NEW YORK, Aug. 1, 2011 (GLOBE NEWSWIRE) -- Reis, Inc. (Nasdaq:REIS) ("Reis"), a leading provider of commercial real estate market information and analytical tools, announced today that it has reached an exclusive market data agreement with the Self Storage Association ("SSA") to introduce ground-breaking coverage of the nation's large and rapidly growing self storage market. Joining the SSA and Reis in this effort are three leading self storage real estate investment trusts ("REITs").
According to the SSA, self storage gross revenues nationally are approximately $20 billion. To date there has been no centralized source of objective market information to support the management of self storage facilities or to inform the buy, sell and hold decisions of self storage investors.
The consortium will bring together data from the SSA, leading REITs and Reis. Under the terms of this agreement, all participants will provide information on individual self storage facilities located in markets throughout the U.S. Data on these properties will typically include physical and geographical information, as well as performance data, such as rents and vacancies by unit mix.
Reis will generate the same type of sophisticated analytics that the firm has long provided to decision makers in the office, apartment, retail and industrial sectors. Reis's CEO, Lloyd Lynford, observed, "Self storage is a sector that has generated significant interest among Reis's clients. This sector demands the same granular market information that investors in office and apartment properties rely upon." Mr. Lynford went on to say, "We look forward to empowering the industry with supply, demand and rent trends for local markets and submarkets. Standardized market information will further enhance self storage's ability to compete for a greater share of capital allocations in a highly competitive marketplace."
Mike Scanlon, CEO of the SSA, also recognized the positive ramifications for the self storage industry of this newly formed consortium. "It is obvious to us that the SSA's logical partner for this initiative is Reis. No other provider of commercial real estate market information brings together the expertise, brand and reputation for sophisticated analytical products. We are thrilled to embark upon this initiative that will elevate the self storage industry within the capital markets and will support better operational and investment decisions by self storage professionals."
The service will be launched in early 2012 and available via subscription on Reis's flagship institutional product, Reis SE, through Reis's small business product, ReisReports.com, and through the members-only section of the SSA's website, www.selfstorage.org, for purchase by facility owners and operators.
About Reis
Reis's primary business is providing commercial real estate market information and analytical tools for its subscribers, 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, through its flagship institutional product, Reis SE, and through its new small business product, ReisReports, provides online access to a proprietary database of commercial real estate information and analytical tools designed to facilitate debt and equity transactions as well as ongoing evaluations. Depending on the product, users have access to trend and forecast analysis at metropolitan and neighborhood levels throughout the U.S. and/or detailed building-specific information such as rents, vacancy rates, lease terms, property sales, new construction listings and property valuation estimates. Reis's products are designed to meet the demand for timely and accurate information to support the decision-making of property owners, developers, builders, banks and non-bank lenders, and equity investors. These real estate professionals require access to timely 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 and www.ReisReports.com.
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About the SSA
Founded in 1975, the Self Storage Association (SSA) is the national not-for-profit trade organization serving the $22 billion (annual revenues) self storage industry including owner-operators, facility managers and vendors in the self storage industry. The SSA represents some 3,000 direct member companies and another 3,000 indirect member firms (via twenty-five (25) affiliated state and regional associations) that own and operate a total of some 22,000 facilities in the U.S., Canada and 29 other nations. SSA is also affiliated with self storage organizations in Asia, Australia, Europe and Japan, as well as Latin & South America. SSA direct members range from individual facility owner-operators to multiple-facility operations, to the industry's largest publicly traded Real Estate Investment Trusts (REITs).
Cautionary Statement Regarding Forward-Looking Statements
This press release may contain certain "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements may relate to Reis's or management's outlook or expectations for Reis's business, operations or performance. Forward-looking statements reflect management's judgment based on currently available information and involve a number of risks and uncertainties that could cause actual results to differ from those in the forward-looking statements. Please refer to Reis'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.