NEW YORK, March 14, 2016 (GLOBE NEWSWIRE) -- Reis, Inc. (NASDAQ:REIS) (“Reis” or the “Company”), a leading provider of commercial real estate market information and analytical tools, today announced that it has redesigned its most popular property level report, Apartment Rent Comps, to include new structural details and comparative performance analytics. With photographs, unit mix, contact information, effective rent at the property level, sales transaction history, and numerous illustrative charts and graphs, the report is expected to fortify Reis’s position as the preferred source for comparables among all real estate professionals involved in buying, selling, leasing, or managing multifamily assets.
“For years, Reis’s apartment rent comps have been the industry standard for consistency and reliability,” said Reis’s CEO, Lloyd Lynford, “and the next generation report that we are announcing today unlocks still additional value from our organically grown, proprietary property database.”
The release is part of a two-pronged campaign of aggressive product development that will see Reis add similar details to property level reports in other sectors, while also introducing high level analytical modules that take a broader perspective across markets and geographies: The Company is in the late stages of developing a module that will allow portfolio managers and c-level executives to look for market opportunities based on Reis’s forecasts at the market and submarket level.
“We believe there is market share available on the front lines of the nation’s real estate market, where brokers, originators and managers require the kind of property level detail that we are now providing in our rent comps reports,” said Reis’s President and COO, Bill Sander. “We also see opportunity at the other end of the spectrum, among the portfolio managers at our large institutional clients, who must take a national view when considering where to put capital at risk.”
Also slated for release in 2016 is the Company’s coverage of the Low Income Housing Tax Credit sector—at a time when population and income vectors ensure that demand for affordable housing will only increase in the years to come.
Mr. Lynford said, “Our product development plans in 2016 are a continuation of our long history of reinvestment into the foundation of our business to ensure that Reis SE remains indispensable to an ever wider range commercial real estate professionals.”
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, seniors housing and student 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 Reis provides 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.
Press/Investor Relations Contact: Mark P. Cantaluppi Reis, Inc. Vice President, Chief Financial Officer (212) 921-1122 Michael J. Richardson Reis, Inc. Executive Vice President, Sales and Marketing (212) 921-1122