How to Use Income/Expense Analysis Data in Ways You Never Thought Possible?
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Transcript of How to Use Income/Expense Analysis Data in Ways You Never Thought Possible?
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How to Use Income/Expense Analysis Data in Ways You Never Thought Possible?
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Income/Expense Analysis ® Reports
•Reports• Residential• Office• Retail
•Benchmarking•Trends & Historical Data•Case Studies by Ingo Kraus and Nick Schwendeman
•I/E Labs
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Income/Expense Analysis Program
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Data is King•Evaluate properties and investment options
•Monitor property performance•Stay on top of market trends•Prepare budgets and loan applications•Negotiate beneficial leases
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Users
Who uses the data?• Property Managers• Appraisers• Assessors• Financial Institutions• Lenders• Real Estate Consultants & Advisors• Academia • Developers
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Five Annual Studies to Aid in Assessing your Property
Income/Expense Analysis® Publications More than 58 years of publishing data• Conventional Apartments• Federally Assisted Apartments• Condominiums, Cooperatives, and Planned Unit Developments
• Office Buildings• Shopping Centers
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Conventional Apartments
•3,400 multi-family properties•Presented in:
• Dollars per square foot• Percentage of gross possible income• Dollars per unit
•Breakdowns by age, size and range•Historical trends•Section 42 properties
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Conventional Apartments Trends: NOI
Net Operating Income 2012—Unfurnished Buildings Reporting 4 Consecutive Years
In Median Dollars per Square Foot of Rentable Area Building 2009 2010 2011 2012 ’11-‘12 Type % Change Elevator $8.07 $8.49 $8.83 $9.92 12.3% Low-Rise 12-24 4.43 4.41 5.33 5.07 -4.9% Low-Rise 25+ Garden
4.19 4.76
4.55 4.77
4.82 4.95
4.89 5.16
1.5% 4.2%
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Conventional Apartments Trends: Rents
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Conventional Apartments Trends: Expenses
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Federally Assisted Apartments
•1,000 apartment buildings•Data on federally assisted programs
• HUD sections 202, 221(d) 3, 236• Section 8• Rural Development section 515
•Tenant turnover and operating ratios
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FAA Trends: Net Operating Income
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FAA Trends: Operating Ratios and Turnover
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FAA Trends: Total Expenses
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Condos, Coops, & PUDS
• 2,100 community associations nationwide
• Grouped by association type and building type
• Tracks:UtilitiesMaintenanceInsuranceTaxesAmenities
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CCP Trends: Total Operating Expenses
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CCP Trends: Replacement Reserves & Assessments
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Office Buildings
• 2,400 private sector office buildings• Downtown and suburban markets • Presented in dollars per square foot• Breakdowns by building size, height, age and rental range• Capital Expenditures• Green Buildings• Medical Office Buildings
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Office Buildings Trends: Subtotals
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Office Buildings Trends: Net Operating Costs
Median Net Operating Costs 2010-2012—Suburban
By Region In Dollars per Square Foot of Net Rentable Office Area
Regions 2010 2011 2012 ’11-‘12
% Change 1,2,3 $6.70 $6.78 $6.59 -2.8% 4 5.50 5.32 5.35 0.6% 5 5.57 5.53 5.57 0.7% 6 6.78 6.61 6.47 -2.1% 7,8,10 5.47 5.40 5.23 -3.1% 9 5.54 6.07 6.27 3.3% U.S. 5.97 6.03 5.97 -1.0%
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Shopping Centers
•Nearly 500 Open Shopping Centers•Income based on types of leases and anchors
•Data by age of center, size, regional areas and national statistics
•Tracks non-enclosed common areas•Special reports
• Leasing fees• Expansion• Tenant turnover• Type of ownership• Gross sales analysis
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Shopping Centers Trends: Income
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Shopping Centers Trends: Expenses
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Benchmarking
•To gauge or measure•A standard point of reference in measuring or judging quality, value, cost, etc.
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Benchmarking
•As it relates to buildings, we can benchmark:
• Building performance• Income, Expenses, NOI, etc.
• Tenant turnover• Energy usage• Historical trends• Comparative data
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Benchmarking: How?
1. Record building data and operating expense
2. Calculate “per square foot” costs3. Select comparative data4. Calculate dollar and percentage
variances5. Compare data and determine
reasons/justifications for variances6. Set goals, prioritize and implement
expense reduction efforts7. Monitor and document results
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Case Study•Ingo Kraus, CPM®
Regional Manager, Altman Management Company, AMO ®
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Case Study
•Nick Schwendeman, CPM®
Senior Vice-President, Asset ManagementThe Webb Companies
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I/E Labs
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I/E Labs--Reports
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I/E Labs--Criteria
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I/E Labs--Results
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Summary
•Five Income/Expenses Analysis® are available from IREM
•Highlighted trend data can be meaningful and provide comparison
•Benchmark and Compare your data•I/E Labs…for trending historical data •Visit our website: IREM.ORG
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IREM.org
Matthew O’Hara Income/Expense
Analysis® [email protected](312) 329-6025
Questions? Comments?
We are happy to help you!