Market Overview

Moody's to Acquire Reis, a Leader in Commercial Real Estate Data


Extends Moody's Analytics' role as a leading provider of information
and analytics for the U.S. CRE market

Moody's Corporation (NYSE:MCO) and Reis, Inc. (NASDAQ:REIS) announced
today that they have entered into a definitive merger agreement for
Moody's to acquire all outstanding shares of Reis in an all-cash
transaction valued at approximately $278 million. The transaction has
been approved by the Boards of Directors of both companies.

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Reis is a leading provider of U.S. commercial real estate (CRE) data.
Over nearly 40 years, Reis has compiled a rich archive of detailed
information on some 18 million properties nationwide. Providing analysis
and forecasts covering 275 metropolitan markets and 7,700 submarkets,
Reis has become the data set of choice for CRE professionals, including
property developers, managers, investors, lenders and brokers.

This transaction underscores Moody's Analytics' mission to empower
customers to make better, faster financial decisions. The combination of
Reis's extensive data and Moody's Analytics' specialized capabilities
aims to enhance analytical practices in the CRE market and contribute to
the efficiency and liquidity of capital flows. The acquisition further
expands Moody's Analytics' network of data and analytics providers in
the CRE space, including recent investments in
start-ups that apply innovative approaches and new technologies to
source data and deliver tools to the market.

"Commercial real estate is analytically very complex, and Reis has
committed decades of effort and expertise building a unique data asset
with critical and hard to replicate information on this large and
important asset class. Their data on CRE supply and Moody's Analytics'
insights on the demand for commercial properties will provide market
participants with a powerful 360-degree view of the economics of CRE
lending and investment," said Mark Almeida, President of Moody's
Analytics. "Working together, both Reis and Moody's Analytics will
become even more relevant and valuable to CRE finance professionals."

Lloyd Lynford, Reis's CEO, said: "Joining with Moody's will accelerate
our founding vision of bringing transparency to the commercial real
estate asset class and superior decision support to all commercial real
estate professionals. Our Board of Directors has thoroughly and
carefully considered our alternatives and evaluated the proposal from
Moody's and believes it provides our stockholders with compelling value
and an outstanding strategic platform for continued growth while
benefiting our customers and employees."

Under the terms of the merger agreement, Moody's will commence a tender
offer to acquire all issued and outstanding shares of Reis common stock
for $23.00 per share in cash. The transaction is subject to customary
closing conditions and regulatory approvals, including the tender of a
majority of the issued and outstanding shares of Reis common stock and
clearance under the Hart-Scott-Rodino Antitrust Improvements
Act. Moody's has also entered into tender and support agreements with
certain Reis management stockholders under which they have committed to
accept the tender offer and to tender all of their Reis shares, which
represent approximately 18% of Reis's issued and outstanding shares.

Following completion of the tender offer, Moody's will acquire all
remaining shares of Reis at the same price of $23.00 per share through a
second-step merger and Reis will become a wholly-owned subsidiary of
Moody's. The closing of the transaction is expected to take place in the
fourth quarter of 2018.

The transaction will be funded through a combination of cash on hand and
commercial paper. Moody's expects the acquisition of Reis to be
accretive to earnings per share on a GAAP basis in 2020. On an adjusted
EPS basis, which excludes purchase price amortization, the transaction
will be accretive in 2019. Moody's continues to expect share repurchases
for 2018 to be approximately $200 million, subject to available cash,
market conditions and other capital allocation decisions.

Skadden, Arps, Slate, Meagher & Flom LLP is acting as legal counsel to
Moody's. Fried Frank Harris Shriver & Jacobson LLP is acting as legal
counsel to Reis and Canaccord Genuity is serving as financial advisor to

More information on Moody's Analytics CRE solutions can be found at:


Moody's is an essential component of the global capital markets,
providing credit ratings, research, tools and analysis that contribute
to transparent and integrated financial markets. Moody's Corporation
(NYSE:MCO) is the parent company of Moody's Investors Service, which
provides credit ratings and research covering debt instruments and
securities, and Moody's Analytics, which offers leading-edge software,
advisory services and research for credit and economic analysis and
financial risk management. The corporation, which reported revenue of
$4.2 billion in 2017, employs approximately 12,300 people worldwide and
maintains a presence in 42 countries. Further information is available


Reis provides commercial real estate ("CRE") market information and
analytical tools to real estate professionals. Reis maintains a
proprietary database of information on all commercial properties in
metropolitan markets and neighborhoods throughout the U.S. This
information is used by CRE investors, lenders and other professionals to
make informed buying, selling and financing decisions. In addition, Reis
data is used by debt and equity investors to assess, quantify and manage
the risks of default and loss associated with individual mortgages,
properties, portfolios and real estate backed securities. Reis currently
provides its information services to many of the nation's leading
lending institutions, equity investors, brokers and appraisers.

For more information regarding Reis's products and services, visit

Additional Information and Where to Find it

The tender offer described in this document has not yet commenced, and
this communication is neither an offer to purchase nor a solicitation of
an offer to sell any shares of the common stock of Reis or any other
securities. On the commencement date of the tender offer, a tender offer
statement on Schedule TO, including an offer to purchase, a letter of
transmittal and related documents, will be filed with the U.S.
Securities and Exchange Commission (the "SEC") by Moody's and its
acquisition subsidiary, and a solicitation/recommendation statement on
Schedule 14D-9 will be filed with the SEC by Reis shortly thereafter.
The offer to purchase shares of Reis common stock will only be made
pursuant to the offer to purchase, the letter of transmittal and related
documents filed as a part of the Schedule TO.


The tender offer statement will be filed with the SEC by Moody's and its
acquisition subsidiary, and the solicitation/recommendation statement
will be filed with the SEC by Reis. Investors and security holders may
obtain a free copy of these statements (when available) and other
documents filed with the SEC at the website maintained by the SEC at
or by directing such requests to the Information Agent for the offer,
which will be named in the tender offer statement on Schedule TO.

Forward-Looking Statements

Certain statements contained in this release are forward-looking
statements and are based on future expectations, plans and prospects for
Moody's business and operations that involve a number of risks and
uncertainties. The forward-looking statements and other information in
this release are made as of the date hereof (except where noted
otherwise), and Moody's undertakes no obligation (nor does it intend) to
publicly supplement, update or revise such statements on a going-forward
basis, whether as a result of subsequent developments, changed
expectations or otherwise. Moody's is identifying certain factors, risks
and uncertainties that could cause actual results to differ, perhaps
materially, from those indicated by these forward-looking statements.
Those factors, risks and uncertainties include, but are not limited to,
credit market disruptions or economic slowdowns, which could affect the
volume of debt and other securities issued in domestic and/or global
capital markets; other matters that could affect the volume of debt and
other securities issued in domestic and/or global capital markets,
including regulation, credit quality concerns, changes in interest rates
and other volatility in the financial markets such as that due to the
U.K.'s referendum vote whereby the U.K. citizens voted to withdraw from
the EU; the level of merger and acquisition activity in the U.S. and
abroad; the uncertain effectiveness and possible collateral consequences
of U.S. and foreign government actions affecting world-wide credit
markets, international trade and economic policy; concerns in the
marketplace affecting our credibility or otherwise affecting market
perceptions of the integrity or utility of independent credit agency
ratings; the introduction of competing products or technologies by other
companies; pricing pressure from competitors and/or customers; the level
of success of new product development and global expansion; the impact
of regulation as an NRSRO, the potential for new U.S., state and local
legislation and regulations, including provisions in the Financial
Reform Act and regulations resulting from that Act; the potential for
increased competition and regulation in the EU and other foreign
jurisdictions; exposure to litigation related to our rating opinions, as
well as any other litigation, government and regulatory proceedings,
investigations and inquires to which Moody's may be subject from time to
time; provisions in the Financial Reform Act legislation modifying the
pleading standards, and EU regulations modifying the liability
standards, applicable to credit rating agencies in a manner adverse to
credit rating agencies; provisions of EU regulations imposing additional
procedural and substantive requirements on the pricing of services and
the expansion of supervisory remit to include non-EU ratings used for
regulatory purposes; the possible loss of key employees; failures or
malfunctions of our operations and infrastructure; any vulnerabilities
to cyber threats or other cybersecurity concerns; the outcome of any
review by controlling tax authorities of Moody's global tax planning
initiatives; exposure to potential criminal sanctions or civil remedies
if Moody's fails to comply with foreign and U.S. laws and regulations
that are applicable in the jurisdictions in which Moody's operates,
including data protection and privacy laws, sanctions laws,
anti-corruption laws, and local laws prohibiting corrupt payments to
government officials; the impact of mergers, acquisitions or other
business combinations and the ability of Moody's to successfully
integrate acquired businesses; currency and foreign exchange volatility;
the level of future cash flows; the levels of capital investments; and a
decline in the demand for credit risk management tools by financial
institutions. Other factors, risks and uncertainties relating to our
acquisition of Reis could cause our actual results to differ materially
from those indicated by these forward-looking statements, including
uncertainties as to how many of Reis's stockholders will tender their
shares in the offer; the possibility that competing offers will be made;
risks relating to filings and approvals relating to the acquisition; the
expected timing of the completion of the acquisition; the ability to
complete the acquisition considering the various closing conditions;
difficulties or unanticipated expenses in connection with integrating
Reis's operations, products and employees into Moody's and the
possibility that anticipated synergies and other benefits of the
acquisition will not be realized in the amounts anticipated or will not
be realized within the expected timeframe; risks that the acquisition
could have an adverse effect on the business of Reis or its prospects,
including, without limitation, on relationships with vendors, suppliers
or customers; claims made, from time to time, by vendors, suppliers or
customers; changes in the global marketplace that have an adverse effect
on the business of Reis; and the accuracy of any assumptions underlying
any of the foregoing. These factors, risks and uncertainties as well as
other risks and uncertainties that could cause Moody's actual results to
differ materially from those contemplated, expressed, projected,
anticipated or implied in the forward-looking statements are described
in greater detail under "Risk Factors" in Part I, Item 1A of the Moody's
annual report on Form 10-K for the year ended December 31, 2017, the
tender offer documents to be filed with the SEC by Moody's and its
acquisition subsidiary and the solicitation/recommendation statement on
Schedule 14D-9 to be filed by Reis and other filings made by Moody's
from time to time with the SEC or materials incorporated herein or
therein. Stockholders and investors are cautioned that the occurrence of
any of these factors, risks and uncertainties may cause Moody's actual
results to differ materially from those contemplated, expressed,
projected, anticipated or implied in the forward-looking statements,
which could have a material and adverse effect on Moody's business,
results of operations and financial condition. New factors may emerge
from time to time, and it is not possible for Moody's to predict new
factors, nor can Moody's assess the potential effect of any new factors
on it.

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