GRESB – Blue Sky Group Event Amsterdam, 31 maart 2015
Program Blue Sky Group Investment Approach - Marleen Bosma-Verhaegh, Senior Fund Manager Real Estate, Blue Sky Group 2015 GRESB Survey and Q&A - Nils Kok, CEO, GRESB Panel Discussion: Sustainability Benchmarking & Real Estate Investment Performance Moderator: Piet Eichholtz, Professor of Real Estate Finance, Maastricht University Panelists: Pieter Zwart, Director Structure RE Finance, FGH Bank Dirk Sosef, Director Research & Strategy, Prologis Matthijs Storm, Head of Real Estate, Kempen Capital Management
GRESB - Blue Sky Group spring event 2015
Programma 15.30 - Welkom - Mark Burbach 15.35 – BSG vastgoedstrategie - Marleen Bosma 15.45 - 2015 GRESB Survey en Q&A - Nils Kok, GRESB 16.15 - Paneldiscussie - moderator: Piet Eichholtz
Pieter Zwart (FGH Bank)/ Dirk Sosef (Prologis)/ Matthijs Storm (Kempen Capital Management) 17.15 - Slot - Toine van der Stee
17.30 - Drinks 4
Onderwerpen • Over Blue Sky Group
• Vastgoedstrategie • ´ESG bij BSG´
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1. Kerncijfers Blue Sky Group • Sinds 1999 actief als pensioenuitvoerder en fiduciair vermogensbeheerder • Circa 100.000 deelnemers en pensioengerechtigden • 19 pensioenfondsen als opdrachtgever • >150 medewerkers • Ruim € 20 miljard belegd vermogen • Circa € 2,7 miljard belegd in vastgoed (privaat en beursgenoteerd)
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2. Waarom vastgoed? Risicorendementprofiel
Hoog dividend
Vastgoed
Relatie huren en inflatie
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Diversificatie
2. Vastgoedstrategie • Allocatie vastgoed 10-15%
Liquiditeitsportefeuille (Internationaal beursgenoteerd vastgoed)
Rendementsportefeuille (Internationaal privaat vastgoed) Inkomstenportefeuille (Euro core/ NL privaat vastgoed)
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20-30%
40-55%
20-30%
‘Investment flexibility’ Totaal rendement Liquiditeit Korte/middellange termijn exposure ‘Wealth optimization’ Totaal rendement Inspelen op investeringskansen/ cycli Diversificatie ‘Wealth preservation’ Hoge dividendinkomsten Lange termijn focus; stabiele risico-/rendementsbasis Diversificatie Inflatierelatie huren
2. Vastgoedvisie – thema’s Trends op de vastgoedmarkten Kapitaal- en financieringsmarkten
Economie • Welvaartsgroei • Consumptie • Werkgelegenheid • Bedrijfsinvesteringen • Economische groei
Regelgeving • Basel • Solvency • AIFMD • Toezicht
Demografische ontwikkelingen • Bevolkingstoename • Vergrijzing • Verstedelijking
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• Monetair beleid • Financieringsmogelij kheden • Geldstromen
• Sectoren • Vraag/aanbod • Locale en regionale ontwikkelingen
2. Vastgoedvisie- sectoren Alternatieven
Kantoren
Woningen
• • • •
• Ouderenhuisvesting • Studentenhuisvesting • Verstedelijking
Nieuwe werken (de-)centralisatie Thuiswerken Ontmoetingsplaats
Logistiek • Global trade • Herallocatie door stijgende lonen • Online shoppen
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Winkels • Dagelijkse boodschappen • Luxe goederen • Online shoppen
• • • •
Parkeergarages Datacenters Inf rastructuur Hotels
2. Vastgoed - implementatie • Vastgoedpools per categorie • Semi-open end pools toegankelijk voor nieuwe participanten
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3. ‘ESG bij BSG’ • E = Environment • Duurzaamheidsbeleid mag niet ten koste gaan van rendement • Geen hard bewijs dat duurzaamheid consistent rendement oplevert • Wel logica voor risicomitigering; dus duurzaamheid meten en bevorderen
S = Social • Breder aspect, niet vastgoedspecifiek • Initiatief tot ondertekenen UN Principles
G = Governance • Sterke visie op governance-aspecten in documentatie • Actief aandeelhouderschap • Advisory Boards 12
3. Resultaten 2014: GRESB kwadranten model
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3. Duurzaamheidsscore portefeuille • Alle fondsen presteren beter dan de GRESB benchmark • 2 fondsen presteren iets slechter dan hun peer group • 46% van het aantal fondsen is Green Star
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3. Resultaten 2014: Besparingen 2013 t.o.v. 2012
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Duurzaam in Nederland Amsterdam Piet Heinkade WTC H-Toren Amsterdam Nieuw Amsterdam gebouw Maroastraat Amsterdam
Meubelplein Ekkersrijt Eindhoven
WTC E-toren Zuid-as Amsterdam
Winkelcentrum Vleuterweide Utrecht
Amsterdam Piet Heinkade WTC H-Toren Amsterdam Nieuw Amsterdam gebouw Maroastraat Amsterdam
Meubelplein Ekkersrijt Eindhoven
WTC E-toren Zuid-as Amsterdam
Winkelcentrum Vleuterweide Utrecht
Amsterdam Piet Heinkade WTC H-Toren Amsterdam Nieuw Amsterdam gebouw Maroastraat Amsterdam
Meubelplein Ekkersrijt Eindhoven
WTC E-toren Zuid-as Amsterdam 16
Winkelcentrum Vleuterweide Utrecht
Duurzaam in Europa Bratislava Slovakia
Derby Business Park Helsinki
Park Chanteloup 10 Moissy France Park Pineham 4 for BMW Northampton UK
Drift for Tesco East Midlands UK
Carnstatter Carre Stuttgart Bratislava Slovakia
Metzanine Metz France
Derby Business Park Helsinki
Park Chanteloup 10 Moissy France Park Pineham 4 for BMW Northampton UK
Drift for Tesco East Midlands UK
Carnstatter Carre Stuttgart Bratislava Slovakia
Metzanine Metz France
Derby Business Park Helsinki
Park Chanteloup 10 Moissy France Park Pineham 4 for BMW Northampton UK
Drift for Tesco East Midlands UK
Carnstatter Carre Stuttgart 17
Metzanine Metz France
Duurzaam in de VS 1290 Broadway Denver
Williams tower Houston
1800 Larimer Denver Piedmont Town Center Charlotte
101 Second Street San Francisco
230 Park Avenue New York 1290 Broadway Denver
Quaker Tower Chicago Williams tower Houston
1800 Larimer Denver Piedmont Town Center Charlotte
101 Second Street San Francisco
230 Park Avenue New York 1290 Broadway Denver
Quaker Tower Chicago Williams tower Houston
1800 Larimer Denver Piedmont Town Center Charlotte
101 Second Street San Francisco
230 Park Avenue New York 18
Quaker Tower Chicago
Duurzaam in Azië Baraki Tokio Japan
Zhangjiagang Suzhou China
Asia Square Singapore Ehu Wuxi China Baraki Tokio Japan
Zhangjiagang Suzhou China
Asia Square Singapore Ehu Wuxi China Baraki Tokio Japan
Zhangjiagang Suzhou China
Asia Square Singapore Ehu Wuxi China 19
In de toekomst .. BSG specifiek: • Meer participatie van fondsen bevorderen; specifiek ook Azië • Aandacht blijven houden voor interpretatie resultaten • Dialoog met relaties bevorderen In algemeen: • In vastgoedlandschap meer aandacht voor optimalisatie en tegenstellingen (bijv. nieuwbouw versus transformatie) • Meer ‘evidence’ ten aanzien van duurzaamheid en rendement / risico
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2015 Dutch GRESB Event Nils Kok, GRESB/Maastricht University Amsterdam, 31 maart 2015
ESG and Responsible Investing
Three Emerging Trends
1. Mandatory disclosure in the EU… By 2018, buildings labeled “F” and “G” can no longer transact in the UK – law passed last week
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How would Holland fare…? About one-third of stock is labeled F/G, another third is labeled D/E
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2. New UM study: ESG and cost of capital LEED and Energy Star buildings: lower mortgage spreads
If a mortgage is collateralized by a certified property, the borrower pays a lower spread 53-60 bps for LEED, corresponding to a $268k-$304k decline in average interest expense 29-30 bps for Energy Star, translating into a $152k decline in the interest expense VARIABLES LEED
(1) Spread -0.526** [0.245]
Energy Star
REIT dummies Observations Adj. R-squared
(2) Spread
(3) Spread -0.596** [0.265]
-0.298* [0.173]
N 3,044 0.50
(4) Spread
N 3,044 0.50
-0.286* [0.170]
Y 3,044 0.56
Y 3,044 0.56
Findings on REIT corporate bonds A “greener” portfolio has lower spreads and higher ratings
As the LEED share increases by one standard deviation, the spread declines by 19 bps, corresponding to a $424k decline in interest expense For a one-level increase in S&P (Moody’s) rating, a REIT needs to increase its LEED share by 2.1 (1.5) standard deviations The models pass the identification tests (1) VARIABLES LEED Share
Spread -4.529**
(2) Spread
[1.766] Energy Star Share
(3) S&P 6.536**
(4) S&P
[2.823]
(5) Moody’s 9.144***
(6) Moody’s
[3.538]
-0.646
0.925
0.040
[0.443]
[0.622]
[0.623]
Hansen J (Prob.)
0.26
0.17
0.13
0.24
0.02
0.15
Kleibergen-Paap (Prob.)
0.00
0.00
0.00
0.00
0.00
0.00
3. A new source of capital in the market Green bonds are the new kid in town
Vasakronan (SE) – $197M, 2-yr, 1.315% (November 2013) Unibail-Rodamco (FR) – $1.03Bn, 10-yr, 2.5% (February 2014)
Regency Centers – $250M, 10-yr, 3.75% (May 2014) Vornado - $450M, 5-yr, 2.5% (June 2014) Stockland (AU) - $380M, 7-yr, 1.5% (October 2014)
So…sustainability information is material Collecting and understanding sustainability data is challenge for investors
Short-term and long-term effects impact risk/return Risk mitigation strategies Debt market – adjust LTV’s, DSCR’s, yield spread Equity market – green real estate funds, or…collect better information on sustainability performance of “general” funds
Consistent information on sustainability (or “ESG”) often lacking for REITs and funds Need for a single and simple framework: make sustainability quantifiable 29
GRESB’s annual benchmark Mission and approach
GRESB assesses the sustainability (ESG) performance of direct real estate portfolios around the globe Used by investors to evaluate their investment portfolio and engage with their investment managers One approach and methodology for listed property companies and private funds Goal is to benchmark and improve the sustainability performance of their real estate portfolio “GRESB’s mission is to enhance and protect shareholder value by evaluating and improving sustainability best practices in the global real estate sector.” 30
GRESB serves the whole value chain Top-down approach leads to bottom-up implementation of sustainability
Capital Market
Organization
Portfolio
Building
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GRESB’s global coverage Key figures Investor Members 2013
2014
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46
2013 2014 Institutional capital
$5.0 trillion
Property value
$1.6 trillion
Assets Covered
49,0000 *
*Excluding single-family residential assets
Survey Participants 543
637
443
2012
2013
Fund Manager and Company Members
$5.5 trillion $2.1 trillion 56,000* 56
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Associate Members
14
Partners
10
21 12
2014
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2015 GRESB Survey
Structure and Online Portal 33
Survey aspects Scoring framework
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Survey structure Environmental, Social and Governance dimensions
Each question is allocated to one of the three sustainability dimensions. Question allocation is as follows: Environmental: questions related to actions and efficiency measures undertaken in order to monitor and decrease the environmental footprint of the portfolio Social: questions related to the entity’s relationship with and impact on its stakeholders Governance: questions related to governance of sustainability, policies and procedures, approach to sustainability at entity or organization level
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Survey structure Recurring theme
The structure of the Survey, the Aspects and their questions create the opportunity to report on specific topics using the following logic throughout the Survey
Plan
Do
Act
Check 36
Online Portal Registration – existing account
The Username and Password remain the same as last year
Did you forget your password? Reset it on the spot - All you need is your email address
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Online Portal Menu and orientation
Manage entity menu
List of portfolios for which you report List of available resources Click here to add new portfolios
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Online Portal Answering questions List of unresolved items which you need to complete in order to submit the Survey
Choose document from your computer. Each upload will populate the Uploads library.
NB: An “Ask GRESB” button will be displayed next to the Guidance button. Use it to contact the GRESB Helpdesk and address your questions about the Survey. You will receive a reply within two working days.
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Tools Support for online Survey response
Automated Data Feed (ADF) Available to data provider Associate Members, making it possible to directly stream information from a data provider’s data collection system, to automatically complete the Performance Indicators Aspect GRESB Asset-Level Spreadsheet Upload asset-level data to the GRESB Portal via an Excel spreadsheet GRESB Converter A converter to use ENERGY STAR Portfolio Manager data for GRESB submissions. Following a simple process, data can be easily downloaded, converted and uploaded into the GRESB Portal
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Automated Data Feed (ADF) GRESB Data Associate Members
and more…. 41
Completing and submitting the Survey Checks and outliers
You can only submit the Survey once all unresolved items have been corrected. Review a full list here.
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Response Checks Approach and process
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Validation process Three-layer procedure to achieve investment-grade data
All Participant Check
100%
Validation Plus
25%
Site Visit
5%
• • •
• •
• •
•
Open text boxes (quality) Open-ended questions Hyperlinks
Evidence (uploads) Data accuracy
Reporting boundaries Data quality Evidence for answers
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GRESB Analytics 45
Scoring of performance Two dimensions
GRESB divides sustainability performance into two dimensions: Management & Policy (MP) and Implementation & Measurement (IM)
MP (30%)
Management & Policy: The means by which a company or fund deals with or controls its portfolio and its stakeholders and/or a course or principle of action adopted by the company or fund.
IM (70%)
Implementation & Measurement: The process of executing a decision or plan or of putting a decision or plan into effect and/or the action of measuring something related to the portfolio.
Total GRESB Score (100%) 46
GRESB Quadrant Model
Management & Policy
Two dimensions, four quadrants GREEN TALK: • Dedicated resources for sustainability management • Comprehensive external reporting, sustainability implementation plans have been developed • More attention should be given towards the implementation and measurement of these action plans
GREEN STAR: • Integrated organizational approach towards measurement and management of environmental key performance indicators • Steering on reduction of resource consumption, and innovation in measures beyond energy efficiency (e.g. productivity, tenant behavior)
GREEN STARTER: • Started to develop sustainability policies, but show limited organizational focus • Environmental initiatives are not yet fully implemented and measured across the entire portfolio • No comprehensive measurement of environmental key performance indicators
GREEN WALK: • Integration of sustainability policies and measurement of environmental key performance indicators • Limited reporting and a lack of formal policies and procedures. • External stakeholders expect a stronger focus on transparency
Implementation & Measurement
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GRESB Output Scorecard – high level analysis
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Portfolio Analysis Tool Aggregated results and customized benchmarks
Portfolio 1
Fund Manager X
Portfolio 2
Fund Manager X
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2015 Survey and Developments
Planning 50
2015 Planning 2015 Survey and 2016/2017 development topics January
2015 Survey & Support
February
1st week of Feb: 2015 Survey
March
1st week of March: 2015 Guidance
April 1 – July 1
2015 Survey Period
June
July
Public Information Collection New!
June 15
Response Check Deadline
mid June - July
Validation Period
August
September
Research period
Survey Training Period
April
May
2016 Survey development
September 3rd: Global Launch 2015 Survey Results
Development topics Member input
Draft Survey questions Member Review
GRESB finalizes new 2016 Survey questions
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Development Topics Survey development for 2016/2017
Specific topics will be selected and reviewed to refine existing questions or to include new questions New questions will be introduced during the reporting year as “pilots” prior to including them in the final Survey for the next Survey year Topics for review: Community Engagement Health and Safety/Wellness Tenant Engagement – Green Leases Performance Indicators – Intensities Building Certifications Disclosure 52
2015 Product development From equity to debt, from real estate to infra and corporate real estate
Green bonds, debt funds, and mortgage underwriting Real Estate Supplement to Green Bond Principles GRESB for Debt Funds Feed “green” data to mortgage underwriting platforms
Infrastructure GRESB for Infrastructure assets and funds Initiated by 7-10 pension funds
Corporate real estate portfolios GRESB for Corporate Pilot Q4 2015/Q1 2016 53
Q&A 54
www.gresb.com
[email protected] [email protected] [email protected]
Sustainability Benchmarking & Real Estate Investment Performance Panel discussion
Sustainability Benchmarking & Real Estate Investment Performance Moderator: Piet Eichholtz, Professor of Real Estate Finance, Maastricht University Panelists: Pieter Zwart, Director Structure RE Finance, FGH Bank Dirk Sosef, Director Research & Strategy, Prologis Matthijs Storm, Head of Real Estate, Kempen Capital Management
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ANDERS KIJKEN NAAR FINANCIERINGSSTRUCTUREN PIETER ZWART
Game changers van nu
De kunst van het verleiden
VAN OUD NAAR NIEUW
locatie
gebruiker
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9-4-2015
object
Opgave voor vastgoedpartijen Focus verleggen van nieuwbouw naar transformatieopgave Verleg aandacht van de pushnaar de pullmarkt. Zorg voor balans tussen investering, exploitatie en restwaarde Markt vereist actief vastgoedondernemerschap. Investeer in loyaliteit van de gebruiker
Wees selectiever in risico en perspectief. Investeer in ondernemers die in staat zijn de verandering vorm te geven
Kritische succes factoren Modulaire gebouwen Adaptief Footlose / flexibliteit Sustainable cashflow Entrepreneurship Huurcontracten omzet gerelateerd
Q&A 67
