RII has extensive experience with transportation related appraisals of all types and for all purposes
Projects
North Carolina Railroads Evaluation
This project was an appraisal of 317 miles of track owned by the state of NC and operated by Class I Norfolk Southern Railroad. The appraisal included 3 divisions with different track profiles, over 8,000 acres of property and 47 buildings. The corridor was inspected for condition, inventory and operations, and NCRR's GIS system was utilized to identify and measure right of way width, sidings, cross-overs, turnouts and crossings along the entire corridor. The appraisal included over 1,500 easements, both by contract and assumed, of numerous types including underground, overhead, longitudinal roadways, etc. and identified additional encroachments for potential revenue seeking and appraisal discounting. The appraisal also included extensive Class I track components on Norfolk Southern's Piedmont Division on track maintained in condition handling frequent Amtrak trains on its Crescent Line.
Cedar Lake Development Condemnation
RII developed the value of Commercial Property in the center of Cedar Rapids to be condemned by the City. The property included commercial vacant land, land engaged in leased operations, leased buildings and railroad track alongside a major Class I railroad yard. Valuation included commercial property, buildings and track as well as special rare easement granting rights and easement removal costs. Easement Granting rights involved valuation of the entire rail corridor, including corridor enhancement factor, based on FMV of ATF values. Valuation included comparison of Comparative Method due to high property values in Cedar Rapids, Replacement Cost method due to recent improvement renovations, and Income method since the property was revenue producing.
Gascoyne Material Handling and Recycling Valuation
RII developed the EBITDA for profitability and the Internal Rate of Return (IRR) for potential investment in this family of companies, which included a landfill used by BNSF Railway for disposing of construction debris, two transload operations with contracted volumes, property leased for storage, and a facility with a rail loop and several buildings planned for a railcar storage, cleaning and repair facility. Evaluation included a financial analysis of the financial statements for all companies, vetting of the top revenue streams and claimed future business opportunities for traffic expected volumes and development of revenue projections and EBITDA for the next 10 years. Evaluation also included the Net Liquidation Value for all assets to use as collateral for the financing, including 8.7 miles of track, 549 pieces of railroad and industrial equipment and 916.4 acres of property in several locations throughout North Dakota.
Sierra Railroad Company Appraisals
RII has developed valuations for this railroad holding company and its assets for various purposes over the last 18 years. Such appraisals have included a Replacement Cost Values for public entity acquisitions under condemnation, NLV’s for RRIF Loan applications and OFA filings; FMV’s for potential easements and complete Net Liquidation Value (NLV) for all railroad assets including 3 short line railroads and related support facilities for stock valuation, collateral for financing and internal planning. Valuations have included inspections and valuation of Evaluations have included all track assets, detailed real estate assets including specialized industrial and hospitality properties, and extensive equipment fleet of locomotives, rolling stock, vintage passenger equipment, heavy maintenance of way equipment, vehicles, machinery and tools.
