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2016 GRESB Real Estate & Debt Results Release - Australia/NZ

2016 GRESB Real Estate & Debt Results Release presentation, Sydney, September 7, 2016

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2016 GRESB Real Estate & Debt Results Release - Australia/NZ

  1. 1. 7.3 billion 73 USD trillion 9.8 GtC/year +0.810C above 20th century average Worldwide GDP CO2 Population
  2. 2. ACTIAM Aegon NV Alberta Investment Management Corporation (AIMCo) Amundi AMP Capital AP1 First Swedish National Pension Fund AP2 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 System California State Teachers' Retirement System Cathay 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
  3. 3. Buildings are (a big part of) the problem… 99TWh 27.9Mt 0.47km3 15.5Mt
  4. 4. Innovation in renewable energy …but also part of the solution
  5. 5. New waste management standards …but also part of the solution
  6. 6. Market Transformation
  7. 7. Sustainability Performance BuildingStock Leading BREEAM Outstanding LEED Platinum Green Mark Platinum Etc. Regulation
  8. 8. Market transformation Top down, bottom up Capital Market Company Portfolio Building Investment Community CAPITAL Investment Manager Portfolio Manager/ Asset Manager Property Manager/ Facility Manager COMMITMENT
  9. 9. TRANSPARENCY RISKOPPORTUNITY
  10. 10. 3.9x The difference in overall GRESB Score between the Top 10% and Bottom 10% entities in 2016
  11. 11. “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”
  12. 12. The Assessment
  13. 13. REAL ESTATE PORTFOLIOS PROPERTY COMPANIES CAPITAL MARKET BENCHMARK SCORE ASSESS COMMUNICATE DATA QUALITY PROPERTY COMPANIES/FUNDS
  14. 14. DATA PARTNERS (API) GRESB ASSET DATA GRESB ASSET-LEVEL SPREADSHEET
  15. 15. GRESB SCORE Management Policy & Disclosure Risks & Opportunities Monitoring & EMS Building Certification Stakeholder Engagement Performance Indicators 8.8 % 9.5 % 12.4 % 25.2 % 24.5 % 10.9 % 8.8 %
  16. 16. Data Quality Three-layer validation process for investment-grade data 100% Validation Plus Site Visit All Participant Check Open text boxes (quality) Open-ended questions Hyperlinks Evidence (presence) Evidence (content) Data accuracy18% 2.5% Reporting boundaries Data quality Evidence for answers
  17. 17. GRESB Coverage
  18. 18. 63 Countries 759 Entities 66,000 Assets
  19. 19. USD 100 billion
  20. 20. Apple Market Cap USD 584 billion
  21. 21. USD 7.6 trillion Commercial Real Estate Owned by Investors
  22. 22. USD 2.8 trillion GRESB Coverage
  23. 23. Competitive Differentiation & Advantage Risk & Uncertainty USD 2.8 trillion GRESB Coverage
  24. 24. GRESB Performance
  25. 25. GRESB Model Global ESG performance
  26. 26. GRESB Model Regional ESG performance
  27. 27. GRESB Model Australia/NZ
  28. 28. Performance?
  29. 29. 3,037 Homes Energy Australia/NZ: Footprint and LFL Consumption 2014-2015
  30. 30. 19,279 passenger cars Carbon Australia/NZ: Footprint and LFL Consumption 2014-2015
  31. 31. 62 Olympic pools Water Australia/NZ: Footprint and LFL Consumption 2014-2015
  32. 32. 80,170 truck loads Waste Australia/NZ: Footprint and LFL Consumption 2014-2015
  33. 33. Renewable Energy Global
  34. 34. Renewable Energy Australia/NZ
  35. 35. Intensities – energy consumption Input versus output
  36. 36. But also...
  37. 37. GRESB Aspects Global 2016 2015
  38. 38. GRESB Aspects Australia/NZ 2016 2015
  39. 39. Stakeholder Engagement Global
  40. 40. …and many more indicators Such as Health & Well-being
  41. 41. What drives performance?
  42. 42. PLAN DO CHECK ACT INDICATOR
  43. 43. Carbon Management Global 1. ESG policy includes carbon emissions 2. Carbon emissions target in place 3. Due diligence process includes carbon emissions 4. Risk assessments include carbon emissions 5. Data management system in place 6. Reporting carbon emissions data 7. Offsetting carbon emissions 8. Reporting carbon intensity data 9. External review of carbon emissions data 1. 2. 3. 4. 5. 6. 7. 8. 9.
  44. 44. ESG Performance Dynamics Global leadership trends over time
  45. 45. Sector leaders Australia/NZ 2016 Regional Sector Leader Retail Lendlease Sub-Regional Retail Fund – Lendlease Office (private) Australian Prime Property Fund Commercial - Lendlease Office (listed) DEXUS Office Trust Diversified - Retail/Office Stockland 🌐 🌐 Global Sector Leader
  46. 46. Road Ahead
  47. 47. 759 ENTITIES 60 (2015: 54) AUS/NZ ENTITIES -2% LFL Change in Carbon Emissions (427kt) SCORE LEADREPORT
  48. 48. Sustainability Performance BuildingStock Leading BREEAM Outstanding LEED Platinum Green Star Six Star Etc. Regulation
  49. 49. And it’s not just investors… Lenders are waking up… 18 GRESB Debt Participants USD 44 bln Total Loan Portfolio USD 7.1 bln Green Property Bonds
  50. 50. Sustainability Performance Companiesandfunds
  51. 51. So, what is your GRESB Rating?

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