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2016 GRESB Real Estate & Debt Results Release - North America

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2016 GRESB Real Estate & Debt Results Release presentation, New York, September 7, 2016

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2016 GRESB Real Estate & Debt Results Release - North America

  1. 1. 7.3 billion 73 $ trillion 9.8 GtC/year +0.810C above 20th century average Worldwide GDP CO2 Population
  2. 2. ACTIAM Aegon NV Alberta Investment Management Corporation (AIMCo) Amundi AMP Capital AP1 First Swedish National Pension Fund AP2 Second Swedish National Pension Fund AP3 Third Swedish National Pension Fund AP4 Fourth Swedish National Pension Fund AP7 Seventh Swedish National Pension Fund Archbishops' Council Armstrong Asset Management ATP Australian Ethical Investment AustralianSuper Aviva Investors AXA AXA IM Baldwin Brothers Inc. Bank J. Safra Sarasin Bayerische Versorgungskammer Bedfordshire Pension Fund BMO Global Asset Management BNP Paribas Investment Partners Brawn Capital Brown University Sustainable Investment Fund BT Pension Scheme California Public Employees' Retirement System California State Teachers' Retirement System Cathay Financial Holding Co., Ltd. Catholic Super CBRE Global Investors Cbus Super CCLA Central Finance Board of the Methodist Church Christian Brothers Investment Services Christian Super Christopher Reynolds Foundation Church Commissioners for England Church of England Pensions Board Church of Sweden Connecticut Retirement Plans and Trust Funds Dana Investment Advisors Danske Bank Asset Management Danske Civil- og Akademiingeniørers Pensionskasse Deutsche Asset Management Dragon Capital EdenTree Investment Management Ltd. Encourage Capital Environment Agency Pension Fund Epworth Investment Management Ltd ERAFP ESSSuper ETF Partners Eureka Funds Management First Affirmative Financial Network Friends Fiduciary Corporation Friends Provident Charitable Foundation FRR - Fonds de Réserve pour les Retraites Greater Manchester Pension Fund Henderson Global Investors Hermes Investment Management HESTA HSBC Global Asset Management IFM Investors Impax Asset Management Inflection Point Capital Management Insight Investment Jesuits in Britain Juristernes og Økonomernes Pensionskasse Kempen Capital Management L&G Investment Management Local Government Super London Pensions Fund Authority Mercer Merseyside Pension Fund Miller/Howard Investments, Inc. Mirova MN Nanuk Asset Management Pty Ltd Natixis Asset Management NEI Investments New York City Comptroller New York State Common Retirement Fund New Zealand Superannuation Fund NextEnergy Capital Nordea Wealth Management North East Scotland Pension Fund OFI Ohman Old Mutual Global Investors OPTrust Oregon State Treasurer OTTP Pax World Management LLC PensionDanmark PGGM PKA Plater Trust Railpen Investments Rathbone Greenbank Investments Representative Body of the Church of Ireland Reynders, McVeigh Capital Management Robeco Russell Investments Sisters of St. Dominic of Caldwell, New Jersey Sonen Capital South Yorkshire Pensions Authority Stafford Sustainable Capital Statewide Super Tellus Mater Foundation Temporis Capital LLP The Barrow Cadbury Trust The Joseph Rowntree Charitable Trust The Pensions Trust The Sustainability Group at Loring, Wolcott and Coolidge The United Reformed Church Trillium Asset Management Trustees of Amherst College Unipension FAIF A/S Unitarian Universalist Association USS Veris Wealth Partners VicSuper Vision Super Pty Ltd Walden Asset Management Wespath Benefits and Investments West Midlands Pension Fund West Yorkshire Pension Fund WHEB 130 investors
  3. 3. INTRODUCING THE 11TH GICS® SECTOR: REAL ESTATE
  4. 4. Buildings are part of the problem… 99TWh 27.9Mt 0.47km3 15.5Mt
  5. 5. Innovation in renewable energy …but also part of the solution
  6. 6. Innovation in waste management …but also the solution
  7. 7. Market Transformation
  8. 8. Sustainability Performance Buildings Leading BREEAM Outstanding LEED Platinum Green Star Six Star Etc. Regulation
  9. 9. Market transformation Top down, bottom up Capital Market Company Portfolio Building Investment Community CAPITAL Investment Manager Portfolio Manager/ Asset Manager Property Manager/ Facility Manager COMMITMENT
  10. 10. TRANSPARENCY RISKOPPORTUNITY
  11. 11. 3.9x The difference in overall GRESB score between the Top 10% and Bottom 10% entities in 2016
  12. 12. “U.S. REITs with higher GRESB ratings deliver higher returns per unit of risk” “2.75% return spread between the Top 10% and Bottom 10% European non-listed GRESB entities”
  13. 13. 73,988 Homes Energy LFL consumption (between 2014-2015)
  14. 14. 90,197 passenger cars Carbon LFL consumption (between 2014-2015)
  15. 15. 1,200 Olympic pools Water LFL consumption (between 2014-2015)
  16. 16. 14,963 truck loads Waste LFL consumption (between 2014-2015)
  17. 17. The Assessment
  18. 18. REAL ESTATE PORTFOLIOS PROPERTY COMPANIES CAPITAL MARKET BENCHMARK SCORE ASSESS COMMUNICATE
  19. 19. GRESB SCORE Policy & Disclosure Building Certification Monitoring & EMSManagement Performance Indicators Risks & Opportunities Stakeholder Engagement 8.8 % 9.5 % 12.4 % 25.2 % 24.5 % 10.9 % 8.8 %
  20. 20. DATA PARTNERS (API) GRESB ASSET DATA FREE GRESB ASSET SPREADSHEETS
  21. 21. Validation Three-layer process for investment-grade data 100% Validation Plus Site Visit All Participant Check Open text boxes (quality) Open-ended questions Hyperlinks Evidence (presence) Evidence (content) Data accuracy18% 2.5% Reporting boundaries Data quality Evidence for answers
  22. 22. GRESB Coverage
  23. 23. 63 Countries 759 Entities 66,000 Assets
  24. 24. Response Rate Development Global
  25. 25. Response Rate Development North America
  26. 26. USD 100 billion
  27. 27. Apple Market Cap USD 584 billion
  28. 28. USD 7.6 trillion Commercial Real Estate Owned by Investors
  29. 29. USD 2.8 trillion GRESB Coverage
  30. 30. Competitive Differentiation & Advantage Risk & Uncertainty USD 2.8 trillion GRESB Coverage
  31. 31. GRESB Performance
  32. 32. GRESB Model Global ESG performance
  33. 33. GRESB Model Regional ESG performance
  34. 34. GRESB Model North America
  35. 35. ESG Performance Dynamics Global trends over time
  36. 36. Sector leaders North America Listed Private Diversified Invesco Core Real Estate - U.S.A., LP - Invesco Real Estate 🌐 Retail The Macerich Company Pine Tree - Pine Tree Office Kilroy Realty Corporation MetLife/Norges Bank Investment Management Joint Venture Industrial Prologis - Prologis Residential Equity Residential Invesco San Jacinto Core Fund Diversified - Retail/Office Oxford Properties Group (OMERS) - Oxford Properties Group Diversified - Residential/Office Multi-Employer Property Trust/MEPT Edgemoor - Bentall Kennedy Group 🌐
  37. 37. Performance?
  38. 38. 70,520 Homes Energy North America: Footprint and LFL Consumption 2014-2015
  39. 39. 83,418 passenger cars Carbon North America: Footprint and LFL Consumption 2014-2015
  40. 40. 9,897 Olympic pools Water North America: Footprint and LFL Consumption 2014-2015
  41. 41. 107,000 truck loads Waste North America: Footprint and LFL Consumption 2014-2015
  42. 42. Renewable Energy Global
  43. 43. Renewable Energy North America
  44. 44. Intensities – carbon emissions Input versus output
  45. 45. But also...
  46. 46. GRESB Aspects North America 2016 2015
  47. 47. Stakeholder Engagement Global
  48. 48. …and many more indicators Such as Health & Well-being
  49. 49. What drives performance?
  50. 50. PLAN DO CHECK ACT INDICATOR
  51. 51. Carbon Management Global 1. ESG policy includes carbon emissions 2. Carbon emissions target in place 3. Due diligence process includes carbon emissions 4. Risk assessments include carbon emissions 6. Reporting carbon emissions data 7. Offsetting carbon emissions 8. Reporting carbon intensity data 9. External review of carbon emissions data 1. 2. 3. 4. 5. 6. 7. 8. 9.
  52. 52. Road Ahead
  53. 53. 759 ENTITIES 60 (’15: 54) LISTED AUS/NZ -2% LFL Change in Carbon Emissions (427kt) SCORE LEADREPORT
  54. 54. Sustainability Performance Building Certifications & Ratings LeadershipRegulation Buildings Leaders
  55. 55. Sustainability Performance Companies Leaders
  56. 56. Sustainability Performance Leaders
  57. 57. What is your GRESB Rating?

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