Reis 10-Q 3 May 16 2016 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	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	2,016
Document Fiscal Period Focus	Q1
Trading Symbol	REIS
Entity Registrant Name	Reis, Inc.
Entity Central Index Key	1,038,222
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		11,316,326

Consolidated Balance Sheets

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

Consolidated Balance Sheets (Pa

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

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($)	3 Months Ended
	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

Consolidated Statements of Ope5

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

Consolidated Statement of Chang

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

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	3 Months Ended
	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

Organization and Business

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, 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 ReisReports Mobiuss Portfolio CRE, Mobiuss, 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.

Summary of Significant Accounti

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 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 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 In August 2014, the FASB issued ASU 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern In February 2015, the FASB issued ASU 2015-02, Consolidation (Topic 810), Amendments to the Consolidation Analysis In February 2016, the FASB issued ASU 2016-02, Leases In March 2016, the FASB issued ASU 2016-09, Compensation-Stock Compensation 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.

Segment Information

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 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 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. (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 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 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.

Intangible Assets

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 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.

Debt

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. 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.

Income Taxes

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. 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.

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2016
Equity [Abstract]
Stockholders' Equity	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.

Stock Plans and Other Incentive

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 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- 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. 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 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.

Earnings Per Common Share

Earnings Per Common Share	3 Months Ended
	Mar. 31, 2016
Earnings Per Share [Abstract]
Earnings Per Common Share	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.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	10. Commitments and Contingencies 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 Company is not a party to any litigation that could reasonably be foreseen to be material to the Company.

Fair Value of Financial Instrum

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 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.

Summary of Significant Accoun19

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	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 In August 2014, the FASB issued ASU 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern In February 2015, the FASB issued ASU 2015-02, Consolidation (Topic 810), Amendments to the Consolidation Analysis In February 2016, the FASB issued ASU 2016-02, Leases In March 2016, the FASB issued ASU 2016-09, Compensation-Stock Compensation
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.

Segment Information (Tables)

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 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 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. (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 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)

Intangible Assets (Tables)

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

Income Taxes (Tables)

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.

Stock Plans and Other Incenti23

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- 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.

Earnings Per Common Share (Tabl

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

Organization and Business - Add

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

Segment Information - Condensed

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

Segment Information - Condens27

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)

Segment Information - Additiona

Segment Information - Additional Information (Detail) $ in Thousands	Oct. 15, 2012USD ($)	Aug. 03, 2012USD ($)	Jun. 20, 2012USD ($)	Mar. 13, 2012USD ($)	Apr. 27, 2016USD ($)	Mar. 31, 2016Subscriber	Mar. 31, 2015USD ($)	Dec. 31, 2015USD ($)	Sep. 30, 2009aSegment
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. 3, 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%

Segment Information - Accounts

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

Segment Information - Income (L

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)

Intangible Assets - Summary of

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

Intangible Assets - Additional

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

Debt - Additional Information (

Debt - Additional Information (Detail) - USD ($)	3 Months Ended	12 Months Ended
	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

Income Taxes - Components of In

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

Income Taxes - Components of 35

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)

Income Taxes - Additional Infor

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

Stockholders' Equity - Addition

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

Stock Plans and Other Incenti38

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

Stock Plans and Other Incenti39

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

Stock Plans and Other Incenti40

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

Stock Plans and Other Incenti41

Stock Plans and Other Incentives - Changes in RSUs (Parenthetical) (Detail)	3 Months Ended
	Mar. 31, 2016USD ($)Employee$ / sharesshares	Mar. 31, 2015USD ($)Employee$ / sharesshares
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

Earnings Per Common Share - Det

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

Fair Value of Financial Instr43

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