Realogy

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Realogy Holdings Corp.
Type Public
Traded as NYSE: RLGY
Industry Real estate
Founded 2005
Headquarters 175 Park Avenue
Madison, New Jersey, USA
Area served United States
Key people Richard A. Smith (Chairman, CEO)
Anthony E. Hull, MBA (CFO, Treasurer)
Products Real estate services
Revenue Increase US$ 4.672 billion (2012)[1]
Operating income Decrease US$ -563 million (2012)[1]
Net income Decrease US$ -543 million (2012)[1]
Total assets Increase US$ 7.445 billion (2012)[1]
Total equity Increase US$ 1.519 billion (2012)[1]
Employees 10,800 (2012)[1]
Website www.realogy.com

Realogy (pronounced "rēl′ ə jē", as in "real" estate) (NYSE: RLGY) is an American publicly owned company that provides real estate and relocation services. It owns and franchises several real estate brands and brokerages. it also provides title and settlement services.

History

Realogy was created as a result of an October 24, 2005 announcement by Cendant that it had decided to split into four separate companies, citing a necessity to diversify in appealing to stockholders and in an attempt to increase the value of the post-split up company. These four categories include "Real Estate, Travel Distribution, Hospitality and Vehicle Rental Companies."[2]

On July 31, 2006, the separation was completed, and Realogy became a self-operating company.[2] Subsequently, the Cendant name has been completely retired.

On December 18, 2006, Realogy announced it had accepted a $8.5 billion buyout offer from private equity group Apollo Management. The transaction closed on April 10, 2007.[3]

On October 10, 2012, Realogy became a publicly owned company. In its initial public offering (IPO), the company sold 40 million shares at $27 each, raising $1.08 billion (US).[4]

Realogy's business units include Better Homes and Gardens Real Estate, Century 21, Coldwell Banker, Coldwell Banker Commercial, The Corcoran Group, ERA, Sotheby's International Realty, NRT LLC, Cartus and Title Resource Group. Collectively, Realogy's franchise system members operate approximately 13,800 offices with 241,000 sales associates doing business in 103 countries and territories around the world. In 2011, Realogy earned $4.1 billion in revenue.[5]

Realogy is led by Chairman, CEO & President Richard A. Smith. Smith was appointed to the Bipartisan Policy Center's newly formed Housing Commission in December 2011.[6] Smith also was named among SmartMoney magazine's "Power 30: The World’s Most Influential Players," in October 2011.[7] However, Smith was previously implicated in a revenue round-tripping scandal involving AOL Time Warner in 2001, through his role as an executive at Cendent.[8] In the case, several websites including Homestore.com were alleged to have swapped advertising space with AOL in a scheme to artificially inflate revenue. Homestore was subsequently forced to restate its revenue to correct for these transactions. Investors should be aware of this historical context, particularly in light of the extensive online advertising relationships that Realogy today maintains with housing websites such as Zillow and Trulia.

Realogy's former headquarters was located in Parsippany, New Jersey, before April 2013, when the company moved its corporate headquarters to a new facility at 175 Park Avenue in Madison, New Jersey.[9]

Realogy Business Units

See also

References

  1. ↑ 1.0 1.1 1.2 1.3 1.4 1.5 "2012 Form 10-K, Realogy Holdings Corp.". Realogy Holdings Corp. (via the U.S. Securities and Exchange Commission). 
  2. ↑ 2.0 2.1 "Cendant". Cendant. Archived from the original on 2007-03-11. Retrieved 2007-06-04. 
  3. ↑ "Apollo Management, L.P. Completes Acquisition Of Realogy Corporation". Realogy. Retrieved 2007-06-05. 
  4. ↑ "Realogy Raises $1.08 Billion, Pricing IPO at Top End of Range". Bloomberg. Retrieved 27 May 2013. 
  5. ↑ "Realogy Reports Results for Full Year 2011". Realogy. Retrieved 2012-02-27. 
  6. ↑ "Realogy CEO Richard A. Smith Appointed to Bipartisan Policy Center's Newly Formed Housing Commission". Realogy. 2011-12-13. Retrieved 2011-12-13. 
  7. ↑ "Power 30: The World's Most Influential Players". Smart Money. Retrieved 2011-10-12. 
  8. ↑ "AOL, Cendant Added to Fraud Suit". Los Angeles Times. 2002-11-16. Retrieved 2013-11-11. 
  9. ↑ "Timeline Photos". Facebook. Retrieved 27 May 2013. 

External links

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