1185 Avenue of the Americas
New York, NY 10036
NEW YORK, November 4, 2008: Reis, Inc. (NASDAQ:REIS) ("Reis" or the "Company") announced that it will release its third quarter 2008 financial results on the morning of Monday, November 10, 2008. Reis will host a conference call on Monday, November 10, 2008, at 2:00 PM (EST). This call is for the benefit of existing and prospective stockholders, stock analysts, and other interested parties to discuss the third quarter 2008 results and other matters.
The U.S. dial-in number for this teleconference is (800) 860-2442. The international dial-in number is (412) 858-4600. A replay of the conference call will be available from shortly after the conference call through 5:00 PM (EST) on November 24, 2008 by using U.S. dial-in number (877) 344-7529 and entering the following passcode: 425108# (international callers may use dial-in number (412) 317-0088 and use the same passcode). An audio webcast of the conference call will be available on Reis's website at www.reis.com/events and will remain on the website for a period of time following the call.
The Company has a policy of not providing quarterly or annual guidance.
The Company was formed through a May 2007 merger between Private Reis and Wellsford. Reis carries on the businesses of Private Reis and Wellsford.
Private Reis was founded in 1980 as a provider of commercial real estate market information. Reis maintains a proprietary database containing detailed information on commercial real properties in neighborhoods and metropolitan markets throughout the U.S. The database contains information on apartment, retail, office and industrial properties and is used by real estate investors, lenders and other professionals to make informed buying, selling and financing decisions. In addition, Reis data is used by debt and equity investors to assess and quantify the risks of default and loss associated with individual mortgages, properties, portfolios and real estate backed securities. Reis currently provides its information services to many of the nation's leading lending institutions, equity investors, brokers and appraisers.
Reis's flagship product is Reis SE, which provides online access to information and analytical tools designed to facilitate both debt and equity transactions. In addition to trend and forecast analysis at neighborhood and metropolitan levels, the product offers detailed building-specific information such as rents, vacancy rates and lease terms, property sale information, new construction listings and property valuation estimates. Reis SE is designed to meet the demand for timely and accurate information to support the decision-making of property owners, developers and builders, banks and non-bank lenders, and equity investors, all of whom require access to information on both the performance and pricing of assets, including detailed data on market transactions, supply and absorption. This information is critical to all aspects of valuing assets and financing their acquisition, development, and construction.
For more information regarding Reis's products and services, visit www.reis.com.
Prior to the Merger, Wellsford was a public company operating as a real estate merchant banking firm which acquired, developed, financed and operated real properties and invested in private real estate companies. The Company's primary operating activities immediately prior to the Merger were the development, construction and sale of its three residential projects and its approximate 23% ownership interest in Private Reis. The Company continues to develop, construct and sell these remaining residential projects in an effort to ultimately exit this business in order to focus solely on the Reis Services business.
Mark P. Cantaluppi
Vice President, Chief Financial Officer