安达信AICPA的房地产尽职调查报告.ppt

AICPANationalRealEstateConferenceDueDiligence,StephenA.StonerNovember17,2000,2,WhatisDueDiligence,RiskmanagementtoolVariesbyclientVariesbypractitionerConsistencybeginningtodevelopinsecondarymortgagemarketsIndustrystandardsacceptedbyratingagencies,investors,andintermediariesDependentongooddata,3,HistoryofDueDiligence,Priorto1980sMinimalLate80s,early1990sRequiredandcriticalMid1990s-currentChangingrealestatemarketsMuchdoneinternallyLargerbuyersDifferentriskmitigationproceduresFuturetobedetermined,4,ReasonforDueDiligence,FilestufferDecisiontoolSalestoolAssetmanagementDealstructuring,5,TheDueDiligenceProcess,SalesContractExecuted,FinancialOperationalReview,TenantReview,MarketAnalysis,PhysicalAssetandEnvironmentalReview,ProFormaAnalysis,RecommendationtoBuyer,6,TheDueDiligenceProcess,SalesContractExecuted,TenantReview,MarketAnalysis,ProFormaAnalysis,RecommendationtoBuyer,FinancialOperationalReview,PhysicalAssetandEnvironmentalReview,7,FinancialOperationalReview,RevenueStreamsCurrentRentSignedandcurrentleases(includingamendments)LegalclausesRightoffirstrefusalGodarkprovisionsRighttocancelNoncompeteclausesOtherTenanttourAccountsreceivableagingOtherformsofcashflowStorageInternetandtelecommunicationaccessPhonerevenue(hotelsandmotels)Other,8,FinancialOperationalReview,OperatingCosts:highlevelCostspersquarefeetBOMAandotherbenchmarks(buildingsize,locationandage)AnalyticreviewReviewoftaxreturnsAdjustmentsforunusualitemsResultsusedtofocusdetailedreview,9,FinancialOperationalReview,OperatingCosts:detailedServicecontractsEconomicreviewReviewexecutedcontractsComparefinancialtermstooperatingstatementsLegalreviewDurationAbilitytocancelorrebidImplicationsofsaleRepairsandmaintenanceReviewofvouchersCapitalizationversusexpensesPropertytaxesReviewrecenttaxbillsOtherReviewofvouchers,10,FinancialOperationalReview,CapitalitemsDeferredmaintenanceWalkthroughEngineeringreportCapitalimprovementsEngineeringreportStrategicplanforproperty(ies)IdentifiableversusannualLeasecommissionsLinkedtorevenuestreamMarketcommissions-adjustedforbusinessplanTenantimprovementsLinkedtorevenuestreamPrimarilydrivenbyphysicalconditionofbuildingandmarketrequirementsEngineeringreport,11,FinancialOperationalReview,ConclusionsNormalizedNOIIdentificationandquantificationoftrendsUnusualitems,12,TheDueDiligenceProcess,SalesContractExecuted,TenantReview,MarketAnalysis,ProFormaAnalysis,RecommendationtoBuyer,FinancialOperationalReview,PhysicalAssetandEnvironmentalReview,13,EvaluationofTenantCredit,Financialstability(creditrating)IndustryconcentrationsOtherconcentrations,14,TheDueDiligenceProcess,SalesContractExecuted,TenantReview,MarketAnalysis,ProFormaAnalysis,RecommendationtoBuyer,FinancialOperationalReview,PhysicalAssetandEnvironmentalReview,15,MarketAnalysis,ThreeprimarycomponentsSiteanalysisSupplyDemand,16,MarketAnalysis,SiteAnalysisVisibilityAccessIngress/EgressAmenitiesSourcesofdemandCompetitionQualitySurroundinglanduses,currentandprojected,17,MarketAnalysis,SupplyHistoricalinventoryExistingandfuturecompetitiveDisaggregatedbysize,quality,andageProjectedfuturedevelopmentPlanningdepartmentsMediaresearchLocalmarketinterviews,18,MarketAnalysis,DemandHistoricalabsorptionMarketresearchofkeyindicatorsNewbusinessstartupsPopulationgrowthOthereconomictrendsOtherdemographictrendsProjectedgrowthindemand,19,MarketAnalysis,ReconciliationofsupplyanddemandRentalratesPercentagerentsOccupancylevelsCommissionsBuildoutGrowthratesRentalExpenseCapitalizationratesRenewalassumption,20,MarketAnalysis,Spacemaybevacantpriortore-leasingNewrentissetNewtenantimprovements,commissionsBaseyears,sales,otherlevelsareset,Renewalassumptions-Whathappensattheendofalease?,21,TheDueDiligenceProcess,SalesContactExecuted,TenantReview,MarketAnalysis,ProFormaAnalysis,RecommendationtoBuyer,FinancialOperationalReview,PhysicalAssetandEnvironmentalReview,22,PhysicalAssetandEnvironmentalReview,EngineeringreportDeferredmaintenanceRequiredcapitalimprovementsArchitectsorspaceplannersEfficiencyofexistingspace:opportunitiesorconstraintsforvalueenhancementEnvironmentalPhase1,2and3Titlesearch,23,TheDueDiligenceProcess,SalesContractExecuted,FinancialOperationalReview,TenantReview,MarketAnalysis,RecommendationtoBuyer,PhysicalAssetandEnvironmentalReview,ProFormaAnalysis,Convertinganalysistocashflow,24,PROFORMAANALYSIS,AnalysisofprojectionassumptionsbaseduponhistoricalperformanceandmarketresearchCompilationofprojectedrevenues,expensesandnetoperatingincomeAnalysisofcapitalizationanddiscountrates,debtserviceandpost-financingcashflow,ifrequired,25,Thingstolookfor:Ifaportionofthepropertywasnon-operatingduringtheyear,theeffectonfutureoperatingresultsneedstobeconsideredThesellersorbuyersbudget,ifusedintheanalysis,maycontainoptimisticassumptionsThefeesandcorporateoverheadexpenseschargedbythesellerwillbemodifiedafteracquisitionAllappropriatetaxing