NEW YORK, Aug. 01, 2016 (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 it has launched the nation’s first comprehensive coverage of the Low Income Housing Tax Credit (“LIHTC”) market. Lenders, investors, developers and operators in this informationally underserved sector may now turn to the Company’s flagship product, Reis SE, for the same full suite of property and market level reports with which Reis has long supported deal making for other property types, including the multifamily categories of market rate rentals, seniors housing and student housing. Reis’s LIHTC coverage commences with 176 counties in 45 major U.S. metros. The launch is responsive to many of Reis’s largest clients and prospects, who have urged Reis to bring transparency to this important subset of the multifamily sector.
“Our decades of experience in data collection, quality assurance, and the production of reports illuminating various multifamily investment vehicles has made Reis uniquely qualified to serve the LIHTC market,” said Reis’s President and COO, Bill Sander. “Interdependent factors influencing the sector, such as public housing policies and county-level economic and demographic trends, place it beyond the reach of would-be competitors.”
More than $75 billion has been invested in LIHTC over the past 30 years. Economic and demographic projections suggest that strong demand for LIHTC units will persist as market rate housing costs continue outpacing income growth. Until Reis’s launch last week, investors, lenders, and developers had to base their LIHTC performance expectations on word of mouth, conclusions drawn from limited databases containing only their own firm’s prior deals, and inferences drawn from the performance of market rate multifamily properties. Now these same individuals and institutions can rely upon Reis to provide a broad set of standardized data and reports that will usher all participants in a deal toward a common understanding of market, submarket, and property level performance dynamics.
According to Mr. Sander, “The launch demonstrates yet again Reis’s unassailable position as the indispensable source of information and analytics for the U.S. commercial real estate market.”
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, student housing and affordable 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