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CoStar Group Announces Second Quarter Revenue Growth of 15% and Sales Booking Growth of 39% Year-over-Year, Raises Full Year Earnings and Revenue Guidance  

WASHINGTON, July 26, 2017 (GLOBE NEWSWIRE) -- CoStar Group, Inc. (NASDAQ:CSGP), the leading provider of commercial real estate information, analytics and online marketplaces, announced today that revenue for the quarter ended June 30, 2017 was $237 million, an increase of 15% over revenue of $207 million in the second quarter of 2016. Company-wide net bookings were a record $37 million in the second quarter of 2017.

/EIN News/ -- “We had an exceptional first half of 2017 and I am very pleased that our investments in sales, marketing, technology and research have resulted in acceleration in top-line growth and extremely strong momentum in bookings,” said Andrew C. Florance, Founder and Chief Executive Officer of CoStar Group. “Our newly minted Global Research Center in Richmond has grown to over 600 professionals driving our research productivity to new heights. Our increased research proactivity with the broker and owner community is delivering higher quality data and analytics, making CoStar’s outstanding services even better. There is no doubt that stronger research is a significant factor in our bookings and revenue growth in the first half of 2017.”

Florance continued, “CoStar Suite had its best sales quarter ever, with bookings up 23%, while revenue increased 13% year-over-year. We achieved accelerated revenue growth in our Commercial Property and Land marketplaces, which grew 17% year-over-year fueled by robust sales of LoopNet Premium Lister and our new tiered advertising sales to owners. Apartments.com revenue also grew an impressive 24% year-over-year and delivered very strong sales bookings in the quarter.”  

Year 2016-2017 Quarterly Results - Unaudited
(in millions, except per share data)
  2016   2017
  Q1 Q2 Q3 Q4   Q1 Q2
               
Revenues 200     207     213     218       227     237  
Net income 17   16   23   30     22   22  
Net income per share - diluted 0.52   0.48   0.72   0.91     0.68   0.68  
Weighted average outstanding shares - diluted         32.4   32.4   32.4   32.5     32.6   32.7  
               
EBITDA 48   46   58   64     55   44  
Adjusted EBITDA 58   56   67   75     64   54  
Non-GAAP net income 31   29   36   42     34   28  
Non-GAAP net income per share - diluted 0.95   0.91   1.11   1.29     1.05   0.86  

Net income for the second quarter of 2017 increased to $22 million or $0.68 per diluted share compared to net income of $16 million in the second quarter of 2016. EBITDA in the second quarter of 2017 was $44 million.

Non-GAAP net income (defined below) for the quarter ended June 30, 2017 was $28 million or $0.86 per diluted share.  Adjusted EBITDA (which excludes stock-based compensation and other items as defined below) was $54 million for the second quarter of 2017.

As of June 30, 2017, the Company had approximately $575 million in cash, cash equivalents and long term investments, while short and long-term debt outstanding, net of debt issuance costs, totaled approximately $305 million.

2017 Outlook 
“We exceeded our second quarter top and bottom line estimates, and we are raising our full year 2017 revenue and earnings guidance,” stated Scott Wheeler, Chief Financial Officer of CoStar Group.  

The Company expects revenue to be in a range of approximately $954 million to $960 million for the full year of 2017, increasing the midpoint by $7 million from the prior outlook.  For the third quarter of 2017, the Company expects revenue of approximately $243 million to $245 million.

For the full year of 2017, the Company expects non-GAAP net income per diluted share (defined below) in a range of approximately $4.42 to $4.52.  For the third quarter of 2017, the Company expects non-GAAP net income per diluted share of approximately $1.09 to $1.15.

The preceding forward-looking statements reflect CoStar Group’s expectations as of July 26, 2017, including forward-looking non-GAAP financial measures on a consolidated basis. We are not able to forecast with certainty whether or when certain events, such as acquisition-related costs, the exact amounts or timing of investments, transitions, restructurings, settlements or impairments will occur in any given quarter. Given the risk factors, uncertainties and assumptions discussed above, actual results may differ materially. Other than in publicly available statements, the Company does not intend to update its forward-looking statements until its next quarterly results announcement.

Reconciliation of EBITDA, adjusted EBITDA, non-GAAP net income and non-GAAP net income per diluted share and all of the disclosed non-GAAP financial measures to their GAAP basis results are shown in detail below, along with definitions for those terms. A reconciliation of forward-looking non-GAAP guidance to the most directly comparable GAAP measure, net income, can be found within the tables included in this release.

Non-GAAP Financial Measures
For information regarding the purpose for which management uses the non-GAAP financial measures disclosed in this release and why management believes they provide useful information to investors regarding the Company’s financial condition and results of operations, please refer to the Company’s latest periodic report.

EBITDA is a non-GAAP financial measure that represents GAAP net income attributable to CoStar Group before (i) interest income (expense), (ii) provision for income taxes, and (iii) depreciation and amortization.

Adjusted EBITDA is a non-GAAP financial measure that represents EBITDA before (i) stock-based compensation expense, (ii) acquisition and integration related costs, (iii) restructuring charges and related costs, and (iv) settlements and impairments incurred outside the Company’s normal business operations.

Non-GAAP net income is a non-GAAP financial measure that represents GAAP net income attributable to CoStar Group before (i) amortization of acquired intangible assets, (ii) stock-based compensation expense, (iii) acquisition and integration related costs, (iv) purchase accounting adjustments, (v) restructuring charges and related costs, and (vi) settlements and impairments. From this figure, we then subtract an assumed provision for income taxes to arrive at non-GAAP net income. The company assumes a 38% tax rate in order to approximate our long-term effective corporate tax rate.

Non-GAAP net income per diluted share (also referred to as non-GAAP EPS) is a non-GAAP financial measure that represents non-GAAP net income divided by the number of diluted shares outstanding for the period.  For periods with GAAP net losses and non-GAAP net income, the weighted-average outstanding shares used to calculate non-GAAP net income per share includes potentially dilutive securities that were excluded from the calculation of GAAP net income per share as the effect was anti-dilutive.

Earnings Conference Call
Management will conduct a conference call at 11:00 AM EDT on Thursday, July 27, 2017 to discuss earnings results for the second quarter of 2017 and the Company’s outlook. The audio portion of the conference call will be broadcast live over the Internet at www.costargroup.com/investors/events. To join the conference call by telephone, please dial (877) 260-8896 (from the United States and Canada) or (612) 332-0632 (from all other countries) and refer to conference code 426643. 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 426643. The webcast replay will also be available in the Investors section of CoStar Group's website for a period of time following the call.

CoStar Group, Inc.
Condensed Consolidated Statements of Operations - Unaudited
(in thousands, except per share data)
                 
    Three Months Ended
June 30,
  Six Months Ended
June 30,
    2017   2016   2017   2016
                 
                 
Revenues   $ 237,153     $ 206,869     $ 463,706     $ 406,608  
Cost of revenues   55,273     42,679     106,619     85,579  
Gross margin   181,880     164,190     357,087     321,029  
                 
Operating expenses:                
Selling and marketing   91,726     80,468     168,128     155,672  
Software development   23,144     19,547     45,518     37,182  
General and administrative   34,557     30,227     68,552     57,703  
Customer base amortization   4,570     5,829     9,344     12,052  
    153,997     136,071     291,542     262,609  
                 
Income from operations   27,883     28,119     65,545     58,420  
Interest and other income   605     159     1,034     243  
Interest and other expense   (2,693 )   (2,455 )   (5,379 )   (4,964 )
Income before income taxes   25,795     25,823     61,200     53,699  
Income tax expense   3,611     10,247     16,886     21,402  
Net income   $ 22,184     $ 15,576     $ 44,314     $ 32,297  
                 
Net income per share - basic   $ 0.68     $ 0.48     $ 1.37     $ 1.01  
Net income per share - diluted   $   0.68     $   0.48     $   1.36     $   1.00  
                 
Weighted average outstanding shares - basic   32,406     32,186     32,341     32,135  
Weighted average outstanding shares - diluted           32,739     32,448     32,651     32,415  


CoStar Group, Inc.
Reconciliation of Non-GAAP Financial Measures - Unaudited
(in thousands, except per share data)
                 
Reconciliation of Net Income to Non-GAAP Net Income
    Three Months Ended
June 30,
  Six Months Ended
June 30,
    2017   2016   2017   2016
                 
Net income   $ 22,184     $ 15,576     $ 44,314     $ 32,297  
Income tax expense   3,611     10,247     16,886     21,402  
Income before income taxes   25,795     25,823     61,200     53,699  
Amortization of acquired intangible assets   9,340     11,516     20,233     23,435  
Stock-based compensation expense   10,103     9,339     19,460     17,670  
Acquisition and integration related costs   411     811     772     2,258  
Settlements and impairments           (760 )    
Non-GAAP income before income taxes   45,649     47,489     100,905     97,062  
Assumed rate for income tax expense *   38 %   38 %   38 %   38 %
Assumed provision for income tax expense   (17,347 )   (18,046 )   (38,344 )   (36,884 )
Non-GAAP net income   $ 28,302     $ 29,443     $ 62,561     $ 60,178  
                 
Net income per share - diluted   $ 0.68     $ 0.48     $ 1.36     $ 1.01  
Non-GAAP net income per share - diluted   $ 0.86     $ 0.91     $ 1.92     $ 1.86  
                 
Weighted average outstanding  shares - basic   32,406     32,186     32,341     32,135  
Weighted average outstanding  shares - diluted   32,739     32,448     32,651     32,415  
                 
* A 38% tax rate is assumed, which approximates our long-term effective corporate tax rate, excluding the impact of a discrete item related to excess tax benefits from stock-based compensation.
                 
Reconciliation of Net Income to EBITDA and Adjusted EBITDA
    Three Months Ended
June 30,
  Six Months Ended
June 30,
    2017   2016   2017   2016
                 
Net income   $ 22,184     $ 15,576     $ 44,314     $ 32,297  
Amortization of acquired intangible assets in cost of revenues   4,770     5,687     10,889     11,383  
Amortization of acquired intangible assets in operating expenses   4,570     5,829     9,344     12,052  
Depreciation and other amortization   6,520     5,924     12,925     11,526  
Interest and other income   (605 )   (159 )   (1,034 )   (243 )
Interest and other expense   2,693     2,455     5,379     4,964  
Income tax expense   3,611     10,247     16,886     21,402  
EBITDA   $ 43,743     $ 45,559     $ 98,703     $ 93,381  
Stock-based compensation expense   10,103     9,339     19,460     17,670  
Acquisition and integration related costs   411     811     772     2,258  
Settlements and impairments           (760 )    
Adjusted EBITDA   $ 54,257     $ 55,709     $ 118,175     $ 113,309  


CoStar Group, Inc.
Condensed Consolidated Balance Sheets
(in thousands)
         
    June 30, 2017     December 31,
2016
    (Unaudited)    
ASSETS        
Current assets:        
Cash and cash equivalents   $   564,638     567,223  
Accounts receivable, net   51,512     48,537  
Income tax receivable       129  
Prepaid expenses and other current assets   19,837     11,602  
Total current assets   635,987     627,491  
         
Long-term investments   9,952     9,952  
Deferred income taxes, net   7,834     7,273  
Property and equipment, net   85,779     87,568  
Goodwill   1,280,271     1,254,866  
Intangible assets, net   198,097     195,965  
Deposits and other assets   2,099     1,948  
Total assets   $ 2,220,019     $ 2,185,063  
         
LIABILITIES AND STOCKHOLDERS' EQUITY        
Current liabilities:        
Accounts payable, accrued expenses and other current liabilities           $ 85,789     $ 83,916  
Current portion of long-term debt   21,945     31,866  
Deferred revenue   43,167     39,164  
Total current liabilities   150,901     154,946  
         
Long-term debt, less current portion   282,881     306,473  
Deferred gain on sale of building   17,454     18,715  
Deferred rent   31,077     31,589  
Deferred income taxes, net   20,218     18,386  
Income taxes payable   753     741  
         
Stockholders' equity   1,716,735     1,654,213  
Total liabilities and stockholders' equity   $ 2,220,019     $ 2,185,063  


CoStar Group, Inc.  
Condensed Consolidated Statements of Cash Flows - Unaudited  
(in thousands, unaudited)  
   
  Six Months Ended
June 30,
  2017   2016
Operating activities:      
Net income $   44,314     $   32,297  
Adjustments to reconcile net income to net cash provided by operating activities:              
Depreciation and amortization 33,158     34,961  
Amortization of debt issuance costs 1,487     1,610  
Stock-based compensation expense 19,460     17,670  
Deferred income tax expense, net 3,434     3,474  
Provision for losses on accounts receivable 2,349     5,108  
Changes in operating assets and liabilities, net of acquisitions:      
Accounts receivable (5,177 )   (10,868 )
Prepaid expenses and other current assets (7,887 )   (2,616 )
Deposits and other assets (103 )   482  
Accounts payable and other liabilities 605     4,956  
Deferred revenue 3,723     (380 )
Net cash provided by operating activities 95,363     86,694  
       
Investing activities:      
Proceeds from sale and settlement of investments     4,700  
Purchases of property and equipment and other assets (12,674 )   (7,394 )
Acquisitions, net of cash acquired (45,068 )   (10,795 )
Net cash used in investing activities (57,742 )   (13,489 )
       
Financing activities:      
Payments of long-term debt (35,000 )   (20,000 )
Repurchase of restricted stock to satisfy tax withholding obligations (13,456 )   (13,967 )
Proceeds from exercise of stock options and employee stock purchase plan 7,683     3,837  
Net cash used in financing activities (40,773 )   (30,130 )
       
Effect of foreign currency exchange rates on cash and cash equivalents 567     (742 )
Net increase (decrease) in cash and cash equivalents (2,585 )   42,333  
Cash and cash equivalents at the beginning of period 567,223     421,818  
Cash and cash equivalents at the end of period $ 564,638     $ 464,151  


CoStar Group, Inc.
Results of Segments - Unaudited
(in thousands)
               
  Three Months Ended
June 30,
  Six Months Ended
June 30,
  2017   2016   2017   2016
Revenues              
North America $ 229,826     $ 199,859     $ 449,167     $ 393,120  
International              
  External customers 7,327     7,010     14,539     13,488  
  Intersegment revenues * 11     10     22     21  
Total International revenues 7,338     7,020     14,561     13,509  
Intersegment eliminations (11 )   (10 )   (22 )   (21 )
Total revenues $ 237,153     $ 206,869     $ 463,706     $ 406,608  
               
EBITDA              
North America $ 43,364     $ 45,127     $ 97,797     $ 91,991  
International 379     432     906     1,390  
Total EBITDA $ 43,743     $ 45,559     $ 98,703     $ 93,381  
               
*Intersegment revenues recorded were attributable to services performed for the Company's wholly owned subsidiary, CoStar Portfolio Strategy by Grecam S.A.S. (“Grecam”), a wholly owned subsidiary of CoStar Limited, the Company’s wholly owned U.K. holding company. Intersegment revenues are recorded at an amount the Company believes approximates fair value. North America EBITDA includes a corresponding cost for the services performed by Grecam for CoStar Portfolio Strategy.


CoStar Group, Inc.
Revenues by Services - Unaudited
(in thousands)
                 
    Three Months Ended
June 30,
  Six Months Ended
June 30,
    2017   2016   2017   2016
                 
Information and analytics                
CoStar Suite   $   113,794     $   101,074     $   223,773     $   198,708  
Information services   18,312     19,425     36,648     38,850  
Online marketplaces                
Multifamily   68,076     54,860     132,067     107,098  
Commercial property and land       36,971     31,510     71,218     61,952  
Total revenues   $ 237,153     $ 206,869     $ 463,706     $ 406,608  


CoStar Group, Inc.
Reconciliation of Non-GAAP Financial Measures with 2016-2017 Quarterly Results - Unaudited
(in millions, except per share data)
                 
Reconciliation of Net Income to Non-GAAP Net Income
                 
    2016   2017
    Q1 Q2 Q3 Q4   Q1 Q2
                 
Net income   $ 16.7   $ 15.6   $ 23.2   $ 29.6     $ 22.1   $ 22.2  
Income tax expense   11.2   10.2   14.2   16.0     13.3   3.6  
Income before income taxes   27.9   25.8   37.4   45.5     35.4   25.8  
Amortization of acquired intangible assets   11.9   11.5   11.3   10.8     10.9   9.3  
Stock-based compensation expense   8.3   9.3   9.3   9.4     9.4   10.1  
Acquisition and integration related costs   1.5   0.8         0.4   0.4  
Restructuring and related costs       0.1   1.8        
Settlements and impairments             (0.8 )  
Non-GAAP income before income taxes   49.6   47.5   58.1   67.5     55.3   45.6  
Assumed rate for income tax expense *   38 % 38 % 38 % 38 %   38 % 38 %
Assumed provision for income tax expense   (18.9 ) (18.0 ) (22.1 ) (25.6 )   (21.0 ) (17.3 )
Non-GAAP net income   $ 30.7   $ 29.4   $ 36.0   $ 41.8     $ 34.3   $ 28.3  
                 
Non-GAAP net income per share - diluted   $ 0.95   $ 0.91   $ 1.11   $ 1.29     $ 1.05   $ 0.86  
                 
Weighted average outstanding  shares - basic   32.1   32.2   32.2   32.2     32.3   32.4  
Weighted average outstanding  shares - diluted   32.4   32.4   32.4   32.5     32.6   32.7  
                 
* A 38% tax rate is assumed, which approximates our long-term effective corporate tax rate, excluding the impact of a discrete item related to excess tax benefits from stock-based compensation. 
   
Reconciliation of Net Income to EBITDA and Adjusted EBITDA
                 
    2016   2017
    Q1 Q2 Q3 Q4   Q1 Q2
                 
Net income   $ 16.7   $ 15.6   $ 23.2   $ 29.6     $ 22.1   $ 22.2  
Amortization of acquired intangible assets   11.9   11.5   11.3   10.8     10.9   9.3  
Depreciation and other amortization   5.6   5.9   6.8   6.3     6.4   6.5  
Interest and other income   (0.1 ) (0.2 ) (0.3 ) (1.2 )   (0.4 ) (0.6 )
Interest and other expense   2.5   2.5   2.5   2.6     2.7   2.7  
Income tax expense   11.2   10.2   14.2   15.9     13.3   3.6  
EBITDA   $ 47.8   $ 45.6   $ 57.7   $ 64.0     $ 55.0   $ 43.7  
Stock-based compensation expense   8.3   9.3   9.3   9.4     9.4   10.1  
Acquisition and integration related costs   1.5   0.8         0.4   0.4  
Restructuring and related costs       0.1   1.8        
Settlements and impairments             (0.8 )  
Adjusted EBITDA   $ 57.6   $ 55.7   $ 67.1   $ 75.2     $ 63.9   $ 54.3  


CoStar Group, Inc.
Reconciliation of Forward-Looking Guidance - Unaudited
(in thousands, except per share data)
               
Reconciliation of Forward-Looking Guidance, Net Income to Non-GAAP Net Income
  Guidance Range   Guidance Range
  For the Three Months   For the Twelve Months
  Ended September 30, 2017   Ended December 31, 2017
  Low   High   Low   High
               
Net income $ 24,000     $ 27,000     $ 99,000     $ 105,000  
Income tax expense 12,500     14,300     54,000     56,000  
Income before income taxes 36,500     41,300     153,000     161,000  
Amortization of acquired intangible assets 8,400     8,300     36,000     36,000  
Stock-based compensation expense 11,000     10,000     42,000     40,000  
Acquisition and integration related costs 2,000     1,000     3,000     2,000  
Restructuring and related costs              
Settlements and impairments         (800 )   (800 )
Non-GAAP income before income taxes 57,900     60,600     233,200     238,200  
Assumed rate for income tax expense* 38 %   38 %   38 %   38 %
Assumed provision for income tax expense (22,000 )   (23,000 )   (88,600 )   (90,500 )
Non-GAAP net income $ 35,900     $ 37,600     $ 144,600     $ 147,700  
               
Net income per share - diluted $ 0.73     $ 0.82     $ 3.03     $ 3.21  
Non-GAAP net income per share - diluted $ 1.09     $ 1.15     $ 4.42     $ 4.52  
               
Weighted average outstanding  shares - diluted 32,800     32,800     32,700     32,700  
               
* A 38% tax rate is assumed, which approximates our long-term effective corporate tax rate, excluding the impact of a discrete item related to excess tax benefits from stock-based compensation.
               
Reconciliation of Forward-Looking Guidance, Net Income to Adjusted EBITDA  
       
  Guidance Range   Guidance Range
  For the Three Months   For the Twelve Months
  Ended September 30, 2017   Ended December 31, 2017
  Low   High   Low   High
Net income $ 24,000     $ 27,000     $ 99,000     $ 105,000  
Amortization of acquired intangible assets 8,400     8,300     36,000     36,000  
Depreciation and other amortization 6,800     6,800     27,500     27,500  
Interest and other expense, net 2,600     2,600     9,600     9,600  
Income tax expense 12,500     14,300     54,000     56,000  
Stock-based compensation expense 11,000     10,000     42,000     40,000  
Acquisition and integration related costs 2,000     1,000     3,000     2,000  
Restructuring and related costs              
Settlements and impairments         (800 )   (800 )
Adjusted EBITDA $ 67,300     $ 70,000     $ 270,300     $ 275,300  

About CoStar Group, Inc.

CoStar Group, Inc. (NASDAQ:CSGP) is the leading provider of commercial real estate information, analytics and online marketplaces. Founded in 1987, CoStar conducts expansive, ongoing research to produce and maintain the largest and most comprehensive database of commercial real estate information. Our suite of online services enables clients to analyze, interpret and gain unmatched insight on commercial property values, market conditions and current availabilities. LoopNet is the most heavily trafficked commercial real estate marketplace online with over 5 million monthly unique visitors per month. Apartments.com, ApartmentFinder.com, ApartmentHomeLiving.com, Westside Rentals and Apartamentos.com form the premier online apartment resource for renters seeking great apartment homes and provide property managers and owners a proven platform for marketing their properties. Through an exclusive partnership with Move, a subsidiary of News Corporation, Apartments.com is the exclusive provider of apartment community listings across Move’s family of websites, which include realtor.com®, doorsteps.com and move.com.  CoStar Group’s websites attracted an average of over 37 million unique monthly visitors in aggregate in the second quarter of 2017. Headquartered in Washington, DC, CoStar maintains offices throughout the U.S. and in Europe and Canada with a staff of over 3,500 worldwide, including the industry’s largest professional research organization. For more information, visit www.costargroup.com.

This news release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements about CoStar Group's financial expectations, the Company's plans, objectives, expectations and intentions and other statements including words such as “hope,” "anticipate," "may," "believe," "expect," "intend," "will," "should," "plan," "estimate," "predict," "continue" and "potential" or the negative of these terms or other comparable terminology. Such statements are based upon the current beliefs and expectations of management of CoStar Group and are subject to significant risks and uncertainties. Actual results may differ materially from the results anticipated in the forward-looking statements. The following factors, among others, could cause or contribute to such differences:  the risk that the trends stated or implied by this release cannot or will not be sustained at the current pace, including trends related to sales, bookings, top-line growth, revenue, earnings, and research productivity; the risk that the Company is unable to sustain current revenue and earnings growth rates or increase them; the risk that revenues for the third quarter and full year 2017 will not be as stated in this press release; the risk that net income for the third quarter and full year 2017 will not be as stated in this press release; the risk that non-GAAP net income and non-GAAP net income per diluted share for the third quarter and full year 2017 will not be as stated in this press release; the risk that adjusted EBITDA for the third quarter and full year 2017 will not be as stated in this press release; and the risk that costs actually incurred in connection with the Xceligent litigation differ from estimates included within the Company’s forecast, which differences may be material.  Additional factors that could cause results to differ materially from those anticipated in the forward-looking statements can be found in CoStar’s Annual Report on Form 10-K for the year ended December 31, 2016, and CoStar’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2017, each of which is filed with the SEC, including in the “Risk Factors” section of those filings, and the Company’s other filings with the SEC available at the SEC’s website (www.sec.gov). CoStar assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.  

All Contacts
Scott Wheeler 
Chief Financial Officer
(202) 336-6920
swheeler@costar.com

Richard Simonelli
Vice President, Investor Relations
(202) 346-6394
rsimonelli@costar.com

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Distribution channels: Real Estate & Property Management