NEW YORK, May 20, 2014 (GLOBE NEWSWIRE) -- Reis, Inc. (Nasdaq:REIS) ("Reis" or the "Company"), a leading provider of commercial real estate market information and analytical tools, announced today that on May 19, 2014 its Board of Directors approved the initiation of a program of paying a regular quarterly cash dividend to the Company's shareholders. As a result, the Board of Directors declared an initial quarterly cash dividend of $0.11 per common share to be paid on June 18, 2014 to shareholders of record as of the close of business on June 11, 2014.
Lloyd Lynford, President and Chief Executive Officer of Reis, stated "Reis is in an enviable position. Due to our subscription model and strong renewal rates, we have high visibility on future revenue and cash flows. These attributes, together with a substantial cash balance, no debt and on-going significant cash flow generation, allow us to continue to invest in the business while we return cash to our shareholders. Both of these objectives can be vigorously pursued while we continue to grow Reis's revenues and earnings. Based upon the closing price of Reis common stock yesterday, we are pleased that our first quarterly dividend reflects an annualized yield of 2.46%. This dividend compliments our leading industry position and is an important part of our commitment to bring value to shareholders."
It is the Company's expectation that it will maintain a program of paying dividends on a quarterly basis; however, the declaration of dividends in the future is subject to the discretion of the Reis Board of Directors, which will evaluate the Company's dividend program from time to time in light of the Company's financial condition, earnings, cash flows, growth prospects, tax situation, restrictions under the Company's credit facility, applicable law and other factors that the Board of Directors deems relevant.
Today, Lloyd Lynford and Mark P. Cantaluppi (Reis's Chief Financial Officer) will be discussing this announcement, as well as the Company's first quarter results and the Reis business generally, at the B. Riley & Co. 15th Annual Investor Conference at the Loews Santa Monica Beach Hotel, located at 1700 Ocean Avenue, Santa Monica, California.
Cautionary Statement Regarding Forward-Looking Statements
This press release may contain certain "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements may relate to Reis's or management's outlook or expectations for Reis's business, operations or performance. Forward-looking statements reflect management's judgment based on currently available information and involve a number of risks and uncertainties that could cause actual results to differ from those in the forward-looking statements. Please refer to Reis's annual, quarterly and periodic reports on file with the SEC for a more detailed discussion of various risks that could cause results to differ materially.
Reis provides commercial real estate market information and analytical tools to real estate professionals through its Reis Services subsidiary. Reis Services, including its predecessors, was founded in 1980. Reis maintains a proprietary database containing detailed information on commercial properties in metropolitan markets and neighborhoods throughout the U.S. The database contains information on apartment, office, retail, warehouse/distribution, flex/research & development, self storage and seniors housing properties, and is used by real estate investors, lenders and other professionals to make informed buying, selling and financing decisions. In addition, Reis data is used by debt and equity investors to assess, quantify and manage the risks of default and loss associated with individual mortgages, properties, portfolios and real estate backed securities. Reis currently provides its information services to many of the nation's leading lending institutions, equity investors, brokers and appraisers.
The Company's product portfolio features: Reis SE, its flagship delivery platform aimed at larger and mid-sized enterprises; ReisReports, aimed at prosumers and smaller enterprises; and Mobiuss Portfolio CRE, or Mobiuss, aimed primarily at risk managers and credit administrators at banks and non-bank lending institutions. It is through these products that Reisprovides online access to a proprietary database of commercial real estate information and analytical tools designed to facilitate debt and equity transactions as well as ongoing asset and portfolio evaluations. Depending on the product or level of entitlement, users have access to market trends and forecasts at metropolitan and neighborhood levels throughout the U.S. and/or detailed building-specific information such as rents, vacancy rates, lease terms, property sales, new construction listings and property valuation estimates. Reis's products are designed to meet the demand for timely and accurate information to support the decision-making of property owners, developers, builders, banks and non-bank lenders, equity investors and service providers. These real estate professionals require access to timely information on both the performance and pricing of assets, including detailed data on market transactions, supply, absorption, rents and sale prices. This information is critical to all aspects of valuing assets and financing their acquisition, development and construction.
CONTACT: Press Contact: Mark P. Cantaluppi Vice President, Chief Financial Officer Reis, Inc. (212) 921-1122