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After Compass acquired @properties and Christie’s International Real Estate this past December, the real estate industry is now getting an inside look at the financial condition of Chicago-based @properties.
Via filings with the Securities and Exchange Commission (SEC), the $155 million in cash that Compass paid as part of the acquisition aligns closely with the $155 million of shareholder equity in @properties at the end of September. The remainder of the deal, which closed in mid-January, involves roughly 44 million shares of Compass Class A stock.
The filings, which include financial statements for @properties for the first nine months of 2024 and the entirety of 2023, show that the firm was profitable for much of its existence until its last quarterly fiscal report.
@properties acquired Christie’s International Real Estate in 2021. In 2023, the company generated net income of $8.2 million, and in the first nine months of 2024, it recorded net income of $20.7 million. In contrast, Compass recorded net losses of $321 million and $114 million during these respective time frames.
In 2023 and the first three quarters of 2024, roughly 88% of @properties’ revenue came from its owned-brokerage commissions income. About 20% of its overall revenue came from Christie’s International Real Estate Sereno, which it acquired in 2022 and sold back to its founders prior to Compass’s acquisition.
@properties’ strong commissions income is impressive considering that the commission splits it gave to agents were 83.8% in 2024 and 84.2% in 2023.
Other insights into @properties’ financials include a cash balance of $4.4 million at the start of 2025. The firm had roughly $125 million in long-term debt on its books, which included a balloon payment for the remaining balance. The Thad Wong- and Mike Golden-helmed firm settled this debt prior to the deal with Compass.
In addition to these insights into @properties, filings also provide some additional information into Compass’s financials.
A pro forma statement showed that as of September 2024, the combined companies had a cash balance of $110 million, compared to Compass’s cash balance of $211 million, indicating that the deal took a toll on Compass’s cash reserves.
Filings also show that Compass maintains a $350 million revolving credit facility, from which it withdrew $50 million to partially fund the acquisition of @properties.
Compass has made headlines in recent weeks over rumored negotations to acquire HomeServices of America. The company has not publicly commented on these rumors, but HomeServices has denied them.
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