Caliber (NASDAQ: CWD; CaliberCos Inc.), a real estate investor,
developer, and manager, today announced its long-term financial
targets for sustained growth and profitability. The company
completed its initial public offering on May 19, 2023.
Caliber has set the following financial targets:
- Cumulative fundraising of $750 million for the period
2024-2026
- Assets under Management (AUM1) target of $3 billion by year-end
2026
- Annualized segment revenue of $50 million by year-end 2026
“For more than 15 years, Caliber has developed profitable
investment strategies in real estate and private credit and made
them broadly available to investors – individual investors, RIAs,
family offices and boutique institutions – who previously were
excluded from investing in these highly attractive asset classes,”
said Chris Loeffler, CEO of Caliber.
“Today, Caliber has $822 million in AUM and more than $2.1
billion in assets under development. We have a proven track record
of success of investing in real estate, including multifamily,
hospitality, office-to-residential conversions, retail,
entertainment, and mixed-use development in qualified opportunity
zones. The opportunities to invest in real estate at attractive
prices are growing, and Caliber is well-positioned to be a top
choice for investors who are aligned with our viewpoint. Caliber
has a robust pipeline of attractive middle-market investment
opportunities, expanding fundraising, and recently launched
investment strategies that are not over-indexed to the prior real
estate market. Importantly, Caliber has a successful history of
raising non-dilutive capital through its private funds business
model and investing that capital into distressed real estate to
grow our total assets under management. All of this positions
Caliber to deliver sustained growth and returns to our shareholders
over the long term.”
Caliber’s strategy includes initiatives to drive organic growth,
develop new platforms and launch new public vehicles.
1. Expand fundraising activity to reach a cumulative target
of $750 million for the period of 2024-2026, enabling Caliber to
accelerate growth in its AUM.
- Investment in strategic marketing initiatives to drive
fundraising in Caliber’s private client channel to grow existing
accounts and expand its current database of over 2,000 high net
worth individuals and family offices.
- Expand fundraising through strategic partnerships and in-house
sales in the wholesale channel targeting Registered Investment
Advisors (RIAs) and broker-dealers.
- Selective fundraising through the institutional channel through
co-investment and separately managed accounts.
2. Grow AUM to $3 billion by year-end 2026.
- Acquire discounted assets through distressed investment
strategies in Caliber’s second qualified opportunity zone fund and
its recently launched opportunistic growth fund.
- Invest in stable, income-producing properties through Caliber’s
core plus fund, targeting assets that are being sold to produce
liquidity for institutions.
- Continue adding assets to Caliber Hospitality Trust (CHT) with
an AUM target of $1 billion in 2024. CHT, a wholly owned subsidiary
of Caliber, is an externally advised private hospitality company.
Following a series of anticipated hospitality asset contributions,
Caliber expects to build a middle-market public hospitality company
that offers a viable alternative to asset sales for third-party
contributors.
3. Total annual segment revenue to reach $50 million by
year-end 2026.
- Pursue profitable growth leveraging Caliber’s recent
investments in its team and operations.
Growth Drivers and Priorities
Demand for alternative investments is projected to grow at an
11.7% CAGR to drive total global alternative assets under
management (AUM) to $23 trillion by 2026. Global institutions have
an established track record serving the upper scale of this demand
and Caliber is well-positioned to capture its share of this growth
in the underserved middle market segment. Approximately 81% of
investors have expressed their intention to increase or
significantly increase their allocation of investable resources to
alternatives2.
Focus on Investments in the Fragmented and Underserved Middle
Market
Since its inception, Caliber has focused on making alternative
investments more broadly available to investors by applying the
established credit and private equity business model to proven
alternative asset classes such as real estate and private lending.
Caliber targets middle-market deals ranging in size from $5 million
to $50 million, which are often overlooked by larger alternative
asset managers due to their size or location.
In-House Services Drive Caliber’s Attractive Business
Model
The investment products Caliber creates and manages are serviced
by Caliber's in-house asset services group, which includes real
estate brokerage, real estate development, and construction
management services. Together, these services constitute Caliber’s
vertically integrated business model, which generates multiple
recurring revenue streams, enhances investment returns and provides
unique access to deal flow.
About Caliber (CaliberCos Inc.) (NASDAQ: CWD)
With more than $2.9 billion of managed assets, including
estimated costs to complete assets under development, Caliber’s
15-year track record of managing and developing real estate is
built on a singular goal: make money in all market conditions. Our
growth is fueled by our performance and our competitive advantage:
we invest in projects, strategies, and geographies that global real
estate institutions do not. Integral to our competitive advantage
is our in-house shared services group, which offers Caliber greater
control over our real estate and visibility to future investment
opportunities. There are multiple ways to participate in Caliber’s
success: you can invest in Nasdaq-listed CaliberCos Inc. and/or you
can invest directly in our Private Funds.
Forward Looking Statements
This press release contains “forward-looking statements” that
are subject to substantial risks and uncertainties. All statements,
other than statements of historical fact, contained in this press
release are forward-looking statements. Forward-looking statements
contained in this press release may be identified by the use of
words such as “anticipate,” “believe,” “contemplate,” “could,”
“estimate,” “expect,” “intend,” “seek,” “may,” “might,” “plan,”
“potential,” “predict,” “project,” “target,” “aim,” “should,”
"will” “would,” or the negative of these words or other similar
expressions, although not all forward-looking statements contain
these words. Forward-looking statements are based on the Company’s
current expectations and are subject to inherent uncertainties,
risks and assumptions that are difficult to predict. Further,
certain forward-looking statements are based on assumptions as to
future events that may not prove to be accurate including, but not
limited to, the Company’s ability to adequately grow cumulative
fundraising, AUM and annualized segment revenue to meet 2026
targeted goals, the closing of the transaction with L.T.D.
Hospitality Group LLC and the viability of and ability of the
Company to adequately access the real estate and capital markets.
These and other risks and uncertainties are described more fully in
the section titled “Risk Factors” in the final prospectus related
to the Company’s public offering filed with the SEC and other
reports filed with the SEC thereafter. Forward-looking statements
contained in this announcement are made as of this date, and the
Company undertakes no duty to update such information except as
required under applicable law.
___________
1 Fair value assets under management is defined as the aggregate
fair value of the real estate assets the Company manages from which
it derives management fees, performance revenues and other fees and
expense reimbursements as of September 30, 2023. 2 Source: Preqin
Investor Survey, August 2020
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version on businesswire.com: https://www.businesswire.com/news/home/20231109512542/en/
Caliber: Victoria Rotondo +1 480-295-7600
Victoria.rotondo@caliberco.com
Investor Relations: Tamara Gonzalez Financial Profiles +1
310-622-8234 TGonzalez@finprofiles.com
Media Relations: Kelly McAndrew Financial Profiles +1
310-622-8239 KMcAndrew@finprofiles.com
CaliberCos (NASDAQ:CWD)
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