Owner Managed Real Estate Services

Tax Services

Our real estate tax professionals understand the tax issues facing owner managed real estate.  We can assist in the initial formation of the real estate entity to obtain the most advantageous tax structure.  In addition, we can help identify the related real estate tax credits and incentives.   We can also provide assistance in determining the cost/benefit of cost segregation studies, like kind exchanges and other issues including cancellation of debt. Learn more.

Internal Audit Services

Our real estate professionals have significant experience in providing outsourced internal audit services for owner managed properties including multifamily, commercial office buildings, retail shopping centers and hotels.  These outsourced internal audit services support your company’s internal control function to help assure personnel at remote locations are adhering to company policies.  The internal audit services are customized for your needs and the work is tailored to align with the policies and goals of the management group.  Our services can include the following procedures, among others:

• “Surprise” site inspection at each property.
• Review of lease files to determine if various supporting documents are in existence and agree with internal records maintained by the company.
• On-site procedures including verifying vacancies or capital projects in process.
• Counting and reconciling cash that may be on hand at the property.
• Preparation of a written report to management of our findings.  In addition, we are available to discuss and review the results of our findings.  These reports can be used by management as a tool to assess the performance of its management in the field.

In order to simplify your budgeting, we can often provide your company with a fixed fee per property which includes all associated travel costs.

Operating Expense Audits for Real Estate Properties

Our dedicated real estate staff have significant experience in performing audits of operating expenses for commercial real estate properties.  These audits are generally required under tenant leases and provide for the pass through of excess operating costs to the tenants.  We understand the appropriate methodology and industry standards as provided by the Building Owners and Managers Association (BOMA) including escalation calculation provisions.  Our operating expense audits are performed in accordance with generally accepted auditing standards and include the following procedures, among others:

• Audit of expenses incurred for the operation and management of commercial and retail real estate properties in accordance with tenant leases.
• Delivery to management of an audited report of these operating expenses.

Operations Reviews

The firm’s real estate professionals have an in-depth knowledge of real estate operations.  Certain of our senior level professionals have worked in various leadership positions in the industry and can quickly identify cost saving opportunities and improvements in financial controls and procedures.

Lease Compliance Reviews

The firm’s real estate professionals can assist property owners and managers in verifying compliance with lease agreements.  Our procedures can address tenants’ compliance with percentage rental reporting as well as other lease provisions.

Due Diligence

In connection with planned acquisitions of real estate properties, our professionals can tailor due diligence procedures to address the quality of the properties’ reported earnings and other issues that may have a negative impact on the transaction price.  Learn more.

Financial Statements

Owner managed real estate properties have unique financial reporting issues including accounting for tenant improvement and inducements, straight-line rental revenue recognition, contingent rental revenue and other issues.  Our professionals understand these unique accounting issues.  Learn more.

We Can Help

When you need unparalleled accounting and advisory services tailored to your needs, contact Decosimo's real estate team and ask us how we can help.