WeWork Offers Business Update But Questions Still Remain
In its report, the company focused on non-GAAP measures and self-defined metrics.
June 25, 2021 at 07:16 AM
2 minute read
Commercial Real Estate
The original version of this story was published on Law.com
On its continuing road to an IPO via a SPAC merger, WeWork recently released a "Business Update on Sales Momentum, Accelerating Recovery." The company, which did not reply to a GlobeSt.com request for additional information, stated, "As vaccine distribution expands, global restrictions ease, and companies begin to action their hybrid return-to-work strategies, WeWork continues to see an improvement in leading indicators such as desk sales, churn rates and occupancy across its portfolio."
The company focused on non-GAAP measures and self-defined metrics. It stated that the current portfolio "included 767 locations across 38 countries, supporting 947,000 workstations and 505,000 total memberships." Total occupancy for the company rose from 50% in March to 53% in May.
WeWork also said it "continues to pursue franchising and other capital-light partnerships opportunistically" and that it "announced a joint venture with SoftBank Latin America Fund that provides SoftBank Latin America Fund with the exclusive right to operate the WeWork brand in Argentina, Brazil, Chile, Colombia and Mexico."
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