Coverage of Dynamic Sector Now Spans 477 Submarkets in 125 Major Metropolitan Areas
NEW YORK, March 05, 2018 (GLOBE NEWSWIRE) — Reis, Inc. (NASDAQ:REIS) (“Reis” or the “Company”), a leading provider of commercial real estate market information and analytical tools, announced today the extension of Self Storage coverage to an additional 198 submarkets across 75 cities, raising the total number of submarkets and cities covered to 477 and 125, respectively. For the newly covered geographies, Reis offers a full suite of reports at the market, submarket, and property level, including rent comparables, sales comparables, and—critically, as the sector confronts the possibility of oversupply—the tracking of new construction projects from proposal to completion.
Reis initiated coverage of Self Storage in 2012, with the goal of bringing to the sector the same level of transparency and actionable intelligence with which the Company has long helped to expedite deal flow in other commercial real estate categories. Since then, the Self Storage industry has seen gross revenues rise from approximately $22 billion to a projected total of more than $30 billion in 2018.
Over the past six years, Reis has launched and expanded coverage of four specialty commercial real estate sectors that previously suffered from a dearth of actionable market intelligence: Self Storage, Seniors Housing, Student Housing, and Affordable Housing.
“Reis carefully aligns its product development investments with emerging trends and corresponding marketplace demand,” said Bill Sander, President and COO of Reis Services. “In the years since we began covering Self Storage in 2012, the sector has prospered, our clients’ exposure to it has increased, and — not coincidentally — developers have been introducing newly competitive inventory both within and beyond our initial set of fifty metropolitan areas. The release we announce today is responsive to these new realities, and positions Reis to capture additional revenue from current clients and new prospects operating in this geographically broader and more competitive environment.”
All new market, submarket, and property level data points will be available through the Company’s flagship product, Reis Subscriber Edition (“Reis SE”), and the Reis Application Programming Interface (“API”), which delivers Reis data and analytics directly into clients’ transaction-related documents and research platforms.
Cautionary Statement Regarding Forward-Looking Statements
This press release may contain certain “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements may relate to Reis’s or management’s outlook or expectations for Reis’s business, operations or performance. Forward-looking statements reflect management’s judgment based on currently available information and involve a number of risks and uncertainties that could cause actual results to differ from those in the forward-looking statements. Please refer to Reis’s annual, quarterly and periodic reports on file with the SEC for a more detailed discussion of various risks that could cause results to differ materially.
Reis provides commercial real estate (“CRE”) market information and analytical tools to real estate professionals. Reis maintains a proprietary database of information on all commercial properties in metropolitan markets and neighborhoods throughout the U.S. This information is used by CRE investors, lenders and other professionals to make informed buying, selling and financing decisions. In addition, Reis data is used by debt and equity investors to assess, quantify and manage the risks of default and loss associated with individual mortgages, properties, portfolios and real estate backed securities. Reis currently provides its information services to many of the nation’s leading lending institutions, equity investors, brokers and appraisers.
The Company’s product portfolio features Reis SE, its flagship delivery platform aimed at larger and mid-sized enterprises. Other products include: Reis Portfolio CRE and other portfolio support products and services, aimed primarily at risk managers and credit administrators at banks and non-bank lending institutions; and ReisReports, aimed at prosumers and smaller enterprises. It is through these products that Reis provides online access to a proprietary database of commercial real estate information and analytical tools designed to facilitate debt and equity transactions as well as ongoing asset and portfolio evaluations.
Depending on the product or level of entitlement, users have access to market trends and forecasts at metropolitan and neighborhood levels throughout the U.S. and/or detailed building-specific information such as rents, vacancy rates, lease terms, property sales, new construction listings, property valuation estimates and property level tax information. Reis’s products are designed to meet the demand for timely and accurate information to support the decision making of property owners, developers, builders, banks and non-bank lenders, equity investors and service providers. These real estate professionals require access to timely information on both the performance and pricing of assets, including detailed data on market transactions, supply, absorption, rents and sale prices. This information is critical to all aspects of valuing assets and financing their acquisition, development and construction.
For more information regarding Reis’s products and services, visit www.reis.com and www.reisreports.com
Press/Investor Relations Contact:
Mark P. Cantaluppi
Vice President, Chief Financial Officer
Reis Sales Contact:
Michael J. Richardson
Executive Vice President, Sales and Marketing
Source: Reis, Inc