Property-Level Database and Applications

Property-Level Database and Applications:

Our database is comprised of Loan and Property data on approximately 45,000 loans and properties backing 700+ Multifamily CMBS deals. This is a very rich database including Operating Statements, Appraised Values, and much more. Our proprietary software extracts data from raw CMBS files, combines with other publicly available data (US Census, US Treasury Interest Rates, FHFA Home Price Appreciation), and performs various types of property-level and market-level research analyses. We download data monthly, maintain the downloaded data in an SQL Azure cloud database, and perform advanced processing so that the data can be effectively used for the various types of analyses.

Our software and data licensing agreement provides users with access to both our www.statval.com and Excel/VBA Property-Level applications, as well as downloads of processed data tables using customized database queries. The Property-Level applications connect to the Azure database and enable a user to input a Subject Property and perform detailed financial analyses including both comparisons of the Subject Property to a Comp Set of Database Properties and advanced Statistical Valuations. Users of the system can also generate market-level research analyses using customized queries of the SQL database tables. Bullet point features are provided below.

Property-Level Applications:

The www.statval.com and Excel/VBA applications include the following tabs and features:

1. DEMOGRAPHICS: Geo-map a Subject Property and each Database Property to tract level Census data
2. COMPSETS: Create a Comp Set of Database Properties similar to the Subject Property with respect to location, property attributes, and demographics. The user may either hand-select Comps using filters or use an algorithm that we created.
3. BENCHMARK: Perform an Operating Statement Benchmarking of a Subject Property versus a Comp Set of similar Database Properties.
4. AUTOMATED STATISTICAL VALUATION: Estimate a CAP Rate and Valuation for a Subject Property and each Database Property using an advanced statistical analysis of the appraised values and underwritten financials of recent loan origination.
5. UNDERWRITE: Create a Projected/Pro-Forma Operating Statement, CAP rate, and Valuation for a Subject Property using side-by-side visual comparisons to the Subject Property Trailing Operating Statement, a Comp Set of similar Database Properties, and Statistical Valuation of the Subject Property.
6. CMBS: Pull down comprehensive financial and demographic data on all Loans and Properties in a Multifamily CMBS deal, including Statistical Valuation of each Property and calculation of current Loan LTV and DSCR.

Processed Data Tables:

The Processed Data Tables are comprised of 45,000+ Lender Underwritten Financials and Appraised Values and 150,000+ serialized Operating Statements extracted from the raw Multifamily data. The processed data tables include a full range of pre-calculated property-level attributes, geo-mapped Census data, operating statement line-items, ratios, year-on-year changes, loan terms, original loan underwriting, and automated statistical valuations. The data set starts in 2009 and is fully updated and processed with each monthly CMBS release. All data fields and statistics are recalculated each month to include the most recent loan originations and trailing operating statements. Licensees have the option of connecting directly to the Azure Database Tables using SQL queries and/or receiving the Excel files organized by financial statement year. As part of the license agreement, we provide customized support to create queries and provide data is desired formats.

Exhibit 1 below shows the data fields calculated for each statement year.