Reis, Inc. (NASDAQ: REIS) today announced that the company’s flagship product, Reis Subscriber Edition, has undergone major enhancements that offer clients greater insight into market conditions and property performance across the United States.
Market participants who are concerned about the prospects for current commercial real estate holdings, or who seek to enhance their due diligence processes before making an investment, may now use Reis Subscriber Edition to view and filter sets of properties that are pulled directly from the Reis database and plotted onto a state of the art, dynamic map. The initial set of properties is chosen based on a user defined geographical area, and may be narrowed to fit a desired range of competitive performance factors and sale transaction specifics, and/or by proximity to peers and key landmarks. The precision of the module reveals important local economic dynamics that are often obscured by broader market information, potentially at the expense of investors.
Response to early showings of the enhancements at the Mortgage Bankers Association’s annual Commercial Real Estate Finance convention earlier this month was overwhelmingly positive, according to Senior Vice President of Sales and Marketing, Michael J. Richardson. “What we are finding is that as uncertainty begins to creep into the investment market, clients begin to apply even more scrutiny to current holdings and to potential opportunities, so demand for Reis data only increases.” says Richardson. “These enhancements are directly responsive to that demand.”
The move by Reis continues a strategy of enhancement that during the past twelve months has also seen the introduction of 87 new apartment markets, an increase in frequency of new construction data releases, and the provision of alerts functionality that informs Reis users of newly discovered transaction and construction activity in markets that are of interest to them.
The enhancements discussed in this press release are immediately available exclusively to Reis institutional subscribers.
About Reis
The Company was formed through a May 2007 merger between Reis, Inc. (“Private Reis”) and Wellsford Real Properties, Inc. (“Wellsford”). Reis carries on the businesses of Private Reis and Wellsford.
Private Reis was founded in 1980 as a provider of commercial real estate market information and today is a leader in that field. Reis maintains a proprietary database containing detailed information on commercial real properties in neighborhoods and metropolitan markets throughout the U.S. The database contains information on apartment, retail, office and industrial properties and is used by real estate investors, lenders and other professionals to make informed buying, selling and financing decisions. Reis currently provides its information services to many of the nation’s leading lending institutions, equity investors, brokers and appraisers.
Reis’s flagship product is Reis SE, which provides online access to information and analytical tools designed to facilitate both debt and equity transactions. In addition to trend and forecast analysis at neighborhood and metropolitan levels, the product offers detailed building-specific information such as rents, vacancy rate and lease terms, property sale information, new construction listings and property valuation estimates. Reis SE is designed to meet the demand for timely and accurate information to support the decision-making of property owners, developers and builders, banks and non-bank lenders, and equity investors, all of whom require access to information on both the performance and pricing of assets, including detailed data on market transactions, supply and absorption. This information is critical to all aspects of valuing assets and financing their acquisition, development, and construction.
For more information regarding Reis’s products and services, visit www.reis.com.
Prior to the merger, Wellsford was a public company operating as a real estate merchant banking firm which acquired, developed, financed and operated real properties and invested in private and public real estate companies. The Company’s primary operating activities immediately prior to the merger were the development, construction and sale of three residential projects and its approximate 23% ownership interest in Private Reis. The Company continues to develop, construct and sell these existing residential projects