Our Corporate Journey.

Transcription

1 Our Corporate Journey. We have property covered. Investment. Development. Property, Asset and Facilities Management. Asset, Plant and Machinery. Corporate Real Estate. Mortgage. Government. Insurance. Occupancy. Sustainability and Research.

2 Reinforcing and sharing our corporate social responsibility values; and Soundly managing the evolution of the business through varied economic cycles in a cohesive manner Our Corporate Journey Preston Rowe Paterson s Corporate journey began in Sydney in 1988 when Greg Preston and Greg Rowe set out to establish a firm of independent international property consultants and valuers who specialise in the valuation and management of all forms of real estate, infrastructure and property. Since start up, it has been our objective and philosophy to be recognised as an elite supplier of property services specialising in valuation, property, asset and facilities management, transaction management, advisory and consulting, property market and economic research, for all types of real estate, infrastructure, plant and equipment. Our Vision It is our vision to be recognised as an elite supplier of investment, development and asset professional real estate and property services in the local, national and global markets. We now operate locally throughout the Sydney Metropolitan area, throughout Australia including via out network of 27 Offices, through four offices in New Zealand, and globally via our international partnership agreements in China, Japan, Thailand, and the Philippines. Our Australian and New Zealand network employs approximately 300 property professionals whom have a wealth of property experience and cover all real property asset classes. We see our future journey as one of:- Working with our national group to grow our Australian and New Zealand capital city and regional footprint as and when opportunities arise; Growing our international ties with like minded firms; Expanding our reach to all relevant client stakeholders; Consistently modernising and refreshing our service offering to clients; Constantly cultivating improvement and the evolution of our well established web services based B to B IT platform (PRP Online); Continuing to be at the forefront of multi-tenant investment valuation and development valuation discounted cash flow (DCF) software model development (in property investment and development and time and money based cash flows are paramount); Advancing our cultural values for the benefit of our staff and clients; Our Mission Our Mission is to provide the highest level of comprehensive professional service and advice to our clients in their real estate and property (including infrastructure, plant, machinery and equipment) pursuits and endeavours. We will achieve this through:- people development, process and delivery (IT) improvement, product evolution and development, market making, internal and external communication, and operating in a sustainable manner with corporate social responsibility front of mind at all times

3 8. To leverage our non-commoditised services from the introduction to property owners made through our participation in commoditised valuation service delivery; Our Culture Our culture is founded upon the principals of hard work and dedication, acting with professional and ethical discipline, working collaboratively and supporting our colleagues and clients to achieve successes whilst enjoying a happy and social working environment. Our Strategic Direction 9. To monitor, control and maintain the highest levels of corporate governance and professional integrity at all times; 10. To actively participate in professional and industry associations (API, RICS, PFA, PCA, Core Property Research, and REI) to not only further professionalism in our industry, but to also have input into future direction; 11. To be at the forefront of IT development centred around the services we provide and to design, develop, utilise and market the latest available information, technology, communication, management and delivery systems and to continually develop and improve such systems at every opportunity; 12. To continually investigate opportunities to develop other property related services (make markets); 13. To keep up to date with legislative, accounting standards and valuation standards reform to develop marketing strategies and opportunities so that we may assist clients with compliance in these important areas 14. To service all real property classes including:- Commercial, Retail, Industrial, Hotel & Leisure, Residential and various Special Purpose real property classes, infrastructure and all personal property classes comprising Plant and Machinery; 15. To be part of a strong well planned and coordinated national property services group offering similar services based principally in capital cities, but also regional locations, with particularly the capital city based offices providing comprehensive professional property services similar to ours; and 16. To react, adapt, and evolve (to economic and real estate market conditions) by updating our strategic planning at least on a quarterly basis. (goals and objectives):- 1. To constantly improve and share a dynamic and professional culture; 2. To have corporate social responsibility front of mind at all times; 3. To be a market leader in the provision of real estate investment and development valuation, asset, property and facilities management, leasing and selling agency and consultancy services for all classes of real estate and infrastructure; as well as a market leader in the provision asset valuation for financial reporting (real estate, plant and machinery); 4. To be an employer of choice; 5. To operate Locally, throughout Australia and globally working closely with our network of relationship offices by initially bringing the other capital city PRP offices with us on the journey; 6. To have a planned coordinated approach to marketing, promotion, business development and delivery of the services which we provide; 7. To continually advance our corporate culture and to promote the continuing professional development We have property covered. Whether in the context of the clients we represent, the property classifications we deal with, the reasons clients use us, or the locations we cover, we have property covered

4 We have all client profiles covered We have all real estate types covered We act for an array of clients with different property needs including:- Accountants, Auditors; Banks and lending institutions; Commercial & residential non-bank lenders; Co-operatives; Developers; Finance & mortgage brokers; Hotel owners & operators; Insolvency practitioners; Institutional investors; Insurance brokers & companies; Investment advisors; Lessors & lessees; Listed and private companies & corporations; Local, state & federal government departments & agencies; Mining companies; Mortgage trusts; Non-Bank lenders Overseas clients; Private investors; Property syndication managers (Unlisted REIT s); Real Estate Investment Trusts (Listed REITS); Rural landholders; Solicitors and barristers; Sovereign wealth funds; Stock brokers; Superannuation funds; and Trustee & custodial companies. We provide valuation, advisory, research, acquisition due diligence management; asset, property and facility management services for all types of real estate including:- Metropolitan & CBD commercial office buildings; Retail shopping centres & shops; Industrial, office/warehouses & factories; Business parks; Hotels (accommodation) & resorts; Hotels (pubs), motels & caravan parks; Residential development projects; Residential dwellings (house/townhouse/apartment/ unit); Rural properties; Special purpose properties; Extractive industries & resource based enterprises; and Infrastructure including rail, road, airport and port facilities. We have all types of plant and machinery covered Our asset, plant and machinery valuation, appraisal and advisory division undertake valuations for all forms of plant, machinery, furniture, fittings and equipment including: Mining & earth moving equipment/road plant; Resort & accommodation, hotel furniture; Fittings & equipment; Office fit outs & equipment; Farming equipment; Transport equipment; Industrial/factory equipment; and Licensed Club furniture, fittings & equipment. 4 4

5 Our clients seek our property (real estate, infrastructure, plant and machinery) services for a multitude of reasons including:- We have your needs covered Acquisitions & disposals; Alternative use & highest and best use analysis; Asset management; Asset valuations for financial reporting to meet ASIC, AASB, IFRS & IVSC guidelines; Compulsory acquisition & resumption; Corporate merger & acquisition real estate Due diligence management for acquisitions and sales; Facilities management; Feasibility studies; Funds management advice & portfolio analysis; Income and outgoings projections and analysis; Insurance valuations (replacement & reinstatement costs); Leasing vacant space within managed properties; Listed property trust & investment fund valuations & revaluations; Litigation support; Marketing & development strategies; Mortgage valuations; Property management; Real Estate Investment Trust (Listed and Unlisted REIT) valuations and re-valuations; Rating and taxing objections; Receivership, Insolvency and liquidation valuations and support/advice; Relocation advice, strategies and consultancy; Rental assessments and determinations; and Sensitivity analysis. From our capital city and regional office locations we serve our client s needs throughout Australia. Globally, we operate directly or via our relationship offices for special purpose real estate asset classes, infrastructure and plant & machinery. For specialised and complex real property, plant and machinery as well as infrastructure assets, we service this work from our Sydney office. We have capital city office locations covered Adelaide Brisbane Hobart Melbourne Perth Sydney We have regional office locations covered Albury Wodonga Ballarat Bendigo Central Coast/Gosford Dubbo Geelong Gippsland Griffith Horsham Launceston Moreton Sunshine Coast Mornington Mount Gambier We have New Zealand covered Auckland Tauranga Greymouth Dunedin We have China, Japan, Thailand and Phillipines covered We have all locations covered Our relationship partners in China, Japan, Thailand and the Philippines are:- China - via China Appraisal Japan - via Daiwa Realty Appraisal daiwakantei.co.jp/eng/about Thailand - via Capital and Co. Philippines - via Cuervo Appraisal Incorporated cuervoappraisers.com.ph/ 5 5

6 Our Core Services Property management; Asset management; Acquisition and sale management; Leasing; Due diligence management; Facilities management; Capital markets advisory; Income and outgoings forecasting; Transaction advisory; Listed trust & syndicate funding & asset valuations; Strategic rent review planning within buildings; Lease provision advisory; Rating and taxing (statutory valuation) objections; Infrastructure valuation and cash flow forecasting; Rent determination submissions/management; and Investment portfolio performance measurement review. Preston Rowe Paterson Sydney s comprehensive service offering is centred on the provision of valuation, advisory, property, asset and facilities management services and includes:- Valuation and capital markets advisory; Property, asset and facilities management; Sale and lease transaction advisory; Development valuation and advisory; Corporate real estate services; Asset valuation (real estate, plant and machinery) for financial reporting; Insurance valuation (real property, plant and machinery); Mortgage valuation services; Property advisory and consultancy; and Economic and property market research Our core services also fall into the following more detailed property categories:- Investment; Development, Asset, Plant and Machinery, Corporate Real Estate, Mortgage; Government; Insurance, Occupancy, Sustainability and Research. Each is discussed in more detail as follows:- In our Real Estate Investment Valuation work, we strive to provide our clients with as much information regarding a property as is available. This information includes detailed analysis and reporting, which shows the basis upon which the valuation has been made and the background data upon which the property has been assessed. We make every attempt to ensure that our valuation reports are unrivalled in our profession by constantly monitoring and updating our formats and utilising the latest technology for both word processed documents and spreadsheets. The Directors and Senior Personnel of Preston Rowe Paterson have a wealth of specific experience in the area of real estate investment valuation. Real Estate Investment Valuation, consultancy and advisory are our core business covering all classes of real estate. Term and Reversion Analysis This model allows us to prepare a valuation of an existing multi-tenanted investment property, (with any number of tenants), on the traditionally accepted basis of capitalising net passing incomes, however it also allows us to make adjustments for perceived reversionary under market and over market incomes on a monthly basis, as may be appropriate in varying rental market conditions. Analysis of Face and Effective Rentals We have formulated detailed computer based Net Present Value and Amortisation techniques to analyse effective (Equivalent Cash) rentals where tenant incentives such as rent free periods, fit out allowances and cash incentives are provided to tenants. This analysis becomes vital in waning tenant markets where vacancies and tenant incentives are rising, resulting in a widening gap between face and effective rents. Discounted Cash Flow Analysis Our investment real estate services generally include:- We have Investment Property covered Valuation (mortgage); Valuation for financial reporting; Valuations for insurance purposes; Property management This model facilitates the projection of rental income for a specified time period on a monthly tenant-by-tenant basis (or as rentals are paid/ received as required by leases), to enable the accurate assessment of future income for multitenanted investment property, be it commercial, retail or industrial. We also project building outgoings and recoveries (as required by leases) on a similar basis. 6 6

7 Projecting cash flows on a monthly basis (where leases call for monthly rental payments) is seen as the most accurate method of preparing DCF analysis as it is usually the manner in which rentals and outgoings are paid. Annual summaries can then be prepared based on monthly projections. We are then able to determine the Internal Rate of Return given an acquisition price, or alternatively the Net Present Value based on an Internal Rate of Return expectation or hurdle rate. We factor into our cash flows complex lease terms and conditions such as market (with or without ratchet review provisions), CPI, Fixed and Turnover rental reviews etc, review caps and collars, gross or net outgoings recoveries and outgoing recovery caps and collars etc. Imperative in the process of getting cash flows as accurate as possible is thoroughly reviewing leases. It is not possible to accurately forecast investment returns without thoroughly reviewing income and expenditure appropriation provisions within leases and then applying those provisions. We also consider the effect of Acquisition and Selling costs on the Internal Rate of Return so that it may be compared to other forms of investment such as long term bonds and other securities. To consider appropriate discount rates, we analyse sales data and interview buyers and sellers to ascertain their views of an analysed discount rate. We then compare this to other investment returns and consider the return or equity through Capital Asset Pricing Models (CAPM) and the Weighted Average Cost of Capital (WACC). Hotel Projections - DCF In this analysis we project the operating budgets for Accommodation Hotels and Resorts, motels and licensed hotel type properties in accordance with the accepted methods of accounting/appropriation (uniform system of accounts). We also prepare Discounted Cash Flow Analysis based on the net return to the owner of the property, inclusive of the requirements of the Management Agreement or Lease to an operator, whichever is the case. This analysis can also be prepared on an owner occupied/ operated basis or take into account the nature of complex ground/head leases. We have Development Property covered Our development valuation and advisory services include:- Development funding (mortgage) valuation; Feasibility studies; Highest and Best use options valuations and advisory; GST advisory (residential) redevelopment; Development cash flow forecasting and budgets; Valuations assessment of gross realisation value as if complete; Valuations subject to rezoning and DA; Valuations as is ; and Voluntary Planning Agreement (VPA) advisory. In our Real Estate Development Valuation, we have prepared computerised models which can be adapted to all forms of property including, but not limited to:- CBD and Metropolitan Office Development; Office Warehouse Development; Shopping Centre Development / Extensions; Hotel Development; Density Residential Development Projects; Residential Subdivision Sites; and Special Purpose Development Properties, etc These are prepared on a traditional basis as well as more detailed and accurate discounted cash flow based basis. We also prepare our analysis so that growth in sales and costs may be considered for sensitivity purposes. Further, the cash flow effects of the Goods and Services Tax are taken into consideration. Whilst we use our models on more complex properties, we also use off the shelf products, such as Estate Master, for smaller development projects. Preston Rowe Paterson's Development Consultancy Services include site amalgamation, property acquisition and disposal, feasibility and sensitivity studies and marketing analysis. 7 7

8 Our asset valuation services include:- We have Asset, Plant & Machinery covered Real estate valuation; Plant and machinery valuation; Financial reportioning valuation; Insurance valuation; Asset registers; Asset register management; Depreciation valuations; Asset classification; Fair Value assessment; and Accounting & valuation standards monitoring & review. Our corporate real estate solutions include:- We have Corporate Real Estate covered Strategic property and portfolio planning; Asset management; Space planning; Demand analysis; Procurement management; Operating cost administration and management; Facilities management; Lease and occupancy administration; Multi-site management; Cost containment. In the area of Asset Valuation for Financial Reporting purposes, we undertake valuations of all forms of real estate, plant, machinery, furniture, fittings and equipment to meet with the requirements of various legislation and accounting body guidelines as they effect Corporate and Government assets. The standards which effect the valuation of Real Property, Plant, Machinery and Equipment Assets are summarised as follows:- AASB 5 Non Current Assets Held for Sale and Discounted Operation AASB 13 Fair Value Measurement AASB 16 Leases AASB 116 Property Plant and Equipment AASB 136 Impairment of Assets; and AASB 140 Investment Property (for profit entities only) We also have a comprehensive understanding of State Based Treasury Corporation Guidelines. We have Mortgage Valuation covered Our mortgage valuation services include: Valuation for all properties classifications; Investment, development & occupancy real estate; Strategic mortgage portfolio risk review; Valuation aggregator panel appointments (VALEX and VMS); Business to business IT development with valuation aggregators; Bank and financial institution valuation panel appointments; Advanced mortgage valuation delivery solutions. 8 8

9 Commonwealth, State and Local Government services include the following:- We have Government Valuation and Advisory covered Asset valuation for financial reporting including heritage and specialised assets; Insurance valuation; Compulsory acquisition/resumption; Local Government Voluntary Planning Agreement (VPA) offset valuations; Statutory valuation review; Property management; Leasing; Asset management; Facilities management; Rental review advisory; and Long term head lease valuation & advisory. Our occupancy services include:- We have Occupancy Services covered Facilities management; Strategic planning; Location advice and site selection; Landlord and tenant; Owned and leased portfolio management; and Rental advisory. We have Sustainability covered Our real estate sustainability services for Property include: We have Insurance Valuation covered Our insurance valuation services include:- Insurance replacement cost valuations; Insurance reinstatement cost valuations; Valuations to meet industrial special risk (ISR) policy wordings; Insurance valuations of all buildings types and, all types of plant and equipment; and Heritage buildings and special purpose asset classes. NABERS building upgrade option studies; Green building valuations; Green lease provision advisory; Valuations of buildings subject to environmental upgrade agreements; Valuations of buildings with Green Star ratings; Green building outgoings assessments; and Cost/benefit studies and market analysis of green development. 9 9

10 Research Services are an integral part of all of our professional services. We research all assignments in detail and also prepare market analysis reports on behalf of clients, which are uploaded to our website and ed to clients regularly. Our national research reports include:- New South Wales Property Market Report Queensland Property Market Report Victoria Property Market Report South Australia Property Market Report Western Australia Property Market Report Australian Capital Territory Property Market Report Listed Property Trusts & Syndicates Review Our local research reports include:- We have Research covered Sydney Commercial Property Report Sydney Residential Property Report Sydney Industrial Property Report Sydney Hotel and Leisure Property Report Sydney Retail Property Report Our Record of accomplishment Preston Rowe Paterson Sydney has a comprehensive track record of accomplishment in the services it provides. Case studies may be found on our webpage which showcase the diversity of work we have undertaken across the property type (and plant and machinery type) spectrum for REIT, corporate, banking, government superannuation fund and private clients. The properties include major multi-tenant office and retail investments, significant business park and industrial properties, infrastructure, hotel and leisure, residential development and residential properties as well as special purpose asset classes and all types of plant and machinery. Please see our case studies on our website for the further details on individual projects and portfolios we have been proud to have been associated with. Our economic reports include:- Quarterly Economic Report Monthly Economic Snapshot. We have property, asset and facilities management covered Preston Rowe Paterson Sydney has extensive experience in providing property, asset and facilities management services

11 As property asset and facilities managers we strive to: 1. Maximise the income derived from investment properties, whilst at the same time maintaining full occupancy; and 2. Minimise building expenditure and outgoings, without sacrificing standards of maintenance required to attract and retain tenants. By addressing these two issues as priorities, we strive to maximise and maintain growth in net rental income for our management clients. Our role as property managers also includes leasing and coordinating leasing in managed buildings. Leasing services include preparing marketing campaigns for vacant or unoccupied space within commercial, retail and industrial investment properties. Once a marketing strategy has been put in place we then coordinate the leasing to ensure that space is let in as short a time frame as possible. A key and vitally important part of property management services is recording of tenancy and lease details and the provision of trust accounting. Preston Rowe Paterson Sydney have been using Yardi property asset and facilities management and trust accounting software for three years now as we believe it is the best available software in the marketplace. Being a web services based system it allows not only us to readily use the system but also has the added benefit of clients being able to access the dashboard within the system to monitor our performance and matters such as impending rent reviews, lease expiry, rental arrears and the like. We have the team to cover your needs Yardi is also a paperless office that allows documents to be uploaded to the system and accessible anywhere via the internet. As part of our property management services offering we encourage clients to acquire access licenses for the system so that they have up-to-the-minute accurate records in addition to our standard monthly reporting. Preston Rowe Paterson Sydney team is 40 strong including property asset and facilities managers, trust accountants, investment development an asset real estate valuers, analysts and advisers, residential valuers and support staff. Corporate social responsibility is a very important part of our business. Since the inception of our business the directors of Preston Rowe Paterson have been active participants in the Australian Property Institute, Property Council of Australia, Property Funds Association, Real Estate Institute and Royal Institution of Chartered Surveyors. We are also regular sponsors of the Australian Property Institute s Young Property Professionals (YPP) and sponsors of the Property Funds Association. Other Corporate Social Responsibility initiatives that we are proud to be associated with include- The 2020 Vision is a mass collaboration of organisations working together to create 20% more and better urban green space by 2020; Diversity Council Australia - we are signed up to the Diversity Council of Australia and acknowledge the Council s principles of workplace diversity including gender, culture and religion, disability and accessibility, age, indigenous, inclusive workplace for LGBTIQ and mental health workplace participants Australian Network on Disability - we are members of the Disability Network and we acknowledge the principles of the Australian Network on Disability which include the advancement and equitable inclusion of people with disability in all aspects of business, to create a disability confident Australia as a national peak body and to provide expert advice and services on disability to employers, Government representatives and industry bodies. United Nation s Global Compact for Global Responsibility and sustainability - Preston Rowe Paterson were the first property firm in Australia to sign up to the UN global compact which deals with human rights principles, labour principles, environment, anticorruption and gentle gender equality; We have Corporate Social Responsibility covered Reconciliation Action Plan 2016 to Preston Rowe Paterson, as a business, are proud to have implemented our Reconciliation Action Plan which is a statement of our commitment to achieve our reconciliation objectives. Our vision is a strong commitment to reconciliation and engagement through objectives that create respectful and collaborative partnerships with Aboriginal and Torres Straight Islander peoples organisations, businesses and communities including their traditional values, customs and beliefs

12 In our strive for and innovation Preston Rowe Paterson have adopted three key software platforms. The three platforms: We have Information and Technology PRPOnline; Yardi; and covered Temps Et Argent Plus (Time and Money Plus); are assisting to achieve greater efficiency, accessibility and connectivity across Preston Rowe Paterson s services. PRPOnline.com.au is an IT solution that has been designed by the major user groups in the valuation process, and built by the best code writers in Australia; PRPOnline.com.au provides a clear and transparent communication tool that caters for the needs of clients and valuers, ensuring all parties remain informed throughout the valuation process; PRPOnline.com.au allows clients to input instructions to one website and have that instruction routed to the appropriate valuation firm that covers that geographic area; PRPOnline.com.au allows clients to track the progress of any valuation in Australasia via visual cues. The platform generates detailed tracking reports of turnaround times by state, region and postcode; and issues turnaround reports by the valuation company and individual valuer; PRPOnline.com.au provides a new way of allowing clients and brokers to be proactive in the booking process, by providing further information to assist in the valuation process; and PRPOnline.com.au is assisting in the greenhouse battle by reducing the level of paper and other consumables required, as all information is available as an online file once scanned. Yardi Voyager is a web based platform that enhances the Preston Rowe Paterson Property, Asset and Facilities Management Division. Built in-house and maintained by Australia s best code writers, PRPOnline is an IT platform that links our valuers and clients globally via the internet. PRPOnline underpins client connectivity for all our services, extending to commercial, retail, industrial, hotel & leisure, special purpose property, plant and machinery and residential real estate. PRPOnline is a clear, transparent, communication tool that caters for both our valuers and clients needs, ensuring all parties remain informed throughout the valuation process. This web based platform allows our clients and brokers to track the progress of their valuation with us. Furthermore, PRPOnline is assisting in the greenhouse battle by reducing the level of paper and other consumable output, contributing to a more sustainable workplace. Other features of the system include:- PRPOnline.com.au is an IT platform that links our valuers and clients across the country via the internet; PRPOnline.com.au is a first for Preston Rowe Paterson and covers commercial, retail, industrial, hotel and leisure, special purpose and residential real estate and plant & machinery; Yardi is a world leader in best-practice property management and business intelligence software. This system is a fully integrated web-based platform incorporating property management, lease management, accounting and reporting functions. All key property and tenant information is accessible through real-time dashboards with drill-down, enabling a comprehensive real-time view of all activities within a portfolio or enterprise, giving 24/7 access to crucial property information. The system offers superior service to clients via a broad range of property management functions including:- Effective and efficient compliance management for essential services in accordance with all regulatory requirements; Streamlined, cost-efficient management of programmed and reactive maintenance through a trackable, enhanced electronic work order system; Improved lease document management and lease date administration; Real time financial reporting with detailed analytics on key performance indicators; Real time activity and status reports of all current and pending matters in each client s portfolio; and Enhanced customer service to clients and tenants

13 Temps Et Argent Plus (Time and Money Plus) is our property investment valuation model which we have developed to be at the forefront of investment valuation tools. Features of Temps Et Argent Plus includes:- Monthly discounted cash flow internal rate of return (IRR) generation based on term and reversion derived valuation; Net present value apportionment to cash flows and present value of terminal value for comparison; IRR calculation based on inclusion of acquisition and sale costs over the anticipated holding period, or in the alternative excluding acquisition selling costs; Annual horizontal summaries and alternative vertical summaries of cash flows; and Sales analysis generation. Ability to deal with single tenants up to any number of multiple tenant properties; Advanced rental, CPI, outgoings and, in the case of retail moving annual turnover growth forecasting; Ability to deal with current lease term certain, lease option periods, and assumed lease rental and outgoings forecasting; Default setting to 10 year monthly discounted cash flow however can be selected to any number of years; Ability to consider DCF terminal values on an above the line or below the line basis; Detailed greater or lesser of rent review forecasting including market rent reviews with a ratchet, market rent reviews without ratchet, CPI reviews, fixed rent reviews, and moving annual turnover based rent reviews (retail); Detailed tenant by tenant rent review probability forecasting based on anticipated downtime if vacant; Comprehensive tenant by tenant incentive forecasting based on an amortisation of rental abatements; Detailed tenant incentive analysis to include cash incentives, fit outs, rental abatements and or rent-free periods; Flexible outgoings (statutory outgoings and operating expenditure) analysis to an owners stipulated chart of accounts; Comprehensive outgoings recovery calculations based on outgoings recovery type (net lease, gross lease with recoveries over a base year, or true gross lease without recoveries - and hybrid of the above scenario recoveries); Detailed term and reversion valuation analysis which also generates; Weighted average lease expiry (WALE) chart generation based on rental and the area; Monthly discounted cash flow internal rate of return (IRR) generation based on term and reversion derived valuation; Gregory Preston Managing Director Investment Valuation & Capital Markets Advisory P: M: E: greg.preston@prpsydney.com.au Gregory Rowe Managing Director Property & Asset Management P: M: E: greg.rowe@prpsydney.com.au Preston Rowe Paterson Sydney Pty Limited Level 14, 347 Kent Street, Sydney NSW, 2000 P: F: E: mailroom@prpsydney.com.au