NEW YORK, May 1, 2013 (GLOBE NEWSWIRE) -- Reis, Inc. (Nasdaq:REIS) ("Reis" or the "Company"), a leading provider of commercial real estate market information and analytical tools, announced today the launch of three major enhancements to the company's flagship product, Reis SE:
- the addition of 75 new apartment markets;
- the promotion of the self storage sector to full coverage status, with market forecasts for 50 metropolitan areas and 279 submarkets, including rent comparables and sales comparables reports; and
- the addition of "Downside Market Scenarios," a response to increased regulatory scrutiny of a lender's ability to manage market and portfolio risk.
These three enhancements continue the relentless product development initiatives that have made Reis the overwhelming preference of U.S. commercial real estate investors.
Reis's apartment market expansion raises its coverage to a total of 275 apartment markets. Commercial real estate professionals operating in these markets can now turn to Reis for the most reliable rent comparables, sales comparables, and market trends and forecasts. "There is no significant apartment market in the U.S. that is not currently monitored by Reis," said Lloyd Lynford, Reis's CEO. "The comprehensiveness of our coverage, the scope of our data collection, and our deep history of property and market performance, all support our industry-leading apartment market research and represent a formidable barrier to any future potential competitors." This is the company's 12th major expansion of coverage since 2007, and follows closely the September 2012 introduction of 58 new office markets.
Reis also announced further geographic expansion and enhanced coverage of the self storage sector, a $22 billion industry. "Reis has now added market and submarket forecasts, and sales comparables, as well as the nation's first ever self storage rent comparables module. All of these capabilities will promote more accurate cash flow and valuation estimates, which are cornerstones of sound real estate decision-making," said Mr. Lynford. "Until now, detailed data on self storage markets was difficult-to-impossible to come by. But now a few keystrokes on Reis SE put this critical information in our subscribers' hands."
Finally, in a timely methodological advance, Reis's economists have supplemented the Company's baseline forecasts with two additional Downside Market Scenarios that apply the effects of moderate and more severe economic downturns on commercial real estate performance at the market and submarket level. "With the recent economic crisis still fresh in the minds of investors, lenders, developers, and regulators, it's necessary to forecast as if rapid economic reversals are a possibility," said Dr. Victor Calanog, Reis's Director of Research. "Reis's deep historical databases, representing over three decades of performance trends on the supply, demand and price of commercial real estate, support rigorous scenario forecasting that other firms cannot match. Our subscribers will now have additional analytical precision in anticipating and managing the type of volatility that has characterized the economy and commercial real estate market over the last five years."
"With every release, we distinguish ourselves further from other firms that claim to offer some fraction of our service," said Mr. Lynford. "We will continue developing our products to extract as much value out of our data for our clients as we possibly can, to widen our lead over the competition, and to continue the sustained growth of the Reis franchise."
Reis's primary business is providing commercial real estate market information and analytical tools for its subscribers, 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 and development and self storage 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.
Reis, through its flagship institutional product, Reis SE, and through its small business product, ReisReports, 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, 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.
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.
CONTACT: Sales Contact: Michael J. Richardson Senior Vice President, Sales & Marketing Reis, Inc. (212) 921-1122 firstname.lastname@example.org Investor Relations: Mark P. Cantaluppi Vice President, Chief Financial Officer Reis, Inc. (212) 921-1122