Benchmarking Your CCRC

Size: px
Start display at page:

Download "Benchmarking Your CCRC"

Transcription

1 Benchmarking Your CCRC Presented by: Moore Stephens Lovelace, P.A. Objectives Provide information on how ratios can provide insight into financial statements Give information about key ratios and what the data can tell you Discuss some of the Florida CCRC trends from the most recent filed data with the OIR Provide insight into what management should focus on in understanding numbers 1 Theme 2 1

2 Successful Organizations Are: Being creative Maintaining Growing occupancy through entrance fees or MSF programs (continued reduction in concession programs) Managing operations by exploring opportunities to decrease expenses Considering repositioning and previously shelved projects Looking for new revenue streams Mitigating risk 3 Successful Organizations Are: Cognizant of the increased needs of its residents Understand the importance of strong governance Affiliations (formal and informal) Data, data and more data!! Turning data into useful and manageable information 4 Uses of Financial Analysis Entity Financial Condition Analysis of the entities financial condition and profitability. Financial Ratios 1. Individually 2. Over time 3. In combination 4. In comparison 5 2

3 Uses of Financial Analysis Analysis of the business risk of the entity. Examples: Volatility in sales Volatility in costs Proximity to break-even point Business risk relates to the risk inherent in the operations of the entity. 6 Uses of Financial Analysis Analysis of the entities funding needs Analytical Tools Used Sources and Uses Statement Statement of Cash Flows Cash Budgets Trend / Seasonal Component How much funding will be required in the future? Is there a seasonal component? 7 Uses of Financial Analysis Determining the financing needs of the entity. Management should consider all three analysis types; funds needs, financial condition and profitability and business risk, when determining the financial needs of an entity. 8 3

4 Uses of Financial Analysis Proper determination of an entities financing needs. Proper evaluation of financing needs puts the entity in the best position to negotiate with potential capital suppliers 9 Challenges of Benchmarking Not an exclusive tool to be used in isolation Ratios alone do not tell the entire story or provide the answers Large deviations or unexpected swings do not necessarily reflect a problem Certain ratios or statistics can be meaningless or distorted by inconsistent reporting between entities Definitions and calculations may vary 10 Challenges of Benchmarking Various sizes and configurations of communities may distort the data: Contract types Payor mix Budgeting philosophy Capital structure Unit mix Single versus multi-site Operational changes Etc. 11 4

5 Benchmarking Resources The State of Seniors Housing 12 Benchmarking Resources MSL Annual Florida CCRC Benchmark Report Chapter 651 Makes Florida Providers Unique 13 Understanding the Data Source Data obtained from the annual reports and audited financial statements filed with the OIR Some CCRC s were excluded from certain benchmarks due to: CCRC s in run out Start up CCRC s Significant changes in operations Significant deviation from other providers 14 5

6 Key Financial Ratios: Profitability/Operating Liquidity Capital Structure 15 Profitability: What Can You Control? Key Indicator of a Strong Income Statement: REVENUE Three Main Types of Revenue Resident Revenue Charitable Contributions Investment Income 16 Resident Revenue: Price Monthly fee increases Entrance fee increases Refundability provisions AL and SNF outside admits Volume Length of time to fill vacated units Unit turnover Waiting list information Actuarial data Staff turnover 17 6

7 Occupancy Rate Trends Not-For-Profit Medians 94% 92% 90% 88% 86% 84% 82% IL 93% 89% 87% 87% 87% 88% 89% 92% AL 87% 88% 87% 87% 88% 86% 88% 90% SNF 89% 87% 88% 91% 90% 90% 88% 89% 18 Profitability What Can You Control? Operating Expenses: #1 Largest Expense: Nursing & Healthcare Hours per patient day CCRCs ~4.57 DPC Payor Mix CCRCs: Medicare RUG Days Rates by Payor Class Use of Agency Nursing #2 Largest Expense: Dining & Dietary Raw food cost per day CCRCs ~$12.50 per day Labor cost per meal *Benchmarks on this slide represent average for sub-set of CCRCs participating in Medicaid program 19 Profitability Medicare 20 7

8 Profitability Medicare 21 Readmission Statistics 22 Readmission Statistics 23 8

9 Quality Strategies 5 star rating Survey results Length of stay PEPPER reports 24 Cost per Episode Joint Replacement of Lower Extremity MS DRG 469, 470 Episodes 200 Average Cost per Episode $ 15,900 SNF $ 10,500 IRF 100 LTCAH 50 HHA 1,800 DME 200 Physician 1,800 Readmissions 1,000 Outpatient 400 Other What Profitability Measure is Important to You? Net Operating Margin Ratio Focusing on core operations Net Operating Margin Ratio Adj. Operating Ratio Operating Margin Total Excess Margin Most inclusive incl. investment activity and contributions 26 9

10 Operating Ratio: Total Operating Expenses - Depreciation Expense - Amortization Expense Total Operating Revenues - Amortization of Deferred Revenue 27 Operating Ratio: 110% 105% 100% 95% 90% 85% 80% 75% 70% Median - All 106% 100% 100% 99% 100% 99% Average - All 107% 102% 102% 101% 100% 102% 28 Net Operating Margin Ratio Resident Revenue -Resident Expense Resident Revenue Excludes investment performance and interest expense 29 10

11 Net Operating Margin Ratio 14% 12% 10% 8% 6% 4% 2% 0% Median - All 6% 12% 11% 7% 9% 9% Average - All 6% 12% 10% 8% 10% 9% 30 Other Profitability Ratios Net Operating Margin Ratio Adjusted Operating Margin Ratio Total Excess Margin Ratio 31 The Importance of Liquidity Benchmarks Liquidity Ratios measure a provider s ability to meet the short-term cash needs of the organization Knowing what an organization has allows it to plan and designate funds for strategic purposes Allows the organization to plan proactively instead of reactively 32 11

12 The Importance of Liquidity Benchmarks Cash needed to operate Cash needed to manage a crisis Cash needed to grow and act strategically 33 Days Cash on Hand: Unrestricted Cash and Investments (Total Operating Expenses - Depreciation Expense - Amortization Expense)/ Days Cash on Hand: Median - All Average - All

13 Days Cash on Hand Florida vs. CARF Median - All CARF Other Indicators Affecting or Affected by Days Cash on Hand Average Age of Provider Capital Investment Ratio 37 Average Age of Provider: Accumulated Depreciation Annual Depreciation Expense Increasing Age is an indicator of deferred capital expenses Typically do not like to see anything above 10 years 38 13

14 Average Age of Provider Average Age of Provider The steadily increasing value in the Average AgeofProvidersisan indication that provider funds are not being used to renovate, upgrade, and update the provider s physical plants and assets Median - All Average - All Continued increases is consistent with CARF data. 39 Capital Investment Ratio: Annual Capital Investment Annual Depreciation Expense Increasing Age is an indicator of deferred capital expenses Typically do not like to see anything above 10 years 40 Capital Investment Ratio Capital Investment Providers are increasingly embarking on capital projects Median - All 85.0% 62.0% 74.7% 89.8% 115.6% 109.7% Average - All 137.1% 76.5% 94.9% 127.8% 140.9% 150.4% 41 14

15 The Importance of Capital Structure Ratios Capital structure ratios better reflect a provider s long term solvency by looking at the relationship between debt and assets. Includes Debt Service Coverage Ratio Cash to Debt Long-Term Debt as a % of Total Capital 42 Debt Service Coverage Ratio: Total Excess of Revenues over Expenses + Interest, Depreciation, and Amortization Expenses - Amortization of Deferred Revenue + Net Proceeds from Entrance Fees Annual Debt Service Reflects a community s ability to fund annual debt with cash flow Lenders generally like a minimum 1.20 Debt Service Coverage Revenue Basis 43 Debt Service Coverage Ratio: Debt Service Coverage Ratio (Revenue Basis) Median - All Average - All The Debt Service Coverage Ratio Revenue Basis calculates a provider s ability to pay its annual debt service without utilizing entrance fee proceeds; ideally above 1.0. The Debt Service Coverage Ratio calculates a provider s ability to pay its annual debt service, including the use of entrance fee proceeds. Debt Service Coverage Ratio Median - All Average - All

16 Other Capital Structure Ratios Debt Service as a % of Total Operating Revenues and Net Non Operating Gains and Losses Ratio Long-Term Debt as a % of Total Capital Ratio Long-Term Debt as a % of Total Capital Adjusted Ratio Long-Term Debt to Total Assets Ratio 45 Key Performance Indicators: Occupancy Rates by Level of Care Marketing metrics Staffing metrics Departmental cost per resident day 46 End Users Creditors / Bondholders Board Market / Industry Potential buyers / investors Management Residents Partners 47 16

17 Going Forward Create a dashboard for Executive Management and the Board; include: Profitability/Margin Measure (i.e., Operating Ratio) Liquidity Measure (i.e., Days Cash on Hand) Capital Structure (i.e., Debt Service Coverage Ratio) Occupancy Focus on what will have the greatest impact 48 Going Forward Benchmarking by itself can be an academic exercise Benchmarking should lead to GOAL SETTING with reporting and accountability Report benchmarks regularly to Management and the Board should be done often enough that goals can be modified to accommodate changes 49 But Wait There s More! Medicare Cost Report Information Home Health Care Information Hospital Cost Report Information Detailed Skilled Nursing Database of all Florida providers who participate in the Medicaid program Census Payor Mix Per Patient Day metrics for Departmental Expenses Hours per Patient Day metrics for Direct Patient Care staff Wage rate information for Direct Patient Care staff More 50 17

18 Presenters Rob T. Matschner, CPA, MSA Shareholder Boris Kushnir, MBA Healthcare Senior Manager Scot E. Aurelius, CPA, MSA Shareholder Senior Housing Practice Group Leader Questions or Comments 18

68-C: Financial Ratios for CCRCs: 2015 Update Presenters:

68-C: Financial Ratios for CCRCs: 2015 Update Presenters: November 2, 2015 І 3:30 5:00 pm 68-C: Financial Ratios for CCRCs: 2015 Update Presenters: Michael Kelly Managing Director Ziegler Karen Christiansen Executive Vice President & CFO ACTS Retirement-Life

More information

$450,000 $63,425 $33, % PURCHASE PRICE NET OPERATING INCOME ANNUAL CASH FLOW CAP RATE

$450,000 $63,425 $33, % PURCHASE PRICE NET OPERATING INCOME ANNUAL CASH FLOW CAP RATE Executive Summary Key Property Metrics $450,000 $63,425 $33,431 14.1% PURCHASE PRICE NET OPERATING INCOME ANNUAL CASH FLOW CAP RATE $60,000 $50,000 $40,000 $30,000 Annual Cash Flow Maintenance & Repairs,

More information

Perry Farm Development Co.

Perry Farm Development Co. (a not-for-profit corporation) Consolidated Financial Report December 31, 2010 Contents Report Letter 1 Consolidated Financial Statements Balance Sheet 2 Statement of Operations 3 Statement of Changes

More information

ANALYTICS & MANAGEMENT OF MIXED INCOME PROPERTY

ANALYTICS & MANAGEMENT OF MIXED INCOME PROPERTY MIXED INCOME PROPERTY CFO FORUM NEIGHBORWORKS AMERICA TRAINING INSTITUTE KANSAS CITY, MISSOURI Presented by Len Tatem (Tatem Consulting LLC) & John Kelley (CNAHS/HRI Cambridge, MA) DEFINING MIXED-INCOME

More information

Tenant: Law Firm 4 NAICS: Primary Industry: Offices of lawyers

Tenant: Law Firm 4 NAICS: Primary Industry: Offices of lawyers Tenant: Law Firm 4 NAICS: 541110 Primary Industry: Offices of lawyers Date: 05.25.17 Table of Contents Law Firm 4 132 Main Street TABLE OF CONTENTS TIL Score Executive Summary Tenant Score Information

More information

Agreed-Upon Procedures-Calculation of Long-Term Debt Service Coverage Ratio

Agreed-Upon Procedures-Calculation of Long-Term Debt Service Coverage Ratio Agreed-Upon Procedures-Calculation of Long-Term Debt Service Coverage Ratio December 31, 2011 CONTENTS INDEPENDENT ACCOUNTANT S REPORT ON APPLYING AGREED-UPON PROCEDURES Pages 1-2 ATTACHMENT Calculation

More information

$450,000 $63,425 $39, % PURCHASE PRICE NET OPERATING INCOME ANNUAL CASH FLOW CAP RATE

$450,000 $63,425 $39, % PURCHASE PRICE NET OPERATING INCOME ANNUAL CASH FLOW CAP RATE Executive Summary Key Property Metrics $450,000 $63,425 $39,143 14.1% PURCHASE PRICE NET OPERATING INCOME ANNUAL CASH FLOW CAP RATE $70,000 $60,000 $50,000 $40,000 $30,000 Annual Cash Flow Repairs, 8%

More information

Definitions. CPI is a lease in which base rent is adjusted based on changes in a consumer price index.

Definitions. CPI is a lease in which base rent is adjusted based on changes in a consumer price index. Annualized Rental Income is rental revenue under our leases on Operating Properties on a straight-line basis, which includes the effect of rent escalations and any tenant concessions, such as free rent,

More information

Impact of lease accounting changes to corporate real estate

Impact of lease accounting changes to corporate real estate Impact of lease accounting changes to corporate real estate Overview In February 2016, the Financial Accounting Standards Board (FASB) issued its long-awaited revision to lease accounting Accounting Standards

More information

Exit Strategies for a Medical Practice

Exit Strategies for a Medical Practice Exit Strategies for a Medical Practice John D. Colucci, Esq., CPA McLane Middleton, PA Jonathan P. Gorski, CPA, MBA Edelstein & Company LLP June 12, 2018 Introduction John D. Colucci, a director at McLane

More information

Accounting and Auditing Update. Tennessee Chapter of hfma Spring Institute 2016 Presented by William C. Matheney FHFMA CPA and Meredith P.

Accounting and Auditing Update. Tennessee Chapter of hfma Spring Institute 2016 Presented by William C. Matheney FHFMA CPA and Meredith P. Accounting and Auditing Update Tennessee Chapter of hfma Spring Institute 2016 Presented by William C. Matheney FHFMA CPA and Meredith P. Cate Today s Objectives Present an overview of pertinent recently

More information

Contract-Related Intangible

Contract-Related Intangible Income Tax Insights Valuation of Contract-Related Intangible Assets Robert F. Reilly, CPA The valuation of contract-related intangible assets is often an issue in matters related to income tax, gift tax,

More information

10 Common Mistakes in Valuing ASCs and How to Avoid Them

10 Common Mistakes in Valuing ASCs and How to Avoid Them 10 Common Mistakes in Valuing ASCs and How to Avoid Them Presented by: Hunter Outcalt, MTx, CPA Director, HealthCare Appraisers HealthCare Appraisers, Inc. HealthCare Appraisers is the nation s leading

More information

Valuation Spotlight: Is that Really Worth That?

Valuation Spotlight: Is that Really Worth That? Valuation Spotlight: Is that Really Worth That? Panelist: Panelist: Panelist: HUD/ORCF: Moderator: JP LoMonaco, MAI Valuation & Information Group Colleen Blumenthal, MAI HealthTrust Michael Baldwin, MAI,

More information

NOT-FOR-PROFIT INSIDER

NOT-FOR-PROFIT INSIDER NOT-FOR-PROFIT INSIDER VOLUME 12 :: ISSUE 4 In This Issue: The Challenge of Internal Controls in Smaller Not-For-Profits Impact of Lease Standards on Not-For-Profits: Recording Donated and Below-Market

More information

FOR IMMEDIATE RELEASE CONTACT: John Bucksbaum 312/ General Growth Properties, Inc. Reports Operating Results for the Third Quarter 2005

FOR IMMEDIATE RELEASE CONTACT: John Bucksbaum 312/ General Growth Properties, Inc. Reports Operating Results for the Third Quarter 2005 News Release General Growth Properties, Inc. 110 North Wacker Drive Chicago, IL 60606 (312) 960-5000 FAX (312) 960-5475 FOR IMMEDIATE RELEASE CONTACT: John Bucksbaum 312/960-5005 Bernie Freibaum 312/960-5252

More information

EAST CHOCOLATE PLAZA - ADMINISTRATIVE MEDICAL OFFICE BUILDING

EAST CHOCOLATE PLAZA - ADMINISTRATIVE MEDICAL OFFICE BUILDING EAST CHOCOLATE PLAZA - ADMINISTRATIVE MEDICAL OFFICE BUILDING 1135 E CHOCOLATE AVENUE HERSHEY, PA 17033 Kai Youngman Advisor 484.245.1014 Kai.youngman@svn.com Logan Fazakerley Advisor 484.245.1000 logan.fazakerley@svn.com

More information

The New Lease Accounting Standard. Hunter Mink, CPA, CCIFP Brian Rosenberg, CPA, MBA

The New Lease Accounting Standard. Hunter Mink, CPA, CCIFP Brian Rosenberg, CPA, MBA The New Lease Accounting Standard Hunter Mink, CPA, CCIFP Brian Rosenberg, CPA, MBA 1 Agenda Introduction Lease Identification and Classification Lessee Accounting Other Considerations Disclosures Impact

More information

NEW LEASE ACCOUNTING STANDARD

NEW LEASE ACCOUNTING STANDARD NEW LEASE ACCOUNTING STANDARD Accounting Standards Update (ASU) 2016-02, Leases & GASB 87, Leases LEASES Leases: Why a New Leases Standard? 1 IMPLEMENTATION TIMELINE January 2016 IASB issued IFRS 16, Leases

More information

Senior Housing Properties Trust Announces Fourth Quarter and Year End 2017 Results

Senior Housing Properties Trust Announces Fourth Quarter and Year End 2017 Results Senior Housing Properties Trust NEWS RELEASE Senior Housing Properties Trust Announces Fourth Quarter and Year End 2017 Results 2/27/2018 NEWTON, Mass.--(BUSINESS WIRE)-- Senior Housing Properties Trust

More information

THE ART OF BUSINESS VALUATION

THE ART OF BUSINESS VALUATION BUSINESS VALUATIONS GROWING THE ART OF BUSINESS VALUATION Douglas A. Michel, CPA/ABV, CVA & Alex E. Kummer, CPA, CVA, Clark Schaefer Hackett THE VALUE OF YOUR BUSINESS Steve Lumley, LGI CFO BUY SELL AGREEMENTS

More information

Front Yard Residential Corporation Announces Transformative Acquisition and Reports Second Quarter 2018 Results

Front Yard Residential Corporation Announces Transformative Acquisition and Reports Second Quarter 2018 Results Front Yard Residential Corporation Announces Transformative Acquisition and Reports Second Quarter 2018 Results August 9, 2018 CHRISTIANSTED, U.S. Virgin Islands, Aug. 09, 2018 (GLOBE NEWSWIRE) -- Front

More information

CONSOLIDATED STATEMENT OF INCOME

CONSOLIDATED STATEMENT OF INCOME CONSOLIDATED STATEMENT OF INCOME (unaudited, data converted from the Euro to the US Dollar (for information concerning this restatement, see Note 11 to these Consolidated Financial Statements)) 1 st quarter

More information

Fiscal Year 2017 BUDGET

Fiscal Year 2017 BUDGET Fiscal Year 2017 BUDGET Premise: Generating fiscally sound policy while maintaining outstanding patient care is our commitment to the future of Halifax and the community we serve. Policy: To maintain employee

More information

Preface Who Should Read This Book 3 Organization and Content 4 Acknowledgments 5 Contacting the Author 5 About the Author 6

Preface Who Should Read This Book 3 Organization and Content 4 Acknowledgments 5 Contacting the Author 5 About the Author 6 Preface.................................................................... 3 Who Should Read This Book 3 Organization and Content 4 Acknowledgments 5 Contacting the Author 5 About the Author 6...........................................................

More information

Bridge Financing & Valuation Trends Amid a Changing CRE Landscape ARBOR.COM 800.ARBOR.10

Bridge Financing & Valuation Trends Amid a Changing CRE Landscape ARBOR.COM 800.ARBOR.10 Bridge Financing & Valuation Trends Amid a Changing CRE Landscape ARBOR.COM 800.ARBOR.10 Today s Speakers Gianni Ottaviano Senior Vice President, Structured Finance Production, Arbor Realty Trust, Inc.

More information

On the Horizon: Leases and Fiduciary Responsibilities

On the Horizon: Leases and Fiduciary Responsibilities On the Horizon: Leases and Fiduciary Responsibilities Dean Michael Mead, Research Manager Florida School Finance Officers Association November 11, 2015 The views expressed in this presentation are those

More information

Low Income Housing Tax Credits 101 (and a little beyond 101) James Lehnhoff, Municipal Advisor

Low Income Housing Tax Credits 101 (and a little beyond 101) James Lehnhoff, Municipal Advisor Low Income Housing Tax Credits 101 (and a little beyond 101) James Lehnhoff, Municipal Advisor 9/29/2017 1 Affordable Housing Need What is Affordable? Overview Why do affordable housing projects need financial

More information

Financial Analysis Workshop. Contents are subject to change. For the latest updates visit

Financial Analysis Workshop. Contents are subject to change. For the latest updates visit Financial Analysis Workshop Page 1 of 11 Why Attend In today s world, finance professionals are challenged with providing management a detailed analysis of the impact of the organization's financial decisions.

More information

Achieved record annual revenues of $110.0 million for 2018, representing an increase of 5.8%

Achieved record annual revenues of $110.0 million for 2018, representing an increase of 5.8% Clipper Realty Inc. Announces Fourth Quarter and Full-Year 2018 Results Reports Record Annual Revenues, Record Annual Income from Operations and Record Quarterly and Annual Adjusted Funds from Operations

More information

Lease Accounting Standard Update ASU Presented by: Nicholas Hoefel, CPA Manager, Audit Services Group

Lease Accounting Standard Update ASU Presented by: Nicholas Hoefel, CPA Manager, Audit Services Group Lease Accounting Standard Update ASU 2016-02 Presented by: Nicholas Hoefel, CPA Manager, Audit Services Group 1 Overview Introduction Background and current environment Effective dates and transition Key

More information

Accounting and Auditing. Norman Mosrie, CPA, FMFMA, CHFP James Sutherland, CPA

Accounting and Auditing. Norman Mosrie, CPA, FMFMA, CHFP James Sutherland, CPA Accounting and Auditing Norman Mosrie, CPA, FMFMA, CHFP James Sutherland, CPA Leases (ASU 2016-02; Topic 842) A lease contract conveys the right to use an asset (the underlying asset) for a period of time

More information

Proposed Accounting Standards Update (Revised), Topic 842: Leases; issued May 16, 2013.

Proposed Accounting Standards Update (Revised), Topic 842: Leases; issued May 16, 2013. Financial Accounting Standards Board Technical Director - File Reference No. 2013-270 Financial Accounting Standards Board 401 Merritt 7 - PO Box 5116 Norwalk, CT 06856-5116 August 23, 2013 Re: Proposed

More information

ASC 842 (Leases)

ASC 842 (Leases) ASC 842 (Leases) On February 25, 2016 the Financial Accounting Standards Board of the United States (FASB) issued substantial new guidance on the treatment of leases for both lessees and lessors. The FASB

More information

Financial Bootcamp. Participant Guide SAMPLE

Financial Bootcamp. Participant Guide SAMPLE Financial Bootcamp Participant Guide September 2017 2017 National Apartment Association 2 Table of Contents Section 1: Welcome... 6 Participant Introductions... 6 Learning Goals and Objectives... 6 Section

More information

New Accounting Rules for Revenue and Leases

New Accounting Rules for Revenue and Leases New Accounting Rules for Revenue and Leases CFMA Education Summit March 22, 2017 Presented by: Carole McNees, CPA, Partner, Plante & Moran, PLLC Recently released standards New guidance from the Financial

More information

Deeper Dive Leases. Overview

Deeper Dive Leases. Overview Deeper Dive Leases Presented by: Shaun Johnson, CPA Dingus, Zarecor & Associates PLLC Overview Effective dates Big picture Objective, impact, and implementation Applicability and definition Initial recognition

More information

Metropolitan Boston January 2015

Metropolitan Boston January 2015 33 Arch Street, 28 th Floor Boston, MA 02110 Telephone (617) 488-7291 Fax (617) 912-7001 Metropolitan Boston January 2015 Boston Area Roundup The greater Boston area hotels reported increased operating

More information

Cost Segregation Instructor Teaching Schedule (3-Hour)

Cost Segregation Instructor Teaching Schedule (3-Hour) Time Topic Pages Student Objectives 8:30-8:35 Course introduction Page 2 What is cost segregation? Objective of cost segregation: to increase cash flow Benefit of cost segregation Learning objectives Page

More information

MG Architects Kimberley Lane Houston, TX For more information contact: Ryan Hartsell Partner

MG Architects Kimberley Lane Houston, TX For more information contact: Ryan Hartsell Partner For more information contact: Partner rhartsell@oxfordcres.com Phone: (713) 647-6400 2900 Weslayan St., Suite 480 Houston, TX 77027 www.oxfordcres.com Table of Contents Real Estate Investment Details...

More information

GASB 87: Leases. Hosted By: Ben Lindekugel, Executive Director Association of Washington Public Hospital Districts

GASB 87: Leases. Hosted By: Ben Lindekugel, Executive Director Association of Washington Public Hospital Districts GASB 87: Leases Hosted By: Ben Lindekugel, Executive Director Association of Washington Public Hospital Districts November 6, 2018 Presented By Tom Dingus, CPA, Partner Dingus, Zarecor & Associates PLLC

More information

Construction. Required Documentation From Owner/Developer

Construction. Required Documentation From Owner/Developer 3: 1.1.1 Demonstrated development and management capacity of owner/operator and professional development/ management team throughout all phases of the project (e.g. project vision, site selection, feasibility;

More information

MULTIPLE CHALLENGES REAL ESTATE APPRAISAL INDUSTRY FACES QUALITY CONTROL. Issues. Solution. By, James Molloy MAI, FRICS, CRE

MULTIPLE CHALLENGES REAL ESTATE APPRAISAL INDUSTRY FACES QUALITY CONTROL. Issues. Solution. By, James Molloy MAI, FRICS, CRE REAL ESTATE APPRAISAL INDUSTRY FACES MULTIPLE CHALLENGES By, James Molloy MAI, FRICS, CRE QUALITY CONTROL Third-party real estate appraisal firms are production-driven businesses designed to complete assignments

More information

Front Yard Residential Corporation Reports Third Quarter 2018 Results

Front Yard Residential Corporation Reports Third Quarter 2018 Results Front Yard Residential Corporation Reports Third Quarter 2018 Results November 7, 2018 CHRISTIANSTED, U.S. Virgin Islands, Nov. 07, 2018 (GLOBE NEWSWIRE) -- Front Yard Residential Corporation ( Front Yard

More information

Analysis of a Troubled Deal. Keith Broadnax Joshua Ghena David Helm Josh White

Analysis of a Troubled Deal. Keith Broadnax Joshua Ghena David Helm Josh White Analysis of a Troubled Deal Keith Broadnax Joshua Ghena David Helm Josh White Identifying a Troubled Deal How to Spot and Fix Problem Deals Introduction to Presenters Josh Ghena- Lansing MI Director Special

More information

ECONOMIC CURRENTS. Vol. 4, Issue 3. THE Introduction SOUTH FLORIDA ECONOMIC QUARTERLY

ECONOMIC CURRENTS. Vol. 4, Issue 3. THE Introduction SOUTH FLORIDA ECONOMIC QUARTERLY ECONOMIC CURRENTS THE Introduction SOUTH FLORIDA ECONOMIC QUARTERLY Vol. 4, Issue 3 Economic Currents provides an overview of the South Florida regional economy. The report presents current employment,

More information

Third Quarter 2018 Results. November 21, 2018 (Singapore / Hong Kong Time) November 20, 2018 (U.S. Eastern Time)

Third Quarter 2018 Results. November 21, 2018 (Singapore / Hong Kong Time) November 20, 2018 (U.S. Eastern Time) Third Quarter Results November 21, (Singapore / Hong Kong Time) November 20, (U.S. Eastern Time) Disclaimer This presentation by Sea Limited ( Sea ) contains forward-looking statements. These statements

More information

NAREIT Presentation June George Ellison, CEO Robin Lowe, CFO. welcome. home Front Yard Residential. All rights reserved.

NAREIT Presentation June George Ellison, CEO Robin Lowe, CFO. welcome. home Front Yard Residential. All rights reserved. NAREIT Presentation June 2018 George Ellison, CEO Robin Lowe, CFO welcome home. 2018 Front Yard Residential. All rights reserved. 1 Forward-looking Statements This presentation contains forward-looking

More information

An Interactive Feasibility Tool

An Interactive Feasibility Tool INSTRUCTION GUIDE Affordable Assisted Living and Community Based Care: An Interactive Feasibility Tool Developed for: The Coming Home Program In partnership with the Robert Wood Johnson Foundation NCB

More information

CALGARY RETAIL REAL ESTATE MARKET OVERVIEW Calgary Real Estate Forum Grant Kosowan Orange National Retail Group Inc.

CALGARY RETAIL REAL ESTATE MARKET OVERVIEW Calgary Real Estate Forum Grant Kosowan Orange National Retail Group Inc. CALGARY RETAIL REAL ESTATE MARKET OVERVIEW Calgary Real Estate Forum 2008 Grant Kosowan Orange National Retail Group Inc. Calgary Retail Inventory & Vacancy QUICK STATISTICS Retail Inventory as of today:

More information

LeaseCalcs: The Great Wall

LeaseCalcs: The Great Wall LeaseCalcs: The Great Wall Marc A. Maiona June 22, 2016 The Great Wall: Companies reporting under IFRS are about to hit the wall due to new lease accounting standards. Every company that reports under

More information

Chapter 18. Investors have different required yields Different risk assessment Different opportunity cost of equity

Chapter 18. Investors have different required yields Different risk assessment Different opportunity cost of equity Decision Making in Real Estate Centers Around Valuation Chapter 18 Investment Decisions: Ratios We examined the concept of market value in Chapters 7 & 8 As noted, professional RE appraisers are often

More information

Process. Thomas Dvorsky Director, Office of Electric, Gas and Water New York State Public Service Commission May 23, 2011

Process. Thomas Dvorsky Director, Office of Electric, Gas and Water New York State Public Service Commission May 23, 2011 Electric Distribution Rate Setting Process Thomas Dvorsky Director, Office of Electric, Gas and Water New York State Public Service Commission May 23, 2011 Rate Case Schedule NY Public Service Law Requires

More information

Rolling Out RAD Webinar Q&A

Rolling Out RAD Webinar Q&A Rolling Out RAD Webinar Q&A Hosted by Ballard Spahr LLP on March 14, 2012 Q What are PEL and UEL? A The PEL is the Project Expense Level and the UEL is the Utility Expense Level. These, along with add-ons,

More information

An Examination of Potential Changes in Ratio Measurements Historical Cost versus Fair Value Measurement in Valuing Tangible Operational Assets

An Examination of Potential Changes in Ratio Measurements Historical Cost versus Fair Value Measurement in Valuing Tangible Operational Assets An Examination of Potential Changes in Ratio Measurements Historical Cost versus Fair Value Measurement in Valuing Tangible Operational Assets Pamela Smith Baker Texas Woman s University A fictitious property

More information

Senior Housing Properties Trust Announces Fourth Quarter and Year End 2018 Results

Senior Housing Properties Trust Announces Fourth Quarter and Year End 2018 Results Senior Housing Properties Trust NEWS RELEASE Senior Housing Properties Trust Announces Fourth Quarter and Year End 2018 Results 3/1/2019 Fourth Quarter Net Loss Attributable to Common Shareholders of $0.50

More information

Accounting Update. Anne Cloutier, CPA, FHFMA Principal March 27, 2015

Accounting Update. Anne Cloutier, CPA, FHFMA Principal March 27, 2015 Accounting Update Anne Cloutier, CPA, FHFMA Principal March 27, 2015 Current Accounting for Leases Capital leases - a lessee recognizes leased assets and liabilities on the balance sheet. Operating leases

More information

Is Your Operating Lease An Asset or Liability? It s Now Both

Is Your Operating Lease An Asset or Liability? It s Now Both MFM Annual Conference Is Your Operating Lease An Asset or Liability? It s Now Both 23 May 2016-1:30 pm 2:20 pm Disclaimer These slides are for educational purposes only and are not intended, and should

More information

Carter Validus Mission Critical REIT, Inc. Reports Second Quarter 2016 Results

Carter Validus Mission Critical REIT, Inc. Reports Second Quarter 2016 Results Carter Validus Mission Critical REIT, Inc. Reports Second Quarter 2016 Results TAMPA, FL (September 1, 2016) - Carter Validus Mission Critical REIT, Inc. (the Company ) announced today its operating results

More information

Clipper Realty Inc. Announces Third Quarter 2018 Results Reports Record Revenues, Income From Operations and Adjusted Funds From Operations

Clipper Realty Inc. Announces Third Quarter 2018 Results Reports Record Revenues, Income From Operations and Adjusted Funds From Operations Clipper Realty Inc. Announces Third Quarter 2018 Results Reports Record Revenues, Income From Operations and Adjusted Funds From Operations NEW YORK, November 1, 2018 /Business Wire/ -- Clipper Realty

More information

Quick Facts. For Week Ending July 14, 2018 Publish Date: July 23, 2018 All comparisons are to % - 2.7% - 14.

Quick Facts. For Week Ending July 14, 2018 Publish Date: July 23, 2018 All comparisons are to % - 2.7% - 14. Weekly Market Report A RESEARCH TOOL FROM THE SAINT PAUL AREA ASSOCIATION OF REALTORS. BROUGHT TO YOU BY THE UNIQUE DATA-SHARING TRADITIONS OF THE REALTOR COMMUNITY For Week Ending July 14, 2018 Publish

More information

Business Combinations

Business Combinations Business Combinations Indian Accounting Standard (Ind AS) 103 Business Combinations Contents Paragraphs OBJECTIVE 1 SCOPE 2 IDENTIFYING A BUSINESS COMBINATION 3 THE ACQUISITION METHOD 4 53 Identifying

More information

Comparison of Selected Financial Ratios for the Pallet Industry. by Bruce G. Hansen 1 and Cynthia D. West

Comparison of Selected Financial Ratios for the Pallet Industry. by Bruce G. Hansen 1 and Cynthia D. West Comparison of Selected Financial Ratios for the Pallet Industry by Bruce G. Hansen 1 and Cynthia D. West Abstract This paper presents the results of a financial ratio survey conducted by the National Wooden

More information

Financial Statements January 28, 2018 PetSmart Charities of Canada

Financial Statements January 28, 2018 PetSmart Charities of Canada Financial Statements January 28, 2018 Table of Contents Independent Auditor s Report... 1 Financial Statements Statement of Financial Position... 2 Statement of Operations and Changes in Fund Balances...

More information

Baric Lawndale S. Karlov St Chicago, IL Buildings. 115 Total Units. Rehabbed Buildings with all Separate Mechanicals

Baric Lawndale S. Karlov St Chicago, IL Buildings. 115 Total Units. Rehabbed Buildings with all Separate Mechanicals For more information contact: MIC PROPERTIES micproperties@gmail.com 8 Buildings. 115 Total Units Rehabbed Buildings with all Separate Mechanicals Large Units with an Attractive Mix (86-3BR and 29-2BR)

More information

Financial Modeling Workshop Using Excel

Financial Modeling Workshop Using Excel Financial Modeling Workshop Using Excel Page 1 of 11 Why Attend Financial modeling is crucial for taking investment decisions that can have a huge financial impact on companies. By attending this course,

More information

Gateway NACM Credit Conference Presented by: Curtis Litchfield, CCE September 20, 2018

Gateway NACM Credit Conference Presented by: Curtis Litchfield, CCE September 20, 2018 Gateway NACM Credit Conference Presented by: Curtis Litchfield, CCE September 20, 2018 Who Receives and Analyzes Financial Statements? Why do you request them? What information are you trying to determine?

More information

CONSOLIDATED STATEMENT OF INCOME

CONSOLIDATED STATEMENT OF INCOME CONSOLIDATED STATEMENT OF INCOME 1 st quarter (a) 2017 4 th quarter Sales 41,183 42,275 32,841 Excise taxes (5,090) (5,408) (5,319) Revenues from sales 36,093 36,867 27,522 Purchases, net of inventory

More information

Massachusetts Housing Investment Corporation Accounting, Audit & Tax Workshop For the Year Ended December 31, 2014

Massachusetts Housing Investment Corporation Accounting, Audit & Tax Workshop For the Year Ended December 31, 2014 Massachusetts Housing Investment Corporation Accounting, Audit & Tax Workshop For the Year Ended December 31, 2014 Presented By: Karen Kent, CPA, Partner, Kevin P. Martin & Associates, P.C. Kenneth Lund,

More information

Select Income REIT Announces Second Quarter Results

Select Income REIT Announces Second Quarter Results July 28, 2014 Announces Second Quarter Results Generates Normalized FFO of $0.72 Per Share Increases Rental Rates for New and Renewal Leases by 21% and Hawaii Rent Resets by 30.9% Increases Occupancy to

More information

NON-GAAP FINANCIAL MEASURES

NON-GAAP FINANCIAL MEASURES NON-GAAP FINANCIAL MEASURES Welltower Inc. (HCN) believes that revenues, net operating income from continuing operations (NOICO), net income and net income attributable to common stockholders (NICS), as

More information

RPX Manhattan Neighborhood Prices

RPX Manhattan Neighborhood Prices RPX Manhattan Neighborhood Prices RPX Manhattan Neighborhood Prices Radar Logic continually reviews new information products as part of its effort to enable real estate and financial professionals to buy,

More information

INVESTOR PRESENTATION MAY 2013

INVESTOR PRESENTATION MAY 2013 INVESTOR PRESENTATION MAY 2013 Forward-Looking Statements This presentation includes forward-looking statements. These statements are subject to a number of risks, uncertainties and other factors that

More information

Debt Service Coverage

Debt Service Coverage Atheton Baptist Homes FYE 12/31/2016 Annual Reporting Requirements Debt Service Coverage Funds Available for Debt Service Operating income $264,363 Add: fees, net of refunds 3,053,057 Interest expense,

More information

Informed Decisions Are Based on Actionable Data.

Informed Decisions Are Based on Actionable Data. Informed Decisions Are Based on Actionable Data. NIC MAP products offer you the timely data you need to measure and benchmark property performance in the market; segment competition in a primary market;

More information

Thoughts on the Future of the Appraisal Industry Collateral Risk Network, April 8, 2015 Joseph Tracy

Thoughts on the Future of the Appraisal Industry Collateral Risk Network, April 8, 2015 Joseph Tracy Thoughts on the Future of the Appraisal Industry Collateral Risk Network, April 8, 2015 Joseph Tracy These views are my own and not necessarily the view of the Federal Reserve Bank of NY or the Federal

More information

Leases. (a) the lease transfers ownership of the asset to the lessee by the end of the lease term.

Leases. (a) the lease transfers ownership of the asset to the lessee by the end of the lease term. Leases 1.1. Classification of leases A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. A lease is classified as an operating lease

More information

Economic Effects of the New Housing Industry in the Sacramento Region

Economic Effects of the New Housing Industry in the Sacramento Region Economic Effects of the New Housing Industry in the Sacramento Region 2016 RESEARCH REPORT, KEY FINDINGS BACKGROUND This Research Study, conducted by New Economics & Advisory, evaluates the impacts of

More information

Certified Corporate Financial Planning & Analysis Professional (Cert FP&A): Preparation Course Part 1

Certified Corporate Financial Planning & Analysis Professional (Cert FP&A): Preparation Course Part 1 Certified Corporate Financial Planning & Analysis Professional (Cert FP&A): Preparation Course Part 1 Page 1 of 12 Why Attend In today's world, there is more importance given to financial planning and

More information

Select Income REIT Announces Second Quarter 2016 Results

Select Income REIT Announces Second Quarter 2016 Results FOR IMMEDIATE RELEASE Contact: Christopher Ranjitkar, Director, Investor Relations (617) 796-8320 Select Income REIT Announces Second Quarter 2016 Results Second Quarter Net Income of $0.34 Per Share Second

More information

Weekly Market Activity Report

Weekly Market Activity Report X0A0T Weekly Market Report A RESEARCH TOOL FROM THE MINNEAPOLIS AREA ASSOCIATION OF REALTORS BROUGHT TO YOU BY THE UNIQUE DATA-SHARING TRADITIONS OF THE REALTOR COMMUNITY For Week Ending July 14, 2018

More information

RESI Update 4 th Quarter 2016

RESI Update 4 th Quarter 2016 RESI Update 4 th Quarter 2016 Supplemental Investor Information George Ellison, CEO Robin Lowe, CFO 2017 Altisource Residential Corporation. All rights reserved. Forward Looking Statements This presentation

More information

CHANGES IN LEASE ACCOUNTING AND WHAT PROVIDERS NEED TO KNOW

CHANGES IN LEASE ACCOUNTING AND WHAT PROVIDERS NEED TO KNOW GLOBAL CONSTRUCTION CHANGES IN LEASE ACCOUNTING AND WHAT PROVIDERS NEED TO KNOW Sharon Carter Recognizing lease assets and lease liabilities on the balance sheet, and disclosing key information about leasing

More information

Bay Area Charter Foundation, LLC (Florida) Revenue Bonds, Series 2011

Bay Area Charter Foundation, LLC (Florida) Revenue Bonds, Series 2011 Bay Area Charter Foundation, LLC (Florida) Revenue Bonds, Series 2011 Review of Financial Results for the Six Months Ended December 31, 2012 February 20, 2013 12:00 PM EDT Contained herein is certain financial

More information

-- Expanding relationship with Brookdale by creating a $1.2 billion CCRC joint venture and amending existing Emeritus leases

-- Expanding relationship with Brookdale by creating a $1.2 billion CCRC joint venture and amending existing Emeritus leases Page 1 of 11 Print Page Close Window News Release HCP Announces Results for Quarter Ended March 31, 2014 HIGHLIGHTS -- FFO per share was $0.75; FAD per share was $0.63; and EPS was $0.56 -- Achieved year-over-year

More information

The Housing and Community Services Agency of Lane County (HACSA) Growing and Preserving Affordable Housing HACSA Board Work Session April 6, 2016

The Housing and Community Services Agency of Lane County (HACSA) Growing and Preserving Affordable Housing HACSA Board Work Session April 6, 2016 The Housing and Community Services Agency of Lane County (HACSA) Growing and Preserving Affordable Housing HACSA Board Work Session April 6, 2016 HACSA s 2016 2018 Strategic Vision Increase the number

More information

Many healthcare purchase and sale

Many healthcare purchase and sale Compliance Diligence in Buy-Sell Transactions Uncover and address risks to save the deal By Alice Harris, JD, Jennifer Malinovsky, JD, and Ed White, JD Due diligence can play a critical role in minimizing

More information

Massachusetts Housing Investment Corporation Accounting, Audit & Tax Workshop For the Year Ended December 31, 2016

Massachusetts Housing Investment Corporation Accounting, Audit & Tax Workshop For the Year Ended December 31, 2016 Massachusetts Housing Investment Corporation Accounting, Audit & Tax Workshop For the Year Ended December 31, 2016 Presented By: Karen Kent, CPA, Partner, Kevin P. Martin & Associates, P.C. Kenneth Lund,

More information

WE MAKE YOUR HEALTHCARE REAL ESTATE WORK FOR YOU COMMON TRANSACTIONAL COMPLIANCE PITFALLS INVOLVING HEALTHCARE REAL ESTATE

WE MAKE YOUR HEALTHCARE REAL ESTATE WORK FOR YOU COMMON TRANSACTIONAL COMPLIANCE PITFALLS INVOLVING HEALTHCARE REAL ESTATE WE MAKE YOUR HEALTHCARE REAL ESTATE WORK FOR YOU COMMON TRANSACTIONAL COMPLIANCE PITFALLS INVOLVING HEALTHCARE REAL ESTATE Common Transactional Compliance Pitfalls Involving Healthcare Real Estate Table

More information

Developing and Financing Ancillary Facilities

Developing and Financing Ancillary Facilities Developing and Financing Ancillary Facilities Agenda Mixed Use Trends Development Process Own vs Lease Financing Structures Case Studies 2 Ullom s Rules of Lawyer Competency There exists in nature an inverse

More information

MARKET SUMMARY MICHIGAN, METRO DETROIT AREA FOURTH QUARTER 2016 P LAN T E M OR AN CRES A. pmcresa.com

MARKET SUMMARY MICHIGAN, METRO DETROIT AREA FOURTH QUARTER 2016 P LAN T E M OR AN CRES A. pmcresa.com FOURTH QUARTER 2016 MICHIGAN, METRO DETROIT AREA MARKET SUMMARY P LAN T E M OR AN CRES A 26300 NORTHWESTERN HIGHWAY SOUTHFIELD, MI 48076 248.223.3500 pmcresa.com Connect with us for more information: Subscribe

More information

List of Appendices A-1

List of Appendices A-1 List of Appendices A. Letter of Engagement B. 30 Yr. Historical Rates of Change (Hotel) C. Hotel 15 Year Cash Flow Pro Forma (Realistic Scenario) D. Hotel 15 Year Cash Flow Pro Forma (Optimistic Scenario)

More information

In absence of marketing decisions, proper financial management is imperative to be successful

In absence of marketing decisions, proper financial management is imperative to be successful J. Ross Pruitt In absence of marketing decisions, proper financial management is imperative to be successful Good records are needed in order for proper financial management Workshop takes records already

More information

IFRS 16 Lease overview and EY s enabling toolkit

IFRS 16 Lease overview and EY s enabling toolkit IFRS 16 Lease overview and EY s enabling toolkit Content Page Section I IFRS 16 overview 2 Appendix I EY Lease enabling technology suite 9 Appendix II EY Contacts 17 Page 1 IFRS 9 Classification and measurement

More information

Section 1 - Current Metro Rent Details. Asking Rent by Age Asking Rent Distribution Asking Rent Growth Rate Distribution $788 $859 $860 $931

Section 1 - Current Metro Rent Details. Asking Rent by Age Asking Rent Distribution Asking Rent Growth Rate Distribution $788 $859 $860 $931 Section 1 - Current Metro Rent Details Asking Rent by Age Asking Rent Distribution Asking Rent Growth Rate Distribution Year Built Rent Before 1970 $516 1970-1979 $484 1980-1989 $602 1990-1999 $702 After

More information

City of South Daytona Municipalization Evaluation. December 19, 2006 WHH Enterprises, Inc.

City of South Daytona Municipalization Evaluation. December 19, 2006 WHH Enterprises, Inc. City of South Daytona Municipalization Evaluation December 19, 2006 WHH Enterprises, Inc. 1 Purpose of WHH Assignment Evaluate feasibility of purchasing FPL electric facilities used to provide retail electric

More information

Edison Electric Institute and American Gas Association New Lease Standard

Edison Electric Institute and American Gas Association New Lease Standard Edison Electric Institute and American Gas Association New Lease Standard May 16, 2016 Disclaimer The information contained herein is of a general nature and is not intended to address the circumstances

More information

Basics of Commercial Real Estate Transactions Day Two

Basics of Commercial Real Estate Transactions Day Two Basics of Commercial Real Estate Transactions Day Two John Rockwell, Partner Energy October 12, 2016 PG&E refers to the Pacific Gas and Electric Company, a subsidiary of PG&E Corporation. 2010 Pacific

More information

Auditor General s Office

Auditor General s Office Auditor General s Office Parks, Forestry and Recreation Division - Concession Agreements Review Transmittal Report Audit Report Management s Response Jeffrey Griffiths, C.A., C.F.E Auditor General, City

More information

Monthly Indicators + 0.5% + 3.7% + 4.0%

Monthly Indicators + 0.5% + 3.7% + 4.0% Monthly Indicators A RESEARCH TOOL PROVIDED BY NORTH TEXAS REAL ESTATE INFORMATION SYSTEMS, INC. 2018 Many sellers and builders are in a good position for financial gains, as the economy continues to favor

More information