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AICPANational
RealEstateConference
DueDiligenceStephenA.StonerNovember17,2000AICPANational
RealEstateCoWhatisDueDiligenceRiskmanagementtoolVariesbyclientVariesbypractitionerConsistencybeginningtodevelopinsecondarymortgagemarketsIndustrystandardsacceptedbyratingagencies,investors,andintermediariesDependentongooddata2WhatisDueDiligenceRiskmanHistoryofDueDiligencePriorto1980’sMinimalLate80’s,early1990’sRequiredandcriticalMid1990’s-currentChangingrealestatemarketsMuchdoneinternallyLargerbuyersDifferentriskmitigationproceduresFuturetobedetermined3HistoryofDueDiligencePriorReasonforDueDiligenceFilestufferDecisiontoolSalestoolAssetmanagementDealstructuring4ReasonforDueDiligenceFilesTheDueDiligenceProcessSales
ContractExecutedFinancial
Operational
ReviewTenant
ReviewMarket
AnalysisPhysicalAssetandEnvironmental
ReviewProForma
AnalysisRecommendation
toBuyer5TheDueDiligenceProcessSalesTheDueDiligenceProcessSales
ContractExecutedTenant
ReviewMarket
AnalysisProForma
AnalysisRecommendation
toBuyerFinancial
Operational
ReviewPhysicalAssetandEnvironmental
Review6TheDueDiligenceProcessSalesFinancialOperationalReviewRevenueStreamsCurrentRentSignedandcurrentleases(includingamendments)LegalclausesRightoffirstrefusalGodarkprovisionsRighttocancelNoncompeteclausesOtherTenanttourAccountsreceivableagingOtherformsofcashflowStorageInternetandtelecommunicationaccessPhonerevenue(hotelsandmotels)Other7FinancialOperationalReviewReFinancialOperationalReviewOperatingCosts:highlevelCostspersquarefeetBOMAandotherbenchmarks(buildingsize,locationandage)AnalyticreviewReviewoftaxreturnsAdjustmentsforunusualitemsResultsusedtofocusdetailedreview8FinancialOperationalReviewOpFinancialOperationalReviewOperatingCosts:detailedServicecontractsEconomicreviewReviewexecutedcontractsComparefinancialtermstooperatingstatementsLegalreviewDurationAbilitytocancelorrebidImplicationsofsaleRepairsandmaintenanceReviewofvouchersCapitalizationversusexpensesPropertytaxesReviewrecenttaxbillsOtherReviewofvouchers9FinancialOperationalReviewOpFinancialOperationalReviewCapitalitemsDeferredmaintenanceWalkthroughEngineeringreportCapitalimprovementsEngineeringreportStrategicplanforproperty(ies)IdentifiableversusannualLeasecommissionsLinkedtorevenuestreamMarketcommissions-adjustedforbusinessplanTenantimprovementsLinkedtorevenuestreamPrimarilydrivenbyphysicalconditionofbuildingandmarketrequirementsEngineeringreport10FinancialOperationalReviewCaFinancialOperationalReviewConclusionsNormalizedNOIIdentificationandquantificationoftrendsUnusualitems11FinancialOperationalReviewCoTheDueDiligenceProcessSales
ContractExecutedTenant
ReviewMarket
AnalysisProForma
AnalysisRecommendation
toBuyerFinancial
Operational
ReviewPhysicalAssetandEnvironmental
Review12TheDueDiligenceProcessSalesEvaluationofTenantCreditFinancialstability(creditrating)IndustryconcentrationsOtherconcentrations13EvaluationofTenantCreditFinTheDueDiligenceProcessSales
ContractExecutedTenant
ReviewMarket
AnalysisProForma
AnalysisRecommendation
toBuyerFinancial
Operational
ReviewPhysicalAssetandEnvironmental
Review14TheDueDiligenceProcessSalesMarketAnalysisThreeprimarycomponentsSiteanalysisSupplyDemandSupplyDemandSquareFeetTime15MarketAnalysisThreeprimarycMarketAnalysisSiteAnalysisVisibilityAccessIngress/EgressAmenitiesSourcesofdemandCompetitionQualitySurroundinglanduses,currentandprojected16MarketAnalysisSiteAnalysis16MarketAnalysisSupplyHistoricalinventoryExistingandfuturecompetitiveDisaggregatedbysize,quality,andageProjectedfuturedevelopmentPlanningdepartmentsMediaresearchLocalmarketinterviews17MarketAnalysisSupply17MarketAnalysisDemandHistoricalabsorptionMarketresearchofkeyindicatorsNewbusinessstartupsPopulationgrowthOthereconomictrendsOtherdemographictrendsProjectedgrowthindemandDemand(sqft)Time18MarketAnalysisDemandDemandTimMarketAnalysisReconciliationofsupplyanddemandRentalratesPercentagerentsOccupancylevelsCommissionsBuildoutGrowthratesRentalExpenseCapitalizationratesRenewalassumption19MarketAnalysisReconciliationMarketAnalysisSpacemaybevacantpriortore-leasingNewrentissetNewtenantimprovements,commissionsBaseyears,sales,otherlevelsaresetRenewalassumptions-Whathappensattheendofalease?
20MarketAnalysisSpacemaybevaTheDueDiligenceProcessSales
ContactExecutedTenant
ReviewMarket
AnalysisProForma
AnalysisRecommendation
toBuyerFinancial
Operational
ReviewPhysicalAssetandEnvironmental
Review21TheDueDiligenceProcessSalesPhysicalAssetandEnvironmentalReviewEngineeringreportDeferredmaintenanceRequiredcapitalimprovementsArchitectsorspaceplannersEfficiencyofexistingspace:opportunitiesorconstraintsforvalueenhancementEnvironmentalPhase1,2and3Titlesearch22PhysicalAssetandEnvironmentTheDueDiligenceProcessSales
ContractExecutedFinancial
Operational
ReviewTenant
ReviewMarket
AnalysisRecommendation
toBuyerPhysicalAssetandEnvironmental
ReviewProForma
AnalysisConvertinganalysistocashflow23TheDueDiligenceProcessSalesPROFORMAANALYSISAnalysisofprojectionassumptionsbaseduponhistoricalperformanceandmarketresearchCompilationofprojectedrevenues,expensesandnetoperatingincomeAnalysisofcapitalizationanddiscountrates,debtserviceandpost-financingcashflow,ifrequired24PROFORMAANALYSISAnalysisofpThingstolookfor:Ifaportionofthepropertywasnon-operatingduringtheyear,theeffectonfutureoperatingresultsneedstobeconsideredTheseller’sorbuyer’sbudget,ifusedintheanalysis,maycontainoptimisticassumptionsThefeesandcorporateoverheadexpenseschargedbythesellerwillbemodifiedafteracquisitionAllappropriatetaxingjurisdictionsandrespectivetaxesareadequatelyreflectedEffectsofnon-recurringitemsprojectedtooccurPROFORMAANALYSIS25Thingstolookfor:PROFORMAANTenantbyTenantAppropriatelyTimedIndustryAcceptedReadyfor“Whatif”AnalysesEasytoReviewandProofPROFORMAANALYSISAdvantagestoPrefabSystems26TenantbyTenantPROFORMAANALYAICPANational
RealEstateConference
DueDiligenceStephenA.StonerNovember17,2000AICPANational
RealEstateCoWhatisDueDiligenceRiskmanagementtoolVariesbyclientVariesbypractitionerConsistencybeginningtodevelopinsecondarymortgagemarketsIndustrystandardsacceptedbyratingagencies,investors,andintermediariesDependentongooddata28WhatisDueDiligenceRiskmanHistoryofDueDiligencePriorto1980’sMinimalLate80’s,early1990’sRequiredandcriticalMid1990’s-currentChangingrealestatemarketsMuchdoneinternallyLargerbuyersDifferentriskmitigationproceduresFuturetobedetermined29HistoryofDueDiligencePriorReasonforDueDiligenceFilestufferDecisiontoolSalestoolAssetmanagementDealstructuring30ReasonforDueDiligenceFilesTheDueDiligenceProcessSales
ContractExecutedFinancial
Operational
ReviewTenant
ReviewMarket
AnalysisPhysicalAssetandEnvironmental
ReviewProForma
AnalysisRecommendation
toBuyer31TheDueDiligenceProcessSalesTheDueDiligenceProcessSales
ContractExecutedTenant
ReviewMarket
AnalysisProForma
AnalysisRecommendation
toBuyerFinancial
Operational
ReviewPhysicalAssetandEnvironmental
Review32TheDueDiligenceProcessSalesFinancialOperationalReviewRevenueStreamsCurrentRentSignedandcurrentleases(includingamendments)LegalclausesRightoffirstrefusalGodarkprovisionsRighttocancelNoncompeteclausesOtherTenanttourAccountsreceivableagingOtherformsofcashflowStorageInternetandtelecommunicationaccessPhonerevenue(hotelsandmotels)Other33FinancialOperationalReviewReFinancialOperationalReviewOperatingCosts:highlevelCostspersquarefeetBOMAandotherbenchmarks(buildingsize,locationandage)AnalyticreviewReviewoftaxreturnsAdjustmentsforunusualitemsResultsusedtofocusdetailedreview34FinancialOperationalReviewOpFinancialOperationalReviewOperatingCosts:detailedServicecontractsEconomicreviewReviewexecutedcontractsComparefinancialtermstooperatingstatementsLegalreviewDurationAbilitytocancelorrebidImplicationsofsaleRepairsandmaintenanceReviewofvouchersCapitalizationversusexpensesPropertytaxesReviewrecenttaxbillsOtherReviewofvouchers35FinancialOperationalReviewOpFinancialOperationalReviewCapitalitemsDeferredmaintenanceWalkthroughEngineeringreportCapitalimprovementsEngineeringreportStrategicplanforproperty(ies)IdentifiableversusannualLeasecommissionsLinkedtorevenuestreamMarketcommissions-adjustedforbusinessplanTenantimprovementsLinkedtorevenuestreamPrimarilydrivenbyphysicalconditionofbuildingandmarketrequirementsEngineeringreport36FinancialOperationalReviewCaFinancialOperationalReviewConclusionsNormalizedNOIIdentificationandquantificationoftrendsUnusualitems37FinancialOperationalReviewCoTheDueDiligenceProcessSales
ContractExecutedTenant
ReviewMarket
AnalysisProForma
AnalysisRecommendation
toBuyerFinancial
Operational
ReviewPhysicalAssetandEnvironmental
Review38TheDueDiligenceProcessSalesEvaluationofTenantCreditFinancialstability(creditrating)IndustryconcentrationsOtherconcentrations39EvaluationofTenantCreditFinTheDueDiligenceProcessSales
ContractExecutedTenant
ReviewMarket
AnalysisProForma
AnalysisRecommendation
toBuyerFinancial
Operational
ReviewPhysicalAssetandEnvironmental
Review40TheDueDiligenceProcessSalesMarketAnalysisThreeprimarycomponentsSiteanalysisSupplyDemandSupplyDemandSquareFeetTime41MarketAnalysisThreeprimarycMarketAnalysisSiteAnalysisVisibilityAccessIngress/EgressAmenitiesSourcesofdemandCompetitionQualitySurroundinglanduses,currentandprojected42MarketAnalysisSiteAnalysis16MarketAnalysisSupplyHistoricalinventoryExistingandfuturecompetitiveDisaggregatedbysize,quality,andageProjectedfuturedevelopmentPlanningdepartmentsMediaresearchLocalmarketinterviews43MarketAnalysisSupply17MarketAnalysisDemandHistoricalabsorptionMarketresearchofkeyindicatorsNewbusinessstartupsPopulationgrowthOthereconomictrendsOtherdemographictrendsProjectedgrowthindemandDemand(sqft)Time44MarketAnalysisDemandDemandTimMarketAnalysisReconciliationofsupplyanddemandRentalratesPercentagerentsOccupancylevelsCommissionsBuildoutGrowthratesRentalExpenseCapitalizationratesRenewalassumption45MarketAnalysisReconciliationMarketAnalysisSpacemaybevacantpriortore-leasingNewrentissetNewtenantimprovements,commissionsBaseyears,sales,otherlevelsaresetRenewalassumptions-Whathappensattheendofalease?
46MarketAnalysisSpacemaybevaTheDueDiligenceProcessSales
ContactExecutedTenant
ReviewMarket
AnalysisProForma
AnalysisRecommendation
toBuyerFinancial
Operational
ReviewPhysicalAssetandEnvironmental
Review47TheDueDiligenceProcessSalesPhysicalAssetandEnvironmentalReviewEngineeringreportDeferredmaintenanceRequiredcapitalimprovementsArchitectsorspaceplannersEfficiencyofexistingspace:opportunitiesorconstraintsforvalueenhancementEnvironmentalPhase1,2and3Titlesea
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