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8/9/2019 1-15-15 MASTER Environmental Risk in Real Estate
http://slidepdf.com/reader/full/1-15-15-master-environmental-risk-in-real-estate 1/33
8/9/2019 1-15-15 MASTER Environmental Risk in Real Estate
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Gftrhku`tghf
Mhfjtnjf K.Lgt`nef
Yrhcrjd @h-@njgr &
Dhkerjthr
Pefghr Yrhme`t Djfjcer
@gvgo & Efvgrhfdeftjo
@hfsuotjfts, Gf`.
Efvgrhfdeftjo Ausgfess @huf`go hb Few Efcojfk
Efercy Efvgrhfdeft E`hfhdy
Ljroj O.@njbbee
Yrhcrjd @h-@njgr &
Dhkerjthr
Qhagfshf + @hoe OOY
8/9/2019 1-15-15 MASTER Environmental Risk in Real Estate
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Yjfeogsts
• Jkeojgke D. Crjky, Ahsthf Jrej Shhk Yjrtfers• Kjvgk Dhftpojgsgr , JGC
• Yeter Hogvger, Pjftjfker
• @nrgsthpner Bhster, Qhagfshf + @hoe, OOY
• Ogsj D`Gfthsn, Shhkjrk jfk @urrjf
Efvgrhfdeftjo Ausgfess @huf`go hb Few Efcojfk
Efercy Efvgrhfdeft E`hfhdy
8/9/2019 1-15-15 MASTER Environmental Risk in Real Estate
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8/9/2019 1-15-15 MASTER Environmental Risk in Real Estate
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• Snjt gs Efvgrhfdeftjo Qgsl8
‐ Nudjf nejo tn r gsl
‐ E`hohcg`jo r gsl
‐ Qecuojthry exphsu re
‐ Extrjhrkgfjry keveohpdeft ̀ hsts
‐ Yer`egvek rgsls
‐ Bgfjf` gjo r gsl
‐ Ausgfess efvgrhfdeftjo r gsl
Gftrhku`tghf
Efvgrhfdeftjo Ausgfess @huf`go hb Few Efcojfk
Efercy Efvgrhfdeft E`hfhdy
8/9/2019 1-15-15 MASTER Environmental Risk in Real Estate
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• Efvgrhfdeftjo Kue Kgogcef`e gf j Futsneoo
‐ [yp g`jooy bh o ohws JP[D stjfkjrks
‐ [yp g`jooy ̀ hfs gsts hb gfspe`t ghf , gftervgews, sg te
ngs thry, jfk oh`jo jcef`y resejr`n
‐ Yerbhrdek bhr j vjr gety h b rejshf s gf `ouk gfc, aut
fh t o gdg tek th, prhte`t ghfs ufker @EQ@OJ jfk s tjte
ojws.
‐ Bh`jo phgft gs tne gkeftg b g`jt ghf h b Qe`hcfgzek
Efvgrh fd eftjo @hf`erfs (QE@s).
Gftrhku`tghf
Efvgrhfdeftjo Ausgfess @huf`go hb Few Efcojfk
Efercy Efvgrhfdeft E`hfhdy
8/9/2019 1-15-15 MASTER Environmental Risk in Real Estate
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• Jre QE@s gf tne eye hb tne
aenhoker8
Gftrhku`tghf
Efvgrhfdeftjo Ausgfess @huf`go hb Few Efcojfk
Efercy Efvgrhfdeft E`hfhdy
8/9/2019 1-15-15 MASTER Environmental Risk in Real Estate
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• QE@ Kebgfgtghf (JP[D)
‐ [ne presef`e hr o gleoy presef`e hb jfy njzjrkhus
suastjf`e hr petrh oeud prhku` ts gf, hf , hr jt tne
prh perty= (:) kue th j reoejse th tne efvgrhfdeft<(1) ufker ̀ h fk gt ghfs gfkg`jt gve hb j reoejse th tne
efvgrhfdeft< h r (0) ufker ̀ hfk g t ghfs tnjt phse j
djter gjo tnrejt hb j buture reoejse th tne efv grhfdeft.
Ke d gf gdgs ̀ hfk g t ghfs jre fh t QE@s.
Gftrhku`tghf
Efvgrhfdeftjo Ausgfess @huf`go hb Few Efcojfk
Efercy Efvgrhfdeft E`hfhdy
8/9/2019 1-15-15 MASTER Environmental Risk in Real Estate
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• Qeoejse Kebgfgtghf (JP[D `gtes @EQ@OJ)
‐ @EQ@OJ p rhvgkes j arhjk keb gf g t ghf gf`ouk gfc=
‟spgoogfc, oejlgfc, pudpgfc, phurgfc, edgttgfc,kudpgfc hr kgsphsgfc gfth tne efvgrhfdeft—
‐ @EQ@OJ keb gf g t ghf jpp o ges hf oy th njzjrkhus
suastjf`es (jo tnhucn JP[D spe`g b g`jooy gf` oukes
petrhoeud gf tne prj`t g`e)
‐ Peverjo exedptghfs (e.c. tne jppo g`jt ghf hb
pest g`gke)
Gftrhku`tghf
Efvgrhfdeftjo Ausgfess @huf`go hb Few Efcojfk
Efercy Efvgrhfdeft E`hfhdy
8/9/2019 1-15-15 MASTER Environmental Risk in Real Estate
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• Ke Dgfgdgs @hfkgtghf Kebgfgtghf
‐ J ̀ hf kgt ghf tnjt ceferjo oy kh es fht preseft j tnrejt thnudjf nejotn hr tne efvgrhfdeft jfk tn jt ceferjo oywhuok f ht ae tne suame`t hb jf efbhr`edeft j`t ghf g barhucnt th tne jt teft ghf hb jpprhpr gj te chverfdeftjcef`ges. Ke d gfgdgs ̀ hfkg t ghfs jre fht QE@s fhr@hftrh o oek QE@s.
• Ke dgfgdgs `hfkgtghfs jre suame`tgve th tneYrhperty jfk tne EY‗s keterdgfjtghf.
‐ Yrhperty type, settgfc, oh`jtghf (g.e., `hf`rete, jspnjot,se`hfkjry ̀ hftjgfdeft)
Gftrhku`tghf
Efvgrhfdeftjo Ausgfess @huf`go hb Few Efcojfk
Efercy Efvgrhfdeft E`hfhdy
8/9/2019 1-15-15 MASTER Environmental Risk in Real Estate
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• Few [erd jfk JP[D E:513 ‐ :0 Kebgfgtghf
‟j QE@ resuotgfc brhd j pjst reoejse hb njzjrkhu s suas tjf`es hrpetrhoeud prh ku` ts tnjt njs aeef jkk ressek th tne sjt gsbj`t ghf hbtne jppog`jaoe recu ojthry jutn hrgty (e.c., js evgkef`ek ay tn egssu jf`e hb j FBJ oetter hr equ gvjoeft, hr deetgfc r gsl-ajsek`r g ter gj estjao gsnek ay recuojthry jutnh r g ty), wgtn njzjrkhus
sua stjf`es hr petrhoeud jo ohwek th redjgf gf poj`e suame`t th tnegdp oedeftjt ghf hb requ grek ̀ hftrh os (e.c., prhp erty userestrg`tghfs, JUOs, gfstgtutghfjo `hftrhos, hr efcgfeergfc `hftrhos)—
• @QE@ gs j suaset hb QE@
@hftrhooek QE@ (@QE@) Kebgfgtghf
Efvgrhfdeftjo Ausgfess @huf`go hb Few Efcojfk
Efercy Efvgrhfdeft E`hfhdy
8/9/2019 1-15-15 MASTER Environmental Risk in Real Estate
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• Hok JP[D E:513 Kebgfgtghf
‟jf efvgrhfdeftjo `hfkgtghf wng`n gf tne pjst whuok njve aeef`hfs gkerek j QE@, aut wn g`n d jy fht ae `hfsgkerek j QE@ `urreftoy.—
• Few JP[D E:513-:0 Kebgfgtghf
J pjst re oejse hb jfy njzjrkhus suas tjf`es hr petrh oeud prhku `ts tnjtnjs h``u rrek gf ̀ hff e`t ghf wgtn tne prhper ty jfk njs a eef jkkressek thtne sjt gsbj`t ghf hb tne jppo g`jaoe recu ojthry jutnhr g ty h r deet gfcuf restr g`tek use ̀ r g ter gj estjao gsn ek ay j recu ojthry jutnhr g ty, wgtnhu tsuame`t gfc tn e prhper ty th jfy requgrek ̀ hftrh os (e.c., prh perty userestr g`t ghfs , JUOs , gfst g tu t ghf jo ̀ hf trhos, hr efc gfeer gfc ̀ hf trhos) . Aebhre`jo o gfc tn e pjst reoejse jf NQE@, tne EY dus t keterdgfe w netner tne pjst
reoejse gs j QE@ jt tne tgde tne Ynjse G EPJ gs ̀ h fk u` tek (e.c., gb tnerenjs a eef j ̀ njfc e gf tne recu ojthry ̀ r g ter gj).
Ngsthrg`jo QE@ (NQE@) Kebgfgtghf
Efvgrhfdeftjo Ausgfess @huf`go hb Few Efcojfk
Efercy Efvgrhfdeft E`hfhdy
8/9/2019 1-15-15 MASTER Environmental Risk in Real Estate
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• Ptjte Qecuojtghfs
‐ Fht spe`gb g`jo oy jkkressek ay JP[D
‐ Rjry sgcf gb g`jft oy brhd stjte th s tjte
‐ Hbtef ̀ hfs gkerek js pjrt hb stjfkjrk p rj`t g`es
Gftrhku`tghf
Efvgrhfdeftjo Ausgfess @huf`go hb Few Efcojfk
Efercy Efvgrhfdeft E`hfhdy
8/9/2019 1-15-15 MASTER Environmental Risk in Real Estate
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• Djssj`nusetts Exjdpoe
‐ Qeoejses very spe`gb g`jo oy kebgfek
‐ Bgve ex`ousghf s brhd reoejses
‐ Qeoejses wgtn fh tg b g`jt ghf/reph rt gfc requgredeftskebgfek gf jkk gt ghfjo ketjgo
‐ Fuderhus exedptghf s brhd tne fh t g b g`jt ghf
requgredefts
Gftrhku`tghf
Efvgrhfdeftjo Ausgfess @huf`go hb Few Efcojfk
Efercy Efvgrhfdeft E`hfhdy
8/9/2019 1-15-15 MASTER Environmental Risk in Real Estate
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• [wh @jse Ptukges
‐ [hkjy‗s `jse stukges jrcujaoy bjoo hutsgke hb ahtn
QE@s jfk rephrtjaoe reoejses.
‐ Js we wgoo kgs`uss, tne rgsls jssh`gjtek wgtn
tnese twh `jse stukges jre fht gfsgcfgbg`jft.
Efvgrhfdeftjo Ausgfess @huf`go hb Few Efcojfk
Efercy Efvgrhfdeft E`hfhdy
Gftrhku`tghf
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Yjfeo Kgs`ussghf ‐ @jse Ptuky #:
Dhkerjthr= Mhfjtnjf Lgt`nef
@gvgo & Efvgrhfdeftjo @hfsuotjfts
• Jkeojgke D. Crjky, Ahsthf Jrej Shhk Yjrtfers
• Kjvgk Dhftpojgsgr , JGC
• Yeter Hogvger, Pjftjfker
• @nrgsthpner Bhster, Qhagfshf + @hoe, OOY
• Ogsj D`Gfthsn, Shhkjrk jfk @urrjf
Efvgrhfdeftjo Ausgfess @huf`go hb Few Efcojfk
Efercy Efvgrhfdeft E`hfhdy
8/9/2019 1-15-15 MASTER Environmental Risk in Real Estate
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@jse Ptuky #:
▽@jse Ptuky #: ‐ Jrsefg` gf Phgo▭ Oh`jtghf ‟Jppoethf— DJ
▭ ;9 j`re bjrd/hr`njrk
▭ Pjoe pefkgfc
▭ Keveohper prhphsgfc ;9 sgfcoe bjdgoy
nhdes
8/9/2019 1-15-15 MASTER Environmental Risk in Real Estate
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@jse Ptuky #:
▽@jse Ptuky #: ‐ Jrsefg` gf Phgo
8/9/2019 1-15-15 MASTER Environmental Risk in Real Estate
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@jse Ptuky #:
▽Jukgef`e Yjrtg`gpjtghf
▭ Snjt jre phssgaoe QE@s8
▭ Jre pestg`gkes gf bgeoks QE@s8
▭ Gf dgxgfc jrejs8
▭ Pnhuok we ohhl8
8/9/2019 1-15-15 MASTER Environmental Risk in Real Estate
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@jse Ptuky #:
▽@jse Ptuky #: ‐ Jrsefg` gf Phgo
DJ Q@P: ‐ 19 ppd
DJ Aj`lcrhufk ‐ 19 ppd
DJ Gddgfeft Njzjrk ‐ ;9 ppd
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@jse Ptuky #:
▽@jse Ptuky #: ‐ Jrsefg` gf PhgoHr`njrk Pgte
Detjos Jfjoysgs Qesuots Puddjry
@hdphufks Fudaer hb Pjdpoes
Qjfce hb Kete`tek
@hdphufks gf Purbj`e
Pjdpoes
Jrgtndetg`
Dejf hb Purbj`e
Pjdpoes
Dekgjf hb
Purbj`e
Pjdpoes
Jrgtndetg` Dejf
hb Aeohw-Purbj`e
Pjdpoes
Fudaer hb Pjdpoes ?09
ppd Js hr ?:99 ppd Ya
[htjo Detjos
Jrsefg`, [htjo 11> 2.: th ;02 ::;.; 70.7 :2.: 17
Oejk, [htjo 11> 11.: th :299 009.2 150 0;.9 :;1
@hf`eftrjtghfs rephrtek gf dgoogcrjds per lgohcrjd
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@jse Ptuky #:
▽Aj`lcrhufk▭ Snjt gs aj`lcrhufk jfk khes gt djtter8
▭ Khes gt djtter brhd j kue kgogcef`e
perspe`tgve8▭ Khes gt djtter brhd j nejotn rgsl
perspe`tgve8
▭ Khes gt djtter brhd j ‟per`eptghf hb rgsl—perspe`tgve8
▭ Khes gt djtter brhd keveohper‗s
perspe`tgve8
8/9/2019 1-15-15 MASTER Environmental Risk in Real Estate
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@jse Ptuky #:
▽Keveohpdeft ‐ @njooefces jfk@nhg`es
▭ Kh fhtngfc8
▭ @hver8▭ @hfshogkjte jfk `hver8
▭ Ex`jvjte jfk sngp hbb-sgte8
▭ Aoefkgfc8
▭ Keek restrg`tghf8
▭ Snjt th kh wgtn ex`ess shgo8
8/9/2019 1-15-15 MASTER Environmental Risk in Real Estate
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@jse Ptuky #:
▽Keveohpdeft ‐ @njooefces jfk@nhg`es
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@jse Ptuky #:
▽‟Snjt gbs8— ▭ Snjt gb tne keveohper `njfces ngs hr ner
dgfk8
▭ Snjt gb tne sgte wjs gf j kgbbereft stjte8
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@jse Ptuky #:
▽Yjfeo & Jukgef`e Kgs`ussghf
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Yjfeo Kgs`ussghf ‐ @jse Ptuky #1
Dhkerjthr= Ljroj @njbbee, Qhagfshf + @hoe, OOY
• Jkeojgke D. Crjky, Ahsthf Jrej Shhk Yjrtfers
• Kjvgk Dhftpojgsgr , JGC
• Yeter Hogvger, Pjftjfker
• @nrgsthpner Bhster, Qhagfshf + @hoe, OOY
• Ogsj D`Gfthsn, Shhkjrk jfk @urrjf
Efvgrhfdeftjo Ausgfess @huf`go hb Few Efcojfk
Efercy Efvgrhfdeft E`hfhdy
8/9/2019 1-15-15 MASTER Environmental Risk in Real Estate
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1>1>
Y@A gf Augokgfc Djtergjos
@jse Ptuky #1=
Keveohper su``essbuooy pur`njses j ngsthrg` dgoo gf jf up-
jfk-`hdgfc fegcnahrnhhk hutsgke hb Ahsthf
Peverjo Ynjse G rephrts hver severjo yejrs snhw fh QE@s
Qefhvjtghf th resgkeftgjo ohbts aecgfs wgtn sgte crjkgfc & shgo
redhvjo
8/9/2019 1-15-15 MASTER Environmental Risk in Real Estate
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1717
@jse Ptuky #1
Phgo pre-`njrj`tergzjtghf bhr redhvjo revejos
Y@As!
Snjt njppefs fext8
Efvgrhfdeftjo Ausgfess @huf`go hb Few Efcojfk
8/9/2019 1-15-15 MASTER Environmental Risk in Real Estate
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0909
Jssessgfc tne Qgsl
@jse Ptuky #1
Efvgrhfdeftjo Ausgfess @huf`go hb Few Efcojfk
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0:0:
@jse Ptuky # 1
Djfjcgfc tne Qgsl=
Shrlgfc wgtn yhur gfterfjo tejd
Shrlgfc wgtn yhur oefkers
Shrlgfc wgtn yhur gfsurers
Shrlgfc wgtn tne recuojthrs
Efvgrhfdeftjo Ausgfess @huf`go hb Few Efcojfk
Snjt gs tne ley th djfjcgfc tnese
reojtghfsngps8
8/9/2019 1-15-15 MASTER Environmental Risk in Real Estate
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0101
@jse Ptuky # 1
Jkkressgfc tne Qgsl
Efvgrhfdeftjo Ausgfess @huf`go hb Few Efcojfk
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0000
@jse Ptuky #1
J`ngevgfc Pu``ess
Yjfeo & Jukgef`e Kgs`ussghf
Efvgrhfdeftjo Ausgfess @huf`go hb Few Efcojfk
nttp=//www.`veft.`hd/k/krq3vt/;S