NEW YORK, July 26, 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 effective immediately, property level findings for the apartment sector will flow into the Company’s popular Apartment Rent Comparables reports in real time. These findings include performance information, ownership details, and structural characteristics, all gathered from sources qualified to provide this information and subjected to Reis’s time-tested quality assurance procedures. The Company—which led the industry to quarterly reporting in 1999 and then to monthly reporting in 2010—expects this latest increase in publication frequency to be welcomed by hundreds of satisfied institutional clients, and by new prospects who may have subscribed to a service that attempts to construct market views based on internet advertisements that are frequently outdated or fraudulent.
“Of course Reis has long collected property level information daily as the foundation of our monthly and quarterly submarket trends, forecasts, and rent comparables reports,” said the Company’s President and COO, Bill Sander. “With this release, we are flowing our daily findings directly into Reis’s Apartment Rent Comparables reports, giving our clients a bellwether view of the performance of a subject property and its surrounding competitive stock.”
Reis gathers property performance information from direct data feeds, web research, and in-depth conversations with tens of thousands of property owners, managers, and developers whom Reis has determined to be affiliated with the buildings for which they are offering insight. In contrast with some other commercial real estate research firms, whose primary business is a pay-to-play advertising forum open to all, Reis does not rely upon internet postings as the basis for conclusions about property performance or market inventory and conditions. “Our view is that an advertiser’s goal has nothing to do with providing actionable market, submarket, and property level performance information to appraisers, originators, underwriters, lenders, portfolio managers, and other commercial real estate professionals,” said Mr. Sander. “The advertiser’s imperative to lure tenants may be at odds with the provision of accurate, investment-grade information. Indeed, sometimes advertisements are intentionally misleading.”
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; Mobiuss Portfolio CRE, or Mobiuss, and other portfolio support products and services, 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