Marcus & Millichap Expands Capital Allocation Strategy by Initiating Dividend Policy
February 17 2022 - 5:00PM
Business Wire
- Declares Initial $0.25 Per Share
Semi-Annual Regular Dividend -
- Declares $1.00 Per Share Special Dividend
-
Marcus & Millichap Inc. (NYSE: MMI), a leading commercial
real estate brokerage firm specializing in investment sales,
financing, research and advisory services, announced today that its
Board of Directors has declared an initial semi-annual regular
dividend of $0.25 per share, or approximately $10.4 million,
payable on April 4, 2022 to shareholders of record as of the close
of business on March 8, 2022.
In addition, the Board of Directors declared a special dividend
of $1.00 per share, or approximately $41.7 million, payable on
April 4, 2022, to shareholders of record at the close of business
on March 8, 2022. Any and all future dividends are subject to
review and approval by the Board of Directors.
Hessam Nadji, President and CEO, stated, “We continue to
prioritize maintaining a strong balance sheet with ongoing
strategic investments and further scaling our accretive
acquisitions to drive long-term growth. At the same time, the
introduction of a semi-annual dividend reflects our confidence in
the company’s operating performance and our commitment to
maximizing shareholder value.”
Mr. Nadji continued, “With our long-term track record of growth
and cash generation, the Board believes we are well positioned to
supplement the regular dividend with a special dividend to enhance
returns for shareholders without limiting growth capital.”
About Marcus & Millichap (NYSE: MMI)
Marcus & Millichap, Inc. is a leading national brokerage
firm specializing in commercial real estate investment sales,
financing, research and advisory services. As of December 31, 2021,
the Company had 1,994 investment sales and financing professionals
in 82 offices who provide investment brokerage and financing
services to sellers and buyers of commercial real estate. The
Company also offers market research, consulting and advisory
services to our clients. Marcus & Millichap closed 13,255
transactions in 2021, with a sales volume of approximately $84.4
billion. For additional information, please visit
www.MarcusMillichap.com.
SPECIAL NOTE REGARDING FORWARD-LOOKING
STATEMENTS
This release includes forward-looking statements, including the
Company’s business outlook for 2022, the potential continuing
impact of the COVID-19 pandemic, the execution of our capital
return program, including the initial semi-annual dividend, and
expectations for market share growth. We have based these
forward-looking statements largely on our current expectations and
projections about future events and financial trends affecting the
financial condition of our business. Forward-looking statements
should not be read as a guarantee of future performance or results
and will not necessarily be accurate indications of the times at,
or by, which such performance or results may be achieved.
Forward-looking statements are based on information available at
the time those statements are made and/or management’s good faith
belief as of that time with respect to future events and are
subject to risks and uncertainties that could cause actual
performance or results to differ materially from those expressed in
or suggested by the forward-looking statements. Important factors
that could cause such differences include, but are not limited
to:
- uncertainties relating to the economic, operational and
financial impact of the ongoing COVID-19 pandemic, including
uncertainties regarding the potential impact of new variants,
vaccination rates and vaccine mandates on our workforce;
- general uncertainty in the capital markets and a worsening of
economic conditions and the rate and pace of economic recovery
following an economic downturn;
- changes in our business operations;
- market trends in the commercial real estate market or the
general economy, including the impact of inflation;
- our ability to attract and retain qualified senior executives,
managers and investment sales and financing professionals;
- the effects of increased competition on our business;
- our ability to successfully enter new markets or increase our
market share;
- our ability to successfully expand our services and businesses
and to manage any such expansions;
- our ability to retain existing clients and develop new
clients;
- our ability to keep pace with changes in technology;
- any business interruption or technology failure, including
cyber and ransomware attacks, and any related impact on our
reputation;
- changes in interest rates, availability of capital, tax laws,
employment laws or other government regulation affecting our
business;
- our ability to successfully identify, negotiate, execute and
integrate accretive acquisitions; and
- other risk factors included under “Risk Factors” in our most
recent Annual Report on Form 10-K and Quarterly Report on Form
10-Q.
In addition, in this release, the words “believe,” “may,”
“will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,”
“predict,” “potential,” “should” and similar expressions, as they
relate to our company, our business and our management, are
intended to identify forward-looking statements. In light of these
risks and uncertainties, the forward-looking events and
circumstances discussed in this release may not occur and actual
results could differ materially from those anticipated or implied
in the forward-looking statements.
Forward-looking statements speak only as of the date of this
release. You should not put undue reliance on any forward-looking
statements. We assume no obligation to update forward-looking
statements to reflect actual results, changes in assumptions or
changes in other factors affecting forward-looking information,
except to the extent required by applicable laws. If we update one
or more forward-looking statements, no inference should be drawn
that we will make additional updates with respect to those or other
forward-looking statements.
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Investor Relations: Investor Relations InvestorRelations@marcusmillichap.com
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