Mergers & acquisitions

The scope is often a portfolio, not a property. M&A work can involve valuing many properties across markets on a coordinated timeline, requiring consistent methodology and reporting so the results roll up cleanly into the deal model.

Confidentiality and deal timelines shape the engagement. Appraisers work within NDAs, coordinate with deal teams, and deliver on schedules driven by diligence periods and closing dates rather than ordinary turnaround norms.

The analysis extends beyond value conclusions. M&A assignments may address sale-leaseback potential, excess or underutilized land, consolidation opportunities, and the value implications of rebranding acquired locations, insights that inform strategy as well as price.

A target company's real estate is carried on its balance sheet at book value, which reflects historical cost less depreciation. Market value reflects what the properties would sell for today. After years of appreciation or decline, these numbers can diverge enormously.

Hidden value and hidden risk both live in that gap. Long-held properties may be worth multiples of book value, creating opportunity for the buyer or negotiating leverage for the seller. Conversely, obsolete or impaired properties may be worth far less than the balance sheet suggests.

Independent appraisals close the gap with evidence. Marking the real estate to market during diligence ensures the deal price reflects the actual assets changing hands, supports purchase price allocation after closing, and prevents expensive surprises later.