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Responsible Property
Investing in 2007
Gary Pivo, MRP, PhD
University of Arizona
UNEP FI Property Working Group
Responsible Property Investment Center
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Property‟s Triple Bottom Line
• Economic Accounts
– Investment returns, productivity, growth, public finance
• Environmental Accounts
– Global warming, biodiversity, water quantity and quality, natural hazards, open space, congestion, brownfields, infrastructure and public services
• Social Accounts
– Obesity, worker wages and benefits, worker safety, respiratory illness, affordable housing, urban revitalization, segregation, unemployment, crime, history & culture, aesthetics, childcare, infrastructure
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A definition • RPI includes portfolio, asset, or property
mgt. practices that go beyond minimum legal requirements to produce social or environmental gains without harming financial returns and other business performance metrics.
• SRPI involves 3 core strategies: – Acquiring good properties (e.g. energy star)
and avoiding bad ones that can’t be improved (e.g., housing adjacent to freeways),
– Managing properties to improve their social or environmental merits (e.g, recommissioning),
– Being a better company for your employees, community, and environment (e.g., flextime for parents).
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1996 by the UN Habitat Agenda
• We endorse adequate shelter for all and
making human settlements safer, healthier
and more livable, equitable, sustainable and
productive by socially and environmentally
responsible corporate investment.
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Sustainable
Cities and
Buildings
Real
Estate
Investing
Corporate
Social
Responsibility
Socially
Responsible
Investing
Responsible
Property
Investing
RPI lies at the nexus of …
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Two examples
• Learning Links
Centers, LLC
•Morley Igloo Regeneration Fund
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A negative example
• Childhood Asthma Linked to Freeway Pollution
– proximity to freeways poses a respiratory risk.
– For every 1.2 K (3/4 mi) the students lived closer to the freeway, asthma risk increased by 89 percent.
The Lancet, Feb. 17, 2007
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Reasons for CSR
• Your fiduciary duty to act
wisely on behalf of investors.
• Your ethical duty to not do
to others what is hateful to you.
• Your duty as a citizen
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Leaders around the world
• France – Caisse des Depots, Klepierre
• Japan – Mitsubishi
• US – CalPERS, Cherokee, Kennedy, General Growth
• Australia – Investa, Lend Lease, Colonial
• UK – PRUPIM, Land Securities, Morley
• China – Swire Pacific
• Holland – Wereldhave
• Korea – Korea Land
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Types of RPI activities
• Policies and Programs
– SRPI benchmarking and reporting
– SRPI officer and committee
– Resource conservation policies
– Responsible contractor policies
– Corporate engagement
– Community engagement
• Investments
– Urban Funds
– Brownfields Funds
– Workforce & Low Income Housing Funds
– Historic Preservation Funds
– Union Built Funds
– Green Buildings & Smart Growth Funds
– Community Investing Funds
– Sustainable REITs and Investment Managers
– Separate Accts and Direct Investments
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Specialized RPI Investments
• Urban Funds
• Brownfield Funds
• Historic Preservation Funds
• Low Income Housing Funds
• Community Development Funds
• Green Building and Smart Growth Funds
• Union Labor Funds
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Examples by property type
Office CalPERS Green Wave
Kennedy Union Only
Industrial ProLogis Carbon Trading
Transwestern Energy Mgt
Residential Learning Links Teachers
Phoenix Genesis Workforce Housing
Fund
Retail PRUPIM for Youth
EBL&S Transit Development
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SRPI comes in
various formats• LPs & LLCs – Learning Links
• REITs – Boston Properties
• REIT Mutual Funds – Uniplan Forward Fund
• Private Funds – Rose Smart Growth Fund
• Private Funds of Funds – Heron Urban Fund
• Certificates of Deposit – Shore Bank Community Development CDs
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SRPI REITs
• Brandywine Realty Trust USGBC member and LEED building owner
• Boston Properties US EPA energy star partner and
NAREIT Leader in the Light
• Simon Properties Carbon Disclosure Project participant
• Equity Office Properties General Growth Properties DJWSI and FTSE4Good constituents
• Others
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Which are best in class?
• Boston Properties (office) Best workplace for commuters, Energy Star, FTSE4Good +140% over 3 yrs
• Brandywine (office & industrial) Commuters, Energy Star and USGBC; +33% over 3 yrs
• Liberty Property Trust (office & industrial) WasteWise, Energy Star, USGBC +33% over 3 yrs
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Are there common
practices?
The 2005
Principles for
Responsible
Investment
Project
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Common Environmental
Practices• Setting energy, water, waste, GHG targets
• Building recommissioning
• Obtaining 3rd party endorsements (e.g., DJWSI)
• Using renewable energy
• Preparing habitat conservation plans for projects
• Training occupiers on conservation
• Supporting urban forestry
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Common Social Practices
• Providing fair benefits and wages
• Investing in urban revitalization and affordable
housing
• Pursuing local hiring and training
• Seeking design and service awards
• Supporting community organizations
• Maintaining good health and safety
records
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Common Governance
& Mgt Practices• Adopting an RPI policy
• Using supply chain screening
• Communicating SRPI work via the website or annual report
• Designating an RPI Officer and Committee
• Conducting staff training around RPI issues
• Using risk analysis, lifecycle costing, & value engineering
• Publishing RPI guides for developers & property mgrs.
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Some of the drivers
• The $2.7 trillion SRI Industry
• The Principles for Responsible
Investment signed by 149 financial leaders
with $6 trillion AUM
• 225 investors w/ $31 trillion involved in the
Carbon Disclosure Project
• Forthcoming GRI property sector supplement
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What are the most important
property characteristics?
2006 SRPI Delphi Project
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RPI Metrics4.0-5.0, 3.0-4.0, 2.0-3.0; No LEED® Coverage
• More Walkable, Less Auto Dependent Places
– Transit, Central, Dense Mixed Use and Walkable, Carpooling, Bike Trails and Facilities
• Energy Conservation
– Energy Efficiency, Daylight and Ventilation, Renewables, Local Sources
• Worker Well Being
– Parks & Open Space, Sense of Community & Place, Childcare, Handicapped Accessible, Amenities for Parents
• Urban Revitalization and Reuse
– Urban Revitalization, Flexibility, Suburban Redevelopment, Brownfield, Not farmland
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RPI Metrics4.0-5.0, 3.0-4.0, 2.0-3.0; No LEED® Coverage
• Corporate Responsibility
– Compliance, Disclosure, Supplier Engagement
• Environmental Quality
– Water, Recycling, Global Warming, Sustainable Materials, Wildlife, Wetlands, Trees, Ozone, Historic/Cultural, Native Plants, Runoff, Ridges and Views, Eco-Restoration, Public Art
• Good Neighbor and Local Citizen
– Aesthetics, Local Impacts, Displacement, Considerate Construction, No Undue Influence
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RPI Metrics4.0-5.0, 3.0-4.0, 2.0-3.0, mixed; No LEED® Coverage
• Social Equity & Community Development
– Community Development, Stakeholder Engagement, Community Input, Affordability, Fair Labor Practices, Union, Local Low-Income Training, Promotes Diversity, Indigenous People, Philanthropy & Volunteering
• Voluntary Certification
– EPA Partner, Green Certified, SRI Pariah Tenants, SRI Mortgagee
• Health and Safety
– Security, Risk of Injury, Natural Hazards, Gyms/Showers, Evac/Aid Training, First Aid Equipment, H&S Signage, Visitor Insurance
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Can SRPI pay its way and
be neutral or positive for
returns?
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Business Arguments• Attracts talent
• Proven, Low Cost, Profitable Models
• Lowers costs - operating, maintenance, insurance, refurbishment
• Improves Competitiveness –rents, service charges, property comfort and functionality, market share, retention, differentiation, brand value
• Future proofs against risk and depreciation
• Investor relations - attracts more capital, lowers cost, pleases investors, proxy for superior management, preempts resolutions
• Quickens permitting; attracts credits and subsidies
• Pre-empts new regulations
• Reduces fines and torts
• Reduces universal externalities
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Return on Historic Properties
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UK Regeneration Properties,Total Annualized Returns, „81-‟02
J. of RE Portfolio Mgt, 2006
Retail Office Industrial
IPD UK
Universe
11.49% 9.65% 9.09%
Eight City
Regeneration
Universe
15.50%
N=76
10.59%
N=67
12.60%
N=46
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Value for REITs from EnergyStar®(Nadeau, Cantin and Wells, 2003)
Measure Premium
per $MM
assets
Market
Value
(millions)
Percentage
of Total
Market
Value
EStar Partner $16,026 $51.67 3.66%
Benchmarking $6,437 $20.75 1.47%
Both $22,463 $72.42 5.13%
Energy
Efficiency
$45,564 $146.89 10.40%
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Change in Return on Equity
in Small Apartment Building E. Mills, Lawrence Berkeley Lab, 2004
Investment Return on
Equity
Low flow shower-heads +0.6%
Low-flow toilets +0.2%
Clothes-washer +0.4%
Energy Package +3.1%
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The “Green Tilt” at Work
Innovest vs DJ REIT / RESI Jan 2000 to May 2005
-
50.00
100.00
150.00
200.00
250.00
300.00
Jan-00 Jul-00 Jan-01 Jul-01 Jan-02 Jul-02 Jan-03 Jul-03 Jan-04 Jul-04 Jan-05
Innovest
DJ REIT
DJ RESI
A risk-controlled, “green-tilted” Dow Jones Wilshire REIT Index created by Innovest out-performed its benchmark by 480 basis points annually over a 5 year period in a recent simulation:
Source: Innovest
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Changes in Valuations near Dallas
Light Rail Stations, 1997-2001Clower, Australasian J. of Regional Studies, 2002
Land Use Control DART
Office 11.5% 24.7%
MFR 34.8% 42.0%
Retail 30.4% 28.3%
Industrial 21.5% 13.0%
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Castcon StudySource: The Engineering Economists, 2006
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RICS Green Value Report 2005
Financial Measure No. of
Cases
Comparison
to
Financials
Absorption Rate 4 +8-15%
Rent 5 +4-8%
IRR 6 +4-8%
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Leaders‟ views on RPI2007 Survey of Senior Real Estate Executives
Sponsored by
BOMA, ULI, NAREIT, RER
Conducted by
U of Arizona and IRE, Inc.
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Not Done
Planned or Under
Consideration Implemented
% % %
Value Statement 39% 18% 43%
Strategic Planning 36% 22% 42%
Learning/Management Systems 55% 29% 16%
Conservation 24% 23% 53%
Responsible Contractor 50% 16% 34%
Women or Minority Owned Businesses 52% 13% 35%
Committee for Sustainability or CSR 68% 12% 19%
Social or Environmental Accounting 59% 15% 26%
Targets and Benchmarks 69% 19% 13%
Disclosure 65% 18% 18%
Stakeholder Engagement 44% 11% 45%
Are you using…?
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Not Invested
Planned or Under
Consideration Invested
% % %
Brownfields 52.4% 17.0% 30.6%
Green Bldgs 35.1% 32.4% 32.4%
TOD 31.8% 16.9% 51.4%
Infill or Revitalization 22.3% 15.5% 62.2%
Are You Invested In…?
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SRPI Stage
%
Non Responsiveness 7.1%
Compliance 17.0%
Efficiency 37.6%
Strategic Proactivity 29.1%
Sustaining Organization 9.2%
Your RPI Stage?
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Mean
Cost avoidance 3.8
Concern for risk and return 4.6
Peer activity 2.8
Employee recruitment/retention 3.2
Internal leadership 3.8
Business advantage 4.2
Opportunities to outperform 4.3
Moral responsibility 4.1
Voluntary codes of behavior 3.9
Stakeholder pressure 2.7
Investors 3.0
Customers 3.7
Drivers
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Your Future Interests
3% 2% 5% 35% 40% 14%
2% 3% 5% 34% 40% 16%
4% 9% 13% 46% 19% 10%
27% 27% 17% 20% 8% 1%
19% 21% 21% 29% 8% 2%
5% 3% 10% 40% 31% 11%
Info on our activitiesand investments
Info on opportunities
Conference
Pay for data
Working group
Increase allocation
%
StronglyDisagree
%
ModeratelyDisagree
%
SlightlyDisagree
%
SlightlyAgree
%
ModeratelyAgree
%
StronglyAgree
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8 steps to a stronger sector• Build an RPI Cluster with shared principles
• Work on metrics and data sources
• Collect, recognize and market leaders
• Encourage disclosure
• Share links to models
• Research the risk/returns
• Launch new products
• Bridge with leading SRI & RE orgs.
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RPI Working Groups
RPI Center
• CalPERS
• TIAA-CREF
• BC Investment Mgt Corp.
• AFL-CIO Investment Trust
• Rockefeller Foundation
• Methodist Church Pension Board
• GE Real Estate
• Kennedy Real Estate Counsel
• BOMA
• Urban Land Institute
• Real Estate Roundtable
UNEP FI
• Morley
• Hermes
• Caisse des Depots
• Prudential
• F&C
• AXA
• Lend Lease
• Investa
• Land Securities
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Five distinguishing features
of the RPI Center
1. Focus on financial feasibility
2. Goes beyond energy and green to
consider all ESG topics
3. Supports continuous improvement
4. Targets 100% of the market
5. Emphasis on existing properties
and whole portfolios
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