ICORR Properties International

Transcription

1 Corporate Office 700 Richmond Street, Suite 100 London, ON, CANADA N6A 5C ICORR Properties International USA Office One Sarasota Tower 2 North Tamiami Trail, Suite 210 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 property and asset management services including short and long range planning, repositioning, i marketing and leasing, reporting, and acquisition and disposition of commercial real estate. We also successfully deal with a variety of issues, from legislative interpretation to regulatory oversight, and from liquidity management to foreclosed real estate assets 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. estate assets. >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. >Initiate tenant retention programs. >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 offers the delivery of timely, accurate, useful information in a flexible manner. 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, to deal with testing for and removal of hazardous materials, and to 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 to assist in solving tenant design problems. >Marketing and leasing services to provide identity programs, advertising, public relations, 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 i 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 to 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 offers the delivery of timely, accurate, useful information in a flexible manner. We recognize that reporting requirements and requests for information are changing regularly 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 the art computer systems and software tailored to client s requirements. Alternatively, customized reports are also an option. Disposition Disposition is based on timing and the owner s goals and objectives. ICORR has the capability to analyze the property and help determine the appropriate time to sell. We have the experience to fully manage the disposition process on behalf of the owner. A key to success is having an in-depth knowledge of the property so the due diligence process runs smoothly, facilitating quick and easy closings.

5 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. Strategic Planning >Property analysis >Short-term and long-term business plans >Property valuation >Tenant analysis >Market trends >Decision point criteria Promotional Marketing >Market research >Identity programs/public relations >Advertising Leasing >Market analysis >Rental/Lease analysis >Tenant surveys >Project positioning >Broker solicitation >Tenant retention programs Tenant Coordination >Tenant relations >Special needs coordination >Tenant specific retention programs >Tenant build-out criteria Corporate Services >Insurance analysis >Realty Tax assessment analysis >Policies and Procedures Financial Services >Accounting and financial reporting >Financial systems >Budget management >Cash management >Cost control >On line access >GST remittance On-Site Property Management >Staffing >Internal audit/performance evaluations >Contractor selection >Building code compliance >Bidding analysis >Construction ti supervision ii Facilities Management >Preventative maintenance >Energy analysis (HVAC, mechanical, electrical services) >Property Inspections >Fire/life safety manuals >Hazardous material analysis >Contractor selection >Building code compliance >Bidding analysis >Construction supervision >Utility audits, purchasing and management Other Services >Valuation >Acquisition and disposition analysis >Feasibility studies >Due diligence Clear progressive thinking to achieve new heights.

6 Key objectives Your goals are our goals. Make the management transition flow as smoothly and Improve the maintenance and appearance of the Control the overall cost of operating: Clarify the manager s areas of responsibility and have quickly as possible: property: the ability to measure their performance: 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. With several major financial institutions as clients, our team of highly trained professionals has developed the ability to act on a moment s notice. 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 suffice to bind short-term property/liability coverage for additions to ICORR s managed portfolio. 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 buildings. 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. Our portfolio affords us additional clout to any negotiation when it comes to 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 aswellasmany 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 operational and capital expenditure budgets. Our management contract clearly defines the roles of the property manager and the owner as well as 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 to be completed is yet another. A monthly reporting package isameansof 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.

7 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 ) throughoutthe United States and Canada. Mr. Wolfwasinducted into the London business Hall of Fame in President, 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. Executive Vice President & CFO, John Harris jharris@icorr.com ext.234 Joined ICORR as Vice President of ICORR Properties International Commercial Division and CFO 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. His responsibilities included all accounting, reporting, income tax, information technology and legal functions. He assisted in the company becoming a public company and represented the company on a number of joint ventures for the development, leasing, financing and management of office towers in the financial districts of all major Canadian cities. Mr. Harris has an Honours Business Degree and is a Chartered Accountant.

8 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. Vice President (USA Office) Earl Fossum FMA, RPA efossum@icorr.com Earl recently relocated to the US office following the disposition of the company's multi-family division, which he ran along with Facility Services. He holds an 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 (USA Office) Nancy Yates nyates@icorr.com Nancy is a licensed realtor and IREM affiliate member. She is responsible for leasing, 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. She believes that integrity, communication, organization, respect and responsiveness are vital components to providing quality real estate services to owners, investors and tenants. Assistant Vice President, Commercial Karen Hodge CPM khodge@icorr.com ext.227 Joined ICORR in 1995 after a seven year career in commercial Property Management with Truscan Realty ( a division of Canada Trust ). She was promoted to Senior Commercial Property Manager growing her portfolio to include fee managed assets, later receiving an appointment to Assistant Vice President, Commercial. 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. Commercial Property Manager Reza Ayel CPM rayel@icorr.com ext.230 Joined ICORR in 2004 after obtaining an honours bachelor of commerce degree specializing in real estate from the University of Guelph. Mr. Ayel holds a CPM designation supporting his 7 years of experience in property and asset management. Responsible for the effective management of the commercial portfolio, Mr. Ayel is also involved with valuations in conjunction with acquisition and disposition initiatives. An active member of REIC and IREM, he also has recently been appointed as a professor for the Property Management course offered by the University of Guelph. Executive Committee. g y y

9 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). Each affiliate company maintains their own clients, one of which is ICORR Properties Management Inc. All tenders for contracted work are competitively priced. ICORR prepares the specifications and tenders the same 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 software, which includes both Yardi Voyager, a web based accounting system and Yardi s Gemini technology (previous Realm / Newstar software). 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. On the client side of our client/server system managers and support staff utilize the Microsoft Office suite of programs and we have staff skilled in using Crystal Reports for financial reporting and Argus for property valuation models. ICORR s website is We are currently in the process of upgrading our website and within the next few months will have added features and links that will provide improved marketing and advertising opportunities for all ICORR managed properties. All property locations are included free of charge on our website. ICORR head office telecommunication system provides the opportunity for live operator assisted calls through our main switchboard number (9 a.m. to 5 p.m. Monday to Friday) or alternatively at any time, a direct-in-dial/voice mail service via Our toll free number is and our fax number is Our USA office can be reached at