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Click to edit Master title style,Click to edit Master text styles,Second level,Third level,*,26,(,海量营销管理培训资料下载),AICPA National Real Estate ConferenceDue Diligence,Stephen A. Stoner,November 17, 2000,What is Due Diligence,Risk management tool,Varies by client,Varies by practitioner,Consistency beginning to develop in secondary mortgage markets,Industry standards accepted by rating agencies, investors, and intermediaries,Dependent on good data,2,History of Due Diligence,Prior to 1980s,Minimal,Late 80s, early 1990s,Required and critical,Mid 1990s - current,Changing real estate markets,Much done internally,Larger buyers,Different risk mitigation procedures,Future,to be determined,3,Reason for Due Diligence,File stuffer,Decision tool,Sales tool,Asset management,Deal structuring,4,The Due Diligence Process,SalesContract,Executed,FinancialOperationalReview,TenantReview,MarketAnalysis,Physical Asset and EnvironmentalReview,Pro FormaAnalysis,Recommendationto Buyer,5,The Due Diligence Process,SalesContract,Executed,TenantReview,MarketAnalysis,Pro FormaAnalysis,Recommendationto Buyer,FinancialOperationalReview,Physical Asset and EnvironmentalReview,6,Financial Operational Review,Revenue Streams,Current Rent,Signed and current leases (including amendments),Legal clauses,Right of first refusal,Go dark provisions,Right to cancel,Noncompete clauses,Other,Tenant tour,Accounts receivable aging,Other forms of cash flow,Storage,Internet and telecommunication access,Phone revenue (hotels and motels),Other,7,Financial Operational Review,Operating Costs: high level,Costs per square feet,BOMA and other benchmarks (building size, location and age),Analytic review,Review of tax returns,Adjustments for unusual items,Results used to focus detailed review,8,Financial Operational Review,Operating Costs: detailed,Service contracts,Economic review,Review executed contracts,Compare financial terms to operating statements,Legal review,Duration,Ability to cancel or rebid,Implications of sale,Repairs and maintenance,Review of vouchers,Capitalization versus expenses,Property taxes,Review recent tax bills,Other,Review of vouchers,9,Financial Operational Review,Capital items,Deferred maintenance,Walkthrough,Engineering report,Capital improvements,Engineering report,Strategic plan for property(ies),Identifiable versus annual,Lease commissions,Linked to revenue stream,Market commissions - adjusted for business plan,Tenant improvements,Linked to revenue stream,Primarily driven by physical condition of building and market requirements,Engineering report,10,Financial Operational Review,Conclusions,Normalized NOI,Identification and quantification of trends,Unusual items,11,The Due Diligence Process,SalesContract,Executed,TenantReview,MarketAnalysis,Pro FormaAnalysis,Recommendationto Buyer,FinancialOperationalReview,Physical Asset and EnvironmentalReview,12,Evaluation of Tenant Credit,Financial stability (credit rating),Industry concentrations,Other concentrations,13,The Due Diligence Process,SalesContract,Executed,TenantReview,MarketAnalysis,Pro FormaAnalysis,Recommendationto Buyer,FinancialOperationalReview,Physical Asset and EnvironmentalReview,14,Market Analysis,Three primary components,Site analysis,Supply,Demand,Supply,Demand,Square,Feet,Time,15,Market Analysis,Site Analysis,Visibility,Access,Ingress/Egress,Amenities,Sources of demand,Competition,Quality,Surrounding land uses, current and projected,16,Market Analysis,Supply,Historical inventory,Existing and future competitive,Disaggregated by size, quality, and age,Projected future development,Planning departments,Media research,Local market interviews,17,Market Analysis,Demand,Historical absorption,Market research of key indicators,New business startups,Population growth,Other economic trends,Other demographic trends,Projected growth in demand,Demand,(sq ft),Time,18,Market Analysis,Reconciliation of supply and demand,Rental rates,Percentage rents,Occupancy levels,Commissions,Buildout,Growth rates,Rental,Expense,Capitalization rates,Renewal assumption,19,Market Analysis,Space may be vacant prior to re-leasing,New rent is set,New tenant improvements, commissions,Base years, sales, other levels are set,Renewal assumptions - What happens at the end of a lease?,20,The Due Diligence Process,SalesContact,Executed,TenantReview,MarketAnalysis,Pro FormaAnalysis,Recommendationto Buyer,FinancialOperationalReview,Physical Asset and EnvironmentalReview,21,Physical Asset and Environmental Review,Engineering report,Deferred maintenance,Required capital improvements,Architects or space planners,Efficiency of existing space: opportunities or constraints for value enhancement,Environmental,Phase 1, 2 and 3,Title search,22,The Due Diligence Process,SalesContract,Executed,FinancialOperationalReview,TenantReview,MarketAnalysis,Recommendationto Buyer,Physical Asset and EnvironmentalReview,Pro FormaAnalysis,Converting analysis to cash flow,23,PROFORMA ANALYSIS,Analysis of projection assumptions based upon historical performance and market research,Compilation of projected revenues, expenses and net operating income,Analysis of capitalization and discount rates, debt service and post-financing cash flow, if required,24,Things to look for:,If a portion of the property was non-operating during the year, the effect on future operating results needs to be considered,The sellers or buyers budget, if used in the analysis, may contain optimistic assumptions,The fees and corporate overhead expenses charged by the seller will be modified after acquisition,All appropriate taxing jurisdictions and respective taxes are adequately reflected,Effects of non-recurring items projected to occur,PROFORMA ANALYSIS,25,Tenant by Tenant,Appropriately Timed,Industry Accepted,Ready for “What if Analyses,Easy to Review and Proof,PROFORMA ANALYSIS,Advantages to Prefab Systems,26,
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