某房地产公司尽职调查报告

Click to edit Master title style,Click to edit Master text styles,Second level,Third level,*,*,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 oftrends,Unusualitems,11,TheDueDiligence Process,SalesContract,Executed,TenantReview,MarketAnalysis,ProFormaAnalysis,Recommendationto Buyer,FinancialOperationalReview,PhysicalAsset and EnvironmentalReview,12,Evaluation of TenantCredit,Financial stability(creditrating),Industryconcentrations,Other concentrations,13,TheDueDiligence Process,SalesContract,Executed,TenantReview,MarketAnalysis,ProFormaAnalysis,Recommendationto Buyer,FinancialOperationalReview,PhysicalAsset and EnvironmentalReview,14,Market Analysis,Three primary components,Siteanalysis,Supply,Demand,Supply,Demand,Square,Feet,Time,15,Market Analysis,SiteAnalysis,Visibility,Access,Ingress/Egress,Amenities,Sourcesof demand,Competition,Quality,Surroundinglanduses,current and projected,16,Market Analysis,Supply,Historical inventory,Existingandfuturecompetitive,Disaggregated bysize,quality,andage,Projected futuredevelopment,Planningdepartments,Media research,Local marketinterviews,17,Market Analysis,Demand,Historical absorption,Market researchof key indicators,Newbusinessstartups,Population growth,Other economic trends,Other demographic trends,Projected growthindemand,Demand,(sq ft),Time,18,Market Analysis,Reconciliation of supplyanddemand,Rental rates,Percentagerents,Occupancy levels,Commissions,Buildout,Growth rates,Rental,Expense,Capitalization rates,Renewalassumption,19,Market Analysis,Space may bevacantprior tore-leasing,Newrentisset,Newtenant improvements,commissions,Baseyears,sales,otherlevelsareset,Renewalassumptions-What happens at the end ofa lease?,20,TheDueDiligence Process,SalesContact,Executed,TenantReview,MarketAnalysis,ProFormaAnalysis,Recommendationto Buyer,FinancialOperationalReview,PhysicalAsset and EnvironmentalReview,21,PhysicalAsset and EnvironmentalReview,Engineeringreport,Deferredmaintenance,Requiredcapitalimprovements,Architects or spaceplanners,Efficiency of existing space:opportunitiesor constraints for valueenhancement,Environmental,Phase 1,2 and 3,Title search,22,TheDueDiligence Process,SalesContract,Executed,FinancialOperationalReview,TenantReview,MarketAnalysis,Recommendationto Buyer,PhysicalAsset and EnvironmentalReview,ProFormaAnalysis,Converting analysisto cashflow,23,PROFORMAANALYSIS,Analysisofprojection assumptions basedupon historicalperformanceandmarketresearch,Compilationof projectedrevenues,expensesandnetoperating income,Analysisofcapitalization