Value Beyond Cost Savings - Green Building Finance Consortium

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Value Beyond Cost Savings: How to Underwrite Sustainable Propertiessustainable options available, as well as studies or research that have looked at theseoptions. Other related sections of the research library include 9.3: Energy/CarbonFeatures/Systems, 15.5—Features / System Performance and/or 28--Sustainable PropertyGuides/Best Practices. To locate feature performance studies, to check both sections 6.0,9.4 and 15.5, although 15.5 is where such documents will typically be found. The mostimportant and comprehensive best practices guides are in section 28.0. This section of theresearch library supplements Chapter III, “Evaluating Property Sustainability,” of theValue Beyond Cost Savings: How to Underwrite Sustainable Properties book. Additionaldetail on the performance of features can be found in Expanded Chapter IV, Section D:Feature Performance of the Value Beyond Cost Savings: How to Underwrite SustainableProperties book.7.0 Sustainable Property ValuationThis section of the research library covers documents that directly address propertyvaluation. Because of the integrative nature of property valuation, information in many ofthe other research library sections has some bearing on valuation and financialperformance. This section of the research library supplements Chapter IV: “SustainableProperty Performance, Section F: Market Performance, and Chapter V, Section I:Valuing Sustainable Properties of the Value Beyond Cost Savings: How to UnderwriteSustainable Properties book.7.1 MiscellaneousMiscellaneous documents not specifically covered in other sub-codes in indexsection 7.0.7.2 Research Papers/StudiesThis section contains the most important papers and studies looking at therelationship between sustainable property features, performance, and value.Academic studies are typically coded in this section, as well as industry and/orvaluation organization studies that specifically address valuation topics. In manycases, research papers or studies that are coded in this section will also be codedin sections 15.6, 15.7, 15.8, 15.9, and/or 15.10, depending on the specific natureof the document. This section of the research library supplements Chapter IV,Section F: “Market Performance, Foundation Background and Theory” of thebook Value Beyond Cost Savings: How to Underwrite Sustainable Properties.7.3 Business Value and SustainabilityThis section of the research library contains documents that address sustainabilityand its relationship to business value. This section addresses both the businesscomponent of real estate value and also issues related to sustainability andbusiness value generally. To identify additional documents addressing the issuesof business value and sustainability, check more specifically sections 8—SpaceUser Demand for Sustainable Properties, 15.8—Market Performance: SpaceUsers, and in some cases section 25.0—Organizational Change/Strategies andsection 27.0—Sustainable Property Industry Studies/Trends. This section alsosupplements the discussion of Enterprise Value covered in Chapter VI, Section F:186
Value Beyond Cost Savings: How to Underwrite Sustainable Properties“Underwriting Space User Demand” and in Chapter V, Section C: SelectFinancial Model of the book Value Beyond Cost Savings: How to UnderwriteSustainable Properties.7.4 Valuation Management and ReviewValuation/appraisal management and review topics related to sustainability. Thishas not been an area of significant research and writing to date, but should bemore so in the future.7.5 Valuation Standards and RegulationValuation standards and regulation issues are covered generally, and morespecifically as they relate to sustainability. Relevant documents from theVancouver Valuation Accord, the Royal Institute of Chartered Surveyors, theAppraisal Institute, the International Valuation Standards Board, and otherrelated organizations, are referenced here.7.6 The Income ApproachDocuments that specifically address the income approach to value andsustainability are contained in this section of the library. The income approach,which is based upon the discounted cash flow methodology, will be influencedby many of the topics in the research library index. This section is for thosedocuments that specifically address the implementation of the income approachto value in the context of sustainability. Additional information on the discountedcash flow approach and methodology can be found in section 1.3—TraditionalReal Estate Financial Analyses, 15.10—Financial Performance, and 7.10—RiskAnalysis and Presentations (RAP). This section of the research librarysupplements Chapter V: “Sustainable Property Financial Analysis” of the bookValue Beyond Cost Savings: How to Underwrite Sustainable Properties book.7.7 The Cost ApproachDocuments that specifically discuss the cost approach to value in relationship tosustainability are contained in this section of the library. This is a topic that hasnot been significantly researched, but will be more so in the future.7.8 The Sales Comparison/Market ApproachDocuments that specifically address the sales comparison/market approach tovalue are contained in this section of the library. This is a topic that has not beensignificantly researched, but should be more so in the future.7.9 Public Value: Triple Bottom LineDocuments that address public value or triple bottom line valuationmethodologies are contained in this section of the library.7.10 Risk Analysis and Presentation (RAP)This section of the research library contains documents that address theintegration of risk in the financial analysis and valuation process. Other sectionsthat address issues of risk--but that are less focused on analysis and presentation--187
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Appendix FSustainable Property Fina
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Appendix GSustainable Property Cost
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Appendix HDiscounted Cash Flow Anal
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