The Company
Physicians Realty Trust, which merged with Healthpeak Properties Inc. in March 2024, is a fully integrated real estate investment trust and S&P 500 company. Healthpeak owns, operates and develops high-quality real estate for biopharma and health systems at the forefront of healthcare discovery and delivery.
The Challenge
Confusion from Multiple Data Systems
Relying on multiple databases and manual data entry prevented the company from easily tracking its commitments and generating reports on tenant improvement allowances. Bryan Schuh, construction accountant, shared, “We had integration issues with other systems. There were always errors, missing items and time wasted on manual reconciliations.”
The Solution
Yardi Construction Manager
Yardi Construction Manager, part of the Elevate suite of products, provides real-time insight into projects’ actual performance against budget. The solution enables companies to compare jobs based on various metrics and drill down to detailed analytical components. Custom reports are prepopulated with contract and change order information, eliminating manual data entry.
The Story
Enhanced Tracking and Planning
“Automated workflows that make it easy to track change orders and the status of payables against commitments with one click is a big advantage over our previous manual process. It’s also much easier to set up projects in the system,” Schuh said.
Construction Manager also enhanced visibility into the company’s capital planning. “Our project managers can easily see which projects have been approved. Having all our information in one database and readily accessible helped us extend our capital planning from five years to 10 years,” Schuh said.
Efficiency for Deal Manager Integration
Another key benefit for the company is Construction Manager’s integration with Yardi Deal Manager. Automatic population into Construction Manager of deal abstracts from Deal Manager saves many hours of time previously spent on error-prone manual data input. “This integration produces better budgeting and gives us a more accurate portrayal of our project commitments,” Schuh said. “It saved a lot of people a lot of headaches and prevents us from overpaying on commitments.”
