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0001193125-16-573845.txt : 20160503 0001193125-16-573845.hdr.sgml : 20160503 20160503083130 ACCESSION NUMBER: 0001193125-16-573845 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 58 CONFORMED PERIOD OF REPORT: 20160331 FILED AS OF DATE: 20160503 DATE AS OF CHANGE: 20160503 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Reis, Inc. CENTRAL INDEX KEY: 0001038222 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-BUSINESS SERVICES, NEC [7389] IRS NUMBER: 133926898 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-12917 FILM NUMBER: 161613696 BUSINESS ADDRESS: STREET 1: 530 FIFTH AVENUE STREET 2: 5TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10036 BUSINESS PHONE: 2129211122 MAIL ADDRESS: STREET 1: 530 FIFTH AVENUE STREET 2: 5TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10036 FORMER COMPANY: FORMER CONFORMED NAME: WELLSFORD REAL PROPERTIES INC DATE OF NAME CHANGE: 19970423 10-Q 1 d160632d10q.htm FORM 10-Q Form 10-Q

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 10-Q

þ	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2016

¨	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to .

Commission File Number 001-12917

REIS, INC.

(Exact Name of Registrant as Specified in Its Charter)


Maryland				13-3926898
(State or Other Jurisdiction of Incorporation or Organization)				(I.R.S. Employer Identification No.)

530 Fifth Avenue, New York, NY				10036
(Address of Principal Executive Offices)				(Zip Code)

(212) 921-1122

(Registrant’s Telephone Number, Including Area Code)

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or such shorter period that the Registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. Yes þ No ¨

Indicate by check mark whether the Registrant has submitted electronically and posted on its corporate website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the Registrant was required to submit and post such files). Yes þ No ¨

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):


Large accelerated filer ¨	Accelerated filer þ	Non-accelerated filer ¨	Smaller reporting company ¨
		(Do not check if a smaller reporting company)

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ¨ No þ

The number of the Registrant’s shares of common stock outstanding was 11,316,326 as of April 26, 2016.

TABLE OF CONTENTS


		Page Number
PART I. FINANCIAL INFORMATION:

Item 1.	Financial Statements

	Consolidated Balance Sheets at March 31, 2016 (unaudited) and December 31, 2015	3
	Consolidated Statements of Operations (unaudited) For the Three Months Ended March 31, 2016 and 2015	4
	Consolidated Statement of Changes in Stockholders’ Equity (unaudited) For the Three Months Ended March 31, 2016	5
	Consolidated Statements of Cash Flows (unaudited) For the Three Months Ended March 31, 2016 and 2015	6
	Notes to Consolidated Financial Statements (unaudited)	7

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	18
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	30
Item 4.	Controls and Procedures	30

PART II. OTHER INFORMATION:

Item 1.	Legal Proceedings	30
Item 1A.	Risk Factors	30
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	31
Item 3.	Defaults Upon Senior Securities	31
Item 4.	Mine Safety Disclosures	31
Item 5.	Other Information	31
Item 6.	Exhibits	31

Signatures		32

Part I. Financial Information

Item 1. Financial Statements.

REIS, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS


	March 31, 2016		December 31, 2015
	(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$	28,910,705	$	28,657,956
Restricted cash and investments		212,268		212,268
Accounts receivable, net		7,107,240		13,741,169
Prepaid and other assets		1,114,240		670,339

Total current assets		37,344,453		43,281,732
Furniture, fixtures and equipment, net of accumulated depreciation of $2,533,158 and $2,449,985, respectively		1,529,107		804,427
Intangible assets, net of accumulated amortization of $40,116,778 and $38,738,292, respectively		16,297,789		15,686,954
Deferred tax asset, net		17,689,737		18,429,737
Goodwill		54,824,648		54,824,648
Other assets		342,550		171,728

Total assets	$	128,028,284	$	133,199,226


LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Current portion of debt	$	—	$	—
Accrued expenses and other liabilities		4,197,652		5,898,226
Deferred revenue		22,268,396		25,291,499
Liabilities attributable to discontinued operations		—		145,737

Total current liabilities		26,466,048		31,335,462
Other long-term liabilities		279,799		284,316

Total liabilities		26,745,847		31,619,778

Commitments and contingencies
Stockholders’ equity:
Common stock, $0.02 par value per share, 101,000,000 shares authorized, 11,316,326 and 11,256,405 shares issued and outstanding, respectively		226,326		225,128
Additional paid in capital		107,136,520		107,102,433
Retained earnings (deficit)		(6,080,409)		(5,748,113)

Total stockholders’ equity		101,282,437		101,579,448

Total liabilities and stockholders’ equity	$	128,028,284	$	133,199,226

See Notes to Consolidated Financial Statements

REIS, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)


	For the Three Months Ended March 31,
	2016		2015

Subscription revenue	$	12,823,752	$	11,130,778
Cost of sales of subscription revenue		2,461,571		2,185,440

Gross profit		10,362,181		8,945,338

Operating expenses:
Sales and marketing		2,667,992		2,653,014
Product development		1,005,284		862,754
General and administrative expenses		4,084,711		3,321,076

Total operating expenses		7,757,987		6,836,844

Other income (expenses):
Interest and other income		8,256		7,089
Interest expense		(21,325)		(28,213)

Total other income (expenses)		(13,069)		(21,124)

Income before income taxes and discontinued operations		2,591,125		2,087,370
Income tax expense		987,000		794,000

Income from continuing operations		1,604,125		1,293,370
Loss from discontinued operations, net of income tax expense (benefit) of $— and $(47,000), respectively		—		(71,354)

Net income	$	1,604,125	$	1,222,016


Per share amounts – basic:
Income from continuing operations	$	0.14	$	0.12

Net income	$	0.14	$	0.11


Per share amounts – diluted:
Income from continuing operations	$	0.14	$	0.11

Net income	$	0.14	$	0.10


Weighted average number of common shares outstanding:
Basic		11,283,752		11,190,683

Diluted		11,725,806		11,692,564


Dividends declared per common share	$	0.17	$	0.14

See Notes to Consolidated Financial Statements

REIS, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY

FOR THE THREE MONTHS ENDED MARCH 31, 2016

(Unaudited)


	Common Shares				Paid in		Retained Earnings		Total Stockholders’
	Shares		Amount		Capital		(Deficit)		Equity

Balance, January 1, 2016		11,256,405	$	225,128	$	107,102,433	$	(5,748,113)	$	101,579,448

Shares issued for vested employee restricted stock units		52,421		1,048		(1,048)		—		—
Shares issued for option exercises		7,500		150		77,850		—		78,000
Stock based compensation, net		—		—		(42,715)		—		(42,715)
Dividends		—		—		—		(1,936,421)		(1,936,421)
Net income		—		—		—		1,604,125		1,604,125

Balance, March 31, 2016		11,316,326	$	226,326	$	107,136,520	$	(6,080,409)	$	101,282,437

See Notes to Consolidated Financial Statements

REIS, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)


	For the Three Months Ended March 31,
	2016		2015

CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	1,604,125	$	1,222,016
Adjustments to reconcile to net cash provided by operating activities:
Deferred tax provision		864,000		709,000
Depreciation		112,870		105,958
Amortization of intangible assets		1,378,486		1,221,190
Stock based compensation charges		534,444		446,244
Changes in assets and liabilities:
Restricted cash and investments		—		(131)
Accounts receivable, net		6,633,929		6,855,043
Prepaid and other assets		(354,080)		(117,523)
Accrued expenses and other liabilities		(1,675,828)		(1,593,205)
Deferred revenue		(3,023,103)		(1,568,506)

Net cash provided by operating activities		6,074,843		7,280,086


CASH FLOWS FROM INVESTING ACTIVITIES:
Website and database development costs		(2,164,321)		(1,082,189)
Furniture, fixtures and equipment additions		(839,641)		(58,452)

Cash (used in) investing activities		(3,003,962)		(1,140,641)


CASH FLOWS FROM FINANCING ACTIVITIES:
Dividends		(1,936,421)		(1,581,639)
Proceeds from option exercises		—		56,250
Payments for option cancellations and restricted stock units		(701,159)		(992,971)
Payment of financing costs		(180,552)		—

Net cash (used in) financing activities		(2,818,132)		(2,518,360)

Net increase in cash and cash equivalents		252,749		3,621,085
Cash and cash equivalents, beginning of period		28,657,956		17,745,077

Cash and cash equivalents, end of period	$	28,910,705	$	21,366,162


SUPPLEMENTAL INFORMATION:
Cash paid during the period for interest	$	6,389	$	6,389

Cash paid during the period for income taxes	$	288,011	$	164,700


SUPPLEMENTAL SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:

Accrual for website and database development costs	$	175,000

Disposal of fully depreciated furniture, fixtures and equipment	$	29,697	$	45,286

Shares issued for vested employee restricted stock units	$	1,048	$	1,297

Shares issued for option exercises	$	150

Proceeds receivable from option exercises	$	78,000

Proceeds receivable from furniture, fixtures and equipment disposal	$	2,091

See Notes to Consolidated Financial Statements

REIS, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

1.	*Organization and Business*

Reis, Inc. is a Maryland corporation. When we refer to “Reis” or the “Company,” we are referring to Reis, Inc. and its consolidated subsidiaries. The Company provides commercial real estate market information and analytical tools to real estate professionals, through its Reis Services subsidiary. For disclosure and financial reporting purposes, this business is referred to as the Reis Services segment.

Reis Services

Reis Services, including its predecessors, was founded in 1980. Reis maintains a proprietary database containing detailed information on commercial properties in metropolitan markets and neighborhoods throughout the U.S. The database contains information on apartment, office, retail, warehouse/distribution, flex/research & development, self storage, seniors housing and student housing properties, and is used by real estate 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.

The Company’s product portfolio features: Reis SE, its flagship delivery platform aimed at larger and mid-sized enterprises; ReisReports, aimed at prosumers and smaller enterprises; and Mobiuss Portfolio CRE, or Mobiuss, aimed primarily at risk managers and credit administrators at banks and non-bank lending institutions. It is through these products that Reis provides online access to a proprietary database of commercial real estate information and analytical tools designed to facilitate debt and equity transactions as well as ongoing asset and portfolio evaluations. Depending on the product or level of entitlement, users have access to market trends and forecasts at metropolitan and neighborhood levels throughout the U.S. and/or detailed building-specific information such as rents, vacancy rates, lease terms, property sales, new construction listings and property valuation estimates. Reis’s products are designed to meet the demand for timely and accurate information to support the decision making of property owners, developers, builders, banks and non-bank lenders, equity investors and service providers. These real estate professionals require access to timely information on both the performance and pricing of assets, including detailed data on market transactions, supply, absorption, rents and sale prices. This information is critical to all aspects of valuing assets and financing their acquisition, development and construction.

Discontinued Operations – Residential Development Activities

Prior to May 2007, the name of the Company was Wellsford Real Properties, Inc. (“Wellsford”). Wellsford, which was originally formed on January 8, 1997, acquired the Reis Services business by merger in May 2007 (the “Merger”). Wellsford’s primary operating activities immediately prior to the Merger, and conducted through its subsidiaries, were the development, construction and sale of three residential projects and its approximate 23% ownership interest in the Reis Services business. The Company completed the sale of the remaining residential units and homes at its projects or divested of the remaining residential projects in bulk sales by April 2011. In 2012, the Company settled construction defect litigation at its Colorado project and in 2015, finalized its efforts to recover funds from other responsible parties involved in the design, development, construction and supervision of the Colorado project as more fully described in Note 3.

2.	*Summary of Significant Accounting Policies*

Basis of Presentation

Principles of Consolidation

The accompanying consolidated financial statements include the accounts of the Company and its majority-owned and controlled subsidiaries. Investments in entities where the Company does not have a controlling interest are accounted for under the equity method of accounting. These investments were initially recorded at cost and were subsequently adjusted for the Company’s proportionate share of the investment’s income (loss) and additional contributions or distributions. All inter-company accounts and transactions among the Company and its subsidiaries have been eliminated in consolidation.

REIS, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited) (continued)

Summary of Significant Accounting Policies (continued)

Quarterly Reporting

The accompanying consolidated financial statements and notes of the Company have been prepared in accordance with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X promulgated by the Securities and Exchange Commission (“SEC”). Accordingly, certain information and footnote disclosures normally included in financial statements prepared under Generally Accepted Accounting Principles in the United States (“GAAP”) have been condensed or omitted pursuant to such rules. In the opinion of management, all adjustments considered necessary for a fair presentation of the Company’s balance sheets, statements of operations, statement of changes in stockholders’ equity and statements of cash flows have been included and are of a normal and recurring nature. These consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s annual report on Form 10-K for the year ended December 31, 2015, as filed with the SEC on March 3, 2016. The consolidated statements of operations and cash flows for the three months ended March 31, 2016 and 2015 are not necessarily indicative of full year results.

Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

From time to time, the Company has been, is or may in the future be a defendant in various legal actions arising in the normal course of business. The Company records a provision for a liability when it is both probable that a liability has been incurred and the amount of loss can be reasonably estimated. The outcome of any litigation is uncertain; it is possible that a judgment in any legal actions to which the Company is a party, or which are proposed or threatened, will have a material adverse effect on the consolidated financial statements. See Note 10.

New Accounting Pronouncements

In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”). ASU 2014-09 affects any entity that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of nonfinancial assets. Under ASU 2014-09, an entity will recognize revenue when it transfers promised goods or services to customers in an amount that reflects what it expects in exchange for the goods or services. ASU 2014-09 is effective for annual periods beginning after December 15, 2017. The Company is currently evaluating the impact the adoption of ASU 2014-09 will have on its consolidated financial statements and disclosures.

In August 2014, the FASB issued ASU 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (“ASU 2014-15”). ASU 2014-15 defines management’s responsibility to evaluate whether there is substantial doubt about an organization’s ability to continue as a going concern and to provide related footnote disclosures. ASU 2014-15 is effective for annual periods ending after December 15, 2016 and interim periods within annual periods beginning after December 15, 2016. The Company expects that the adoption of ASU 2014-15 will not have a material impact on its consolidated financial statements and disclosures.

In February 2015, the FASB issued ASU 2015-02, Consolidation (Topic 810), Amendments to the Consolidation Analysis (“ASU 2015-02”). ASU 2015-02 eliminates the deferral of FAS 167 and makes changes to both the variable interest model and the voting model. For public business entities, the guidance is effective for annual and interim periods beginning after December 15, 2015. The Company has adopted ASU 2015-02 as of January 1, 2016. The adoption of ASU 2015-02 did not have a material impact on the Company’s financial condition, results of operations, or disclosures.

REIS, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited) (continued)

Summary of Significant Accounting Policies (continued)

within those fiscal years. A modified retrospective transition approach is required for lessees for capital and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. The Company is currently evaluating the impact the pending adoption of ASU 2016-02 will have on its consolidated financial statements and disclosures.

In March 2016, the FASB issued ASU 2016-09, Compensation-Stock Compensation (“ASU 2016-09”). Under ASU 2016-09, entities will be required to recognize the income tax effects of awards in the income statement when the awards vest or are settled. The guidance on employers’ accounting for an employee’s use of shares to satisfy the employer’s statutory income tax withholding obligation and for forfeitures is also changing. For public business entities, ASU 2016-09 is effective for fiscal years beginning after December 15, 2016, and interim periods within those years. Early adoption is permitted, but all of the guidance must be adopted in the same period. The Company is currently evaluating the impact the adoption of ASU 2016-09 will have on its consolidated financial statements and disclosures.

Reclassification

Amounts in certain accounts as presented in the condensed balance sheet data and condensed operating data in Note 3 have been reclassified to conform to the current period presentation.

REIS, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited) (continued)

3.	*Segment Information*

The Company is organized into separately managed segments as follows: the Reis Services segment and other. The following tables present condensed balance sheet and operating data for these segments:


(amounts in thousands)
Condensed Balance Sheet Data March 31, 2016	Reis Services		Other (A)		Consolidated

Assets
Current assets:
Cash and cash equivalents	$	28,714	$	197	$	28,911
Restricted cash and investments		212		—		212
Accounts receivable, net		7,107		—		7,107
Prepaid and other assets		917		197		1,114

Total current assets		36,950		394		37,344
Furniture, fixtures and equipment, net		1,525		4		1,529
Intangible assets, net		16,298		—		16,298
Deferred tax asset, net		285		17,405		17,690
Goodwill		57,203		(2,378)		54,825
Other assets		342		—		342

Total assets	$	112,603	$	15,425	$	128,028

Liabilities and stockholders’ equity
Current liabilities:
Current portion of debt	$	—	$	—	$	—
Accrued expenses and other liabilities		3,190		1,008		4,198
Deferred revenue		22,268		—		22,268

Total current liabilities		25,458		1,008		26,466
Other long-term liabilities		280		—		280
Deferred tax liability, net		30,973		(30,973)		—

Total liabilities		56,711		(29,965)		26,746
Total stockholders’ equity		55,892		45,390		101,282

Total liabilities and stockholders’ equity	$	112,603	$	15,425	$	128,028

Condensed Balance Sheet Data December 31, 2015	Reis Services		Other (A)		Consolidated

Assets
Current assets:
Cash and cash equivalents	$	28,465	$	193	$	28,658
Restricted cash and investments		212		—		212
Accounts receivable, net		13,741		—		13,741
Prepaid and other assets		417		253		670

Total current assets		42,835		446		43,281
Furniture, fixtures and equipment, net		798		6		804
Intangible assets, net		15,687		—		15,687
Deferred tax asset, net		285		18,145		18,430
Goodwill		57,203		(2,378)		54,825
Other assets		172		—		172

Total assets	$	116,980	$	16,219	$	133,199

Liabilities and stockholders’ equity
Current liabilities:
Current portion of debt	$	—	$	—	$	—
Accrued expenses and other liabilities		4,502		1,397		5,899
Deferred revenue		25,291		—		25,291
Liabilities attributable to discontinued operations		—		146		146

Total current liabilities		29,793		1,543		31,336
Other long-term liabilities		284		—		284
Deferred tax liability, net		29,498		(29,498)		—

Total liabilities		59,575		(27,955)		31,620
Total stockholders’ equity		57,405		44,174		101,579

Total liabilities and stockholders’ equity	$	116,980	$	16,219	$	133,199

(A)

Includes the assets and liabilities of the Company’s discontinued operations, to the extent that such assets and liabilities existed at the date presented, and includes cash, other assets and liabilities not specifically attributable to or allocable to the Reis Services segment.

REIS, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited) (continued)

Segment Information (continued)

(amounts in thousands)


Condensed Operating Data for the Three Months Ended March 31, 2016	Reis Services		Other (A)		Consolidated

Subscription revenue	$	12,824	$	—	$	12,824
Cost of sales of subscription revenue		2,462		—		2,462

Gross profit		10,362		—		10,362

Operating expenses:
Sales and marketing		2,668		—		2,668
Product development		1,005		—		1,005
General and administrative expenses		2,796		1,289		4,085

Total operating expenses		6,469		1,289		7,758
Other income (expenses):
Interest and other income		8		—		8
Interest expense		(21)		—		(21)

Total other income (expenses)		(13)		—		(13)

Income (loss) before income taxes and discontinued operations	$	3,880	$	(1,289)	$	2,591


Income (loss) from discontinued operations, before income taxes	$	—	$	—	$	—


Condensed Operating Data for the Three Months Ended March 31, 2015	Reis Services		Other (A)		Consolidated

Subscription revenue	$	11,131	$	—	$	11,131
Cost of sales of subscription revenue		2,186		—		2,186

Gross profit		8,945		—		8,945

Operating expenses:
Sales and marketing		2,653		—		2,653
Product development		863		—		863
General and administrative expenses		2,160		1,161		3,321

Total operating expenses		5,676		1,161		6,837
Other income (expenses):
Interest and other income		7		—		7
Interest expense		(28)		—		(28)

Total other income (expenses)		(21)		—		(21)

Income (loss) before income taxes and discontinued operations	$	3,248	$	(1,161)	$	2,087


(Loss) from discontinued operations, before income taxes	$	—	$	(118)	$	(118)


(A)		Includes the results of the Company’s discontinued operations, to the extent that such operations existed during the periods presented, and includes interest and other income, depreciation expense and general and administrative expenses that have not been allocated to the Reis Services segment.

In the first quarter of 2016, the Company changed the segment presentation to combine the discontinued operations segment with other. The reason for this change in presentation is the result of the completion of the discontinued operating activities in 2015 and to simplify the presentation on a comparable basis.

REIS, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited) (continued)

Segment Information (continued)

Reis Services

See Note 1 for a description of Reis Services’s business and products at March 31, 2016.

The Company’s largest individual subscriber accounted for 11.4% and 2.7% of Reis Services’s revenue for the three months ended March 31, 2016 and 2015, respectively.

The following table presents the accounts receivable balances of Reis Services at March 31, 2016 and December 31, 2015:


	March 31, 2016		December 31, 2015

Accounts receivable	$	7,216,000	$	13,828,000
Allowance for doubtful accounts		(109,000)		(87,000)

Accounts receivable, net	$	7,107,000	$	13,741,000

Fifteen subscribers accounted for an aggregate of approximately 49.2% of Reis Services’s accounts receivable at March 31, 2016, with the largest representing 11.4%. Through April 27, 2016, the Company received payments of approximately $3,726,000, or 51.6%, against the March 31, 2016 accounts receivable balance.

At March 31, 2016, the largest individual subscriber accounted for 3.5% of deferred revenue.

Discontinued Operations – Residential Development Activities

Income (loss) from discontinued operations was comprised of the following in the 2015 period (there were no discontinued operations activities in the 2016 period):


	For the Three Months Ended March 31, 2015

Litigation recoveries	$	—
Other (expense), net		(118,000)

(Loss) from discontinued operations before income tax		(118,000)
Income tax (benefit) from discontinued operations		(47,000)

(Loss) from discontinued operations, net of income tax (benefit)	$	(71,000)

In September 2009, the Company sold the final unit at Gold Peak, the final phase of Palomino Park, a five phase multifamily residential development in Highlands Ranch, Colorado. Gold Peak was a 259-unit condominium project on the remaining 29 acre land parcel at Palomino Park. On March 13, 2012, in connection with litigation regarding construction defects at the Gold Peak project, a jury rendered its verdict whereby Reis, one of its subsidiaries (Gold Peak at Palomino Park LLC, the developer of the project (“GP LLC”)), and the construction manager/general contractor for the project (Tri-Star Construction West, LLC (“Tri-Star”)) were found jointly and severally liable for an aggregate of $18,200,000, plus other costs of approximately $756,000. On June 20, 2012, following denial of all of the defendants’ post-trial motions, Reis and its subsidiaries reached a settlement with the plaintiff, the Gold Peak Homeowners Association, (“GP HOA”) providing for a total payment of $17,000,000. Of this amount, $5,000,000 was paid on August 3, 2012 and the remaining $12,000,000 was paid on October 15, 2012, in accordance with the settlement terms. Subsequent to that date, the Company began recovery efforts against other responsible parties involved in the design, development, construction and supervision of the Gold Peak project.

As of December 31, 2015, the Company entered into the final settlement agreement related to its Gold Peak recovery efforts, bringing closure to this process. In summary, recovery efforts from the fourth quarter of 2012 through December 31, 2015 have resulted in cash collections aggregating approximately $5,658,000 from multiple insurance carriers, trial attorneys, an insurance broker and other responsible parties involved in the design, development, construction and supervision of the Gold Peak project. No recoveries occurred in the three months ended March 31, 2015. Other expenses in that period primarily reflect legal and other professional costs incurred related to the Gold Peak litigation recovery efforts.

REIS, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited) (continued)

4.	*Intangible Assets*

The amount of identified intangible assets, including the respective amounts of accumulated amortization, are as follows:


	March 31, 2016		December 31, 2015

Database	$	24,121,000	$	22,790,000
Accumulated amortization		(17,733,000)		(17,121,000)

Database, net		6,388,000		5,669,000

Customer relationships		14,100,000		14,100,000
Accumulated amortization		(8,563,000)		(8,328,000)

Customer relationships, net		5,537,000		5,772,000

Website		15,393,000		14,735,000
Accumulated amortization		(11,125,000)		(10,669,000)

Website, net		4,268,000		4,066,000

Acquired below market lease		2,800,000		2,800,000
Accumulated amortization		(2,695,000)		(2,620,000)

Acquired below market lease, net		105,000		180,000

Intangibles, net	$	16,298,000	$	15,687,000

The Company capitalized approximately $1,331,000 and $596,000 to the database intangible asset and $658,000 and $486,000 to the website intangible asset during the three months ended March 31, 2016 and 2015, respectively.

Amortization expense for intangible assets aggregated approximately $1,378,000 for the three months ended March 31, 2016, of which approximately $612,000 related to the database, which is charged to cost of sales, approximately $235,000 related to customer relationships, which is charged to sales and marketing expense, approximately $456,000 related to website development, which is charged to product development expense, and approximately $75,000 related to the value ascribed to the below market terms of the office lease, which is charged to general and administrative expense, all in the Reis Services segment. Amortization expense for intangible assets aggregated approximately $1,221,000 for the three months ended March 31, 2015, of which approximately $482,000 related to the database, approximately $238,000 related to customer relationships, approximately $425,000 related to website development and approximately $76,000 related to the value ascribed to the below market terms of the office lease.

5.	*Debt*

The Company had no debt outstanding at March 31, 2016 and December 31, 2015.

In October 2012, Reis Services, as borrower, and the Company, as guarantor, entered into a loan and security agreement with Capital One, National Association, as lender (“Capital One”), for a $10,000,000 revolving credit facility (the “2012 Revolver”). The 2012 Revolver had a three year term scheduled to expire on October 16, 2015; however, the expiration date was extended to January 31, 2016. On January 28, 2016, Reis Services and Capital One executed an amended and restated loan and security agreement for a $20,000,000 revolving credit facility with terms substantially similar to the 2012 Revolver (the “2016 Revolver,” and collectively with the 2012 Revolver, the “Revolver”). The 2016 Revolver expires on January 28, 2019. Any borrowings on the Revolver bear interest at a rate of LIBOR + 2.00% per annum (for LIBOR loans) or the greater of 1.00% or the bank’s prime rate minus 0.50% per annum (for base rate loans). Capital One charges an unused facility fee of 0.25% per annum. The Revolver is secured by a security interest in substantially all of the tangible and intangible assets of Reis Services, all copyrights of the Company and a pledge by the Company of its membership interests in Reis Services. The Revolver also contains customary affirmative and negative covenants, including minimum financial covenants, as defined in the amended and restated revolving loan credit agreement; all of the covenants were met at March 31, 2016 and December 31, 2015. No borrowings were made on the Revolver during the three months ended March 31, 2016 and during the year ended December 31, 2015.

REIS, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited) (continued)

6.	*Income Taxes*

The components of income tax expense (benefit) are as follows:


	For the Three Months Ended March 31,
	2016		2015

Current Federal alternative minimum tax (“AMT”) expense	$	62,000	$	38,000
Current state and local tax expense		61,000		—
Deferred Federal tax expense (A)		811,000		622,000
Deferred state and local tax expense		53,000		87,000

Consolidated income tax expense, including taxes attributable to discontinued operations (B)		987,000		747,000
Less income tax expense (benefit) attributable to discontinued operations		—		(47,000)

Income tax expense (C)	$	987,000	$	794,000



(A)		Includes an AMT (benefit) of $(62,000) in 2016 and $(38,000) in 2015.
(B)		Includes income tax (benefit) attributable to (loss) from discontinued operations.
(C)		Reflects the tax expense from continuing operations as reported on the consolidated statements of operations for the periods presented.

During March 2014, New York State enacted a law to (1) reduce corporate tax rates, effective in future years and (2) change the method of determining the availability and use of NOLs existing at December 31, 2014. In April 2015, New York City enacted a law which substantially conforms with the New York State changes. As a consequence, the Company evaluated all elements affecting the balance of its net deferred tax assets in the respective periods, including the availability of New York State and New York City NOL carryforwards.

Due to the amount of its NOL and credit carryforwards, the Company does not anticipate paying Federal income taxes for a number of years. The Company expects, in the future, that it will be subject to cash payments for Federal AMT and for a portion of its state and local income taxes as the changed New York State and New York City laws limit the amount of existing NOLs which could be used each year.

Deferred income taxes reflect the net tax effects of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The net deferred tax asset was approximately $17,690,000 and $18,430,000 at March 31, 2016 and December 31, 2015, respectively, all of which was classified as non-current in accordance with ASU 2015-17. The significant portion of the deferred tax items relates to deferred tax assets including NOL carryforwards, Federal AMT credit carryforwards and stock based compensation, with the remainder of the deferred tax items relating to liabilities resulting from the intangible assets recorded at the time of the Merger.

The Company had Federal NOL carryforwards aggregating approximately $46,018,000 at December 31, 2015, as well as significant state and local NOL carryforwards. These NOLs included amounts generated subsequent to the Merger (including a substantial NOL realized during the year ended December 31, 2012 as a result of the Gold Peak litigation settlement, discussed in Note 3), losses from the Reis Services business prior to the Merger and the Company’s operating losses prior to the Merger. Approximately $13,300,000 of these Federal NOLs are subject to an annual Internal Revenue Code Section 382 limitation of $2,779,000, whereas the remaining balance of approximately $32,718,000 is not subject to the limitation. The enactment of the 2014 New York State law and the 2015 New York City law discussed above limit the amount of existing NOLs which could be used each year in those jurisdictions; however, all such NOLs are expected to be fully utilized in the future.

7.	*Stockholders’ Equity*

The Company declared and paid a quarterly dividend of $0.14 per common share for all four quarters of 2015 and increased the dividend declared and paid in the first quarter of 2016 to $0.17 per common share. Dividends paid by the Company aggregated $1,936,000 and $1,582,000 for the three months ended March 31, 2016 and 2015, respectively.

REIS, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited) (continued)

8.	*Stock Plans and Other Incentives*

The Company has adopted certain incentive plans for the purpose of attracting and retaining the Company’s directors, officers and employees by having the ability to issue options, restricted stock units (“RSUs”), or stock awards. Awards granted under the Company’s incentive plans expire ten years from the date of grant and vest over periods ranging generally from three to five years for employees.

Option Awards

The following table presents option activity and other plan data for the three months ended March 31, 2016 and 2015:


	For the Three Months Ended March 31,
	2016				2015
	Options		Weighted- Average Exercise Price		Options		Weighted- Average Exercise Price

Outstanding at beginning of period		547,500	$	9.61		582,500	$	9.52
Granted		—	$	—		—	$	—
Exercised		(7,500)	$	(10.40)		(7,500)	$	(7.50)
Forfeited/cancelled/expired		—	$	—		—	$	—

Outstanding at end of period		540,000	$	9.60		575,000	$	9.55

Options exercisable at end of period		524,000	$	9.33		555,000	$	9.23

RSU Awards

The following table presents the changes in RSUs outstanding for the three months ended March 31, 2016 and 2015:


	For the Three Months Ended March 31,
	2016		2015

Outstanding at beginning of period		254,041		277,973
Granted		117,788		78,722
Common stock delivered (A) (B)		(85,181)		(105,970)
Forfeited		—		(706)

Outstanding at end of period		286,648		250,019


Intrinsic value (C)	$	6,751,000	$	6,410,000



(A)		The 2016 period includes 32,760 shares which were used to settle minimum employee withholding tax obligations for 29 employees of approximately $701,000 in 2016. A net of 52,421 shares of common stock were delivered in 2016.
(B)		The 2015 period includes 41,136 shares which were used to settle minimum employee withholding tax obligations for 28 employees of approximately $993,000 in 2015. A net of 64,834 shares of common stock were delivered in 2015.
(C)		For purposes of this calculation, the Company’s closing stock prices were $23.55 and $25.64 per share on March 31, 2016 and 2015, respectively.

In the first quarter of 2016, an aggregate of 116,336 RSUs were granted to employees, which RSUs vest one-third a year over three years and had an average grant date fair value of $20.15 per RSU. In the first quarter of 2015, an aggregate of 77,405 RSUs were granted to employees, which RSUs vest one-third a year over three years and had a grant date fair value of $22.41 per RSU.

In each case, the grant date fair value was determined based on the closing stock price of the Company’s common stock on the applicable date of grant and considers the impact of dividend payments. The awards granted to employees in 2016 and 2015 are treated as equity awards and the grant date fair value is charged to compensation expense at the corporate level on a straight-line basis over the vesting periods. Dividends are not paid or accrued on unvested employee RSUs.

REIS, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited) (continued)

Stock Plans and Other Incentives (continued)

the quarter for which the RSUs were being received as compensation. The RSUs are immediately vested, but are not deliverable to the non-employee directors until six months after termination of their service as a director. Dividends are paid on RSUs granted to non-employee directors.

Option and RSU Expense Information

The Company recorded non-cash compensation expense of approximately $534,000 and $446,000, respectively, including $34,500 in each period related to non-employee director equity compensation, for the three months ended March 31, 2016 and 2015, respectively, related to all stock options and RSUs accounted for as equity awards, as a component of general and administrative expenses in the statements of operations.

9.	*Earnings Per Common Share*

Basic earnings per common share is computed based upon the weighted average number of common shares outstanding during the period. Diluted earnings per common share is based upon the increased number of common shares that would be outstanding assuming the exercise of dilutive common share options and the consideration of restricted stock awards. The following table details the computation of earnings per common share, basic and diluted:


	For the Three Months Ended March 31,
	2016		2015
Numerator for basic per share calculation:
Income from continuing operations for basic calculation	$	1,604,125	$	1,293,370
Income (loss) from discontinued operations, net of income tax (benefit)		—		(71,354)

Net income for basic calculation	$	1,604,125	$	1,222,016


Numerator for diluted per share calculation:
Income from continuing operations	$	1,604,125	$	1,293,370
Adjustments to income from continuing operations for the impact of dilutive securities		—		—

Income from continuing operations for dilution calculation		1,604,125		1,293,370
Income (loss) from discontinued operations, net of income tax (benefit)		—		(71,354)

Net income for dilution calculation	$	1,604,125	$	1,222,016


Denominator:
Weighted average common shares – basic		11,283,752		11,190,683
Effect of dilutive securities:
RSUs		133,498		155,677
Stock options		308,556		346,204

Weighted average common shares – diluted		11,725,806		11,692,564


Per common share amounts – basic:
Income from continuing operations	$	0.14	$	0.12
Income (loss) from discontinued operations		—		(0.01)

Net income	$	0.14	$	0.11


Per common share amounts – diluted:
Income from continuing operations	$	0.14	$	0.11
Income (loss) from discontinued operations		—		(0.01)

Net income	$	0.14	$	0.10

Potentially dilutive securities include all stock based awards. For the three months ended March 31, 2016 and 2015, only certain equity awards were antidilutive.

REIS, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited) (continued)

10.

Commitments and Contingencies

The Company is not a party to any litigation that could reasonably be foreseen to be material to the Company.

11.

Fair Value of Financial Instruments

At March 31, 2016 and December 31, 2015, the Company’s financial instruments included receivables, payables, accrued expenses, other liabilities and debt. The fair values of these financial instruments, were not materially different from their recorded values at March 31, 2016 and December 31, 2015. The Company had no debt outstanding at March 31, 2016 and December 31, 2015. See Note 5 for additional information about the Company’s debt.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

The following discussion should be read in conjunction with the consolidated financial statements and notes thereto appearing elsewhere in this quarterly report on Form 10-Q.

Organization and Business

Reis Services

Product Overview

Proprietary Databases

Reis develops and maintains three highly curated, proprietary databases which include information on property performance, new construction and sales transactions. The significant characteristics of the Reis databases include:

•

Breadth - coverage of eight property types, including apartment, office, retail, warehouse/distribution, flex/research & development, self storage, seniors housing and student housing properties;

•

Geography - national coverage of up to 275 of the largest U.S. metropolitan CRE markets, over 7,200 discrete market areas and segments with submarket boundaries proprietary to Reis;

•

Depth - captures critical information such as occupancies, rents, rent discounts, tenant improvement allowances, lease terms, expenses, buyer, seller, purchase price, capitalization rate, financing details and other key factors;

•

History - up to 36 years of data through multiple cycles of economic/market peaks and troughs; and

•

Frequency - market and submarket reports available monthly or quarterly and sales comparables and new construction information updated on daily and weekly schedules.

The following table lists the number of metropolitan markets for each of the eight types of commercial real estate covered by Reis:


	March 31,		December 31,
	2016		2015
Apartment (A)		275		275
Office		190		190
Retail		190		190
Warehouse/distribution		47		47
Flex/research & development		47		47
Self storage		50		50
Seniors housing		110		110
Student housing		200		200



(A)		In March 2016, Reis enhanced its apartment coverage with market reports that include new structural details and comparative performance analytics.

Reis continues to expand its property level and market coverage by geography and property type. In 2016, the Company expects to introduce coverage on its ninth property type, affordable housing, with a tenth property type, medical office buildings, scheduled for coverage initiation in 2017. In addition, over the next few quarters, Reis expects to enhance its market reports in all sectors consistent with many of the enhancements made in March 2016 to its apartment market reports. These enhancements include photographs, sector-specific details, contact information, effective rent at the property level, sales transaction history, and numerous illustrative charts and graphs, all to fortify Reis’s position as the preferred source for comparables information among all real estate professionals involved in buying, selling, leasing, or managing real estate assets. Reis expects to add similar details to property level reports in other sectors, while also introducing high level analytical modules that take a broader perspective across markets and geographies. Further development plans include a module that will allow portfolio managers and C-level executives to look for market opportunities based on Reis’s forecasts at the market and submarket level.

Reis’s core property performance database contains information on competitive, income-producing properties in the U.S. apartment, office, retail, warehouse/distribution, flex/research & development, self storage, seniors housing and student housing sectors. On an ongoing basis, Reis surveys and receives data downloads from building owners, leasing agents and managers which include key building performance statistics including, among others: occupancy rates; rents; rent discounts and other concessions; tenant improvement allowances; lease terms; and operating expenses. In addition, Reis processes multiple data sources on commercial real estate, including: public filings databases; tax assessor records; deed transfers; planning boards; and numerous local, regional and national publications and commercial real estate websites. Reis screens and assembles large volumes of data into integrated supply and demand trends on a monthly basis at the neighborhood (submarket) and metropolitan market levels. All collected data are subjected to a rigorous quality assurance and validation process developed over many years. At the property level, surveyors compare the data collected in the current period with data previously collected on that property and similar properties. If any unusual changes in rents and vacancies are identified, follow-up procedures are performed for verification or clarification of the results. All aggregate market data at the submarket and market levels are also subjected to comprehensive quality controls.

In addition to its core property database, Reis develops and maintains a new construction database that identifies and monitors projects that are being added to our covered markets. Detailed tracking of the supply side of the commercial real estate market is critical to projecting performance changes at the market and submarket levels. This database is updated weekly and reports relevant information such as project size, property type, location, status, and estimated completion dates for projects that are planned, proposed or under construction.

Reis also maintains a sales transactions database in up to 277 metropolitan markets. The database captures key information on each transaction, such as buyer, seller, purchase price, capitalization rate and financing details, where available, for transactions valued at greater than $250,000 in each market we cover, for our eight current property types, as well as for hotel properties. The depth of Reis’s transactions data allows it to track capital flows into commercial real estate markets by geography and property type. Reis has identified the expansion and enhancement of its sales transactions database as one of its primary engines of financial growth over the foreseeable future. Key investments will be made in supplying additional geographic coverage, property types, smaller transactions, licensed photographs, and tabular, graphic and textual analysis.

Reis’s long-standing relationships with thousands of data sources, including building owners, property managers and agents, represent a unique and highly valuable asset that has required decades of investment. The Company is recognized by the industry and the business and trade press as the premier source of objective, timely and granular market information, a reputation attributable to two

key factors: (1) Reis is viewed as independent as it does not compete as a broker in the listings space; and (2) Reis information is used by owners and managers in the underwriting, due diligence and marketing of properties, mortgages and real estate backed securities at both the single asset and portfolio levels.

Products and Services

Reis has invested in a robust technology infrastructure to disseminate a number of market information products to meet the demands of a wide variety of commercial real estate professionals, from large financial institutions seeking an integrated commercial real estate portfolio management platform, to a single access user seeking local market intelligence. Reis is committed to consistently upgrading and expanding its product offering to reach new markets and new types of consumers of commercial real estate information.

Reis SE

Reis SE (or sometimes referred to as “Reis Subscriber Edition”), available at www.reis.com, is the Company’s flagship product, designed to assist in market research, due diligence and support of commercial real estate transactions, including loan originations, underwriting, acquisitions, risk assessment (such as loan loss reserves and impairment analyses), portfolio monitoring, asset management and appraisal. Reports are retrievable by street address, property type (apartment, office, retail, warehouse/distribution, flex/research & development, self storage, seniors housing and student housing) or on the market/submarket level and are available as full color, presentation quality documents or in spreadsheet formats.

Key features of Reis SE include:

•

Market Reports - On a monthly basis, Reis provides updated trends and forecasts of rent, vacancy, and inventory for apartment, office, retail, warehouse/distribution, flex/research & development, self storage, seniors housing and student housing property types in up to 275 metropolitan areas and more than 7,200 discrete market areas and segments.

•

Rent Comparables - Based on a user specified area, Reis supplies property level performance data such as rents and vacancies, as well as comparable group summary statistics, including concessions, operating expenses and lease terms.

•

Sales Comparables - Reis maintains a sales comparables database containing transactions in up to 277 metropolitan areas. The database captures key information on each transaction, such as buyer, seller, purchase price, capitalization rate and financing details, where available, for transactions valued at greater than $250,000, for our eight current property types, as well as for hotel properties.

•

Construction Comparables - Reis monitors new projects from the planning stages to opening day to stabilization, capturing the anticipated effect of new competitive inventory on local supply and demand dynamics.

•

Single Property Valuation - Designed to help clients quantify the value and risk associated with their commercial real estate holdings, the valuation module utilizes three valuation methods – discounted cash flow, direct capitalization and sales price per square foot – supported by comparable transactions in the local market.

•

Executive Briefings - Comprehensive summaries that take the form of an analyst’s write-up for hundreds of metropolitan areas, thousands of submarkets, and tens of thousands of individual properties. What a real estate analyst could take days preparing, Reis can generate in seconds.

•

“First Glance” Reports - Quarterly narrative reports provide an early assessment of the apartment, office, retail and industrial sectors across the U.S. and commentary on new construction activity.

•

Quarterly Briefings - Two conference calls each quarter attended by hundreds of Reis subscribers, plus members of the media, during which Reis economists provide an overview of the latest high-level findings and forecasts for the commercial real estate space and capital markets.

•

Real Estate News and Commentary - The Reis “Observer” and news stories selected by Reis analysts from among hundreds of sources to provide news relevant to a particular market and property type.

•

Email Alerts - Customizable email alerts that let users receive proactive updates on markets of interest.

Access to Reis SE is by secure password and can be customized to accommodate the geographic coverage, property type and analytical needs of subscribers. For example, the product can be tailored to provide access to all or only selected markets, property types and report combinations.

ReisReports

ReisReports is a product tailored to meet the needs of smaller enterprises and individuals, professional investors, brokers and appraisers, available at www.ReisReports.com. Although providing subscribers with less content and a more limited number of reports, ReisReports utilizes the same proprietary database that supports Reis SE. ReisReports is available on a monthly or annual subscription basis at affordable price points.

The addressable subscriber market for ReisReports includes hundreds of thousands of prosumers and small enterprises. To expand the total user base of ReisReports, the Company markets through various traditional and online media channels to CRE professionals active in individual metropolitan areas.

Mobiuss Portfolio CRE and Other Portfolio Support Products and Services

Mobiuss enables clients to quickly and thoroughly assess portfolio risks and opportunities by integrating client loan and property information with Reis property and submarket data which is processed through a credit model. The solution is delivered in a web-based, visually engaging interface. Mobiuss is targeted to both debt and equity capital providers active in U.S. commercial real estate and, specifically, to banks with significant CRE loan exposure.

As a loan-level analysis and surveillance platform, Mobiuss enables property valuation, credit analysis, stress testing, benchmarking and portfolio pricing. In addition to providing credit default metrics such as expected losses and probabilities of default at the loan and portfolio levels, outputs include forecasted collateral operating incomes and values under multiple economic scenarios. These features allow clients to integrate internal data to create customizable scenario forecasts to meet regulatory stress testing requirements, set loan loss reserves and monitor their collateral.

The Company has been able to assist financial institutions in the evaluation of their CRE loan portfolios through other means besides Mobiuss, including custom data deliverables and providing data clean-up, advisory and other consulting services. Reis stands ready to assist all client and non-client financial services firms and other real estate professionals however they need information or services.

Data Redistribution / Marketing Alliances

The Company has established data redistribution agreements with information service providers as part of a strategy designed to raise brand awareness and generate sales leads for Reis’s information and services. Over time, third party users may enter into agreements with Reis directly in order to gain access to the full suite of reports and analytical modules. The Company’s data redistribution agreements are typically multi-year contracts in length, do not afford access to Reis’s proprietary database and provide limited views of Reis’s market data. Reis has also established marketing alliances to promote ReisReports to its alliance partners’ members through discounts, email outreach, website advertising and newsletter ads.

Cost of Service

Reis’s data is made available in six ways, with price points that are reflective of the level of content being made available:

•

annual and multi-year subscriptions to Reis SE ranging in price from $1,000 to in excess of $1,000,000, depending upon the subscriber’s line of business and the combination of markets, property types and reports subscribed to; renewals for Reis SE are negotiated in advance of the expiration of an existing contract based on factors such as a subscriber’s historical and projected report consumption;

•

annual and multi-year subscriptions to Mobiuss typically ranging in price from the low tens of thousands of dollars into the hundreds of thousands of dollars;

•

capped Reis SE subscriptions typically ranging in price from $1,000 to $25,000, allowing clients to download a fixed retail value of reports over a period of up to twelve months;

•

subscriptions to ReisReports, which are charged to a credit card, having a retail price in the low hundreds of dollars per month, depending on the level of service subscribed to (monthly or annual pricing options are available);

•

custom data deliverables ranging in price from $1,000 for a specific data element to hundreds of thousands or millions of dollars for custom data deliveries, portfolio valuation and credit analysis; and

•

individual reports, which can be purchased with a credit card, having retail prices up to $999 per report, are available to anyone who visits Reis’s retail website or contacts Reis via telephone, fax or email; however, certain reports are only available with an annual subscription or capped subscription account.

Reis’s revenue model is based primarily on annual subscriptions that are paid in accordance with contractual billing terms. Reis recognizes revenue from its contracts on a ratable basis; for example, one-twelfth of the value of a one-year contract is recognized monthly. In the case of custom data deliverables, revenue is recognized upon completion and delivery to the customers, provided that no significant Company obligations remain.

Other Reis Services Information

For additional information on the Reis Services business, refer to the Company’s annual report on Form 10-K for the year ended December 31, 2015, which was filed with the Securities and Exchange Commission on March 3, 2016.

Additional Segment Financial Information

See Note 3 to the Company’s consolidated financial statements, included in this filing, for additional information regarding the Company’s segments.

Selected Significant Accounting Policies

For a description of our selected significant accounting policies and estimates, see our annual report on Form 10-K for the year ended December 31, 2015.

Critical Business Metrics

Management considers certain metrics in evaluating its consolidated results and the performance of the Reis Services segment. These metrics are revenue, revenue growth, EBITDA (which is earnings (defined as income (loss) from continuing operations) before interest, taxes, depreciation and amortization), EBITDA growth, EBITDA margin, Adjusted EBITDA (which is earnings before interest, taxes, depreciation, amortization and stock based compensation), Adjusted EBITDA growth and Adjusted EBITDA margin. Other important metrics that management considers include the cash flow generation as well as the visibility into future performance as supported by our deferred revenue and other related metrics discussed in this Item 2.

Following is a presentation of revenue, EBITDA and EBITDA margin for the Reis Services segment and revenue, EBITDA, Adjusted EBITDA and the related margins on a consolidated basis (excluding discontinued operations) (see below for a reconciliation of income from continuing operations to EBITDA and Adjusted EBITDA for both the Reis Services segment and on a consolidated basis for each of the periods presented here).


(amounts in thousands, excluding percentages)
	For the Three Months Ended
	March 31,						Percentage
	2016		2015		Increase		Increase

Reis Services segment:
Revenue	$	12,824	$	11,131	$	1,693		15.2%
EBITDA	$	5,382	$	4,594	$	788		17.2%
EBITDA margin		42.0%		41.3%
Consolidated, excluding discontinued operations:
Revenue	$	12,824	$	11,131	$	1,693		15.2%
EBITDA	$	4,095	$	3,435	$	660		19.2%
EBITDA margin		31.9%		30.9%
Adjusted EBITDA	$	4,629	$	3,881	$	748		19.3%
Adjusted EBITDA margin		36.1%		34.9%

2016 Revenue Performance

All of the Company’s revenue is generated by the Reis Services segment. Reis Services revenue increased by approximately $1,693,000, or 15.2%, from the first quarter of 2015 to the first quarter of 2016. In general, the revenue increase in 2016 primarily reflects $1,200,000 of revenue from custom data deliverables for one of our existing Reis SE subscribers, additional new Reis SE business to new customers, revenue from firms and individuals who had been previously gaining unauthorized access to our services and were identified as part of our compliance procedures, sales of new content to existing subscribers and price increases on renewals. Revenue was negatively affected in the quarter by a 200 basis point decline in our trailing twelve month renewal rate.

The Company’s overall trailing twelve month renewal rates as of March 31, 2016 and 2015 were 86% and 88%, respectively (for institutional subscribers, the trailing twelve month renewal rates as of March 31, 2016 and 2015 were 88% and 90%, respectively). On our renewals, we are experiencing mid-single digit increases in renewal pricing. Beginning in 2014, the Company has been more aggressive on renewal pricing, particularly in instances where customer usage levels were significantly greater than what was initially estimated as annual usage for that customer. The Company has continued this policy throughout 2015 and in the first quarter of 2016, believing that aligning client report consumption and value with appropriate annual fees, while remaining respectful of subscriber need for Reis information, is critical to the Company’s long-term growth and to the protection of the value of its intellectual property. Also, based upon past experience, management believes that many non-renewing customers ultimately renew with Reis as their information and analytic needs may not be fully addressed by competitive offerings.

The Company’s revenue model is based primarily on annual subscriptions that are paid in accordance with contractual billing terms. Reis recognizes revenue from its annual and multi-year subscription contracts on a ratable basis; for example, one-twelfth of the value of a one-year contract is recognized monthly. Therefore, increases in the dollar value of new contracts are spread evenly over the life of a contract, thereby moderating an immediate impact on revenue. Historically, the largest percentage of our contracts are executed in the fourth quarter of each year and 2015 was not an exception to that trend.

Over the past four years, in order to increase the predictability of fees from our subscribers and Reis’s own revenue and cash flow, we have made a concerted effort to encourage multi-year contracts when appropriate, with terms of two or three years, and in some cases, four years. The average life of multi-year contracts signed in each of the last three years was approximately 2.2 years. Based upon several factors, including historical and anticipated report consumption, our account managers determine whether Reis and a subscriber are best served by an annual or multi-year commitment. There are significant benefits, on a selective basis, of lengthening the duration of client contracts, including locking in recurring revenue for longer periods, thereby increasing the predictability of our renewal rates and future revenues. From an operational perspective, multi-year contracts free up account management resources to focus on subscribers requiring a higher level of attention and upselling opportunities across our account base. Finally, multi-year deals also insulate us from competitive pressures and increase the likeliness that Reis data and analytics will become embedded in the work flow of our clients.

In accordance with GAAP, our revenue recognition policy is to record revenue ratably over the life of a subscriber contract. Therefore any increases in the price of the subscription after the first year of a multi-year contract are considered in the total amount being

straight-lined over the contract term. If a multi-year contract includes pricing steps on and after the first anniversary, there will be increasing cash flow from the contract, but no growth in revenue during the subsequent years under that contract. At December 31, 2015, approximately one-third of our customers were signed to multi-year contracts, including many of our largest subscribers. The March 31, 2016 reported levels of deferred revenue and Aggregate Revenue Under Contract of $22,268,000 and $45,262,000, respectively, suggest strong financial performance during 2016. However, the effect of having such a significant segment of our subscriber base under multi-year agreements may result in variability in our growth rates.

Deferred Revenue and Aggregate Revenue Under Contract

Two additional metrics management utilizes are deferred revenue and Aggregate Revenue Under Contract. Analyzing these amounts can provide additional insight into Reis Services’s future financial performance. Deferred revenue, which is a GAAP basis accounting concept and is reported by the Company on the consolidated balance sheet, represents revenue from annual or longer term contracts for which we have billed and/or received payments from our subscribers related to services we will be providing over the remaining contract period. It does not include future revenue under non-cancellable contracts for which we do not yet have the contractual right to bill; this aggregate number we refer to as Aggregate Revenue Under Contract. Deferred revenue will be recognized as revenue ratably over the remaining life of a contract for subscriptions, or in the case of future custom reports or projects, will be recognized as revenue upon completion and delivery to the customer, provided no significant Company obligations remain. The following table reconciles deferred revenue to Aggregate Revenue Under Contract at March 31, 2016 and 2015, respectively. A comparison of these balances at March 31 of each year is more meaningful than a comparison to the December 31, 2015 balances, as a greater percentage of renewals occur in the fourth quarter of each year and would distort the analysis.


	March 31,
	2016		2015

Deferred revenue (GAAP basis)	$	22,268,000	$	21,317,000
Amounts under non-cancellable contracts for which the Company does not yet have the contractual right to bill at the period end (A)		22,994,000		25,224,000

Aggregate Revenue Under Contract	$	45,262,000	$	46,541,000

(A)

Amounts are billable subsequent to March 31 of each year and represent (i) non-cancellable contracts for subscribers with multi-year subscriptions where the future years are not yet billable, or (ii) subscribers with non-cancellable annual subscriptions with interim billing terms.

Included in Aggregate Revenue Under Contract at March 31, 2016 was approximately $31,486,000 related to amounts under contract for the forward twelve month period through March 31, 2017. The remainder reflects amounts under contract beyond March 31, 2017. The forward twelve month Aggregate Revenue Under Contract amount is approximately 59.9% of revenue on a trailing twelve month basis at March 31, 2016 of approximately $52,583,000 (or 65.6% when adjusted for the impact of $4,586,000 of revenue from certain custom data and portfolio advisory services which was included in the trailing twelve month revenue). For comparison purposes, at March 31, 2015, the forward twelve month Aggregate Revenue Under Contract was $30,906,000 and approximately 72.7% of revenue.

Both deferred revenue and Aggregate Revenue Under Contract are influenced by: (1) the timing and dollar value of contracts signed and billed; (2) the quantity and timing of contracts that are multi-year; and (3) the impact of recording revenue ratably over the life of a multi-year contract, which moderates the effect of price increases after the first year.

2016 Reis Services EBITDA and Consolidated Adjusted EBITDA Performance

Reis Services EBITDA for the three months ended March 31, 2016 was $5,382,000, an increase of $788,000, or 17.2%, over the first quarter 2015 amount. The increase was primarily derived from the increase in revenue, as described above. Operating expenses grew by 13.8% in the first quarter of 2016 over the 2015 comparable period, an acceleration over the expense growth in the 2015 first quarter over the 2014 comparable quarter of 11.2%. The Reis Services EBITDA margin of 42.0% for the three months ended March 31, 2016 was slightly greater than the reported Reis Services EBITDA margin of 41.3% in the 2015 comparable period. See “— Results of Operations” for a discussion of the variances for specific expenses.

Consolidated Adjusted EBITDA for the three months ended March 31, 2016 was $4,629,000, an increase of $748,000 or 19.3%, over the first quarter 2015 amount. The increase in Adjusted EBITDA reflects the revenue and Reis Services EBITDA increases discussed above. The consolidated Adjusted EBITDA margin was 36.1% for the first quarter of 2016.

Investment in our business remains a priority. Our employee headcount in the sales and operational groups is expected to increase in 2016 and we expect to accelerate our marketing initiatives that were set in place in the latter part of 2014 and which were being implemented during 2015. These are sound investments that will further differentiate Reis among U.S. commercial real estate market information providers. As stated in the “— Management Summary” section of Item 7. of our annual report on Form 10-K for the year ended December 31, 2015, as filed with the SEC on March 3, 2016, continuing investments and occupancy related costs will negatively impact our annual Reis Services EBITDA and consolidated Adjusted EBITDA growth rates for 2016 and cause temporary declines in our Reis Services EBITDA and consolidated Adjusted EBITDA margins in 2016. Variability in growth rates and margins could occur quarter to quarter in 2016. We believe that any declines will be temporary as we expect that these investments will result in additional revenue opportunities for Reis in the future.

Reconciliations of Income from Continuing Operations to EBITDA and Adjusted EBITDA

We define EBITDA as earnings (income (loss) from continuing operations) before interest, taxes, depreciation and amortization. We define Adjusted EBITDA as earnings before interest, taxes, depreciation, amortization and stock based compensation. Although EBITDA and Adjusted EBITDA are not measures of performance calculated in accordance with GAAP, senior management uses EBITDA and Adjusted EBITDA to measure operational and management performance. Management believes that EBITDA and Adjusted EBITDA are appropriate supplemental financial measures to be considered in addition to the reported GAAP basis financial information which may assist investors in evaluating and understanding: (1) the performance of the Reis Services segment, the primary business of the Company and (2) the Company’s continuing consolidated results, from year to year or period to period, as applicable. Further, these measures provide the reader with the ability to understand our operational performance while isolating non-cash charges, such as depreciation and amortization expenses, as well as other non-operating items, such as interest income, interest expense and income taxes and, in the case of Adjusted EBITDA, isolates non-cash charges for stock based compensation. Management also believes that disclosing EBITDA and Adjusted EBITDA will provide better comparability to other companies in the information services sector. However, because EBITDA and Adjusted EBITDA are not calculated in accordance with GAAP, they may not necessarily be comparable to similarly titled measures employed by other companies. EBITDA and Adjusted EBITDA are presented both for the Reis Services segment and on a consolidated basis. We believe that these metrics, for Reis Services, provide the reader with valuable information for evaluating the financial performance of the core Reis Services business, excluding public company costs, and for making assessments about the intrinsic value of that stand-alone business to a potential acquirer. Management primarily monitors and measures its performance, and is compensated, based on the results of the Reis Services segment. EBITDA and Adjusted EBITDA, on a consolidated basis, allow the reader to make assessments about the current trading value of the Company’s common stock, including expenses related to operating as a public company. However, investors should not consider these measures in isolation or as substitutes for net income (loss), income from continuing operations, operating income, or any other measure for determining operating performance that is calculated in accordance with GAAP. Reconciliations of EBITDA and Adjusted EBITDA to the most comparable GAAP financial measure, income from continuing operations, follow for each identified period on a segment basis (including the Reis Services segment), as well as on a consolidated basis:


(amounts in thousands)

Reconciliation of Income from Continuing Operations to EBITDA and Adjusted EBITDA for the Three Months Ended March 31, 2016	By Segment
	Reis Services		Other (A)		Consolidated
Income from continuing operations					$	1,604
Income tax expense						987

Income (loss) before income taxes and discontinued operations	$	3,880	$	(1,289)		2,591
Add back:
Depreciation and amortization expense		1,489		2		1,491
Interest expense (income), net		13		—		13

EBITDA		5,382		(1,287)		4,095
Add back:
Stock based compensation expense, net		—		534		534

Adjusted EBITDA	$	5,382	$	(753)	$	4,629


(amounts in thousands)
Reconciliation of Income from Continuing Operations to EBITDA and	By Segment
Adjusted EBITDA for the Three Months Ended March 31, 2015	Reis Services		Other (A)		Consolidated
Income from continuing operations					$	1,293
Income tax expense						794

Income (loss) before income taxes and discontinued operations	$	3,248	$	(1,161)		2,087
Add back:
Depreciation and amortization expense		1,325		2		1,327
Interest expense (income), net		21		—		21

EBITDA		4,594		(1,159)		3,435
Add back:
Stock based compensation expense		—		446		446

Adjusted EBITDA	$	4,594	$	(713)	$	3,881

(A)

Includes interest and other income, depreciation expense and general and administrative expenses (including public company related costs) that are not associated with the Reis Services segment. Since the reconciliations start with income from continuing operations, the effects of the discontinued operations are excluded from these reconciliations for all periods presented.

Results of Operations

Comparison of the Results of Operations for the Three Months Ended March 31, 2016 and 2015

Subscription revenues and related cost of sales were approximately $12,824,000 and $2,462,000, respectively, for the three months ended March 31, 2016, which resulted in a gross profit for the Reis Services segment of approximately $10,362,000. Amortization expense included in cost of sales (for the database intangible asset) was approximately $612,000 during this period. Subscription revenues and related cost of sales were approximately $11,131,000 and $2,186,000, respectively, for the three months ended March 31, 2015, which resulted in a gross profit for the Reis Services segment of approximately $8,945,000. Amortization expense included in cost of sales was approximately $482,000 during this period. See “— Critical Business Metrics of the Reis Services Business” for a discussion of the variances and trends in revenue and EBITDA of the Reis Services segment. The increase in cost of sales of $276,000 resulted from greater employment related costs, specifically from hiring during 2015 and 2016, coupled with compensation increases and higher benefit costs than in the 2015 period of $146,000 and a $130,000 increase in amortization expense for database costs.

Sales and marketing expenses were approximately $2,668,000 and $2,653,000 for the three months ended March 31, 2016 and 2015, respectively, and solely represented costs of the Reis Services segment. Amortization expense included in sales and marketing expenses (for the customer relationships intangible asset) was approximately $235,000 and $238,000 during the three months ended March 31, 2016 and 2015, respectively. The increase in sales and marketing expenses between the two periods of approximately $15,000 resulted from greater spending in 2016 on marketing initiatives.

Product development expenses were approximately $1,005,000 and $863,000 for the three months ended March 31, 2016 and 2015, respectively, and solely represented costs of the Reis Services segment. Amortization expense included in product development expenses (for the website intangible asset) was approximately $456,000 and $425,000 during the three months ended March 31, 2016 and 2015, respectively. Product development costs increased $142,000, primarily due to increased employment related costs from hiring during 2015 and 2016, coupled with compensation increases and higher benefit costs than in the 2015 period.

General and administrative expenses of approximately $4,085,000 for the three months ended March 31, 2016 included current period expenses of approximately $3,363,000, approximately $188,000 for the lease value intangible asset amortization and furniture, fixtures and equipment depreciation, and approximately $534,000 of net non-cash compensation expense. The net non-cash compensation expense was comprised of equity awards for employees and directors. General and administrative expenses of approximately $3,321,000 for the three months ended March 31, 2015 included current period expenses of approximately $2,693,000, depreciation and amortization expense of approximately $182,000 for the lease value intangible asset and furniture, fixtures and equipment, and approximately $446,000 of net non-cash compensation expense. The net non-cash compensation expense was comprised of equity awards for employees and directors. Excluding the non-cash expenses, the net increase in general and

administrative expenses of $670,000 was primarily the result of increases for professional fees and increased occupancy related costs from office space expansion.

Interest expense of $21,000 and $28,000 during the three months ended March 31, 2016 and 2015, respectively, was comprised of unused facility fees and deferred financing cost amortization on the Company’s revolving credit facility, which we refer to as the Revolver. There was no outstanding balance on the Revolver during the three months ended March 31, 2016 or 2015.

Income tax expense of $987,000 for continuing operations during the three months ended March 31, 2016 reflected deferred Federal tax expense of $811,000, deferred state and local tax expense of $53,000, current Federal AMT expense of $62,000 and current state and local tax expense of $61,000. Income tax expense of $794,000 for continuing operations during the three months ended March 31, 2015 reflected deferred Federal tax expense of $662,000, deferred state and local tax expense of $92,000 and $40,000 of current Federal AMT.

The loss from discontinued operations was $71,000 for the three months ended March 31, 2015. The loss primarily reflected legal and professional fees of $118,000 in connection with our recovery efforts (related to the $17,000,000 settlement in 2012 of a construction defect lawsuit), offset by an income tax benefit of $47,000. There were no discontinued operations activities in the 2016 period.

Income Taxes

For more information regarding income taxes, see Note 6 to the Company’s consolidated financial statements included in this filing.

Liquidity and Capital Resources

The core Reis Services business has traditionally generated significant cash annually; and we expect it to continue to do so. Our consolidated cash and cash equivalents balance aggregated approximately $28,911,000 at March 31, 2016, a slight increase of $253,000 over the December 31, 2015 balance of approximately $28,658,000. This increase was achieved while meeting all of the Company’s operational costs and obligations, making investments in its websites, databases and furniture, fixtures and equipment of approximately $3,004,000, paying an aggregate dividend of approximately $1,936,000 in March 2016 and utilizing approximately $701,000 to settle minimum employee withholding tax obligations on vested RSUs in February 2016.

At March 31, 2016, the Company’s short-term and long-term liquidity requirements include: current operating and capitalizable costs, including accounts payable and other accrued expenses; near-term product development and enhancement of the website and databases either through building with Company resources or through acquisitions; operating leases; growth in operating expenses from a further increase in the number of Reis employees and additional resources being devoted to our sales and marketing efforts; other costs, including public company expenses not included in the Reis Services segment; the resolution of open tax years with state and local tax authorities; payment of employee taxes on vested equity awards, for which the employee uses shares to settle his/her minimum withholding tax obligations with the Company; and the use of cash for the payment of quarterly dividends. The Company expects to meet these short-term and long-term liquidity requirements generally through the use of available cash and cash generated from subscription revenue of Reis Services and, if necessary, with borrowings under the Revolver, and/or proceeds from the sale of Reis stock.

In January 2016, Reis Services and Capital One executed an amended and restated loan and security agreement for a $20,000,000 revolving credit facility, which expires on January 28, 2019. For additional information regarding the Revolver, see Note 5 to the Company’s consolidated financial statements included in this filing.

In June 2015, the Company’s shelf registration statement on Form S-3 was declared effective. The shelf registration statement permits the offering, issuance and sale of up to a maximum aggregate offering price of $75,000,000 of the Company’s stock from time to time for three years. Any determinations about the issuance of new common shares will be at the discretion of the Company’s Board and the use of proceeds, unless otherwise indicated, will be for general corporate purposes, which may include working capital, capital expenditures or acquisitions. Management will retain broad discretion in the allocation of the net proceeds. The Company has no immediate plans to issue shares under the shelf registration statement.

The Company has NOLs that it expects to utilize against future Federal, state and local taxable income. The use of certain NOLs for New York State and New York City purposes will be subject to an annual limitation and, therefore, any taxable income in excess of the limitation will be subject to tax. Tax payments related to 2016 are expected to be for state and local taxes based on income, in excess of limitation amounts, and Federal AMT.

The Company may determine to use its cash to: (1) acquire or invest in other databases or information companies that have logical adjacencies or complementary products or services; (2) repurchase shares of Reis common stock; or (3) pay a special dividend, or increase its recurring quarterly dividend. There can be no assurance that the Company will use its cash for any of these purposes during 2016, or thereafter.

Changes in Cash Flows

Cash flows for the three months ended March 31, 2016 and 2015 are summarized as follows:


	For the Three Months Ended March 31,
	2016		2015
Net cash provided by operating activities	$	6,074,843	$	7,280,086
Cash (used in) investing activities		(3,003,962)		(1,140,641)
Cash (used in) financing activities		(2,818,132)		(2,518,360)

Net increase in cash and cash equivalents	$	252,749	$	3,621,085

Net cash provided by operating activities decreased $1,205,000 from $7,280,000 provided in the 2015 period to $6,075,000 provided in the 2016 period. This decrease was primarily due to a greater reduction in the deferred revenue account in the 2016 period than in the 2015 comparable period.

Cash used in investing activities increased $1,863,000 from $1,141,000 used in the 2015 period to $3,004,000 used in the 2016 period. This change resulted from a $781,000 increase in purchases of furniture, fixtures and equipment in the 2016 period, coupled with a $1,082,000 increase of cash used in the 2016 period as compared to the 2015 period for website and database development costs for continuing product development initiatives. The expectation for the remainder of 2016 is that cash used for website and database development will continue to exceed amounts capitalized in 2015.

Cash used in financing activities were approximately $2,818,000 and $2,518,000 in the 2016 and 2015 periods, respectively. The 2016 period includes approximately $1,936,000 for dividends declared and paid in the first quarter of 2016, $701,000 used to settle minimum employee withholding tax obligations on vested RSUs and $181,000 of deferred financing costs related to the expansion and extension of the Revolver. The 2015 period includes approximately $1,582,000 for dividends declared and paid in the first quarter of 2015 and $993,000 used to settle minimum employee withholding tax obligations on vested RSUs, offset by proceeds received from employees for option exercises of $56,000.

Cautionary Statement Regarding Forward-Looking Statements

This quarterly report on Form 10-Q contains “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements may relate to the Company’s or management’s outlook or expectations for earnings, revenues, expenses, margins, asset quality, or other future financial or business performance, strategies, prospects or expectations, or the impact of legal, regulatory or supervisory matters on our business, operations or performance. Specifically, forward-looking statements may include:

•

statements relating to future services and product development of the Reis Services segment;

•

statements relating to business prospects, potential acquisitions, sources and uses of cash, revenue, expenses, margins, income (loss) from continuing or discontinued operations, cash flows, valuation of assets and liabilities and other business metrics of the Company and its businesses, including EBITDA (as defined herein), Adjusted EBITDA (as defined herein) and Aggregate Revenue Under Contract; and

•

statements preceded by, followed by or that include the words “estimate,” “plan,” “project,” “intend,” “expect,” “anticipate,” “believe,” “seek,” “target” or similar expressions relating to future periods.

Forward-looking statements reflect management’s judgment based on currently available information and involve a number of risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. With respect to these forward-looking statements, management has made certain assumptions. Future performance cannot be assured. Actual results may differ materially from those contemplated by the forward-looking statements. Some factors that could cause actual results to differ include:

•

lower than expected revenues and other performance measures such as income from continuing operations, EBITDA and Adjusted EBITDA;

•

inability to retain and increase the Company’s subscriber base;

•

inability to execute properly on new products and services, or failure of subscribers to accept these products and services;

•

competition;

•

inability to attract and retain sales and senior management personnel;

•

inability to access adequate capital to fund operations and investments in our business;

•

difficulties in protecting the security, confidentiality, integrity and reliability of the Company’s data;

•

changes in accounting policies or practices;

•

legal and regulatory issues;

•

the results of pending, threatening or future litigation; and

•

the risk factors listed under “Item 1A. Risk Factors” in our annual report on Form 10-K for the year ended December 31, 2015, which was filed with the Securities and Exchange Commission on March 3, 2016.

You are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date of this quarterly report on Form 10-Q. Except as required by law, the Company undertakes no obligation to publicly update or release any revisions to these forward-looking statements to reflect any events or circumstances after the date of this quarterly report on Form 10-Q or to reflect the occurrence of unanticipated events.

Item 3. Quantitative and Qualitative Disclosures about Market Risk.

The Company’s primary market risk exposure has been to changes in interest rates. This risk may be managed by limiting the Company’s financing exposures, to the extent possible, by purchasing interest rate caps when deemed appropriate.

At March 31, 2016 and December 31, 2015, the Company’s only potential exposure to interest rates was on variable rate based debt. This exposure has historically been minimized through the use of interest rate caps. During the three months ended March 31, 2016 and throughout 2015, the Company did not have any interest rate caps. No debt was outstanding at March 31, 2016 and December 31, 2015. For more information about the Company’s debt, see Note 5 to the Company’s consolidated financial statements included in this filing.

Reis holds cash and cash equivalents at various regional and national banking institutions. Management monitors the institutions that hold our cash and cash equivalents. Management’s emphasis is primarily on safety of principal. Management, in its discretion, has diversified Reis’s cash and cash equivalents among banking institutions to potentially minimize exposure to any one of these entities. To date, we have experienced no loss or lack of access to our invested cash or cash equivalents; however, we can provide no assurances that access to invested cash and cash equivalents will not be impacted by adverse conditions in the financial markets.

Cash balances held at banking institutions with which we do business generally exceed the Federal Deposit Insurance Corporation insurance limits. While management monitors the cash balances in these bank accounts, such cash balances could be impacted if the underlying banks fail or could be subject to other adverse conditions in the financial markets.

Item 4. Controls and Procedures.

As of March 31, 2016, the Company carried out an evaluation, under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, of the effectiveness of our disclosure controls and procedures. Based on this evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that our disclosure controls and procedures as of March 31, 2016 were designed at a reasonable assurance level and were effective to ensure that information required to be disclosed by the Company in the reports that the Company files or submits under the Securities Exchange Act of 1934, as amended, is recorded, processed, summarized and reported, within the time periods specified in the SEC rules and forms, and to ensure that such information is accumulated and communicated to the Company’s management, including the Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.

There has been no change in the Company’s internal control over financial reporting during the quarter covered by this report that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.

Part II. Other Information

Item 1. Legal Proceedings.

As disclosed in Note 10 to the Company’s consolidated financial statements included in this filing, the Company is not a party to any litigation that could reasonably be forseen to be material to the Company, and the disclosure set forth in such Note 10 is incorporated herein by reference.

Item 1A. Risk Factors.

A wide range of risks may affect our business and financial results, now and in the future; however, we consider the risks described under “Item 1A. Risk Factors” in our annual report on Form 10-K for the year ended December 31, 2015, which was filed with the SEC on March 3, 2016, to be the most significant. There may be other currently unknown or unpredictable economic, business, competitive, governmental or other factors that could have material adverse effects on our business or future results. See “Part I. Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations – Cautionary Statement Regarding Forward-Looking Statements” for additional information.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

Issuer Purchases of Equity Securities

During the three months ended March 31, 2016, the Company did not repurchase any shares of common stock.

Item 3. Defaults Upon Senior Securities.

None.

Item 4. Mine Safety Disclosures.

None.

Item 5. Other Information.

None.

Item 6. Exhibits.

Exhibits filed with this Form 10-Q:


Exhibit No.		Description
31.1		Chief Executive Officer Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2		Chief Financial Officer Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1		Chief Executive Officer and Chief Financial Officer Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101		Interactive Data Files, formatted in extensible Business Reporting Language (XBRL).

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: May 3, 2016

EX-31.1 2 d160632dex311.htm EX-31.1 EX-31.1

Exhibit 31.1

CERTIFICATION PURSUANT TO

17 CFR 240.13a-14(a),

AS ADOPTED PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Lloyd Lynford, certify that:

I have reviewed this quarterly report on Form 10-Q of Reis, Inc.;

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

EX-31.2 3 d160632dex312.htm EX-31.2 EX-31.2

Exhibit 31.2

CERTIFICATION PURSUANT TO

17 CFR 240.13a-14(a),

AS ADOPTED PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Mark P. Cantaluppi, certify that:

I have reviewed this quarterly report on Form 10-Q of Reis, Inc.;

any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

EX-32.1 4 d160632dex321.htm EX-32.1 EX-32.1

Exhibit 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the quarterly report on Form 10-Q of Reis, Inc. (together with its consolidated subsidiaries, the “Company”) for the period ended March 31, 2016 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), we, Lloyd Lynford, Chief Executive Officer of the Company, and Mark P. Cantaluppi, Chief Financial Officer of the Company, each certify, to the best of our knowledge, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.


		/s/ Lloyd Lynford
		Lloyd Lynford
		Chief Executive Officer
		Reis, Inc.

		/s/ Mark P. Cantaluppi
		Mark P. Cantaluppi
		Chief Financial Officer
		Reis, Inc.

May 3, 2016

This certification is being furnished solely pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and is not being filed as part of this Report.

A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

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<div> <table style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="4%" valign="top" align="left">1.</td> <td align="left" valign="top">Organization and Business</td> </tr> </table> Reis, Inc. is a Maryland corporation. When we refer to “Reis” or the “Company,” we are referring to Reis, Inc. and its consolidated subsidiaries. The Company provides commercial real estate market information and analytical tools to real estate professionals, through its Reis Services subsidiary. For disclosure and financial reporting purposes, this business is referred to as the Reis Services segment. Reis Services Reis Services, including its predecessors, was founded in 1980. Reis maintains a proprietary database containing detailed information on commercial properties in metropolitan markets and neighborhoods throughout the U.S. The database contains information on apartment, office, retail, warehouse/distribution, flex/research & development, self storage, seniors housing and student housing properties, and is used by real estate 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. The Company’s product portfolio features: Reis SE, its flagship delivery platform aimed at larger and mid-sized enterprises; ReisReports, aimed at prosumers and smaller enterprises; and Mobiuss Portfolio CRE, or Mobiuss, aimed primarily at risk managers and credit administrators at banks and non-bank lending institutions. It is through these products that Reis provides online access to a proprietary database of commercial real estate information and analytical tools designed to facilitate debt and equity transactions as well as ongoing asset and portfolio evaluations. Depending on the product or level of entitlement, users have access to market trends and forecasts at metropolitan and neighborhood levels throughout the U.S. and/or detailed building-specific information such as rents, vacancy rates, lease terms, property sales, new construction listings and property valuation estimates. Reis’s products are designed to meet the demand for timely and accurate information to support the decision making of property owners, developers, builders, banks and non-bank lenders, equity investors and service providers. These real estate professionals require access to timely information on both the performance and pricing of assets, including detailed data on market transactions, supply, absorption, rents and sale prices. This information is critical to all aspects of valuing assets and financing their acquisition, development and construction. Discontinued Operations – Residential Development Activities Prior to May 2007, the name of the Company was Wellsford Real Properties, Inc. (“Wellsford”). Wellsford, which was originally formed on January 8, 1997, acquired the Reis Services business by merger in May 2007 (the “Merger”). Wellsford’s primary operating activities immediately prior to the Merger, and conducted through its subsidiaries, were the development, construction and sale of three residential projects and its approximate 23% ownership interest in the Reis Services business. The Company completed the sale of the remaining residential units and homes at its projects or divested of the remaining residential projects in bulk sales by April 2011. In 2012, the Company settled construction defect litigation at its Colorado project and in 2015, finalized its efforts to recover funds from other responsible parties involved in the design, development, construction and supervision of the Colorado project as more fully described in Note 3. </div>

<div> Income (loss) from discontinued operations was comprised of the following in the 2015 period (there were no discontinued operations activities in the 2016 period):   <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="68%" align="center" border="0"> <tr> <td width="97%"></td> <td valign="bottom" width="1%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center"> For the Three Months Ended March 31, 2015</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 1pt"> <td height="10"></td> <td height="10" colspan="4"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Litigation recoveries </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> $</td> <td valign="bottom" nowrap="nowrap" align="right"> —     </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Other (expense), net </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">                     (118,000)    </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> (Loss) from discontinued operations before income tax </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> (118,000)    </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Income tax (benefit) from discontinued operations </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> (47,000)    </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> (Loss) from discontinued operations, net of income tax (benefit) </td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right"> (71,000)    </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> </table> </div>

0.17

2016

<div> The components of income tax expense (benefit) are as follows:   <table style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="76%" align="center" border="0"> <tr> <td width="94%"></td> <td valign="bottom" width="1%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="6" align="center"> For the Three Months Ended March 31,</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">2016</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">2015</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 1pt"> <td height="8"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Current Federal alternative minimum tax (“AMT”) expense </td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right"> 62,000    </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> $</td> <td valign="bottom" align="right"> 38,000    </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Current state and local tax expense </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 61,000    </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —    </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Deferred Federal tax expense (A) </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 811,000    </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 622,000    </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Deferred state and local tax expense </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 53,000    </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 87,000    </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Consolidated income tax expense, including taxes attributable to discontinued operations (B) </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 987,000    </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 747,000    </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Less income tax expense (benefit) attributable to discontinued operations </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —    </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(47,000)   </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Income tax expense (C) </td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">                     987,000    </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">                     794,000    </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> </table>   <table style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="76%" align="center" border="0"> <tr> <td width="4%"></td> <td valign="bottom" width="1%"></td> <td width="53%"></td> <td valign="bottom" width="1%"></td> <td width="41%"></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom" colspan="3">   </td> <td valign="bottom"> </td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="top">   (A) </td> <td valign="bottom"> </td> <td valign="top" colspan="3">   Includes an AMT (benefit) of $(62,000) in 2016 and $(38,000) in 2015. </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="top">(B)</td> <td valign="bottom"> </td> <td valign="top" colspan="3">Includes income tax (benefit) attributable to (loss) from discontinued operations.</td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="top">(C)</td> <td valign="bottom"> </td> <td valign="top" colspan="3"> Reflects the tax expense from continuing operations as reported on the consolidated statements of operations for the periods presented. </td> </tr> </table> </div>

false

<div> The following table presents the changes in RSUs outstanding for the three months ended March 31, 2016 and 2015:   <table style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="70%" align="center" border="0"> <tr> <td width="94%"></td> <td valign="bottom" width="1%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="6" align="center"> For the Three Months Ended March 31,</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">2016</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">2015</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 1pt"> <td height="8"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Outstanding at beginning of period </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">254,041   </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">277,973   </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Granted </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">117,788   </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">78,722   </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Common stock delivered (A) (B) </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(85,181)  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(105,970)  </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Forfeited </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —   </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(706)  </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Outstanding at end of period </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">286,648   </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">250,019   </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 1pt"> <td height="8"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Intrinsic value (C) </td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">             6,751,000   </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">                 6,410,000   </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> </table>   <table style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="76%" align="center" border="0"> <tr> <td width="4%"></td> <td valign="bottom" width="1%"></td> <td width="52%"></td> <td valign="bottom" width="1%"></td> <td width="42%"></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom" colspan="3">   </td> <td valign="bottom">  </td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="top">   (A) </td> <td valign="bottom"> </td> <td valign="top" colspan="3">   The 2016 period includes 32,760 shares which were used to settle minimum employee withholding tax obligations for 29 employees of approximately $701,000 in 2016. A net of 52,421 shares of common stock were delivered in 2016. </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="top">(B)</td> <td valign="bottom"> </td> <td valign="top" colspan="3">The 2015 period includes 41,136 shares which were used to settle minimum employee withholding tax obligations for 28 employees of approximately $993,000 in 2015. A net of 64,834 shares of common stock were delivered in 2015.</td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="top">(C)</td> <td valign="bottom"> </td> <td valign="top" colspan="3">For purposes of this calculation, the Company’s closing stock prices were $23.55 and $25.64 per share on March 31, 2016 and 2015, respectively.</td> </tr> </table> </div>

10-Q 0001038222 Accelerated Filer

<div> Quarterly Reporting The accompanying consolidated financial statements and notes of the Company have been prepared in accordance with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X promulgated by the Securities and Exchange Commission (“SEC”). Accordingly, certain information and footnote disclosures normally included in financial statements prepared under Generally Accepted Accounting Principles in the United States (“GAAP”) have been condensed or omitted pursuant to such rules. In the opinion of management, all adjustments considered necessary for a fair presentation of the Company’s balance sheets, statements of operations, statement of changes in stockholders’ equity and statements of cash flows have been included and are of a normal and recurring nature. These consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s annual report on Form 10-K for the year ended December 31, 2015, as filed with the SEC on March 3, 2016. The consolidated statements of operations and cash flows for the three months ended March 31, 2016 and 2015 are not necessarily indicative of full year results. </div>

<div> The amount of identified intangible assets, including the respective amounts of accumulated amortization, are as follows:   <table style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="76%" align="center" border="0"> <tr> <td width="94%"></td> <td valign="bottom" width="1%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">March 31, 2016</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">December 31, 2015</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 1pt"> <td height="8"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Database </td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">24,121,000   </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">22,790,000   </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Accumulated amortization </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(17,733,000)  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(17,121,000)  </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Database, net </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">6,388,000   </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">5,669,000   </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Customer relationships </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">14,100,000   </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">14,100,000   </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Accumulated amortization </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(8,563,000)  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(8,328,000)  </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Customer relationships, net </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">5,537,000   </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">5,772,000   </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Website </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">15,393,000   </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">14,735,000   </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Accumulated amortization </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(11,125,000)  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(10,669,000)  </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Website, net </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">4,268,000   </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">4,066,000   </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Acquired below market lease </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2,800,000   </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2,800,000   </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Accumulated amortization </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(2,695,000)  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(2,620,000)  </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Acquired below market lease, net </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">105,000   </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">180,000   </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Intangibles, net </td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">             16,298,000   </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">             15,687,000   </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> </table> </div>

0.14

<div> The following table presents the accounts receivable balances of Reis Services at March 31, 2016 and December 31, 2015:   <table style="FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="72%" align="center" border="0"> <tr> <td width="94%"></td> <td valign="bottom" width="1%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman"> <td valign="bottom"> </td> <td valign="bottom"> </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">March 31, 2016</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">December 31, 2015</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 1pt"> <td height="10"></td> <td height="10" colspan="4"></td> <td height="10" colspan="4"></td> </tr> <tr style="FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Accounts receivable </td> <td valign="bottom"> </td> <td valign="bottom"> $</td> <td valign="bottom" align="right"> 7,216,000    </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> $</td> <td valign="bottom" align="right"> 13,828,000    </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Allowance for doubtful accounts </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(109,000)   </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(87,000)   </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Accounts receivable, net </td> <td valign="bottom"> </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">                 7,107,000    </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">                 13,741,000    </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> </table> </div>

<div> <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="4%" align="left">3.</td> <td valign="top" align="left">Segment Information</td> </tr> </table> The Company is organized into separately managed segments as follows: the Reis Services segment and other. The following tables present condensed balance sheet and operating data for these segments:   <table style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="92%" align="center" border="0"> <tr> <td width="91%"></td> <td valign="bottom" width="1%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="bottom">(amounts in thousands)</td> <td valign="bottom"> </td> <td valign="bottom" colspan="2"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" colspan="2"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" colspan="2"> </td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" nowrap="nowrap">   Condensed Balance Sheet Data March 31, 2016 </td> <td valign="bottom"> </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" nowrap="nowrap" align="center">Reis Services</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" nowrap="nowrap" align="center"> Other (A)</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" nowrap="nowrap" align="center">Consolidated</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 1pt"> <td height="5"></td> <td height="5" colspan="4"></td> <td height="5" colspan="4"></td> <td height="5" colspan="4"></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Assets </td> <td valign="bottom"> </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"> </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"> </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Current assets: </td> <td valign="bottom"> </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"> </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"> </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Cash and cash equivalents </td> <td valign="bottom"> </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">28,714  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">197  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> $</td> <td valign="bottom" align="right"> 28,911    </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Restricted cash and investments </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">212  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">212    </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Accounts receivable, net </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">7,107  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 7,107    </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Prepaid and other assets </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">917  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">197  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 1,114    </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Total current assets </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">36,950  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">394  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 37,344    </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Furniture, fixtures and equipment, net </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,525  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">4  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 1,529    </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Intangible assets, net </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">16,298  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 16,298    </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Deferred tax asset, net </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">285  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">17,405  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 17,690    </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Goodwill </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">57,203  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(2,378) </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 54,825    </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Other assets </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">342  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">342    </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Total assets </td> <td valign="bottom"> </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">112,603  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">15,425  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> $</td> <td valign="bottom" align="right"> 128,028    </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Liabilities and stockholders’ equity </td> <td valign="bottom"> </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"> </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"> </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Current liabilities: </td> <td valign="bottom"> </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"> </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"> </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Current portion of debt </td> <td valign="bottom"> </td> <td valign="bottom" nowrap="nowrap"> $</td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" nowrap="nowrap"> $</td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" nowrap="nowrap"> $</td> <td valign="bottom" nowrap="nowrap" align="right"> —    </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Accrued expenses and other liabilities </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">3,190  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,008  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 4,198    </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Deferred revenue </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">22,268  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 22,268    </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Total current liabilities </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">25,458  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,008  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 26,466    </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Other long-term liabilities </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">280  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">280    </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Deferred tax liability, net </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">30,973  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(30,973) </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —    </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Total liabilities </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">56,711  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(29,965) </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 26,746    </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Total stockholders’ equity </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">55,892  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">45,390  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 101,282    </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Total liabilities and stockholders’ equity </td> <td valign="bottom"> </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">                   112,603  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">                   15,425  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">                   128,028    </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" nowrap="nowrap">   Condensed Balance Sheet Data December 31, 2015 </td> <td valign="bottom"> </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" nowrap="nowrap" align="center">Reis Services</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" nowrap="nowrap" align="center"> Other (A)</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" nowrap="nowrap" align="center">Consolidated</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 1pt"> <td height="5"></td> <td height="5" colspan="4"></td> <td height="5" colspan="4"></td> <td height="5" colspan="4"></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Assets </td> <td valign="bottom"> </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"> </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"> </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Current assets: </td> <td valign="bottom"> </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"> </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"> </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Cash and cash equivalents </td> <td valign="bottom"> </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">28,465  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">193  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> $</td> <td valign="bottom" align="right"> 28,658    </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Restricted cash and investments </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">212  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">212    </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Accounts receivable, net </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">13,741  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 13,741    </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Prepaid and other assets </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">417  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">253  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">670    </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Total current assets </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">42,835  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">446  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 43,281    </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Furniture, fixtures and equipment, net </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">798  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">6  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">804    </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Intangible assets, net </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">15,687  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 15,687    </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Deferred tax asset, net </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">285  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">18,145  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 18,430    </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Goodwill </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">57,203  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(2,378) </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 54,825    </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Other assets </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">172  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">172    </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Total assets </td> <td valign="bottom"> </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">116,980  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">16,219  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> $</td> <td valign="bottom" align="right"> 133,199    </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Liabilities and stockholders’ equity </td> <td valign="bottom"> </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"> </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"> </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Current liabilities: </td> <td valign="bottom"> </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"> </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"> </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Current portion of debt </td> <td valign="bottom"> </td> <td valign="bottom" nowrap="nowrap"> $</td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" nowrap="nowrap"> $</td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" nowrap="nowrap"> $</td> <td valign="bottom" nowrap="nowrap" align="right"> —    </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Accrued expenses and other liabilities </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">4,502  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,397  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 5,899    </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Deferred revenue </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">25,291  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 25,291    </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Liabilities attributable to discontinued operations </td> <td valign="bottom"> </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">146  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">146    </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Total current liabilities </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">29,793  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,543  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 31,336    </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Other long-term liabilities </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">284  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">284    </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Deferred tax liability, net </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">29,498  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(29,498) </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —    </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Total liabilities </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">59,575  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(27,955) </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 31,620    </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Total stockholders’ equity </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">57,405  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">44,174  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 101,579    </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Total liabilities and stockholders’ equity </td> <td valign="bottom"> </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">           116,980  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">           16,219  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">           133,199    </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> </table>   <table style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td width="4%"> </td> <td valign="top" width="4%" align="left">(A)</td> <td valign="top" align="left"> Includes the assets and liabilities of the Company’s discontinued operations, to the extent that such assets and liabilities existed at the date presented, and includes cash, other assets and liabilities not specifically attributable to or allocable to the Reis Services segment. </td> <td width="3%"> </td> </tr> </table>   (amounts in thousands)   <table style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="90%" align="center" border="0"> <tr> <td width="91%"></td> <td valign="bottom" width="1%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" nowrap="nowrap" align="center"> Condensed Operating Data for the Three Months Ended March 31, 2016 </td> <td valign="bottom"> </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center">Reis Services</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center">Other (A)</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center">Consolidated</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 1pt"> <td height="10"></td> <td height="10" colspan="4"></td> <td height="10" colspan="4"></td> <td height="10" colspan="4"></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Subscription revenue </td> <td valign="bottom"> </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">                     12,824 </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" nowrap="nowrap"> $</td> <td valign="bottom" nowrap="nowrap" align="right">                         —   </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom">  $</td> <td valign="bottom" align="right">                     12,824   </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Cost of sales of subscription revenue </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2,462 </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —   </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2,462   </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Gross profit </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">10,362 </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —   </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">10,362   </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Operating expenses: </td> <td valign="bottom"> </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"> </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"> </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Sales and marketing </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2,668 </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —   </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2,668   </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Product development </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,005 </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —   </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,005   </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> General and administrative expenses </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2,796 </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,289   </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">4,085   </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Total operating expenses </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">6,469 </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,289   </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">7,758   </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Other income (expenses): </td> <td valign="bottom"> </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"> </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"> </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Interest and other income </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">8 </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —   </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">8   </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Interest expense </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(21)</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —   </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(21)  </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Total other income (expenses) </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(13) </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —   </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(13)  </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Income (loss) before income taxes and discontinued operations </td> <td valign="bottom"> </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">3,880 </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">(1,289)  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">2,591   </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 1pt"> <td height="10"></td> <td height="10" colspan="4"></td> <td height="10" colspan="4"></td> <td height="10" colspan="4"></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Income (loss) from discontinued operations, before income taxes </td> <td valign="bottom"> </td> <td valign="bottom" nowrap="nowrap"> $</td> <td valign="bottom" nowrap="nowrap" align="right"> — </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" nowrap="nowrap"> $</td> <td valign="bottom" nowrap="nowrap" align="right"> —   </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" nowrap="nowrap"> $</td> <td valign="bottom" nowrap="nowrap" align="right"> —   </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> </table>   <table style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="90%" align="center" border="0"> <tr> <td width="91%"></td> <td valign="bottom" width="1%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" nowrap="nowrap" align="center"> Condensed Operating Data for the Three Months Ended March 31, 2015 </td> <td valign="bottom"> </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center">Reis Services</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center">Other (A)</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center">Consolidated</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 1pt"> <td height="10"></td> <td height="10" colspan="4"></td> <td height="10" colspan="4"></td> <td height="10" colspan="4"></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Subscription revenue </td> <td valign="bottom"> </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">                     11,131 </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" nowrap="nowrap"> $</td> <td valign="bottom" nowrap="nowrap" align="right">                         —   </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">                      11,131   </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Cost of sales of subscription revenue </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2,186 </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —   </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2,186   </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Gross profit </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">8,945 </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —   </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">8,945   </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Operating expenses: </td> <td valign="bottom"> </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"> </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"> </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Sales and marketing </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2,653 </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —   </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2,653   </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Product development </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">863 </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —   </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">863   </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> General and administrative expenses </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2,160 </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,161   </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">3,321   </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Total operating expenses </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">5,676 </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,161   </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">6,837   </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Other income (expenses): </td> <td valign="bottom"> </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"> </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"> </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Interest and other income </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">7 </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —   </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">7   </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Interest expense </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(28) </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —   </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(28)  </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Total other income (expenses) </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(21) </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —   </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(21)  </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Income (loss) before income taxes and discontinued operations </td> <td valign="bottom"> </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">3,248 </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">(1,161)  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">2,087   </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 1pt"> <td height="10"></td> <td height="10" colspan="4"></td> <td height="10" colspan="4"></td> <td height="10" colspan="4"></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="top"> (Loss) from discontinued operations, before income taxes </td> <td valign="bottom"> </td> <td valign="bottom" nowrap="nowrap"> $</td> <td valign="bottom" nowrap="nowrap" align="right"> — </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">(118)  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">(118)  </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top">     </td> <td valign="bottom"> </td> <td valign="top"></td> <td valign="top"></td> <td valign="top"></td> <td valign="bottom"> </td> <td valign="top"></td> <td valign="top"></td> <td valign="top"></td> <td valign="bottom"> </td> <td valign="top"></td> <td valign="top"></td> <td valign="top"></td> </tr> </table> <table style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="90%" align="center" border="0"> <tr> <td width="3%"></td> <td valign="bottom" width="1%"></td> <td width="96%"></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="top">(A)</td> <td valign="bottom"> </td> <td valign="top"> Includes the results of the Company’s discontinued operations, to the extent that such operations existed during the periods presented, and includes interest and other income, depreciation expense and general and administrative expenses that have not been allocated to the Reis Services segment. </td> </tr> </table> In the first quarter of 2016, the Company changed the segment presentation to combine the discontinued operations segment with other. The reason for this change in presentation is the result of the completion of the discontinued operating activities in 2015 and to simplify the presentation on a comparable basis.   Reis Services See Note 1 for a description of Reis Services’s business and products at March 31, 2016. The Company’s largest individual subscriber accounted for 11.4% and 2.7% of Reis Services’s revenue for the three months ended March 31, 2016 and 2015, respectively. The following table presents the accounts receivable balances of Reis Services at March 31, 2016 and December 31, 2015:   <table style="FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="72%" align="center" border="0"> <tr> <td width="94%"></td> <td valign="bottom" width="1%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman"> <td valign="bottom"> </td> <td valign="bottom"> </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center">March 31, 2016</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center">December 31, 2015</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 1pt"> <td height="10"></td> <td height="10" colspan="4"></td> <td height="10" colspan="4"></td> </tr> <tr style="FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Accounts receivable </td> <td valign="bottom"> </td> <td valign="bottom"> $</td> <td valign="bottom" align="right"> 7,216,000    </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> $</td> <td valign="bottom" align="right"> 13,828,000    </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Allowance for doubtful accounts </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(109,000)   </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(87,000)   </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Accounts receivable, net </td> <td valign="bottom"> </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">                 7,107,000    </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">                 13,741,000    </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> </table> Fifteen subscribers accounted for an aggregate of approximately 49.2% of Reis Services’s accounts receivable at March 31, 2016, with the largest representing 11.4%. Through April 27, 2016, the Company received payments of approximately $3,726,000, or 51.6%, against the March 31, 2016 accounts receivable balance. At March 31, 2016, the largest individual subscriber accounted for 3.5% of deferred revenue. Discontinued Operations – Residential Development Activities Income (loss) from discontinued operations was comprised of the following in the 2015 period (there were no discontinued operations activities in the 2016 period):   <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="68%" align="center" border="0"> <tr> <td width="97%"></td> <td valign="bottom" width="1%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center"> For the Three Months Ended March 31, 2015</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 1pt"> <td height="10"></td> <td height="10" colspan="4"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Litigation recoveries </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> $</td> <td valign="bottom" nowrap="nowrap" align="right"> —     </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Other (expense), net </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">                     (118,000)    </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> (Loss) from discontinued operations before income tax </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> (118,000)    </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Income tax (benefit) from discontinued operations </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> (47,000)    </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> (Loss) from discontinued operations, net of income tax (benefit) </td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right"> (71,000)    </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> </table> In September 2009, the Company sold the final unit at Gold Peak, the final phase of Palomino Park, a five phase multifamily residential development in Highlands Ranch, Colorado. Gold Peak was a 259-unit condominium project on the remaining 29 acre land parcel at Palomino Park. On March 13, 2012, in connection with litigation regarding construction defects at the Gold Peak project, a jury rendered its verdict whereby Reis, one of its subsidiaries (Gold Peak at Palomino Park LLC, the developer of the project (“GP LLC”)), and the construction manager/general contractor for the project (Tri-Star Construction West, LLC (“Tri-Star”)) were found jointly and severally liable for an aggregate of $18,200,000, plus other costs of approximately $756,000. On June 20, 2012, following denial of all of the defendants’ post-trial motions, Reis and its subsidiaries reached a settlement with the plaintiff, the Gold Peak Homeowners Association, (“GP HOA”) providing for a total payment of $17,000,000. Of this amount, $5,000,000 was paid on August 3, 2012 and the remaining $12,000,000 was paid on October 15, 2012, in accordance with the settlement terms. Subsequent to that date, the Company began recovery efforts against other responsible parties involved in the design, development, construction and supervision of the Gold Peak project. As of December 31, 2015, the Company entered into the final settlement agreement related to its Gold Peak recovery efforts, bringing closure to this process. In summary, recovery efforts from the fourth quarter of 2012 through December 31, 2015 have resulted in cash collections aggregating approximately $5,658,000 from multiple insurance carriers, trial attorneys, an insurance broker and other responsible parties involved in the design, development, construction and supervision of the Gold Peak project. No recoveries occurred in the three months ended March 31, 2015. Other expenses in that period primarily reflect legal and other professional costs incurred related to the Gold Peak litigation recovery efforts. </div>

P10Y

<div> Principles of Consolidation The accompanying consolidated financial statements include the accounts of the Company and its majority-owned and controlled subsidiaries. Investments in entities where the Company does not have a controlling interest are accounted for under the equity method of accounting. These investments were initially recorded at cost and were subsequently adjusted for the Company’s proportionate share of the investment’s income (loss) and additional contributions or distributions. All inter-company accounts and transactions among the Company and its subsidiaries have been eliminated in consolidation. </div>

<div> The following table details the computation of earnings per common share, basic and diluted:   <table style="FONT-SIZE: 8.5pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="82%" align="center" border="0"> <tr> <td width="94%"></td> <td valign="bottom" width="1%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8.5pt; FONT-FAMILY: Times New Roman"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="6" align="center">         For the Three Months Ended March 31,         </td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 8.5pt; FONT-FAMILY: Times New Roman"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">2016</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">2015</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 8.5pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="bottom"> Numerator for basic per share calculation: </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"> </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 8.5pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Income from continuing operations for basic calculation </td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">1,604,125   </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">1,293,370   </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 8.5pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Income (loss) from discontinued operations, net of income tax (benefit) </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —   </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(71,354)  </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 8.5pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Net income for basic calculation </td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">1,604,125   </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">1,222,016   </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 1pt"> <td height="10"></td> <td height="10" colspan="4"></td> <td height="10" colspan="4"></td> </tr> <tr style="FONT-SIZE: 8.5pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="bottom"> Numerator for diluted per share calculation: </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"> </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 8.5pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Income from continuing operations </td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">1,604,125   </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">1,293,370   </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 8.5pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Adjustments to income from continuing operations for the impact of dilutive securities </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —   </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —   </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 8.5pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Income from continuing operations for dilution calculation </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,604,125   </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,293,370   </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 8.5pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Income (loss) from discontinued operations, net of income tax (benefit) </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —   </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(71,354)  </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 8.5pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Net income for dilution calculation </td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">1,604,125   </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">1,222,016   </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 1pt"> <td height="10"></td> <td height="10" colspan="4"></td> <td height="10" colspan="4"></td> </tr> <tr style="FONT-SIZE: 8.5pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="bottom"> Denominator: </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"> </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 8.5pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Weighted average common shares – basic </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">11,283,752   </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">11,190,683   </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 8.5pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Effect of dilutive securities: </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"> </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 8.5pt; FONT-FAMILY: Times New Roman"> <td valign="top"> RSUs </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">133,498   </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">155,677   </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 8.5pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Stock options </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">308,556   </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">346,204   </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 8.5pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Weighted average common shares – diluted </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">             11,725,806   </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">             11,692,564   </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 1pt"> <td height="10"></td> <td height="10" colspan="4"></td> <td height="10" colspan="4"></td> </tr> <tr style="FONT-SIZE: 8.5pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="bottom"> Per common share amounts – basic: </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"> </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 8.5pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Income from continuing operations </td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">0.14    </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">0.12   </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 8.5pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Income (loss) from discontinued operations </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —   </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(0.01)  </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 8.5pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Net income </td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">0.14    </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">0.11   </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 1pt"> <td height="10"></td> <td height="10" colspan="4"></td> <td height="10" colspan="4"></td> </tr> <tr style="FONT-SIZE: 8.5pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="bottom"> Per common share amounts – diluted: </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"> </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 8.5pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Income from continuing operations </td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">0.14    </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">0.11   </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 8.5pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Income (loss) from discontinued operations </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —   </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(0.01)  </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 8.5pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Net income </td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">0.14    </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">0.10   </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> </table> </div>

0.17

--12-31

6074843

Reis, Inc.

11725806

133498

<div> The following tables present condensed balance sheet and operating data for these segments:   <table style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="92%" align="center" border="0"> <tr> <td width="91%"></td> <td valign="bottom" width="1%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="bottom">(amounts in thousands)</td> <td valign="bottom"> </td> <td valign="bottom" colspan="2"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" colspan="2"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" colspan="2"> </td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" nowrap="nowrap">   Condensed Balance Sheet Data March 31, 2016 </td> <td valign="bottom"> </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" nowrap="nowrap" align="center">Reis Services</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" nowrap="nowrap" align="center"> Other (A)</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" nowrap="nowrap" align="center">Consolidated</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 1pt"> <td height="5"></td> <td height="5" colspan="4"></td> <td height="5" colspan="4"></td> <td height="5" colspan="4"></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Assets </td> <td valign="bottom"> </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"> </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"> </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Current assets: </td> <td valign="bottom"> </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"> </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"> </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Cash and cash equivalents </td> <td valign="bottom"> </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">28,714  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">197  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> $</td> <td valign="bottom" align="right"> 28,911    </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Restricted cash and investments </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">212  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">212    </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Accounts receivable, net </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">7,107  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 7,107    </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Prepaid and other assets </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">917  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">197  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 1,114    </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Total current assets </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">36,950  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">394  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 37,344    </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Furniture, fixtures and equipment, net </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,525  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">4  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 1,529    </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Intangible assets, net </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">16,298  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 16,298    </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Deferred tax asset, net </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">285  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">17,405  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 17,690    </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Goodwill </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">57,203  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(2,378) </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 54,825    </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Other assets </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">342  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">342    </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Total assets </td> <td valign="bottom"> </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">112,603  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">15,425  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> $</td> <td valign="bottom" align="right"> 128,028    </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Liabilities and stockholders’ equity </td> <td valign="bottom"> </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"> </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"> </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Current liabilities: </td> <td valign="bottom"> </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"> </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"> </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Current portion of debt </td> <td valign="bottom"> </td> <td valign="bottom" nowrap="nowrap"> $</td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" nowrap="nowrap"> $</td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" nowrap="nowrap"> $</td> <td valign="bottom" nowrap="nowrap" align="right"> —    </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Accrued expenses and other liabilities </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">3,190  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,008  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 4,198    </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Deferred revenue </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">22,268  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 22,268    </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Total current liabilities </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">25,458  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,008  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 26,466    </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Other long-term liabilities </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">280  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">280    </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Deferred tax liability, net </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">30,973  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(30,973) </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —    </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Total liabilities </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">56,711  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(29,965) </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 26,746    </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Total stockholders’ equity </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">55,892  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">45,390  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 101,282    </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Total liabilities and stockholders’ equity </td> <td valign="bottom"> </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">                   112,603  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">                   15,425  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">                   128,028    </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" nowrap="nowrap">   Condensed Balance Sheet Data December 31, 2015 </td> <td valign="bottom"> </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" nowrap="nowrap" align="center">Reis Services</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" nowrap="nowrap" align="center"> Other (A)</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" nowrap="nowrap" align="center">Consolidated</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 1pt"> <td height="5"></td> <td height="5" colspan="4"></td> <td height="5" colspan="4"></td> <td height="5" colspan="4"></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Assets </td> <td valign="bottom"> </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"> </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"> </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Current assets: </td> <td valign="bottom"> </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"> </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"> </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Cash and cash equivalents </td> <td valign="bottom"> </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">28,465  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">193  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> $</td> <td valign="bottom" align="right"> 28,658    </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Restricted cash and investments </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">212  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">212    </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Accounts receivable, net </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">13,741  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 13,741    </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Prepaid and other assets </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">417  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">253  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">670    </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Total current assets </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">42,835  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">446  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 43,281    </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Furniture, fixtures and equipment, net </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">798  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">6  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">804    </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Intangible assets, net </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">15,687  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 15,687    </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Deferred tax asset, net </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">285  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">18,145  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 18,430    </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Goodwill </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">57,203  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(2,378) </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 54,825    </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Other assets </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">172  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">172    </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Total assets </td> <td valign="bottom"> </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">116,980  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">16,219  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> $</td> <td valign="bottom" align="right"> 133,199    </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Liabilities and stockholders’ equity </td> <td valign="bottom"> </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"> </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"> </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Current liabilities: </td> <td valign="bottom"> </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"> </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"> </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Current portion of debt </td> <td valign="bottom"> </td> <td valign="bottom" nowrap="nowrap"> $</td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" nowrap="nowrap"> $</td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" nowrap="nowrap"> $</td> <td valign="bottom" nowrap="nowrap" align="right"> —    </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Accrued expenses and other liabilities </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">4,502  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,397  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 5,899    </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Deferred revenue </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">25,291  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 25,291    </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Liabilities attributable to discontinued operations </td> <td valign="bottom"> </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">146  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">146    </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Total current liabilities </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">29,793  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,543  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 31,336    </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Other long-term liabilities </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">284  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">284    </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Deferred tax liability, net </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">29,498  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(29,498) </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —    </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Total liabilities </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">59,575  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(27,955) </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 31,620    </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Total stockholders’ equity </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">57,405  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">44,174  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 101,579    </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Total liabilities and stockholders’ equity </td> <td valign="bottom"> </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">           116,980  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">           16,219  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">           133,199    </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> </table>   <table style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td width="4%"> </td> <td valign="top" width="4%" align="left">(A)</td> <td valign="top" align="left"> Includes the assets and liabilities of the Company’s discontinued operations, to the extent that such assets and liabilities existed at the date presented, and includes cash, other assets and liabilities not specifically attributable to or allocable to the Reis Services segment. </td> <td width="3%"> </td> </tr> </table>   (amounts in thousands)   <table style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="90%" align="center" border="0"> <tr> <td width="91%"></td> <td valign="bottom" width="1%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" nowrap="nowrap" align="center"> Condensed Operating Data for the Three Months Ended March 31, 2016 </td> <td valign="bottom"> </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Reis Services</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Other (A)</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Consolidated</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 1pt"> <td height="10"></td> <td height="10" colspan="4"></td> <td height="10" colspan="4"></td> <td height="10" colspan="4"></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Subscription revenue </td> <td valign="bottom"> </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">                     12,824 </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" nowrap="nowrap"> $</td> <td valign="bottom" nowrap="nowrap" align="right">                         —   </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom">  $</td> <td valign="bottom" align="right">                     12,824   </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Cost of sales of subscription revenue </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2,462 </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —   </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2,462   </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Gross profit </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">10,362 </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —   </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">10,362   </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Operating expenses: </td> <td valign="bottom"> </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"> </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"> </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Sales and marketing </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2,668 </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —   </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2,668   </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Product development </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,005 </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —   </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,005   </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> General and administrative expenses </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2,796 </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,289   </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">4,085   </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Total operating expenses </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">6,469 </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,289   </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">7,758   </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Other income (expenses): </td> <td valign="bottom"> </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"> </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"> </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Interest and other income </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">8 </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —   </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">8   </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Interest expense </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(21)</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —   </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(21)  </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Total other income (expenses) </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(13) </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —   </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(13)  </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Income (loss) before income taxes and discontinued operations </td> <td valign="bottom"> </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">3,880 </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">(1,289)  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">2,591   </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 1pt"> <td height="10"></td> <td height="10" colspan="4"></td> <td height="10" colspan="4"></td> <td height="10" colspan="4"></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Income (loss) from discontinued operations, before income taxes </td> <td valign="bottom"> </td> <td valign="bottom" nowrap="nowrap"> $</td> <td valign="bottom" nowrap="nowrap" align="right"> — </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" nowrap="nowrap"> $</td> <td valign="bottom" nowrap="nowrap" align="right"> —   </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" nowrap="nowrap"> $</td> <td valign="bottom" nowrap="nowrap" align="right"> —   </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> </table>   <table style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="90%" align="center" border="0"> <tr> <td width="91%"></td> <td valign="bottom" width="1%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" nowrap="nowrap" align="center"> Condensed Operating Data for the Three Months Ended March 31, 2015 </td> <td valign="bottom"> </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Reis Services</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Other (A)</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Consolidated</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 1pt"> <td height="10"></td> <td height="10" colspan="4"></td> <td height="10" colspan="4"></td> <td height="10" colspan="4"></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Subscription revenue </td> <td valign="bottom"> </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">                     11,131 </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" nowrap="nowrap"> $</td> <td valign="bottom" nowrap="nowrap" align="right">                         —   </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">                      11,131   </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Cost of sales of subscription revenue </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2,186 </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —   </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2,186   </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Gross profit </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">8,945 </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —   </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">8,945   </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Operating expenses: </td> <td valign="bottom"> </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"> </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"> </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Sales and marketing </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2,653 </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —   </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2,653   </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Product development </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">863 </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —   </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">863   </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> General and administrative expenses </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2,160 </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,161   </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">3,321   </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Total operating expenses </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">5,676 </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,161   </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">6,837   </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Other income (expenses): </td> <td valign="bottom"> </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"> </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"> </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Interest and other income </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">7 </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —   </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">7   </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Interest expense </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(28) </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —   </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(28)  </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Total other income (expenses) </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(21) </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —   </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(21)  </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Income (loss) before income taxes and discontinued operations </td> <td valign="bottom"> </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">3,248 </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">(1,161)  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">2,087   </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 1pt"> <td height="10"></td> <td height="10" colspan="4"></td> <td height="10" colspan="4"></td> <td height="10" colspan="4"></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="top"> (Loss) from discontinued operations, before income taxes </td> <td valign="bottom"> </td> <td valign="bottom" nowrap="nowrap"> $</td> <td valign="bottom" nowrap="nowrap" align="right"> — </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">(118)  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">(118)  </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top">     </td> <td valign="bottom"> </td> <td valign="top"></td> <td valign="top"></td> <td valign="top"></td> <td valign="bottom"> </td> <td valign="top"></td> <td valign="top"></td> <td valign="top"></td> <td valign="bottom"> </td> <td valign="top"></td> <td valign="top"></td> <td valign="top"></td> </tr> </table> <table style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="90%" align="center" border="0"> <tr> <td width="3%"></td> <td valign="bottom" width="1%"></td> <td width="96%"></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="top">(A)</td> <td valign="bottom"> </td> <td valign="top"> Includes the results of the Company’s discontinued operations, to the extent that such operations existed during the periods presented, and includes interest and other income, depreciation expense and general and administrative expenses that have not been allocated to the Reis Services segment. </td> </tr> </table> </div>

<div> The following table presents option activity and other plan data for the three months ended March 31, 2016 and 2015:   <table style="FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="76%" align="center" border="0"> <tr> <td width="90%"></td> <td valign="bottom" width="1%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="14" align="center">For the Three Months Ended March 31,</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="6" align="center">2016</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="6" align="center">2015</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Options</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Weighted- Average Exercise Price</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Options</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" nowrap="nowrap" align="center">     Weighted-         Average          Exercise         Price    </td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 1pt"> <td height="8"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> </tr> <tr style="FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Outstanding at beginning of period </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">547,500   </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">9.61  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">582,500  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">9.52   </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Granted </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —   </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" nowrap="nowrap"> $</td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" nowrap="nowrap"> $</td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Exercised </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(7,500)  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">     (10.40) </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(7,500) </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">(7.50)  </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Forfeited/cancelled/expired </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —   </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" nowrap="nowrap"> $</td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" nowrap="nowrap"> $</td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Outstanding at end of period </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">540,000   </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">9.60  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">575,000  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">9.55   </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Options exercisable at end of period </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">         524,000   </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">9.33  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">         555,000  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">         9.23   </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> </table> </div>

<div> Reclassification Amounts in certain accounts as presented in the condensed balance sheet data and condensed operating data in Note 3 have been reclassified to conform to the current period presentation. </div>

10.40

11283752

2016-03-31

<div> Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. From time to time, the Company has been, is or may in the future be a defendant in various legal actions arising in the normal course of business. The Company records a provision for a liability when it is both probable that a liability has been incurred and the amount of loss can be reasonably estimated. The outcome of any litigation is uncertain; it is possible that a judgment in any legal actions to which the Company is a party, or which are proposed or threatened, will have a material adverse effect on the consolidated financial statements. See Note 10. </div>

7500

<div> New Accounting Pronouncements In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”). ASU 2014-09 affects any entity that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of nonfinancial assets. Under ASU 2014-09, an entity will recognize revenue when it transfers promised goods or services to customers in an amount that reflects what it expects in exchange for the goods or services. ASU 2014-09 is effective for annual periods beginning after December 15, 2017. The Company is currently evaluating the impact the adoption of ASU 2014-09 will have on its consolidated financial statements and disclosures. In August 2014, the FASB issued ASU 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (“ASU 2014-15”). ASU 2014-15 defines management’s responsibility to evaluate whether there is substantial doubt about an organization’s ability to continue as a going concern and to provide related footnote disclosures. ASU 2014-15 is effective for annual periods ending after December 15, 2016 and interim periods within annual periods beginning after December 15, 2016. The Company expects that the adoption of ASU 2014-15 will not have a material impact on its consolidated financial statements and disclosures. In February 2015, the FASB issued ASU 2015-02, Consolidation (Topic 810), Amendments to the Consolidation Analysis (“ASU 2015-02”). ASU 2015-02 eliminates the deferral of FAS 167 and makes changes to both the variable interest model and the voting model. For public business entities, the guidance is effective for annual and interim periods beginning after December 15, 2015. The Company has adopted ASU 2015-02 as of January 1, 2016. The adoption of ASU 2015-02 did not have a material impact on the Company’s financial condition, results of operations, or disclosures. In February 2016, the FASB issued ASU 2016-02, Leases (“ASU 2016-02”). ASU 2016-02 establishes a right-of-use (“ROU”) model that requires a lessee to record a ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. A modified retrospective transition approach is required for lessees for capital and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. The Company is currently evaluating the impact the pending adoption of ASU 2016-02 will have on its consolidated financial statements and disclosures. In March 2016, the FASB issued ASU 2016-09, Compensation-Stock Compensation (“ASU 2016-09”). Under ASU 2016-09, entities will be required to recognize the income tax effects of awards in the income statement when the awards vest or are settled. The guidance on employers’ accounting for an employee’s use of shares to satisfy the employer’s statutory income tax withholding obligation and for forfeitures is also changing. For public business entities, ASU 2016-09 is effective for fiscal years beginning after December 15, 2016, and interim periods within those years. Early adoption is permitted, but all of the guidance must be adopted in the same period. The Company is currently evaluating the impact the adoption of ASU 2016-09 will have on its consolidated financial statements and disclosures. </div>

REIS

0.14

839641

1604125

78000

12823752

6389

42715

1936421

2164321

354080

10362181

-13069

1604125

-6633929

8256

180552

2591125

288011

1048

1604125

987000

534444

811000

53000

-3023103

2667992

252749

7757987

21325

1005284

-2818132

864000

-1675828

61000

4084711

62000

1378486

1936421

987000

-3003962

112870

2461571

308556 1604125 29697 3 701159 -62000 175000 78000 150 2091

612000

1331000

456000

658000

235000

75000

LIBOR + 2.00% per annum (for LIBOR loans) or the greater of 1.00% or the bank's prime rate minus 0.50% per annum (for base rate loans)

0.0025

The greater of 1.00% or the bank's prime rate minus 0.50% per annum (for base rate loans)

-0.005

0.0100

LIBOR + 2.00% per annum (for LIBOR loans)

0.0200

2015-10-16

P3Y

2016-01-31

2019-01-28

2012-10-15 2012-08-03

116336

20.15

1452

23.73

34500

P6M

12824000

10362000

-13000

8000

3880000

2668000

6469000

21000

1005000

2796000

2462000

0.114

-1289000

1289000

P5Y

P3Y

32760

117788

85181

RSUs vest one-third a year over three years

52421

701000

7500

52421

150

1048

1604125

1936421

77850

42715

-1048

0.14

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Disclosure - Stock Plans and Other Incentives - Changes in RSUs (Parenthetical) (Detail) link:calculationLink link:presentationLink link:definitionLink 143 - Disclosure - Earnings Per Common Share - Details of Computation of Earnings per Common Share, Basic and Diluted (Detail) link:calculationLink link:presentationLink link:definitionLink 144 - Disclosure - Fair Value of Financial Instruments - Additional Information (Detail) link:calculationLink link:presentationLink link:definitionLink 145 - Disclosure - Income Taxes - Components of Income Tax Expense (Benefit) (Detail) (Alternate 1) link:calculationLink link:presentationLink link:definitionLink EX-101.CAL 7 reis-20160331_cal.xml XBRL TAXONOMY EXTENSION CALCULATION LINKBASE EX-101.DEF 8 reis-20160331_def.xml XBRL TAXONOMY EXTENSION DEFINITION LINKBASE EX-101.LAB 9 reis-20160331_lab.xml XBRL TAXONOMY EXTENSION LABEL LINKBASE Accounting Policies [Abstract] Accounting Policies [Abstract] Accounts Receivable, Gross, Current Accounts receivable Accounts Receivable, Net, Current Accounts receivable, net Accounts receivable, net Accrual of assets without physical form arising from contractual or other legal rights, excluding goodwill. Accrual Of Intangible Assets Accrual for website and database development costs Accrued Liabilities, Current Accrued expenses and other liabilities Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment Accumulated depreciation of furniture, fixtures and equipment Additional Paid in Capital, Common Stock Additional paid in capital Additional Paid-in Capital [Member] Paid in Capital Adjustments to Additional Paid in Capital, Share-based Compensation, Requisite Service Period Recognition Stock based compensation, net Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities [Abstract] Adjustments to reconcile to net cash provided by operating activities: Allowance for Doubtful Accounts Receivable, Current Allowance for doubtful accounts Amendment Flag Amendment Flag Amortization of Intangible Assets Amortization expense for intangible assets Amortization of intangible assets Assets Total assets Total assets Assets [Abstract] ASSETS Assets, Current Total current assets Total current assets Assets, Current [Abstract] Current assets: Award Type [Axis] Award Type [Axis] Base rate loans interest rate. Base Rate Loans Interest Rate Spread Percentage Base rate Base Rate [Member] Base Rate Loans [Member] Basis of Accounting, Policy [Policy Text Block] Quarterly Reporting Cash and Cash Equivalents, at Carrying Value Cash and cash equivalents, end of period Cash and cash equivalents, beginning of period Cash and cash equivalents Cash and Cash Equivalents, Period Increase (Decrease) Net increase in cash and cash equivalents Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract] SUPPLEMENTAL SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIES: Commitments and Contingencies Commitments and contingencies Commitments and Contingencies Disclosure [Abstract] Commitments and Contingencies Disclosure [Abstract] Commitments and Contingencies Disclosure [Text Block] Commitments and Contingencies Common Stock, Dividends, Per Share, Cash Paid Dividends paid, per share Common Stock, Dividends, Per Share, Declared Dividends declared per common share Dividends declared, per share Common Stock [Member] Common Shares Common Stock, Par or Stated Value Per Share Common stock, par value Common Stock, Shares Authorized Common stock, shares authorized Common Stock, Shares, Issued Common stock, shares issued Common Stock, Shares, Outstanding Common stock, shares outstanding Common Stock, Value, Issued Common stock, $0.02 par value per share, 101,000,000 shares authorized, 11,316,326 and 11,256,405 shares issued and outstanding, respectively Consolidation, Policy [Policy Text Block] Principles of Consolidation Component of an entity that provides financial and operational oversight and administrative support for other segments and other segments not separately reported due to size or nature of business activities. Includes intersegment elimination and reconciling items. Corporate And Inter Segment Eliminations [Member] Other [Member] Cost of Goods Sold, Subscription Cost of sales of subscription revenue Credit Facility [Axis] Credit Facility [Axis] Credit Facility [Domain] Credit Facility [Domain] Current Federal Tax Expense (Benefit) Current Federal alternative minimum tax ("AMT") expense Current Fiscal Year End Date Current Fiscal Year End Date Current State and Local Tax Expense (Benefit) Current state and local tax expense Customer Relationships [Member] Customer Relationships [Member] Database Rights [Member] Database [Member] Debt Disclosure [Abstract] Debt Disclosure [Abstract] Debt Disclosure [Text Block] Debt Debt Instrument, Basis Spread on Variable Rate Spread on variable rate Long-term Debt, Gross Debt outstanding Debt Instrument [Line Items] Debt Instrument [Line Items] Schedule of Long-term Debt Instruments [Table] Schedule of Long-term Debt Instruments [Table] Amount of Federal AMT tax expense (benefit) during the period. Deferred Federal Alternative Minimum Tax Expense (Benefit) Deferred Federal AMT expense (benefit) Deferred Federal Income Tax Expense (Benefit) Deferred Federal tax expense Deferred Income Tax Expense (Benefit) Deferred tax provision Deferred Revenue, Current Deferred revenue Deferred State and Local Income Tax Expense (Benefit) Deferred state and local tax expense Deferred Tax Assets, Net Net deferred tax asset Deferred Tax Assets, Net of Valuation Allowance, Noncurrent Deferred tax asset, net Deferred Tax Assets, Operating Loss Carryforwards, Not Subject to Expiration Federal NOLs not subject to an annual limitation Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration Federal NOLs subject to an annual limitation Deferred Tax Liabilities, Net Deferred tax liability, net Depreciation Depreciation Dilutive Securities, Effect on Basic Earnings Per Share Adjustments to income from continuing operations for the impact of dilutive securities Disclosure of Compensation Related Costs, Share-based Payments [Abstract] Disclosure of Compensation Related Costs, Share-based Payments [Abstract] Disclosure of Compensation Related Costs, Share-based Payments [Text Block] Stock Plans and Other Incentives Discontinued Operation, Income (Loss) from Discontinued Operation, before Income Tax Income (loss) from discontinued operations, before income taxes (Loss) from discontinued operations before income tax Discontinued Operation, Tax Effect of Discontinued Operation Less income tax expense (benefit) attributable to discontinued operations Income tax (benefit) from discontinued operations Income tax expense (benefit) on discontinued operations Disposal Group, Including Discontinued Operation, Other Expense Other (expense), net Disposal of fully depreciated furniture, fixtures and equipment. Disposal Of Fully Depreciated Furniture Fixtures And Equipment Disposal of fully depreciated furniture, fixtures and equipment Dividends, Common Stock, Cash Dividend payments, amount Dividends Document and Entity Information [Abstract] Document And Entity Information [Abstract] Document And Entity Information [Abstract] Document Fiscal Period Focus Document Fiscal Period Focus Document Fiscal Year Focus Document Fiscal Year Focus Document Period End Date Document Period End Date Document Type Document Type Earnings Per Share [Abstract] Earnings Per Share [Abstract] Earnings Per Share, Basic Net income Net income Earnings Per Share, Basic [Abstract] Per common share amounts - basic: Per share amounts - basic: Earnings Per Share, Diluted Net income Net income Earnings Per Share, Diluted [Abstract] Per common share amounts - diluted: Per share amounts - diluted: Earnings Per Share [Text Block] Earnings Per Common Share Employees. Employees [Member] Employees [Member] Entity Central Index Key Entity Central Index Key Entity Common Stock, Shares Outstanding Entity Common Stock, Shares Outstanding Entity [Domain] Entity [Domain] Entity Filer Category Entity Filer Category Entity Registrant Name Entity Registrant Name Entity wide deferred revenue customer. Entity Wide Deferred Revenue Customer Percentage Percentage of deferred revenue by major subscriber Percentage of revenue generated from a single external customer. Entity Wide Revenue Customer Percentage Percentage of Reis Service's revenue by major subscriber Equity [Abstract] Equity [Abstract] Equity Component [Domain] Equity Component [Domain] Extended Expiration [Member] Extended Expiration [Member] Extended Expiration [Member] Fair Value Disclosures [Abstract] Fair Value Disclosures [Abstract] Fair Value Disclosures [Text Block] Fair Value of Financial Instruments Finite-Lived Intangible Assets, Accumulated Amortization Accumulated amortization of intangible assets Accumulated amortization Finite-Lived Intangible Assets by Major Class [Axis] Finite-Lived Intangible Assets by Major Class [Axis] Finite-Lived Intangible Assets, Cost Incurred to Renew or Extend Amount capitalized to intangible asset Finite-Lived Intangible Assets, Gross Intangible assets, gross Finite-Lived Intangible Assets [Line Items] Finite-Lived Intangible Assets [Line Items] Finite-Lived Intangible Assets, Major Class Name [Domain] Finite-Lived Intangible Assets, Major Class Name [Domain] Finite-Lived Intangible Assets, Net Intangible assets, net Intangible assets, net Intangible assets, net of accumulated amortization of $40,116,778 and $38,738,292, respectively First installment. First Installment [Member] First Installment [Member] General and Administrative Expense General and administrative expenses Gold peak. Gold Peak [Member] Gold Peak [Member] Goodwill Goodwill Goodwill and Intangible Assets Disclosure [Abstract] Goodwill and Intangible Assets Disclosure [Abstract] Gross Profit Gross profit Gross profit Income from continuing operations for dilution calculation. Income From Continuing Operations For Dilution Calculation Income from continuing operations for dilution calculation Income (Loss) from Continuing Operations Attributable to Parent Income from continuing operations Income from continuing operations Income from continuing operations for basic calculation Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest Income (loss) before income taxes and discontinued operations Income (loss) before income taxes and discontinued operations Income (Loss) from Continuing Operations, Per Basic Share Income from continuing operations Income (Loss) from Continuing Operations, Per Diluted Share Income from continuing operations Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest Income (loss) from discontinued operations, net of income tax (benefit) (Loss) from discontinued operations, net of income tax (benefit) Loss from discontinued operations, net of income tax expense (benefit) of $- and $(47,000), respectively Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Basic Share Income (loss) from discontinued operations Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Diluted Share Income (loss) from discontinued operations Income Statement [Abstract] Income Statement [Abstract] Income Tax Disclosure [Abstract] Income Tax Disclosure [Abstract] Income Tax Disclosure [Text Block] Income Taxes Income Taxes Paid, Net Cash paid during the period for income taxes Income Tax Expense (Benefit) Income tax expense Income Tax Expense (Benefit), Continuing Operations, Discontinued Operations, Extraordinary Items Consolidated income tax expense, including taxes attributable to discontinued operations Consolidated income tax expense, including taxes attributable to discontinued operations Increase (Decrease) in Accounts Receivable Accounts receivable, net Increase (Decrease) in Accrued Liabilities Accrued expenses and other liabilities Increase (Decrease) in Deferred Revenue Deferred revenue Increase (Decrease) in Operating Capital [Abstract] Changes in assets and liabilities: Increase (Decrease) in Prepaid Expense and Other Assets Prepaid and other assets Increase (Decrease) in Restricted Cash for Operating Activities Restricted cash and investments Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements RSUs Incremental common shares attributable to stock options. Incremental Common Shares Attributable To Stock Options Stock options Installment amount due. Installment Amount Due Installment amount due Installment due date. Installment Due Date Installment due date Intangible Assets Disclosure [Text Block] Intangible Assets Interest and Other Income Interest and other income Interest Expense Interest expense Interest Paid Cash paid during the period for interest Internet Domain Names [Member] Website [Member] Leases, Acquired-in-Place, Market Adjustment [Member] Acquired Below Market Lease [Member] Legal Entity [Axis] Legal Entity [Axis] Liabilities Total liabilities Total liabilities Liabilities and Equity Total liabilities and stockholders' equity Total liabilities and stockholders' equity Liabilities and Equity [Abstract] Liabilities and stockholders' equity Liabilities, Current Total current liabilities Total current liabilities Liabilities, Current [Abstract] Current liabilities: Disposal Group, Including Discontinued Operation, Liabilities, Current Liabilities attributable to discontinued operations Line of Credit Facility, Expiration Date Date of expiry Line of Credit Facility, Expiration Period Expiry period of revolver Line of Credit Facility, Interest Rate Description Revolving credit facility, interest rate description Line of Credit Facility, Maximum Amount Outstanding During Period Borrowings under revolver Line of Credit Facility, Maximum Borrowing Capacity Amount of revolving credit facility Line of Credit Facility, Unused Capacity, Commitment Fee Percentage Unused credit facility fee Litigation Settlement, Amount Settlement with the plaintiff Litigation Status [Axis] Litigation Status [Axis] Litigation Status [Domain] Litigation Status [Domain] Loans Payable to Bank, Current Current portion of debt London Interbank Offered Rate (LIBOR) [Member] LIBOR Loans [Member] Loss Contingency, Damages Awarded, Value Litigation charge regarding construction defects Maximum [Member] Maximum [Member] Minimum [Member] Minimum [Member] Nature of Operations [Text Block] Organization and Business Net Cash Provided by (Used in) Financing Activities Net cash (used in) financing activities Net Cash Provided by (Used in) Financing Activities [Abstract] CASH FLOWS FROM FINANCING ACTIVITIES: Net Cash Provided by (Used in) Investing Activities Cash (used in) investing activities Net Cash Provided by (Used in) Investing Activities [Abstract] CASH FLOWS FROM INVESTING ACTIVITIES: Net Cash Provided by (Used in) Operating Activities Net cash provided by operating activities Net Cash Provided by (Used in) Operating Activities [Abstract] CASH FLOWS FROM OPERATING ACTIVITIES: Net Income (Loss) Attributable to Parent Net income Net income Net income for basic calculation Net Income (Loss) Attributable to Parent [Abstract] Numerator for basic per share calculation: Net Income (Loss) Attributable to Parent, Diluted Net income for dilution calculation Net Income (Loss) Attributable to Parent, Diluted [Abstract] Numerator for diluted per share calculation: Net operating loss annual limitation. Net Operating Loss Annual Limitation Federal NOLs annual limitation New Accounting Pronouncements, Policy [Policy Text Block] New Accounting Pronouncements Non-employee directors. Non Employee Directors [Member] Non-Employee Directors [Member] Nonoperating Income (Expense) Total other income (expenses) Total other income (expenses) Nonoperating Income (Expense) [Abstract] Other income (expenses): Number of acres Number Of Acres Number of acres prior to sale Number of employees withholding tax obligations. Number Of Employees Withholding Tax Obligations Number of employees withholding tax obligations Number of months after the termination of service, RSUs delivered to non-employee directors. Number of Period after Termination of Service RSUs Delivered to Non Employee Directors Number of months after the termination of service, RSUs delivered to non-employee directors Number of residential projects. Number Of Residential Projects Number of residential projects before merger Number of subscribers contributing largest share among account receivable. Number Of Subscriber Contributing Largest Share Among Account Receivable Number of subscribers contributing largest share among accounts receivable Number of units. Number of Units Number of units prior to sale Operating Expenses Total operating expenses Total operating expenses Operating Expenses [Abstract] Operating expenses: Operating Loss Carryforwards Aggregate Federal NOL carryforwards Organization, Consolidation and Presentation of Financial Statements [Abstract] Organization, Consolidation and Presentation of Financial Statements [Abstract] Other Assets Other assets Other costs associated with judgment. Other Costs Associated With Judgment Other charges regarding construction defects Other Liabilities Other long-term liabilities Payments for option cancellations and restricted stock units. Payments For Option Cancellations And Restricted Stock Units Payments for option cancellations and restricted stock units Payments of Ordinary Dividends, Common Stock Dividends Payments of Financing Costs Payment of financing costs Payments Related to Tax Withholding for Share-based Compensation Employee withholding tax obligations approximate amount Payments to Acquire Intangible Assets Website and database development costs Payments to Acquire Property, Plant, and Equipment Furniture, fixtures and equipment additions Percentage of accounts receivable from a single external customer. Percentage Of Accounts Receivable From Single External Customer Percentage of Reis Service's accounts receivable by major subscriber EX-101.PRE 10 reis-20160331_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE XML 11 R1.htm IDEA: XBRL DOCUMENT

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2016	Apr. 26, 2016
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2016
Document Fiscal Year Focus	2016
Document Fiscal Period Focus	Q1
Trading Symbol	REIS
Entity Registrant Name	Reis, Inc.
Entity Central Index Key	0001038222
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		11,316,326

XML 12 R2.htm IDEA: XBRL DOCUMENT

Consolidated Balance Sheets - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Current assets:
Cash and cash equivalents	$ 28,910,705	$ 28,657,956
Restricted cash and investments	212,268	212,268
Accounts receivable, net	7,107,240	13,741,169
Prepaid and other assets	1,114,240	670,339
Total current assets	37,344,453	43,281,732
Furniture, fixtures and equipment, net of accumulated depreciation of $2,533,158 and $2,449,985, respectively	1,529,107	804,427
Intangible assets, net of accumulated amortization of $40,116,778 and $38,738,292, respectively	16,297,789	15,686,954
Deferred tax asset, net	17,689,737	18,429,737
Goodwill	54,824,648	54,824,648
Other assets	342,550	171,728
Total assets	128,028,284	133,199,226
Current liabilities:
Current portion of debt	0	0
Accrued expenses and other liabilities	4,197,652	5,898,226
Deferred revenue	22,268,396	25,291,499
Liabilities attributable to discontinued operations		145,737
Total current liabilities	26,466,048	31,335,462
Other long-term liabilities	279,799	284,316
Total liabilities	$ 26,745,847	$ 31,619,778
Commitments and contingencies
Stockholders' equity:
Common stock, $0.02 par value per share, 101,000,000 shares authorized, 11,316,326 and 11,256,405 shares issued and outstanding, respectively	$ 226,326	$ 225,128
Additional paid in capital	107,136,520	107,102,433
Retained earnings (deficit)	(6,080,409)	(5,748,113)
Total stockholders' equity	101,282,437	101,579,448
Total liabilities and stockholders' equity	$ 128,028,284	$ 133,199,226

XML 13 R3.htm IDEA: XBRL DOCUMENT

Consolidated Balance Sheets (Parenthetical) - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Statement of Financial Position [Abstract]
Accumulated depreciation of furniture, fixtures and equipment	$ 2,533,158	$ 2,449,985
Accumulated amortization of intangible assets	$ 40,116,778	$ 38,738,292
Common stock, par value	$ 0.02	$ 0.02
Common stock, shares authorized	101,000,000	101,000,000
Common stock, shares issued	11,316,326	11,256,405
Common stock, shares outstanding	11,316,326	11,256,405

XML 14 R4.htm IDEA: XBRL DOCUMENT

Consolidated Statements of Operations - USD ($)	3 Months Ended
Consolidated Statements of Operations - USD ($)	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015
Income Statement [Abstract]
Subscription revenue	$ 12,823,752				$ 11,130,778
Cost of sales of subscription revenue	2,461,571				2,185,440
Gross profit	10,362,181				8,945,338
Operating expenses:
Sales and marketing	2,667,992				2,653,014
Product development	1,005,284				862,754
General and administrative expenses	4,084,711				3,321,076
Total operating expenses	7,757,987				6,836,844
Other income (expenses):
Interest and other income	8,256				7,089
Interest expense	(21,325)				(28,213)
Total other income (expenses)	(13,069)				(21,124)
Income (loss) before income taxes and discontinued operations	2,591,125				2,087,370
Income tax expense	987,000				794,000
Income from continuing operations	1,604,125				1,293,370
Loss from discontinued operations, net of income tax expense (benefit) of $- and $(47,000), respectively					(71,354)
Net income	$ 1,604,125				$ 1,222,016
Per share amounts - basic:
Income from continuing operations	$ 0.14				$ 0.12
Net income	0.14				0.11
Per share amounts - diluted:
Income from continuing operations	0.14				0.11
Net income	$ 0.14				$ 0.10
Weighted average number of common shares outstanding:
Basic	11,283,752				11,190,683
Diluted	11,725,806				11,692,564
Dividends declared per common share	$ 0.17	$ 0.14	$ 0.14	$ 0.14	$ 0.14

XML 15 R5.htm IDEA: XBRL DOCUMENT

Consolidated Statements of Operations (Parenthetical)	3 Months Ended
Consolidated Statements of Operations (Parenthetical)	Mar. 31, 2015 USD ($)
Income Statement [Abstract]
Income tax expense (benefit) on discontinued operations	$ (47,000)

- Definition

Amount of tax expense (benefit) related to a discontinued operation. Includes, but is not limited to, tax expense (benefit) related to income (loss) from operations during the phase-out period, tax expense (benefit) related to gain (loss) on disposal, tax expense (benefit) related to gain (loss) for reversal of write-down (write-down) to fair value, less cost to sell, and tax expense (benefit) related to adjustments of a prior period gain (loss) on disposal.

+ References + Details

XML 16 R6.htm IDEA: XBRL DOCUMENT

Consolidated Statement of Changes in Stockholders' Equity - 3 months ended Mar. 31, 2016 - USD ($)	Total	Common Shares	Paid in Capital	Retained Earnings (Deficit)
Balance at Dec. 31, 2015	$ 101,579,448	$ 225,128	$ 107,102,433	$ (5,748,113)
Balance, shares at Dec. 31, 2015		11,256,405
Shares issued for vested employee restricted stock units		$ 1,048	(1,048)
Shares issued for vested employees restricted stock units, shares		52,421
Shares issued for option exercises	$ 78,000	$ 150	77,850
Shares issued for option exercises, shares	7,500	7,500
Stock based compensation, net	$ (42,715)		(42,715)
Dividends	(1,936,421)			(1,936,421)
Net income	1,604,125			1,604,125
Balance at Mar. 31, 2016	$ 101,282,437	$ 226,326	$ 107,136,520	$ (6,080,409)
Balance, shares at Mar. 31, 2016		11,316,326

XML 17 R7.htm IDEA: XBRL DOCUMENT

Consolidated Statements of Cash Flows - USD ($)	3 Months Ended
Consolidated Statements of Cash Flows - USD ($)	Mar. 31, 2016	Mar. 31, 2015
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 1,604,125	$ 1,222,016
Adjustments to reconcile to net cash provided by operating activities:
Deferred tax provision	864,000	709,000
Depreciation	112,870	105,958
Amortization of intangible assets	1,378,486	1,221,190
Stock based compensation charges	534,444	446,244
Changes in assets and liabilities:
Restricted cash and investments		(131)
Accounts receivable, net	6,633,929	6,855,043
Prepaid and other assets	(354,080)	(117,523)
Accrued expenses and other liabilities	(1,675,828)	(1,593,205)
Deferred revenue	(3,023,103)	(1,568,506)
Net cash provided by operating activities	6,074,843	7,280,086
CASH FLOWS FROM INVESTING ACTIVITIES:
Website and database development costs	(2,164,321)	(1,082,189)
Furniture, fixtures and equipment additions	(839,641)	(58,452)
Cash (used in) investing activities	(3,003,962)	(1,140,641)
CASH FLOWS FROM FINANCING ACTIVITIES:
Dividends	(1,936,421)	(1,581,639)
Proceeds from option exercises		56,250
Payments for option cancellations and restricted stock units	(701,159)	(992,971)
Payment of financing costs	(180,552)
Net cash (used in) financing activities	(2,818,132)	(2,518,360)
Net increase in cash and cash equivalents	252,749	3,621,085
Cash and cash equivalents, beginning of period	28,657,956	17,745,077
Cash and cash equivalents, end of period	28,910,705	21,366,162
SUPPLEMENTAL INFORMATION:
Cash paid during the period for interest	6,389	6,389
Cash paid during the period for income taxes	288,011	164,700
SUPPLEMENTAL SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:
Accrual for website and database development costs	175,000
Disposal of fully depreciated furniture, fixtures and equipment	29,697	45,286
Shares issued for vested employee restricted stock units	1,048	$ 1,297
Shares issued for option exercises	150
Proceeds receivable from option exercises	78,000
Proceeds receivable from furniture, fixtures and equipment disposal	$ 2,091

XML 18 R8.htm IDEA: XBRL DOCUMENT

Organization and Business

3 Months Ended

Mar. 31, 2016

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization and Business

1.	*Organization and Business*

Reis Services

The Company’s product portfolio features: Reis SE, its flagship delivery platform aimed at larger and mid-sized enterprises; ReisReports, aimed at prosumers and smaller enterprises; and Mobiuss Portfolio CRE, or Mobiuss, aimed primarily at risk managers and credit administrators at banks and non-bank lending institutions. It is through these products that Reis provides online access to a proprietary database of commercial real estate information and analytical tools designed to facilitate debt and equity transactions as well as ongoing asset and portfolio evaluations. Depending on the product or level of entitlement, users have access to market trends and forecasts at metropolitan and neighborhood levels throughout the U.S. and/or detailed building-specific information such as rents, vacancy rates, lease terms, property sales, new construction listings and property valuation estimates. Reis’s products are designed to meet the demand for timely and accurate information to support the decision making of property owners, developers, builders, banks and non-bank lenders, equity investors and service providers. These real estate professionals require access to timely information on both the performance and pricing of assets, including detailed data on market transactions, supply, absorption, rents and sale prices. This information is critical to all aspects of valuing assets and financing their acquisition, development and construction.

Discontinued Operations – Residential Development Activities

XML 19 R9.htm IDEA: XBRL DOCUMENT

Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2016

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2.	*Summary of Significant Accounting Policies*

Basis of Presentation

Principles of Consolidation

Quarterly Reporting

Estimates

New Accounting Pronouncements

In February 2016, the FASB issued ASU 2016-02, Leases (“ASU 2016-02”). ASU 2016-02 establishes a right-of-use (“ROU”) model that requires a lessee to record a ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. A modified retrospective transition approach is required for lessees for capital and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. The Company is currently evaluating the impact the pending adoption of ASU 2016-02 will have on its consolidated financial statements and disclosures.

Reclassification

Amounts in certain accounts as presented in the condensed balance sheet data and condensed operating data in Note 3 have been reclassified to conform to the current period presentation.

XML 20 R10.htm IDEA: XBRL DOCUMENT

Segment Information

3 Months Ended

Mar. 31, 2016

Segment Reporting [Abstract]

Segment Information

3.	*Segment Information*

The Company is organized into separately managed segments as follows: the Reis Services segment and other. The following tables present condensed balance sheet and operating data for these segments:


(amounts in thousands)
Condensed Balance Sheet Data March 31, 2016	Reis Services		Other (A)		Consolidated

Assets
Current assets:
Cash and cash equivalents	$	28,714	$	197	$	28,911
Restricted cash and investments		212		—		212
Accounts receivable, net		7,107		—		7,107
Prepaid and other assets		917		197		1,114

Total current assets		36,950		394		37,344
Furniture, fixtures and equipment, net		1,525		4		1,529
Intangible assets, net		16,298		—		16,298
Deferred tax asset, net		285		17,405		17,690
Goodwill		57,203		(2,378)		54,825
Other assets		342		—		342

Total assets	$	112,603	$	15,425	$	128,028

Liabilities and stockholders’ equity
Current liabilities:
Current portion of debt	$	—	$	—	$	—
Accrued expenses and other liabilities		3,190		1,008		4,198
Deferred revenue		22,268		—		22,268

Total current liabilities		25,458		1,008		26,466
Other long-term liabilities		280		—		280
Deferred tax liability, net		30,973		(30,973)		—

Total liabilities		56,711		(29,965)		26,746
Total stockholders’ equity		55,892		45,390		101,282

Total liabilities and stockholders’ equity	$	112,603	$	15,425	$	128,028

Condensed Balance Sheet Data December 31, 2015	Reis Services		Other (A)		Consolidated

Assets
Current assets:
Cash and cash equivalents	$	28,465	$	193	$	28,658
Restricted cash and investments		212		—		212
Accounts receivable, net		13,741		—		13,741
Prepaid and other assets		417		253		670

Total current assets		42,835		446		43,281
Furniture, fixtures and equipment, net		798		6		804
Intangible assets, net		15,687		—		15,687
Deferred tax asset, net		285		18,145		18,430
Goodwill		57,203		(2,378)		54,825
Other assets		172		—		172

Total assets	$	116,980	$	16,219	$	133,199

Liabilities and stockholders’ equity
Current liabilities:
Current portion of debt	$	—	$	—	$	—
Accrued expenses and other liabilities		4,502		1,397		5,899
Deferred revenue		25,291		—		25,291
Liabilities attributable to discontinued operations		—		146		146

Total current liabilities		29,793		1,543		31,336
Other long-term liabilities		284		—		284
Deferred tax liability, net		29,498		(29,498)		—

Total liabilities		59,575		(27,955)		31,620
Total stockholders’ equity		57,405		44,174		101,579

Total liabilities and stockholders’ equity	$	116,980	$	16,219	$	133,199

(A)

(amounts in thousands)


Condensed Operating Data for the Three Months Ended March 31, 2016	Reis Services		Other (A)		Consolidated

Subscription revenue	$	12,824	$	—	$	12,824
Cost of sales of subscription revenue		2,462		—		2,462

Gross profit		10,362		—		10,362

Operating expenses:
Sales and marketing		2,668		—		2,668
Product development		1,005		—		1,005
General and administrative expenses		2,796		1,289		4,085

Total operating expenses		6,469		1,289		7,758
Other income (expenses):
Interest and other income		8		—		8
Interest expense		(21)		—		(21)

Total other income (expenses)		(13)		—		(13)

Income (loss) before income taxes and discontinued operations	$	3,880	$	(1,289)	$	2,591


Income (loss) from discontinued operations, before income taxes	$	—	$	—	$	—


Condensed Operating Data for the Three Months Ended March 31, 2015	Reis Services		Other (A)		Consolidated

Subscription revenue	$	11,131	$	—	$	11,131
Cost of sales of subscription revenue		2,186		—		2,186

Gross profit		8,945		—		8,945

Operating expenses:
Sales and marketing		2,653		—		2,653
Product development		863		—		863
General and administrative expenses		2,160		1,161		3,321

Total operating expenses		5,676		1,161		6,837
Other income (expenses):
Interest and other income		7		—		7
Interest expense		(28)		—		(28)

Total other income (expenses)		(21)		—		(21)

Income (loss) before income taxes and discontinued operations	$	3,248	$	(1,161)	$	2,087


(Loss) from discontinued operations, before income taxes	$	—	$	(118)	$	(118)


(A)		Includes the results of the Company’s discontinued operations, to the extent that such operations existed during the periods presented, and includes interest and other income, depreciation expense and general and administrative expenses that have not been allocated to the Reis Services segment.

Reis Services

See Note 1 for a description of Reis Services’s business and products at March 31, 2016.

The Company’s largest individual subscriber accounted for 11.4% and 2.7% of Reis Services’s revenue for the three months ended March 31, 2016 and 2015, respectively.

The following table presents the accounts receivable balances of Reis Services at March 31, 2016 and December 31, 2015:


	March 31, 2016		December 31, 2015

Accounts receivable	$	7,216,000	$	13,828,000
Allowance for doubtful accounts		(109,000)		(87,000)

Accounts receivable, net	$	7,107,000	$	13,741,000

At March 31, 2016, the largest individual subscriber accounted for 3.5% of deferred revenue.

Discontinued Operations – Residential Development Activities

Income (loss) from discontinued operations was comprised of the following in the 2015 period (there were no discontinued operations activities in the 2016 period):


	For the Three Months Ended March 31, 2015

Litigation recoveries	$	—
Other (expense), net		(118,000)

(Loss) from discontinued operations before income tax		(118,000)
Income tax (benefit) from discontinued operations		(47,000)

(Loss) from discontinued operations, net of income tax (benefit)	$	(71,000)

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8981-108599

Reference 2: http://www.xbrl.org/2003/role/presentationRef
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-SubTopic 10
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-Paragraph 35
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-SubTopic 10
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-Paragraph 40
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-Name Accounting Standards Codification
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-SubTopic 10
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+ Details

XML 21 R11.htm IDEA: XBRL DOCUMENT

Intangible Assets

3 Months Ended

Mar. 31, 2016

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

4.	*Intangible Assets*

The amount of identified intangible assets, including the respective amounts of accumulated amortization, are as follows:


	March 31, 2016		December 31, 2015

Database	$	24,121,000	$	22,790,000
Accumulated amortization		(17,733,000)		(17,121,000)

Database, net		6,388,000		5,669,000

Customer relationships		14,100,000		14,100,000
Accumulated amortization		(8,563,000)		(8,328,000)

Customer relationships, net		5,537,000		5,772,000

Website		15,393,000		14,735,000
Accumulated amortization		(11,125,000)		(10,669,000)

Website, net		4,268,000		4,066,000

Acquired below market lease		2,800,000		2,800,000
Accumulated amortization		(2,695,000)		(2,620,000)

Acquired below market lease, net		105,000		180,000

Intangibles, net	$	16,298,000	$	15,687,000

XML 22 R12.htm IDEA: XBRL DOCUMENT

Debt

3 Months Ended

Mar. 31, 2016

Debt Disclosure [Abstract]

Debt

5.	*Debt*

The Company had no debt outstanding at March 31, 2016 and December 31, 2015.

XML 23 R13.htm IDEA: XBRL DOCUMENT

Income Taxes

3 Months Ended

Mar. 31, 2016

Income Tax Disclosure [Abstract]

Income Taxes

6.	*Income Taxes*

The components of income tax expense (benefit) are as follows:


	For the Three Months Ended March 31,
	2016		2015

Current Federal alternative minimum tax (“AMT”) expense	$	62,000	$	38,000
Current state and local tax expense		61,000		—
Deferred Federal tax expense (A)		811,000		622,000
Deferred state and local tax expense		53,000		87,000

Consolidated income tax expense, including taxes attributable to discontinued operations (B)		987,000		747,000
Less income tax expense (benefit) attributable to discontinued operations		—		(47,000)

Income tax expense (C)	$	987,000	$	794,000



(A)		Includes an AMT (benefit) of $(62,000) in 2016 and $(38,000) in 2015.
(B)		Includes income tax (benefit) attributable to (loss) from discontinued operations.
(C)		Reflects the tax expense from continuing operations as reported on the consolidated statements of operations for the periods presented.

XML 24 R14.htm IDEA: XBRL DOCUMENT

Stockholders' Equity

3 Months Ended

Mar. 31, 2016

Equity [Abstract]

Stockholders' Equity

7.	*Stockholders’ Equity*

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(d),(e))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 2: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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-Paragraph 4
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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-SubTopic 10
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-Paragraph 2
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-Name Accounting Standards Codification
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-Paragraph 5
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Reference 5: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
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-Paragraph 1
-Subparagraph (SX 210.5-02.29-31)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

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-Subparagraph (SAB TOPIC 4.C)
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-SubTopic 10
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-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187085-122770

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-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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-Name Accounting Standards Codification
-Glossary Preferred Stock
-URI http://asc.fasb.org/extlink&oid=6521494

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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Reference 13: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21564-112644

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 4
-Section E

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 4
-Section C

+ Details

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Stock Plans and Other Incentives

3 Months Ended

Mar. 31, 2016

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Stock Plans and Other Incentives

8.	*Stock Plans and Other Incentives*

Option Awards

The following table presents option activity and other plan data for the three months ended March 31, 2016 and 2015:


	For the Three Months Ended March 31,
	2016				2015
	Options		Weighted- Average Exercise Price		Options		Weighted- Average Exercise Price

Outstanding at beginning of period		547,500	$	9.61		582,500	$	9.52
Granted		—	$	—		—	$	—
Exercised		(7,500)	$	(10.40)		(7,500)	$	(7.50)
Forfeited/cancelled/expired		—	$	—		—	$	—

Outstanding at end of period		540,000	$	9.60		575,000	$	9.55

Options exercisable at end of period		524,000	$	9.33		555,000	$	9.23

RSU Awards

The following table presents the changes in RSUs outstanding for the three months ended March 31, 2016 and 2015:


	For the Three Months Ended March 31,
	2016		2015

Outstanding at beginning of period		254,041		277,973
Granted		117,788		78,722
Common stock delivered (A) (B)		(85,181)		(105,970)
Forfeited		—		(706)

Outstanding at end of period		286,648		250,019


Intrinsic value (C)	$	6,751,000	$	6,410,000



(A)		The 2016 period includes 32,760 shares which were used to settle minimum employee withholding tax obligations for 29 employees of approximately $701,000 in 2016. A net of 52,421 shares of common stock were delivered in 2016.
(B)		The 2015 period includes 41,136 shares which were used to settle minimum employee withholding tax obligations for 28 employees of approximately $993,000 in 2015. A net of 64,834 shares of common stock were delivered in 2015.
(C)		For purposes of this calculation, the Company’s closing stock prices were $23.55 and $25.64 per share on March 31, 2016 and 2015, respectively.

During the three months ended March 31, 2016 and 2015, an aggregate of 1,452 RSUs and 1,317 RSUs, respectively, were granted to non-employee directors (with an average grant date fair value of $23.73 and $26.17 per RSU, respectively) related to the equity component of their compensation. In each case, the grant date fair value was determined as of the last trading day of the quarter for which the RSUs were being received as compensation. The RSUs are immediately vested, but are not deliverable to the non-employee directors until six months after termination of their service as a director. Dividends are paid on RSUs granted to non-employee directors.

Option and RSU Expense Information

XML 26 R16.htm IDEA: XBRL DOCUMENT

Earnings Per Common Share

3 Months Ended

Mar. 31, 2016

Earnings Per Share [Abstract]

Earnings Per Common Share

9.	*Earnings Per Common Share*


	For the Three Months Ended March 31,
	2016		2015
Numerator for basic per share calculation:
Income from continuing operations for basic calculation	$	1,604,125	$	1,293,370
Income (loss) from discontinued operations, net of income tax (benefit)		—		(71,354)

Net income for basic calculation	$	1,604,125	$	1,222,016


Numerator for diluted per share calculation:
Income from continuing operations	$	1,604,125	$	1,293,370
Adjustments to income from continuing operations for the impact of dilutive securities		—		—

Income from continuing operations for dilution calculation		1,604,125		1,293,370
Income (loss) from discontinued operations, net of income tax (benefit)		—		(71,354)

Net income for dilution calculation	$	1,604,125	$	1,222,016


Denominator:
Weighted average common shares – basic		11,283,752		11,190,683
Effect of dilutive securities:
RSUs		133,498		155,677
Stock options		308,556		346,204

Weighted average common shares – diluted		11,725,806		11,692,564


Per common share amounts – basic:
Income from continuing operations	$	0.14	$	0.12
Income (loss) from discontinued operations		—		(0.01)

Net income	$	0.14	$	0.11


Per common share amounts – diluted:
Income from continuing operations	$	0.14	$	0.11
Income (loss) from discontinued operations		—		(0.01)

Net income	$	0.14	$	0.10

Potentially dilutive securities include all stock based awards. For the three months ended March 31, 2016 and 2015, only certain equity awards were antidilutive.

XML 27 R17.htm IDEA: XBRL DOCUMENT

Commitments and Contingencies

3 Months Ended

Mar. 31, 2016

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

10.

Commitments and Contingencies

The Company is not a party to any litigation that could reasonably be foreseen to be material to the Company.

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Fair Value of Financial Instruments

3 Months Ended

Mar. 31, 2016

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

11.

Fair Value of Financial Instruments

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

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Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2016
Accounting Policies [Abstract]
Principles of Consolidation	Principles of Consolidation The accompanying consolidated financial statements include the accounts of the Company and its majority-owned and controlled subsidiaries. Investments in entities where the Company does not have a controlling interest are accounted for under the equity method of accounting. These investments were initially recorded at cost and were subsequently adjusted for the Company’s proportionate share of the investment’s income (loss) and additional contributions or distributions. All inter-company accounts and transactions among the Company and its subsidiaries have been eliminated in consolidation.
Quarterly Reporting	Quarterly Reporting The accompanying consolidated financial statements and notes of the Company have been prepared in accordance with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X promulgated by the Securities and Exchange Commission (“SEC”). Accordingly, certain information and footnote disclosures normally included in financial statements prepared under Generally Accepted Accounting Principles in the United States (“GAAP”) have been condensed or omitted pursuant to such rules. In the opinion of management, all adjustments considered necessary for a fair presentation of the Company’s balance sheets, statements of operations, statement of changes in stockholders’ equity and statements of cash flows have been included and are of a normal and recurring nature. These consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s annual report on Form 10-K for the year ended December 31, 2015, as filed with the SEC on March 3, 2016. The consolidated statements of operations and cash flows for the three months ended March 31, 2016 and 2015 are not necessarily indicative of full year results.
Estimates	Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. From time to time, the Company has been, is or may in the future be a defendant in various legal actions arising in the normal course of business. The Company records a provision for a liability when it is both probable that a liability has been incurred and the amount of loss can be reasonably estimated. The outcome of any litigation is uncertain; it is possible that a judgment in any legal actions to which the Company is a party, or which are proposed or threatened, will have a material adverse effect on the consolidated financial statements. See Note 10.
New Accounting Pronouncements	New Accounting Pronouncements In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”). ASU 2014-09 affects any entity that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of nonfinancial assets. Under ASU 2014-09, an entity will recognize revenue when it transfers promised goods or services to customers in an amount that reflects what it expects in exchange for the goods or services. ASU 2014-09 is effective for annual periods beginning after December 15, 2017. The Company is currently evaluating the impact the adoption of ASU 2014-09 will have on its consolidated financial statements and disclosures. In August 2014, the FASB issued ASU 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (“ASU 2014-15”). ASU 2014-15 defines management’s responsibility to evaluate whether there is substantial doubt about an organization’s ability to continue as a going concern and to provide related footnote disclosures. ASU 2014-15 is effective for annual periods ending after December 15, 2016 and interim periods within annual periods beginning after December 15, 2016. The Company expects that the adoption of ASU 2014-15 will not have a material impact on its consolidated financial statements and disclosures. In February 2015, the FASB issued ASU 2015-02, Consolidation (Topic 810), Amendments to the Consolidation Analysis (“ASU 2015-02”). ASU 2015-02 eliminates the deferral of FAS 167 and makes changes to both the variable interest model and the voting model. For public business entities, the guidance is effective for annual and interim periods beginning after December 15, 2015. The Company has adopted ASU 2015-02 as of January 1, 2016. The adoption of ASU 2015-02 did not have a material impact on the Company’s financial condition, results of operations, or disclosures. In February 2016, the FASB issued ASU 2016-02, Leases (“ASU 2016-02”). ASU 2016-02 establishes a right-of-use (“ROU”) model that requires a lessee to record a ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. A modified retrospective transition approach is required for lessees for capital and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. The Company is currently evaluating the impact the pending adoption of ASU 2016-02 will have on its consolidated financial statements and disclosures. In March 2016, the FASB issued ASU 2016-09, Compensation-Stock Compensation (“ASU 2016-09”). Under ASU 2016-09, entities will be required to recognize the income tax effects of awards in the income statement when the awards vest or are settled. The guidance on employers’ accounting for an employee’s use of shares to satisfy the employer’s statutory income tax withholding obligation and for forfeitures is also changing. For public business entities, ASU 2016-09 is effective for fiscal years beginning after December 15, 2016, and interim periods within those years. Early adoption is permitted, but all of the guidance must be adopted in the same period. The Company is currently evaluating the impact the adoption of ASU 2016-09 will have on its consolidated financial statements and disclosures.
Reclassification	Reclassification Amounts in certain accounts as presented in the condensed balance sheet data and condensed operating data in Note 3 have been reclassified to conform to the current period presentation.

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Segment Information (Tables)

3 Months Ended

Mar. 31, 2016

Segment Reporting [Abstract]

Condensed Balance Sheet and Operating Data for Segments

The following tables present condensed balance sheet and operating data for these segments:


(amounts in thousands)
Condensed Balance Sheet Data March 31, 2016	Reis Services		Other (A)		Consolidated

Assets
Current assets:
Cash and cash equivalents	$	28,714	$	197	$	28,911
Restricted cash and investments		212		—		212
Accounts receivable, net		7,107		—		7,107
Prepaid and other assets		917		197		1,114

Total current assets		36,950		394		37,344
Furniture, fixtures and equipment, net		1,525		4		1,529
Intangible assets, net		16,298		—		16,298
Deferred tax asset, net		285		17,405		17,690
Goodwill		57,203		(2,378)		54,825
Other assets		342		—		342

Total assets	$	112,603	$	15,425	$	128,028

Liabilities and stockholders’ equity
Current liabilities:
Current portion of debt	$	—	$	—	$	—
Accrued expenses and other liabilities		3,190		1,008		4,198
Deferred revenue		22,268		—		22,268

Total current liabilities		25,458		1,008		26,466
Other long-term liabilities		280		—		280
Deferred tax liability, net		30,973		(30,973)		—

Total liabilities		56,711		(29,965)		26,746
Total stockholders’ equity		55,892		45,390		101,282

Total liabilities and stockholders’ equity	$	112,603	$	15,425	$	128,028

Condensed Balance Sheet Data December 31, 2015	Reis Services		Other (A)		Consolidated

Assets
Current assets:
Cash and cash equivalents	$	28,465	$	193	$	28,658
Restricted cash and investments		212		—		212
Accounts receivable, net		13,741		—		13,741
Prepaid and other assets		417		253		670

Total current assets		42,835		446		43,281
Furniture, fixtures and equipment, net		798		6		804
Intangible assets, net		15,687		—		15,687
Deferred tax asset, net		285		18,145		18,430
Goodwill		57,203		(2,378)		54,825
Other assets		172		—		172

Total assets	$	116,980	$	16,219	$	133,199

Liabilities and stockholders’ equity
Current liabilities:
Current portion of debt	$	—	$	—	$	—
Accrued expenses and other liabilities		4,502		1,397		5,899
Deferred revenue		25,291		—		25,291
Liabilities attributable to discontinued operations		—		146		146

Total current liabilities		29,793		1,543		31,336
Other long-term liabilities		284		—		284
Deferred tax liability, net		29,498		(29,498)		—

Total liabilities		59,575		(27,955)		31,620
Total stockholders’ equity		57,405		44,174		101,579

Total liabilities and stockholders’ equity	$	116,980	$	16,219	$	133,199

(A)

(amounts in thousands)


Condensed Operating Data for the Three Months Ended March 31, 2016	Reis Services		Other (A)		Consolidated

Subscription revenue	$	12,824	$	—	$	12,824
Cost of sales of subscription revenue		2,462		—		2,462

Gross profit		10,362		—		10,362

Operating expenses:
Sales and marketing		2,668		—		2,668
Product development		1,005		—		1,005
General and administrative expenses		2,796		1,289		4,085

Total operating expenses		6,469		1,289		7,758
Other income (expenses):
Interest and other income		8		—		8
Interest expense		(21)		—		(21)

Total other income (expenses)		(13)		—		(13)

Income (loss) before income taxes and discontinued operations	$	3,880	$	(1,289)	$	2,591


Income (loss) from discontinued operations, before income taxes	$	—	$	—	$	—


Condensed Operating Data for the Three Months Ended March 31, 2015	Reis Services		Other (A)		Consolidated

Subscription revenue	$	11,131	$	—	$	11,131
Cost of sales of subscription revenue		2,186		—		2,186

Gross profit		8,945		—		8,945

Operating expenses:
Sales and marketing		2,653		—		2,653
Product development		863		—		863
General and administrative expenses		2,160		1,161		3,321

Total operating expenses		5,676		1,161		6,837
Other income (expenses):
Interest and other income		7		—		7
Interest expense		(28)		—		(28)

Total other income (expenses)		(21)		—		(21)

Income (loss) before income taxes and discontinued operations	$	3,248	$	(1,161)	$	2,087


(Loss) from discontinued operations, before income taxes	$	—	$	(118)	$	(118)


(A)		Includes the results of the Company’s discontinued operations, to the extent that such operations existed during the periods presented, and includes interest and other income, depreciation expense and general and administrative expenses that have not been allocated to the Reis Services segment.

Accounts Receivable Balances of Reis Services

The following table presents the accounts receivable balances of Reis Services at March 31, 2016 and December 31, 2015:


	March 31, 2016		December 31, 2015

Accounts receivable	$	7,216,000	$	13,828,000
Allowance for doubtful accounts		(109,000)		(87,000)

Accounts receivable, net	$	7,107,000	$	13,741,000

Income (Loss) from Discontinued Operations

Income (loss) from discontinued operations was comprised of the following in the 2015 period (there were no discontinued operations activities in the 2016 period):


	For the Three Months Ended March 31, 2015

Litigation recoveries	$	—
Other (expense), net		(118,000)

(Loss) from discontinued operations before income tax		(118,000)
Income tax (benefit) from discontinued operations		(47,000)

(Loss) from discontinued operations, net of income tax (benefit)	$	(71,000)

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 45
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=51716988&loc=SL51721533-107759

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 4B
-URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721665-107760

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=51717284&loc=d3e1474-107760

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=51717284&loc=d3e1361-107760

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721683-107760

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-SubTopic 10
-Section 50
-Paragraph 3A
-URI http://asc.fasb.org/extlink&oid=51719941&loc=SL51724579-110230

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5C
-URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721675-107760

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 4A
-URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721663-107760

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=51719941&loc=d3e2941-110230

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5B
-URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721673-107760

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 3A
-URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721659-107760

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5A
-URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721671-107760

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5D
-URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721677-107760

+ Details

XML 31 R21.htm IDEA: XBRL DOCUMENT

Intangible Assets (Tables)

3 Months Ended

Mar. 31, 2016

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of Identified Intangible Assets

The amount of identified intangible assets, including the respective amounts of accumulated amortization, are as follows:


	March 31, 2016		December 31, 2015

Database	$	24,121,000	$	22,790,000
Accumulated amortization		(17,733,000)		(17,121,000)

Database, net		6,388,000		5,669,000

Customer relationships		14,100,000		14,100,000
Accumulated amortization		(8,563,000)		(8,328,000)

Customer relationships, net		5,537,000		5,772,000

Website		15,393,000		14,735,000
Accumulated amortization		(11,125,000)		(10,669,000)

Website, net		4,268,000		4,066,000

Acquired below market lease		2,800,000		2,800,000
Accumulated amortization		(2,695,000)		(2,620,000)

Acquired below market lease, net		105,000		180,000

Intangibles, net	$	16,298,000	$	15,687,000

XML 32 R22.htm IDEA: XBRL DOCUMENT

Income Taxes (Tables)

3 Months Ended

Mar. 31, 2016

Income Tax Disclosure [Abstract]

Components of Income Tax Expense (Benefit)

The components of income tax expense (benefit) are as follows:


	For the Three Months Ended March 31,
	2016		2015

Current Federal alternative minimum tax (“AMT”) expense	$	62,000	$	38,000
Current state and local tax expense		61,000		—
Deferred Federal tax expense (A)		811,000		622,000
Deferred state and local tax expense		53,000		87,000

Consolidated income tax expense, including taxes attributable to discontinued operations (B)		987,000		747,000
Less income tax expense (benefit) attributable to discontinued operations		—		(47,000)

Income tax expense (C)	$	987,000	$	794,000



(A)		Includes an AMT (benefit) of $(62,000) in 2016 and $(38,000) in 2015.
(B)		Includes income tax (benefit) attributable to (loss) from discontinued operations.
(C)		Reflects the tax expense from continuing operations as reported on the consolidated statements of operations for the periods presented.

XML 33 R23.htm IDEA: XBRL DOCUMENT

Stock Plans and Other Incentives (Tables)

3 Months Ended

Mar. 31, 2016

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Option Activity and Other Plan Data

The following table presents option activity and other plan data for the three months ended March 31, 2016 and 2015:


	For the Three Months Ended March 31,
	2016				2015
	Options		Weighted- Average Exercise Price		Options		Weighted- Average Exercise Price

Outstanding at beginning of period		547,500	$	9.61		582,500	$	9.52
Granted		—	$	—		—	$	—
Exercised		(7,500)	$	(10.40)		(7,500)	$	(7.50)
Forfeited/cancelled/expired		—	$	—		—	$	—

Outstanding at end of period		540,000	$	9.60		575,000	$	9.55

Options exercisable at end of period		524,000	$	9.33		555,000	$	9.23

Changes in RSUs

The following table presents the changes in RSUs outstanding for the three months ended March 31, 2016 and 2015:


	For the Three Months Ended March 31,
	2016		2015

Outstanding at beginning of period		254,041		277,973
Granted		117,788		78,722
Common stock delivered (A) (B)		(85,181)		(105,970)
Forfeited		—		(706)

Outstanding at end of period		286,648		250,019


Intrinsic value (C)	$	6,751,000	$	6,410,000



(A)		The 2016 period includes 32,760 shares which were used to settle minimum employee withholding tax obligations for 29 employees of approximately $701,000 in 2016. A net of 52,421 shares of common stock were delivered in 2016.
(B)		The 2015 period includes 41,136 shares which were used to settle minimum employee withholding tax obligations for 28 employees of approximately $993,000 in 2015. A net of 64,834 shares of common stock were delivered in 2015.
(C)		For purposes of this calculation, the Company’s closing stock prices were $23.55 and $25.64 per share on March 31, 2016 and 2015, respectively.

XML 34 R24.htm IDEA: XBRL DOCUMENT

Earnings Per Common Share (Tables)

3 Months Ended

Mar. 31, 2016

Earnings Per Share [Abstract]

Details of Computation of Earnings per Common Share, Basic and Diluted

The following table details the computation of earnings per common share, basic and diluted:


	For the Three Months Ended March 31,
	2016		2015
Numerator for basic per share calculation:
Income from continuing operations for basic calculation	$	1,604,125	$	1,293,370
Income (loss) from discontinued operations, net of income tax (benefit)		—		(71,354)

Net income for basic calculation	$	1,604,125	$	1,222,016


Numerator for diluted per share calculation:
Income from continuing operations	$	1,604,125	$	1,293,370
Adjustments to income from continuing operations for the impact of dilutive securities		—		—

Income from continuing operations for dilution calculation		1,604,125		1,293,370
Income (loss) from discontinued operations, net of income tax (benefit)		—		(71,354)

Net income for dilution calculation	$	1,604,125	$	1,222,016


Denominator:
Weighted average common shares – basic		11,283,752		11,190,683
Effect of dilutive securities:
RSUs		133,498		155,677
Stock options		308,556		346,204

Weighted average common shares – diluted		11,725,806		11,692,564


Per common share amounts – basic:
Income from continuing operations	$	0.14	$	0.12
Income (loss) from discontinued operations		—		(0.01)

Net income	$	0.14	$	0.11


Per common share amounts – diluted:
Income from continuing operations	$	0.14	$	0.11
Income (loss) from discontinued operations		—		(0.01)

Net income	$	0.14	$	0.10

XML 35 R25.htm IDEA: XBRL DOCUMENT

Organization and Business - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2016 Project
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of residential projects before merger	3
Percentage of ownership interest before merger	23.00%

XML 36 R26.htm IDEA: XBRL DOCUMENT

Segment Information - Condensed Balance Sheet Data for Segments (Detail) - USD ($)	Mar. 31, 2016	Dec. 31, 2015	Mar. 31, 2015	Dec. 31, 2014
Current assets:
Cash and cash equivalents	$ 28,910,705	$ 28,657,956	$ 21,366,162	$ 17,745,077
Restricted cash and investments	212,268	212,268
Accounts receivable, net	7,107,240	13,741,169
Prepaid and other assets	1,114,240	670,339
Total current assets	37,344,453	43,281,732
Furniture, fixtures and equipment, net	1,529,107	804,427
Intangible assets, net	16,297,789	15,686,954
Deferred tax asset, net	17,689,737	18,429,737
Goodwill	54,824,648	54,824,648
Other assets	342,550	171,728
Total assets	128,028,284	133,199,226
Current liabilities:
Current portion of debt	0	0
Accrued expenses and other liabilities	4,197,652	5,898,226
Deferred revenue	22,268,396	25,291,499
Liabilities attributable to discontinued operations		145,737
Total current liabilities	26,466,048	31,335,462
Other long-term liabilities	279,799	284,316
Deferred tax liability, net	0	0
Total liabilities	26,745,847	31,619,778
Total stockholders' equity	101,282,437	101,579,448
Total liabilities and stockholders' equity	128,028,284	133,199,226
Reis Services [Member]
Current assets:
Cash and cash equivalents	28,714,000	28,465,000
Restricted cash and investments	212,000	212,000
Accounts receivable, net	7,107,000	13,741,000
Prepaid and other assets	917,000	417,000
Total current assets	36,950,000	42,835,000
Furniture, fixtures and equipment, net	1,525,000	798,000
Intangible assets, net	16,298,000	15,687,000
Deferred tax asset, net	285,000	285,000
Goodwill	57,203,000	57,203,000
Other assets	342,000	172,000
Total assets	112,603,000	116,980,000
Current liabilities:
Current portion of debt	0	0
Accrued expenses and other liabilities	3,190,000	4,502,000
Deferred revenue	22,268,000	25,291,000
Liabilities attributable to discontinued operations		0
Total current liabilities	25,458,000	29,793,000
Other long-term liabilities	280,000	284,000
Deferred tax liability, net	30,973,000	29,498,000
Total liabilities	56,711,000	59,575,000
Total stockholders' equity	55,892,000	57,405,000
Total liabilities and stockholders' equity	112,603,000	116,980,000
Other [Member]
Current assets:
Cash and cash equivalents	197,000	193,000
Restricted cash and investments	0	0
Accounts receivable, net	0	0
Prepaid and other assets	197,000	253,000
Total current assets	394,000	446,000
Furniture, fixtures and equipment, net	4,000	6,000
Intangible assets, net	0	0
Deferred tax asset, net	17,405,000	18,145,000
Goodwill	(2,378,000)	(2,378,000)
Other assets	0	0
Total assets	15,425,000	16,219,000
Current liabilities:
Current portion of debt	0	0
Accrued expenses and other liabilities	1,008,000	1,397,000
Deferred revenue	0	0
Liabilities attributable to discontinued operations		146,000
Total current liabilities	1,008,000	1,543,000
Other long-term liabilities	0	0
Deferred tax liability, net	(30,973,000)	(29,498,000)
Total liabilities	(29,965,000)	(27,955,000)
Total stockholders' equity	45,390,000	44,174,000
Total liabilities and stockholders' equity	$ 15,425,000	$ 16,219,000

XML 37 R27.htm IDEA: XBRL DOCUMENT

Segment Information - Condensed Operating Data for Segments (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Segment Reporting Information [Line Items]
Subscription revenue	$ 12,823,752	$ 11,130,778
Cost of sales of subscription revenue	2,461,571	2,185,440
Gross profit	10,362,181	8,945,338
Operating expenses:
Sales and marketing	2,667,992	2,653,014
Product development	1,005,284	862,754
General and administrative expenses	4,084,711	3,321,076
Total operating expenses	7,757,987	6,836,844
Other income (expenses):
Interest and other income	8,256	7,089
Interest expense	(21,325)	(28,213)
Total other income (expenses)	(13,069)	(21,124)
Income (loss) before income taxes and discontinued operations	2,591,125	2,087,370
Income (loss) from discontinued operations, before income taxes	0	(118,000)
Reis Services [Member]
Segment Reporting Information [Line Items]
Subscription revenue	12,824,000	11,131,000
Cost of sales of subscription revenue	2,462,000	2,186,000
Gross profit	10,362,000	8,945,000
Operating expenses:
Sales and marketing	2,668,000	2,653,000
Product development	1,005,000	863,000
General and administrative expenses	2,796,000	2,160,000
Total operating expenses	6,469,000	5,676,000
Other income (expenses):
Interest and other income	8,000	7,000
Interest expense	(21,000)	(28,000)
Total other income (expenses)	(13,000)	(21,000)
Income (loss) before income taxes and discontinued operations	3,880,000	3,248,000
Income (loss) from discontinued operations, before income taxes	0	0
Other [Member]
Segment Reporting Information [Line Items]
Subscription revenue	0	0
Cost of sales of subscription revenue	0	0
Gross profit	0	0
Operating expenses:
Sales and marketing	0	0
Product development	0	0
General and administrative expenses	1,289,000	1,161,000
Total operating expenses	1,289,000	1,161,000
Other income (expenses):
Interest and other income	0	0
Interest expense	0	0
Total other income (expenses)	0	0
Income (loss) before income taxes and discontinued operations	(1,289,000)	(1,161,000)
Income (loss) from discontinued operations, before income taxes	$ 0	$ (118,000)

XML 38 R28.htm IDEA: XBRL DOCUMENT

Segment Information - Additional Information (Detail) $ in Thousands					1 Months Ended	3 Months Ended		39 Months Ended
	Oct. 15, 2012 USD ($)	Aug. 03, 2012 USD ($)	Jun. 20, 2012 USD ($)	Mar. 13, 2012 USD ($)	Apr. 27, 2016 USD ($)	Mar. 31, 2016 Subscriber	Mar. 31, 2015 USD ($)	Dec. 31, 2015 USD ($)	Sep. 30, 2009 a Segment
Segment Reporting Information [Line Items]
Litigation recoveries							$ 0	$ 5,658
Gold Peak [Member]
Segment Reporting Information [Line Items]
Number of units prior to sale \| Segment									259
Number of acres prior to sale \| a									29
Litigation charge regarding construction defects				$ 18,200
Other charges regarding construction defects				$ 756
Settlement with the plaintiff			$ 17,000
Gold Peak [Member] \| First Installment [Member]
Segment Reporting Information [Line Items]
Installment amount due		$ 5,000
Installment due date						Aug. 03, 2012
Gold Peak [Member] \| Second Installment [Member]
Segment Reporting Information [Line Items]
Installment amount due	$ 12,000
Installment due date						Oct. 15, 2012
Subsequent Event [Member]
Segment Reporting Information [Line Items]
Payments received against accounts receivable					$ 3,726
Percentage collected from trade accounts receivable					51.60%
Reis Services [Member]
Segment Reporting Information [Line Items]
Percentage of Reis Service's revenue by major subscriber						11.40%	2.70%
Number of subscribers contributing largest share among accounts receivable \| Subscriber						15
Aggregate percentage of subscribers contributing largest share among accounts receivable						49.20%
Percentage of Reis Service's accounts receivable by major subscriber						11.40%
Percentage of deferred revenue by major subscriber						3.50%

XML 39 R29.htm IDEA: XBRL DOCUMENT

Segment Information - Accounts Receivable Balances of Reis Services (Detail) - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Segment Reporting Information [Line Items]
Accounts receivable, net	$ 7,107,240	$ 13,741,169
Reis Services [Member]
Segment Reporting Information [Line Items]
Accounts receivable	7,216,000	13,828,000
Allowance for doubtful accounts	(109,000)	(87,000)
Accounts receivable, net	$ 7,107,000	$ 13,741,000

XML 40 R30.htm IDEA: XBRL DOCUMENT

Segment Information - Income (Loss) from Discontinued Operations (Detail) - USD ($)	3 Months Ended		39 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Segment Reporting [Abstract]
Litigation recoveries		$ 0	$ 5,658,000
Other (expense), net		(118,000)
(Loss) from discontinued operations before income tax	$ 0	(118,000)
Income tax (benefit) from discontinued operations		(47,000)
(Loss) from discontinued operations, net of income tax (benefit)		$ (71,354)

- Definition

Amount before tax of income (loss) from a discontinued operation. Includes, but is not limited to, the income (loss) from operations during the phase-out period, gain (loss) on disposal, gain (loss) for reversal of write-down (write-down) to fair value, less cost to sell, and adjustments to a prior period gain (loss) on disposal.

+ References + Details

- Definition

+ References + Details

- Definition

Amount after tax of income (loss) from a discontinued operation including the portion attributable to the noncontrolling interest. Includes, but is not limited to, the income (loss) from operations during the phase-out period, gain (loss) on disposal, gain (loss) for reversal of write-down (write-down) to fair value, less cost to sell, and adjustments to a prior period gain (loss) on disposal.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 225
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04.12)
-URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5C
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721675-107760

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 225
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.14)
-URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 45
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=51716988&loc=d3e1012-107759

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 45
-Paragraph 3B
-URI http://asc.fasb.org/extlink&oid=51716988&loc=SL51721525-107759

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 45
-Paragraph 3A
-URI http://asc.fasb.org/extlink&oid=51716988&loc=SL51721523-107759

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 45
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=51716988&loc=d3e957-107759

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=51717284&loc=d3e1361-107760

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Paragraph 13
-Article 7

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 03
-Paragraph 15
-Article 5

+ Details

XML 41 R31.htm IDEA: XBRL DOCUMENT

Intangible Assets - Summary of Identified Intangible Assets (Detail) - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Finite-Lived Intangible Assets [Line Items]
Accumulated amortization	$ (40,116,778)	$ (38,738,292)
Intangible assets, net	16,297,789	15,686,954
Database [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	24,121,000	22,790,000
Accumulated amortization	(17,733,000)	(17,121,000)
Intangible assets, net	6,388,000	5,669,000
Customer Relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	14,100,000	14,100,000
Accumulated amortization	(8,563,000)	(8,328,000)
Intangible assets, net	5,537,000	5,772,000
Website [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	15,393,000	14,735,000
Accumulated amortization	(11,125,000)	(10,669,000)
Intangible assets, net	4,268,000	4,066,000
Acquired Below Market Lease [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	2,800,000	2,800,000
Accumulated amortization	(2,695,000)	(2,620,000)
Intangible assets, net	$ 105,000	$ 180,000

XML 42 R32.htm IDEA: XBRL DOCUMENT

Intangible Assets - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Finite-Lived Intangible Assets [Line Items]
Amortization expense for intangible assets	$ 1,378,486	$ 1,221,190
Database [Member]
Finite-Lived Intangible Assets [Line Items]
Amount capitalized to intangible asset	1,331,000	596,000
Amortization expense for intangible assets	612,000	482,000
Customer Relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Amortization expense for intangible assets	235,000	238,000
Website [Member]
Finite-Lived Intangible Assets [Line Items]
Amount capitalized to intangible asset	658,000	486,000
Amortization expense for intangible assets	456,000	425,000
Acquired Below Market Lease [Member]
Finite-Lived Intangible Assets [Line Items]
Amortization expense for intangible assets	$ 75,000	$ 76,000

XML 43 R33.htm IDEA: XBRL DOCUMENT

Debt - Additional Information (Detail) - USD ($)	3 Months Ended	12 Months Ended
Debt - Additional Information (Detail) - USD ($)	Mar. 31, 2016	Dec. 31, 2015	Jan. 28, 2016	Oct. 31, 2012
Debt Instrument [Line Items]
Debt outstanding	$ 0	$ 0
Revolver [Member]
Debt Instrument [Line Items]
Revolving credit facility, interest rate description	LIBOR + 2.00% per annum (for LIBOR loans) or the greater of 1.00% or the bank's prime rate minus 0.50% per annum (for base rate loans)
Unused credit facility fee	0.25%
Borrowings under revolver	$ 0	$ 0
Revolver [Member] \| LIBOR Loans [Member]
Debt Instrument [Line Items]
Revolving credit facility, interest rate description	LIBOR + 2.00% per annum (for LIBOR loans)
Spread on variable rate	2.00%
Revolver [Member] \| Base Rate Loans [Member]
Debt Instrument [Line Items]
Revolving credit facility, interest rate description	The greater of 1.00% or the bank's prime rate minus 0.50% per annum (for base rate loans)
Base rate	1.00%
Spread on variable rate	(0.50%)
2012 Revolver [Member]
Debt Instrument [Line Items]
Amount of revolving credit facility				$ 10,000,000
Expiry period of revolver	3 years
Date of expiry	Oct. 16, 2015
2012 Revolver [Member] \| Extended Expiration [Member]
Debt Instrument [Line Items]
Date of expiry	Jan. 31, 2016
2016 Revolver [Member]
Debt Instrument [Line Items]
Amount of revolving credit facility			$ 20,000,000
Date of expiry	Jan. 28, 2019

XML 44 R34.htm IDEA: XBRL DOCUMENT

Income Taxes - Components of Income Tax Expense (Benefit) (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Income Tax Disclosure [Abstract]
Current Federal alternative minimum tax ("AMT") expense	$ 62,000	$ 38,000
Current state and local tax expense	61,000
Deferred Federal tax expense	811,000	622,000
Deferred state and local tax expense	53,000	87,000
Consolidated income tax expense, including taxes attributable to discontinued operations	987,000	747,000
Less income tax expense (benefit) attributable to discontinued operations		(47,000)
Income tax expense	987,000	794,000
Consolidated income tax expense, including taxes attributable to discontinued operations	$ 987,000	$ 747,000

- Definition

+ References + Details

XML 45 R35.htm IDEA: XBRL DOCUMENT

Income Taxes - Components of Income Tax Expense (Benefit) (Parenthetical) (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Income Tax Disclosure [Abstract]
Deferred Federal AMT expense (benefit)	$ (62,000)	$ (38,000)

XML 46 R36.htm IDEA: XBRL DOCUMENT

Income Taxes - Additional Information (Detail) - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Net deferred tax asset	$ 17,690,000	$ 18,430,000
Aggregate Federal NOL carryforwards		46,018,000
Federal NOLs subject to an annual limitation		13,300,000
Federal NOLs not subject to an annual limitation		32,718,000
Federal NOLs annual limitation		$ 2,779,000

XML 47 R37.htm IDEA: XBRL DOCUMENT

Stockholders' Equity - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015
Equity [Abstract]
Dividends declared, per share	$ 0.17	$ 0.14	$ 0.14	$ 0.14	$ 0.14
Dividends paid, per share	$ 0.17	$ 0.14	$ 0.14	$ 0.14	$ 0.14
Dividend payments, amount	$ 1,936,421				$ 1,582,000

XML 48 R38.htm IDEA: XBRL DOCUMENT

Stock Plans and Other Incentives - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period of the awards granted under the company's incentive plans	10 years
Non-cash compensation expense	$ 534,444	$ 446,244
RSU [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
RSUs granted	117,788	78,722
Vesting rights	RSUs vest one-third a year over three years
RSU [Member] \| Non-Employee Directors [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
RSUs granted	1,452	1,317
Weighted average grant date fair value	$ 23.73	$ 26.17
Number of months after the termination of service, RSUs delivered to non-employee directors	6 months
Non-cash compensation expense	$ 34,500	$ 34,500
RSU [Member] \| Employees [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
RSUs granted	116,336	77,405
Weighted average grant date fair value	$ 20.15	$ 22.41
Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period for incentive plans	3 years
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period for incentive plans	5 years

XML 49 R39.htm IDEA: XBRL DOCUMENT

Stock Plans and Other Incentives - Option Activity and Other Plan Data (Detail) - $ / shares	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Outstanding at beginning of period, Options	547,500	582,500
Granted, Options	0	0
Exercised, Options	(7,500)	(7,500)
Forfeited/cancelled/expired, Options	0	0
Outstanding at end of period, Options	540,000	575,000
Options exercisable at end of period, Options	524,000	555,000
Outstanding at beginning of period, Weighted-Average Exercise Price	$ 9.61	$ 9.52
Granted, Weighted-Average Exercise Price	0	0
Exercised, Weighted-Average Exercise Price	(10.40)	(7.50)
Forfeited/cancelled/expired, Weighted-Average Exercise Price	0	0
Outstanding at end of period, Weighted-Average Exercise Price	9.60	9.55
Options exercisable at end of period, Weighted-Average Exercise Price	$ 9.33	$ 9.23

XML 50 R40.htm IDEA: XBRL DOCUMENT

Stock Plans and Other Incentives - Changes in RSUs (Detail) - RSU [Member] - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding at beginning of period	254,041	277,973
Granted	117,788	78,722
Common stock delivered	(85,181)	(105,970)
Forfeited		(706)
Outstanding at end of period	286,648	250,019
Intrinsic value	$ 6,751,000	$ 6,410,000

XML 51 R41.htm IDEA: XBRL DOCUMENT

Stock Plans and Other Incentives - Changes in RSUs (Parenthetical) (Detail)	3 Months Ended
	Mar. 31, 2016 USD ($) Employee $ / shares shares	Mar. 31, 2015 USD ($) Employee $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Closing stock price \| $ / shares	$ 23.55	$ 25.64
RSU [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of common stock used to settle minimum employee withholding tax obligations	32,760	41,136
Number of employees withholding tax obligations \| Employee	29	28
Employee withholding tax obligations approximate amount \| $	$ 701,000	$ 993,000
Common stock delivered, net	52,421	64,834

XML 52 R42.htm IDEA: XBRL DOCUMENT

Earnings Per Common Share - Details of Computation of Earnings per Common Share, Basic and Diluted (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Numerator for basic per share calculation:
Income from continuing operations for basic calculation	$ 1,604,125	$ 1,293,370
Income (loss) from discontinued operations, net of income tax (benefit)		(71,354)
Net income for basic calculation	1,604,125	1,222,016
Numerator for diluted per share calculation:
Income from continuing operations	1,604,125	1,293,370
Adjustments to income from continuing operations for the impact of dilutive securities	0	0
Income from continuing operations for dilution calculation	1,604,125	1,293,370
Income (loss) from discontinued operations, net of income tax (benefit)		(71,354)
Net income for dilution calculation	$ 1,604,125	$ 1,222,016
Denominator:
Weighted average common shares - basic	11,283,752	11,190,683
Effect of dilutive securities:
RSUs	133,498	155,677
Stock options	308,556	346,204
Weighted average common shares - diluted	11,725,806	11,692,564
Per common share amounts - basic:
Income from continuing operations	$ 0.14	$ 0.12
Income (loss) from discontinued operations		(0.01)
Net income	0.14	0.11
Per common share amounts - diluted:
Income from continuing operations	0.14	0.11
Income (loss) from discontinued operations		(0.01)
Net income	$ 0.14	$ 0.10

XML 53 R43.htm IDEA: XBRL DOCUMENT

Fair Value of Financial Instruments - Additional Information (Detail) - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Fair Value Disclosures [Abstract]
Debt outstanding	$ 0	$ 0

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REIS, INC.

/s/ Mark P. Cantaluppi

Mark P. Cantaluppi

Vice President, Chief Financial Officer