NEW YORK, Aug. 27, 2009 (GLOBE NEWSWIRE) -- Reis, Inc. (Nasdaq:REIS) ("Reis" or the "Company"), a leading provider of commercial real estate market information and analytical tools, announced today a significant expansion of its commercial property transaction database by covering property sales transactions in an additional 90 markets for office, apartment and retail properties, raising the total number of metros covered to 172. For each of the new markets, the Company offers its popular property-level Sales Comparables, or "sales comps," report, which contains information that is critical to understanding a sale, such as price, closing date, buyer, seller and, where available, financing terms. Clients are able to search the sales comps database to identify transactions that are relevant to their investment decisions.
This advance comes as investors continue to monitor the steep drop off in commercial property sale volume and prices. "Particularly now, as transaction volume remains low, it is important to take as broad a view as possible when attempting to gauge the health of the nation's market for commercial property sales," said Reis's Director of Research, Dr. Victor Calanog.
Today's announcement follows the Company's expansion of retail coverage to a total of 140 markets this year, the expansion of office coverage to a total of 132 markets last year, the expansion of apartment coverage to a total of 169 markets in 2007, and the release of several new analytical modules such as Value Alert and an enhanced Single Property Valuation tool. "Our commitment to our clients is evident in the fact that throughout this downturn we have never stopped trying to offer more analytical options, both in terms of data and tools," said Reis COO, Bill Sander. "We are committed to maintaining Reis SE as the preferred information product for commercial real estate professionals."
About Reis
The Company's primary business is providing commercial real estate market information and analytical tools for its customers, through its Reis Services subsidiary. Reis Services, including its predecessors, was founded in 1980. Reis maintains a proprietary database containing detailed information on commercial properties in metropolitan markets and neighborhoods throughout the U.S. The database contains information on apartment, office, retail and industrial properties and is used by real estate 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.
Reis's flagship product is Reis SE, which provides web-browser based online access to information and analytical tools designed to facilitate debt and equity transactions as well as ongoing evaluations. In addition to trend and forecast analysis at metropolitan and neighborhood levels, the product offers detailed building-specific information such as rents, vacancy rates, lease terms, property sales, new construction listings and property valuation estimates. Reis SE is designed to meet the demand for timely and accurate information to support the decision-making of property owners, developers and builders, banks and non-bank lenders, and equity investors, all of whom require access to 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.
Note on Forward Looking Statements
This press release, together with other statements and information publicly disseminated by Reis, Inc. contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Reis, Inc. or industry results to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. These risks include, but are not limited to, the failure of the company's products or product enhancements to succeed. Please refer to the company'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.