SANTA BARBARA, CALIF., March 16, 2010 – Yardi Systems announced that newly launched real estate investment trust Retail Opportunity Investments Corp. (ROIC) has selected Yardi Voyager™ as its property management and accounting platform.
ROIC, which focuses on retail shopping centers on the east and west coasts, sought an easily deployed platform that could handle several complex functions associated with operating the company’s portfolio. These include budgeting and forecasting, common area maintenance expenses and escalations, and job cost reporting.
“We selected Yardi Voyager because we could implement it fast and manage our growth without disruption,” said John Roche, chief financial officer for ROIC. “We made our first acquisition in December 2009 and began billing tenants in time for the February billing cycle.”
Yardi is also providing hosting services to ROIC through its ASP (cloud computing) model. With Application Service Provider hosting, Yardi serves and maintains the Voyager application and database for ROIC from its data center, assuming responsibility for all application updates, network security, hardware, bandwidth, and infrastructure, allowing ROIC to focus on its principal business.
Real estate finance and accounting firm Zenta uses Voyager to perform property and lease abstracting and other back office functions on behalf of ROIC.
“Seamless collaboration between ROIC, Yardi and Zenta gave ROIC a turn-key back office solution that combines Voyager with Zenta’s accounting, lease administration and due diligence services in India,” said Tom Scott, Zenta’s senior vice president.
“We are pleased that ROIC now has a solution whose transparency and structural integrity will support a rapidly growing portfolio,” said Richard Malpica, Yardi vice president and general manager, Eastern Region. “ROIC has created an impressive model for success and will rely heavily on Voyager’s advanced retail lease functionality to carry it out.”
About Retail Opportunity Investments Corp.
Retail Opportunity Investment Corp., based in Purchase, N.Y., is a corporation that intends to qualify as a real estate investment trust for U.S. federal income tax reporting purposes. It will acquire, own, lease, reposition and manage a diverse portfolio of necessity-based retail properties, including community and neighborhood shopping centers anchored by national or regional supermarkets in the eastern and western U.S.
About Yardi
Yardi Systems has been committed to the design, development, and support of real estate investment management and property management software for more than 28 years. With its Yardi Multifamily Suite™, Yardi Commercial Suite™, and Yardi Investment Suite™, the Yardi Voyager™ system is the most comprehensive single real estate management platform on the market today. Yardi serves clients around the world from offices in Asia, Australia, Europe and North America. More information about Yardi products and services is available at www.yardi.com.
Trade Media Contact: Joel Nelson 805.699-2040, ext. 1255