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Real estate is the most significant alternative asset class for pension funds, representing more than five percent of total holdings, on average. This presentation employs a previously unexplored database to examine the investments of some 880 pension funds in direct real estate and real estate investment trusts (REITs) over the 1990-2009 period. Regarding allocation choice, we document that larger pension funds are more likely to invest in real estate internally, have lower costs, and higher net returns. Smaller funds are more likely to invest in direct real estate through external managers and fund-of-funds, but largely ignore REITs. The additional investment layers significantly increase their costs and disproportionally reduce returns. Moreover, U.S. pension funds’ investment costs are twice as high as those of their foreign peers, and both gross and net performance are lower. The underperformance of U.S. pension funds in real estate investments is most striking in the last two years of the sample period, which may be due to opportunistic investment behavior pre-crisis.

The Performance of Pension Funds Investments in Real Estate

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Studies have repeatedly shown that green buildings out perform their peers with respect to rent, sale price, and other financial performance metrics. Investors have taken notice, and they are looking for the tools and information needed to guide investments in green. This expert panel will introduce cutting-edge research and new tools to help understand the financial performance of green buildings as individual assets and as part of real estate investment trusts and mortgage-based securities. This exceptional group will provide state-of-the-art insights into the present and future of green building finance.

Greenbuild 2012 - Finance Session

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The Economics of Green Building

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Embedding Sustainability: From rules to reasons and consciousness

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Presentation by the Institute for the Built Environment at Colorado State University. GBCIs recently acquired Global Real Estate Sustainability Benchmark is industry-driven organization committed to assessing the sustainability performance of real estate portfolios around the globe. While LEED is the measure of an assets performance, GRESB is the measure of a real estate company/portfolios performance. GRESB is a response to large investors who continue to call for more robust sustainability analytics, a desire founded in research that continues to tie sustainability to higher returns and performance. Explore the aspects of GRESB reporting and the relevancy to those in property management, development, design, construction, and investment.

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GRESB Event at Philips Lighting

The Performance of Pension Funds Investments in Real Estate

Greenbuild 2012 - Finance Session

The Economics of Green Building

Ecaterina Tzaralunga Tot Despre Dimitrie Cantemir...

Vestas

Embedding Sustainability: From rules to reasons and consciousness

Embedding sustainability

Mission Leadership ABCs Rmo Vision

How to Translate Sustainability into Action Plans in Rural Areas - Case Proje...

Sustainability Department Presentation 2

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TERI and Yes Bank Survey of the Green Real Estate Sector 2014

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The (long) road to net zero

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Maastricht University’s Green Building Adoption Index is the first study to quantify the relevance of green building practices in the commercial real estate market. Based on EPA Energy Star and USGBC LEED statistical data from 2005 through 2013 the study examines more than 34,000 buildings totaling more than 3.5 billion square feet in the top 30 U.S. markets. The resulting evidence shows that green has become mainstream in the majority of U.S. cities.

Green Building Adoption Index

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There is an increasing body of evidence on the financial performance of “green” commercial properties, but not much is known about the implications of investments in such buildings for property companies. This paper investigates the effects of the energy efficiency and sustainability of commercial properties on the operating and stock performance of a sample of US REITs, providing insight into the net benefits of “green” buildings. We match data on LEED and Energy Star certified buildings with detailed information on REIT portfolios and calculate the share of “green” properties for each REIT over the 2000-2011 period. In order to control for the endogeneity between environmental and financial performance, we use two instrumental variables – locational greenness and local environmental government policies. We estimate a two-stage regression model and document that the greenness of REITs is positively related to three measures of operating performance – return on assets, return on equity and the ratio of funds from operations to total revenue. We also document that there is no significant relationship between the greenness of property portfolios and abnormal stock returns, suggesting that stock prices already reflect the higher cash flows deriving from investments in more efficient properties. However, REITs with a higher fraction of “green” properties display lower market betas, which may be related to their reduced exposure to shocks in energy prices and environmental legislation.

Portfolio Greenness and the Financial Performance of REITs

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Presentation on "energy literacy" of private consumers. Paper abstract: with the residential sector accounting for some one-fifth of global energy consumption -- resulting from the requirements to heat, cool, and light residential dwellings -- energy efficiency in private dwellings has again gained interest in recent years. In this paper, we examine the importance of awareness and behavior of households with respect to their residential energy use. Using a detailed survey across 1,721 households, we measure the extent to which consumers are aware of their energy consumption and whether they have taken measures to reduce their energy bill. Our results show that “energy literacy” among respondents is low: just 56 percent of the respondents are aware of their monthly charges for energy consumption, and 60 percent appropriately evaluate investment decisions in energy efficient equipment. We document that energy literacy, consumer ideology and attitude towards energy conservation have a direct effect on behavior regarding heating and cooling of the home. The impact of the moderating factor, measured by thermostat settings, ultimately results in strong variation in the energy consumption of private consumers.

Residential Energy Literacy

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The Economics of Green Retrofits

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The Diffusion of Energy Efficiency in Building

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Demystifying Benchmarking

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