An $18B Rent Bill, A $934M Loss, But WeWork’s Membership And Occupancy Is Growing

WeWork is looking to raise $500M of debt in the junk bond market, and the offering documents for the bonds give rare insight into the flexible working giant’s finances.

A report from Bloomberg, which reviewed the bond documents, showed that the company valued at $20B has an eye-watering rent bill and lost money last year, but is growing its membership and its occupancy.

WeWork has a global portfolio of 14M SF across 234 locations comprising 251,000 desks, the bond documents said. It has 220,000 members, up from 7,000 four years ago. It said that it had an 81% occupancy rate at the end of 2017, up 5% on the year before, and needs a location to be 60% occupied to make a profit..    ...more

RSK: Not a good sign. I can relate. Like being a restaurant that serves a thousand meals a night but loses $3/plate. Can`t sustain this guys. Time to right the ship.