Office property owner/operator adopts ‘single stack’ technology strategy with additional solutions for automated investment accounting, payables processing and construction cost management
SANTA BARBARA, CALIF., Nov. 19, 2015 – Shorenstein Properties LLC prepares investor reports more easily following its transition to Yardi Voyager® 7S, the latest and most advanced version of Yardi’s real estate management software.
“By centralizing all of our asset, finance and budget information in one place, rather than in disconnected systems, Voyager gives us complete integration of data,” said Stuart Appley, senior vice president and chief information officer for Shorenstein, an owner and operator of office properties.
This end-to-end integration allows Shorenstein to automate the monumental task of preparing reports and monthly distributions for investors. “Previously, we had to manually load data into multiple systems and spreadsheets—one for budgeting, another for paying and tracking, and so on. That takes a lot of time, considering we have over a thousand combined funds, entities, properties, and investors that we manage in the system,” Appley said. “That’s all automated with Voyager, so compiling key information for investors is much faster, and employing a cloud-based solution minimizes our IT costs. In addition to improving our investor relations, this integration places asset information that our employees need to perform analysis, from an entire fund down to individual leases, at their fingertips.”
Additional products enable Shorenstein to perform other key business operations within Yardi Voyager 7S, a mobile-enabled, tablet-compatible Software as a Service platform that works with all Internet browsers. They include Yardi Investment Management™, which automates Shorenstein’s investment accounting, performance measurement and investor reporting cycle, and provides tools for compliance monitoring and business intelligence; Yardi Procure to Pay™, which scans Shorenstein’s invoices into electronic transactions and automates the approval workflow all the way to vendor payment; and Yardi Construction Management™, which improve cost control and budget oversight by automatically tracking Shorenstein’s construction job costs and comparing them to the job budget.
“Shorenstein illustrates the efficiency and risk mitigation that a ‘single stack’ technology approach can provide for commercial real estate firms. This strategy eliminates costs, inefficiencies and incorrect distributions associated with entering data in separate systems,” said Terri Dowen, senior vice president of sales for Yardi.
About Shorenstein Properties LLC
Founded in 1924, Shorenstein Properties LLC is a privately-owned real estate firm active nationally in the ownership and management of high-quality office properties, with offices in San Francisco and New York. Since 1992, Shorenstein has sponsored eleven closed-end investment funds with total equity commitments of $7.9 billion, of which Shorenstein committed $648.5 million. Shorenstein uses its integrated investment and operating capabilities to take advantage of those opportunities which, at the particular time in the investment cycle, offer the most attractive risk-adjusted returns. Investments have included ground-up developments, asset repositionings and stabilized assets; investment structures have included asset acquisitions, mezzanine loans, preferred equity investments and structured joint ventures. These funds have invested in properties totaling 56.7 million square feet in transactions with a gross investment value in excess of $13.4 billion. For more information, visit www.shorenstein.com.
Now in its fourth decade, Yardi® is committed to the design, development and support of software for real estate investment management and property management. With the Yardi Multifamily Suite™, Yardi Commercial Suite™, Yardi Investment Suite™ and Yardi Orion® Business Intelligence, the Yardi Voyager® platform is a complete real estate management solution. It includes operations, accounting and ancillary processes and services with portfolio-wide business intelligence and platform-wide mobility. Yardi is based in Santa Barbara, Calif., and serves clients worldwide from offices in North America, Asia, Australia, Europe and the Middle East. For more information, visit www.yardi.com.