REIT Services

The Schonbraun McCann Group (SMG), an FTI Company, has developed a significant practice dedicated to public and private REITS and represents more than 40 REITs on a variety of assignments. With ever-changing independence rules and corporate governance concerns, public and private REITs turn to SMG to meet their compliance and consulting needs.

SMG offers the following services to its REIT clients:

Accounting and Auditing:

  • Joint Venture Audit
  • Consultations on Accounting & Auditing Matters and Rules
  • FAS No.141 (Purchase Price Allocation) Valuations
  • FIN No.46 Analyses to Determine Consolidation Requirements
  • Accounting Outsourcing
  • Internal Controls Review and Testing
  • Sarbanes-Oxley Implementation and Maintenance Outsourcing
  • Litigation Support
  • Special-Purpose Reports

Consulting:

  • Compensation
  • Benchmarking
  • Structuring
  • Representation of Board of Directors or Executives
  • Estate and Family Planning
  • Operations review
  • Annual CAM and/or Operating Expense Analyses and Billing
  • Process Flow Charting and Narratives
  • Accounting Department Efficiency Reviews
  • Computations of Promotes and Cash Flow Waterfalls
  • Lease Database Management

Tax:

  • Complete Compliance Services (Including Outsourcing of Tax Department)
  • Tax Structuring Consultations
  • REIT Testing Related to Potential Acquisitions
  • Annual and Quarterly REIT Testing
  • Cost Segregation Studies
  • Tax Projections (Determining Dividend Requirements)
  • E & P Studies
  • State and Local Tax Compliance, Structuring and Consulting
  • IRS, State and Local Representation
  • Ownership Flow Charting
  • Dividend Classification (Capital Gain, Return Of Capital, etc.)
  • Estate and Tax Planning for Executives Acquisition

Due Diligence:

  • Property Level
  • Corporate Level (Including Complete Analyses of Overhead and Payroll Costs)
  • REIT-to-REIT Financial Modeling (Merged Pro Forma)
  • CAM and Operating Expense Reviews
  • Lease Abstracting and Review
  • Estoppel Preparation
  • Cash Flow Modeling
  • Closing Statement Review and/or Preparation
  • Structuring of Transaction
  • Economic
  • Tax Efficiency
  • GAAP Treatment