安达信_AICPA的房地产尽职调查报告安达信_AICPA的房地产尽职调查报告.ppt

AICPA National Real Estate ConferenceDue Diligence Stephen A. Stoner November 17, 2000 What is Due Diligence Risk management tool Varies by client Varies by practitioner Consistency beginning to develop in secondary mortgage markets Industry standards accepted by rating agencies, investors, and intermediaries Dependent on good data History of Due Diligence Prior to 1980’s Minimal Late 80’s, early 1990’s Required and critical Mid 1990’s - current Changing real estate markets Much done internally Larger buyers Different risk mitigation procedures Future to be determined Reason for Due Diligence File stuffer Decision tool Sales tool Asset management Deal structuring The Due Diligence Process The Due Diligence Process Financial Operational Review Revenue Streams Current Rent Signed and current leases (including amendments) Legal clauses Right of first refusal Go dark provisions Right to cancel Noncompete clauses Other Tenant tour Accounts receivable aging Other forms of cash flow Storage Internet and telecommunication access Phone revenue (hotels and motels) Other Financial Operational Review Operating Costs: high level Costs per square feet BOMA and other benchmarks (building size, location and age) Analytic review Review of tax returns Adjustments for unusual items Results used to focus detailed review Financial Operational Review Operating Costs: detailed Service contracts Economic review Review executed contracts Compare financial terms to operating statements Legal review Duration Ability to cancel or rebid Implications of sale Repairs and maintenance Review of vouchers Capitalization versus expenses Property taxes Review recent tax bills Other Review of vouchers Financial Operational Review Capital items Deferred maintenance Walkthrough Engineering report Capital improvements Engineering report Strategic plan for property(ies) Identifiable versus annual Lease commissions Linked to revenue stream Market commissions - adjusted for business plan Te