Due Diligence & Transaction Advisory

Most deal problems are discoverable before closing.

Every acquisition carries risk. The question is how much of that risk you knew about when you signed the contract. Buyers who close without a structured review often inherit problems they could not anticipate: understated expenses, deferred obligations buried in lease language, income figures that do not hold under scrutiny, and physical conditions that materially change the return profile.

Langdon and Edison provides transaction advisory services that examine a deal the same way an experienced operator would. We analyze the financial statements, review the rent roll, read the leases, and assess the operational history of the asset so that our clients understand what they own before they own it.

Our perspective is practical and grounded in management experience. We are not a separate consulting firm brought in for a one-time engagement. We are operators who understand how properties actually perform, which means we know where the numbers tend to be misleading and what questions to ask to surface the answers that matter.

What We Review

Our due diligence process covers the financial, operational, and physical dimensions of a transaction. Each area of review is designed to give our clients a complete picture of the asset before they close.

Financial Review

Trailing 12 and trailing 24 month income and expense analysis
Rent roll verification against executed leases
Gross potential rent versus actual collections
Vacancy and concession analysis
Operating expense verification and normalization
CAM billing and recovery reconciliation
Security deposit schedule review
Pro forma underwriting assessment

Lease and Legal Review

Full lease abstraction and summary
Rent commencement, expiration, and renewal option dates
Rent escalation and CPI adjustment schedules
Tenant obligations versus landlord obligations
Co-tenancy, exclusivity, and kick-out clauses
Assignment and subletting provisions
Outstanding tenant allowance or landlord work obligations
Estoppel review and SNDA requirements

Operational Assessment

Vendor and service contract review
Deferred maintenance identification and cost estimation
Capital expenditure history and upcoming needs
Property management structure and transition planning
Utility billing and metering review
Insurance coverage assessment
Tenant credit quality and relationship review
Regulatory and compliance standing

How the Process Works

Due diligence has a short window and a defined set of questions that need answers within it. We work efficiently and communicate clearly throughout so that our clients can make confident decisions on time.

Intake and Scope

We review the purchase and sale agreement, identify the diligence period, and define the scope of review based on asset type, size, and complexity.

Document Collection

We request and organize all financial statements, rent rolls, executed leases, service contracts, capital records, and any other relevant documents from the seller or their representative.

Analysis and Review

We work through each area of the review simultaneously so that financial, lease, and operational findings are developed in parallel rather than in sequence.

Findings and Advisory

We deliver a clear written summary of our findings along with our advisory on how identified issues affect the deal, the price, or the transition plan going forward.

The advantage of an operator doing the review.

A lot of due diligence is done by people who are good at reading documents but have never managed a building. They can tell you what the lease says. They cannot always tell you what it means in practice, or whether the numbers being presented reflect how the asset actually operates.

Our team has managed properties across asset classes and deal sizes. We know how expenses are structured, how tenants actually behave relative to their lease terms, and where sellers most commonly present income in a way that does not survive contact with reality. That experience shapes every review we conduct and every recommendation we make.

We Know Where the Risk Hides

CAM caps, kick-out clauses, deferred landlord work obligations and understated management fees are common sources of undisclosed cost. We know where to look because we have seen what they look like after closing.

We Read Numbers Like Owners

We normalize financials the way an experienced owner would, stripping out seller-favorable adjustments and one-time income so the underlying performance of the asset is clear before you commit capital to it.

We Think Past the Closing

Our review is not just about whether the deal works on paper today. We assess what the asset will require in the first 12 to 24 months of ownership, including capital needs, lease renewals, vendor transitions, and management setup.

We Are Direct About What We Find

Our job is to give you an accurate picture, not to validate your decision to buy. If the numbers do not support the price or the projections do not hold up to scrutiny, we will tell you clearly and explain why.