WeWork has more than doubled its losses from last year to $920 million in non-cancellable operating leases in Australia.
This figure is how much rent that WeWork has agreed to pay on its Australian portfolio and is up from the $253 million in the previous year to December 2017.
WeWork expanded its footprint through a $21 million acquisition of local firm Naked Hub, where it opened six locations last year. It currently has 15 open offices and 20 leased properties.
The coworking company’s outgoing rent ballooned from $12 million in 2017 to $30 million. These costs outpaced the growth in revenue it received from its memberships and services.
WeWork’s loss for the year totalled to $7.2 million, compared to the $2.9 million from the previous year.