Marks Paneth Real Estate Group!!

1. All Rights of Use and Reproduction Reserved
Copyright © 2017 Marks Paneth LLP
REAL ESTATE GROUP
STATEMENT OF QUALIFICATIONS

3. • Founded in 1907
• Ranked 30th nationally
• Top 10 ranking in the Mid-Atlantic Region
• Offices in New York, New Jersey,
Pennsylvania and Washington DC
Top 3 Practice Areas
• Real Estate
• Tax
• Nonprofit, Government & Healthcare
Other Notables
• Over 100 Years of Experience in Real Estate
working with developers, management companies
and families
• Best Possible Ratings (Public Company Accounting
Oversight Board and Peer Review Ratings)
• Ranked as one of the Top 3 Forensic
Accounting Firms for 6 consecutive years
MARKS PANETH LLP
SNAPSHOT
Real Estate Services | markspaneth.com
3

4. FIRM RANKINGS
Real Estate Services | markspaneth.com
4
Key and notes: Last year's rankings have been revised based on 2015 revenue
provided by firms. Some firms' rankings will therefore differ from those reported
last year. * Firm estimate § Gross revenue NA Not available or not applicable
1 Revenue and total staff for PwC are from firm reports for North America; partner
figures are firm-supplied and are U.S.-only; other figures are AT estimates based on
reported data. 2 Firm reports business offices, not every physical location. 3 For its
fee split, RSM US reported both rounded percentages (given here) and exact
dollars amounts (given in Databank on page 8). 4 Total personnel includes
professionals in Grant Thornton’s Shared Services Center in Bangalore, India. 5 CLA
does not have a headquarters location – there is no single place from which the
firm is controlled or directed. Individual teams/offices are empowered to make
decisions as much as possible. 6 Office figures are for CBIZ; MHM has 31 offices. 7
All figures based on fiscal 2016 and 2015; may differ from calendar-year data from
earlier Top 100 reports. 8 Changed name from WeiserMazars
(#S039100) Reprinted with permission.© 2017 SourceMedia Inc. and Accounting Today. All rights reserved. SourceMedia, One State Street Plaza, New York, N.Y. 10004. For more information about reprints
from Accounting Today, visit PARS International Corp. at www.SourceMediaReprints.com. This PDF is authorized for electronic distribution and limited print distribution through April 12, 2018

5. FIRM RANKINGS
FOR THE FULL LIST OF TOP 25 ACCOUNTING FIRMS OR ANY
CRAIN’S LIST, GO TO WWW.CRAINSNEWYORK.COM/ LISTS
Reprinted with permission from Crain's New York Business. © 2016 Crain
Communications Inc. All rights reserved. Further duplication without
permission is prohibited. Visit www.crainsnewyork.com. #NB16041
Real Estate Services | markspaneth.com
5
SEPTEMBER 26 - OCTOBER 2, 2016
New York area includes New York City and Nassau,
Suffolk andWestchester counties in New York, and
Bergen, Essex, Hudson and Union counties in New
Jersey. Crain's New York Business uses staff research,
extensive surveys and the most current references
available to produce its lists, but there is no guarantee
that the listings are complete. To qualify for this list,
firms must have an office in the New York area. In case
of a tie in the number of NY area professionals, firms
are listed alphabetically. n/d-Not disclosed. 1-Full-time
and full-time-equivalent, as of July 31, 2014. 2-Firmwide
gross revenue. Revenue figures for firms with fiscal
years ending in May through December are for the year
ended in 2013, and revenue figures for firms with fiscal
years ending in January through April are for the year
ended in 2014, unless otherwise noted. 3-Fiscal year
ends June 30. 4-Fiscal year ends Sept. 30. 5-Fiscal year
ends May 31. Data is based on Crain's estimates. 6-
Excludes 2,408 professionals in Parsippany, N.J.,
Stamford, Conn., andWilton, Conn., who are part of
Deloitte's New York metro practice. 7-Fiscal year ends
Jan. 31. 8-Fiscal year ends July 31. Firm did not
respond to this year's survey. Some data are based on
Crain's research. 9-Includes 50 professionals outside of
audit/accounting, tax and management advisory. 10-
Fiscal year ends June 30. All figures for firmwide
revenue and head count are for Sept. 30.
11-Fiscal year ends April 30. 12-Net revenue. 13-
Fiscal year ends Aug. 31. 14-Fiscal year ends March
31. 15-Fiscal year ends May 31. Holtz Rubenstein
Reminick merged with Baker Tilly Virchow Krause in
June 2013. 16-CBIZ and Mayer HoffmanMcCann
(MHM) are associated through an alternative-practice
structure.MHMis an independent CPA firm. 17-Prager
& Fenton andMetis Group merged on Jan. 1, 2013. 18-
2014 revenue. 19-Merging with Baker Tilly Virchow
Krause in October 2014. 20-Chief executive and
managing partner. 21-New York City office partner-in-
charge. Research: Suzanne Panara and Nicholas
Wells

6. Real Estate Services | markspaneth.com
6
• The real estate industry has been a core focus of our practice
for more than 100 years, giving us the depth and breadth of
industry knowledge and experience required to provide a broad
spectrum of advisory, tax, auditing and compliance services to
the most demanding clients.
• We are proud to be trusted advisors for many of the most
prominent commercial and residential real estate families,
owners, builders, developers and investors.
We Are Trusted Advisors
Gotham Commercial
Real Estate Monitor
Three times a year, Marks Paneth fields
a survey of commercial real estate
professionals in the New York City
market. This research provides an
insightful snapshot of what’s top-of-
mind for owners and managers of
commercial property, commercial real
estate brokers and agents, attorneys,
accountants and other professionals
specializing in the sector. The findings
garner attention from top US and
international media.
To participate and receive the results
before they are released publically,
send an email to
marketing@markspaneth.com.
To read the latest results, visit our Firm
and Services page and click on Real
Estate.
REAL ESTATE GROUP

7. WHAT WE DO
Real Estate Services | markspaneth.com
7
Tax Advisory and Tax Compliance Services
• Core return preparation and compliance
• Planning, structuring and advising
• State and local consulting
• Business incentive and credit negotiations
• Due diligence on capital market transactions
• Advisory with and implementation of new
Treasury Regulations
• Guidance satisfying quarterly and annual REIT
compliance tests
• Like kind exchange analysis under IRC 1031
• International structuring
• Estate and gift planning
• Litigation support
• Tax controversy, dispute and audit assistance
• Cost segregation studies
Accounting and Auditing Services
• Delivery of audited, reviewed and compiled
financial statements
• Attestation and special-purpose reports
• Operating and/or escalation audits
• Forecasts, projections and budgets
• Certiorari reports
• GAAP and GAAS consulting
• Cost certifications
• Tax credit audits
• Fraud investigation and litigation support
• Government auditing standards consulting
• SEC Reporting
• Appraisal services
• Technology consulting
• Assistance going public

8. WHAT WE DO
Real Estate Services | markspaneth.com
8
Restructuring and Debt Workout Services
• Evaluate viability of operations
• Prepare financial projections
• Cash flow management and modeling
• Assess the financial feasibility of plans
• Due diligence
• Debt forgiveness and restructuring
• Financial reporting
• Facilitation of bank financing
Affordable and Low-Income Housing Services
• HCCP Certified Group of professionals
• Application pre-scoring to optimize the
likelihood of obtaining tax credits
• Preparation and review of tax credit
applications
• 95-5 Certification
• HUD financial statement and compliance
audits
• Cost certification and advice on refinancing
• Certification for carryover allocation
• Mark-to-market accounting

9. WHAT WE DO
Real Estate Services | markspaneth.com
9
Foreign Desk Services
• Global tax structuring and planning
• Business plan development and modeling
• Advisory with and coordination of EB-5
investments
• Evaluate alternative investment markets
• Transfer pricing and operating model creation
• Assistance with financial reporting
• Business and financial instrument valuations
• Participation in contract negotiations
• Assistance with raising capital and private
placements
• Convert foreign filings for use in US private
placements
• Assistance with the SEC registration process
Lease Audit and Lease Administration Services
• Revenue maximization and recovery
• Audit contingent rent calculations
• Lease compliance reviews
• Participate in settlement negotiations
• Lease abstraction and data validation
• Lease structuring and review
• Acquisition due diligence
• Litigation support
• Review of cash flow models
• Lease administration, including best practices
and process re-engineering
• Review of internally prepared contingent rent
calculations including CAM, operating and real
estate escalation pools

10. Real Estate Services I markspaneth.com
10
SOME OF OUR CLIENTS

11. HERE’S WHAT OUR CLIENTS ARE SAYING ABOUT US
Real Estate Services | markspaneth.com
11
“In launching a first-of-its-kind infrastructure
REIT with utility assets, we turned to Marks
Paneth to establish compliance policies and
processes to address new capitalization
regulations. The REIT experience and industry
connections they brought to the table gave us
great confidence in rolling out our
compliance practices.”
– Greg Imhoff,
InfraREIT, Inc.
Real Estate Services | markspaneth.com
11
“We have used Marks Paneth for our
accounting needs since the company
was founded in 2003. They
consistently deliver quality audits at
affordable pricing and have trained our
staff to prepare the majority of our
financial statements, which saves both
time and money. Over the years, we’ve
had many intricate situations arise and
Marks Paneth is always accessible,
even on short notice to answer critical
questions for us.”
– Richard Mandel , President,
Ramsfield Hospitality Finance, LLC
“Marks Paneth is a valued member of
our team – we’ve been using them for
tax advisory, core compliance and
assurance projects for over 30 years.
Their client service is consistently
outstanding and their technical
knowledge and understanding of our
industry is second to none.”
– Marc Nachwalter, Controller,
The Winter Organization
“We have been in the real
estate business for three
generations and Marks Paneth
has been with us for over 60
years. They have helped us
with sound, timely advice and
have helped us avoid some
major pitfalls. They are
knowledgeable, honest and
always available. In the rapidly
changing world, we know
Marks Paneth is on the cutting
edge of the real estate industry
and appreciate having them on
our side.”
– Harvey & Martin Kalt,
Harvey Kalt & Son
“As a client of the Marks Paneth for over
30 years I have benefited from their
support and wisdom in building my
business. I can’t think of another firm I
would rather be with and look forward
to our relationship continuing with my
children.”
– Jon Estreich, Founder, Estreich &
Company
“Our firm represented a client in a
complicated lease dispute and I needed
an accountant as an expert witness who
understood and could explain complex
lease accounting concepts to a judge.
Marks Paneth had exactly the skills and
knowledge I needed. They were able to
reduce complex accounting principles to
their essential elements and their
thorough analysis and knowledge of
commercial leases allowed us to prevail in
the litigation. They have continued to
assist the client with lease-related issues.”
– Jason Shaw, Esq., Partner
Whiteman, Osterman & Hanna LLP

12. Real Estate Services | markspaneth.com
14
REAL ESTATE GROUP PARTNERS
William Jennings
PARTNER-IN-CHARGE
wjennings@markspaneth.com
212-503-8958
Tim Andrews
tandrews@markspaneth.com
212-503-6398
Vincent Barra
vbarra@markspaneth.com
212-503-6385
Alan Blecher
ablecher@markspaneth.com
212-201-3197
Lawrence Cohen
lcohen@markspaneth.com
212-503-8855
Marc Despagni
mdespagni@markspaneth.com
516-992-5726
Brad Eckstein
beckstein@markspaneth.com
516-992-5880
Isidor Hefter
Ihefter@markspaneth.com
212-324-7076
Michael Hurwitz
mhurwitz@markspaneth.com
212-201-2230
Joseph Klein
jklein@markspaneth.com
212-201-3220
Dov Klein
dklein@markspaneth.com
212-324-7073

13. Real Estate Services | markspaneth.com
14
REAL ESTATE GROUP PARTNERS
Andrew Kubrick
akubrick@markspaneth.com
516-992-5877
Vivian Martinez
vmartinez@markspaneth.com
516-992-5776
Avery E. Neumark
aneumark@markspaneth.com
212-324-7085
Michael Saul
msaul@markspaneth.com
516-992-5804
Abe Schlisselfeld
aschlisselfeld@markspaneth.com
212-201-3159
Neil A. Sonenberg
nsonenberg@markspaneth.com
212.324.7070
Mendy Schmookler
mschmookler@markspaneth.com
212.201.3098
Michael Siino
msiino@markspaneth.com
212-503-6230
Howard Warshaw
hwarshaw@markspaneth.com
212-710-1673

14. Real Estate Services | markspaneth.com
14
Marks Paneth LLP provides public and private businesses with a full range of auditing, accounting, tax,
consulting, trade remediation and valuation services, as well as litigation and corporate financial
advisory services to domestic and international clients.
We also specialize in providing tax advisory and consulting for high-net-worth individuals and their
families, as well as a wide range of services for international, real estate, media, entertainment,
nonprofit and medical practice clients. We have a strong track record supporting emerging growth
companies, entrepreneurs, business owners and investors as they navigate the business life cycle.
Our subsidiary, Tailored Technologies, LLC, provides information technology consulting services. In
addition, our membership in Morison International, a leading international association for independent
business advisers, financial consulting and accounting firms, facilitates service delivery to clients
throughout the US and around the world.
MARKS PANETH LLP
Who We Are

15. WE ARE COMMITTED TO YOUR SUCCESS
Our priority is to help you make smart decisions at every turn.