tailieunhanh - How Green Buildings Affect Property Values And Getting The Valuation Method Right

Several filers reported suspected Ponzi schemes where subjects gathered client funds for investment in commercial real estate or real estate securities without actually purchasing the underlying assets. A hedge fund claimed to invest millions in CMBS and credit derivatives, but the filer found no evidence of CMBS ownership. The hedge fund primarily bought long-term certificates of deposit earning minimal interest, which were inconsistent with the fund’s investment strategy. In addition, the filer noted many small client deposits, consistent with a Ponzi scheme. Filers submitted six SARs totaling $15 million on another suspected Ponzi scheme that purported to involve. | HOW GREEN BUILDINGS AFFECT PROPERTY VALUES AND GETTING THE VALUATION METHOD RIGHT. Sustainability green building council australia THE GREEN BUILDING COUNCIL OF AUSTRALIA WISHES TO THANK THE VICTORIAN BUILDING COMMISSION AND SUSTAINABILITY VICTORIA FOR PROVIDING THE FUNDING REQUIRED TO RESEARCH WRITE DESIGN AND PUBLISH THIS PAPER. The Green Building Council of Australia also wishes to thank the authors of the report Mr Richard Bowman AAPI PRINCIPLE AND REPRESENTATIVE REAL ESTATE ADVISORY SERVICES ERNST YOUNG Mr John Wills MIMC AAPI AIMM DIRECTOR THE PROPERTY LAB In addition the Green Building Council of Australia thanks the many other individuals who contributed to the production of the paper. A complete list of participants can be found in Appendix 1. Special thanks to the Australian Property Institute and the Royal Institute of Chartered Surveyors for reviewing this document in draft. Copyright Green Building Council of Australia 2008. On the front cover MFB Burnley VIC - 5 Star Green Star - Office Design v1. VALUING GREEN 2 níìii uu 11 FOREWORD I 1. EXECUTIVE SUMMARY 5 Recommendations 7 2. INTRODUCTION 8 Putting a value on green 8 Stakeholders 9 What are Green Star buildings 9 Market Growth of Green Buildings 9 3. PROPERTY VALUATION 11 Sales Comparison 11 Income Capitalisation 12 Discounted Cash Flow DCF 12 4. RESEARCH AND ANALYSIS 13 Objectives 13 Methodology 13 Key Findings from the Literature Search 13 Survey of commercial property industry stakeholders 16 Case Study Findings 20 5. IMPLICATIONS FOR VALUATION 22 A Discounted Cash Flow Valuation methodology for Green Buildings 23 6. SENSITIVITY MODELLING 24 Base Case 24 Sensitivities 25 7. CONCLUSIONS AND RECOMMENDATIONS 26 8. APPENDIX 29 Appendix 1 Acknowledgements 29 Appendix 2 Case Studies 31 Appendix 3 Green Initiatives Incorporated to Achieve Benefits 72 Appendix 4 Financing the Green Building Industry 75 Appendix 5 Productivity and Green .