Marcus & Millichap, Inc.NYSE
Marcus & Millichap: Make Good Of Increased Volatility
Darspal S Mann
Darspal S Mann
Tue, Nov. 15, 1:02 PM
Thu, Nov. 3, 4:34 PM
- Q3 net income of $15.1M or $0.39 per share vs. $15.2M and $0.39 one year ago. Adjusted EBITDA of $28.1M slips from $29.6M.
- Brokerage commissions in the Private Client Market ($1M-$10M) segment of $113.4M up 6.4% Y/Y; in the Larger Transaction Market ($20M+) of $19.3M up 25.2%. Overall revenue of $180.6M up 8.9%.
- Management: This year's slowdown in investment sales (after a record 2015) is a natural part of the cycle.
- Outlook: Q4 is going to be challenging thanks to current market conditions as well as a tough comparison to a busy Q4 one year ago.
- The conference call (dial-in) is at 5 ET.
- Previously: Marcus & Millichap beats by $0.02, beats on revenue (Nov. 3)
- MMI flat after hours
Thu, Nov. 3, 4:13 PM
Wed, Nov. 2, 5:35 PM
- AAOI, ABTL, ACET, AGO, AHT, AIRM, AL, AMBC, AMBR, AMED, AMH, ANET, ATSG, ATVI, BBG, BLDR, BNFT, BOJA, BRS, CARA, CARB, CBS, CDR, CECO, CERS, CINR, CLNE, CLVS, COGT, CPSI, CRC, CSC, CSOD, CTRL, CWST, DCO, DCT, ECOM, ECR, ED, EFC, EGN, EGOV, ELY, EOG, EPR, EVC, EXEL, FCE.A, FEYE, FFG, FLDM, FLR, FNGN, FOSL, FPRX, GCAP, GERN, GLUU, GNMK, GNW, GPRO, GSAT, GSBD, GST, GUID, GXP, HCI, HDP, HIL, HTGC, IMMR, IMPV, INAP, INGN, INVN, IVR, JJSF, KAR, KHC, KMPR, KW, LADR, LCI, LGF, LGND, LNT, LOCO, LVS, LXU, MAIN, MDRX, MED, MEDP, MELI, MHK, MITT, MMI, MNST, MRC, MSI, MTD, MTX, MTZ, NAVG, NDLS, NE, NFG, NKTR, NNI, NPTN, NUS, OEC, OLED, OREX, OTEX, OVAS, PBA, PCTY, PDLI, PEN, PETX, PFMT, PODD, QLYS, QRVO, RATE, RMAX, RP, RPXC, RTRX, RVNC, SBUX, SEM, SJI, SLCA, SPPI, SPXC, SSNI, STAA, STAG, STMP, SWIR, SWKS, SYMC, TAHO, THG, TRMR, TRQ, TRUE, TS, TSRO, TWLO, TWOU, TXMD, UBNT, UEIC, UEPS, VRNS, VTL, WEB, WGL, WIFI, WTW, XLRN
Wed, Oct. 12, 9:51 AM
Thu, Oct. 6, 12:41 PM| Thu, Oct. 6, 12:41 PM
Wed, Oct. 5, 10:15 AM
- Institutional Property Advisors, a divison of Marcus & Millichap MMI +1.7% closed the sale of IMT Thousand Oaks, a 191-unit multifamily community in Thousand Oaks, California for $67M.
- “The acquisition provided the buyer with the opportunity to enter a highly coveted market supported by the city’s strong submarket fundamentals, lack of new multifamily supply and high cost of ownership in meaningful scale,” said IPA executive director Greg Harris.
Wed, Sep. 28, 9:21 AM
- Marcus & Millichap MMI sold 10th street portfolio, an assemblage of eight industrial properties, including two land parcels in the Los Angeles downtown industrial district for $38.4M.
- The portfolio has short-term leases and below-market rents, located along Olympic Boulevard, 10th Street, and 11thStreet.
Thu, Aug. 25, 12:20 PM
- Commercial real estate transaction volumes of $254.25B for year's first seven months, fell 15.4% from the same period in 2015, according to Real Capital Analytics (RCA). In July, $30.08 of deals was down 25% from a year earlier.
- Cap rates (except for hotels), however, continue to slide.
- As to whether there's a bubble, CBRE's (NYSE:CBG) Spencer Levy says no. as fundamentals across markets and asset classes remain strong. Levy also cites an influx of foreign buyers, noting their cost of capital is low and they're patient investors (but don't foreigners always pour in at the top?).
- Canaccord's Ryan Meliker isn't so sure about a non-bubble, noting teeny cap rates are a function of invisible interest rates. If rates can't stay low forever, than cap rates have to rise.
- One major source of demand has backed off: U.S. REITs' purchase volume fell 64% Y/Y in the first half vs. an 11% increase for institutional investors.
- RCA's Jim Costello sums up the bull case: Would an investor rather buy European bonds with negative yield, stick money in a bank vault, or buy some apartment towers which may face plenty of competition, but still generate some return on investment.
- Source: SNL Financial's Tom Yeatts, Jake Mooney and Chris Hudgins
- Tickers of note: WD, HF, STWD, MMI
Thu, Aug. 4, 4:22 PM
- Q2 net income of $17.5M or $0.45 per share vs. $17.6M and $0.45 one year ago. Adjusted EBITDA of $31.8M down from $33M.
- Brokerage transactions up 7.9%, with the Private Client Market segment ($1M-$10M) up 10.8%.
- Deals in the $20M and up range increased 25.4%, with commissions in that area up 24.7% to $26.9M.
- Outlook: 1) Private Client Market segment is growing at a more modest pace; 2) Extended transaction timelines and bid/ask spreads are making typical closing data variability in the business even worse. Q3 Y/Y will be challenging given 2015's fast Q3.
- Conference call at 5 ET
- Previously: Marcus & Millichap beats by $0.06, beats on revenue (Aug. 4)
- MMI flat after hours
Thu, Aug. 4, 4:13 PM
Wed, Aug. 3, 5:35 PM
- AAOI, ABTL, ACAD, ACHN, ACXM, AHS, AHT, AIRM, AL, ALNY, AMBR, AMH, AMRS, ANET, ASYS, ATRC, ATVI, BBG, BLDR, BMRN, BRS, CARA, CBPO, CERS, CINR, CPSI, CPST, CSOD, CTRL, CYTX, DCO, DCT, DMD, EBS, ECOM, ECPG, ECYT, ED, EFC, EGOV, EOG, ESL, EVDY, EVH, FCE.A, FEYE, FFG, FLDM, FLR, FLT, FPRX, FRPT, FRT, FTD, GCAP, GDOT, GEOS, GSAT, GSBD, GST, GTY, GXP, HDP, HE, HTGC, ICON, IILG, IMMR, IMPV, INAP, INGN, IRWD, IVR, JMBA, JUNO, KHC, KMPR, KND, KTOS, KW, LADR, LBTYA, LGF, LNKD, LOCO, LOPE, MACK, MDRX, MELI, MHK, MHLD, MITT, MMI, MNST, MNTX, MRIN, MSI, MTX, MTZ, NAVG, NDLS, NFG, NNI, NOG, NUS, OEC, OLED, OREX, OUT, OVAS, PACB, PCLN, PDLI, PETX, PFMT, PGRE, PKI, POST, PRSS, PSIX, PTCT, RATE, REGI, RMAX, RPTP, RRMS, RTRX, RVNC, SEM, SEMG, SHOR, SMCI, SPXC, SSNI, SWIR, SYMC, SYRG, TASR, TCRD, TEAM, TRMR, TRUE, TSRO, TTWO, TWOU, TXMD, UBNT, UEIC, VVUS, WAIR, WEB, WIFI, WING, WTI, WTS, WTW, ZG, ZNGA
Mon, May 16, 4:43 PM
- MMI's Institutional Property Advisors division arranged for the sale of Mohawk Apartments, an 86-unit, six-building, 91.5K square foot apartment property.
- It's the first time the property has traded hands in 30 years, with rents currently 50% below market value, says MMI's Peter Von Der Ahe.
Thu, May 5, 4:54 PM
- Q1 net income of $14.8M or $0.38 per share vs. $13.7M and $0.35 one year ago. Adjusted EBITDA of $27.2M vs. $26.3M.
- Brokerage transactions up 9.1% Y/Y. Commissions in private client market segment ($1M-$10M) up 9.8% to $104.5M, and accounted for 68% of total.
- Brokerage transactions in the institutional market segment up 60.5%, with commissions up 75.2% to $25.6M.
- CEO Hessam Nadji: "Market sentiment has shifted positively from early in the year ... However, we are still seeing longer marketing and closing timelines due to buyer and lender caution."
- Previously: Marcus & Millichap beats by $0.10, beats on revenue (May 5)
- MMI flat after hours
Thu, May 5, 4:31 PM
- Marcus & Millichap (NYSE:MMI): Q1 EPS of $0.38 beats by $0.10.
- Revenue of $164.3M (+12.1% Y/Y) beats by $19.48M.
Thu, Mar. 10, 5:38 PM