State of Georgia
Carter assisted the State of Georgia with developing both a short-term and long-term strategy to monetize a portion of its portfolio in order to reduce operating costs and generate capital to help offset the budget shortfall.
The State of Georgia currently owns over 15,800 properties with an insured value of approximately $20 billion. Carter advised the State on the inefficiencies of its current policy structure, which made it impossible for the State to sign multi-year leases.
Carter provided a comprehensive analysis that divided Georgia’s real estate portfolio into three categories: mission critical, future sale/leaseback candidates and non-critical facilities to be considered for outright sale.
With over half of the estimated value of Georgia’s portfolio located in the Top 10 metropolitan areas within the state, Carter advised the State to consider the potential consolidation of holdings in key markets for substantial value creation in both the short and long-term. Carter also proposed additional cost-cutting initiatives such as benchmarking, energy management, service contracts, outsourcing and supplemental revenue.