安达信_aicpa的房地产尽职调查报告

AICPA National Real Estate ConferenceDue Diligence,Stephen A. StonerNovember 17, 2000,2,What is Due Diligence,Risk management toolVaries by client Varies by practitionerConsistency beginning to develop in secondary mortgage marketsIndustry standards accepted by rating agencies, investors, and intermediariesDependent on good data,3,History of Due Diligence,Prior to 1980sMinimalLate 80s, early 1990sRequired and criticalMid 1990s - currentChanging real estate marketsMuch done internallyLarger buyersDifferent risk mitigation proceduresFutureto be determined,4,Reason for Due Diligence,File stufferDecision toolSales toolAsset managementDeal structuring,5,The Due Diligence Process,SalesContractExecuted,FinancialOperationalReview,TenantReview,MarketAnalysis,Physical Asset and EnvironmentalReview,Pro FormaAnalysis,Recommendationto Buyer,6,The Due Diligence Process,SalesContractExecuted,TenantReview,MarketAnalysis,Pro FormaAnalysis,Recommendationto Buyer,FinancialOperationalReview,Physical Asset and EnvironmentalReview,7,Financial Operational Review,Revenue StreamsCurrent RentSigned and current leases (including amendments)Legal clausesRight of first refusalGo dark provisionsRight to cancelNoncompete clausesOtherTenant tourAccounts receivable agingOther forms of cash flowStorageInternet and telecommunication accessPhone revenue (hotels and motels)Other,8,Financial Operational Review,Operating Costs: high levelCosts per square feetBOMA and other benchmarks (building size, location and age)Analytic reviewReview of tax returnsAdjustments for unusual itemsResults used to focus detailed review,9,Financial Operational Review,Operating Costs: detailedService contractsEconomic reviewReview executed contractsCompare financial terms to operating statementsLegal reviewDurationAbility to cancel or rebidImplications of saleRepairs and maintenanceReview of vouchersCapitalization versus expensesProperty taxesReview recent tax billsOtherReview of vouchers,10,Financial Operational Review,Capital itemsDeferred maintenanceWalkthrough Engineering reportCapital improvementsEngineering reportStrategic plan for property(ies)Identifiable versus annualLease commissionsLinked to revenue streamMarket commissions - adjusted for business planTenant improvementsLinked to revenue streamPrimarily driven by physical condition of building and market requirementsEngineering report,11,Financial Operational Review,ConclusionsNormalized NOIIdentification and quantification of trendsUnusual items,12,The Due Diligence Process,SalesContractExecuted,TenantReview,MarketAnalysis,Pro FormaAnalysis,Recommendationto Buyer,FinancialOperationalReview,Physical Asset and EnvironmentalReview,13,Evaluation of Tenant Credit,Financial stability (credit rating)Industry concentrationsOther concentrations,14,The Due Diligence Process,SalesContractExecuted,TenantReview,MarketAnalysis,Pro FormaAnalysis,Recommendationto Buyer,FinancialOperationalReview,Physical Asset and EnvironmentalReview,15,Market Analysis,Three primary componentsSite analysisSupplyDemand,16,Market Analysis,Site AnalysisVisibilityAccessIngress/EgressAmenitiesSources of demandCompetitionQualitySurrounding land uses, current and projected,17,Market Analysis,SupplyHistorical inventoryExisting and future competitiveDisaggregated by size, quality, and ageProjected future developmentPlanning departmentsMedia researchLocal market interviews,18,Market Analysis,DemandHistorical absorptionMarket research of key indicatorsNew business startupsPopulation growthOther economic trendsOther demographic trendsProjected growth in demand,19,Market Analysis,Reconciliation of supply and demandRental ratesPercentage rentsOccupancy levelsCommissionsBuildoutGrowth ratesRentalExpenseCapitalization ratesRenewal assumption,20,Market Analysis,Space may be vacant prior to re-leasingNew rent is setNew tenant improvements, commissionsBase years, sales, other levels are set,Renewal assumptions - What happens at the end of a lease?,21,The Due Diligence Process,SalesContactExecuted,TenantReview,MarketAnalysis,Pro FormaAnalysis,Recommendationto Buyer,FinancialOperationalReview,Physical Asset and EnvironmentalReview,22,Physical Asset and Environmental Review,Engineering reportDeferred maintenanceRequired capital improvementsArchitects or space plannersEfficiency of existing space: opportunities or constraints for value enhancementEnvironmentalPhase 1, 2 and 3Title search,23,The Due Diligence Process,SalesContractExecuted,FinancialOperationalReview,TenantReview,MarketAnalysis,Recommendationto Buyer,Physical Asset and EnvironmentalReview,Pro FormaAnalysis,Converting analysis to cash flow,24,PROFORMA ANALYSIS,Analysis of projection assumptions based upon historical performance and market researchCompilation of projected revenues, expenses and net operating incomeAnalysis of capitalization and discount rates, debt service and post-financing cash flow, if required,25,Things to look for:If a portion of the property was non-operating during the year, the effect on future operating results needs to be consideredThe sellers or buyers budget, if used in the analysis, may contain optimistic assumptionsThe fees and corporate overhead expenses charged by the seller will be modified after acquisitionAll appropriate taxing juris