WASHINGTON, April 1, 2014 (GLOBE NEWSWIRE) -- CoStar Group, Inc. (Nasdaq:CSGP) announced today that it has completed the acquisition of Apartments.com previously announced on March 3, 2014, creating the combined online information and marketplace leader in commercial real estate's $2 trillion multifamily asset class. CoStar is commercial real estate's leading provider of information, analytics and marketplaces and Apartments.com is a leading apartment rental marketplace.
"We believe that the two companies now together are uniquely capable of providing invaluable new services to both apartment seekers and apartment owners," said Andrew C. Florance, Founder and Chief Executive Officer of CoStar. "The combination unites CoStar's leading apartment information content and extensive online marketplace experience with the substantial brand, sales force, and online apartment marketplace experience of Apartments.com. We believe this in turn will lead to an even stronger platform for the Company's future growth and to increased shareholder value."
CoStar believes that the Apartments.com brand has significant value and plans to continue to keep and build on that brand going forward. "The Apartments.com brand is recognized by over 95% of apartment owners and used by millions of apartment searchers," stated Florance. "Our goal is to transform Apartments.com into the best consumer experience in the apartment space."CoStar will announce financial results for the first quarter of 2014 following the market close on Wednesday, April 23, 2014. CoStar management will conduct a conference call at 11:00 AM EDT on Thursday, April 24, 2014 to discuss first quarter 2014 results, the closing of the Apartments transaction and to provide combined revenue and earnings guidance for 2014. To participate in the conference call, please dial (800) 230-1093 (from the United States and Canada) or (612) 332-0107 (from all other countries) and refer to conference code 323568. To listen to the conference call over the Internet, please access the audio webcast link available in the Investors section of CoStar's website at www.CoStar.com/investors.aspx . An audio recording of the conference call will be available for replay approximately one hour after the call's completion and will remain available for a period of time following the call. To access the recorded conference call, please dial (800) 475-6701 (from the U.S. and Canada) or (320) 365-3844 (from all other countries) using access code 323568. The webcast replay will also be available in the Investors section of CoStar's website for a period of time following the call.