SANTA BARBARA, CALIF., April 30, 2009 – Yardi Systems, a leading developer of real estate investment and property management software, announced today that real estate investment trust Bixby Land Co. has implemented Yardi Voyager™ Commercial to manage its expanding commercial property portfolio.
After significantly increasing its tenant portfolio and square footage, Bixby needed a new system to manage more sophisticated leases and execute expense calculations. “New reporting requirements accompanied this growth. To operate efficiently, we needed several capabilities made possible by the integrated, browser-based Yardi Voyager system,” said Cheryl Cook, Bixby’s manager of Accounting, who spearheaded the Voyager implementation.
One example of how Yardi Voyager helps Bixby operate more efficiently involves the automation of common area maintenance (CAM) expense calculations. “Bixby must estimate the pro rata share of CAM expenses each month and reconcile them at year’s end with actuals, a difficult process when done manually with spreadsheets,” said Geoffrey Gelb of Gelbgroup Consulting, which assisted with Bixby’s implementation. “Yardi Voyager easily calculates the pro rata CAM shares, which delivers a huge boost to Bixby’s operational efficiency.”
As another example of Yardi Voyager’s ability to automate a vital function, Voyager’s Fixed Assets module determines the depreciation of fixed assets. This eliminates the human error that inevitably accompanies compiling spreadsheets and loading data into general ledger accounts.
Seeking similar efficiencies in asset management, Bixby is preparing to implement Yardi Investment Management™. “This will deliver comprehensive portfolio analytics and reports, from the operating property up to the joint venture portfolio level, giving us complete transparency,” said Cook. “The reports will be automated, complete with title pages and tables of content, and delivered to our partners.”
About Bixby Land Co.
Founded in 1896 and headquartered in Irvine, Calif., Bixby Land Company is a vertically integrated commercial real estate investment and development firm. Its portfolio includes more than 5 million square feet and more than $1 billion in assets in management throughout the western United States. The company’s expertise includes ground-up development, value-added repositioning, acquisition/disposition, operations and financing of commercial operations. For more information, visit www.bixbyland.com.
About Gelbgroup Consulting
Headquartered in Encino, Calif., Gelbgroup Consulting, Inc. has more than 13 years of experience implementing Yardi applications. Its expertise includes property management, portfolio accounting, asset management, construction management, payroll, maintenance management, budget and forecasting, and affordable housing. For more information, visit www.gelbgroup.com/consulting/.
For more than 25 years, Yardi Systems has been solely committed to the design, development, and support of real estate investment management and property management software. Recognized as an industry leader, Yardi continues to develop and deliver software and services with the highest dedication to responsiveness, quality, innovation, and customer focus. Yardi Systems has offices throughout Asia, Australia, Europe and North America. More information about Yardi products and services may be found by visiting www.yardi.com.
Trade Media Contact: Joel Nelson 805.699-2040, ext. 1255