2018 GRESB Real Estate and Infrastructure Results | Vancouver
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The document provides a summary of GRESB's 2018 results for sustainable real assets. Some key points: - GRESB assesses the ESG performance of over 900 real asset entities, including funds and assets, across 64 countries totaling $3.5 trillion in value. - Participation in GRESB assessments continues to grow each year, with more infrastructure assets and funds participating in 2018. - Canadian entities and assets achieved some of the highest GRESB scores globally in 2018.
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2018 GRESB Real Estate and Infrastructure Results | Vancouver
- 1. North America Results – Vancouver Canada Real Estate and Infrastructure Summary September 26, 2018
- 2. GRESB Results 2018 : another record year for GRESB • Neil Pegram – Director of Americas Industry Partners • REALPAC • CaGBC • NAREIT • PREA GRESB Partners • Service / solution / data providers GRESB Participants • 75 of top 100 private equity firms • 75 of top 100 listed property companies • 280 major infrastructure assets GRESB Staff • Dedicated team • Global reach • Real estate / infrastructure / debt • Outsized industry impact
- 3. Enhance and protect shareholder value by assessing and empowering sustainability practices in the real asset sector
- 4. 2009 Assesses the ESG performance of property companies, fund managers and developers 2015 2016 Assesses the ESG performance of infrastructure assets and portfolios GRESB Reporting Framework Annual ESG disclosure for real asset portfolios Assesses ESG performance of real estate lenders
- 5. Industry Supporters Data / Service Providers Real Estate Associations Institutional Investors Access to structured non-financial data Improved risk management | due diligence Engagement tool w/ investment managers Impact metrics Private Equity Firms Listed Companies Understand ESG risks / opportunities Identify management gaps / best practices Inform internal improvement plans Communicate metrics [internal/external] ESG expertise Industry leadership Regulatory navigation Tailored ESG framework 80 2075 220 Business development Market transformation Industry Leadership Brand affiliation GRESB Membership
- 6. COMPLIANCE CURIOSITY COMPETITION RISK MANAGEMENT BUSINESS VALUE YEARS 1 - 3 YEARS 2 - 5 YEARS 3+
- 7. Institutional Investors Private Equity Listed Companies GRESB User Types Private Equity LPs APG, Norges, PGGM, Australian Super, CalPERS, USS, AP2, AP3, SEB, UAW Medical Trust, Catholic Super, Actiam, MN, Hesta, CBUS, NN Fund of Funds Aberdeen, Franklin Templeton, Townsend, Kames, Hermes, TKP Listed Securities Blackrock, Wellington, Cohen & Steers, Calvert, AEW, CBRE Clarion, Morgan Stanley, Heitman, Pressima, Northern Trust, AEGON Direct Portfolios OMERS, OTTP, Ivanhoe Cambridge, HOOPP Core (482) Morgan Stanley, Blackrock, UBS, JPMorgan, CBRE, NYLife, PGIM, Harrison Street, Invesco, Heitman, Clarion, AEW, LaSalle, Principal Value Add (135) UBS, TH Real Estate, PGIM, LendLease, CBRE Investors, Hermes, AEW, Blackrock, Aberdeen, USAA, Tishman, Schroeder, Colony Northstar Opportunistic (48) Blackrock, GTIS Partners, LaSalle, Tishman, PGIM, Europa, Harrison Street, CIM Group, JPMorgan, CBRE Investors, Radius Group Listed REITs (207) Alexandria, Kilroy, Welltower, Boston Properties, AEON, British Land, Digital Realty, Simon, FIBRA Prologis, Forest City, Nippon, Riocan
- 8. 2013 2011 2012 2014 2015 2016 2017 GRESB Real Estate Scores Over Time
- 9. International Sustainability Initiatives Global commitment aimed at positive impact and climate action
- 10. Trending: EU Action Plan on Sustainable Finance Elevating non-financial data and metrics Common Language •unified EU classification system •sustainable finance taxonomy •metrics / KPIs European Union Labels •green financial products •EU classification system •transparent metrics •thematic: low-carbon / water, net zero energy Fiduciary Duty Requirements •institutional investors / asset managers •integrated into investment process •enhanced disclosure requirements Client Advisory • must communicate sustainability KPIs • use in financial product descriptions • highlight in capital raising presentations
- 11. 2018 RESULTS Sustainable Real Assets 903 entities 64 countries 79,000 assets $3.5 trillion GAV
- 12. 2018 RESULTS Sustainable Real Assets 903 entities 64 countries 79,000 assets $3.5 trillion GAV
- 13. 2013 2011 2012 2014 2015 2016 2018 Global Average 2017
- 14. 2013 2011 2012 2014 2015 2016 2018 Global Average 2017
- 15. 78% Green Stars
- 17. Listed still in the lead…. Private Listed
- 18. …as is Australia / NZ Europe Asia Australia/NZ North America
- 19. US drives the North American average North America
- 20. But Canada beat the US... Again! North America
- 22. So… what next?
- 24. LISTED REAL ESTATE MARKET COVERAGE in % of market capitalisation Europe 78.02% North America 58.40% Asia Pacific 49.47% Total 61.21%
- 26. All new buildings must operate at net zero carbon by 2030 100% buildings must operate at net zero carbon by 2050 Sustainable Real Assets
- 27. Performance assessments based on reliable data Healthy Resilient Efficient Sustainable Real Assets Connected Healthy Resilient Efficient Certified Business continuity Positive social impact Green lease AccessibleMonitored
- 28. Healthy 2016 2017 174 252 2018 297 North America Europe Asia Aus/NZ Other Leaders 62 127 155 % participants 23% 30% 33%
- 30. GRESB Universe (Like-for-like) GRESB Universe Target UN SDG Target 7.3 (2.6%) Efficient 2017
- 31. Efficient GRESB Universe (Like-for-like) GRESB Universe Target UN SDG Target 7.3 (2.6%) 2017 [10%] Absolute [30%] Like-for-like [29%] No target [31%] Intensity based
- 32. Efficient 0 25 75 50 100 2010 2020 2030 2040 2050 GRESB Universe (Like-for-like) actuals 2017 UN SDG 13 Target GRESB Universe Target
- 33. Efficient 79,388 total assets 49,910 reported at asset level 74% of total entities 53 countries 834.3 million sqm
- 34. Efficient 79,388 total assets 49,910 reported at asset level 74% of total entities 53 countries 834.3 million sqm 20,000 15,000 10,000 5,000 0 85% 62% 71% 57% 41% 49% 29% Total Assets Reported at asset level
- 35. Efficient Office 181 kwh/m2 200 kwh/m2 135 kwh/m2 134 kwh/m2 159 kwh/m2 147 kwh/m2 173 kwh/m2
- 36. 182 kwh/m2 247 kwh/m2 Office 181 kwh/m2
- 38. All Canadian entities at least 2 Stars!
- 41. North America Sector Leaders
- 42. 2018 RESULTS Sustainable Real Assets 75 funds (+17%) 280 assets (+75%) 62 countries 24 sectors Funds: $100bn+ Assets: $500bn+ (GAV)
- 43. 2018 RESULTS Sustainable Real Assets 75 funds (+17%) 280 assets (+75%) 62 countries 24 sectors Funds: $100bn+ Assets: $500bn+ (GAV)
- 45. More ESG focus Long-term investment in illiquid assets Importance for society Regulatory environment Investors want to understand the non-financial risks that can severely impact returns and reputation Sustainable infrastructure source of deal flow Anticipating changing regulations and developments Opportunities REAL ASSETS
- 46. Investor Members Fund Manager, Asset Operator and Company Members
- 48. GRESB ASSESSMENTS ESG Performance Data ESG Analytics ESG Analytics Investor perspective
- 49. FUND ASSESSMENT ASSET ASSESSMENT GRESB SCORE ASSET FUND SCORE GRESB SCORE FUND Funds with ≥25% asset participation 30% 70% Two complimentary assessments
- 50. 0 50 100 2016 2017 2018 51 64 75 23 29 43 Average % of fund’s portfolio reporting to GRESB Asset Assessment 2018 2017 55% 44% Total Funds (+17%) Funds with >25% Asset participation $100bn+ GAV NoOFPARTICIPANTS
- 51. Fund Assessment
- 52. 2016 2017 2018 Global AverageFUNDSCORE WEIGHTED AVERAGE ASSET SCORE GRESB SCORE 55 2018 Average WEIGHTED AVERAGE ASSET SCORE 49 2018 Average FUND SCORE 69 2018 Average
- 53. Asset Assessment
- 54. MANAGEMENT&POLICY IMPLEMENTATION & MEASUREMENT GRESB SCORE 48 2018 Average IMPLEMENTATION & MEASUREMENT 46 2018 Average MANAGEMENT & POLICY 49 2018 Average 2016 2017 2018 Global Average
- 56. 2018 RESULTS Sustainable Real Assets 903 entities 64 countries 79,000 assets $3.5 trillion GAV