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.
Grupo inditex annual-report-inditex-2011syedaliharis
This document is the annual report of Inditex, a large Spanish fashion company, summarizing its economic, social, and environmental performance in 2011. Key highlights include:
- Sales increased 10% to €13.7 billion driven by new store openings and a 4% increase in same-store sales.
- Net income grew 12% to €1.9 billion. The company invested €1.3 billion back into expanding operations.
- The number of employees grew to over 109,000 as the company hired almost 10,000 new employees.
- Online sales continued expanding to new markets in Europe, the US, and Japan.
- The company opened its new flagship Zara store on Fifth Avenue
CDON Group presentation Copenhagen, January 2013Qliro Group AB
CDON Group AB is the largest e-commerce company in the Nordic region, operating 10 brands across 4 segments - entertainment, fashion, sports & health, and home & garden. In 2012, the company had sales of SEK 2.89 billion and 1,030 employees. It has the number 1 market position in its home markets and is among the top 3 in several other European countries. The company has grown organically and through acquisitions, and has been listed on the Nasdaq OMX Stockholm since 2010. Going forward, its strategy is to broaden its Cdon.com site into a Nordic shopping mall and expand its Nelly.com fashion brand internationally.
The 2003 annual report summarizes Fiserv's financial performance for the year. Some key highlights include:
- Processing and services revenues increased 22% to $2.7 billion.
- Net income grew 18% to $315 million.
- Diluted earnings per share rose 18% to $1.61.
- Cash flow from operations increased 16% to $598.1 million.
- The number of employees grew 12% to 21,700 and number of clients increased 15% to 15,000.
The document discusses the Green Deal tools used to assess homes and calculate potential energy savings from improvements. It provides an overview of the Standard Assessment Procedure (SAP) and BREDEM models, which estimate a home's energy performance and savings. It describes how occupancy data collected through a Green Deal assessment can provide more accurate, tailored estimates of savings compared to standard assumptions. In-use factors are applied to bridge the gap between predicted and actual performance. Non-domestic properties use a similar process but with assessments tailored to their varied characteristics.
This document is GameStop's 2007 annual report which summarizes the company's strong financial and operational performance for the fiscal year. Some key highlights include revenue growth of 33% to $7.1 billion, net earnings growth of 82% to $288 million, aggressive worldwide store expansion adding 586 new stores, and stock price appreciation of 125% for the year. The report expresses optimism about continued growth in 2008 driven by new video game titles, expanding the customer base, and further worldwide store expansion.
This document provides an overview and summary of ING Group's third quarter 2008 results presentation. Some key points:
- ING reported its first ever quarterly loss due to impacts from market turmoil, though commercial performance remained resilient.
- ING took actions to reinforce its capital base in line with increased international capital standards following government interventions in other banks.
- While earnings were affected by volatility, underlying commercial results were stable with EUR 38 billion in net client balance growth. Expenses remained under control despite challenges in the operating environment.
Grupo inditex annual-report-inditex-2011syedaliharis
This document is the annual report of Inditex, a large Spanish fashion company, summarizing its economic, social, and environmental performance in 2011. Key highlights include:
- Sales increased 10% to €13.7 billion driven by new store openings and a 4% increase in same-store sales.
- Net income grew 12% to €1.9 billion. The company invested €1.3 billion back into expanding operations.
- The number of employees grew to over 109,000 as the company hired almost 10,000 new employees.
- Online sales continued expanding to new markets in Europe, the US, and Japan.
- The company opened its new flagship Zara store on Fifth Avenue
CDON Group presentation Copenhagen, January 2013Qliro Group AB
CDON Group AB is the largest e-commerce company in the Nordic region, operating 10 brands across 4 segments - entertainment, fashion, sports & health, and home & garden. In 2012, the company had sales of SEK 2.89 billion and 1,030 employees. It has the number 1 market position in its home markets and is among the top 3 in several other European countries. The company has grown organically and through acquisitions, and has been listed on the Nasdaq OMX Stockholm since 2010. Going forward, its strategy is to broaden its Cdon.com site into a Nordic shopping mall and expand its Nelly.com fashion brand internationally.
The 2003 annual report summarizes Fiserv's financial performance for the year. Some key highlights include:
- Processing and services revenues increased 22% to $2.7 billion.
- Net income grew 18% to $315 million.
- Diluted earnings per share rose 18% to $1.61.
- Cash flow from operations increased 16% to $598.1 million.
- The number of employees grew 12% to 21,700 and number of clients increased 15% to 15,000.
The document discusses the Green Deal tools used to assess homes and calculate potential energy savings from improvements. It provides an overview of the Standard Assessment Procedure (SAP) and BREDEM models, which estimate a home's energy performance and savings. It describes how occupancy data collected through a Green Deal assessment can provide more accurate, tailored estimates of savings compared to standard assumptions. In-use factors are applied to bridge the gap between predicted and actual performance. Non-domestic properties use a similar process but with assessments tailored to their varied characteristics.
This document is GameStop's 2007 annual report which summarizes the company's strong financial and operational performance for the fiscal year. Some key highlights include revenue growth of 33% to $7.1 billion, net earnings growth of 82% to $288 million, aggressive worldwide store expansion adding 586 new stores, and stock price appreciation of 125% for the year. The report expresses optimism about continued growth in 2008 driven by new video game titles, expanding the customer base, and further worldwide store expansion.
This document provides an overview and summary of ING Group's third quarter 2008 results presentation. Some key points:
- ING reported its first ever quarterly loss due to impacts from market turmoil, though commercial performance remained resilient.
- ING took actions to reinforce its capital base in line with increased international capital standards following government interventions in other banks.
- While earnings were affected by volatility, underlying commercial results were stable with EUR 38 billion in net client balance growth. Expenses remained under control despite challenges in the operating environment.
New Developments & Future Trends in Microfinance for Rural BanksJohn Owens
This presentation was given on November 11, 2011 during the 54th Annual Rural Bankers Association of the Philippines Charter Symposium at the Manila Hotel. It covers the progress of the RBAP-MABS program as well as new developments and trends in microfinance that rural bankers should consider as they move forward.
This document provides an annual report for Henry Schein, Inc. for the year 2003. Some key points:
- Henry Schein achieved record sales of $3.4 billion in 2003, up 19% from 2002, serving over 425,000 dental, medical, and veterinary customers worldwide.
- Net income was $139.5 million, up 18% from 2002. Earnings per share were $3.10, also up 18%.
- The company pursued strategic acquisitions and initiatives in areas like vaccines and injectables to drive growth.
- Looking ahead, the CEO expressed confidence that changing healthcare market trends and demographics position Henry Schein well for continued growth in serving the
Extension Works for Djen Djen Port Protectionlyesdz
The document contains engineering plans and specifications for two caisson structures:
1. The North Breakwater General Caisson is 28,000mm long with various sections ranging from 500mm to 6,525mm. It includes details on concrete thickness, elevations, and dimensions.
2. The North Breakwater Transition Caisson is 38,750mm long with tapered sections from 10,500mm to 4,125mm. It also provides dimensions and details.
Guest2Web aims to provide better internet experiences for hotel guests. Hotel owners currently spend $400/month on WiFi infrastructure and support but provide poor quality service. Guest2Web will reduce these costs while allowing owners to monitor usage and monetize the network through ads. By partnering with 50 hotels in the first year, 100 in the second, and 150 in the third, Guest2Web projects $747,790 in net income by year three. They seek advisors, investors, and partners to help guide, fund, and grow the business. Risks include competition and ensuring a high conversion rate for upselling additional services.
- Livestock futures traded mixed on Monday as concerns about reduced meat demand from Hurricane Sandy weighed on markets. Cattle futures were steady to higher due to tight supplies while hog futures fell due to heavy supplies and storm impacts.
- Last week's cattle slaughter was 4% lower than a year ago at 492,000 head while cow slaughter fell 6% to 149,000 head. The storm disrupted processing along the East Coast.
- Hog slaughter was up 3.1% to 2.379 million head last week but supplies remain heavy, pressuring prices along with high freezer stocks and reduced demand from the hurricane.
CMD 2012: Track Record and Strategy (Jørgen Ole Haslestad)Yara International
Jørgen Ole Haslestad, President & CEO of Yara International, presented Yara's track record and growth strategy at its 2012 Capital Markets Day. Yara achieved its highest ever EBITDA in the 2011/12 season due to increased fertilizer prices. Going forward, Yara aims to grow volumes by 8% by 2016 through committed expansion projects, acquisitions, and new supply. Yara is well positioned for continued profitable operations and growth by meeting rising global demand for agricultural productivity through its portfolio of value-added and commodity fertilizer products.
The document is Parker Hannifin Corporation's 2008 annual report which summarizes the company's financial performance for the fiscal year. It highlights that Parker Hannifin generated $12.1 billion in revenues, had 960,000 products, 449,000 customers, 62,000 employees, and 298 manufacturing plants. The annual report covers how the company is applying its expertise in motion and control technologies across many industries to increase customer productivity and profitability.
Overview of the services offered by Landstar along with information on the Landstar system. Celebrating 25 years of Excellence in transportation and supply chain solutions!
This report summarizes the debt collection performance of 4 agents over time. It shows the number of daily calls made by each agent compared to their targets, as well as the ratio of cash collected to delinquent amounts owed. It also provides statistics on each agent's number of clients, proportion of promises kept to pay, total delinquent amounts and amounts of cash collected. Charts display the delinquent amounts and cash collected for each agent and bucket of days past due, with the highest collection rates for buckets between 31-90 days past due.
This document discusses new developments and future directions for rural banks offering microfinance in the Philippines. It provides key indicators showing growth in microloans and microdeposits from 1998 to 2011, with over 900,000 borrowers, 37 billion pesos in loans disbursed, 1.45 million microdepositors, and 2 billion pesos in microdeposits. It also outlines factors affecting rural banks, including new regulations, technologies, markets, and competition, and suggests addressing the needs of specific market niches through traditional and new microfinance products.
The document is Tech Data Corporation's 2002 annual report. It summarizes the company's financial performance for fiscal year 2002, which ended January 31, 2002. Despite an economic recession that negatively impacted the IT industry, Tech Data generated $128.6 million in net income on $17.2 billion in sales, or $2.27 per diluted share, excluding $17.8 million in special charges. The company also reduced its debt by $990 million. Tech Data was ranked highly on various lists recognizing top IT companies. The report discusses the company's operational excellence, partnerships with vendors and customers, and strategy to capitalize on industry trends through specialized business units.
Energy Efficiency and Household Behavior: The Rebound Effect in the Residenti...nilskok
This document summarizes a study that examines the rebound effect for residential heating in the Netherlands. The study uses a large panel dataset containing actual gas consumption and predicted consumption based on dwelling characteristics for over 500,000 dwellings from 2008-2011. It finds an average rebound effect of 27% for homeowners and 41% for tenants, meaning improved efficiency leads to increased heating consumption that offsets about a quarter to over a third of expected energy savings. The rebound effect is found to vary based on household income and wealth, with higher income households exhibiting a larger rebound.
Environmental Performance and the Cost of Capital: Evidence from REIT Bonds ...nilskok
The real estate sector is responsible for a significant greenhouse gas externality, which has prompted interest from policy makers, as well as the emergence of voluntary disclosure standards. As opposed to general concerns about the potentially negative impact of “sustainability” programs and initiatives on corporate financial performance, energy efficiency measures may lead to significant returns in the real estate sector. This paper investigates the relation between real estate sustainability and the cost of the debt. Using a sample of REITs, we investigate both corporate-level debt, as well as commercial mortgages to finance individual buildings. The results show that the degree to which REITs invest in efficient buildings is positively related to the quality of their credit ratings, and it is also associated with a significantly lower spread. The relation persists at the level of individual buildings and their mortgages: environmentally-certified buildings are financed at significantly lower spread, varying between 30 and 60 basis points, depending on the specification.
Commercial Building Electricity Consumption: The Role of Structure Quality, M...nilskok
This document summarizes a study on carbon emissions from the commercial building sector in the United States. It finds that 74% of US electricity is used in the real estate sector, with 40% generated from coal and 29% from natural gas. The study examines factors that influence electricity consumption in commercial buildings, including construction characteristics, tenant behavior/incentives, human capital, and macroeconomic conditions. Regression analysis of a large dataset finds relationships between electricity use and building age, quality, lease terms, occupancy rates, climate, and management practices. Younger, higher-quality buildings and those with incentives for tenants to conserve energy use less electricity. The findings suggest electricity consumption from commercial buildings will significantly increase in coming decades, making this an
This document summarizes research on the economic impacts of green building certification. The research analyzes data on over 28,000 office buildings, including 3,000 with Energy Star or LEED certification. The key findings are:
1) Green-certified buildings have 2-6% higher rents, 6-8% higher effective rents, and 11-13% higher sale prices compared to similar conventional buildings.
2) The rental and value premiums are directly related to characteristics measured by LEED and Energy Star like energy efficiency. Higher LEED certification scores and greater energy cost savings correspond to larger premiums.
3) During the 2007-2009 economic downturn, green-certified buildings experienced smaller declines
The Performance of Pension Funds Investments in Real Estatenilskok
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.
Dokumen ini memberikan ringkasan proses pembangunan rumah setingkat yang dibangun pada Februari 2011 di Terengganu, Malaysia. Rumah ini menggabungkan gaya tradisional rumah Terengganu dengan sentuhan modern dengan mempertahankan desain atap. Proses pembangunannya meliputi persiapan tapak, pembangunan pondasi, tiang, lantai beton, balok atap, dinding, bingkai jendela dan pintu, tangga, struktur atap,
Architects provide professional services throughout the architectural project delivery process. This includes pre-design (feasibility studies, project briefs), design (schematic design, design development), construction documentation, bidding and negotiation, construction administration, and post-construction (warranty reviews, evaluations). Architects work with owners, engineers, contractors and other professionals to design buildings and supervise their construction according to codes, contracts and the client's needs.
New Developments & Future Trends in Microfinance for Rural BanksJohn Owens
This presentation was given on November 11, 2011 during the 54th Annual Rural Bankers Association of the Philippines Charter Symposium at the Manila Hotel. It covers the progress of the RBAP-MABS program as well as new developments and trends in microfinance that rural bankers should consider as they move forward.
This document provides an annual report for Henry Schein, Inc. for the year 2003. Some key points:
- Henry Schein achieved record sales of $3.4 billion in 2003, up 19% from 2002, serving over 425,000 dental, medical, and veterinary customers worldwide.
- Net income was $139.5 million, up 18% from 2002. Earnings per share were $3.10, also up 18%.
- The company pursued strategic acquisitions and initiatives in areas like vaccines and injectables to drive growth.
- Looking ahead, the CEO expressed confidence that changing healthcare market trends and demographics position Henry Schein well for continued growth in serving the
Extension Works for Djen Djen Port Protectionlyesdz
The document contains engineering plans and specifications for two caisson structures:
1. The North Breakwater General Caisson is 28,000mm long with various sections ranging from 500mm to 6,525mm. It includes details on concrete thickness, elevations, and dimensions.
2. The North Breakwater Transition Caisson is 38,750mm long with tapered sections from 10,500mm to 4,125mm. It also provides dimensions and details.
Guest2Web aims to provide better internet experiences for hotel guests. Hotel owners currently spend $400/month on WiFi infrastructure and support but provide poor quality service. Guest2Web will reduce these costs while allowing owners to monitor usage and monetize the network through ads. By partnering with 50 hotels in the first year, 100 in the second, and 150 in the third, Guest2Web projects $747,790 in net income by year three. They seek advisors, investors, and partners to help guide, fund, and grow the business. Risks include competition and ensuring a high conversion rate for upselling additional services.
- Livestock futures traded mixed on Monday as concerns about reduced meat demand from Hurricane Sandy weighed on markets. Cattle futures were steady to higher due to tight supplies while hog futures fell due to heavy supplies and storm impacts.
- Last week's cattle slaughter was 4% lower than a year ago at 492,000 head while cow slaughter fell 6% to 149,000 head. The storm disrupted processing along the East Coast.
- Hog slaughter was up 3.1% to 2.379 million head last week but supplies remain heavy, pressuring prices along with high freezer stocks and reduced demand from the hurricane.
CMD 2012: Track Record and Strategy (Jørgen Ole Haslestad)Yara International
Jørgen Ole Haslestad, President & CEO of Yara International, presented Yara's track record and growth strategy at its 2012 Capital Markets Day. Yara achieved its highest ever EBITDA in the 2011/12 season due to increased fertilizer prices. Going forward, Yara aims to grow volumes by 8% by 2016 through committed expansion projects, acquisitions, and new supply. Yara is well positioned for continued profitable operations and growth by meeting rising global demand for agricultural productivity through its portfolio of value-added and commodity fertilizer products.
The document is Parker Hannifin Corporation's 2008 annual report which summarizes the company's financial performance for the fiscal year. It highlights that Parker Hannifin generated $12.1 billion in revenues, had 960,000 products, 449,000 customers, 62,000 employees, and 298 manufacturing plants. The annual report covers how the company is applying its expertise in motion and control technologies across many industries to increase customer productivity and profitability.
Overview of the services offered by Landstar along with information on the Landstar system. Celebrating 25 years of Excellence in transportation and supply chain solutions!
This report summarizes the debt collection performance of 4 agents over time. It shows the number of daily calls made by each agent compared to their targets, as well as the ratio of cash collected to delinquent amounts owed. It also provides statistics on each agent's number of clients, proportion of promises kept to pay, total delinquent amounts and amounts of cash collected. Charts display the delinquent amounts and cash collected for each agent and bucket of days past due, with the highest collection rates for buckets between 31-90 days past due.
This document discusses new developments and future directions for rural banks offering microfinance in the Philippines. It provides key indicators showing growth in microloans and microdeposits from 1998 to 2011, with over 900,000 borrowers, 37 billion pesos in loans disbursed, 1.45 million microdepositors, and 2 billion pesos in microdeposits. It also outlines factors affecting rural banks, including new regulations, technologies, markets, and competition, and suggests addressing the needs of specific market niches through traditional and new microfinance products.
The document is Tech Data Corporation's 2002 annual report. It summarizes the company's financial performance for fiscal year 2002, which ended January 31, 2002. Despite an economic recession that negatively impacted the IT industry, Tech Data generated $128.6 million in net income on $17.2 billion in sales, or $2.27 per diluted share, excluding $17.8 million in special charges. The company also reduced its debt by $990 million. Tech Data was ranked highly on various lists recognizing top IT companies. The report discusses the company's operational excellence, partnerships with vendors and customers, and strategy to capitalize on industry trends through specialized business units.
Energy Efficiency and Household Behavior: The Rebound Effect in the Residenti...nilskok
This document summarizes a study that examines the rebound effect for residential heating in the Netherlands. The study uses a large panel dataset containing actual gas consumption and predicted consumption based on dwelling characteristics for over 500,000 dwellings from 2008-2011. It finds an average rebound effect of 27% for homeowners and 41% for tenants, meaning improved efficiency leads to increased heating consumption that offsets about a quarter to over a third of expected energy savings. The rebound effect is found to vary based on household income and wealth, with higher income households exhibiting a larger rebound.
Environmental Performance and the Cost of Capital: Evidence from REIT Bonds ...nilskok
The real estate sector is responsible for a significant greenhouse gas externality, which has prompted interest from policy makers, as well as the emergence of voluntary disclosure standards. As opposed to general concerns about the potentially negative impact of “sustainability” programs and initiatives on corporate financial performance, energy efficiency measures may lead to significant returns in the real estate sector. This paper investigates the relation between real estate sustainability and the cost of the debt. Using a sample of REITs, we investigate both corporate-level debt, as well as commercial mortgages to finance individual buildings. The results show that the degree to which REITs invest in efficient buildings is positively related to the quality of their credit ratings, and it is also associated with a significantly lower spread. The relation persists at the level of individual buildings and their mortgages: environmentally-certified buildings are financed at significantly lower spread, varying between 30 and 60 basis points, depending on the specification.
Commercial Building Electricity Consumption: The Role of Structure Quality, M...nilskok
This document summarizes a study on carbon emissions from the commercial building sector in the United States. It finds that 74% of US electricity is used in the real estate sector, with 40% generated from coal and 29% from natural gas. The study examines factors that influence electricity consumption in commercial buildings, including construction characteristics, tenant behavior/incentives, human capital, and macroeconomic conditions. Regression analysis of a large dataset finds relationships between electricity use and building age, quality, lease terms, occupancy rates, climate, and management practices. Younger, higher-quality buildings and those with incentives for tenants to conserve energy use less electricity. The findings suggest electricity consumption from commercial buildings will significantly increase in coming decades, making this an
This document summarizes research on the economic impacts of green building certification. The research analyzes data on over 28,000 office buildings, including 3,000 with Energy Star or LEED certification. The key findings are:
1) Green-certified buildings have 2-6% higher rents, 6-8% higher effective rents, and 11-13% higher sale prices compared to similar conventional buildings.
2) The rental and value premiums are directly related to characteristics measured by LEED and Energy Star like energy efficiency. Higher LEED certification scores and greater energy cost savings correspond to larger premiums.
3) During the 2007-2009 economic downturn, green-certified buildings experienced smaller declines
The Performance of Pension Funds Investments in Real Estatenilskok
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.
Dokumen ini memberikan ringkasan proses pembangunan rumah setingkat yang dibangun pada Februari 2011 di Terengganu, Malaysia. Rumah ini menggabungkan gaya tradisional rumah Terengganu dengan sentuhan modern dengan mempertahankan desain atap. Proses pembangunannya meliputi persiapan tapak, pembangunan pondasi, tiang, lantai beton, balok atap, dinding, bingkai jendela dan pintu, tangga, struktur atap,
Architects provide professional services throughout the architectural project delivery process. This includes pre-design (feasibility studies, project briefs), design (schematic design, design development), construction documentation, bidding and negotiation, construction administration, and post-construction (warranty reviews, evaluations). Architects work with owners, engineers, contractors and other professionals to design buildings and supervise their construction according to codes, contracts and the client's needs.
Dokumen tersebut memberikan panduan mengenai prinsip-prinsip reka bentuk dan pembinaan premis makanan. Ia menjelaskan bahawa premis makanan perlu direka untuk menjamin kebersihan, keselamatan, dan mengelak kontaminasi silang. Prinsip-prinsip utama termasuk lantai, dinding dan siling yang mudah dibersihkan, serta sistem pembuangan air dan sampah yang berkesan. Reka bentuk yang tidak sesuai boleh menjejaskan keselamatan
The document discusses various aspects of the building design process, including:
- Common influences on design such as client needs, codes and regulations, site conditions, sustainability, and costs.
- The nonlinear and iterative nature of design which involves both rational problem solving and intuitive creative leaps.
- The importance of extensive pre-design work to fully understand the project goals and constraints before beginning the design of the building.
- How architects translate abstract ideas and factors like needs, theories, budgets into appropriate physical buildings through skills like analysis, concept creation, and evaluation.
Green building aims to reduce environmental impact through sustainable and efficient practices across a building's entire lifecycle. It focuses on siting, design, construction, operation, and deconstruction to optimize energy efficiency, water efficiency, materials efficiency, and waste reduction/management. Specifically, it emphasizes the use of high-performance windows and insulation, effective window placement, onsite renewable energy, low-flow fixtures, rapidly renewable and recyclable materials, and converting waste into resources like fertilizer.
- Larsen & Toubro Limited (L&T) is an Indian multinational engaged in technology, engineering, construction, manufacturing and financial services with global operations.
- In Q3 FY13, L&T reported order inflows growth of 14% and order book growth of 11% compared to same period last year. Net sales grew 10% while EBITDA grew 8% for Q3 FY13.
- For 9M FY13, order inflows were up 22% at Rs. 601 billion while order book was up 11% at Rs. 1,623 billion compared to same period last year. Net sales grew 17% to Rs. 405.80 billion for 9M
This document provides a summary of a panel discussion on the precious metals market outlook:
- The platinum market is currently in surplus but rising mining costs and an improving automotive sector outlook should support prices. South Africa remains the primary platinum producer.
- ETF investment has absorbed over 300,000 ounces of platinum so far in 2010, augmenting demand by around 15%. Speculative platinum positions on NYMEX reached a record in mid-April.
- Emission control demand, particularly from China's growing automotive sector, remains key to platinum demand. Jewelry is the second largest end-use. Palladium benefits more than platinum from China's automotive growth given gasoline
www. parker.com/aboutus With annual sales exceeding $13 billion in fiscal year 2012, Parker Hannifin is the world’s leading diversified manufacturer of motion and control technologies and systems. Strong competitive advantages, a clear strategy and goals, consistent execution and performance, and many opportunities for growth, have allowed the company to consistently deliver strong shareholder returns. Parker has increased its annual dividends paid to shareholders for 56 consecutive fiscal years, among the top five longest-running dividend-increase records in the S&P 500 index.
- FCX reported a net loss of $13.9 billion for 4Q08 due to impairment charges of $17.6 billion related to lower copper and molybdenum prices and revised mine plans.
- To address current market conditions, FCX is aggressively reducing costs, capital spending, and volumes while preserving resources and growth opportunities.
- Despite near-term challenges, FCX's reserves increased by 12.8 billion pounds of copper to 102 billion pounds in 2008 due to exploration success, and the Phelps Dodge acquisition remains strategically and financially beneficial.
Objective Capital Precious Metals, Diamonds and Gemstones Investment Summit
Focus on Gold: Challenges of gold mining in the US – reopening the Drumlummon Mine in Montana
20 May 2010
by David Wilson - Societe Generale
This document contains forward-looking information about a Canadian advanced-exploration gold company. It cautions readers that forward-looking statements are subject to risks and uncertainties. It has significant high-grade gold resources at its Brucejack project, including 5 million ounces of measured and indicated resources and 3 million ounces of inferred resources. It is advancing Brucejack as a stand-alone underground project with near-term production potential. The company also sees opportunities in the bulk-tonnage gold resources at Brucejack and Snowfield projects.
ACG European Capital Tour: Investing pitfalls / lessons learned and big succe...ACGEU
The document summarizes a presentation by Alvarez & Marsal on opportunities in the European market. It discusses 1) the current state of the European sovereign debt crisis and its impact on private equity and distressed markets, 2) middle market opportunities including financial institutions selling non-performing assets and distressed debt investing, and 3) potential pitfalls for private equity investors to avoid. The presentation also reviews M&A trends and outlook by country and sector. Key takeaways are the availability of portfolio and corporate carve-out deals, and the need for private equity investors to thoroughly understand business fundamentals and have contingencies planned.
Kvaerner reported third quarter 2012 results with revenues of NOK 2.43 billion, EBITDA of NOK 109 million, and net profit of NOK 48 million. Key projects completed in the quarter included Sakhalin-1 GBS and Technology Center Mongstad. The order backlog remained solid at NOK 21.8 billion, providing visibility for future earnings. Dividend of NOK 0.53 per share was approved for the quarter.
Parker is the world's leading manufacturer of motion and control technologies. In 2006, Parker achieved record financial results including $9.4 billion in sales, a 16.3% increase over 2005. Net income increased 19.7% to $638.3 million. Cash flow from operations reached a record $954.6 million. Parker's diversification across hundreds of markets, 57,000 employees, and 417,000 customers helps drive consistent growth and mitigate risks from economic cycles.
1) Venture capital can catalyze the commercialization of research by redirecting funds towards startups that can commercialize innovations rather than existing firms.
2) Regions that receive more venture capital see greater numbers of patents and startups, even when controlling for federal R&D funding.
3) Venture capital helps address agency problems between investors and entrepreneurs by actively monitoring portfolio companies and providing expertise.
Northern Virginia Loudoun County Housing MarketBetty Plashal
This document summarizes housing market statistics for Loudoun County in December 2010. It shows that while the number of units sold increased slightly from the previous month, total units sold was down 17% from December 2009. Active housing inventory declined 11% from the previous year. The median home sale price rose 1% compared to the prior year to $355,000, though it was 4% lower than the previous month.
Similar to Portfolio Greenness and the Financial Performance of REITs (12)
GRESB Infrastructure Release - London Sept 7, 2015nilskok
Infrastructure is a growing priority globally due to the need for standardized and harmonized systems to improve efficiency and quality. Measuring and benchmarking infrastructure performance will lead to better environmental, social, and governance outcomes. Joining GRESB Infrastructure can help pioneer a global standard for infrastructure and facilitate its role as a long-term asset class through commitments of capital, data, and benchmarking of enterprise, portfolio, and asset-level infrastructure performance over time.
La pandemia de COVID-19 ha tenido un impacto significativo en la economía mundial. Muchos países experimentaron fuertes caídas en el PIB y aumentos en el desempleo en 2020. A medida que se implementan las vacunas, se espera que la actividad económica se recupere en 2021 aunque el panorama sigue siendo incierto.
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.
This webinar provides an overview of the 2014 GRESB Survey, the Survey Portal, and the submission process.
This slidedeck is also available as a webinar: http://vimeo.com/92213288
The document summarizes the results of the 2013 GRESB survey. It finds that overall energy consumption decreased 4.8% from 2011-2012. Dutch participants outperformed European averages, with a 3% reduction in energy consumption. The Netherlands had high rates of sustainability monitoring and policies, explaining their larger impact. However, there remains potential for increased stakeholder engagement in the Netherlands.
This report is the first result of a research program on existing incentives and conditions for the financing of sustainable real estate. This project is part of the program Energo Fiego, which has been initiated by the Market Financiers Group of the Dutch Green Building Council (DGBC) and is conducted in partnership with the Holland Financial Centre, Utrecht Sustainability Institute and GRESB. The Dutch Green Building Council (DGBC) acts as secretary of the Group.
The importance of sustainability in the built environment is increasing, and the main Dutch property financing firms recognize this importance. In 2011, the financiers expressed the intention to contribute to the road to a sustainable built environment through a covenant, and the financiers are now members of the Market Financiers Group of the DGBC.
Through this partnership, the financiers explore the opportunities for integration of sustainability requirements into financing of new developments, redevelopments, or refinancing of commercial real estate. Through rigorous research, the aim is to make sustainability an implied condition in financing new construction, redevelopment or refinance real estate.
The member of the Market Financiers Group are:
• ABN Amro Real Estate
• ING Real Estate Finance
• FGH Bank
• NIBC
• Syntrus Achmea Real Estate & Finance
This report has been authored by Piet Eichholtz and Nils Kok of GRESB & Maastricht University.
Sustainability in Real Estate Investments - CERES conference 2013, San Francisconilskok
At the recent annual conference of Ceres, a forum of investors to discuss environmental issues, I moderated a nice panel on how institutional investors (can) integrate sustainability into their real estate decisions. The line-up was pretty amazing, with Laurie Weir of CalPERS, Jennifer Young of the Townsend Group, Mike Ibarra of Landon Butler & Co (responsible for the MEPT fund), and Darryl Neate of Ofxord Properties (OMERS). Here's the full slide deck, very interesting to see the different views:
The document summarizes a webinar about the 2013 GRESB survey. It discusses what's new at GRESB, the 2013 timeline, how to use the respondent portal to complete the survey, the scoring methodology, and survey results. Participants can measure their sustainability performance against peers, benchmark performance, and use results to improve sustainability. GRESB collects and analyzes data to evaluate sustainability best practices in real estate.
The document discusses the benefits of exercise for mental health. Regular physical activity can help reduce anxiety and depression and improve mood and cognitive function. Exercise causes chemical changes in the brain that may help protect against mental illness and improve symptoms.
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.
The Value of Green Labels in the California Housing Marketnilskok
The residential sector accounts for 33 percent of electricity consumption in the U.S., with a total expenditure of $166 billion in 2010. Increasing the energy efficiency of the durable housing stock can thus provide significant cost savings for consumers. One promising trend is the rise of homes labeled by a third party as “green” or energy efficient. The modeled energy consumption of such homes is substantially lower as compared to conventional homes of the same vintage. This paper provides the first systematic evidence on the effects of providing information about the energy efficiency and “sustainability” of structures in affecting consumer choice. We conduct a hedonic pricing analysis of all single-family home sales in California over the time period 2007 to 2012, documenting that homes labeled with Energy Star, LEED or Greenpoint Rated, transact for a premium of nine percent relative to otherwise comparable, non-labeled homes. Given the large size of this effect, we explore its robustness and examine a number of different hypotheses, focusing on recovering heterogeneous effects. The results show that both environmental ideology and local climatic conditions play a role in explaining the variation in the green premium across geographies.
This slidedeck contains an overview of the 2012 GRESB Report, and presentations on sustainability in commercial real estate, by Philips, ProLogis, CBRE Global Investors and Corio.
A Primer On: Finance, Sustainability, and Buildingsnilskok
This presentation provides an overview of academic evidence on the "economics of green building," including research studies in the US and Europe, covering commercial as well as residential real estate. The slides also cover the implications of energy efficiency for REITs and their investors, with insight into the Global Real Estate Sustainability Benchmark (GRESB).
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.
This slideshow was presented during the session "The Economics of Green Retrofits," with Nils Kok, Norm Miller and Peter Morris, at Greenbuild 2012, Toronto.
The Diffusion of Energy Efficiency in Buildingnilskok
This document summarizes research on the diffusion of energy efficiency in commercial buildings. It finds that:
1) Energy efficient technology, as measured by Energy Star and LEED certifications, has diffused rapidly in commercial buildings, reaching 30% and 11% of office space respectively.
2) The timing and growth of adoption varies significantly across markets, correlating with factors like income, energy prices, and property market conditions.
3) Dynamic regression models show adoption is higher in areas with stronger economic fundamentals like higher incomes and sound property markets. This suggests underperforming real estate markets may lag in energy efficiency.
1) The document analyzes how economic geography, jobs, and regulations impact urban land prices in the San Francisco Bay Area using a unique dataset of over 7,000 land transactions.
2) It finds that factors like proximity to jobs, topography, demographics, and restrictive land use regulations significantly influence land values and their variation within metropolitan areas.
3) Restrictive regulations, in particular, are shown to substantially increase land prices, and both economic geography and regulation directly impact single-family home prices through their effect on the cost of land.
The KA Housing - Catalogue - Listing TurkeyListing Turkey
Welcome to KA Housing, a distinguished real estate development nestled in the heart of Eyüpsultan, one of Istanbul’s most promising districts.
Just 10 minutes from the bustling city center, Eyüpsultan offers a serene escape with the convenience of urban living. The direct metro line ensures seamless connectivity to all parts of Istanbul, making it an ideal location for residents who seek both tranquility and vibrancy.
KA Housing boasts unparalleled accessibility, with proximity to Istanbul Airport only 30 minutes away, facilitating easy international travel. Effortless city access is guaranteed by direct metro and transportation links to Istanbul’s cultural and commercial hubs. Quick access to key metro lines connects you to every corner of the city within minutes, making commuting and exploring the city hassle-free.
The development offers luxurious living spaces with a range of unit layouts from 1+1 to 4+1, designed with meticulous attention to detail. Each unit features balconies or terraces, providing stunning vistas of Istanbul and enhancing the living experience. High-quality materials and superior craftsmanship ensure durability and elegance, while sound-proof insulation and high ceilings (2.95 m) offer comfort and sophistication.
Residents of KA Housing enjoy exclusive on-site amenities, including a state-of-the-art gym, outdoor swimming pool, yoga area, and walking paths. Entertainment options abound with a private cinema, children’s playground, and a variety of dining options including a café and restaurant. Security and convenience are paramount with 24/7 security, a dedicated carpark garage, and an IP intercom system.
KA Housing represents a prime investment opportunity with limited availability in a high-demand area, ensuring enduring value and potential for lucrative returns. Homes in this development provide exceptional value without compromising on quality, offering affordable luxury for discerning buyers. The construction is of the highest quality, built to the latest seismic and disaster resistance standards, ensuring safety and resilience.
The community and surroundings of KA Housing are enriched by close proximity to prestigious universities such as Haliç University, Bilgi University, and Istanbul Ticaret University, making it an ideal location for students and academics. The development is adjacent to the Alibeyköy stream leading into the Halic waters, offering serene natural escapes amidst lush greenery. Residents can enjoy the cultural richness of the area, surrounded by historical and cultural landmarks that blend leisure, nature, and culture seamlessly.
https://listingturkey.com/property/the-ka-housing/
Serviced Apartment Ho Chi Minh For RentalGVRenting
GVRenting is the leading rental real estate company in Vietnam. We help you to find a serviced apartment for rent in Ho Chi Minh & Saigon. Discover our broad range of rental properties in Vietnam.
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At Geomatrix, we Pride Ourselves on our Commitment to Superior Craftsmanship and client satisfaction. Our team Consists of Highly Qualified specialists including Architects, Engineers, project Managers, and skilled labourers who work seamlessly together to achieve ourclients' Objectives. Geomatrix is recognized as the Best Construction Company in Haldwani, Dedicated to bringing visions to life with unparalleled Expertise and Professionalism.
For more information visit:
https://geomatrix.co.in/
If you're Planning to Build a House in Haldwani, Understanding the House Construction Cost in Haldwani is crucial. It's important to grasp the direct and indirect cost factors entailed in the Construction process before Initiating any work. This Understanding is pivotal for Efficient Budget allocation, allowing you to plan your finances more Effectively. Construction expenses can vary Significantly, Influenced by Diverse Elements such as site Location, raw material prices, Labour charges, and various other variables. Here at Geomatrix, we pride Ourselves on offering competitive rates for house construction in Haldwani, ensuring affordability without Compromising on quality and providing the best options within your budget. For a precise evaluation of the cost involved in constructing your dream home, consult our team of architects and construction experts.
For more information visit:
https://geomatrix.co.in/services/real-estate-project-management-in-haldwani/
The SVN® organization shares a portion of their new weekly listings via their SVN Live® Weekly Property Broadcast. Visit https://svn.com/svn-live/ if you would like to attend our weekly call, which we open up to the brokerage community.
Discover Yeni Eyup Evleri 2, nestled among the rising values of Eyupsultan, offering the epitome of modern living in Istanbul.
With its spacious living areas, contemporary architecture, and meticulous details, Yeni Eyup Evleri 2 is poised to be the star of your happiest moments. Situated in the new favorite district of Eyupsultan, claim your spot and unlock the doors to a peaceful life alongside your loved ones. Nestled next to the historical and natural beauties of Eyupsultan, embrace the comfort of modern living and rediscover life.
Social Amenities:
Yeni Eyup 2 offers a life filled with joy with its green landscaping areas, gym, sauna, children’s play areas, café, outdoor pool, and basketball court. Reserve your place for unforgettable moments!
Reliable Structure:
With 1+1, 2+1, and 3+1 apartment options, Yeni Eyup Evleri 2 is designed with first-class materials and craftsmanship. The doors to a safe and comfortable life are here! Choose the option that suits you best and step into your dream home.
Project:
Yeni Eyup 2 is conveniently located, with Istanbul Airport just 26 minutes away, the Mecidiyeköy Metro Line 4 minutes away, and the Tram Stop 5 minutes away, making your life easier with its central location.
Location:
Your home is positioned in a privileged location, providing easy access to the city center, shopping malls, restaurants, schools, and other important places.
Yeni Eyup 2 offers 1+1, 2+1, and 3+1 apartment options designed to meet different needs. Find an option suitable for every lifestyle and open the doors to a comfortable life in your dream home.
https://listingturkey.com/property/yeni-eyup-evleri-2/
BEST FARMLAND FOR SALE | FARM PLOTS NEAR BANGALORE | KANAKAPURA | CHICKKABALP...knox groups real estate
welcome to knox groups real estate company in Bangalore. best farm land for sale near Bangalore and madhugiri . Managed farmland near Kanakapura and Chickkabalapur get know more details about the projects .Knox groups is a leading real estate company dedicated to helping individuals and businesses navigate the dynamic real estate market. With our extensive knowledge, experience, and commitment to excellence, we deliver exceptional results for our clients. Discover the perfect foundation for your agricultural aspirations with KNOX Groups' prime farm lands. These aren't just plots; they're the fertile grounds where vibrant crops flourish, livestock thrives, and unique agricultural ventures come to life. At KNOX, we go beyond selling land we curate sustainable ecosystems, ensuring that your journey toward agricultural success is seamless and prosperous.
Recent Trends Fueling The Surge in Farmhouse Demand in IndiaFarmland Bazaar
Embarking on the journey to acquire a farmhouse for sale is just the beginning; the real investment lies in crafting an environment that contributes to our mental and physical well-being while satisfying the soul. At Farmlandbazaar.com, India’s leading online marketplace dedicated to farm land, farmhouses, and agricultural lands, we understand the importance of transforming a humble farmland into a warm and inviting sanctuary. Let's explore the fundamental aspects that can elevate your farmhouse into a tranquil haven.
AVRUPA KONUTLARI ESENTEPE - ENGLISH - Listing TurkeyListing Turkey
Looking for a new home in Istanbul? Look no further than Avrupa Konutlari Esentepe! Our beautifully designed homes provide the perfect blend of luxury and comfort, making them the perfect choice for anyone looking for a high-quality home in the city.
With a wide range of apartment types available, from 1+1 to 4+1, we have something to suit every need and budget. Each apartment is designed with attention to detail and features spacious and bright living areas, making them the perfect place to relax and unwind after a long day.
One of the things that sets Avrupa Konutlari Esentepe apart from other developments is our focus on creating a community that is both comfortable and convenient. Our homes are surrounded by lush green spaces, perfect for enjoying a peaceful stroll or having a picnic with friends and family. Additionally, our complex includes a variety of social and recreational amenities, such as swimming pools, sports fields, and playgrounds, making it easy for residents to stay active and socialize with their neighbors.
https://listingturkey.com/property/avrupa-konutlari-esentepe/
Sense Levent Kagithane Catalog - Listing TurkeyListing Turkey
Sense Levent offers a luxurious living experience in the heart of Istanbul’s vibrant Levent district.
This cutting-edge development seamlessly integrates modern design with natural elements, featuring live evergreen plants maintained by an advanced irrigation system, ensuring lush greenery year-round.
The building’s elegant ceramic balconies are both stylish and durable, enhancing the overall aesthetic and functionality. Residents can enjoy the 700m Sky Lounge, which provides breathtaking views of Istanbul and a perfect space to relax and unwind.
Sense Levent promotes a healthy and active lifestyle with a full gym, swimming pool, sauna, and steam room, all available in the building. The interiors are crafted with high-quality materials, ensuring a luxurious and inviting living space.
Designed with young professionals in mind, Sense Levent features 1+1 and 2+1 units with smart floor plans and balconies. The project promises high investment returns, with an expected annual return of 6.5-7%, significantly above Istanbul’s average ROI.
Located in the rapidly growing and highly desirable Levent area, the development benefits from ongoing urban regeneration projects. Its prime location offers proximity to shopping malls, municipal buildings, universities, and public transportation, adding immense value to your investment.
Early investors can take advantage of discounted units during the construction phase, with an expected capital appreciation of +45% USD upon completion. Property Turkey provides comprehensive rental management services, ensuring a seamless and profitable investment experience.
Additionally, robust legal support and significant tax advantages are available through Property Turkey’s licensed Real Estate Investment Fund. Levent is a dynamic urban hub, ideal for young professionals with its numerous corporate headquarters and shopping malls.
Sense Levent is more than just a residence; it’s a place where dreams and opportunities come to life. Contact us today to secure your place in this exclusive development and experience the best of Istanbul living. Sense Levent: Sense the Opportunity. Live the Dream.
https://listingturkey.com/property/sense-levent/
Portfolio Greenness and the Financial Performance of REITs
1. Green Properties and
the Financial Performance of REITs
Piet Eichholtz Nils Kok Erkan Yönder
Maastricht University Maastricht University Maastricht University
Tilburg University
December 2011
3. Financial performance of green properties
green properties generate economic premiums
Green properties generate economic premiums (Eichholtz, Kok, and
Quigley, 2010).
Premiums of rents are 5% for LEED-certified and 3% for Energy-Star-certified
buildings.
11% and 19%, respectively, for transaction prices
Fuerst, McAllister, 2011; Miller, Spivey, Florance, 2008; Wiley, Benefield,
Johnson, 2010
Premiums to certified buildings have not significantly been affected
between 2007 and 2009. (Eichholtz, Kok, and Quigley, 2011)
Higher occupancy, energy savings, increased economic lives, lower risk
(reduced depreciation) (Eichholtz, Kok, and Quigley, 2011)
4. Corporate social responsibility (CSR) and corporate
financial performance
Greater loyalty of employees, customers and local communities
(Ribstein, 2005)
Growth in charitable contributions is positively related to subsequent
revenue growth. (Lev, Petrovis, and Radhakrishnan, 2010)
Improved reputation (Turban and Greening, 1997)
The slack resource theory (Waddock and Graves, 1997)
The issue of causality
Margolis, Elfenbein and, Walsh (2007)
Overall positive relation between CSR and financial performance
The literature does not provide firm conclusions regarding the direction of
causality
5. Portfolio greenness and financial performance
…has not been (sufficiently) documented
The aim of the paper is twofold:
Identifying the green properties owned by REITs
The first study that identifies the portfolio greenness of REITs
Investigating the effect of portfolio greenness on the financial performance
of REITs
Dynamic measure of portfolio greenness
Two channels
Benefits at property level
Benefits from making CSR investment
Causality issues
6. Green certification
LEED and Energy Star
LEED
The program has been initiated by the US Green Building Council (USGBC).
LEED covers six different components of sustainability, including energy
performance and material selection.
31,705 registered, 10,121 LEED-certified commercial buildings as of
September 2011.
Energy Star
Founded in 1992 by the U.S. Environment Protection Agency (EPA) and the
U.S. Department of Energy (DOE).
Energy star evaluates the efficiency of buildings‘ energy use with respect to
a base building of similar size and quality.
15,146 Energy Star-labeled commercial buildings as of September 2011.
7. REIT property portfolios
data matching
Using GIS software, we convert the addresses of buildings into a unique
combination of longitude and latitude.
Data Matching
Step 1: Format addresses from USGBC, EPA, SNL Financial
Step 2: Perfect matches
Step 3: Decomposing addresses of a portfolio of properties
Step 4: Searching for similar addresses
Annual greenness of portfolios for each REIT
Considering year of acquisition, sale and certification
8. Green buildings in the portfolios of US REITs
increasing number of green properties
800 80
700 70
600 LEED 60
# of Properties
500 50
# of REITs
400 40
300 30
200 20
100 10
0 0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
# of REITs owning Leed Certified Properties # of REITs owning Leed Registered Properties
# of Leed Certified Properties # of Leed Registered Properties
1000 80
900 70
800
700
Energy Star 60
# of Properties
# of REITs
600 50
500 40
400 30
300
20
200
100 10
0 0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
# of REITs owning Energy Star Certified Properties # of Energystar Certified Properties
9. Greenness measures
ratio of green properties to whole property portfolio
We create 3 different measures of portfolio grenness:
where i stands for REIT i, t stands for year t, l stands for property l and g is
the certification, which is either LEED or Energy Star
10. The diffusion of green properties in REIT property
portfolios.06
.05
.04
Square feet
.03
.02
.01
0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
Year
LEED Energy Star
11. Model specification
causality issues
We apply 2 staged regression (OLS & random effects FGLS)
Endogenous measures of greenness
2 measures for greenness of the environment
The weighted locational greenness (WLG)
The weighted locational green policy (WLGPL)
where i stands for REIT i, j stands for MSA j and t stands for year t
12. Model
greenness & financial performance
We estimate the following equation:
where i stands for REIT i, and t stands for year t.
Greenness stands for Number_Certified, Sqft_Certified and Score_Certified
for both LEED and Energy Star certifications.
Financial Performance stands for ROA, ROE, Funds from Operations
(FFO)/Total Revenue, Alpha and Beta.
Z covers a vector of control variables.
13. Operating performance – ROA
(1) (2) (3) (4) (5) (6)
VARIABLES LEED LEED LEED Energy Star Energy Star Energy Star
Number_Certified 2.21* 0.76**
(Predicted) [1.18] [0.38]
Sqft_Certified 1.69* 0.35**
(Predicted) [0.96] [0.16]
Score_Certified 0.06* 0.01**
(Predicted) [0.03] [0.00]
Total Assets -0.67* -0.68* -0.64* -1.05*** -0.71* -1.04***
(in log) [0.37] [0.38] [0.37] [0.40] [0.38] [0.39]
Price-Book Ratio 0.01** 0.01** 0.01** 0.02*** 0.01** 0.02***
[0.00] [0.00] [0.00] [0.00] [0.00] [0.00]
Age 0.06** 0.05** 0.06** 0.06*** 0.06** 0.07***
(years, in log) [0.02] [0.02] [0.02] [0.02] [0.02] [0.02]
Year-Fixed Effects Y Y Y Y Y Y
Property Type Y Y Y Y Y Y
Constant Y Y Y Y Y Y
Observations 1,000 1,000 1,000 1,000 1,000 1,000
R-squared 0.17 0.16 0.17 0.17 0.17 0.17
14. Operating performance – ROE
(1) (2) (3) (4) (5) (6)
VARIABLES LEED LEED LEED Energy Star Energy Star Energy Star
Number_Certified 5.54** 1.85***
(Predicted) [2.48] [0.69]
Sqft_Certified 4.32** 0.75**
(Predicted) [2.05] [0.29]
Score_Certified 0.14** 0.02***
(Predicted) [0.06] [0.01]
Total Assets -0.49 -0.53 -0.42 -1.41* -0.53 -1.39*
(in log) [0.55] [0.55] [0.54] [0.78] [0.54] [0.77]
Price-Book Ratio 0.03*** 0.03*** 0.03*** 0.04*** 0.03*** 0.04***
[0.01] [0.01] [0.01] [0.01] [0.01] [0.01]
Age 0.09** 0.08* 0.09** 0.11** 0.09** 0.11**
(years, in log) [0.04] [0.04] [0.04] [0.04] [0.04] [0.04]
Year-Fixed Effects Y Y Y Y Y Y
Property Type Y Y Y Y Y Y
Constant Y Y Y Y Y Y
Observations 1,000 1,000 1,000 1,000 1,000 1,000
R-squared 0.18 0.18 0.18 0.18 0.18 0.18
15. Operating performance – FFO/Total Revenue
(1) (2) (3) (4) (5) (6)
VARIABLES LEED LEED LEED Energy Star Energy Star Energy Star
Number_Certified 16.74** 4.81**
(Predicted) [7.28] [2.36]
Sqft_Certified 13.19** 2.36***
(Predicted) [5.90] [0.90]
Score_Certified 0.42** 0.05**
(Predicted) [0.18] [0.03]
Total Assets 2.72 2.56 2.90 0.57 2.43 0.62
(in log) [2.62] [2.66] [2.59] [3.09] [2.60] [3.07]
Price-Book Ratio 0.02 0.02 0.02 0.05** 0.03 0.05**
[0.02] [0.02] [0.02] [0.02] [0.02] [0.02]
Age 0.08 0.05 0.08 0.14 0.08 0.14
(years, in log) [0.18] [0.18] [0.18] [0.18] [0.18] [0.18]
Year-Fixed Effects Y Y Y Y Y Y
Property Type Y Y Y Y Y Y
Constant Y Y Y Y Y Y
Observations 904 904 904 904 904 904
R-squared 0.45 0.45 0.45 0.45 0.45 0.45
16. Stock performance – Alpha
(1) (2) (3) (4) (5) (6)
VARIABLES LEED LEED LEED Energy Star Energy Star Energy Star
Number_Certified 0.057 0.024**
(Predicted) [0.037] [0.012]
Sqft_Certified 0.043 0.008*
(Predicted) [0.030] [0.004]
Score_Certified 0.001 0.000**
(Predicted) [0.001] [0.000]
Total Assets -0.008 -0.008 -0.007 -0.021** -0.008 -0.020**
(in log) [0.006] [0.006] [0.006] [0.010] [0.006] [0.010]
Price-Book Ratio 0.000*** 0.000*** 0.000*** 0.001*** 0.000*** 0.000***
[0.000] [0.000] [0.000] [0.000] [0.000] [0.000]
Age -0.001** -0.001** -0.001** -0.001 -0.001** -0.001
(years, in log) [0.001] [0.001] [0.001] [0.001] [0.001] [0.001]
Year-Fixed Effects Y Y Y Y Y Y
Property Type Y Y Y Y Y Y
Constant Y Y Y Y Y Y
Observations 750 750 750 750 750 750
Model Chi-squared 55.57 55.24 55.56 57.40 56.32 57.40
17. Stock performance – Beta
(1) (2) (3) (4) (5) (6)
VARIABLES LEED LEED LEED Energy Star Energy Star Energy Star
Number_Certified -0.068*** -0.012***
(Predicted) [0.010] [0.003]
Sqft_Certified -0.057*** -0.007***
(Predicted) [0.008] [0.001]
Score_Certified -0.002*** -0.000***
(Predicted) [0.000] [0.000]
Total Assets 0.149*** 0.150*** 0.148*** 0.153*** 0.149*** 0.153***
(in log) [0.002] [0.002] [0.002] [0.003] [0.002] [0.003]
Price-Book Ratio 0.000*** 0.000*** 0.000*** 0.000** 0.000*** 0.000**
[0.000] [0.000] [0.000] [0.000] [0.000] [0.000]
Age -0.000 -0.000 -0.000 -0.000** -0.000 -0.000**
(years, in log) [0.000] [0.000] [0.000] [0.000] [0.000] [0.000]
Year-Fixed Effects Y Y Y Y Y Y
Property Type Y Y Y Y Y Y
Constant Y Y Y Y Y Y
Observations 750 750 750 750 750 750
Model Chi-squared 7165.64 7167.21 7165.68 7135.14 7159.13 7135.23
18. Main Findings
We identify that, on average, 1% and 6% of the REIT property portfolios
are green-certified in 2010 for LEED and Energy Star, respectively.
We find that greenness enhances operating performance when we
estimate ROA, ROE and FFO/Total Revenue.
Different from analysis of financial performance of green properties, these
measures are net of costs.
We partially find an effect of greenness on abnormal returns.
Greenness decreases market risk.
Possibly, due to sustainable returns of green properties.
Properties in the portfolios are less exposed to energy price fluctuations.
Editor's Notes
by the increases in the supply during between 2007 and 2009by the recent downturns in the United States property markets
LEED covers six different components of sustainability, including energy performance and material selection.Energy star Evaluates the efficiency of buildings‘ energy use with respect to a base building of similar size and quality.