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Property condition assessments (PCAs) are due diligence projects associated with commercial real estate. Effectively they are more detailed versions of home inspections and have similar (and additional – see below) value propositions. Often they are done as part of a property transfer and are done along with a Phase I Environmental Site Assessment. They are done in both equity and debt markets. On the equity side, these reports primarily have value to the purchaser in that they can understand the issues and the potential costs associated with owning a property. The Property Condition Report (PCR) would be used in these cases to negotiate the purchase price much like a home inspection. These reports tend to be very detailed, may require a number of specialists to evaluate the various building systems (e.g. HVAC, elevators) and can cost $20,000 to $100,000 or even more. In debt markets, the reports have the value of letting the lender know that the borrower will likely have sufficient cash flow to operate, maintain and update the property over the course of the loan. This provides some assurance to the lender that the loan will be repaid or in the worst case, the property will not decline in value in the situation they have to sell it to recoup their loan amount. PCAs are not to be confused with facility condition assessments, which are similar in nature but serve a different purpose. ==History== The PCA process began to formalize in the early 1990s as a response to the Resolution Trust Corporation (RTC). The process of performing PCAs began to become routine and formalized with the increased demand however there were still many inconsistencies. A 1995 Standard & Poor's Guide further defined the process and then in 1999 ASTM released a standard called 2018-99. Since 2000 tremendous growth in the securitized lending market, or commercial mortgage-backed securities, caused a spike in the completion of these reports as they were required to complete a deal. Further, this has led to advancements and convergence on the scope, methodology and cost. It is important to discern however the difference between a PCA done for the debt/CMBS markets and that of one done for equity markets as the cost, methodology, detail and value proposition vary tremendously. 抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』 ■ウィキペディアで「Property condition assessment」の詳細全文を読む スポンサード リンク
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