Real Estate Valuation Services

Transcription

1 Real Estate Valuation Services 1

2 Who We Are Marshall & Stevens is a recognized leader in valuation. We assist our clients with planning, due diligence, negotiation and reporting issues related to mergers, acquisitions, divestitures, restructurings, financing, insurance placement and tax related transactions. Our in-house specialists provide a full complement of valuation-related services including transaction advisory, real estate, renewable energy, machinery & equipment, businesses and business assets, both tangible and intangible. 2

3 Real Estate Valuation Services At Marshall & Stevens, our real estate professionals understand the importance of client service. We value each client and assignment, knowingthatourworkbecomesanintegralpartofyourprocess.ourreal Estate Valuation Group provides independent, credible valuation and advisory services. We are known for delivering high quality work through an insightful service-oriented approach. Since 1932, our professionals have been providing critical valuation services to our clients. We recognize the importance of your decisionmaking as it relates to the value of real estate. With multiple offices throughout the United States, Marshall & Stevens has the ability to quickly assemble teams to satisfy client needs. Our real estate professionals are highly trained and well educated, and have obtained licenses in various states, with many having prestigious designations such as the MAI offered through the Appraisal Institute as well as the MRICS and FRICS designations offered through the Royal Institute of Chartered Surveyors. Our valuations comply fully with state and federal requirements and are fully supported, meticulously documented, and clearly communicated so your company can confidently make vital real estate decisions. Our reports have been approved by the major audit firms, and have also passed muster with the Internal Revenue Service. 3

4 What We Do The Real Estate Valuation professionals values real estate interests directly for the firm's clients and often as an integral part of a larger multi-disciplined valuation projects. We strictly observe the governing bodiestowhichourworkissubject. 4

5 Services Our clients rely on our services on a national basis for a variety of reasons, and our list of services below illustrate the complexity of their needs: Appraisal Consulting NAV Opinions for REITS Structured Finance Appraisal Review Fresh Start Accounting Partnership Dispute Transaction Consulting Ad Valorem/Property Tax Insurance Valuation Portfolio Valuation Trust & Estate Asset Impairment Litigation Support Purchase Price Allocation (ASC 805) Tax Related Condemnation Mergers & Acquisitions Advisory Single Property Valuation Our appraisal and consulting reports are tailored to satisfy the needs of the client, whether for lending purposes, financial reporting purposes, estate planning or dispute resolution purposes. 5

6 Our Expertise Using a problem-solving approach that recognizes valuation as part of a broader decision-making process, which in turn requires an appreciation of the context in which advice is sought and an ability to foresee client needs and issues. Drawing upon the full range of our valuation and professional expertise to combine multiple methodologies, as required, to analyze each situation. 6

7 Governing Bodies Listed below are the governing bodies which guide the majority of our work. Appraisal Foundation(AF) Appraisal Institute(AI) Federal Deposit Insurance Corporation(US Congress) Financial Accounting Standards Board(FASB) International Accounting Standards Board(IASB) International Revenue Service(IRS) International Valuation Standards Committee(IVSC) Investment Program Association(IPA) Office of the Comptroller of the Currency(OCC) United States Department of Labor(DOL) Uniform Standards of Professional Appraisal Practice(USPAP) 7

8 Our Expertise We appraise a variety of property types and various interests in real property. Our experience is shown below Core Property Types Energy & Infrastructure Unique Property Types Educational Uses Office Industrial Multi-Family Retail Shopping Centers Land Outlet Centers Multi-Plex Theaters Net Leased Properties Mixed-Use Projects Hotels & Resorts Bank Branches Condominium Developments Residential Subdivisions Restaurants Data Centers Self-Storage Automated Warehouses Cold Storage Warehouse Airplane Hangars Auto Repair Facilities Solar Projects Renewable Energy Projects Rail Corridors Easements Utility Company Assets Tank Farms Cogeneration Facilities Marine Related Property Marinas Marine Related Use Cruise Terminal Facilities Shipyards Pier Facilities Ferry Terminals Boat Building Facilities Civic Properties Religious Facilities Community Uses Municipal Facilities Playgrounds Parkland Air Rights Development Rights Transferable Development Rights View Easements Scenic Easements Government Owned Broadcast Towers Cell Phone Towers Live-Stage Theaters Health Related Property Medical Office Buildings Hospitals Hospitals in Hospitals Long Tem Acute Care Hospitals Dialysis Facilities Ancillary Hospital Uses Clinics Inpatient Rehab Facilities Nursing Homes Skilled Nursing Facilities University & Campus Facilities Charter Schools Vocational Schools School District Properties Dormitories Student Housing Campus Facilities Charter Schools College Campuses Interests Appraised Fee Simple Interests Leased Fee Interests Leasehold Interests Sandwich Positions Life Estates Remainderman Interests Rent Reapportionments Fractional Interests Divided Interests Undivided Interests Conservation Land Preservation Land 8

9 Our Experience We are experts in real estate valuation and have years of experience dealing with complexities related to tax abatement, zoning issues, new developments, additions, renovations and adaptive re-uses of older properties that have reached the end of their useful life. With our Real Estate Team being based in Manhattan, we extensively cover New York City and the Tri-State Area. We also travel across the United States to assist clients who have complex problems to solve involving tax-related issues, financial reporting, partnership disputes, niche lending or for properties that have other types of complexities. 9

10 Our Experience We have years of experience valuing institutional assets such as office towers, shopping centers, industrial complexes, apartment buildings, condominium or cooperative buildings, self-storage properties, marinas, land and mixed-use developments. We are experts in identifying problems and solving them: we have been called upon by our clients to solve complicated tax issues involving the IRS and relied upon by our clients to assist with their auditing processes. We work seamlessly with our Business Valuation, Cost Segregation and Machinery & Equipment experts to provide a full suite of services to our clients. In fact, many clients choose Marshall & Stevens because we can value the full array of assets and liabilities within our firm. Not many firms offer that full range of expertise. We utilize analytic models to study the markets in which we work. Our trend line reports show graphically the trends that are developing within these markets, covering rents, vacancy, absorption and new deliveries. We are experts in Discounted Cash Flow Analysis. We understand the need to support our key conclusions to deliver transparency through our reports so the client can fully understand the valuation results. 10

11 Our Clients Marshall & Stevens has a diverse client base emanating from our rich history valuing properties for a range of purposes. We serve large Fortune 500 Companies and we serve individual investors, and no assignment is too small. We value your business, and we vow to work diligently on your behalf to earn your satisfaction. Accountants Fund Managers Pension Funds Real Estate Partnerships Asset Management Firms Hard Money Lenders Pharmaceutical Companies Retail Companies Attorneys Health Care Companies Portfolio Lenders Solar Companies CMBS Lenders Hedge Funds Private Equity Firms Technology Companies Commercial Banks Industrial Concerns Railroads Telecommunication Companies Corporations Insurance Companies Real Estate Developers Transportation Companies Credit Unions Investment Banks Real Estate Investment Trusts Trust & Estate Groups Estate Planners Media Companies Real Estate Investors Utility Companies Financial Institutions Mortgage Banks Real Estate Owners Warehouse Lenders We honor the confidential nature of our client relationships, and we honor client confidentiality as one of our great strengths. In that spirit, above we list the types of clients that we do business with, without divulging their names. 11

12 Our Service Pledge Client Touch-point Engagement Expectation Proposals and agreements are scoped and submitted within 24 hours of initial contact. Initial Contact Request for Information Arrange Inspection Communicate within 24 hours with the contact and/or client. Follow up with an immediately, that includes a summary of the conversation along with your contact information. At initial contact, send a formal request for information, making sure that the request is comprehensive and targeted to the appraisal problem. Property inspections should be performed within the first week of the assignment, or sooner if there is a tight deadline. Confirm Appointments Field Work CommunicateIssues Weekly Status Reports Work Product Delivery Client Satisfaction For all scheduled meetings, inspections or conference calls, always confirm with allparties that you will be in attendance as planned. When conducting field work, always dress appropriately, and act professionally. You are the face of M&S and the firm relies on your professionalism at all times. Communicate issues as soon as they are discovered. Inform your manager, and communicate the issue clearly to the client. Establish a plan to resolve any issues, and gain the trust of our client. As a courtesy, provide weekly status reports to the client and originating business development professional to assure them that the job is on track for completion. All work product is expected to be of the highest quality, prepared to the exacting standards of M&S. Accuracy, style, grammar and spelling standards must be adhered to. Your work is expected to be delivered on time, and in accordance with client and internal requirements. All professionals are to be accountable for delivery of work that is assigned to them. Always focus on client satisfaction. A satisfied client leads to repeat business. A satisfied customer is our best promoter. Our goal in all that we do is 100% client satisfaction. 12

13 Case Studies Purpose Description of Assignment Insurance Valuation Bond Financing EBSFinancing Sale of Debt Securities Bank Financing Portfolio of 10 Class-A Office Buildings located in Major US Office Markets for one of the largest ownership groups in North America for use in determining appropriate coverage. Portfolio of 9 college-ready public school facilities located in the southwestern United States for one of the largest charter school networks in the country, prepared for bond financing purposes. Redevelopment site in downtown Manhattan involving an assemblage of several properties, demolition of existing building, and the development of a proposed 60-story mixed use project that will contain 443,167 square feet inclusive of 228 luxury residential condos along with retail and amenity space. This was prepared to satisfy requirement of EB5 Financing. Federal office building complex located in Washington DC consisting of 7 buildings with a total of 2,636,395 square feet of office space, prepared for sale of debt securities. Prime retail/mixed use project in Herald Square neighborhood of Manhattan. Multi-level international retailer as the anchor tenant, along with various office and retail tenants totaling 249,063 square feet of net rentable area. Structured Financing Proposed cruise ship terminal located in prime southeastern US port located on 8.85 acre parcel and to be improved with 1,500 linear feet of marine bulkhead to accommodate world's largest cruise ships along with 192,000 sqftcruise terminal facility and a parking garage for 1,100 vehicles. Net Asset Value Opinions ASC 805 -PPA Portfolio Valuation Portfolio Valuation CMBS Financing Tax Appeal Pursuant to Regulatory Notice we provided Net Asset Value opinions on various Non-Traded REIT's to satisfy FINRA and SEC regulations, and performed in compliance with IPA Guidelines. We have performed numerous valuations on real estate for financial reporting purposes. This work involved the valuation of owned real estate, the valuation of leases, and the valuation of income producing real estate. Portfolio valuation of 16 properties located throughout Tri-State New York market consisting of retail, office, industrial, parking and apartment property types. This was prepared to facilitate new conventional financing. Portfolio valuation of 16 industrial properties located throughout the Tri-State New York market. Prepared for one of the most active lenders in the market to facilitate new first mortgage financing on this acquisition. Prepared over 50 appraisals on individual properties located across the United States for CMBS financing. The properties included office, retail, industrial, medical, self-storage and multi-family. All appraisal reports were then approved by the warehouse lender. Represented the municipality in a tax appeal involving a corporate headquarters located in the Midwest. The complex contains 844,727 square feet of office space within six attached and interconnected buildings. 13

14 Contact us For more information please contact us. Patrick T. Craig, MAI, MRICS Managing Director Empire State Building 350 5th Avenue, Suite 4320 New York, NY

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