2016 gresb real estate & debt results release - north america
TRANSCRIPT
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7.3billion
73 $ trillion
9.8GtC/year
+0.810C above 20th century average
Worldwide
GDP
CO2
Population
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ACTIAM Aegon NV Alberta Investment Management Corporation (AIMCo) Amundi AMP Capital AP1 First Swedish National Pension FundAP2 Second Swedish National Pension Fund AP3 Third Swedish National Pension Fund AP4 Fourth Swedish National Pension Fund AP7 Seventh Swedish National Pension Fund Archbishops' Council Armstrong Asset Management ATP Australian Ethical Investment AustralianSuper Aviva Investors AXA AXA IM Baldwin Brothers Inc. Bank J. Safra Sarasin Bayerische Versorgungskammer Bedfordshire Pension Fund BMO Global Asset Management BNP Paribas Investment Partners Brawn Capital Brown University Sustainable Investment Fund BT Pension Scheme California Public Employees' Retirement SystemCalifornia State Teachers' Retirement SystemCathay Financial Holding Co., Ltd.
Catholic Super CBRE Global Investors Cbus Super CCLA Central Finance Board of the Methodist Church Christian Brothers Investment Services Christian Super Christopher Reynolds Foundation Church Commissioners for England Church of England Pensions Board Church of Sweden Connecticut Retirement Plans and Trust Funds Dana Investment Advisors Danske Bank Asset Management Danske Civil- og Akademiingeniørers Pensionskasse Deutsche Asset Management Dragon Capital EdenTree Investment Management Ltd. Encourage Capital Environment Agency Pension Fund Epworth Investment Management Ltd ERAFP ESSSuper ETF Partners Eureka Funds Management First Affirmative Financial Network Friends Fiduciary Corporation Friends Provident Charitable Foundation FRR - Fonds de Réserve pour les Retraites Greater Manchester Pension Fund Henderson Global Investors Hermes Investment Management
HESTA HSBC Global Asset Management IFM Investors Impax Asset Management Inflection Point Capital Management Insight Investment Jesuits in Britain Juristernes og Økonomernes Pensionskasse Kempen Capital Management L&G Investment Management Local Government Super London Pensions Fund Authority Mercer Merseyside Pension Fund Miller/Howard Investments, Inc. Mirova MN Nanuk Asset Management Pty Ltd Natixis Asset Management NEI Investments New York City Comptroller New York State Common Retirement Fund New Zealand Superannuation Fund NextEnergy Capital Nordea Wealth Management North East Scotland Pension Fund OFI Ohman Old Mutual Global Investors OPTrust Oregon State Treasurer OTTP Pax World Management LLC PensionDanmark PGGM PKA
Plater Trust Railpen Investments Rathbone Greenbank Investments Representative Body of the Church of Ireland Reynders, McVeigh Capital Management Robeco Russell Investments Sisters of St. Dominic of Caldwell, New Jersey Sonen Capital South Yorkshire Pensions Authority Stafford Sustainable Capital Statewide Super Tellus Mater Foundation Temporis Capital LLP The Barrow Cadbury Trust The Joseph Rowntree Charitable Trust The Pensions Trust The Sustainability Group at Loring, Wolcott and Coolidge The United Reformed Church Trillium Asset Management Trustees of Amherst College Unipension FAIF A/S Unitarian Universalist Association USS Veris Wealth Partners VicSuper Vision Super Pty Ltd Walden Asset Management Wespath Benefits and Investments West Midlands Pension Fund West Yorkshire Pension Fund WHEB
130 investors
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INTRODUCING THE 11THGICS® SECTOR: REAL ESTATE
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Buildings are part of the problem…
99TWh 27.9Mt 0.47km3 15.5Mt
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Innovation in renewable energy
…but also part of the solution
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Innovation in waste management
…but also the solution
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Market Transformation
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Sustainability Performance
Buildings
Leading
BREEAM OutstandingLEED PlatinumGreen Star Six StarEtc.
Regulation
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Market transformationTop down, bottom up
CapitalMarket
Company
Portfolio
Building
Investment CommunityCAPITAL Investment
Manager
Portfolio Manager/Asset Manager
Property Manager/Facility Manager
COMM
ITMENT
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TRANSPARENCY
RISKOPPORTUNITY
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3.9xThe difference in overall GRESB score between
the Top 10% and Bottom 10% entities in 2016
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“U.S. REITs with higher GRESB ratings deliver higher returns
per unit of risk”
“2.75% return spread between the Top 10%
and Bottom 10% European non-listed
GRESB entities”
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73,988Homes
EnergyLFL consumption (between 2014-2015)
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90,197passenge
r cars
CarbonLFL consumption (between 2014-2015)
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1,200Olympic
pools
WaterLFL consumption (between 2014-2015)
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14,963truck loads
WasteLFL consumption (between 2014-2015)
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The Assessment
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REAL ESTATE PORTFOLIOS
PROPERTYCOMPANIES
CAPITALMARKET
BENCHMARKSCOREASSESS
COMMUNICATE
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GRESB SCOREPolicy & Disclosure Building
Certification
Monitoring & EMSManagement
Performance Indicators
Risks & Opportunities
Stakeholder Engagement
8.8%
9.5%
12.4% 25.
2%
24.5%
10.9%
8.8%
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DATA PARTNERS (API)
GRESB ASSET DATA
FREE GRESB ASSET SPREADSHEETS
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ValidationThree-layer process for investment-grade data
100%
Validation Plus
Site Visit
All Participant Check
Open text boxes (quality)Open-ended questionsHyperlinksEvidence (presence)
Evidence (content)Data accuracy18%
2.5% Reporting boundariesData qualityEvidence for answers
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GRESB Coverage
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63 Countries 759 Entities 66,000 Assets
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Response Rate DevelopmentGlobal
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Response Rate DevelopmentNorth America
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USD 100 billion
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Apple Market CapUSD 584 billion
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USD 7.6 trillionCommercial Real Estate Owned by Investors
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USD 2.8 trillionGRESB Coverage
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Competitive Differentiation & Advantage
Risk & Uncertainty USD 2.8 trillionGRESB Coverage
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GRESB Performance
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GRESB ModelGlobal ESG performance
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GRESB ModelRegional ESG performance
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GRESB ModelNorth America
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ESG Performance DynamicsGlobal trends over time
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Sector leadersNorth America
Listed PrivateDiversified Invesco Core Real Estate - U.S.A., LP - Invesco Real Estate 🌐
Retail The Macerich Company Pine Tree - Pine Tree
Office Kilroy Realty Corporation MetLife/Norges Bank Investment Management Joint Venture
Industrial Prologis - Prologis
Residential Equity Residential Invesco San Jacinto Core Fund
Diversified - Retail/Office Oxford Properties Group (OMERS) - Oxford Properties GroupDiversified - Residential/Office
Multi-Employer Property Trust/MEPT Edgemoor - Bentall Kennedy Group 🌐
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Performance?
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70,520Homes
EnergyNorth America: Footprint and LFL Consumption 2014-2015
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83,418passenger
cars
CarbonNorth America: Footprint and LFL Consumption 2014-2015
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9,897Olympic pools
WaterNorth America: Footprint and LFL Consumption 2014-2015
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107,000truck loads
WasteNorth America: Footprint and LFL Consumption 2014-2015
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Renewable EnergyGlobal
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Renewable EnergyNorth America
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Intensities – carbon emissionsInput versus output
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But also...
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GRESB AspectsNorth America
2016 2015
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Stakeholder EngagementGlobal
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…and many more indicatorsSuch as Health & Well-being
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What drives performance?
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PLAN
DO
CHECK
ACT
INDICATOR
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Carbon ManagementGlobal
1. ESG policy includes carbon emissions2. Carbon emissions target in place3. Due diligence process includes carbon
emissions4. Risk assessments include carbon
emissions5. Data management system in place
6. Reporting carbon emissions data7. Offsetting carbon emissions8. Reporting carbon intensity data9. External review of carbon emissions
data
1.2.3.4.5.6.7.8.9.
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Road Ahead
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759ENTITIES
60(’15: 54)
LISTEDAUS/NZ
-2% LFL Change in Carbon Emissions (427kt)
SCORE LEADREPORT
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Sustainability Performance
Building Certifications
& Ratings
LeadershipRegulation
Buildings
Leaders
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Sustainability Performance
Companies
Leaders
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Sustainability Performance Leaders
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What is your GRESB Rating?