Altus Group reports third quarter 2021 financial results
Altus Group Limited (ʺAltus Groupʺ or “the Company”) (TSX: AIF), a leading provider of software, data solutions and independent advisory services to the global commercial real estate industry, announced today its financial and operating results for the third quarter ended September 30, 2021.
Q3 2021 summary
Consolidated revenues were $151.8 million, up 12.5% (15.5% on a constant currency basis).
Consolidated profit from continuing operations, in accordance with IFRS, was $(0.3) million, down from $9.3 million.
Consolidated earnings per share from continuing operations, in accordance with IFRS, was $(0.01) per share basic and diluted, compared to $0.23 per share basic and $0.22 per share diluted.
Consolidated Adjusted EBITDA was $24.4 million, up 1.5% (5.0% on a constant currency basis).
Adjusted EPS was $0.39 down 2.5% from $0.40.
Altus Analytics revenues were $65.1 million, up 32.4% (38.5% on a constant currency basis), of which Over Time revenues were $55.1 million, up 33.2% (38.2% on a constant currency basis), and Adjusted EBITDA was $11.7 million, up 22.3% (29.2% on a constant currency basis).
Altus Analytics Bookings totaled $20.5 million, up 81.6% (88.7% on a constant currency basis), of which organic growth in Bookings was 70.0% (77.0% on a constant currency basis).
CRE Consulting revenues were $86.8 million, up 1.1% (2.3% on a constant currency basis) and Adjusted EBITDA was $22.5 million, up 1.4% (2.3% on a constant currency basis) reflecting revenue variability at its Property Tax business.
Subsequent to quarter end on October 4, Altus completed a $172.5 million equity financing, including the issuance of approximately 2.8 million shares priced at $62.00 per common share.
Subsequent to quarter end on November 4, Altus further amended its bank credit facilities to increase borrowing capacity to $400 million, with certain provisions to further increase the limit to $450 million.
Subsequent to quarter end on November 11, Altus announced the strategic acquisition of Scryer, Inc. (dba Reonomy) (“Reonomy”) for US$201.5 million (approximately C$249.5 million) (on a cash-free/debt-free basis) funded by cash on hand and borrowings under its credit facilities, subject to adjustments. The acquisition will strengthen the Company’s CRE data and analytics capabilities and strategically position Altus for accelerated transformative innovation in AI predictive data analytics.
Full year 2021 consolidated revenue guidance increased to $621 – $626 million, while Adjusted EBITDA guidance was updated to $105 – $110 million.
At the end of the quarter Bank debt was $246.9 million (representing a funded debt to EBITDA leverage ratio of 2.05 times) and cash and cash equivalents was $66.4 million. Factoring in the acquisition of Reonomy, funded debt to EBITDA leverage is expected to increase to approximately 3.0x.
Key contact

Camilla Bartosiewicz
Chief Communications Officer
Key contact

Camilla Bartosiewicz
Chief Communications Officer
About Altus Group
Altus Group Limited is a leading provider of software, data solutions and independent advisory services to the global commercial real estate industry.
Our businesses, Altus Analytics and Altus Commercial Real Estate Consulting, reflect decades of experience, a range of expertise, and technology-enabled capabilities. Our solutions empower clients to analyze, gain insight and recognize value on their real estate investments.
Headquartered in Canada, we have approximately 2,600 employees around the world, with operations in North America, Europe and Asia Pacific. Our clients include many of the world’s largest commercial real estate industry participants. Altus Group pays a quarterly dividend of $0.15 per share and our shares are traded on the Toronto Stock Exchange under the symbol AIF.
For more information, please visit www.altusgroup.com.
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