ICORR Properties International

Transcription

1 Canadian Office 700 Richmond Street, Suite 100 London, ON, CANADA N6A 5C ICORR Properties International USA Office One Sarasota Tower 2 North Tamiami Trail, Suite 312 Sarasota, FL, USA icorr.com

2 Mission Statement To be the highest quality provider of real estate services in the markets in which we operate.

3 Services Full Service Program Transition Planning A full service platform designed to enhance the value of your property. ICORR offers a variety of commercial property management services including short and long range planning, marketing and leasing, property repositioning and facilities management. ICORR also offers full property accounting and reporting services either as part of a property management solution or on a stand alone basis. Our principal objective during the initial takeover is to gather all appropriate information on the property, the marketplace, and the property s position within the market. This would include: >Meet with the owner to establish their goals and objectives for each property. >Review of all leases to determine accuracy and confirm payment status. >Inspection of the property for operating efficiency and curb appeal concerns. >Review of all service contracts and re-bid where appropriate. >Set up preventative maintenance systems. >Review personnel and staffing. >Perform energy audits, utility purchasing and management. >Review property tax assessments and related tax bills. >Create rent rolls and/or determine available leasing space and vacancy status. >Set up accounting and reporting systems. Short and long term planning are integral parts of the takeover and should be accomplished in conjunction with development of the leasing and marketing plan. As various leasing alternatives are considered, we calculate the net effective rent and consider its effect on the value of the property. Generally, the market determines rates, but various alternative scenarios can be tested for their long-term effects on the building s ultimate value. Capital improvement programs, deferred maintenance, and other potential costs are also built into these reviews. This provides a complete picture of the choices for reaching the goals and objectives of the property within the limits imposed by the market. With the information generated by this process, a strategic plan for the asset is designed with sensitivity to the requirements of the owner. This plan provides specific guidelines, parameters, and decision-point criteria.

4 Effective management of all asset classes of commercial real estate. Reposition ICORR provides the delivery of timely, accurate and useful property and market information. Repositioning the property is based on the results of the data gathered and may require the efforts of many disciplines. These include: >Facilities and construction management to implement energy conservation programs, deal with testing for and removal of hazardous materials and implement major capital improvements or repair projects. >Space planning and design services to provide aesthetic guidance during the design phase of renovation and remodeling projects and assist in solving tenant design problems. >Marketing and leasing services to provide identity programs, advertising, and all of the other materials required for a full marketing effort. All of the disciplines must work together as a team to reposition the property in the most beneficial manner. ICORR has close working relationships with a variety of professionals serving the real estate industry that we call upon when warranted and with the owner s approval. Marketing and Leasing Leasing analysis and market information is assembled systematically based on the building s current position in the marketplace. Once established, the building s potential for improvement will be reviewed with the owners. Our analysis includes the building s strengths and weaknesses as well as a general market analysis. Market analysis includes information on the size of the market, vacancy, absorption, and a broad range of other rates, terms and conditions in the market. Equally important is the collecting of more specific information on individual buildings that are most comparable to and competitive with the subject property. Once this data is in hand, ICORR will present to the owner a marketing and leasing program best suited to the building and its position in the market, as well as the owner s goals and objectives. Decisions are then made as to leasing structure, free rent vs. tenant improvements, stepped rents, credit desirability, level of finish work to be done, and target markets for the types of tenants desired as well as actual rental rates and expense limitations. ICORR runs a broker-friendly or protected shop and maintains a first name basis relationship with the active and qualified brokers and agents in the market. Reporting ICORR delivers timely, accurate and useful property and accounting information. We recognize that owner reporting requirements change from time to time and we strive to have available the resources to meet these changing needs. Each month we provide a report to the owner that consists of a balance sheet, income and expense statement showing budget to actual on a monthly basis as well as year to date, accounts payable and accounts receivable reports, a variance report on expense items greater than 10% to budget, a narrative property report detailing activity on maintenance and operational issues as well as updates on tenant matters. Variances from budget are monitored and reported monthly with recommendations for correction. Cash management and collection procedures are firmly in place to ensure owners receive a maximized return. We will develop an annual operating and capital budget that will be reviewed and approved by the owner. We complete year-end reconciliations for all tenants on net leases. We use state-of-the-art computer systems and software tailored to client s requirements. Customized reports are also an option.

5 Service providers and technology Contractors, Sub-Trades and Service Providers Long-term relationships provide us with preferential treatment in meeting the needs and high demands of our diversified portfolio. Passed through directly to our clients are real dollar savings along with expedient, quality service. ICORR is able to plan, tender, negotiate, and oversee major renovations and capital work. Our 24-hour emergency service team consists of our operation supervisors and our extensive pool of sub-trades, general contractors, suppliers and service providers. Affiliates of ICORR Properties include ICORR Construction Inc., offering our clients and commercial tenants full service construction and maintenance (including plumbing, carpentry, and locksmith services). All tenders for contracted work are competitively priced. ICORR prepares the specifications and tenders to a minimum of three qualified contractors who are known to ICORR for their proven performance and ability to meet completion timelines. Quotes received are analyzed and recommendations are presented to the owner for final approval. Awarding of contracts as agreed with the owner is based on previous performance, price and availability for completion. Contractors are required to provide proof of proper WSIB certification and liability insurance before start-up. Technology ICORR is confident that it s state-of-the-art computer system and software applications will exceed its client s requirements and expectations. Our computerized accounting system provides customized financial reporting data to meet the needs of our individual clients. We utilize Yardi Voyager, a state-of-the-art web based accounting system. This system provides us with a very detailed commercial lease sub-ledger and sophisticated lease recovery technology allowing us to excel at serving our clients accounting needs. We also take the protection of our clients data very seriously and utilize a fiber optics line to a separate location to ensure safe and timely backups of your financial data. ICORR s website is All properties under management are included free of charge on our website.

6 Services checklist Effective management of a real estate asset today involves a number of very diverse tasks. The following checklist of functions represent some of the property and asset management services ICORR has to offer and is one reason why ICORR continues to be a leader in the real estate industry. Take a moment to review how we can help you with your real estate needs. Property Management >Staffing >Contractor selection >Bidding analysis >Supervision of realty tax assessment reviews and appeals >Construction supervision >Market analysis >Rental/lease analysis >Real estate broker selection >Tenant relations and retention programs >Supervision of tenant build-out and landlord s work Financial Services >Accounting and financial reporting >Budget preparation and management >Cash management >Operating cost control and variance analysis >Sales tax accounting and remittances >Financial systems Facilities Management >Preventative maintenance >Energy analysis (HVAC, mechanical, electrical services) >Property inspections >Hazardous material analysis >Contractor selection >Bidding analysis >Construction supervision >Utility audits, purchasing and management Other Services >Acquisition and disposition analysis >Short and long term business plans >Cash flow modeling Clear progressive thinking to achieve new heights.

7 Key objectives Your goals are our goals. Make the management transition flow as smoothly and quickly as possible: ICORR has years of experience in transferring properties from another party. ICORR s well-established systems and procedures make the process easy and comfortable for the owner and commercial tenants. We are skilled at collecting the required data necessary to set up new properties and are able to produce complete financial statements upon closure of the first full month of management. From the moment we assume management of a property, we provide 24-hour emergency service 7 days a week. A phone call to our insurance broker confirming building location is sufficient to bind short-term property/liability coverage for additions to ICORR s managed portfolio. Improve the maintenance and appearance of the property: Upon assuming management, ICORR completes a thorough inspection of the property internally and externally. We also determine if on-site staff (where applicable) and contract suppliers are capable and properly trained to perform the day-to-day operations required at the property. ICORR then proceeds with setting standards and goals to ensure a consistent level of service is maintained. Once the standards are set, we continue to monitor the property to ensure all goals and objectives are maintained. Control operating costs: Our portfolio provides us with additional clout in negotiating the purchase of goods and services. Our long-term relationships and considerable experience with general contractors and sub-trades also affords us preferential treatment and greatly aids in meeting the needs and high demands of our diversified portfolio. We pass through any realized savings as well as many other savings opportunities derived from our bulk purchasing power that may not otherwise be available to the owner. Owners are protected since contractors are required to provide proof of proper certification and insurance. ICORR coordinates the preparation of specifications for bids on capital projects and negotiating contracts. We work directly with owners in preparing and formalizing annual operating and capital expenditure budgets. Clarify the manager s areas of responsibility and have the ability to measure their performance: Our management contract clearly defines the roles of the property manager and the owner as well as the limits of authority and fees for services. Budget preparation at onset of management and annually thereafter is an excellent means of measuring our performance on an ongoing basis. Successful completion of major capital work is yet another. A monthly reporting package is a means of communicating performance and activity at the property. It also enables us to detail work completed and/or to be completed, and recommend work for future consideration. Targets met as a result of our marketing and leasing plans are yet another form of performance measurement.

8 Principal team With the right people, the bus drives itself. Chairman, Norton P. Wolf CPM A real estate investment developer since 1959, Norton is experienced in all facets of real estate from construction to management. Founder of Carlton Realty (London) Limited, he has served on many industry related boards including eighteen years on the City of London Development Advisory Board. He acquired his CPM designation in March Semi-retired, Mr. Wolf continues to be active in our global operations as well as being a part-time IREM instructor (Institute of Real Estate Management ). He teaches the ARM course (Accredited Residential Manager ) throughout the United States and Canada. Mr. Wolf was inducted into the London Business Hall of Fame in CEO, Ronald H. Wolf rwolf@icorr.com Founder of ICORR Properties International, Ron has been involved in property management since After obtaining an Honours Degree from the Ivey School of Business at the University of Western Ontario, he brokered financial instruments for a Wall Street investment firm, was an investment real estate sales agent for Coldwell Banker Commercial (now CB Richard Ellis), and an international loans officer for Bank of America. Mr. Wolf holds a Brokers real estate license in Florida and is a Past Chairman of the London Regional Art and Historical Museum. COO, John Harris jharris@icorr.com ext.234 John joined ICORR as Vice President of ICORR Properties International Commercial Division in Prior to joining ICORR, Mr. Harris oversaw the commercial real estate disposition program for TD Bank, in addition to his responsibility for the day-to-day management of the bank's retail commercial properties. During his 17 years with TD Bank (formerly Canada Trust) Mr. Harris was CFO and Sr. VP of the company's real estate subsidiary. Mr. Harris has an Honours Business Degree and is a Chartered Accountant. Vice President Property Management (Florida) Earl Fossum FMA, RPA efossum@icorr.com Earl relocated from the Canadian to the US office in 2006 following the disposition of the company's multi-family division, which he ran along with Facility Services. He holds FMA (Facilities Management Administrator) and RPA (Real Property Administrator) designations from the BOMI Institute. Prior to joining ICORR, Mr. Fossum was a Property Manager for Oxford Suburban Group. With prior experience in various marketing positions for manufacturers and industrial supply distribution industries, Mr. Fossum brings an important skill set to ICORR. Vice President Property Management and Leasing (Ontario) Karen Hodge CPM khodge@icorr.com ext.227 Karen joined ICORR in 1995 after a seven year career in commercial Property Management with Truscan Realty (a subsidiary of Canada Trust). She was promoted to Senior Commercial Property Manager growing her portfolio to include fee managed assets, later receiving an appointment to Vice President. In addition to her position at ICORR, Ms. Hodge has simultaneously held several executive positions on the National Board of the Real Estate Institute of Canada as well as the Institute of Real Estate Management Executive Committee.

9 Management team Our staff is our strength. From our receptionist to the Chairman, ICORR serves its clients through a diversified group of professionals with extensive experience and expertise. Assistant Vice President Financial Services (Florida), Freida Fox Contact: ext. 206 Special Projects (Florida) Nancy Yates nyates@icorr.com Contact: Freida and her staff are responsible for a wide range of accounting services using Yardi Voyager 6.0 for all ICORR-managed Florida properties as well as several third party (financial services only) clients in Southwest Florida. She joined ICORR in 2002 after 23 years with a Fortune 500 company where she worked out of Indianapolis, Dallas and Atlanta in several positions including Accounting Management and Client Service Executive. Nancy is a licensed realtor and IREM affiliate member. She is involved with business development and acquisitions for the US office. She has been with ICORR over eight years. Ms. Yates brings over 25 years of business experience including real estate, sales, marketing and management. Manager Leasing (Florida) Susanne Stovall, CCIM, RPA sstovall@icorr.com Contact: ext. 202 Susanne is responsible for leasing of the Florida properties. She started her real estate career in 1999 and has worked with R.E.I.T.s and office and retail development companies. She holds a Broker s Real Estate License in both Florida and Colorado as well as the Certified Commercial Investment Member (CCIM ) and Real Property Administrator (RPA ) designations. She has a Bachelor s Degree in Political Science (International Studies) and graduated from the Leadership Manatee program. She is an active member of the International Council of Shopping Centers (ICSC), the Sarasota and Venice Chambers of Commerce, and the Economic Development Corporation of Sarasota County. Manager Facilities and Operations (Ontario), Jordan Millward Contact: ext. 230 Jordan joined ICORR as Manager Facilities and Operations in Prior to this Jordan worked a number of years as a commercial insurance broker specializing in developing multi-line insurance programs for the property management and construction segments. Jordan s attention to detail, knowledge of building operations and customer focus is a great compliment to the ICORR Team. He is currently working towards his CPM designation. Manager Commercial Administration (Ontario), Nancy Leyland Contact: ext 226 Nancy and her staff of five accounting/administrative professionals are responsible for a wide range of administrative and accounting services for the ICORR South Western Ontario portfolio of approximately 325 tenants in more than 2.7 million square feet. She joined ICORR in 2002 with more than 22 years experience in property management with Truscan Realty (a division of Canada Trust) and Oxford Properties.