�ݺ�ߣshows by User: nilskok

�ݺ�ߣshows by User: nilskok / http://www.slideshare.net/images/logo.gif �ݺ�ߣshows by User: nilskok / Thu, 10 Jun 2021 10:17:38 GMT �ݺ�ߣShare feed for �ݺ�ߣshows by User: nilskok The (long) road to net zero /slideshow/the-long-road-to-net-zero/249298361 blknetzero-may42021-210610101739
A high-level presentation on how the real estate sector may (or may not) get to "zero" carbon by 2050.]]>
A high-level presentation on how the real estate sector may (or may not) get to "zero" carbon by 2050.]]> Thu, 10 Jun 2021 10:17:38 GMT /slideshow/the-long-road-to-net-zero/249298361 nilskok@slideshare.net(nilskok) The (long) road to net zero nilskok A high-level presentation on how the real estate sector may (or may not) get to "zero" carbon by 2050. <img style="border:1px solid #C3E6D8;float:right;" alt="" src="https://cdn.slidesharecdn.com/ss_thumbnails/blknetzero-may42021-210610101739-thumbnail.jpg?width=120&height=120&fit=bounds" /> A high-level presentation on how the real estate sector may (or may not) get to "zero" carbon by 2050.

The (long) road to net zero from nilskok

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1 GRESB Infrastructure Release - London Sept 7, 2015 /slideshow/gresb-infrastructure-release-london-sept-7-2015/52748664 gresblondonnk050915-150914110313-lva1-app6891
A short slide deck featuring the release of GRESB Infrastructure.]]>
A short slide deck featuring the release of GRESB Infrastructure.]]> Mon, 14 Sep 2015 11:03:13 GMT /slideshow/gresb-infrastructure-release-london-sept-7-2015/52748664 nilskok@slideshare.net(nilskok) GRESB Infrastructure Release - London Sept 7, 2015 nilskok A short slide deck featuring the release of GRESB Infrastructure. <img style="border:1px solid #C3E6D8;float:right;" alt="" src="https://cdn.slidesharecdn.com/ss_thumbnails/gresblondonnk050915-150914110313-lva1-app6891-thumbnail.jpg?width=120&height=120&fit=bounds" /> A short slide deck featuring the release of GRESB Infrastructure.

GRESB Infrastructure Release - London Sept 7, 2015 from nilskok

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1 Environmental Performance and the Cost of Capital: Evidence from REIT Bonds and Commercial Mortgages /slideshow/green-debt-cambridge-slides/46159116 greendebtcambridgeslides-150323035115-conversion-gate01
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.]]>
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.]]> Mon, 23 Mar 2015 03:51:14 GMT /slideshow/green-debt-cambridge-slides/46159116 nilskok@slideshare.net(nilskok) Environmental Performance and the Cost of Capital: Evidence from REIT Bonds and Commercial Mortgages 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. <img style="border:1px solid #C3E6D8;float:right;" alt="" src="https://cdn.slidesharecdn.com/ss_thumbnails/greendebtcambridgeslides-150323035115-conversion-gate01-thumbnail.jpg?width=120&height=120&fit=bounds" /> 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.

Environmental Performance and the Cost of Capital: Evidence from REIT Bonds and Commercial Mortgages from nilskok

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1 GRESB @ICSC https://es.slideshare.net/slideshow/gresb-icsc-1/42832568 gresbicsc1-141218073225-conversion-gate01
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]]> Thu, 18 Dec 2014 07:32:25 GMT https://es.slideshare.net/slideshow/gresb-icsc-1/42832568 nilskok@slideshare.net(nilskok) GRESB @ICSC nilskok <img style="border:1px solid #C3E6D8;float:right;" alt="" src="https://cdn.slidesharecdn.com/ss_thumbnails/gresbicsc1-141218073225-conversion-gate01-thumbnail.jpg?width=120&height=120&fit=bounds" />

from nilskok

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1 Green Building Adoption Index /slideshow/green-building-adoption-index/40389270 gbaislidesv8-141017043155-conversion-gate02
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.]]>
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.]]> Fri, 17 Oct 2014 04:31:54 GMT /slideshow/green-building-adoption-index/40389270 nilskok@slideshare.net(nilskok) Green Building Adoption Index nilskok 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. <img style="border:1px solid #C3E6D8;float:right;" alt="" src="https://cdn.slidesharecdn.com/ss_thumbnails/gbaislidesv8-141017043155-conversion-gate02-thumbnail.jpg?width=120&height=120&fit=bounds" /> 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.

Green Building Adoption Index from nilskok

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1 Webinar 2014 GRESB Survey Release (April 2014) /slideshow/webinar-2014-gresb-survey-release/33631524 webinarsurveylaunch15042014websiteversion-140417004109-phpapp01
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]]>
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]]> Thu, 17 Apr 2014 00:41:09 GMT /slideshow/webinar-2014-gresb-survey-release/33631524 nilskok@slideshare.net(nilskok) Webinar 2014 GRESB Survey Release (April 2014) nilskok 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 <img style="border:1px solid #C3E6D8;float:right;" alt="" src="https://cdn.slidesharecdn.com/ss_thumbnails/webinarsurveylaunch15042014websiteversion-140417004109-phpapp01-thumbnail.jpg?width=120&height=120&fit=bounds" /> 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

Webinar 2014 GRESB Survey Release (April 2014) from nilskok

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1 Energy Efficiency and Household Behavior: The Rebound Effect in the Residential Sector /slideshow/slides-abk-labels-ea140314-32305340/32305340 slidesabklabelsea140314-140314033208-phpapp01
Policies designed to reduce energy consumption in the residential sector through energy efficiency measures are typically based upon engineering calculations, which may differ significantly from outcomes observed in practice. A widely acknowledged explanation for this gap between expected and the realized energy savings is household behavior, as energy efficiency gains alter the perceived cost of comfort and thereby generate shifts in consumption patterns -- a "rebound effect". This paper adds to the ongoing discussion about the method of identication and the magnitude of this effect, by examining the elasticity of energy consumption with respect to a predicted measure of thermal efficiency, using a sample of 560,000 dwellings and their occupants in the Netherlands. We document significant deviations between engineering predictions and the actual energy consumption of households: our results show a rebound effect of 26.7 percent among homeowners, and 41.3 percent among tenants. There is significant heterogeneity in the rebound eect across households, determined by household wealth and income, and the actual energy use intensity (EUI). The effects are largest among the lower income and wealth cohorts, and among households that tend to use more energy than the average household.]]>
Policies designed to reduce energy consumption in the residential sector through energy efficiency measures are typically based upon engineering calculations, which may differ significantly from outcomes observed in practice. A widely acknowledged explanation for this gap between expected and the realized energy savings is household behavior, as energy efficiency gains alter the perceived cost of comfort and thereby generate shifts in consumption patterns -- a "rebound effect". This paper adds to the ongoing discussion about the method of identication and the magnitude of this effect, by examining the elasticity of energy consumption with respect to a predicted measure of thermal efficiency, using a sample of 560,000 dwellings and their occupants in the Netherlands. We document significant deviations between engineering predictions and the actual energy consumption of households: our results show a rebound effect of 26.7 percent among homeowners, and 41.3 percent among tenants. There is significant heterogeneity in the rebound eect across households, determined by household wealth and income, and the actual energy use intensity (EUI). The effects are largest among the lower income and wealth cohorts, and among households that tend to use more energy than the average household.]]> Fri, 14 Mar 2014 03:32:08 GMT /slideshow/slides-abk-labels-ea140314-32305340/32305340 nilskok@slideshare.net(nilskok) Energy Efficiency and Household Behavior: The Rebound Effect in the Residential Sector nilskok Policies designed to reduce energy consumption in the residential sector through energy eff�iciency measures are typically based upon engineering calculations, which may di�ffer significantly from outcomes observed in practice. A widely acknowledged explanation for this gap between expected and the realized energy savings is household behavior, as energy e�fficiency gains alter the perceived cost of comfort and thereby generate shifts in consumption patterns -- a "rebound e�ffect". This paper adds to the ongoing discussion about the method of identi�cation and the magnitude of this e�ffect, by examining the elasticity of energy consumption with respect to a predicted measure of thermal effi�ciency, using a sample of 560,000 dwellings and their occupants in the Netherlands. We document signi�ficant deviations between engineering predictions and the actual energy consumption of households: our results show a rebound effect of 26.7 percent among homeowners, and 41.3 percent among tenants. There is signi�ficant heterogeneity in the rebound e�ect across households, determined by household wealth and income, and the actual energy use intensity (EUI). The e�ffects are largest among the lower income and wealth cohorts, and among households that tend to use more energy than the average household. <img style="border:1px solid #C3E6D8;float:right;" alt="" src="https://cdn.slidesharecdn.com/ss_thumbnails/slidesabklabelsea140314-140314033208-phpapp01-thumbnail.jpg?width=120&height=120&fit=bounds" /> Policies designed to reduce energy consumption in the residential sector through energy eff�iciency measures are typically based upon engineering calculations, which may di�ffer significantly from outcomes observed in practice. A widely acknowledged explanation for this gap between expected and the realized energy savings is household behavior, as energy e�fficiency gains alter the perceived cost of comfort and thereby generate shifts in consumption patterns -- a "rebound e�ffect". This paper adds to the ongoing discussion about the method of identi�cation and the magnitude of this e�ffect, by examining the elasticity of energy consumption with respect to a predicted measure of thermal effi�ciency, using a sample of 560,000 dwellings and their occupants in the Netherlands. We document signi�ficant deviations between engineering predictions and the actual energy consumption of households: our results show a rebound effect of 26.7 percent among homeowners, and 41.3 percent among tenants. There is signi�ficant heterogeneity in the rebound e�ect across households, determined by household wealth and income, and the actual energy use intensity (EUI). The e�ffects are largest among the lower income and wealth cohorts, and among households that tend to use more energy than the average household.

Energy Efficiency and Household Behavior: The Rebound Effect in the Residential Sector from nilskok

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1 Gresb results 2013 amsterdam 27092013 /slideshow/gresb-results-2013-amsterdam-27092013/26862585 gresbresults2013amsterdam27092013-131004081023-phpapp02
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]]> Fri, 04 Oct 2013 08:10:23 GMT /slideshow/gresb-results-2013-amsterdam-27092013/26862585 nilskok@slideshare.net(nilskok) Gresb results 2013 amsterdam 27092013 nilskok <img style="border:1px solid #C3E6D8;float:right;" alt="" src="https://cdn.slidesharecdn.com/ss_thumbnails/gresbresults2013amsterdam27092013-131004081023-phpapp02-thumbnail.jpg?width=120&height=120&fit=bounds" />

Gresb results 2013 amsterdam 27092013 from nilskok

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1 Financing Tools for a Green Building Stock /slideshow/financing-tools-for-a-green-building-stock/23830436 dgbcslidesfinal-130703003700-phpapp02
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. ]]>
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. ]]> Wed, 03 Jul 2013 00:37:00 GMT /slideshow/financing-tools-for-a-green-building-stock/23830436 nilskok@slideshare.net(nilskok) Financing Tools for a Green Building Stock nilskok 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. <img style="border:1px solid #C3E6D8;float:right;" alt="" src="https://cdn.slidesharecdn.com/ss_thumbnails/dgbcslidesfinal-130703003700-phpapp02-thumbnail.jpg?width=120&height=120&fit=bounds" /> 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.

Financing Tools for a Green Building Stock from nilskok

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1 Sustainability in Real Estate Investments - CERES conference 2013, San Francisco /slideshow/sustainability-in-real-estate-investments-ceres-conference-2013-san-francisco/21055823 sustainabilityinrealestateinvestments-ceressanfrancisco-fullslidedeck-130512175616-phpapp02
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:]]>
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:]]> Sun, 12 May 2013 17:56:16 GMT /slideshow/sustainability-in-real-estate-investments-ceres-conference-2013-san-francisco/21055823 nilskok@slideshare.net(nilskok) Sustainability in Real Estate Investments - CERES conference 2013, San Francisco nilskok 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: <img style="border:1px solid #C3E6D8;float:right;" alt="" src="https://cdn.slidesharecdn.com/ss_thumbnails/sustainabilityinrealestateinvestments-ceressanfrancisco-fullslidedeck-130512175616-phpapp02-thumbnail.jpg?width=120&height=120&fit=bounds" /> 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:

Sustainability in Real Estate Investments - CERES conference 2013, San Francisco from nilskok

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1 GRESB 2013 Survey Webinar /slideshow/slides-webinar-16042013/18927144 slideswebinar16042013-130416095131-phpapp01
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]]> Tue, 16 Apr 2013 09:51:31 GMT /slideshow/slides-webinar-16042013/18927144 nilskok@slideshare.net(nilskok) GRESB 2013 Survey Webinar nilskok <img style="border:1px solid #C3E6D8;float:right;" alt="" src="https://cdn.slidesharecdn.com/ss_thumbnails/slideswebinar16042013-130416095131-phpapp01-thumbnail.jpg?width=120&height=120&fit=bounds" />

GRESB 2013 Survey Webinar from nilskok

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1 The Economics of Green Building - An Overview /slideshow/the-economics-of-green-building-an-overview/16447146 economicsofgreebuilding-overview-130209213645-phpapp01
This slidedeck provides an overview of "the economics of green building," including a discussion of 5 different academic papers.]]>
This slidedeck provides an overview of "the economics of green building," including a discussion of 5 different academic papers.]]> Sat, 09 Feb 2013 21:36:45 GMT /slideshow/the-economics-of-green-building-an-overview/16447146 nilskok@slideshare.net(nilskok) The Economics of Green Building - An Overview nilskok This slidedeck provides an overview of "the economics of green building," including a discussion of 5 different academic papers. <img style="border:1px solid #C3E6D8;float:right;" alt="" src="https://cdn.slidesharecdn.com/ss_thumbnails/economicsofgreebuilding-overview-130209213645-phpapp01-thumbnail.jpg?width=120&height=120&fit=bounds" /> This slidedeck provides an overview of "the economics of green building," including a discussion of 5 different academic papers.

The Economics of Green Building - An Overview from nilskok

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1 Commercial Building Electricity Consumption: The Role of Structure Quality, Management, and Contract Incentives /slideshow/commercial-building-electricity-consumption-the-role-of-structure-quality-management-and-contract-incentives/15923258 kkqcommercial010312-130109162213-phpapp02
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]]> Wed, 09 Jan 2013 16:22:13 GMT /slideshow/commercial-building-electricity-consumption-the-role-of-structure-quality-management-and-contract-incentives/15923258 nilskok@slideshare.net(nilskok) Commercial Building Electricity Consumption: The Role of Structure Quality, Management, and Contract Incentives nilskok <img style="border:1px solid #C3E6D8;float:right;" alt="" src="https://cdn.slidesharecdn.com/ss_thumbnails/kkqcommercial010312-130109162213-phpapp02-thumbnail.jpg?width=120&height=120&fit=bounds" />

Commercial Building Electricity Consumption: The Role of Structure Quality, Management, and Contract Incentives from nilskok

]]> 19575 6 https://cdn.slidesharecdn.com/ss_thumbnails/kkqcommercial010312-130109162213-phpapp02-thumbnail.jpg?width=120&height=120&fit=bounds presentation Black http://activitystrea.ms/schema/1.0/post

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1 Demystifying Benchmarking /slideshow/demystifying-benchmarking/15740820 demystifyingbenchmarking-121223054735-phpapp02
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]]> Sun, 23 Dec 2012 05:47:35 GMT /slideshow/demystifying-benchmarking/15740820 nilskok@slideshare.net(nilskok) Demystifying Benchmarking nilskok <img style="border:1px solid #C3E6D8;float:right;" alt="" src="https://cdn.slidesharecdn.com/ss_thumbnails/demystifyingbenchmarking-121223054735-phpapp02-thumbnail.jpg?width=120&height=120&fit=bounds" />

Demystifying Benchmarking from nilskok

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1 Greenbuild 2012 - Finance Session /slideshow/greenbuild-2012-finance-session/15214731 greenbuildfinancesession-121116151943-phpapp01
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.]]>
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.]]> Fri, 16 Nov 2012 15:19:42 GMT /slideshow/greenbuild-2012-finance-session/15214731 nilskok@slideshare.net(nilskok) Greenbuild 2012 - Finance Session nilskok 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. <img style="border:1px solid #C3E6D8;float:right;" alt="" src="https://cdn.slidesharecdn.com/ss_thumbnails/greenbuildfinancesession-121116151943-phpapp01-thumbnail.jpg?width=120&height=120&fit=bounds" /> 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.

Greenbuild 2012 - Finance Session from nilskok

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1 The Value of Green Labels in the California Housing Market /slideshow/the-value-of-green-labels-in-the-california-housing-market/15146643 lincolnconferencekkgreenhomes-nk102012-121112181241-phpapp01
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.]]>
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.]]> Mon, 12 Nov 2012 18:12:40 GMT /slideshow/the-value-of-green-labels-in-the-california-housing-market/15146643 nilskok@slideshare.net(nilskok) The Value of Green Labels in the California Housing Market nilskok 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. <img style="border:1px solid #C3E6D8;float:right;" alt="" src="https://cdn.slidesharecdn.com/ss_thumbnails/lincolnconferencekkgreenhomes-nk102012-121112181241-phpapp01-thumbnail.jpg?width=120&height=120&fit=bounds" /> 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.

The Value of Green Labels in the California Housing Market from nilskok

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1 GRESB Event at Philips Lighting /slideshow/gresb-event-at-philips-eindhoven/14461280 eindhovenseminar-completeslidedeck-nk200912-120925204839-phpapp01
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.]]>
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.]]> Tue, 25 Sep 2012 20:48:38 GMT /slideshow/gresb-event-at-philips-eindhoven/14461280 nilskok@slideshare.net(nilskok) GRESB Event at Philips Lighting nilskok 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. <img style="border:1px solid #C3E6D8;float:right;" alt="" src="https://cdn.slidesharecdn.com/ss_thumbnails/eindhovenseminar-completeslidedeck-nk200912-120925204839-phpapp01-thumbnail.jpg?width=120&height=120&fit=bounds" /> 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.

GRESB Event at Philips Lighting from nilskok

]]> 3005 7 https://cdn.slidesharecdn.com/ss_thumbnails/eindhovenseminar-completeslidedeck-nk200912-120925204839-phpapp01-thumbnail.jpg?width=120&height=120&fit=bounds presentation Black http://activitystrea.ms/schema/1.0/post

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1 The Performance of Pension Funds Investments in Real Estate /slideshow/aek-slides-nk052712/13094747 aekslidesnk052712-120527112559-phpapp02
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.]]>
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.]]> Sun, 27 May 2012 11:25:57 GMT /slideshow/aek-slides-nk052712/13094747 nilskok@slideshare.net(nilskok) The Performance of Pension Funds Investments in Real Estate nilskok 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. <img style="border:1px solid #C3E6D8;float:right;" alt="" src="https://cdn.slidesharecdn.com/ss_thumbnails/aekslidesnk052712-120527112559-phpapp02-thumbnail.jpg?width=120&height=120&fit=bounds" /> 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.

The Performance of Pension Funds Investments in Real Estate from nilskok

]]> 5836 16 https://cdn.slidesharecdn.com/ss_thumbnails/aekslidesnk052712-120527112559-phpapp02-thumbnail.jpg?width=120&height=120&fit=bounds presentation White http://activitystrea.ms/schema/1.0/post

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1 A Primer On: Finance, Sustainability, and Buildings /slideshow/a-primer-on-finance-sustainability-and-buildings/12914482 kempennilskok100512-120513110358-phpapp02
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).]]>
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).]]> Sun, 13 May 2012 11:03:56 GMT /slideshow/a-primer-on-finance-sustainability-and-buildings/12914482 nilskok@slideshare.net(nilskok) A Primer On: Finance, Sustainability, and Buildings nilskok 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). <img style="border:1px solid #C3E6D8;float:right;" alt="" src="https://cdn.slidesharecdn.com/ss_thumbnails/kempennilskok100512-120513110358-phpapp02-thumbnail.jpg?width=120&height=120&fit=bounds" /> 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).

A Primer On: Finance, Sustainability, and Buildings from nilskok

]]> 407 3 https://cdn.slidesharecdn.com/ss_thumbnails/kempennilskok100512-120513110358-phpapp02-thumbnail.jpg?width=120&height=120&fit=bounds presentation Black http://activitystrea.ms/schema/1.0/post

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1 Portfolio Greenness and the Financial Performance of REITs /slideshow/eky-greits71011/11829353 ekygreits71011-120302031810-phpapp02
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.]]>
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.]]> Fri, 02 Mar 2012 03:18:08 GMT /slideshow/eky-greits71011/11829353 nilskok@slideshare.net(nilskok) Portfolio Greenness and the Financial Performance of REITs nilskok 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. <img style="border:1px solid #C3E6D8;float:right;" alt="" src="https://cdn.slidesharecdn.com/ss_thumbnails/ekygreits71011-120302031810-phpapp02-thumbnail.jpg?width=120&height=120&fit=bounds" /> 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.

Portfolio Greenness and the Financial Performance of REITs from nilskok

]]> 7665 6 https://cdn.slidesharecdn.com/ss_thumbnails/ekygreits71011-120302031810-phpapp02-thumbnail.jpg?width=120&height=120&fit=bounds presentation White http://activitystrea.ms/schema/1.0/post

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1 https://public.slidesharecdn.com/v2/images/profile-picture.png https://cdn.slidesharecdn.com/ss_thumbnails/blknetzero-may42021-210610101739-thumbnail.jpg?width=320&height=320&fit=bounds slideshow/the-long-road-to-net-zero/249298361 The (long) road to net... https://cdn.slidesharecdn.com/ss_thumbnails/gresblondonnk050915-150914110313-lva1-app6891-thumbnail.jpg?width=320&height=320&fit=bounds slideshow/gresb-infrastructure-release-london-sept-7-2015/52748664 GRESB Infrastructure R... https://cdn.slidesharecdn.com/ss_thumbnails/greendebtcambridgeslides-150323035115-conversion-gate01-thumbnail.jpg?width=320&height=320&fit=bounds slideshow/green-debt-cambridge-slides/46159116 Environmental Performa...