The SBS Discovery service is supported by a software program that assesses the potential value of impaired property holdings relative to their remediation costs, according to a press release. According to Glenn Osmond, business development director for RTI’s SBS Discovery, stressed properties are often considered non-strategic surplus assets and represent untapped development potential, but often appear on balance sheets at nominal value.
“As a result of Sarbanes-Oxley compliance requirements and FASB 143/FIN 47 regulations, many companies today face significant challenges in assessing and managing their real estate holdings as liabilities,” Osmond said in a news release.”This new service and its supporting technology allow corporations to take a more proactive approach toward the management of their real estate holdings, including surplus properties.”
According to the news release, the service can help corporations overcome key challenges associated with managing excess properties and brownfields, including disjointed work processes, information silos, and lack of cohesive perspective.
Jim Vetter, senior vice president at Marsh, said the service can among other things, help clients reduce their financial risk and long-term liabilities, regain control of assets and maximize possible returns from the sale or reuse of property.