LAS VEGAS and NEW YORK, Sept. 5, 2012 (GLOBE NEWSWIRE) -- Reis, Inc. (Nasdaq:REIS) ("Reis" or the "Company"), a leading provider of commercial real estate market information and analytical tools, today introduced coverage of Self Storage properties in 30 major United States metropolitan markets and 181 submarkets. Reis made the announcement at the Self Storage Association's annual Fall Conference and Trade Show in Las Vegas. The result of a collaborative effort between Reis, the Self Storage Association ("SSA"), and three leading Self Storage real estate investment trusts ("REITs"), this new coverage provides investors, lenders, developers, Self Storage facility owners and operators, and industry analysts with the critical local market intelligence that they require in order to make superior asset- and portfolio-level decisions. To date, Self Storage professionals have not had access to current and comprehensive market information from a nationally-recognized provider. Reis's Self Storage reports are immediately available for one-off purchase by the owners and operators of the industry's 49,500 Self Storage facilities, and at a discount for SSA's direct members and firms participating in ongoing data collection, via the organization's website, www.selfstorage.org. Broad-based subscription access to the new sector will soon be available in Reis's flagship product, Reis SE, where it will be licensed separately as an additional module to existing subscriptions. The product will also be of keen interest to potential new Reis SE subscribers and will be available within Reis's small business product, ReisReports.com.
"We are delighted to extend to the Self Storage sector the same rigorous analytical attention that we have long applied to Office, Apartment, Retail, Warehouse/Distribution, and Flex/R&D markets," said Reis's CEO, Lloyd Lynford. "Among our client base of large financial institutions, there is burgeoning interest in allocating both debt and equity capital to the Self Storage sector."
Mike Scanlon, CEO of the SSA, anticipates that the new coverage will benefit the industry. "The Self Storage industry has gross annual revenues of more than $22 billion," he said. "Yet until now, there has been no trusted and centralized source for local market information to assist Self Storage Association members with their acquisition, disposition, and management decisions, or in their dialogue with lending institutions. As we know by examining best practices within other leading commercial property sectors, negotiations tend to run more smoothly, and transactions are consummated more efficiently, when all parties have a common understanding of local market conditions, supported by the type of objective, granular and timely information provided by Reis."
The new reports provide average monthly rents for the main Self Storage unit sizes at the submarket, metro, regional, and national levels. Distinctions are made between climate controlled and non-climate controlled facilities. Aggregated rent and occupancy trends are also provided.
About Reis
Reis, founded in 1980, provides commercial real estate market information and analytical tools for its subscribers. 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, warehouse/distribution and flex/research & development 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 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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Cautionary Statement Regarding Forward-Looking Statements
This press release, together with other statements and information publicly disseminated by Reis, Inc., may contain 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 or industry results to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Please refer to Reis's annual, quarterly and current reports on file with the SEC for a more detailed discussion of various risks that could cause results to differ materially.